Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | COF | |
Entity Registrant Name | CAPITAL ONE FINANCIAL CORP | |
Entity Central Index Key | 927,628 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 512,099,463 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income: | ||
Loans, including loans held for sale | $ 5,085 | $ 4,540 |
Investment securities | 415 | 406 |
Other | 17 | 28 |
Total interest income | 5,517 | 4,974 |
Interest expense: | ||
Deposits | 283 | 271 |
Securitized debt obligations | 48 | 33 |
Senior and subordinated notes | 106 | 79 |
Other borrowings | 24 | 15 |
Total interest expense | 461 | 398 |
Net interest income | 5,056 | 4,576 |
Provision for Loan, lease and Other losses | 1,527 | 935 |
Net interest income after provision for credit losses | 3,529 | 3,641 |
Non-interest income: | ||
Service charges and other customer-related fees | 404 | 437 |
Interchange fees, net | 596 | 496 |
Total other-than-temporary impairment | (11) | (9) |
Less: Portion of other-than-temporary impairment recorded in AOCI | 3 | (6) |
Net other-than-temporary impairment recognized in earnings | (8) | (15) |
Other | 172 | 153 |
Total non-interest income | 1,164 | 1,071 |
Non-interest expense: | ||
Salaries and associate benefits | 1,270 | 1,211 |
Occupancy and equipment | 458 | 435 |
Marketing | 428 | 375 |
Professional services | 278 | 296 |
Communications and data processing | 243 | 202 |
Amortization of intangibles | 101 | 110 |
Other | 445 | 420 |
Total non-interest expense | 3,223 | 3,049 |
Income from continuing operations before income taxes | 1,470 | 1,663 |
Income tax provision | 452 | 529 |
Income from continuing operations, net of tax | 1,018 | 1,134 |
Income (loss) from discontinued operations, net of tax | (5) | 19 |
Net income | 1,013 | 1,153 |
Dividends and undistributed earnings allocated to participating securities | (6) | (6) |
Preferred stock dividends | (37) | (32) |
Net income available to common stockholders | $ 970 | $ 1,115 |
Basic earnings per common share: | ||
Net income from continuing operations (in dollars per share) | $ 1.86 | $ 2 |
Income (loss) from discontinued operations (in dollars per share) | (0.01) | 0.03 |
Net income per basic common share (in dollars per share) | 1.85 | 2.03 |
Diluted earnings per common share: | ||
Net income from continuing operations (in dollars per share) | 1.85 | 1.97 |
Income (loss) from discontinued operations (in dollars per share) | (0.01) | 0.03 |
Net income per diluted common share (in dollars per share) | 1.84 | 2 |
Dividends paid per common share (in dollars per share) | $ 0.40 | $ 0.30 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,013 | $ 1,153 |
After Tax | ||
Net unrealized gains (losses) on securities available for sale | 187 | 122 |
Net changes in securities held to maturity | 21 | 20 |
Net unrealized gains (losses) on cash flow hedges | 377 | 162 |
Foreign currency translation adjustments | 1 | (84) |
Other | (11) | (2) |
Other comprehensive income (loss), net of tax | 575 | 218 |
Comprehensive income | $ 1,588 | $ 1,371 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 3,241 | $ 3,407 |
Interest-bearing deposits with banks | 1,909 | 4,577 |
Federal Funds Sold and Securities Purchased under Agreements to Resell | 85 | 39 |
Total cash and cash equivalents | 5,235 | 8,023 |
Restricted cash for securitization investors | 960 | 1,017 |
Securities available for sale, at fair value | 40,092 | 39,061 |
Securities held to maturity, at carrying value | 25,080 | 24,619 |
Loans held for investment: | ||
Total loans held for investment | 227,613 | 229,851 |
Allowance for Loan and Lease losses | (5,416) | (5,130) |
Net loans held for investment | 222,197 | 224,721 |
Loans held for sale, at lower of cost or fair value | 1,251 | 904 |
Premises and equipment, net | 3,542 | 3,584 |
Interest receivable | 1,221 | 1,189 |
Goodwill | 14,492 | 14,480 |
Other assets | 16,276 | 16,450 |
Total assets | 330,346 | 334,048 |
Liabilities: | ||
Interest payable | 217 | 299 |
Deposits: | ||
Non-interest bearing deposits | 25,182 | 25,847 |
Interest-bearing deposits | 196,597 | 191,874 |
Total deposits | 221,779 | 217,721 |
Securitized debt obligations | 14,913 | 16,166 |
Other debt: | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 917 | 981 |
Senior and subordinated notes | 21,736 | 21,837 |
Other borrowings | 12,931 | 20,131 |
Total other debt | 35,584 | 42,949 |
Other liabilities | 10,146 | 9,629 |
Total liabilities | 282,639 | 286,764 |
Stockholders’ equity: | ||
Preferred stock (par value $.01 per share; 50,000,000 shares authorized; 3,375,000 shares issued and outstanding as of both March 31, 2016 and December 31, 2015) | 0 | 0 |
Common stock (par value $.01 per share; 1,000,000,000 shares authorized; 650,153,064 and 648,317,395 shares issued as of March 31, 2016 and December 31,2015, respectively, and 514,479,243 and 527,259,920 shares outstanding as of March 31, 2016 and December 31,2015, respectively) | 7 | 6 |
Additional paid-in capital, net | 29,709 | 29,655 |
Retained earnings | 27,808 | 27,045 |
Accumulated other comprehensive loss | (41) | (616) |
Treasury stock, at cost (par value $.01 per share; 135,673,821 and 121,057,475 shares as of March 31, 2016 and December 31, 2015, respectively) | (9,776) | (8,806) |
Total stockholders’ equity | 47,707 | 47,284 |
Total liabilities and stockholders’ equity | 330,346 | 334,048 |
Unsecuritized loans held for investment | ||
Loans held for investment: | ||
Total loans held for investment | 195,705 | 196,068 |
Loans held in consolidated trusts | ||
Loans held for investment: | ||
Total loans held for investment | $ 31,908 | $ 33,783 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 3,375,000 | 3,375,000 |
Preferred stock, shares outstanding | 3,375,000 | 3,375,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 650,153,064 | 648,317,395 |
Common stock, shares outstanding | 514,479,243 | 527,259,920 |
Treasury stock, at cost; shares | 135,673,821 | 121,057,475 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance at Dec. 31, 2015 | $ 47,284 | $ 0 | $ 6 | $ 29,655 | $ 27,045 | $ (616) | $ (8,806) |
Beginning balance (shares) at Dec. 31, 2015 | 3,375,000 | 648,317,395 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 1,588 | 1,013 | 575 | ||||
Common Stock Dividends, Shares | 33,871 | ||||||
Dividends, Common Stock | 211 | $ 0 | 2 | 213 | |||
Cash dividends - preferred series | (37) | (37) | |||||
Purchases of treasury stock | (970) | (970) | |||||
Issuances of common stock and restricted stock, shares, net of forfeitures | 1,785,298 | ||||||
Issuances of common stock and restricted stock, value, net of forfeitures | 30 | $ 1 | 29 | ||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, shares | 16,500 | ||||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, value | (11) | $ 0 | (11) | ||||
Compensation expense for restricted stock awards, restricted stock units and stock options | 34 | 34 | |||||
Ending balance at Mar. 31, 2016 | $ 47,707 | $ 0 | $ 7 | $ 29,709 | $ 27,808 | $ (41) | $ (9,776) |
Ending balance (shares) at Mar. 31, 2016 | 3,375,000 | 650,153,064 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities: | ||
Income from continuing operations, net of tax | $ 1,018 | $ 1,134 |
Income (loss) from discontinued operations, net of tax | (5) | 19 |
Net income | 1,013 | 1,153 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for Loan, lease and Other losses | 1,527 | 935 |
Depreciation and amortization, net | 591 | 483 |
Net (gain) loss on sales of securities available for sale | 0 | (2) |
Impairment losses on securities available for sale | 8 | 15 |
(Gain) loss on sales of loans held for sale | (45) | (34) |
Stock plan compensation expense | 44 | 50 |
Loans held for sale: | ||
Originations and purchases | (1,611) | (1,916) |
Proceeds from sales and paydowns | 1,573 | 1,234 |
Changes in operating assets and liabilities: | ||
Changes in interest receivable | (33) | 1 |
Changes in other assets | 801 | 187 |
Changes in interest payable | (82) | (59) |
Changes in other liabilities | 303 | (8) |
Net cash from discontinued operations | 13 | (46) |
Net cash from operating activities | 4,102 | 1,993 |
Securities available for sale: | ||
Purchases | (4,592) | (2,883) |
Proceeds from paydowns and maturities | 1,902 | 1,891 |
Proceeds from sales | 1,923 | 1,342 |
Securities held to maturity: | ||
Purchases | (917) | (1,193) |
Proceeds from paydowns and maturities | 456 | 453 |
Loans: | ||
Net changes in loans held for investment | 271 | 3,143 |
Principal recoveries of loans previously charged off | 384 | 403 |
Purchases of premises and equipment | (134) | (153) |
Net cash from other investing activities | (21) | 68 |
Net cash from investing activities | (728) | 3,071 |
Financing activities: | ||
Changes in restricted cash for securitization investors | 57 | 0 |
Changes in deposits | 4,055 | 4,890 |
Issuance of securitized debt obligations | 0 | 1,247 |
Maturities and paydowns of securitized debt obligations | (1,325) | (175) |
Issuance of senior and subordinated notes and long-term FHLB advances | 6,350 | 2,988 |
Maturities and paydowns of senior and subordinated notes and long-term FHLB advances | (14,050) | (1,250) |
Changes in other short-term borrowings | (64) | (10,396) |
Common stock: | ||
Net proceeds from issuances | 30 | 24 |
Dividends paid | (211) | (167) |
Preferred stock: | ||
Dividends paid | (37) | (32) |
Purchases of treasury stock | (970) | (563) |
Proceeds from share-based payment activities | 3 | 19 |
Net cash from financing activities | (6,162) | (3,415) |
Changes in cash and cash equivalents | (2,788) | 1,649 |
Cash and cash equivalents at beginning of the period | 8,023 | 7,242 |
Cash and cash equivalents at end of the period | 5,235 | 8,891 |
Non-cash items: | ||
Net transfers from loans held for investment to loans held for sale | 510 | 3 |
Interest paid | 543 | 457 |
Income tax paid | $ 55 | $ 87 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Capital One Financial Corporation, a Delaware Corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the “Company”) offer a broad array of financial products and services to consumers, small businesses and commercial clients through branches, the internet and other distribution channels. As of March 31, 2016 , our principal subsidiaries included: • Capital One Bank (USA), National Association (“COBNA”), which offers credit and debit card products, other lending products and deposit products; and • Capital One, National Association (“CONA”), which offers a broad spectrum of banking products and financial services to consumers, small businesses and commercial clients. The Company and its subsidiaries are hereafter collectively referred to as “we,” “us” or “our.” COBNA and CONA are collectively referred to as the “Banks.” We also offer products outside of the United States of America (“U.S.”) principally through Capital One (Europe) plc (“COEP”), an indirect subsidiary of COBNA organized and located in the United Kingdom (“U.K.”) and through a branch of COBNA in Canada. COEP has authority, among other things, to provide credit card loans. Our branch of COBNA in Canada also has the authority to provide credit card loans. Our principal operations are currently organized for management reporting purposes into three major business segments, which are defined based on the products and services provided or the type of customer served: Credit Card, Consumer Banking and Commercial Banking. We provide details on our business segments, the integration of recent acquisitions into our business segments and the allocation methodologies and accounting policies used to derive our business segment results in “ Note 13—Business Segments .” On December 1, 2015, we completed the acquisition of the Healthcare Financial Services business of General Electric Capital Corporation (“HFS acquisition”). During the first quarter of 2016, we recorded measurement period adjustments which modestly reduced the value of certain identifiable assets acquired, with a corresponding increase to goodwill. Including post-closing purchase price adjustments during the first quarter of 2016, total cash consideration for the acquisition was $9.0 billion , including $180 million of cash acquired, and we recognized approximately $9.2 billion in assets, including $8.2 billion of loans, $134 million of intangible assets and $514 million in goodwill. We continue to expect to finalize the accounting for assets acquired and liabilities assumed in the HFS acquisition by June 30, 2016. Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. Certain prior period amounts have been reclassified to conform to the current period presentation. Principles of Consolidation The consolidated financial statements include the accounts of Capital One Financial Corporation and all other entities in which we have a controlling financial interest. We determine whether we have a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). All significant intercompany account balances and transactions have been eliminated. New Accounting Standards Adopted Consolidation: Amendments to the Consolidation Analysis In February 2015, the Financial Accounting Standards Board (“FASB”) issued revised guidance for evaluating whether organizations should consolidate certain legal entities such as limited partnerships, limited liability corporations and securitization structures. The guidance also removed the indefinite deferral of specialized guidance for certain investment funds. We adopted the guidance effective in the first quarter of 2016 on a modified retrospective basis. Our adoption of this guidance did not have an impact on our financial condition, results of operations or liquidity. See “ Note 6—Variable Interest Entities and Securitizations ”for information regarding our involvement with VIEs. Recently Issued but Not Yet Adopted Accounting Standards Improvements to Employee Share-Based Accounting In March 2016, the FASB issued revised guidance for accounting for employee share-based payments, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective beginning on January 1, 2017, with early adoption permitted. We do not believe the impact of this guidance will be material to our consolidated financial statements. Leases In February 2016, the FASB issued revised guidance for leases. The guidance requires lessees to recognize right of use assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements for all leases, with certain practical expedients. This will be effective for us on January 1, 2019, with early adoption permitted. We are currently assessing the potential impact on our consolidated financial statements. Revenue from Contracts with Customers In May 2014, the FASB issued revised guidance for the recognition, measurement and disclosure of revenue from contracts with customers. The guidance is applicable to all entities and, once effective, will replace significant portions of existing industry and transaction-specific revenue recognition rules with a more principles-based recognition model. Most revenue associated with financial instruments, including interest and loan origination fees, is outside the scope of the guidance. Gains and losses on investment securities, derivatives and sales of financial instruments are similarly excluded from the scope. Subsequent to issuance of the revenue recognition guidance, the FASB has issued several updates that (i) deferred by one year the effective date for revenue recognition guidance to January 1, 2018, with early adoption permitted effective January 1, 2017; (ii) clarified its guidance for performing the principle-versus-agent analysis; and (iii) clarified guidance for identifying performance obligations allowing entities to ignore immaterial promised goods and services in the context of a contract with a customer. Entities can elect to adopt the guidance either on a full or modified retrospective basis. Full retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the earliest comparative period presented. Modified retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the reporting period in which the entity first applies the new guidance. We do not plan to early adopt the guidance. We are currently assessing the potential impact of this new guidance on our consolidated financial statements and which transition method we plan to elect. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 2—DISCONTINUED OPERATIONS Shutdown of Mortgage Origination Operations of our Wholesale Mortgage Banking Unit In the third quarter of 2007, we closed the mortgage origination operations of our wholesale mortgage banking unit, GreenPoint Mortgage Funding Inc. (“GreenPoint”), which we acquired in December 2006 as part of the North Fork Bancorporation, Inc. (“North Fork”) acquisition. The results of the wholesale banking unit have been accounted for as a discontinued operation and are therefore not included in our results from continuing operations for the three months ended March 31, 2016 and 2015 . We have no significant continuing involvement in these operations. The following table summarizes the results from discontinued operations related to the closure of the mortgage origination operations of our wholesale mortgage banking unit: Table 2.1: Results of Discontinued Operations Three Months Ended March 31, (Dollars in millions) 2016 2015 Non-interest income (expense), net $ (8 ) $ 30 Income (loss) from discontinued operations before income taxes (8 ) 30 Income tax provision (benefit) (3 ) 11 Income (loss) from discontinued operations, net of tax $ (5 ) $ 19 The discontinued mortgage origination operations of our wholesale mortgage banking unit had remaining assets which primarily consisted of a deferred tax asset related to the reserve for representations and warranties on loans previously sold to third parties. See “ Note 14—Commitments, Contingencies, Guarantees and Others ” for information related to reserves we have established for our mortgage representation and warranty exposure. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 3—INVESTMENT SECURITIES Our investment portfolio consists primarily of the following: U.S. Treasury securities; U.S. government-sponsored enterprise or agency (“Agency”) and non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”); other asset-backed securities (“ABS”); and other securities. The carrying value of our investments in U.S. Treasury and Agency securities represented 91% and 90% of our total investment securities as of March 31, 2016 and December 31, 2015 , respectively. Our investment portfolio includes securities available for sale and securities held to maturity. We classify securities as available for sale or held to maturity based on our investment strategy and management’s assessment of our intent and ability to hold the securities until maturity. The table below presents the overview of our investment securities portfolio as of March 31, 2016 and December 31, 2015 . Table 3.1: Overview of Investment Securities Portfolio (Dollars in millions) March 31, 2016 December 31, 2015 Securities available for sale, at fair value $ 40,092 $ 39,061 Securities held to maturity, at carrying value 25,080 24,619 Total investment securities $ 65,172 $ 63,680 The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of March 31, 2016 and December 31, 2015 . Table 3.2: Investment Securities Available for Sale March 31, 2016 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value Investment securities available for sale: U.S. Treasury securities $ 4,934 $ 32 $ 0 $ 4,966 RMBS: Agency (2) 25,187 248 (68 ) 25,367 Non-agency 2,613 314 (26 ) 2,901 Total RMBS 27,800 562 (94 ) 28,268 CMBS: Agency (2) 3,732 48 (25 ) 3,755 Non-agency 1,719 35 (5 ) 1,749 Total CMBS 5,451 83 (30 ) 5,504 Other ABS (3) 1,037 2 (1 ) 1,038 Other securities (4) 317 3 (4 ) 316 Total investment securities available for sale $ 39,539 $ 682 $ (129 ) $ 40,092 December 31, 2015 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value Investment securities available for sale: U.S. Treasury securities $ 4,664 $ 5 $ (9 ) $ 4,660 RMBS: Agency (2) 24,332 165 (212 ) 24,285 Non-agency 2,680 368 (22 ) 3,026 Total RMBS 27,012 533 (234 ) 27,311 CMBS: Agency (2) 3,690 21 (47 ) 3,664 Non-agency 1,723 16 (24 ) 1,715 Total CMBS 5,413 37 (71 ) 5,379 Other ABS (3) 1,345 1 (6 ) 1,340 Other securities (4) 370 2 (1 ) 371 Total investment securities available for sale $ 38,804 $ 578 $ (321 ) $ 39,061 __________ (1) Includes non-credit-related OTTI that is recorded in accumulated other comprehensive income (“AOCI”) of $25 million and $22 million as of March 31, 2016 and December 31, 2015 , respectively. All of this amount is related to non-agency RMBS. (2) Includes Federal National Mortgage Corporation (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Government National Mortgage Association (“Ginnie Mae”). (3) ABS collateralized by credit card loans constituted approximately 65% and 71% of the other ABS portfolio as of March 31, 2016 and December 31, 2015 , respectively, and ABS collateralized by auto dealer floor plan inventory loans and leases constituted approximately 16% and 11% of the other ABS portfolio as of March 31, 2016 and December 31, 2015 , respectively. (4) Includes foreign government bonds and equity investments. The table below presents the amortized cost, carrying value, gross unrealized gains and losses, and fair value of securities held to maturity as of March 31, 2016 and December 31, 2015 . Table 3.3: Investment Securities Held to Maturity March 31, 2016 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI (1) Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 199 $ 0 $ 199 $ 1 $ 0 $ 200 Agency RMBS 22,846 (1,018 ) 21,828 1,216 (6 ) 23,038 Agency CMBS 3,155 (102 ) 3,053 164 (1 ) 3,216 Total investment securities held to maturity $ 26,200 $ (1,120 ) $ 25,080 $ 1,381 $ (7 ) $ 26,454 December 31, 2015 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI (1) Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 199 $ 0 $ 199 $ 0 $ (1 ) $ 198 Agency RMBS 22,561 (1,048 ) 21,513 692 (72 ) 22,133 Agency CMBS 3,012 (105 ) 2,907 87 (8 ) 2,986 Total investment securities held to maturity $ 25,772 $ (1,153 ) $ 24,619 $ 779 $ (81 ) $ 25,317 __________ (1) Represents the unrealized holding gain or loss at the date of transfer from available for sale to held to maturity, net of any subsequent accretion. Any bonds purchased into the securities held for maturity portfolio rather than transferred, will not have unrealized losses recognized in AOCI. Investment Securities in a Gross Unrealized Loss Position The table below provides, by major security type, information about our securities available for sale in a gross unrealized loss position and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2016 and December 31, 2015 . Table 3.4: Securities in an Unrealized Loss Position March 31, 2016 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 0 $ 0 $ 1 $ 0 $ 1 $ 0 RMBS: Agency 4,679 (22 ) 4,019 (46 ) 8,698 (68 ) Non-agency 437 (13 ) 162 (13 ) 599 (26 ) Total RMBS 5,116 (35 ) 4,181 (59 ) 9,297 (94 ) CMBS: Agency 590 (3 ) 927 (22 ) 1,517 (25 ) Non-agency 341 (2 ) 229 (3 ) 570 (5 ) Total CMBS 931 (5 ) 1,156 (25 ) 2,087 (30 ) Other ABS 368 (1 ) 177 0 545 (1 ) Other securities 210 (3 ) 19 (1 ) 229 (4 ) Total investment securities available for sale in a gross unrealized loss position $ 6,625 $ (44 ) $ 5,534 $ (85 ) $ 12,159 $ (129 ) December 31, 2015 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 3,096 $ (9 ) $ 1 $ 0 $ 3,097 $ (9 ) RMBS: Agency 12,025 (110 ) 4,420 (102 ) 16,445 (212 ) Non-agency 355 (10 ) 155 (12 ) 510 (22 ) Total RMBS 12,380 (120 ) 4,575 (114 ) 16,955 (234 ) CMBS: Agency 1,352 (9 ) 1,148 (38 ) 2,500 (47 ) Non-agency 739 (13 ) 330 (11 ) 1,069 (24 ) Total CMBS 2,091 (22 ) 1,478 (49 ) 3,569 (71 ) Other ABS 825 (5 ) 255 (1 ) 1,080 (6 ) Other securities 250 0 19 (1 ) 269 (1 ) Total investment securities available for sale in a gross unrealized loss position $ 18,642 $ (156 ) $ 6,328 $ (165 ) $ 24,970 $ (321 ) As of March 31, 2016 , the amortized cost of approximately 600 securities available for sale exceeded their fair value by $129 million , of which $85 million related to securities that had been in a loss position for 12 months or longer. As of March 31, 2016 , our investments in non-agency RMBS and CMBS, other ABS and other securities accounted for $36 million , or 28% , of total gross unrealized losses on securities available for sale. As of March 31, 2016 , the carrying value of approximately 30 securities classified as held to maturity exceeded their fair value by $7 million . Gross unrealized losses on our investment securities have decreased since December 31, 2015. The unrealized losses related to investment securities for which we have not recognized credit impairment were primarily attributable to changes in market interest rates. As discussed in more detail below, we conduct periodic reviews of all investment securities with unrealized losses to assess whether impairment is other-than-temporary. Maturities and Yields of Investment Securities The following tables summarize the remaining scheduled contractual maturities, assuming no prepayments, of our investment securities as of March 31, 2016 . Table 3.5: Contractual Maturities of Securities Available for Sale March 31, 2016 (Dollars in millions) Amortized Cost Fair Value Due in 1 year or less $ 505 $ 505 Due after 1 year through 5 years 5,545 5,584 Due after 5 years through 10 years 2,194 2,234 Due after 10 years (1) 31,295 31,769 Total $ 39,539 $ 40,092 __________ (1) Investments with no stated maturities, which consist of equity securities, are included with contractual maturities due after 10 years. Table 3.6: Contractual Maturities of Securities Held to Maturity March 31, 2016 (Dollars in millions) Carrying Value Fair Value Due after 1 year through 5 years $ 199 $ 200 Due after 5 years through 10 years 1,251 1,355 Due after 10 years 23,630 24,899 Total $ 25,080 $ 26,454 Because borrowers may have the right to call or prepay certain obligations, the expected maturities of our securities are likely to differ from the scheduled contractual maturities presented above. The table below summarizes, by major security type, the expected maturities and weighted-average yields of our investment securities as of March 31, 2016 . Table 3.7: Expected Maturities and Weighted-Average Yields of Securities March 31, 2016 (Dollars in millions) Due in 1 Year or Less Due > 1 Year through 5 Years Due > 5 Years through 10 Years Due > 10 Years Total Fair value of securities available for sale: U.S. Treasury securities $ 214 $ 4,233 $ 519 $ 0 $ 4,966 RMBS: Agency 323 17,587 7,457 0 25,367 Non-agency 14 851 1,535 501 2,901 Total RMBS 337 18,438 8,992 501 28,268 CMBS: Agency 55 1,846 1,854 0 3,755 Non-agency 117 516 1,116 0 1,749 Total CMBS 172 2,362 2,970 0 5,504 Other ABS 110 846 82 0 1,038 Other securities 210 5 0 101 316 Total securities available for sale $ 1,043 $ 25,884 $ 12,563 $ 602 $ 40,092 Amortized cost of securities available for sale $ 1,048 $ 25,625 $ 12,295 $ 571 $ 39,539 Weighted-average yield for securities available for sale (1) 1.03 % 2.01 % 3.19 % 7.40 % 2.43 % Carrying value of securities held to maturity: U.S. Treasury securities $ 0 $ 199 $ 0 $ 0 $ 199 Agency RMBS 7 3,705 14,583 3,533 21,828 Agency CMBS 0 133 2,464 456 3,053 Total securities held to maturity $ 7 $ 4,037 $ 17,047 $ 3,989 $ 25,080 Fair value of securities held to maturity $ 7 $ 4,183 $ 17,996 $ 4,268 $ 26,454 Weighted-average yield for securities held to maturity (1) 7.13 % 2.71 % 2.57 % 3.36 % 2.72 % __________ (1) The weighted-average yield represents the effective yield for the investment securities and is calculated based on the amortized cost of each security. Other-Than-Temporary Impairment We evaluate all securities in an unrealized loss position at least on a quarterly basis, and more often as market conditions require, to assess whether the impairment is other-than-temporary. Our OTTI assessment is based on a discounted cash flow analysis which requires careful use of judgments and assumptions. A number of qualitative and quantitative criteria may be considered in our assessment as applicable, including the size and the nature of the portfolio; historical and projected performance such as prepayment, default and loss severity for the RMBS portfolio; recent credit events specific to the issuer and/or industry to which the issuer belongs; the payment structure of the security; external credit ratings of the issuer and any failure or delay of the issuer to make scheduled interest or principal payments; the value of underlying collateral; our intent and ability to hold the security; and current and projected market and macro-economic conditions. If we intend to sell a security in an unrealized loss position or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, the entire difference between the amortized cost basis of the security and its fair value is recognized in earnings. As of March 31, 2016 , for any securities with unrealized losses recorded in AOCI, we do not intend to sell nor believe that we will be required to sell these securities prior to recovery of their amortized cost. For those securities that we do not intend to sell nor expect to be required to sell, an analysis is performed to determine if any of the impairment is due to credit-related factors or whether it is due to other factors, such as interest rates. Credit-related impairment is recognized in earnings, with the remaining unrealized non-credit-related impairment recorded in AOCI. We determine the credit component based on the difference between the security’s amortized cost basis and the present value of its expected cash flows, discounted based on the effective yield. The table below presents a rollforward of the credit-related OTTI recognized in earnings for the three months ended March 31, 2016 and 2015 on investment securities for which we had no intent to sell. Table 3.8: Credit Impairment Rollforward Three Months Ended March 31, (Dollars in millions) 2016 2015 Credit loss component, beginning of period $ 199 $ 175 Additions: Initial credit impairment 0 5 Subsequent credit impairment 6 10 Total additions 6 15 Reductions due to payoffs, disposals, transfers and other (1 ) 0 Credit loss component, end of period $ 204 $ 190 Realized Gains and Losses on Securities and OTTI Recognized in Earnings The following table presents the gross realized gains and losses on the sale and redemption of securities available for sale, and the OTTI losses recognized in earnings for the three months ended March 31, 2016 and 2015 . We also present the proceeds from the sale of securities available for sale for the periods presented. We did not sell any investment securities that are classified as held to maturity. Table 3.9: Realized Gains and Losses and OTTI Recognized in Earnings Three Months Ended March 31, (Dollars in millions) 2016 2015 Realized gains (losses): Gross realized gains $ 3 $ 9 Gross realized losses (3 ) (7 ) Net realized gains (losses) 0 2 OTTI recognized in earnings: Credit-related OTTI (6 ) (15 ) Intent-to-sell OTTI (2 ) 0 Total OTTI recognized in earnings (8 ) (15 ) Net securities gains (losses) $ (8 ) $ (13 ) Total proceeds from sales $ 1,923 $ 1,342 Securities Pledged and Received As part of our liquidity management strategy, we pledge securities to secure borrowings from counterparties including the Federal Home Loan Banks (“FHLB”) and the Federal Reserve. We also pledge securities to secure trust and public deposits and for other purposes as required or permitted by law. We pledged securities available for sale with a fair value of $1.6 billion and $1.7 billion as of March 31, 2016 and December 31, 2015 , respectively. We also pledged securities held to maturity with a carrying value of $8.5 billion and $8.7 billion as of March 31, 2016 and December 31, 2015 , respectively. Of the total securities pledged as collateral, we have encumbered $10.6 billion as of both March 31, 2016 and December 31, 2015 , primarily related to Public Fund deposits. We accepted pledges of securities with a fair value of $7 million and $172 million as of March 31, 2016 and December 31, 2015 , respectively, primarily related to our derivative transactions. Acquired Credit-Impaired Debt Securities The table below presents the outstanding balance and carrying value of the acquired credit-impaired debt securities as of March 31, 2016 and December 31, 2015 . Table 3.10: Outstanding Balance and Carrying Value of Acquired Credit-Impaired Debt Securities (Dollars in millions) March 31, 2016 December 31, 2015 Outstanding balance $ 3,190 $ 3,285 Carrying value 2,386 2,480 Changes in Accretable Yield of Acquired Credit-Impaired Debt Securities The following table presents changes in the accretable yield related to the acquired credit-impaired debt securities for the three months ended March 31, 2016 . Table 3.11: Changes in the Accretable Yield of Acquired Credit-Impaired Debt Securities (Dollars in millions) Three Months Ended March 31, 2016 Accretable yield, beginning of period $ 1,237 Accretion recognized in earnings (54 ) Net reclassifications from nonaccretable difference 62 Accretable yield, end of period $ 1,245 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans | NOTE 4—LOANS Loan Portfolio Composition Our loan portfolio consists of loans held for investment, including loans underlying our consolidated securitization trusts, and loans held for sale, and is divided into three portfolio segments: credit card, consumer banking and commercial banking. Credit card loans consist of domestic and international credit card loans. Consumer banking loans consist of auto, home and retail banking loans. Commercial banking loans consist of commercial and multifamily real estate, commercial and industrial, and small-ticket commercial real estate loans. Our portfolio of loans held for investment also includes certain of our consumer and commercial loans acquired through business combinations that were recorded at fair value at acquisition and subsequently accounted for based on cash flows expected to be collected, which were referred to as “purchased credit-impaired loans” or “PCI loans.” See “ Note 1—Summary of Significant Accounting Policies ” in our 2015 Form 10-K for additional information on the accounting guidance for these loans. Credit Quality We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk. Trends in delinquency rates are an indicator, among other considerations, of credit risk within our loan portfolio. The level of nonperforming loans represents another indicator of the potential for future credit losses. Accordingly, key metrics we track and use in evaluating the credit quality of our loan portfolio include delinquency and nonperforming loan rates, as well as net charge-off rates and our internal risk ratings of larger balance commercial loans. The table below presents the composition and an aging analysis of our loans held for investment portfolio, which includes loans underlying our consolidated securitization trusts, as of March 31, 2016 and December 31, 2015 . The delinquency aging includes all past due loans, both performing and nonperforming. Table 4.1: Loan Portfolio Composition and Aging Analysis March 31, 2016 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card (1) $ 81,946 $ 757 $ 555 $ 1,303 $ 2,615 $ 0 $ 84,561 International credit card 7,832 116 72 118 306 0 8,138 Total credit card 89,778 873 627 1,421 2,921 0 92,699 Consumer Banking: Auto 40,386 1,576 619 133 2,328 0 42,714 Home loan 6,521 37 15 166 218 17,604 24,343 Retail banking 3,459 19 7 18 44 31 3,534 Total consumer banking 50,366 1,632 641 317 2,590 17,635 70,591 Commercial Banking: Commercial and multifamily real estate 25,497 19 2 9 30 32 25,559 Commercial and industrial 36,744 52 98 307 457 901 38,102 Total commercial lending 62,241 71 100 316 487 933 63,661 Small-ticket commercial real estate 572 3 2 3 8 0 580 Total commercial banking 62,813 74 102 319 495 933 64,241 Other loans 73 2 1 6 9 0 82 Total loans (2) $ 203,030 $ 2,581 $ 1,371 $ 2,063 $ 6,015 $ 18,568 $ 227,613 % of Total loans 89.20% 1.13% 0.60% 0.91% 2.64 % 8.16% 100.00 % December 31, 2015 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card (1) $ 84,954 $ 906 $ 658 $ 1,421 $ 2,985 $ 0 $ 87,939 International credit card 7,903 110 67 106 283 0 8,186 Total credit card 92,857 1,016 725 1,527 3,268 0 96,125 Consumer Banking: Auto 38,549 1,901 880 219 3,000 0 41,549 Home loan 6,465 41 18 176 235 18,527 25,227 Retail banking 3,514 21 8 20 49 33 3,596 Total consumer banking 48,528 1,963 906 415 3,284 18,560 70,372 Commercial Banking: Commercial and multifamily real estate 25,449 34 0 4 38 31 25,518 Commercial and industrial 35,920 51 34 203 288 927 37,135 Total commercial lending 61,369 85 34 207 326 958 62,653 Small-ticket commercial real estate 607 3 1 2 6 0 613 Total commercial banking 61,976 88 35 209 332 958 63,266 Other loans 77 2 2 7 11 0 88 Total loans (2) $ 203,438 $ 3,069 $ 1,668 $ 2,158 $ 6,895 $ 19,518 $ 229,851 % of Total loans 88.51% 1.33% 0.73% 0.94% 3.00 % 8.49% 100.00 % __________ (1) Includes installment loans of $13 million and $16 million as of March 31, 2016 and December 31, 2015 , respectively. (2) Loans are presented net of unearned income, unamortized premiums and discounts, and unamortized deferred fees and costs totaling $948 million and $989 million as of March 31, 2016 and December 31, 2015 , respectively. We pledge loan collateral at the FHLB to secure borrowing capacity. The outstanding balances of the pledged loans totaled $35.6 billion as of March 31, 2016, and $36.9 billion as of December 31, 2015. Table 4.2 presents the outstanding balance of loans 90 days or more past due that continue to accrue interest and loans classified as nonperforming as of March 31, 2016 and December 31, 2015 . Table 4.2: 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans (1) March 31, 2016 December 31, 2015 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Credit Card: Domestic credit card $ 1,303 $ 0 $ 1,421 $ 0 International credit card 92 48 79 53 Total credit card 1,395 48 1,500 53 Consumer Banking: Auto 0 133 0 219 Home loan 0 307 0 311 Retail banking 1 30 0 28 Total consumer banking 1 470 0 558 March 31, 2016 December 31, 2015 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Commercial Banking: Commercial and multifamily real estate $ 1 $ 30 $ 0 $ 7 Commercial and industrial 10 1,014 5 538 Total commercial lending 11 1,044 5 545 Small-ticket commercial real estate 0 6 0 5 Total commercial banking 11 1,050 5 550 Other loans 0 10 0 9 Total $ 1,407 $ 1,578 $ 1,505 $ 1,170 % of Total loans 0.62% 0.69% 0.65% 0.51% __________ (1) Nonperfor ming loans generally include loans that have been placed on nonaccrual status. PCI loans are excluded from loans reported as 90 days and accruing interest as well as nonperforming loans. See “ Note 1—Summary of Significant Accounting Policies ” in our 2015 Form 10-K for additional information on our policies for nonperforming loans. Credit Card Our credit card loan portfolio is highly diversified across millions of accounts and numerous geographies without significant individual exposure. We therefore generally manage credit risk on a portfolio basis. The risk in our credit card loan portfolio correlates to broad economic trends, such as unemployment rates and home values, as well as customer liquidity, all of which can have a material effect on credit performance. The primary factors we assess in monitoring the credit quality and risk of our credit card portfolio are delinquency and charge-off trends, including an analysis of the migration of loans between delinquency categories over time. The table below displays the geographic profile of our credit card loan portfolio as of March 31, 2016 and December 31, 2015 . We also present net charge-offs for the three months ended March 31, 2016 and 2015 . Table 4.3: Credit Card: Risk Profile by Geographic Region March 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Domestic credit card: California $ 9,752 10.5% $ 10,029 10.5% Texas 6,182 6.7 6,344 6.6 New York 6,163 6.6 6,446 6.7 Florida 5,574 6.0 5,712 5.9 Illinois 3,922 4.2 4,121 4.3 Pennsylvania 3,575 3.9 3,764 3.9 Ohio 3,180 3.4 3,371 3.5 New Jersey 3,061 3.3 3,210 3.3 Michigan 2,762 3.0 2,922 3.0 Other 40,390 43.6 42,020 43.8 Total domestic credit card 84,561 91.2 87,939 91.5 International credit card: Canada 4,963 5.4 4,889 5.1 United Kingdom 3,175 3.4 3,297 3.4 Total international credit card 8,138 8.8 8,186 8.5 Total credit card $ 92,699 100.0% $ 96,125 100.0 % __________ (1) P ercentages by geographic region are calculated based on period-end amounts. Table 4.4: Credit Card: Net Charge-Offs Three Months Ended March 31, 2016 2015 (Dollars in millions) Amount Rate Amount Rate Net charge-offs: (1) Domestic credit card $ 887 4.16% $ 664 3.55% International credit card 63 3.24 55 2.80 Total credit card $ 950 4.09 $ 719 3.48 __________ (1) Net charge-offs consist of the unpaid principal balance that we determine to be uncollectible, net of recovered amounts. The net charge-off rate is calculated for each loan category by dividing annualized net charge-offs by average loans held for investment for the period. Net charge-offs and the net charge-off rate are impacted periodically by fluctuations in recoveries, including debt sales. Consumer Banking Our consumer banking loan portfolio consists of auto, home and retail banking loans. Similar to our credit card loan portfolio, the risk in our consumer banking loan portfolio correlates to broad economic trends, such as unemployment rates, gross domestic product (“GDP”) and home values, as well as customer liquidity, all of which can have a material effect on credit performance. Delinquency, nonperforming loans and charge-off trends are key factors we assess in monitoring the credit quality and risk of our consumer banking loan portfolio. The table below displays the geographic profile of our consumer banking loan portfolio, including PCI loans. We also present the delinquency and nonperforming loan rates of our consumer banking loan portfolio as of March 31, 2016 and December 31, 2015 , as well as net charge-offs for the three months ended March 31, 2016 and 2015 . Table 4.5: Consumer Banking: Risk Profile by Geographic Region March 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Auto: Texas $ 5,597 7.9% $ 5,463 7.8% California 4,812 6.8 4,611 6.5 Florida 3,485 4.9 3,315 4.7 Georgia 2,291 3.3 2,245 3.2 Louisiana 1,931 2.7 1,882 2.7 Illinois 1,891 2.7 1,859 2.6 Ohio 1,778 2.5 1,738 2.5 Other 20,929 29.7 20,436 29.0 Total auto 42,714 60.5 41,549 59.0 Home loan: California 5,652 8.0 5,884 8.4 New York 2,119 3.0 2,171 3.1 Maryland 1,517 2.1 1,539 2.2 Illinois 1,433 2.0 1,490 2.1 Virginia 1,320 1.9 1,354 1.9 New Jersey 1,246 1.8 1,293 1.8 Florida 1,090 1.6 1,146 1.6 Other 9,966 14.1 10,350 14.8 Total home loan 24,343 34.5 25,227 35.9 March 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Retail banking: Louisiana $ 1,054 1.5 % $ 1,071 1.5 % New York 919 1.3 921 1.3 Texas 757 1.1 757 1.1 New Jersey 247 0.3 259 0.4 Maryland 187 0.3 180 0.3 Virginia 150 0.2 151 0.2 Other 220 0.3 257 0.3 Total retail banking 3,534 5.0 3,596 5.1 Total consumer banking $ 70,591 100.0% $ 70,372 100.0% __________ (1) Pe rcentages by geographic region are calculated based on period-end amounts. Table 4.6: Consumer Banking: Net Charge-Offs and Nonperforming Loans Three Months Ended March 31, 2016 2015 (Dollars in millions) Amount Rate (1) Amount Rate (1) Net charge-offs: Auto $ 168 1.60% $ 148 1.55% Home loan (2) 3 0.05 2 0.03 Retail banking 12 1.36 9 0.96 Total consumer banking (2) $ 183 1.04 $ 159 0.89 March 31, 2016 December 31, 2015 (Dollars in millions) Amount Rate (3) Amount Rate (3) Nonperforming loans: Auto $ 133 0.31% $ 219 0.53 % Home loan (4) 307 1.26 311 1.23 Retail banking 30 0.83 28 0.77 Total consumer banking (4) $ 470 0.66 $ 558 0.79 __________ (1) Calculated for each loan category by dividing annualized net charge-offs by average loans held for investment for the period. (2) Excluding the impact of PCI loans, the net charge-off rates for our home loan and total consumer banking portfolios were 0.17% and 1.40% , respectively, for the three months ended March 31, 2016 , compared to 0.11% and 1.30% , respectively, for the three months ended March 31, 2015 . (3) Calculated for each loan category by dividing nonperforming loans by period-end loans held for investment. (4) Excluding the impact of PCI loans, the nonperforming loan rates for our home loan and total consumer banking portfolios were 4.55% and 0.89% , respectively, as of March 31, 2016 , compared to 4.68% and 1.08% , respectively, as of December 31, 2015 . Home Loan Our home loan portfolio consists of both first-lien and second-lien residential mortgage loans. In evaluating the credit quality and risk of our home loan portfolio, we continually monitor a variety of mortgage loan characteristics that may affect the default experience on this loan portfolio, such as vintage, geographic concentrations, lien priority and product type. Certain loan concentrations have experienced higher delinquency rates as a result of the significant decline in home prices after the peak in 2006 and subsequent rise in unemployment. These loan concentrations include loans originated between 2006 and 2008 in an environment of decreasing home sales, broadly declining home prices and more relaxed underwriting standards. The following table presents the distribution of our home loan portfolio as of March 31, 2016 and December 31, 2015 , based on selected key risk characteristics. Table 4.7: Home Loan: Risk Profile by Vintage, Geography, Lien Priority and Interest Rate Type March 31, 2016 Loans PCI Loans Total Home Loans (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Amount % of Total (1) Origination year: (2) < = 2007 $ 2,449 10.1% $ 8,613 35.3% $ 11,062 45.4% 2008 151 0.6 2,743 11.3 2,894 11.9 2009 94 0.4 1,405 5.8 1,499 6.2 2010 95 0.4 2,054 8.4 2,149 8.8 2011 168 0.7 2,291 9.4 2,459 10.1 2012 1,219 5.0 362 1.5 1,581 6.5 2013 538 2.2 70 0.3 608 2.5 2014 663 2.7 30 0.1 693 2.8 2015 1,121 4.6 32 0.2 1,153 4.8 2016 241 1.0 4 0.0 245 1.0 Total $ 6,739 27.7% $ 17,604 72.3% $ 24,343 100.0% Geographic concentration: (3) California $ 876 3.6% $ 4,776 19.6% $ 5,652 23.2% New York 1,288 5.3 831 3.4 2,119 8.7 Maryland 530 2.2 987 4.0 1,517 6.2 Illinois 90 0.4 1,343 5.5 1,433 5.9 Virginia 439 1.8 881 3.6 1,320 5.4 New Jersey 354 1.4 892 3.7 1,246 5.1 Florida 153 0.6 937 3.9 1,090 4.5 Louisiana 1,043 4.3 26 0.1 1,069 4.4 Arizona 83 0.3 958 4.0 1,041 4.3 Washington 115 0.5 753 3.1 868 3.6 Other 1,768 7.3 5,220 21.4 6,988 28.7 Total $ 6,739 27.7% $ 17,604 72.3% $ 24,343 100.0 % Lien type: 1 st lien $ 5,747 23.6% $ 17,294 71.1% $ 23,041 94.7% 2 nd lien 992 4.1 310 1.2 1,302 5.3 Total $ 6,739 27.7% $ 17,604 72.3% $ 24,343 100.0% Interest rate type: Fixed rate $ 2,835 11.7% $ 2,153 8.8% $ 4,988 20.5% Adjustable rate 3,904 16.0 15,451 63.5 19,355 79.5 Total $ 6,739 27.7% $ 17,604 72.3% $ 24,343 100.0% December 31, 2015 Loans PCI Loans Total Home Loans (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Amount % of Total (1) Origination year: (2) < = 2007 $ 2,559 10.1% $ 8,956 35.5% $ 11,515 45.6% 2008 157 0.6 2,866 11.4 3,023 12.0 2009 97 0.4 1,498 5.9 1,595 6.3 2010 97 0.4 2,208 8.8 2,305 9.2 2011 176 0.7 2,476 9.8 2,652 10.5 2012 1,276 5.1 389 1.5 1,665 6.6 2013 557 2.2 71 0.3 628 2.5 2014 680 2.7 31 0.1 711 2.8 2015 1,101 4.4 32 0.1 1,133 4.5 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% Geographic concentration: (3) California $ 871 3.5% $ 5,013 19.9% $ 5,884 23.4% New York 1,295 5.1 876 3.5 2,171 8.6 Maryland 511 2.0 1,028 4.1 1,539 6.1 Illinois 89 0.4 1,401 5.5 1,490 5.9 Virginia 428 1.7 926 3.7 1,354 5.4 New Jersey 353 1.4 940 3.7 1,293 5.1 Florida 157 0.6 989 3.9 1,146 4.5 Louisiana 1,069 4.2 27 0.1 1,096 4.3 Arizona 81 0.4 995 3.9 1,076 4.3 Washington 113 0.4 806 3.2 919 3.6 Other 1,733 6.9 5,526 21.9 7,259 28.8 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0 % Lien type: 1 st lien $ 5,705 22.6% $ 18,207 72.2% $ 23,912 94.8% 2 nd lien 995 4.0 320 1.2 1,315 5.2 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% Interest rate type: Fixed rate $ 2,751 10.9% $ 2,264 9.0% $ 5,015 19.9% Adjustable rate 3,949 15.7 16,263 64.4 20,212 80.1 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% __________ (1) Percentages within each risk category are calculated based on period-end amounts. (2) The PCI loans balances with an origination date in the years subsequent to 2012 are related to refinancing of previously acquired home loans. (3) States listed represents those which have the highest individual concentration of home loans. Our recorded investment in home loans that are in process of foreclosure was $451 million as of March 31, 2016 . We commence the foreclosure process on home loans when a borrower becomes at least 120 days delinquent in accordance with Consumer Financial Protection Bureau regulations. Foreclosure procedures and time lines vary according to state law. As of March 31, 2016 and December 31, 2015 , the carrying value of the foreclosed residential real estate properties we hold and report as other assets on our consolidated balance sheet totaled $111 million and $123 million , respectively. Commercial Banking We evaluate the credit risk of commercial loans individually and use a risk-rating system to determine credit quality. We assign internal risk ratings to loans based on relevant information about the ability of borrowers to service their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends. The scale based on our internal risk rating system is as follows: • Noncriticized: Loans that have not been designated as criticized, frequently referred to as “pass” loans. • Criticized performing: Loans in which the financial condition of the obligor is stressed, affecting earnings, cash flows or collateral values. The borrower currently has adequate capacity to meet near-term obligations; however, the stress, left unabated, may result in deterioration of the repayment prospects at some future date. • Criticized nonperforming: Loans that are not adequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as criticized nonperforming have a well-defined weakness, or weaknesses, which jeopardize the full repayment of the debt. These loans are characterized by the distinct possibility that we will sustain a credit loss if the deficiencies are not corrected and are generally placed on nonaccrual status. We use our internal risk rating system for regulatory reporting, determining the frequency of credit exposure reviews, and evaluating and determining the allowance for loan and lease losses for commercial loans. Loans of $1 million or more that are designated as criticized performing and criticized nonperforming are reviewed quarterly by management to determine if they are appropriately classified/rated and whether any impairment exists. Noncriticized loans greater than $1 million are specifically reviewed, at least annually, to determine the appropriate risk rating. In addition, we evaluate the risk rating during the renewal process of any loan or if a loan becomes past due. The following table presents the geographic distribution and internal risk ratings of our commercial loan portfolio as of March 31, 2016 and December 31, 2015 . Table 4.8: Commercial Banking: Risk Profile by Geographic Region and Internal Risk Rating March 31, 2016 (Dollars in millions) Commercial and Multifamily Real Estate % of Total (1) Commercial and Industrial % of Total (1) Small-ticket Commercial Real Estate % of Total (1) Total Commercial Banking % of Total (1) Geographic concentration: (2) Northeast $ 15,312 59.8% $ 8,724 22.9% $ 358 61.6% $ 24,394 38.0% Mid-Atlantic 3,032 11.9 3,255 8.5 23 4.0 6,310 9.8 South 4,054 15.9 15,303 40.2 37 6.4 19,394 30.2 Other 3,161 12.4 10,820 28.4 162 28.0 14,143 22.0 Total $ 25,559 100.0% $ 38,102 100.0% $ 580 100.0% $ 64,241 100.0% Internal risk rating: (3) Noncriticized $ 25,219 98.7% $ 33,872 88.9% $ 572 98.5% $ 59,663 92.9% Criticized performing 278 1.1 2,315 6.0 2 0.4 2,595 4.0 Criticized nonperforming 30 0.1 1,014 2.7 6 1.1 1,050 1.6 PCI loans (4) 32 0.1 901 2.4 0 0.0 933 1.5 Total $ 25,559 100.0% $ 38,102 100.0 % $ 580 100.0% $ 64,241 100.0% December 31, 2015 (Dollars in millions) Commercial and Multifamily Real Estate % of Total (1) Commercial and Industrial % of Total (1) Small-ticket Commercial Real Estate % of Total (1) Total Commercial Banking % of Total (1) Geographic concentration: (2) Northeast $ 15,949 62.5% $ 8,074 21.8% $ 376 61.3% $ 24,399 38.6% Mid-Atlantic 2,797 11.0 3,010 8.1 25 4.1 5,832 9.2 South 4,070 15.9 15,240 41.0 40 6.5 19,350 30.6 Other 2,702 10.6 10,811 29.1 172 28.1 13,685 21.6 Total $ 25,518 100.0% $ 37,135 100.0% $ 613 100.0% $ 63,266 100.0% Internal risk rating: (3) Noncriticized $ 25,130 98.5% $ 34,008 91.6% $ 605 98.7% $ 59,743 94.4% Criticized performing 350 1.4 1,662 4.5 3 0.5 2,015 3.2 Criticized nonperforming 7 0.0 538 1.4 5 0.8 550 0.9 PCI loans (4) 31 0.1 927 2.5 0 0.0 958 1.5 Total $ 25,518 100.0% $ 37,135 100.0% $ 613 100.0% $ 63,266 100.0% __________ (1) Percentages calculated based on total loans held for investment in each respective loan category using period-end amounts. (2) Geographic concentration is generally determined by the location of the borrower’s business or the location of the collateral associated with the loan. Northeast consists of CT, MA, ME, NH, NJ, NY, PA and VT. Mid-Atlantic consists of DC, DE, MD, VA and WV. South consists of AL, AR, FL, GA, KY, LA, MO, MS, NC, SC, TN and TX. (3) Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset c ategories defined by banking regulatory authorities. (4) We evaluate PCI loans based on their actual risk ratings. Were these PCI loans to be classified based on their risk ratings, $204 million and $128 million would be classified as Noncriticized, $694 million and $793 million as Criticized performing, and $35 million and $37 million as Criticized nonperforming as of March 31, 2016 and December 31, 2015 , respectively. Impaired Loans The following table presents information about our impaired loans, excluding PCI loans, which is reported separately as of March 31, 2016 and December 31, 2015 , and for the three months ended March 31, 2016 and 2015 : Table 4.9: Impaired Loans (1) March 31, 2016 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 525 $ 0 $ 525 $ 147 $ 378 $ 511 International credit card 133 0 133 66 67 129 Total credit card (2) 658 0 658 213 445 640 Consumer Banking: Auto (3) 283 211 494 22 472 778 Home loan 233 133 366 15 351 458 Retail banking 50 10 60 14 46 61 Total consumer banking 566 354 920 51 869 1,297 Commercial Banking: Commercial and multifamily real estate 106 27 133 10 123 136 Commercial and industrial 1,091 123 1,214 183 1,031 1,319 Total commercial lending 1,197 150 1,347 193 1,154 1,455 Small-ticket commercial real estate 0 7 7 0 7 8 Total commercial banking 1,197 157 1,354 193 1,161 1,463 Total $ 2,421 $ 511 $ 2,932 $ 457 $ 2,475 $ 3,400 December 31, 2015 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 541 $ 0 $ 541 $ 150 $ 391 $ 526 International credit card 125 0 125 59 66 121 Total credit card (2) 666 0 666 209 457 647 Consumer Banking: Auto (3) 273 215 488 22 466 772 Home loan 229 136 365 18 347 456 Retail banking 51 10 61 14 47 62 Total consumer banking 553 361 914 54 860 1,290 Commercial Banking: Commercial and multifamily real estate 82 3 85 11 74 88 Commercial and industrial 515 278 793 75 718 862 Total commercial lending 597 281 878 86 792 950 Small-ticket commercial real estate 6 0 6 0 6 7 Total commercial banking 603 281 884 86 798 957 Total $ 1,822 $ 642 $ 2,464 $ 349 $ 2,115 $ 2,894 Three Months Ended March 31, 2016 2015 (Dollars in millions) Average Interest Average Interest Credit Card: Domestic credit card $ 533 $ 14 $ 542 $ 14 International credit card 129 3 141 2 Total credit card (2) 662 17 683 16 Consumer Banking: Auto (3) 491 22 444 21 Home loan 366 1 366 1 Retail banking 60 0 52 0 Total consumer banking 917 23 862 22 Commercial Banking: Commercial and multifamily real estate 109 1 133 1 Commercial and industrial 1,004 2 213 1 Total commercial lending 1,113 3 346 2 Small-ticket commercial real estate 6 0 10 0 Total commercial banking 1,119 3 356 2 Total $ 2,698 $ 43 $ 1,901 $ 40 __________ (1) Impaired loans include loans modified in troubled debt restructuring (“TDRs”), all nonperforming commercial loans and nonperforming home loans with a specific impairment. Impaired loans without an allowance generally represent loans that have been charged down to the fair value of the underlying collateral for which we believe no additional losses have been incurred, or where the fair value of the underlying collateral meets or exceeds the loan’s amortized cost. (2) The average recorded investment of credit card loans includes finance charges and fees. (3) Although auto loans from loan recovery inventory are not reported in our loans held for investment, they are included as impaired loans above since they are reported as TD Rs. The total recorded investment of loans modified in TDRs represents $1.9 billion and $1.8 billion of the impaired loans presented above as of March 31, 2016 and December 31, 2015 , respectively. Consumer TDRs classified as performing totaled $1.0 billion as of both March 31, 2016 and December 31, 2015 . Commercial TDRs classified as performing totaled $305 million and $334 million as of March 31, 2016 and December 31, 2015 , respectively. As part of our loan modification programs to borrowers experiencing financial difficulty, we may provide multiple concessions to minimize our economic loss and improve long-term loan performance and collectability. The following tables present the major modification types, recorded investment amounts and financial effects of loans modified in TDRs during the three months ended March 31, 2016 and 2015 : Table 4.10: Troubled Debt Restructurings Total Loans (1)(2) Three Months Ended March 31, 2016 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (3)(4) Average (5) % of (4)(6) Average (7) % of (4)(8) Gross (9) Credit Card: Domestic credit card $ 62 100% 12.85% 0% 0 0 % $ 0 International credit card 36 100 25.66 0 0 0 0 Total credit card 98 100 17.52 0 0 0 0 Consumer Banking: Auto 86 42 3.93 73 7 27 21 Home loan 13 62 2.63 75 249 1 0 Retail banking 3 21 6.30 87 11 0 0 Total consumer banking 102 44 3.72 74 39 23 21 Commercial Banking: Commercial and multifamily real estate 25 0 0.00 100 8 0 0 Commercial and industrial 47 0 0.00 30 12 0 0 Total commercial lending 72 0 0.00 54 10 0 0 Small-ticket commercial real estate 0 0 0.00 0 0 0 0 Total commercial banking 72 0 0.00 54 10 0 0 Total $ 272 52 13.21 42 29 8 $ 21 Total Loans (1)(2) Three Months Ended March 31, 2015 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (3)(4) Average (5) % of (4)(6) Average (7) % of (4)(8) Gross (9) Credit Card: Domestic credit card $ 72 100% 12.13% 0 % 0 0% $ 0 International credit card 32 100 25.79 0 0 0 0 Total credit card 104 100 16.39 0 0 0 0 Consumer Banking: Auto 88 41 1.71 71 9 28 22 Home loan 7 67 2.85 66 171 0 0 Retail banking 5 61 9.36 91 4 0 0 Total consumer banking 100 44 2.36 72 20 24 22 Commercial Banking: Commercial and multifamily real estate 3 0 0.00 100 35 77 1 Commercial and industrial 21 0 2.02 3 7 0 0 Total commercial lending 24 0 2.02 13 29 8 1 Small-ticket commercial real estate 0 0 0.00 0 0 0 0 Total commercial banking 24 0 2.02 13 29 8 1 Total $ 228 65 12.19 33 20 12 $ 23 __________ (1) Represents total loans modified and accounted for as TDRs during the period. Paydowns, net charge-offs and any other changes subsequent to the TDR date are not reflected in the recorded investment amount (2) We present the modification types utilized most prevalently across our loan portfolios. As not every modification type is included in the table above, the total % of TDR activity may not add up to 100%. (3) Represents percentage of loans modified and accounted for as TDRs during the period that were granted a reduced interest rate. (4) Due to multiple concessions granted to some troubled borrowers, percentages may total more than 100% for certain loan types. (5) Represents weighted average interest rate reduction for those loans that received an interest rate concession. (6) Represents percentage of loans modified and accounted for as TDRs during the period that were granted a maturity date extension. (7) Represents weighted average change in maturity date for those loans that received a maturity date extension. (8) Represents percentage of loans modified and accounted for as TDRs during the period that were granted forgiveness or forbearance of a portion of their balance. (9) Total amount represents the gross balance forgiven. For loans modified in bankruptcy, the gross balance reduction represents collateral value write-downs associated with the discharge of the borrower’s obligations. TDR—Subsequent Defaults of Completed TDR Modifications The following table presents the type, number and recorded investment amount of loans modified in TDRs that experienced a default during the period and had completed a modification event in the twelve months prior to the default. A default occurs if the loan is either 90 days or more delinquent, has been charged off as of the end of the period presented or has been reclassified from accrual to nonaccrual status. Table 4.11: TDR — Subsequent Defaults Three Months Ended March 31, 2016 2015 (Dollars in millions) Number of Amount Number of Amount Credit Card: Domestic credit card 10,594 $ 18 9,667 $ 16 International credit card (1) 8,813 20 8,548 20 Total credit card 19,407 38 18,215 36 Consumer Banking: Auto 1,852 21 1,747 20 Home loan 10 1 5 0 Retail banking 15 2 10 1 Total consumer banking 1,877 24 1,762 21 Commercial Banking: Commercial and multifamily real estate 0 0 0 0 Commercial and industrial 17 23 0 0 Total commercial lending 17 23 0 0 Small-ticket commercial real estate 0 0 0 0 Total commercial banking 17 23 0 0 Total 21,301 $ 85 19,977 $ 57 __________ (1) In the U.K., regulators require the acceptance of payment plan proposals in which the modified payments may be less than the contractual minimum amount. As a result, loans entering long-term TDR payment programs in the U.K. typically continue to age and ultimately charge off even when fully in compliance with the TDR program terms. PCI Loans Outstanding Balance and Carrying Value of PCI Loans The table below presents the outstanding balance and the carrying value of PCI loans as of March 31, 2016 and December 31, 2015 . The table also displays loans which would have otherwise been considered impaired at acquisition based on our applicable accounting policies. See “ Note 1—Summary of Significant Accounting Policies ” in our 2015 Form 10-K for information related to our accounting policies for impaired loans. Table 4.12: PCI Loans March 31, 2016 December 31, 2015 (Dollars in millions) Total Impaired Loans Non-Impaired Loans Total Impaired Loans Non-Impaired Loans Outstanding balance $ 20,179 $ 3,704 $ 16,475 $ 21,151 $ 3,840 $ 17,311 Carrying value (1) 18,580 2,537 16,043 19,516 2,629 16,887 __________ (1) Includes $35 million and $37 million of allowance for loan and lease losses for these loans as of March 31, 2016 and December 31, 2015 , respectively. We recorded a $2 million release and $7 million provision of the allowance for credit losses for the three months ended March 31, 2016 and 2015 , respectively, for PCI loans. Changes in Accretable Yield The following table presents changes in the accretable yield on the PCI loans: Table 4.13: Changes in Accretable Yield on PCI Loans (Dollars in millions) Total PCI Loans Impaired Loans Non-Impaired Loans Accretable yield as of December 31, 2015 $ 3,483 $ 1,244 $ 2,239 Accretion recognized in earnings (184 ) (61 ) (123 ) Reclassifications from (to) nonaccretable difference for loans with changing cash flows (1) 5 2 3 Changes in accretable yield for non-credit related changes in expected cash flows (2) 194 16 178 Accretable yield as of March 31, 2016 $ 3,498 $ 1,201 $ 2,297 __________ (1) Represents changes in accretable yield for those loans in pools that are driven primarily by credit performance. (2) Represents changes in accretable yield for those loans in pools that are driven primarily by actual prepayments and changes in estimated prepayments. Unfunded Lending Commitments We manage the potential risk of unfunded lending commitments by limiting the total amount of arrangements, both by individual customer and in total, by monitoring the size and maturity structure of these po |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Allowance for Loans and Lease Losses | NOTE 5—ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED LENDING COMMITMENTS Our allowance for loan and lease losses represents management’s best estimate of incurred loan and lease losses inherent in our loans held for investment portfolio as of each balance sheet date. In addition to the allowance for loan and lease losses, we also estimate probable losses related to unfunded lending commitments, such as letters of credit, financial guarantees and binding unfunded loan commitments. The provision for losses on unfunded lending commitments is included in the provision for credit losses in our consolidated statements of income and the related reserve for unfunded lending commitments is included in other liabilities on our consolidated balance sheets. See “ Note 1—Summary of Significant Accounting Policies ” of our 2015 Form 10-K for further discussion on the methodology and policy for determining our allowance for loan and lease losses for each of our loan portfolio segments, as well as information on our reserve for unfunded lending commitments. Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity The table below summarizes changes in the allowance for loan and lease losses and reserve for unfunded lending commitments by portfolio segment for the three months ended March 31, 2016 and 2015 . Table 5.1: Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments (Dollars in millions) Credit Consumer Banking Commercial Banking Other (1) Total Allowance for loan and lease losses: Balance as of December 31, 2015 $ 3,654 $ 868 $ 604 $ 4 $ 5,130 Provision (benefit) for loan and lease losses 1,071 229 171 (2 ) 1,469 Charge-offs (1,222 ) (291 ) (48 ) (1 ) (1,562 ) Recoveries 272 108 2 2 384 Net charge-offs (950 ) (183 ) (46 ) 1 (1,178 ) Other changes (2) 10 0 (15 ) 0 (5 ) Balance as of March 31, 2016 3,785 914 714 3 5,416 Reserve for unfunded lending commitments: Balance as of December 31, 2015 0 7 161 0 168 Provision for losses on unfunded lending commitments 0 1 57 0 58 Balance as of March 31, 2016 0 8 218 0 226 Combined allowance and reserve as of March 31, 2016 $ 3,785 $ 922 $ 932 $ 3 $ 5,642 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Other (1) Total Allowance for loan and lease losses: Balance as of December 31, 2014 $ 3,204 $ 779 $ 395 $ 5 $ 4,383 Provision (benefit) for loan and lease losses 669 206 52 0 927 Charge-offs (1,022 ) (250 ) (9 ) (3 ) (1,284 ) Recoveries 303 91 6 3 403 Net charge-offs (719 ) (159 ) (3 ) 0 (881 ) Other changes (2) (24 ) 0 0 0 (24 ) Balance as of March 31, 2015 3,130 826 444 5 4,405 Reserve for unfunded lending commitments: Balance as of December 31, 2014 0 7 106 0 113 Provision for losses on unfunded lending commitments 0 0 8 0 8 Balance as of March 31, 2015 0 7 114 0 121 Combined allowance and reserve as of March 31, 2015 $ 3,130 $ 833 $ 558 $ 5 $ 4,526 __________ (1) Primarily consists of the legacy loan portfolio of our discontinued GreenPoint mortgage operations. (2) Represents foreign currency translation adjustments and the net impact of loan transfers and sales. Components of Allowance for Loan and Lease Losses by Impairment Methodology The table below presents the components of our allowance for loan and lease losses by portfolio segment and impairment methodology with the recorded investment of the related loans as of March 31, 2016 and December 31, 2015 . Table 5.2: Components of Allowance for Loan and Lease Losses by Impairment Methodology March 31, 2016 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Other Total Allowance for loan and lease losses: Collectively evaluated (1) $ 3,572 $ 829 $ 520 $ 3 $ 4,924 Asset-specific (2) 213 51 193 0 457 PCI loans (3) 0 34 1 0 35 Total allowance for loan and lease losses $ 3,785 $ 914 $ 714 $ 3 $ 5,416 Loans held for investment: Collectively evaluated (1) $ 92,041 $ 52,247 $ 61,954 $ 82 $ 206,324 Asset-specific (2) 658 709 1,354 0 2,721 PCI loans (3) 0 17,635 933 0 18,568 Total loans held for investment $ 92,699 $ 70,591 $ 64,241 $ 82 $ 227,613 Allowance as a percentage of period-end loans held for investment 4.08% 1.29% 1.11% 4.15% 2.38% December 31, 2015 (Dollars in millions) Credit Consumer Banking Commercial Banking Other Total Allowance for loan and lease losses: Collectively evaluated (1) $ 3,445 $ 778 $ 517 $ 4 $ 4,744 Asset-specific (2) 209 54 86 0 349 PCI loans (3) 0 36 1 0 37 Total allowance for loan and lease losses $ 3,654 $ 868 $ 604 $ 4 $ 5,130 Loans held for investment: Collectively evaluated (1) $ 95,459 $ 51,113 $ 61,424 $ 88 $ 208,084 Asset-specific (2) 666 699 884 0 2,249 PCI loans (3) 0 18,560 958 0 19,518 Total loans held for investment $ 96,125 $ 70,372 $ 63,266 $ 88 $ 229,851 Allowance as a percentage of period-end loans held for investment 3.80% 1.23% 0.95% 4.94% 2.23% __________ (1) The component of the allowance for loan and lease losses for credit card and other consumer loans that we collectively evaluate for impairment is based on a statistical calculation supplemented by management judgment and interpretation. The component of the allowance for loan and lease losses for commercial loans that we collectively evaluate for impairment is based on historical loss experience for loans with similar characteristics and consideration of credit quality supplemented by management judgment and interpretation. (2) The asset-specific component of the allowance for loan and lease losses for smaller-balance impaired loans is calculated on a pool basis using historical loss experience for the respective class of assets. The asset-specific component of the allowance for loan and lease losses for larger-balance commercial loans is individually calculated for each loan. (3) The PCI loans component of the allowance for loan and lease losses is accounted for based on expected cash flows. See “ Note 1—Summary of Significant Accounting Policies ” in our 2015 Form 10-K for details on these loans. We have certain credit card partnership arrangements in which our partner agrees to share in a portion of the credit losses associated with the partnership. The loss sharing amounts due from these partners result in reductions to reported net charge-offs and provision for credit losses. The table below summarizes these impacts for the three months ended March 31, 2016 and 2015 . Table 5.3: Summary of Loss Sharing Arrangements Impact Three Months Ended March 31, (Dollars in millions) 2016 2015 Reduction in net charge-offs $ 52 $ 44 Reduction in provision for credit losses 55 57 The expected reimbursement from these partners, which is netted against our allowance for loan and lease losses, was approximately $197 million and $194 million as of March 31, 2016 and December 31, 2015 , respectively. See “ Note 1—Summary of Significant Accounting Policies ” of our 2015 Form 10-K for further discussion on our credit card partnership agreements. |
Variable Interest Entities and
Variable Interest Entities and Securitizations | 3 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entities and Securitization [Abstract] | |
Variable Interest Entities and Securitizations | NOTE 6—VARIABLE INTEREST ENTITIES AND SECURITIZATIONS In the normal course of business, we enter into various types of transactions with entities that are considered to be VIEs. Our primary involvement with VIEs has been related to our securitization transactions in which we transferred assets from our balance sheet to securitization trusts. We have primarily securitized credit card loans and home loans, which have provided a source of funding for us and enabled us to transfer a certain portion of the economic risk of the loans or debt securities to third parties. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The majority of the VIEs in which we are involved have been consolidated in our financial statements. Summary of Consolidated and Unconsolidated VIEs The table below presents a summary of VIEs, aggregated based on VIEs with similar characteristics, in which we had continuing involvement or held a variable interest as of March 31, 2016 and December 31, 2015 . We separately present information for consolidated and unconsolidated VIEs. For consolidated VIEs, we present the carrying amount of assets and liabilities reflected on our consolidated balance sheets. The assets of consolidated VIEs primarily consist of cash and loans, which we report on our consolidated balance sheets under restricted cash and loans held in consolidated trusts, respectively. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs typically do not have recourse to the general credit of the Company. The liabilities primarily consist of debt securities issued by the VIEs, which we report under securitized debt obligations. For unconsolidated VIEs, we present the carrying amount of assets and liabilities reflected on our consolidated balance sheets and our maximum exposure to loss. Our maximum exposure to loss is estimated based on the unlikely event that all of the assets in the VIEs become worthless and we are required to meet our maximum remaining funding obligations. Table 6.1: Carrying Amount of Consolidated and Unconsolidated VIEs March 31, 2016 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 32,869 $ 15,600 $ 0 $ 0 $ 0 Home loan securitizations (2) 0 0 201 26 863 Total securitization-related VIEs 32,869 15,600 201 26 863 Other VIEs: Affordable housing entities 115 0 3,804 528 3,804 Entities that provide capital to low-income and rural communities 687 126 71 0 71 Other 0 0 116 0 116 Total other VIEs 802 126 3,991 528 3,991 Total VIEs $ 33,671 $ 15,726 $ 4,192 $ 554 $ 4,854 December 31, 2015 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 34,800 $ 16,925 $ 0 $ 0 $ 0 Home loan securitizations (2) 0 0 211 27 873 Total securitization-related VIEs 34,800 16,925 211 27 873 Other VIEs: Affordable housing entities 0 0 3,852 555 3,852 Entities that provide capital to low-income and rural communities 352 101 0 0 0 Other 0 0 57 0 57 Total other VIEs 352 101 3,909 555 3,909 Total VIEs $ 35,152 $ 17,026 $ 4,120 $ 582 $ 4,782 __________ (1) Represents the gross amount of assets and liabilities owned by the VIE, which includes the seller’s interest and repurchased notes held by other related parties. (2) The carrying amount of assets of unconsolidated securitization-related VIEs consists of retained interests associated with the securitization of option-adjustable rate mortgage (“option-ARM”) loans and letters of credit related to manufactured housing securitizations. These are reported on our consolidated balance sheets within other assets. The carrying amount of liabilities of unconsolidated securitization-related VIEs is comprised of obligations on certain swap agreements associated with the securitization of manufactured housing loans and other obligations. These are reported on our consolidated balance sheets within other liabilities. Securitization-Related VIEs In a securitization transaction, assets from our balance sheet are transferred to a trust we establish, which typically meets the definition of a VIE. Our continuing involvement in the majority of our securitization transactions consists primarily of holding certain retained interests and acting as the primary servicer on certain transactions. We also may have exposure associated with contractual obligations to repurchase previously transferred loans due to breaches of representations and warranties. See “ Note 14—Commitments, Contingencies, Guarantees and Others ” for information related to reserves we have established for our mortgage representation and warranty exposure. The table below presents the securitization-related VIEs in which we had continuing involvement as of March 31, 2016 and December 31, 2015 . Table 6.2: Continuing Involvement in Securitization-Related VIEs Mortgage (Dollars in millions) Credit Card Option- ARM GreenPoint HELOCs GreenPoint Manufactured Housing March 31, 2016: Securities held by third-party investors $ 14,913 $ 1,692 $ 69 $ 765 Receivables in the trust 31,908 1,749 63 771 Cash balance of spread or reserve accounts 0 8 N/A 136 Retained interests Yes Yes Yes Yes Servicing retained Yes Yes (1) No No (2) Amortization event (3) No No No No December 31, 2015: Securities held by third-party investors $ 16,166 $ 1,754 $ 74 $ 789 Receivables in the trust 33,783 1,814 68 794 Cash balance of spread or reserve accounts 0 8 N/A 134 Retained interests Yes Yes Yes Yes Servicing retained Yes Yes (1) No No (2) Amortization event (3) No No No No __________ (1) We continue to service only certain option-ARM securitizations. (2) The core servicing activities for the manufactured housing securitizations are completed by a third party. (3) Amortization events vary according to each specific trust agreement but generally are triggered by declines in performance or credit metrics of the underlying assets, such as net charge-off rates or delinquency rates, beyond certain predetermined thresholds. Generally, the occurrence of an amortization event changes the sequencing and amount of trust-related cash flows to the benefit of more senior interest holders. Credit Card Loan Securitizations We hold certain retained interests in our credit card loan securitizations and continue to service the receivables in these trusts. As of March 31, 2016 and December 31, 2015 , we were deemed to be the primary beneficiary, and accordingly, all of these trusts have been consolidated in our financial statements. Mortgage Securitizations Option-ARM Loans We had previously securitized option-ARM loans by transferring these loans to securitization trusts that had issued mortgage-backed securities to investors. The outstanding balance of debt securities held by third-party investors related to these mortgage loan securitization trusts was $1.7 billion and $1.8 billion as of March 31, 2016 and December 31, 2015 , respectively. We continue to service a portion of the remaining mortgage loans in these securitizations. We also retain rights to future cash flows arising from these securitizations, the most significant being certificated interest-only bonds issued by the trusts. We generally estimate the fair value of these retained interests based on the estimated present value of expected future cash flows, using our best estimates of the key assumptions which include credit losses, prepayment speeds and discount rates commensurate with the risks involved. For the mortgage loans that we continue to service, we do not consolidate the related trusts because we do not have the right to receive benefits nor the obligation to absorb losses that could potentially be significant to the trusts. For the remaining trusts, for which we no longer service the underlying mortgage loans, we do not consolidate these entities since we do not have the power to direct the activities that most significantly impact the economic performance of the trusts. In connection with the securitization of certain option-ARM loans, a third party is obligated to advance a portion of any “negative amortization” resulting from monthly payments that are less than the interest accrued for that payment period. We have an agreement in place with the third party that mirrors this advance requirement. The amount advanced is tracked through mortgage-backed securities retained as part of the securitization transaction. As advances occur, we record an asset in the form of negative amortization bonds, which are held at fair value in other assets on our consolidated balance sheets. Our maximum exposure is affected by rate caps and monthly payment change caps, but the funding obligation cannot exceed the difference between the original loan balance multiplied by a preset negative amortization cap and the current unpaid principal balance. We have also entered into certain derivative contracts related to the securitization activities. These are classified as free-standing derivatives, with fair value adjustments recorded in non-interest income in our consolidated statements of income. See “ Note 9—Derivative Instruments and Hedging Activities ” for further details on these derivatives. GreenPoint Mortgage Home Equity Lines of Credit (“HELOCs”) Our discontinued wholesale mortgage banking unit, GreenPoint, previously sold HELOCs in whole loan sales and subsequently acquired residual interests in certain trusts which securitized some of those loans. We do not consolidate these trusts because we either lack the power to direct the activities that most significantly impact the economic performance of the trusts or because we do not have the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts. As the residual interest holder, GreenPoint is required to fund advances on the HELOCs when certain performance triggers are met due to deterioration in asset performance. On behalf of GreenPoint, we have funded cumulative advances of $30 million as of both March 31, 2016 and December 31, 2015 . These advances are generally expensed as funded due to the low likelihood of recovery. We also have unfunded commitments of $6 million related to those interests for our non-consolidated VIEs as of both March 31, 2016 and December 31, 2015 . GreenPoint Credit Manufactured Housing We retain the primary obligation for certain provisions of corporate guarantees, recourse sales and clean-up calls related to the discontinued manufactured housing operations of GreenPoint Credit, LLC, which was a subsidiary of GreenPoint and was sold to a third party in 2004. Although we are the primary obligor, recourse obligations related to aforementioned whole loan sales, commitments to exercise mandatory clean-up calls on certain securitization transactions and servicing were transferred to a third party in the sale transaction. We do not consolidate the trusts used for the securitization of manufactured housing loans because we do not have the power to direct the activities that most significantly impact the economic performance of the trusts since we no longer service the loans. We were required to fund letters of credit in 2004 to cover losses and are obligated to fund future amounts under swap agreements for certain transactions. We have the right to receive any funds remaining in the letters of credit after the securities are released. The unpaid principal balance of manufactured housing securitization transactions where we are the residual interest holder was $771 million and $794 million as of March 31, 2016 and December 31, 2015 , respectively. In the event the third-party servicer does not fulfill its obligation to exercise the clean-up calls on certain transactions, the obligation reverts to us and we would assume approximately $420 million of loans receivable upon our execution of the clean-up call with the requirement to absorb any losses on the loans receivable. We monitor the underlying assets for trends in delinquencies and related losses, and these factors are considered in assessing the adequacy of the liabilities established for these obligations and the valuations of the assets. We also have credit exposure on agreements that we entered into to absorb a portion of the risk of loss on certain manufactured housing securitizations issued by GreenPoint Credit, LLC in 2000. Our maximum credit exposure related to the agreements totaled $13 million as of both March 31, 2016 and December 31, 2015 . These agreements are recorded on our consolidated balance sheets as a component of other liabilities and our obligation under these agreements was $7 million and $8 million as of March 31, 2016 and December 31, 2015 , respectively. Other VIEs Affordable Housing Entities As part of our community reinvestment initiatives, we invest in private investment funds that make equity investments in multi-family affordable housing properties. We receive affordable housing tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. We account for certain of our investments in qualified affordable housing projects using the proportional amortization method if certain criteria are met. The proportional amortization method amortizes the cost of the investment over the period in which the investor expects to receive tax credits and other tax benefits, and the resulting amortization is recognized as a component of income tax expense attributable to continuing operations. For the three months ended March 31, 2016 and 2015 , we recognized amortization of $98 million and $86 million , respectively, and tax credits of $113 million and $102 million , respectively, associated with these investments within income tax provision. The carrying value of our investments in these qualified affordable housing projects was $3.6 billion and $3.5 billion as of March 31, 2016 and December 31, 2015 , respectively. We are periodically required to provide additional financial or other support during the period of the investments. We had a recorded liability of $1.3 billion for these unfunded commitments as of March 31, 2016 , which is expected to be paid from 2016 to 2019 . For those investment funds considered to be VIEs, we are not required to consolidate them if we do not have the power to direct the activities that most significantly impact the economic performance of those entities. We record our interests in these unconsolidated VIEs in loans held for investment, other assets and other liabilities on our consolidated balance sheets. Our interests consisted of assets of approximately $3.8 billion and $3.9 billion as of March 31, 2016 and December 31, 2015 , respectively. Our maximum exposure to these entities is limited to our variable interests in the entities of $3.8 billion and $3.9 billion as of March 31, 2016 and December 31, 2015 , respectively. The creditors of the VIEs have no recourse to our general credit and we do not provide additional financial or other support other than during the period that we are contractually required to provide it. The total assets of the unconsolidated VIE investment funds were $11.3 billion and $11.4 billion as of March 31, 2016 and December 31, 2015 , respectively. Entities that Provide Capital to Low-Income and Rural Communities We hold variable interests in entities (“Investor Entities”) that invest in community development entities (“CDEs”) that provide debt financing to businesses and non-profit entities in low-income and rural communities. Variable interests in the CDEs held by the consolidated Investor Entities are also our variable interests. The activities of the Investor Entities are financed with a combination of invested equity capital and debt. The activities of the CDEs are financed solely with invested equity capital. We receive federal and state tax credits for these investments. We consolidate the VIEs in which we have the power to direct the activities that most significantly impact the VIE’s economic performance and where we have the obligation to absorb losses or right to receive benefits that could be potentially significant to the VIE. We have also consolidated other investments and CDEs that are not considered to be VIEs, but where we hold a controlling financial interest. The assets of the VIEs that we consolidated, which totaled approximately $687 million and $352 million as of March 31, 2016 and December 31, 2015 , respectively, are reflected on our consolidated balance sheets in cash, loans held for investment, interest receivable and other assets. The liabilities are reflected in other liabilities. The creditors of the VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it. Other Other VIEs include variable interests that we hold in a trust that has a royalty interest in certain oil and gas properties, alternative energy project companies that promote renewable energy sources and other equity method investments. We were not required to consolidate these entities because we do not have the power to direct the activities that most significantly impact their economic performance. Our maximum exposure to these entities is limited to the investment on our consolidated balance sheet of $116 million and $57 million as of March 31, 2016 and December 31, 2015 , respectively. The creditors of the other VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 7—GOODWILL AND INTANGIBLE ASSETS The table below displays the components of goodwill, intangible assets and mortgage servicing rights (“MSRs”) as of March 31, 2016 and December 31, 2015 . Goodwill is presented separately on our consolidated balance sheets. Intangible assets and MSRs are included in other assets on our consolidated balance sheets. Table 7.1: Components of Goodwill, Intangible Assets and MSRs March 31, 2016 (Dollars in millions) Carrying (1) Accumulated Amortization (1) Net Goodwill $ 14,492 N/A $ 14,492 Intangible assets: Purchased credit card relationship (“PCCR”) intangibles 2,147 $ (1,529 ) 618 Core deposit intangibles 1,391 (1,301 ) 90 Other (2) 375 (146 ) 229 Total intangible assets 3,913 (2,976 ) 937 Total goodwill and intangible assets $ 18,405 $ (2,976 ) $ 15,429 MSRs: Consumer MSRs (3) $ 59 N/A $ 59 Commercial MSRs (4) 222 $ (58 ) 164 Total MSRs $ 281 $ (58 ) $ 223 December 31, 2015 (Dollars in millions) Carrying (1) Accumulated Amortization (1) Net Goodwill $ 14,480 N/A $ 14,480 Intangible assets: PCCR intangibles 2,156 $ (1,467 ) 689 Core deposit intangibles 1,771 (1,662 ) 109 Other (2) 378 (135 ) 243 Total intangible assets 4,305 (3,264 ) 1,041 Total goodwill and intangible assets $ 18,785 $ (3,264 ) $ 15,521 MSRs: Consumer MSRs (3) $ 68 N/A $ 68 Commercial MSRs (4) 212 $ (51 ) 161 Total MSRs $ 280 $ (51 ) $ 229 __________ (1) Certain intangible assets that were fully amortized in prior periods were removed from our consolidated balance sheets. (2) Primarily consists of intangibles for sponsorship relationships, brokerage relationship intangibles, partnership and other contract intangibles and trade name intangibles. (3) Represents MSRs related to our Consumer Banking business that are carried at fair value on our consolidated balance sheets. (4) Represents MSRs related to our Commercial Banking business that are subsequently accounted for under the amortization method and periodically assessed for impairment. Amortization expense for amortizable intangible assets, which is presented separately in our consolidated statements of income, totaled $101 million and $110 million for the three months ended March 31, 2016 and 2015 , respectively. Goodwill The following table presents goodwill attributable to each of our business segments as of March 31, 2016 and December 31, 2015 . Table 7.2: Goodwill Attributable to Business Segments (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Balance as of December 31, 2015 $ 4,997 $ 4,600 $ 4,883 $ 14,480 Acquisitions 0 0 14 14 Other adjustments (2 ) 0 0 (2 ) Balance as of March 31, 2016 $ 4,995 $ 4,600 $ 4,897 $ 14,492 |
Deposits and Borrowings
Deposits and Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Deposits and Borrowings [Abstract] | |
Deposits and Borrowings | NOTE 8—DEPOSITS AND BORROWINGS Deposits Our deposits, which are our largest source of funding for our asset and operations, consist of non-interest bearing and interest-bearing deposits, which include checking accounts, money market deposit accounts, negotiable order of withdrawals, savings deposits and time deposits. Securitized and Unsecured Debt Obligations In addition to our deposits, which serve as our primary funding source, we use a variety of other funding sources including short-term borrowings, the issuance of senior and subordinated notes and other borrowings, and securitization transactions. In addition, we utilize FHLB advances, which are secured by certain portions of our loan and investment securities portfolios, for our funding needs. The securitized debt obligations are separately presented on our consolidated balance sheets as they represent obligations of consolidated securitization trusts, while federal funds purchased and securities loaned or sold under agreements to repurchase, senior and subordinated notes and other borrowings, including FHLB advances, are included in other debt on our consolidated balance sheets. Securitized Debt Obligations Our outstanding borrowings due to securitization investors decreased to $14.9 billion as of March 31, 2016, from $16.2 billion as of December 31, 2015 , primarily driven by $1.3 billion of maturities. Senior and Subordinated Notes As of March 31, 2016 , we had $21.7 billion of senior and subordinated notes outstanding, inclusive of fair value hedging adjustments of $237 million . As of December 31, 2015 , we had $21.8 billion of senior and subordinated notes outstanding, inclusive of fair value hedging adjustments of $134 million . During the first quarter of 2016 , $500 million of outstanding unsecured notes were retired. See “ Note 9—Derivative Instruments and Hedging Activities ” for information about our fair value hedging activities. FHLB Advances and Other In addition to the issuance capacity under the registration statement, we also have access to funding through the FHLB system and the Federal Reserve Discount Window. Our FHLB and Federal Reserve memberships require us to hold FHLB and Federal Reserve stock which totaled $1.8 billion and $2.1 billion as of March 31, 2016 and December 31, 2015 , respectively, and are included in other assets on our consolidated balance sheets. Our FHLB advances and lines of credit are secured by our investment securities, residential home loans, multifamily real estate loans, commercial real estate loans and HELOCs. The outstanding FHLB advances totaled $12.9 billion and $20.1 billion as of March 31, 2016 and December 31, 2015 , respectively, substantially all of which represented long-term advances generally callable on either a one-month or a three-month basis. We did not access the Federal Reserve Discount Window for funding during 2015 or the first quarter of 2016 . Composition of Deposits, Short-Term Borrowings and Long-Term Debt The table below summarizes the components of our deposits, short-term borrowings and long-term debt as of March 31, 2016 and December 31, 2015 . Our total short-term borrowings consist of federal funds purchased and securities loaned or sold under agreements to repurchase and other short-term borrowings with an original contractual maturity of one year or less. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The amounts presented for outstanding borrowings include unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments. Table 8.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt (Dollars in millions) March 31, December 31, Deposits: Non-interest bearing deposits $ 25,182 $ 25,847 Interest-bearing deposits 196,597 191,874 Total deposits $ 221,779 $ 217,721 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 917 $ 981 Total short-term borrowings $ 917 $ 981 March 31, 2016 (Dollars in millions) Maturity Dates Interest Rates Weighted- Average Interest Rate Outstanding Amount December 31, Long-term debt: Securitized debt obligations (1) 2016 - 2025 0.48 - 5.75% 1.48% $ 14,913 $ 16,166 Senior and subordinated notes: (1) Fixed unsecured senior debt 2016 - 2025 1.15 - 6.75 2.72 16,837 16,559 Floating unsecured senior debt 2018 - 2018 1.30 - 1.77 1.50 699 1,198 Total unsecured senior debt 2.67 17,536 17,757 Fixed unsecured subordinated debt 2016 - 2025 3.38 - 8.80 4.70 4,200 4,080 Total senior and subordinated notes 21,736 21,837 Other long-term borrowings: FHLB advances 2016 - 2025 0.39 - 6.41 0.50 12,898 20,098 Capital lease obligations 2016 - 2035 3.09 - 12.86 4.17 33 33 Total other long-term borrowings 12,931 20,131 Total long-term debt $ 49,580 $ 58,134 Total short-term borrowings and long-term debt $ 50,497 $ 59,115 ___________ (1) Outstanding amount includes any fair value hedge accounting adjustments. Components of Interest Expense The following table displays interest expense attributable to short-term borrowings and long-term debt for the three months ended March 31, 2016 and 2015 : Table 8.2: Components of Interest Expense on Short-Term Borrowings and Long-Term Debt Three Months Ended March 31, (Dollars in millions) 2016 2015 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 1 $ 0 FHLB advances 0 8 Total short-term borrowings 1 8 Long-term debt: Securitized debt obligations (1) 48 33 Senior and subordinated notes (1) 106 79 Other long-term borrowings 23 7 Total long-term debt 177 119 Total interest expense on short-term borrowings and long-term debt $ 178 $ 127 _ _________ (1) Interest expense includes the impact from hedge accounting. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | NOTE 9—DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Use of Derivatives We manage our asset and liability positions and market risk exposure and limits in accordance with our market risk management policies that are approved by our Board of Directors. Our primary market risks stem from the impact on our earnings and economic value of equity from changes in interest rates and, to a lesser extent, changes in foreign exchange rates. We employ several techniques to manage our interest rate sensitivity which include changing the duration and re-pricing characteristics of various assets and liabilities by using interest rate derivatives. Our current policies also include the use of derivatives to hedge exposures denominated in foreign currency so we may limit our earnings and capital ratio exposures to foreign exchange risk. We execute our derivative contracts in both the over-the-counter (“OTC”) and exchange-traded derivative markets, and clear eligible derivative transactions through a central clearinghouse as required under the Dodd-Frank Act. The majority of our derivatives are interest rate swaps. In addition, we may use a variety of other derivative instruments, including caps, floors, options, futures and forward contracts, to manage our interest rate and foreign exchange risks. We offer various interest rate, foreign exchange rate and commodity derivatives as an accommodation to our customers within our Commercial Banking business, and usually offset our exposure through derivative transactions with other counterparties. Accounting for Derivatives Our derivatives are designated as either qualifying accounting hedges or free-standing derivatives. Qualifying accounting hedges are designated as fair value hedges, cash flow hedges or net investment hedges. Free-standing derivatives primarily consist of customer-accommodation derivatives and economic hedges that do not qualify for hedge accounting. • Fair Value Hedges: We designate derivatives as fair value hedges when they are used to manage our exposure to changes in the fair value of certain financial assets and liabilities, which fluctuate in value as a result of movements in interest rates. Changes in the fair value of derivatives designated as fair value hedges are recorded in earnings together with offsetting changes in the fair value of the hedged item and any resulting ineffectiveness. Our fair value hedges consist of interest rate swaps that are intended to modify our exposure to interest rate risk on various fixed-rate assets and liabilities. • Cash Flow Hedges: We designate derivatives as cash flow hedges when they are used to manage our exposure to variability in cash flows related to forecasted transactions. Changes in the fair value of derivatives designated as cash flow hedges are recorded as a component of AOCI, to the extent that the hedge relationships are effective, and amounts are reclassified from AOCI to earnings as the forecasted transactions impact earnings. To the extent that any ineffectiveness exists in the hedge relationships, the amounts are recorded in current period earnings. Our cash flow hedges use interest rate swaps and floors that are intended to hedge the variability in interest payments or interest receipts on some of our variable-rate assets or liabilities. We have also entered into forward foreign currency derivative contracts to hedge our exposure to variability in cash flows related to intercompany borrowings denominated in foreign currency. • Net Investment Hedges: We use net investment hedges to manage the foreign currency exposure related to our net investments in foreign operations that have functional currencies other than the U.S. dollar. Changes in the fair value of net investment hedges are recorded in the translation adjustment component of AOCI, offsetting the translation gain or loss from those foreign operations. We execute net investment hedges using foreign exchange forward contracts to hedge the translation exposure of the net investment in our foreign operations. • Free-Standing Derivatives: We use free-standing derivatives to hedge the risk of changes in the fair value of residential MSRs, mortgage loan origination and purchase commitments and other interests held. We also categorize our customer accommodation derivatives and the related offsetting contracts as free-standing derivatives. Changes in the fair value of free-standing derivatives are recorded in earnings as a component of other non-interest income. Balance Sheet Presentation The following table summarizes the notional and fair values of our derivative instruments on a gross basis as of March 31, 2016 and December 31, 2015 , which are segregated by derivatives that are designated as accounting hedges and those that are not, and are further segregated by type of contract within those two categories. The total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or paid. Table 9.1: Derivative Assets and Liabilities at Fair Value March 31, 2016 December 31, 2015 Notional or Contractual Amount Derivative (1) Notional or Contractual Amount Derivative (1) (Dollars in millions) Assets Liabilities Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: Fair value hedges $ 33,767 $ 556 $ 78 $ 34,417 $ 550 $ 146 Cash flow hedges 37,535 677 18 30,450 167 61 Total interest rate contracts 71,302 1,233 96 64,867 717 207 Foreign exchange contracts: Cash flow hedges 5,395 42 154 5,580 239 2 Net investment hedges 2,545 50 0 2,562 87 0 Total foreign exchange contracts 7,940 92 154 8,142 326 2 Total derivatives designated as accounting hedges 79,242 1,325 250 73,009 1,043 209 Derivatives not designated as accounting hedges: Interest rate contracts covering: MSRs (2) 1,180 25 13 1,665 11 7 Customer accommodation 30,811 636 511 28,841 431 290 Other interest rate exposures (3) 1,873 37 19 1,519 33 10 Total interest rate contracts 33,864 698 543 32,025 475 307 Other contracts 864 0 2 882 0 4 Total derivatives not designated as accounting hedges 34,728 698 545 32,907 475 311 Total derivatives $ 113,970 $ 2,023 $ 795 $ 105,916 $ 1,518 $ 520 Less: netting adjustment (4) (334 ) (350 ) (532 ) (143 ) Total derivative assets/liabilities $ 1,689 $ 445 $ 986 $ 377 __________ (1) Derivative assets and liabilities include interest accruals. (2) Includes interest rate swaps and to-be-announced contracts. (3) Other interest rate exposures include mortgage-related derivatives. (4) Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. See Table 9.2 for further information. Offsetting of Financial Assets and Liabilities We execute the majority of our derivative transactions and repurchase agreements under master netting arrangements. Under our existing enforceable master netting arrangements, we generally have the right to offset exposure with the same counterparty. In addition, either counterparty can generally request the net settlement of all contracts through a single payment upon default on, or termination of, any one contract. The Company offsets derivative assets and liabilities for purposes of balance sheet presentation where a right of setoff exists. As of March 31, 2016 and December 31, 2015 , derivative contracts that are executed bilaterally with a counterparty in the OTC market and then novated to and cleared through a central clearinghouse are not subject to offsetting due to the uncertainty existing around an end-user’s ability to setoff derivative contracts that have been novated to a clearinghouse. The following table presents as of March 31, 2016 and December 31, 2015 the gross and net fair values of our derivative assets and liabilities and repurchase agreements, as well as the related offsetting amounts permitted under U.S. GAAP. The table also includes cash and non-cash collateral received or pledged associated with such arrangements. The collateral amounts shown are limited to the extent of the related net derivative fair values or outstanding balances, thus instances of over-collateralization are not shown. Table 9.2: Offsetting of Financial Assets and Financial Liabilities Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Held Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Received Net Exposure As of March 31, 2016 Derivatives assets (1) $ 2,023 $ (200 ) $ (134 ) $ 1,689 $ (5 ) $ 1,684 As of December 31, 2015 Derivatives assets (1) 1,518 (86 ) (446 ) 986 (156 ) 830 Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Pledged Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Pledged Net Exposure As of March 31, 2016 Derivatives liabilities (1) $ 795 $ (200 ) $ (150 ) $ 445 $ 0 $ 445 Repurchase agreements (2)(3) 917 0 0 917 (917 ) 0 As of December 31, 2015 Derivatives liabilities (1) 520 (86 ) (57 ) 377 0 377 Repurchase agreements (2) 969 0 0 969 (969 ) 0 __________ (1) The gross balances include derivative assets and derivative liabilities as of March 31, 2016 totaling $1.1 billion and $364 million , respectively, related to the centrally cleared derivative contracts. The comparable amounts as of December 31, 2015 totaled $429 million and $314 million , respectively. These contracts were not subject to offsetting as of March 31, 2016 and December 31, 2015 . (2) As of March 31, 2016 and December 31, 2015 , the Company only had repurchase obligations outstanding and did not have any reverse repurchase receivables. (3) Represents customer repurchase agreements that mature the next business day. As of March 31, 2016 , we pledged collateral with a fair value of $936 million under these customer repurchase agreements, which were primarily agency RMBS securities. Credit Risk-Related Contingency Features and Collateral Certain of our derivatives contracts include provisions requiring that our debt maintain a credit rating of investment grade or above by each of the major credit rating agencies. In the event of a downgrade of our debt credit rating below investment grade, some of our derivatives counterparties would have the right to terminate the derivative contract and close out the existing positions, or demand immediate and ongoing full overnight collateralization on derivative instruments in a net liability position. Certain of our derivatives contracts may also allow, in the event of a downgrade of our debt credit rating of any kind, our derivatives counterparties to demand additional collateralization on such derivatives instruments in a net liability position. We posted $215 million and $304 million of cash collateral as of March 31, 2016 and December 31, 2015 , respectively. If our debt credit rating had fallen below investment grade, we would have been required to post $60 million and $55 million of additional collateral as of March 31, 2016 and December 31, 2015 , respectively. The fair value of derivatives instruments with credit risk-related contingent features in a net liability position was less than $1 million as of both March 31, 2016 and December 31, 2015 . Derivatives Counterparty Credit Risk Derivatives instruments contain an element of credit risk that arises from the potential failure of a counterparty to perform according to the contractual terms of the contract. Our exposure to derivatives counterparty credit risk, at any point in time, is represented by the fair value of derivatives in a gain position, or derivatives assets position, assuming no recoveries of underlying collateral. To mitigate the risk of counterparty default, we enter into legally enforceable master netting agreements and maintain collateral agreements with certain derivative counterparties. We generally enter into these agreements on a bilateral basis with our counterparties; however, since June 2013 we have begun to clear eligible OTC derivatives through a central clearinghouse in accordance with the requirements under Title VII of the Dodd-Frank Act. These agreements typically provide for the right to offset exposures and require both parties to maintain collateral in the event the fair values of derivative financial instruments exceed established thresholds. We received cash collateral from derivatives counterparties totaling $502 million and $544 million as of March 31, 2016 and December 31, 2015 , respectively. We also received securities from derivatives counterparties with a fair value of $7 million and $172 million as of March 31, 2016 and December 31, 2015 , respectively, which we have the ability to re-pledge. We record counterparty credit risk valuation adjustments on our derivative assets to properly reflect the credit quality of the counterparty. We consider collateral and legally enforceable master netting agreements that mitigate our credit exposure to each counterparty in determining the counterparty credit risk valuation adjustment, which may be adjusted in future periods due to changes in the fair value of the derivatives contracts, collateral and creditworthiness of the counterparty. The cumulative counterparty credit risk valuation adjustment recorded on our consolidated balance sheets as a reduction to the derivatives asset balance was $5 million and $4 million as of March 31, 2016 and December 31, 2015 , respectively. We also adjust the fair value of our derivatives liabilities to reflect the impact of our own credit quality. We calculate this adjustment by comparing the spreads on our credit default swaps to the discount benchmark curve. The cumulative credit risk valuation adjustment related to our credit quality recorded on our consolidated balance sheets as a reduction in the derivative liability balance was less than $1 million as of both March 31, 2016 and December 31, 2015 . Income Statement Presentation and AOCI The following tables summarize the impact of derivatives and the related hedged items in our consolidated statements of income and AOCI. Fair Value Hedges and Free-Standing Derivatives The net gains (losses) recognized in earnings related to derivatives in fair value hedging relationships and free-standing derivatives are presented below for the three months ended March 31, 2016 and 2015 . Table 9.3: Gains and Losses on Fair Value Hedges and Free-Standing Derivatives Three Months Ended March 31, (Dollars in millions) 2016 2015 Derivatives designated as accounting hedges: (1) Fair value interest rate contracts: Gains (losses) recognized in earnings on derivatives $ 208 $ 153 Gains (losses) recognized in earnings on hedged items (192 ) (148 ) Net fair value hedge ineffectiveness gains (losses) 16 5 Derivatives not designated as accounting hedges: (1) Interest rate contracts covering: MSRs 10 6 Customer accommodation 5 4 Other interest rate exposures 15 2 Total interest rate contracts 30 12 Other contracts 0 (2 ) Total gains on derivatives not designated as accounting hedges 30 10 Net derivative gains (losses) recognized in earnings $ 46 $ 15 __________ (1) Amounts are recorded in our consolidated statements of income in other non-interest income. Cash Flow and Net Investment Hedges The table below shows the net gains (losses) related to derivatives designated as cash flow hedges and net investment hedges for the three months ended March 31, 2016 and 2015 . Table 9.4: Gains and Losses on Derivatives Designated as Cash Flow Hedges and Net Investment Hedges Three Months Ended March 31, (Dollars in millions) 2016 2015 Gains (losses) recorded in AOCI: Cash flow hedges: Interest rate contracts $ 426 $ 210 Foreign exchange contracts 0 (5 ) Subtotal 426 205 Net investment hedges: Foreign exchange contracts 41 75 Net derivatives gains (losses) recognized in AOCI $ 467 $ 280 Gains (losses) recorded in earnings: Cash flow hedges: Gains (losses) reclassified from AOCI into earnings: Interest rate contracts (1) $ 50 $ 47 Foreign exchange contracts (2) (1 ) (4 ) Subtotal 49 43 Gains (losses) recognized in earnings due to ineffectiveness: Interest rate contracts (2) 3 2 Net derivative gains (losses) recognized in earnings $ 52 $ 45 __________ (1) Amounts reclassified are recorded in our consolidated statements of income in interest income or interest expense. (2) Amounts are recorded in our consolidated statements of income in other non-interest income or other interest income. In the next 12 months, we expect to reclassify to earnings net after-tax gains of $173 million currently recorded in AOCI as of March 31, 2016 . These amounts will offset the cash flows associated with the hedged forecasted transactions. The maximum length of time over which forecasted transactions were hedged was approximately six years as of March 31, 2016 . The amount we expect to reclassify into earnings may change as a result of changes in market conditions and ongoing actions taken as part of our overall risk management strategy. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 10—STOCKHOLDERS' EQUITY Preferred Stock The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2016 and December 31, 2015 . Table 10.1: Preferred Stock Issued and Outstanding Redeemable by Issuer Beginning Per Annum Dividend Rate Dividend Frequency Liquidation Preference per Share Carrying Value (in millions) Series Description Issuance Date Total Shares Outstanding March 31, 2016 December 31, 2015 Series B (1) 6.00% Non-Cumulative August 20, 2012 September 1, 2017 6.00% Quarterly $ 1,000 875,000 $ 853 $ 853 Series C (1) 6.25% Non-Cumulative June 12, 2014 September 1, 2019 6.25 Quarterly 1,000 500,000 484 484 Series D (1) 6.70% Non-Cumulative October 31, 2014 December 1, 2019 6.70 Quarterly 1,000 500,000 485 485 Series E Fixed-to-Floating Rate Non-Cumulative May 14, 2015 June 1, 2020 5.55% through 5/31/2020; 3-mo. LIBOR+ 380 bps thereafter Semi-Annually through 5/31/2020; Quarterly thereafter 1,000 1,000,000 988 988 Series F (1) 6.20% Non-Cumulative August 24, 2015 December 1, 2020 6.20 Quarterly 1,000 500,000 484 484 Total $ 3,294 $ 3,294 __________ (1) Ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock. Accumulated Other Comprehensive Income The following table presents the changes in AOCI by component for the three months ended March 31, 2016 and 2015 . Table 10.2: Accumulated Other Comprehensive Income (Dollars in millions) Securities Available for Sale Securities Held to Maturity (1) Cash Flow Hedges Foreign (2) Other Total AOCI as of December 31, 2015 $ 162 $ (725 ) $ 120 $ (143 ) $ (30 ) $ (616 ) Other comprehensive income (loss) before reclassifications 182 0 426 1 (13 ) 596 Amounts reclassified from AOCI into earnings 5 21 (49 ) 0 2 (21 ) Net other comprehensive income (loss) 187 21 377 1 (11 ) 575 AOCI as of March 31, 2016 $ 349 $ (704 ) $ 497 $ (142 ) $ (41 ) $ (41 ) (Dollars in millions) Securities Securities Held to Maturity (1) Cash Flow Foreign (2) Other Total AOCI as of December 31, 2014 $ 410 $ (821 ) $ 10 $ (8 ) $ (21 ) $ (430 ) Other comprehensive income (loss) before reclassifications 114 0 205 (84 ) (1 ) 234 Amounts reclassified from AOCI into earnings 8 20 (43 ) 0 (1 ) (16 ) Net other comprehensive income (loss) 122 20 162 (84 ) (2 ) 218 AOCI as of March 31, 2015 $ 532 $ (801 ) $ 172 $ (92 ) $ (23 ) $ (212 ) __________ (1) The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of the premium or discount present at the date of transfer from securities available for sale to securities held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net income. (2) Includes the impact from hedging instruments designated as net investment hedges. The following table presents the impacts on net income of amounts reclassified from each component of AOCI for the three months ended March 31, 2016 and 2015 . Table 10.3: Reclassifications from AOCI Amount Reclassified from AOCI (Dollars in millions) Three Months Ended March 31, AOCI Components Affected Income Statement Line Item 2016 2015 Securities available for sale: Non-interest income $ 0 $ 2 Non-interest income - OTTI (8 ) (15 ) Income (loss) from continuing operations before income taxes (8 ) (13 ) Income tax provision (benefit) (3 ) (5 ) Net income (loss) (5 ) (8 ) Securities held to maturity: (1) Interest income (33 ) (33 ) Income tax provision (benefit) (12 ) (13 ) Net income (loss) (21 ) (20 ) Cash flow hedges: Interest rate contracts: Interest income 79 75 Foreign exchange contracts: Interest income (1 ) 0 Non-interest income (1 ) (7 ) Income (loss) from continuing operations before income taxes 77 68 Income tax provision (benefit) 28 25 Net income (loss) 49 43 Other: Various (pension and other) (2 ) 1 Income tax provision (benefit) 0 0 Net income (loss) (2 ) 1 Total reclassifications $ 21 $ 16 __________ (1) The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of the premium or discount created from the transfer into securities held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net income. The table below summarizes other comprehensive income activity and the related tax impact for the three months ended March 31, 2016 and 2015 . Table 10.4: Other Comprehensive Income (Loss) Three Months Ended March 31, 2016 2015 (Dollars in millions) Before Tax Provision (Benefit) After Tax Before Tax Provision After Tax Other comprehensive income (loss): Net unrealized gains on securities available for sale $ 296 $ 109 $ 187 $ 190 $ 68 $ 122 Net changes in securities held to maturity 33 12 21 33 13 20 Net unrealized gains on cash flow hedges 600 223 377 258 96 162 Foreign currency translation adjustments (1) 26 25 1 (41 ) 43 (84 ) Other (17 ) (6 ) (11 ) (4 ) (2 ) (2 ) Other comprehensive income (loss) $ 938 $ 363 $ 575 $ 436 $ 218 $ 218 __________ (1) Includes the impact from hedging instruments designated as net investment hedges. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 11—EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share: Table 11.1: Computation of Basic and Diluted Earnings per Common Share Three Months Ended March 31, (Dollars and shares in millions, except per share data) 2016 2015 Income from continuing operations, net of tax $ 1,018 $ 1,134 Income (loss) from discontinued operations, net of tax (5 ) 19 Net income 1,013 1,153 Dividends and undistributed earnings allocated to participating securities (1) (6 ) (6 ) Preferred stock dividends (37 ) (32 ) Net income available to common stockholders $ 970 $ 1,115 Total weighted-average basic shares outstanding 523.5 550.2 Effect of dilutive securities: Stock options 1.8 2.6 Other contingently issuable shares 1.2 1.5 Warrants (2) 1.5 2.9 Total effect of dilutive securities 4.5 7.0 Total weighted-average diluted shares outstanding 528.0 557.2 Basic earnings per common share: Net income from continuing operations $ 1.86 $ 2.00 Income (loss) from discontinued operations (0.01 ) 0.03 Net income per basic common share $ 1.85 $ 2.03 Diluted earnings per common share: (3) Net income from continuing operations $ 1.85 $ 1.97 Income (loss) from discontinued operations (0.01 ) 0.03 Net income per diluted common share $ 1.84 $ 2.00 __________ (1) Includes undistributed earnings allocated to participating securities using the two-class method under the accounting guidance for computing earnings per share. (2) Represents warrants issued as part of the U.S. Department of Treasury’s Troubled Assets Relief Program (“TARP”). As of March 31, 2016 , there were 4.1 million warrants to purchase common stock outstanding. (3) Excluded from the computation of diluted earnings per share were 2.9 million shares related to options with exercise prices ranging from $63.73 to $88.81 and 2.0 million shares related to options with exercise prices ranging from $70.96 to $88.81 for the three months ended March 31, 2016 and 2015, respectively, because their inclusion would be anti-dilutive. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 12—FAIR VALUE MEASUREMENT Fair value is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (also referred to as an exit price). The fair value accounting guidance provides a three-level fair value hierarchy for classifying financial instruments. This hierarchy is based on the markets in which the assets or liabilities trade and whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. The fair value measurement of a financial asset or liability is assigned a level based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described below: Level 1: Valuation is based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Valuation is based on observable market-based inputs, other than quoted prices in active markets for identical assets or liabilities, quoted prices in markets that are not active, or models using inputs that are observable or can be corroborated by observable market data of substantially the full term of the assets or liabilities. Level 3: Valuation is generated from techniques that use significant assumptions not observable in the market. Valuation techniques include pricing models, discounted cash flow methodologies or similar techniques. The accounting guidance for fair value measurements requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The accounting guidance provides for the irrevocable option to elect, on a contract-by-contract basis, to measure certain financial assets and liabilities at fair value at inception of the contract and record any subsequent changes in fair value in earnings. We have not made any material fair value option elections as of or for the periods disclosed herein. For additional information on the valuation techniques used in estimating the fair value of our financial assets and liabilities on a recurring or nonrecurring basis and for estimating the fair value for financial instruments that are not recorded at fair value, see “Note 19—Fair Value Measurement” in our 2015 Form 10-K. Fair Value Governance and Control We have a governance framework and a number of key controls that are intended to ensure that our fair value measurements are appropriate and reliable. Our governance framework provides for independent oversight and segregation of duties. Our control processes include review and approval of new transaction types, price verification and review of valuation judgments, methods, models, process controls and results. Groups independent of our trading and investing functions, including our Corporate Valuations Group (“CVG”), Fair Value Committee (“FVC”) and Model Validation Group (“MVG”), participate in the review and validation process. The fair valuation governance process is set up in a manner that allows the Chairperson of the FVC to escalate valuation disputes that cannot be resolved by the FVC to a more senior committee called the Valuations Advisory Committee (“VAC”) for resolution. The VAC is chaired by the Chief Financial Officer and includes other members of senior management. The VAC is only required to convene to review escalated valuation disputes and may meet for a general update on the valuation process. The CVG performs periodic verification of fair value measurements to determine if assigned fair values are reasonable. For example, in cases where we rely on third-party pricing services to obtain fair value measures, we analyze pricing variances among different pricing sources and validate the final price used by comparing the information to additional sources, including dealer pricing indications in transaction results and other internal sources, where necessary. Additional validation procedures performed by the CVG include reviewing (either directly or indirectly through the reasonableness of assigned fair values) valuation inputs and assumptions and monitoring acceptable variances between recommended prices and validation prices. The CVG and the Trade Analytics and Valuation (“TAV”) team perform due diligence reviews of the third-party pricing services by comparing their prices to those from other sources and periodically reviewing research publications. Additionally, when necessary, the CVG and TAV challenge prices from third-party vendors to ensure reasonableness of prices through a pricing challenge process. This may include a request for transparency of the assumptions used by the third party. The FVC, which includes representation from our Risk Management and Finance functions, is a forum for discussing fair market valuations, related inputs, assumptions, methodologies, as well as variance thresholds, valuation control environments and material risks or concerns related to fair market valuations. Additionally, the FVC is empowered to resolve valuation disputes between the primary valuation providers and the CVG, and provides guidance and oversight to ensure an appropriate valuation control environment. The FVC regularly reviews and approves our valuation methodologies to ensure that our methodologies and practices are consistent with industry standards and adhere to regulatory and accounting guidance. The Chief Financial Officer determines when material issues or concerns regarding valuations shall be raised to the Audit Committee or another delegated committee of the Board of Directors. We have a model policy, established by an independent Model Risk Office, which governs the validation of models and related supporting documentation to ensure the appropriate use of models for pricing. The MVG is part of the Model Risk Office and validates all models and provides ongoing monitoring of their performance, including the validation and monitoring of the performance of all valuation models. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table displays our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 : Table 12.1: Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2016 Fair Value Measurements Using (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 4,966 $ 0 $ 0 $ 4,966 RMBS 0 27,763 505 28,268 CMBS 0 5,253 251 5,504 Other ABS 0 1,008 30 1,038 Other securities 303 2 11 316 Total securities available for sale 5,269 34,026 797 40,092 Other assets: Consumer MSRs 0 0 59 59 Derivative assets (1)(2) 2 1,950 71 2,023 Retained interests in securitizations 0 0 201 201 Total assets $ 5,271 $ 35,976 $ 1,128 $ 42,375 Liabilities: Other liabilities: Derivative liabilities (1)(2) $ 3 $ 752 $ 40 $ 795 Total liabilities $ 3 $ 752 $ 40 $ 795 December 31, 2015 Fair Value Measurements Using (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 4,660 $ 0 $ 0 $ 4,660 RMBS 0 26,807 504 27,311 CMBS 0 5,282 97 5,379 Other ABS 0 1,340 0 1,340 Other securities 355 2 14 371 Total securities available for sale 5,015 33,431 615 39,061 Other assets: Consumer MSRs 0 0 68 68 Derivative assets (1)(2) 2 1,459 57 1,518 Retained interests in securitizations 0 0 211 211 Total assets $ 5,017 $ 34,890 $ 951 $ 40,858 Liabilities: Other liabilities: Derivative liabilities (1)(2) $ 2 $ 491 $ 27 $ 520 Total liabilities $ 2 $ 491 $ 27 $ 520 __________ (1) The balances represent gross derivative amounts and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. The net derivative assets were $1.7 billion and $986 million , and the net derivative liabilities were $445 million and $377 million as of March 31, 2016 and December 31, 2015 , respectively. See “ Note 9—Derivative Instruments and Hedging Activities ” for further information. (2) Does not reflect $4 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of both March 31, 2016 and December 31, 2015 . Non-performance risk is reflected in other assets and liabilities on the consolidated balance sheets and offset through non-interest income in the consolidated statements of income. The determination of the classification of financial instruments in the fair value hierarchy is performed at the end of each reporting period. 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. Based upon the specific facts and circumstances of each instrument or instrument category, 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. The process for determining fair value using unobservable inputs is generally more subjective and involves a high degree of management judgment and assumptions. During the three months ended March 31, 2016 , we had minimal movements between Levels 1 and 2. Level 3 Recurring Fair Value Rollforward The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2016 and 2015 . When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period. Table 12.2: Level 3 Recurring Fair Value Rollforward Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2016 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2016 (3) (Dollars in millions) Balance, January 1, 2016 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, March 31, 2016 Assets: Securities available for sale: RMBS $ 504 $ 6 $ (5 ) $ 0 $ 0 $ 0 $ (17 ) $ 127 $ (110 ) $ 505 $ 6 CMBS 97 0 1 93 0 0 (4 ) 64 0 251 0 Other ABS 0 0 0 30 0 0 0 0 0 30 0 Other securities 14 0 0 0 0 0 (3 ) 0 0 11 0 Total securities available for sale 615 6 (4 ) 123 0 0 (24 ) 191 (110 ) 797 6 Other assets: Consumer MSRs 68 (12 ) 0 0 0 4 (1 ) 0 0 59 (12 ) Derivative assets (4) 57 19 0 0 0 12 (11 ) 0 (6 ) 71 19 Retained interest in securitizations 211 (10 ) 0 0 0 0 0 0 0 201 (10 ) Liabilities: Other liabilities: Derivative liabilities (4) $ (27 ) $ (14 ) $ 0 $ 0 $ 0 $ (7 ) $ 3 $ 0 $ 5 $ (40 ) $ (14 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2015 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2015 (3) (Dollars in millions) Balance, January 1, 2015 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, March 31, 2015 Assets: Securities available for sale: Corporate debt securities guaranteed by U.S. government agencies $ 333 $ (2 ) $ 5 $ 0 $ (68 ) $ 0 $ (8 ) $ 0 $ (88 ) $ 172 $ 0 RMBS 561 8 8 0 0 0 (13 ) 85 (94 ) 555 9 CMBS 228 0 1 0 0 0 (21 ) 0 (34 ) 174 0 Other ABS 65 1 (2 ) 0 (20 ) 0 0 0 (37 ) 7 0 Other securities 18 0 0 0 0 0 0 0 0 18 0 Total securities available for sale 1,205 7 12 0 (88 ) 0 (42 ) 85 (253 ) 926 9 Other assets: Consumer MSRs 53 (3 ) 0 0 0 4 (1 ) 0 0 53 (3 ) Derivative assets (4) 66 11 0 0 0 9 (12 ) 0 (1 ) 73 11 Retained interest in securitization 221 2 0 0 0 0 0 0 0 223 2 Liabilities: Other liabilities: Derivative liabilities (4) $ (43 ) $ (10 ) $ 0 $ 0 $ 0 $ (7 ) $ 12 $ 0 $ 0 $ (48 ) $ (10 ) __________ (1) Gains (losses) related to Level 3 Consumer MSRs, derivative assets and derivative liabilities, and retained interests in securitizations are reported in other non-interest income, which is a component of non-interest income, in our consolidated statements of income. (2) During the three months ended March 31, 2016 and 2015 , the transfers into Level 3 were primarily driven by less consistency among vendor pricing on individual securities, while the transfers out of Level 3 were primarily driven by greater consistency among multiple pricing sources. (3) The amount presented for unrealized gains (losses) for assets still held as of the reporting date primarily represents impairments of securities available for sale, accretion on certain fixed maturity securities, changes in fair value of derivative instruments and mortgage servicing rights transactions. Impairment is reported in total OTTI, which is a component of non-interest income, in our consolidated statements of income. (4) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. Significant Level 3 Fair Value Asset and Liability Input Sensitivity Changes in unobservable inputs may have a significant impact on fair value. Certain of these unobservable inputs will, in isolation, have a directionally consistent impact on the fair value of the instrument for a given change in that input. Alternatively, the fair value of the instrument may move in an opposite direction for a given change in another input. In general, an increase in the discount rate, default rates, loss severity and credit spreads, in isolation, would result in a decrease in the fair value measurement. In addition, an increase in default rates would generally be accompanied by a decrease in recovery rates, slower prepayment rates and an increase in liquidity spreads. Techniques and Inputs for Level 3 Fair Value Measurements The following table presents the significant unobservable inputs relied upon to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple third-party pricing services to obtain fair value measures for our securities. Several of our third-party pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other third-party pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain for a majority of our securities. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 12.3: Quantitative Information about Level 3 Fair Value Measurements Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at March 31, Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 505 Discounted cash flows (3rd party pricing) Yield 0-15% 6% CMBS 251 Discounted cash flows (3rd party pricing) Yield 1-3% 2% Other ABS 30 Discounted cash flows (3rd party pricing) Yield 1% 1% Other securities 11 Discounted cash flows Yield 1% 1% Other assets: Consumer MSRs 59 Discounted cash flows Total prepayment rate 10-20% 17% Derivative assets (1) 71 Discounted cash flows Swap rates 2% 2% Retained interests in securitization (2) 201 Discounted cash flows Life of receivables (months) Constant prepayment rate 14-83 N/A Liabilities: Derivative liabilities (1) $ 40 Discounted cash flows Swap rates 2% 2% Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, 2015 Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 504 Discounted cash flows (3rd party pricing) Yield 0-12% 6% CMBS 97 Discounted cash flows (3rd party pricing) Yield 2-3% 3% Other securities 14 Discounted cash flows Yield 1% 1% Other assets: Consumer MSRs 68 Discounted cash flows Total prepayment rate 11-18% 16% Derivative assets (1) 57 Discounted cash flows Swap rates 2% 2% Retained interests in securitization (2) 211 Discounted cash flows Life of receivables (months) Constant prepayment rate 16-75 N/A Liabilities: Derivative liabilities (1) $ 27 Discounted cash flows Swap rates 2% 2% __________ (1) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. (2) Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We are required to measure and recognize certain other assets at fair value on a nonrecurring basis on the consolidated balance sheets. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, from the application of lower of cost or market accounting or when we evaluate for impairment). The following table presents the carrying amount of the assets measured at fair value on a nonrecurring basis and still held as of March 31, 2016 and December 31, 2015 , and for which a nonrecurring fair value measurement was recorded during the three and twelve months then ended: Table 12.4: Nonrecurring Fair Value Measurements Related to Assets Still Held at Period End March 31, 2016 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 1 Level 2 Level 3 Loans held for investment $ 0 $ 0 $ 716 $ 716 Loans held for sale 0 6 0 6 Other assets (1) 0 0 39 39 Total $ 0 $ 6 $ 755 $ 761 December 31, 2015 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 1 Level 2 Level 3 Loans held for investment $ 0 $ 0 $ 362 $ 362 Loans held for sale 0 149 0 149 Other assets (1) 0 0 92 92 Total $ 0 $ 149 $ 454 $ 603 __________ (1) Includes foreclosed property and repossessed assets of $39 million and long-lived assets held for sale of $0 million as of March 31, 2016 , compared to foreclosed property and repossessed assets of $54 million and long-lived assets held for sale of $38 million as of December 31, 2015 . In the above table, loans held for investment primarily include nonperforming loans for which specific reserves or charge-offs have been recognized. These loans are classified as Level 3 as they are valued based in part on the estimated fair value of the underlying collateral and the non-recoverable rate, which is considered to be a significant unobservable input. Collateral fair value sources include the appraisal value obtained from independent appraisers, broker pricing opinions or other available market information. The non-recoverable rate ranged from 0% to 78% , with a weighted average of 11% , and from 9% to 73% , with a weighted average of 20% , as of March 31, 2016 and December 31, 2015 , respectively. The fair value of the other assets classified as Level 3 is determined based on appraisal value or listing price which involves significant judgment; the significant unobservable inputs and related quantitative information are not meaningful to disclose as they vary significantly across properties and collateral. The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at March 31, 2016 and 2015 : Table 12.5: Nonrecurring Fair Value Measurements Included in Earnings Related to Assets Still Held at Period End Total Gains (Losses) Three Months Ended March 31, (Dollars in millions) 2016 2015 Loans held for investment $ (71 ) $ (5 ) Loans held for sale 0 0 Other assets (1) (4 ) (4 ) Total $ (75 ) $ (9 ) __________ (1) Includes losses related to foreclosed property and repossessed assets. Fair Value of Financial Instruments The following table is a summary of the fair value estimates for our financial instruments, excluding those financial instruments that are recorded at fair value on a recurring basis as they are included within the “Assets and Liabilities Measured at Fair Value on a Recurring Basis” table included earlier in this Note. Ta ble 12.6: Fair Value of Financial Instruments March 31, 2016 Carrying Amount Estimated Fair Value Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 5,235 $ 5,235 $ 5,235 $ 0 $ 0 Restricted cash for securitization investors 960 960 960 0 0 Securities held to maturity 25,080 26,455 200 26,204 51 Net loans held for investment 222,197 224,489 0 0 224,489 Loans held for sale 1,251 1,308 0 1,308 0 Interest receivable 1,221 1,221 0 1,221 0 Other investments (1) 1,754 1,754 0 1,754 0 Financial liabilities: Non-interest bearing deposits $ 25,182 $ 25,182 $ 25,182 $ 0 $ 0 Interest-bearing deposits 196,597 192,475 0 16,336 176,139 Securitized debt obligations 14,913 14,961 0 14,961 0 Senior and subordinated notes 21,736 21,697 0 21,697 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 917 917 917 0 0 Other borrowings 12,931 12,920 0 12,920 0 Interest payable 217 217 0 217 0 December 31, 2015 Carrying Amount Estimated Fair Value Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 8,023 $ 8,023 $ 8,023 $ 0 $ 0 Restricted cash for securitization investors 1,017 1,017 1,017 0 0 Securities held to maturity 24,619 25,317 198 25,068 51 Net loans held for investment 224,721 222,007 0 0 222,007 Loans held for sale 904 933 0 860 73 Interest receivable 1,189 1,189 0 1,189 0 Other investments (1) 2,060 2,060 0 2,060 0 Financial liabilities: Non-interest bearing deposits $ 25,847 $ 25,847 $ 25,847 $ 0 $ 0 Interest-bearing deposits 191,874 185,075 0 15,848 169,227 Securitized debt obligations 16,166 16,225 0 16,225 0 Senior and subordinated notes 21,837 22,062 0 22,062 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 981 981 981 0 0 Other borrowings 20,131 20,134 0 20,134 0 Interest payable 299 299 0 299 0 __________ (1) Primarily includes our investments in Federal Home Loan Banks (“FHLB”) and the Board of Governors of the Federal Reserve System (“Federal Reserve”) stock. These investments are included in other assets on our consolidated balance sheets. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 13—BUSINESS SEGMENTS Our principal operations are currently organized into three major business segments, which are defined based on the products and services provided or the type of customer served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into our existing business segments. Certain activities that are not part of a segment, such as management of our corporate investment portfolio and asset/liability management by our centralized Corporate Treasury group, are included in the Other category. Basis of Presentation We report the results of each of our business segments on a continuing operations basis. See “ Note 2—Discontinued Operations ” for a discussion of our discontinued operations. The results of our individual businesses reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources. Business Segment Reporting Methodology The results of our business segments are intended to present each segment as if it were a stand-alone business. Our internal management and reporting process used to derive our segment results employs various allocation methodologies, including funds transfer pricing, to assign certain balance sheet assets, deposits and other liabilities and their related revenue and expenses directly or indirectly attributable to each business segment. Our funds transfer pricing process provides a funds credit for sources of funds, such as deposits generated by our Consumer Banking and Commercial Banking businesses, and a funds charge for the use of funds by each segment. Due to the integrated nature of our business segments, estimates and judgments have been made in allocating certain revenue and expense items. Transactions between segments are based on specific criteria or approximate third-party rates. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in the implementation of refinements or changes in future periods. We provide additional information on the allocation methodologies used to derive our business segment results in “Note 20—Business Segments” in our 2015 Form 10-K Segment Results and Reconciliation We may periodically change our business segments or reclassify business segment results based on modifications to our management reporting methodologies and changes in organizational alignment. The following tables present our business segment results for the three months ended March 31, 2016 and 2015 , selected balance sheet data as of March 31, 2016 and 2015 , and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, assets and deposits. Table 13.1: Segment Results and Reconciliation Three Months Ended March 31, 2016 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Net interest income $ 3,033 $ 1,420 $ 537 $ 66 $ 5,056 Non-interest income 847 191 118 8 1,164 Total net revenue (loss) 3,880 1,611 655 74 6,220 Provision (benefit) for credit losses 1,071 230 228 (2 ) 1,527 Non-interest expense: Amortization of intangibles: PCCR intangible amortization 70 0 0 0 70 Core deposit intangible amortization 0 15 3 0 18 Total PCCR and core deposit intangible amortization 70 15 3 0 88 Other non-interest expense 1,793 975 319 48 3,135 Total non-interest expense 1,863 990 322 48 3,223 Income (loss) from continuing operations before income taxes 946 391 105 28 1,470 Income tax provision (benefit) 337 142 38 (65 ) 452 Income (loss) from continuing operations, net of tax $ 609 $ 249 $ 67 $ 93 $ 1,018 Loans held for investment $ 92,699 $ 70,591 $ 64,241 $ 82 $ 227,613 Deposits 0 177,803 33,383 10,593 221,779 Three Months Ended March 31, 2015 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Net interest income $ 2,666 $ 1,434 $ 461 $ 15 $ 4,576 Non-interest income 816 158 114 (17 ) 1,071 Total net revenue (loss) 3,482 1,592 575 (2 ) 5,647 Provision (benefit) for credit losses 669 206 60 0 935 Non-interest expense: Amortization of intangibles: PCCR intangible amortization 84 0 0 0 84 Core deposit intangible amortization 0 22 4 0 26 Total PCCR and core deposit intangible amortization 84 22 4 0 110 Other non-interest expense 1,692 948 268 31 2,939 Total non-interest expense 1,776 970 272 31 3,049 Income (loss) from continuing operations before income taxes 1,037 416 243 (33 ) 1,663 Income tax provision (benefit) 369 150 88 (78 ) 529 Income (loss) from continuing operations, net of tax $ 668 $ 266 $ 155 $ 45 $ 1,134 Loans held for investment $ 81,754 $ 71,379 $ 50,741 $ 104 $ 203,978 Deposits 0 172,502 32,575 5,363 210,440 __________ (1) Some of our tax-related commercial investments generate tax-exempt income or tax credits. Accordingly, we make certain reclassifications within our Commercial Banking business results to present revenues and yields on a taxable-equivalent basis, calculated assuming an effective tax rate approximately equal to our federal statutory tax rate of 35% with offsetting reclassifications to the Other category. |
Commitments, Contingencies, Gua
Commitments, Contingencies, Guarantees, and Others | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, Guarantees, and Others | NOTE 14—COMMITMENTS, CONTINGENCIES, GUARANTEES AND OTHERS Letters of Credit and Loss Sharing Agreements We issue letters of credit (financial standby, performance standby and commercial) to meet the financing needs of our customers. Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party in a borrowing arrangement. Commercial letters of credit are short-term commitments issued primarily to facilitate trade finance activities for customers and are generally collateralized by the goods being shipped to the client. These collateral requirements are similar to those for funded transactions and are established based on management’s credit assessment of the customer. Management conducts regular reviews of all outstanding letters of credit and customer acceptances, and the results of these reviews are considered in assessing the adequacy of our allowance for loan and lease losses. Within our Commercial Banking business, we originate multifamily commercial real estate loans with the intent to sell them to a government-sponsored enterprise (“GSE”). We enter into loss sharing agreements with the GSE upon the sale of the loans. At inception, we record a liability representing the fair value of our obligation which is subsequently amortized as we are released from risk of payment under the loss sharing agreement. If payment under the loss sharing agreement becomes probable and estimable, an additional liability may be recorded on the consolidated balance sheets and a non-interest expense may be recognized in the consolidated statements of income. The amount of liability recognized on our consolidated balance sheets for our loss sharing agreements was $41 million and $40 million as of March 31, 2016 and December 31, 2015 , respectively. We had standby letters of credit and commercial letters of credit with contractual amounts of $1.9 billion as of both March 31, 2016 and December 31, 2015 . The carrying value of outstanding letters of credit, which we include in other liabilities on our consolidated balance sheets was $3 million as of both March 31, 2016 and December 31, 2015 . These financial guarantees had expiration dates ranging from 2016 to 2025 as of March 31, 2016 . U.K. Cross Sell In the U.K., we previously sold payment protection insurance (“PPI”) and other ancillary cross sell products. In response to an elevated level of customer complaints across the industry, heightened media coverage and pressure from consumer advocacy groups, the U.K. Financial Conduct Authority (“FCA”), formerly the Financial Services Authority, investigated and raised concerns about the way the industry has handled complaints related to the sale of these insurance policies. For the past several years, the U.K.’s Financial Ombudsman Service (“FOS”) has been adjudicating customer complaints relating to PPI, escalated to it by consumers who disagree with the rejection of their complaint by firms, leading to customer remediation payments by us and others within the industry. On October 2, 2015, the FCA issued a Statement on PPI (“FCA Proposal”) announcing it has decided to consult, by the end of 2015, on the introduction of a time bar for PPI complaints and on new rules and guidance about how banks should handle PPI complaints covered by s.140A of the Consumer Credit Act of 1974 (“Consumer Credit Act”) in light of the U.K. Supreme Court’s 2014 ruling in Plevin v. Paragon Personal Finance Limited (“Plevin”). The industry consultation period ended in February 2016, and we expect the FCA to issue final rules later this year. In determining our best estimate of incurred losses for future remediation payments, management considers numerous factors, including: (i) the number of customer complaints we expect in the future; (ii) our expectation of upholding those complaints; (iii) the expected number of complaints customers escalate to the FOS; (iv) our expectation of the FOS upholding such escalated complaints; (v) the number of complaints that fall under the s.140A of the Consumer Credit Act; and (vi) the estimated remediation payout to customers. We monitor these factors each quarter and adjust our reserves to reflect the latest data. Management’s best estimate of incurred losses related to U.K. cross sell products, including PPI, totaled $150 million and $176 million as of March 31, 2016 and December 31, 2015 , respectively. The decrease to the reserve for the three months ended March 31, 2016 was a combination of utilization of the reserve through customer refund payments and foreign exchange movements. Our best estimate of reasonably possible future losses beyond our reserve as of March 31, 2016 is approximately $250 million . Mortgage Representation and Warranty Liabilities We acquired three subsidiaries that originated residential mortgage loans and sold these loans to various purchasers, including purchasers who created securitization trusts. These subsidiaries are Capital One Home Loans, LLC, which was acquired in February 2005; GreenPoint, which was acquired in December 2006 as part of the North Fork acquisition; and CCB, which was acquired in February 2009 and subsequently merged into CONA (collectively, the “subsidiaries”). In connection with their sales of mortgage loans, the subsidiaries entered into agreements containing varying representations and warranties about, among other things, the ownership of the loan, the validity of the lien securing the loan, the loan’s compliance with any applicable loan criteria established by the purchaser, including underwriting guidelines and the existence of mortgage insurance, and the loan’s compliance with applicable federal, state and local laws. The representations and warranties do not address the credit performance of the mortgage loans, but mortgage loan performance often influences whether a claim for breach of representation and warranty will be asserted and has an effect on the amount of any loss in the event of a breach of a representation or warranty. Each of these subsidiaries may be required to repurchase mortgage loans in the event of certain breaches of these representations and warranties. In the event of a repurchase, the subsidiary is typically required to pay the unpaid principal balance of the loan together with interest and certain expenses (including, in certain cases, legal costs incurred by the purchaser and/or others). The subsidiary then recovers the loan or, if the loan has been foreclosed, the underlying collateral. The subsidiary is exposed to any losses on the repurchased loans, taking into account any recoveries on the collateral. In some instances, rather than repurchase the loans, a subsidiary may agree to make cash payments to make an investor whole on losses or to settle repurchase claims, possibly including claims for attorneys’ fees and interest. In addition, our subsidiaries may be required to indemnify certain purchasers and others against losses they incur as a result of certain breaches of representations and warranties. These subsidiaries, in total, originated and sold to non-affiliates approximately $111 billion original principal balance of mortgage loans between 2005 and 2008, which are the years (or “vintages”) with respect to which our subsidiaries have received the vast majority of the repurchase-related requests and other related claims. The following table presents the original principal balance of mortgage loan originations, by vintage for 2005 through 2008, for the three general categories of purchasers of mortgage loans and the estimated unpaid principal balance as of March 31, 2016 and December 31, 2015 : Table 14.1: Unpaid Principal Balance of Mortgage Loans Originated and Sold to Third Parties Based on Category of Purchaser Estimated Unpaid Principal Balance Original Principal Balance (Dollars in billions) March 31, December 31, Total 2008 2007 2006 2005 GSEs $ 2 $ 2 $ 11 $ 1 $ 4 $ 3 $ 3 Insured Securitizations 3 4 20 0 2 8 10 Uninsured Securitizations and Other 14 14 80 3 15 30 32 Total $ 19 $ 20 $ 111 $ 4 $ 21 $ 41 $ 45 Between 2005 and 2008, our subsidiaries sold an aggregate amount of $11 billion in original principal balance mortgage loans to the GSEs. Of the $20 billion in original principal balance of mortgage loans sold directly by our subsidiaries to private-label purchasers who placed the loans into securitizations supported by bond insurance (“Insured Securitizations”), approximately 48% of the original principal balance was covered by bond insurance. Further, approximately $16 billion original principal balance was placed in securitizations as to which the monoline bond insurers have made repurchase-related requests or loan file requests to one of our subsidiaries (“Active Insured Securitizations”) and the remaining approximately $4 billion original principal balance was placed in securitizations as to which the monoline bond insurers have not made repurchase-related requests or loan file requests to one of our subsidiaries (“Inactive Insured Securitizations”). Insured Securitizations often allow the monoline bond insurer to act independently of the investors. Bond insurers typically have indemnity agreements directly with both the mortgage originators and the securitizers, and they often have super-majority rights within the trust documentation that allow them to direct trustees to pursue mortgage repurchase-related requests without coordination with other investors. Because we do not service most of the loans our subsidiaries sold to others, we do not have complete information about the current ownership of a portion of the $80 billion in original principal balance of mortgage loans not sold directly to GSEs or placed in Insured Securitizations. We have determined based on information obtained from third-party databases that about $48 billion original principal balance of these mortgage loans was placed in private-label publicly issued securitizations not supported by bond insurance (“Uninsured Securitizations”). An additional approximately $22 billion original principal balance of mortgage loans were initially sold to private investors as whole loans. Various known and unknown investors purchased the remaining $10 billion original principal balance of mortgage loans. With respect to the $111 billion in original principal balance of mortgage loans originated and sold to others between 2005 and 2008, we estimate that approximately $19 billion in unpaid principal balance remains outstanding as of March 31, 2016 , of which approximately $3 billion in unpaid principal balance is at least 90 days delinquent. Approximately $22 billion in losses have been realized by third parties. Because we do not service most of the loans we sold to others, we do not have complete information about the underlying credit performance levels for some of these mortgage loans. These amounts reflect our best estimates, including extrapolations of underlying credit performance where necessary. These estimates could change as we get additional data or refine our analysis. The subsidiaries had open repurchase-related requests with regard to approximately $1.4 billion original principal balance of mortgage loans as of March 31, 2016 , flat from December 31, 2015 . Currently, repurchase-related demands predominantly relate to the 2006 and 2007 vintages. We have received relatively few repurchase-related demands from the 2008 and 2009 vintages, mostly because GreenPoint ceased originating mortgages in August 2007. The following table presents information on pending repurchase-related requests by counterparty category and timing of initial request. The amounts presented are based on original loan principal balances. Table 14.2: Open Pipeline All Vintages (All Entities) (1) (Dollars in millions) GSEs Insured Securitizations Uninsured Securitizations and Other Total Open claims as of December 31, 2014 $ 16 $ 649 $ 1,847 $ 2,512 Gross new demands received 23 0 23 46 Loans repurchased/made whole (17 ) 0 (1 ) (18 ) Demands rescinded (21 ) (115 ) (1,054 ) (1,190 ) Open claims as of December 31, 2015 1 534 815 1,350 Gross new demands received 8 0 5 13 Loans repurchased/made whole (1 ) 0 0 (1 ) Demands rescinded (2 ) 0 0 (2 ) Open claims as of March 31, 2016 $ 6 $ 534 $ 820 $ 1,360 __________ (1) The open pipeline includes all timely repurchase-related requests ever received by our subsidiaries where the requesting party has not formally rescinded the repurchase-related request or our subsidiary has not agreed to either repurchase the loan at issue or make the requesting party whole with respect to its losses. The demands rescinded in 2015 reflect the ruling from New York’s highest court in June 2015 that the statute of limitations for repurchase claims begins when the relevant representations and warranties were made, as opposed to some later date during the life of the loan. Finally, the amounts reflected in this chart are the original principal balance amounts of the mortgage loans at issue and do not correspond to the losses our subsidiary would incur upon the repurchase of these loans. The following table summarizes changes in our representation and warranty reserve for the three months ended March 31, 2016 and 2015 : Table 14.3: Changes in Representation and Warranty Reserve (1) Three Months Ended March 31, (Dollars in millions) 2016 2015 Representation and warranty reserve, beginning of period $ 610 $ 731 Provision (benefit) for mortgage representation and warranty losses: Recorded in continuing operations (1 ) 1 Recorded in discontinued operations 3 (19 ) Total provision (benefit) for mortgage representation and warranty losses 2 (18 ) Net realized recoveries (losses) 1 (40 ) Representation and warranty reserve, end of period $ 613 $ 673 __________ (1) Reported on our consolidated balance sheets as a component of other liabilities. The following table summarizes the allocation of our representation and warranty reserve as of March 31, 2016 and 2015 : Table 14.4: Allocation of Representation and Warranty Reserve Reserve Liability Loans Sold 2005 to 2008 (1) (Dollars in millions, except for loans sold) March 31, December 31, Selected period-end data: Active Insured Securitizations and GSEs $ 482 $ 480 $ 27 Inactive Insured Securitizations and Others 131 130 84 Total (2) $ 613 $ 610 $ 111 __________ (1) Reflects, in billions, the total original principal balance of loans originated by our subsidiaries and sold to third-party investors between 2005 and 2008. (2) The total reserve liability includes an immaterial amount related to loans that were originated after 2008. We established reserves for the $11 billion original principal balance of GSE loans, based on open claims and historic repurchase rates. We have entered into and completed repurchase or settlement agreements with respect to the majority of our repurchase exposure within this category. Our reserves could also be impacted by any claims which may be brought by governmental agencies under the Financial Institutions Reform, Recovery and Enforcement Act (“FIRREA”), the False Claims Act or other federal or state statutes. For example, GreenPoint and Capital One have received requests for information and/or subpoenas from various governmental regulators and law enforcement authorities, including members of the RMBS Working Group, relating to the origination of loans for sale to the GSEs and to RMBS participants. We are cooperating with these regulators and other authorities in responding to such requests. For the $16 billion original principal balance in Active Insured Securitizations, our reserving approach is based upon the expected resolution of litigation with the monoline bond insurers. Accordingly, our representation and warranty reserves for this category are litigation reserves. In establishing litigation reserves for this category, we consider the current and future monoline insurer losses inherent within the securitization and apply legal judgment to the developing factual and legal record to estimate the liability for each securitization. We consider as factors within the analysis our own past monoline settlements in addition to publicly available industry monoline settlements. Our reserves with respect to the U.S. Bank Litigation, referenced below, are contained within the Active Insured Securitization reserve category. Further, to the extent we have litigation reserves with respect to indemnification risks from certain representation and warranty lawsuits brought by monoline bond insurers against third-party securitizations sponsors, where one of our subsidiaries provided some or all of the mortgage collateral within the securitization but is not a defendant in the litigation, such reserves are also contained within this category. For the $4 billion original principal balance of mortgage loans in the Inactive Insured Securitizations category and the $48 billion original principal balance of mortgage loans in the Uninsured Securitizations category, we establish reserves based on an assessment of probable and estimable legal liability, if any, utilizing both our own experience and publicly available industry settlement information to estimate lifetime liability. In contrast with the bond insurers in the Insured Securitizations, investors in Uninsured Securitizations often face a number of legal and logistical hurdles before they can force a securitization trustee to pursue mortgage repurchases, including the need to coordinate with a certain percentage of investors holding the securities and to indemnify the trustee for any litigation it undertakes. Accordingly, we only reserve for such exposures when a trustee or investor with standing brings claims and it is probable we have incurred a loss. Some Uninsured Securitization investors from this category are currently suing investment banks and securitization sponsors under federal and/or state securities laws. Although we face some indirect indemnity risks from these litigations, we generally have not established reserves with respect to these indemnity risks because we do not consider them to be both probable and reasonably estimable liabilities. In addition, to the extent we have litigation reserves with respect to indemnification risks from certain representation and warranty lawsuits brought by parties who purchased loans from our subsidiaries and subsequently re-sold the loans into securitizations, such reserves are also contained within this category. For the $22 billion original principal balance of mortgage loans sold to private investors as whole loans, we establish reserves based on open claims and historical repurchase rates. The aggregate reserve for all three subsidiaries totaled $613 million as of March 31, 2016 , compared to $610 million as of December 31, 2015 . We recorded a net loss for mortgage representation and warranty losses of $2 million (which includes a benefit of $1 million before taxes in continuing operations and a loss of $3 million before taxes in discontinued operations) in the first quarter of 2016 . As part of our business planning processes, we have considered various outcomes relating to the future representation and warranty liabilities of our subsidiaries that are possible but do not rise to the level of being both probable and reasonably estimable outcomes justifying an incremental accrual under applicable accounting standards. Our current best estimate of reasonably possible future losses from representation and warranty claims beyond our reserves as of March 31, 2016 is approximately $1.5 billion , a decrease from our $1.6 billion estimate at December 31, 2015 . The decrease in this estimate was primarily driven by favorable rulings in representation and warranty-related litigation. The estimate as of March 31, 2016 covers all reasonably possible losses relating to representation and warranty claim activity, including those relating to the cases more specifically described below in Mortgage Repurchase Litigation. In estimating reasonably possible future losses in excess of our current reserves, we assume a portion of the inactive securitizations become active and for all Insured Securitizations, we assume loss rates on the high end of those observed in monoline settlements or court rulings. For our remaining GSE exposures, Uninsured Securitizations and whole loan exposures, our reasonably possible risk estimates assume lifetime loss rates and claims rates at the highest levels of our past experience and also consider the limited instances of observed settlements. We do not assume claim rates or loss rates for these risk categories will be as high as those assumed for the Active Insured Securitizations, however, based on industry precedent. Should the number of claims or the loss rates on these claims increase significantly, our estimate of reasonably possible risk would increase materially. We also assume that repurchase-related requests will be resolved at discounts reflecting the nature of the claims, the vintage of the underlying loans and evolving legal precedents. Notwithstanding our ongoing attempts to estimate a reasonably possible amount of future losses beyond our current accrual levels based on current information, it is possible that actual future losses will exceed both the current accrual level and our current estimate of the amount of reasonably possible losses. Our reserve and reasonably possible estimates involve considerable judgment and reflect that there is still significant uncertainty regarding numerous factors that may impact the ultimate loss levels, including, but not limited to: litigation outcomes; court rulings; governmental enforcement decisions; future repurchase and indemnification claim levels; securitization trustees pursuing mortgage repurchase litigation unilaterally or in coordination with investors; investors successfully pursuing repurchase litigation independently and without the involvement of the trustee as a party; ultimate repurchase and indemnification rates; future mortgage loan performance levels; actual recoveries on the collateral; and macroeconomic conditions (including unemployment levels and housing prices). In light of the significant uncertainty as to the ultimate liability our subsidiaries may incur from these matters, an adverse outcome in one or more of these matters could be material to our results of operations or cash flows for any particular reporting period. Litigation In accordance with the current accounting standards for loss contingencies, we establish reserves for litigation related matters that arise from the ordinary course of our business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. None of the amounts we currently have recorded individually or in the aggregate are considered to be material to our financial condition. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Below we provide a description of potentially material legal proceedings and claims. For some of the matters disclosed below, we are able to determine estimates of potential future outcomes that are not probable and reasonably estimable outcomes justifying either the establishment of a reserve or an incremental reserve build, but which are reasonably possible outcomes. For other disclosed matters, such an estimate is not possible at this time. For those matters below where an estimate is possible (excluding the reasonably possible future losses relating to the U.S. Bank Litigation, the FHFA Litigation, and the LXS Trust Litigation, because reasonably possible losses with respect to those litigations are included within the reasonably possible representation and warranty liabilities discussed above) management currently estimates the reasonably possible future losses beyond our reserves as of March 31, 2016 is approximately $200 million . Notwithstanding our attempt to estimate a reasonably possible range of loss beyond our current accrual levels for some litigation matters based on current information, it is possible that actual future losses will exceed both the current accrual level and the range of reasonably possible losses disclosed here. Given the inherent uncertainties involved in these matters, especially those involving governmental actors, and the very large or indeterminate damages sought in some of these matters, there is significant uncertainty as to the ultimate liability we may incur from these litigation matters and an adverse outcome in one or more of these matters could be material to our results of operations or cash flows for any particular reporting period. Interchange Litigation In 2005, a number of entities, each purporting to represent a class of retail merchants, filed antitrust lawsuits (“Interchange Lawsuits”) against MasterCard and Visa and several member banks, including our subsidiaries and us, alleging among other things, that the defendants conspired to fix the level of interchange fees. The complaints seek injunctive relief and civil monetary damages, which could be trebled. Separately, a number of large merchants have asserted similar claims against Visa and MasterCard only. In October 2005, the class and merchant Interchange Lawsuits were consolidated before the U.S. District Court for the Eastern District of New York for certain purposes, including discovery. In July 2012, the parties executed and filed with the court a Memorandum of Understanding agreeing to resolve the litigation on certain terms set forth in a settlement agreement attached to the Memorandum. The class settlement provides for, among other things, (i) payments by defendants to the class and individual plaintiffs totaling approximately $6.6 billion ; (ii) a distribution to the class merchants of an amount equal to 10 basis points of certain interchange transactions for a period of eight months ; and (iii) modifications to certain Visa and MasterCard rules regarding point of sale practices. In December 2013, the court granted final approval of the proposed class settlement, which was appealed to the Second Circuit Court of Appeals in January 2014 and argued before the court on September 28, 2015. Several merchant plaintiffs have also opted out of the class settlement, some of which have sued MasterCard, Visa and various member banks, including Capital One. The opt-out cases were consolidated before the U.S. District Court for the Eastern District of New York for certain purposes, including discovery. These consolidated cases are in their preliminary stages, and Visa and MasterCard have settled a number of individual opt-out cases, requiring non-material payments from all banks. Separate settlement and judgment sharing agreements between Capital One and MasterCard and Visa allocate the liabilities of any judgment or settlement arising from the Interchange Lawsuits and associated opt-out cases. Visa created a litigation escrow account following its IPO of stock in 2008, which funds any settlements for its member banks, and any settlements related to MasterCard allocated losses are reflected in Capital One’s reserves. Mortgage Repurchase Litigation In February 2009, GreenPoint was named as a defendant in a lawsuit commenced in the New York County Supreme Court, by U.S. Bank, N. A., Syncora Guarantee Inc. and CIFG Assurance North America, Inc. (“U.S. Bank Litigation”). Plaintiffs allege, among other things, that GreenPoint breached certain representations and warranties in two contracts pursuant to which GreenPoint sold approximately 30,000 mortgage loans having an aggregate original principal balance of approximately $ 1.8 billion to a purchaser that ultimately transferred most of these mortgage loans to a securitization trust. Some of the securities issued by the trust were insured by Syncora and CIFG. Plaintiffs seek unspecified damages and an order compelling GreenPoint to repurchase the entire portfolio of 30,000 mortgage loans based on alleged breaches of representations and warranties relating to a limited sampling of loans in the portfolio, or, alternatively, the repurchase of specific mortgage loans to which the alleged breaches of representations and warranties relate. In March 2010, the court granted GreenPoint’s motion to dismiss with respect to plaintiffs Syncora and CIFG and denied the motion with respect to U.S. Bank. GreenPoint subsequently answered the complaint with respect to U.S. Bank, denying the allegations, and filed a counterclaim against U.S. Bank alleging breach of covenant of good faith and fair dealing. In February 2012, the court denied plaintiffs’ motion for leave to file an amended complaint and dismissed Syncora and CIFG from the case. Syncora and CIFG appealed their dismissal to the New York Supreme Court, Appellate Division, First Department (“First Department”), which affirmed the dismissal in April 2013. The New York Court of Appeals denied Syncora’s and CIFG’s motion for leave to appeal the First Department’s decision in February 2014. Therefore, the case is now proceeding with U.S. Bank as the sole plaintiff. On May 20, 2015, Lehman Brothers Holding, Inc. (“LBHI”) filed an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York against U.S. Bank, Syncora, and GreenPoint regarding bankruptcy proofs of claims filed by U.S. Bank and Syncora on the same securitization at issue in the U.S. Bank Litigation. In May, June, and July 2012, FHFA (acting as conservator for Freddie Mac) filed three summonses with notice in the New York state court against GreenPoint, on behalf of the trustees for three RMBS trusts backed by loans originated by GreenPoint with an aggregate original principal balance of $3.4 billion . In January 2013, the plaintiffs filed an amended consolidated complaint in the name of the three trusts, acting by the respective trustees, alleging breaches of contractual representations and warranties regarding compliance with GreenPoint underwriting guidelines relating to certain loans (“FHFA Litigation”). Plaintiffs seek specific performance of the repurchase obligations with respect to the loans for which they have provided notice of alleged breaches as well as all other allegedly breaching loans, rescissory damages, indemnification, costs and interest. In July 2013, Lehman XS Trust, Series 2006-4N, by its trustee U.S. Bank, N.A. filed a lawsuit in the Southern District of New York against GreenPoint alleging breaches of representations and warranties made in certain loan sale agreements, pursuant to which GreenPoint sold mortgage loans with an original principal balance of $915 million to Lehman Brothers for securitization and sale to investors. The lawsuit (“LXS Trust Litigation”) seeks specific performance of GreenPoint’s obligation to repurchase certain allegedly breaching loans, or in the alternative, the repurchase of all loans in the trust, the award of rescissory damages, costs, fees and interest. In January 2014, the court granted GreenPoint’s motion to dismiss based on the statute of limitations, which the Second Circuit Court of Appeals affirmed in March 2016. As noted above in the section entitled Mortgage Representation and Warranty Liabilities, the Company’s subsidiaries establish reserves with respect to representation and warranty litigation matters, where appropriate, within the Company’s overall representation and warranty reserves. Please see above for more details. Anti-Money Laundering Capital One has received subpoenas and requests for testimony from the New York District Attorney’s Office (“NYDA”) with respect to certain former check casher clients of the Commercial Banking business and Capital One’s anti-money laundering (“AML”) program. In early 2015, we received similar requests from the U.S. Department of Justice (“DOJ”) and the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of Treasury. Capital One is cooperating with all agencies involved in the investigation . Intellectual Ventures Corp., et al. In June 2013, Intellectual Ventures I, LLC and Intellectual Ventures II, LLC (collectively “IV”) sued Capital One Financial Corp., Capital One Bank (USA), N.A. and Capital One, N.A. (collectively “Capital One”) for patent infringement in the U.S. District Court for the Eastern District of Virginia. In the Complaint, IV alleged infringement of patents related to various business processes across the Capital One enterprise. IV simultaneously filed patent infringement actions against numerous other financial institutions |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Capital One Financial Corporation and all other entities in which we have a controlling financial interest. We determine whether we have a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). All significant intercompany account balances and transactions have been eliminated. |
New Accounting Standards | New Accounting Standards Adopted Consolidation: Amendments to the Consolidation Analysis In February 2015, the Financial Accounting Standards Board (“FASB”) issued revised guidance for evaluating whether organizations should consolidate certain legal entities such as limited partnerships, limited liability corporations and securitization structures. The guidance also removed the indefinite deferral of specialized guidance for certain investment funds. We adopted the guidance effective in the first quarter of 2016 on a modified retrospective basis. Our adoption of this guidance did not have an impact on our financial condition, results of operations or liquidity. See “ Note 6—Variable Interest Entities and Securitizations ”for information regarding our involvement with VIEs. Recently Issued but Not Yet Adopted Accounting Standards Improvements to Employee Share-Based Accounting In March 2016, the FASB issued revised guidance for accounting for employee share-based payments, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective beginning on January 1, 2017, with early adoption permitted. We do not believe the impact of this guidance will be material to our consolidated financial statements. Leases In February 2016, the FASB issued revised guidance for leases. The guidance requires lessees to recognize right of use assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements for all leases, with certain practical expedients. This will be effective for us on January 1, 2019, with early adoption permitted. We are currently assessing the potential impact on our consolidated financial statements. Revenue from Contracts with Customers In May 2014, the FASB issued revised guidance for the recognition, measurement and disclosure of revenue from contracts with customers. The guidance is applicable to all entities and, once effective, will replace significant portions of existing industry and transaction-specific revenue recognition rules with a more principles-based recognition model. Most revenue associated with financial instruments, including interest and loan origination fees, is outside the scope of the guidance. Gains and losses on investment securities, derivatives and sales of financial instruments are similarly excluded from the scope. Subsequent to issuance of the revenue recognition guidance, the FASB has issued several updates that (i) deferred by one year the effective date for revenue recognition guidance to January 1, 2018, with early adoption permitted effective January 1, 2017; (ii) clarified its guidance for performing the principle-versus-agent analysis; and (iii) clarified guidance for identifying performance obligations allowing entities to ignore immaterial promised goods and services in the context of a contract with a customer. Entities can elect to adopt the guidance either on a full or modified retrospective basis. Full retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the earliest comparative period presented. Modified retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the reporting period in which the entity first applies the new guidance. We do not plan to early adopt the guidance. We are currently assessing the potential impact of this new guidance on our consolidated financial statements and which transition method we plan to elect. |
Offsetting of Financial Assets and Liabilities | Offsetting of Financial Assets and Liabilities We execute the majority of our derivative transactions and repurchase agreements under master netting arrangements. Under our existing enforceable master netting arrangements, we generally have the right to offset exposure with the same counterparty. In addition, either counterparty can generally request the net settlement of all contracts through a single payment upon default on, or termination of, any one contract. The Company offsets derivative assets and liabilities for purposes of balance sheet presentation where a right of setoff exists. As of March 31, 2016 and December 31, 2015 , derivative contracts that are executed bilaterally with a counterparty in the OTC market and then novated to and cleared through a central clearinghouse are not subject to offsetting due to the uncertainty existing around an end-user’s ability to setoff derivative contracts that have been novated to a clearinghouse. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Results from Discontinued Operations | The following table summarizes the results from discontinued operations related to the closure of the mortgage origination operations of our wholesale mortgage banking unit: Table 2.1: Results of Discontinued Operations Three Months Ended March 31, (Dollars in millions) 2016 2015 Non-interest income (expense), net $ (8 ) $ 30 Income (loss) from discontinued operations before income taxes (8 ) 30 Income tax provision (benefit) (3 ) 11 Income (loss) from discontinued operations, net of tax $ (5 ) $ 19 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Portfolio | The table below presents the overview of our investment securities portfolio as of March 31, 2016 and December 31, 2015 . Table 3.1: Overview of Investment Securities Portfolio (Dollars in millions) March 31, 2016 December 31, 2015 Securities available for sale, at fair value $ 40,092 $ 39,061 Securities held to maturity, at carrying value 25,080 24,619 Total investment securities $ 65,172 $ 63,680 |
Schedule of Available-for-Sale Securities | The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of March 31, 2016 and December 31, 2015 . Table 3.2: Investment Securities Available for Sale March 31, 2016 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value Investment securities available for sale: U.S. Treasury securities $ 4,934 $ 32 $ 0 $ 4,966 RMBS: Agency (2) 25,187 248 (68 ) 25,367 Non-agency 2,613 314 (26 ) 2,901 Total RMBS 27,800 562 (94 ) 28,268 CMBS: Agency (2) 3,732 48 (25 ) 3,755 Non-agency 1,719 35 (5 ) 1,749 Total CMBS 5,451 83 (30 ) 5,504 Other ABS (3) 1,037 2 (1 ) 1,038 Other securities (4) 317 3 (4 ) 316 Total investment securities available for sale $ 39,539 $ 682 $ (129 ) $ 40,092 December 31, 2015 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value Investment securities available for sale: U.S. Treasury securities $ 4,664 $ 5 $ (9 ) $ 4,660 RMBS: Agency (2) 24,332 165 (212 ) 24,285 Non-agency 2,680 368 (22 ) 3,026 Total RMBS 27,012 533 (234 ) 27,311 CMBS: Agency (2) 3,690 21 (47 ) 3,664 Non-agency 1,723 16 (24 ) 1,715 Total CMBS 5,413 37 (71 ) 5,379 Other ABS (3) 1,345 1 (6 ) 1,340 Other securities (4) 370 2 (1 ) 371 Total investment securities available for sale $ 38,804 $ 578 $ (321 ) $ 39,061 __________ (1) Includes non-credit-related OTTI that is recorded in accumulated other comprehensive income (“AOCI”) of $25 million and $22 million as of March 31, 2016 and December 31, 2015 , respectively. All of this amount is related to non-agency RMBS. (2) Includes Federal National Mortgage Corporation (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Government National Mortgage Association (“Ginnie Mae”). (3) ABS collateralized by credit card loans constituted approximately 65% and 71% of the other ABS portfolio as of March 31, 2016 and December 31, 2015 , respectively, and ABS collateralized by auto dealer floor plan inventory loans and leases constituted approximately 16% and 11% of the other ABS portfolio as of March 31, 2016 and December 31, 2015 , respectively. (4) Includes foreign government bonds and equity investments. |
Investment Securities Held to Maturity | The table below presents the amortized cost, carrying value, gross unrealized gains and losses, and fair value of securities held to maturity as of March 31, 2016 and December 31, 2015 . Table 3.3: Investment Securities Held to Maturity March 31, 2016 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI (1) Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 199 $ 0 $ 199 $ 1 $ 0 $ 200 Agency RMBS 22,846 (1,018 ) 21,828 1,216 (6 ) 23,038 Agency CMBS 3,155 (102 ) 3,053 164 (1 ) 3,216 Total investment securities held to maturity $ 26,200 $ (1,120 ) $ 25,080 $ 1,381 $ (7 ) $ 26,454 December 31, 2015 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI (1) Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 199 $ 0 $ 199 $ 0 $ (1 ) $ 198 Agency RMBS 22,561 (1,048 ) 21,513 692 (72 ) 22,133 Agency CMBS 3,012 (105 ) 2,907 87 (8 ) 2,986 Total investment securities held to maturity $ 25,772 $ (1,153 ) $ 24,619 $ 779 $ (81 ) $ 25,317 __________ (1) Represents the unrealized holding gain or loss at the date of transfer from available for sale to held to maturity, net of any subsequent accretion. Any bonds purchased into the securities held for maturity portfolio rather than transferred, will not have unrealized losses recognized in AOCI. |
Schedule of Available-for-Sale Securities in Gross Unrealized Loss Position | The table below provides, by major security type, information about our securities available for sale in a gross unrealized loss position and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2016 and December 31, 2015 . Table 3.4: Securities in an Unrealized Loss Position March 31, 2016 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 0 $ 0 $ 1 $ 0 $ 1 $ 0 RMBS: Agency 4,679 (22 ) 4,019 (46 ) 8,698 (68 ) Non-agency 437 (13 ) 162 (13 ) 599 (26 ) Total RMBS 5,116 (35 ) 4,181 (59 ) 9,297 (94 ) CMBS: Agency 590 (3 ) 927 (22 ) 1,517 (25 ) Non-agency 341 (2 ) 229 (3 ) 570 (5 ) Total CMBS 931 (5 ) 1,156 (25 ) 2,087 (30 ) Other ABS 368 (1 ) 177 0 545 (1 ) Other securities 210 (3 ) 19 (1 ) 229 (4 ) Total investment securities available for sale in a gross unrealized loss position $ 6,625 $ (44 ) $ 5,534 $ (85 ) $ 12,159 $ (129 ) December 31, 2015 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 3,096 $ (9 ) $ 1 $ 0 $ 3,097 $ (9 ) RMBS: Agency 12,025 (110 ) 4,420 (102 ) 16,445 (212 ) Non-agency 355 (10 ) 155 (12 ) 510 (22 ) Total RMBS 12,380 (120 ) 4,575 (114 ) 16,955 (234 ) CMBS: Agency 1,352 (9 ) 1,148 (38 ) 2,500 (47 ) Non-agency 739 (13 ) 330 (11 ) 1,069 (24 ) Total CMBS 2,091 (22 ) 1,478 (49 ) 3,569 (71 ) Other ABS 825 (5 ) 255 (1 ) 1,080 (6 ) Other securities 250 0 19 (1 ) 269 (1 ) Total investment securities available for sale in a gross unrealized loss position $ 18,642 $ (156 ) $ 6,328 $ (165 ) $ 24,970 $ (321 ) |
Schedule of Contractual Maturities for Securities | Table 3.6: Contractual Maturities of Securities Held to Maturity March 31, 2016 (Dollars in millions) Carrying Value Fair Value Due after 1 year through 5 years $ 199 $ 200 Due after 5 years through 10 years 1,251 1,355 Due after 10 years 23,630 24,899 Total $ 25,080 $ 26,454 The following tables summarize the remaining scheduled contractual maturities, assuming no prepayments, of our investment securities as of March 31, 2016 . Table 3.5: Contractual Maturities of Securities Available for Sale March 31, 2016 (Dollars in millions) Amortized Cost Fair Value Due in 1 year or less $ 505 $ 505 Due after 1 year through 5 years 5,545 5,584 Due after 5 years through 10 years 2,194 2,234 Due after 10 years (1) 31,295 31,769 Total $ 39,539 $ 40,092 __________ (1) Investments with no stated maturities, which consist of equity securities, are included with contractual maturities due after 10 years. |
Schedule of Expected Maturities and Weighted Average Yields of Investment Securities by Major Security Type | The table below summarizes, by major security type, the expected maturities and weighted-average yields of our investment securities as of March 31, 2016 . Table 3.7: Expected Maturities and Weighted-Average Yields of Securities March 31, 2016 (Dollars in millions) Due in 1 Year or Less Due > 1 Year through 5 Years Due > 5 Years through 10 Years Due > 10 Years Total Fair value of securities available for sale: U.S. Treasury securities $ 214 $ 4,233 $ 519 $ 0 $ 4,966 RMBS: Agency 323 17,587 7,457 0 25,367 Non-agency 14 851 1,535 501 2,901 Total RMBS 337 18,438 8,992 501 28,268 CMBS: Agency 55 1,846 1,854 0 3,755 Non-agency 117 516 1,116 0 1,749 Total CMBS 172 2,362 2,970 0 5,504 Other ABS 110 846 82 0 1,038 Other securities 210 5 0 101 316 Total securities available for sale $ 1,043 $ 25,884 $ 12,563 $ 602 $ 40,092 Amortized cost of securities available for sale $ 1,048 $ 25,625 $ 12,295 $ 571 $ 39,539 Weighted-average yield for securities available for sale (1) 1.03 % 2.01 % 3.19 % 7.40 % 2.43 % Carrying value of securities held to maturity: U.S. Treasury securities $ 0 $ 199 $ 0 $ 0 $ 199 Agency RMBS 7 3,705 14,583 3,533 21,828 Agency CMBS 0 133 2,464 456 3,053 Total securities held to maturity $ 7 $ 4,037 $ 17,047 $ 3,989 $ 25,080 Fair value of securities held to maturity $ 7 $ 4,183 $ 17,996 $ 4,268 $ 26,454 Weighted-average yield for securities held to maturity (1) 7.13 % 2.71 % 2.57 % 3.36 % 2.72 % __________ (1) The weighted-average yield represents the effective yield for the investment securities and is calculated based on the amortized cost of each security. |
Schedule of Credit Losses Related to Debt Securities Recognized in Earnings | The table below presents a rollforward of the credit-related OTTI recognized in earnings for the three months ended March 31, 2016 and 2015 on investment securities for which we had no intent to sell. Table 3.8: Credit Impairment Rollforward Three Months Ended March 31, (Dollars in millions) 2016 2015 Credit loss component, beginning of period $ 199 $ 175 Additions: Initial credit impairment 0 5 Subsequent credit impairment 6 10 Total additions 6 15 Reductions due to payoffs, disposals, transfers and other (1 ) 0 Credit loss component, end of period $ 204 $ 190 |
Schedule of Gross Realized Gains and Losses on Sale and Redemption of Available-for-Sale Securities Recognized in Earnings | The following table presents the gross realized gains and losses on the sale and redemption of securities available for sale, and the OTTI losses recognized in earnings for the three months ended March 31, 2016 and 2015 . We also present the proceeds from the sale of securities available for sale for the periods presented. We did not sell any investment securities that are classified as held to maturity. Table 3.9: Realized Gains and Losses and OTTI Recognized in Earnings Three Months Ended March 31, (Dollars in millions) 2016 2015 Realized gains (losses): Gross realized gains $ 3 $ 9 Gross realized losses (3 ) (7 ) Net realized gains (losses) 0 2 OTTI recognized in earnings: Credit-related OTTI (6 ) (15 ) Intent-to-sell OTTI (2 ) 0 Total OTTI recognized in earnings (8 ) (15 ) Net securities gains (losses) $ (8 ) $ (13 ) Total proceeds from sales $ 1,923 $ 1,342 |
Schedule of Outstanding Contractual Balance and Carrying Value of Credit-Impaired ING Direct Debt Securities | The table below presents the outstanding balance and carrying value of the acquired credit-impaired debt securities as of March 31, 2016 and December 31, 2015 . Table 3.10: Outstanding Balance and Carrying Value of Acquired Credit-Impaired Debt Securities (Dollars in millions) March 31, 2016 December 31, 2015 Outstanding balance $ 3,190 $ 3,285 Carrying value 2,386 2,480 |
Schedule of Changes in Accretable Yield of Acquired Securities | The following table presents changes in the accretable yield related to the acquired credit-impaired debt securities for the three months ended March 31, 2016 . Table 3.11: Changes in the Accretable Yield of Acquired Credit-Impaired Debt Securities (Dollars in millions) Three Months Ended March 31, 2016 Accretable yield, beginning of period $ 1,237 Accretion recognized in earnings (54 ) Net reclassifications from nonaccretable difference 62 Accretable yield, end of period $ 1,245 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loan Portfolio Composition and Aging Analysis | The table below presents the composition and an aging analysis of our loans held for investment portfolio, which includes loans underlying our consolidated securitization trusts, as of March 31, 2016 and December 31, 2015 . The delinquency aging includes all past due loans, both performing and nonperforming. Table 4.1: Loan Portfolio Composition and Aging Analysis March 31, 2016 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card (1) $ 81,946 $ 757 $ 555 $ 1,303 $ 2,615 $ 0 $ 84,561 International credit card 7,832 116 72 118 306 0 8,138 Total credit card 89,778 873 627 1,421 2,921 0 92,699 Consumer Banking: Auto 40,386 1,576 619 133 2,328 0 42,714 Home loan 6,521 37 15 166 218 17,604 24,343 Retail banking 3,459 19 7 18 44 31 3,534 Total consumer banking 50,366 1,632 641 317 2,590 17,635 70,591 Commercial Banking: Commercial and multifamily real estate 25,497 19 2 9 30 32 25,559 Commercial and industrial 36,744 52 98 307 457 901 38,102 Total commercial lending 62,241 71 100 316 487 933 63,661 Small-ticket commercial real estate 572 3 2 3 8 0 580 Total commercial banking 62,813 74 102 319 495 933 64,241 Other loans 73 2 1 6 9 0 82 Total loans (2) $ 203,030 $ 2,581 $ 1,371 $ 2,063 $ 6,015 $ 18,568 $ 227,613 % of Total loans 89.20% 1.13% 0.60% 0.91% 2.64 % 8.16% 100.00 % December 31, 2015 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card (1) $ 84,954 $ 906 $ 658 $ 1,421 $ 2,985 $ 0 $ 87,939 International credit card 7,903 110 67 106 283 0 8,186 Total credit card 92,857 1,016 725 1,527 3,268 0 96,125 Consumer Banking: Auto 38,549 1,901 880 219 3,000 0 41,549 Home loan 6,465 41 18 176 235 18,527 25,227 Retail banking 3,514 21 8 20 49 33 3,596 Total consumer banking 48,528 1,963 906 415 3,284 18,560 70,372 Commercial Banking: Commercial and multifamily real estate 25,449 34 0 4 38 31 25,518 Commercial and industrial 35,920 51 34 203 288 927 37,135 Total commercial lending 61,369 85 34 207 326 958 62,653 Small-ticket commercial real estate 607 3 1 2 6 0 613 Total commercial banking 61,976 88 35 209 332 958 63,266 Other loans 77 2 2 7 11 0 88 Total loans (2) $ 203,438 $ 3,069 $ 1,668 $ 2,158 $ 6,895 $ 19,518 $ 229,851 % of Total loans 88.51% 1.33% 0.73% 0.94% 3.00 % 8.49% 100.00 % __________ (1) Includes installment loans of $13 million and $16 million as of March 31, 2016 and December 31, 2015 , respectively. (2) Loans are presented net of unearned income, unamortized premiums and discounts, and unamortized deferred fees and costs totaling $948 million and $989 million as of March 31, 2016 and December 31, 2015 , respectively. We pledge loan collateral at the FHLB to secure borrowing capacity. The outstanding balances of the pledged loans totaled $35.6 billion as of March 31, 2016, and $36.9 billion as of December 31, 2015. |
90 Plus Day Delinquent Loans Accruing Interest and Nonperforming Loans | Table 4.2 presents the outstanding balance of loans 90 days or more past due that continue to accrue interest and loans classified as nonperforming as of March 31, 2016 and December 31, 2015 . Table 4.2: 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans (1) March 31, 2016 December 31, 2015 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Credit Card: Domestic credit card $ 1,303 $ 0 $ 1,421 $ 0 International credit card 92 48 79 53 Total credit card 1,395 48 1,500 53 Consumer Banking: Auto 0 133 0 219 Home loan 0 307 0 311 Retail banking 1 30 0 28 Total consumer banking 1 470 0 558 March 31, 2016 December 31, 2015 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Commercial Banking: Commercial and multifamily real estate $ 1 $ 30 $ 0 $ 7 Commercial and industrial 10 1,014 5 538 Total commercial lending 11 1,044 5 545 Small-ticket commercial real estate 0 6 0 5 Total commercial banking 11 1,050 5 550 Other loans 0 10 0 9 Total $ 1,407 $ 1,578 $ 1,505 $ 1,170 % of Total loans 0.62% 0.69% 0.65% 0.51% __________ (1) Nonperfor ming loans generally include loans that have been placed on nonaccrual status. PCI loans are excluded from loans reported as 90 days and accruing interest as well as nonperforming loans. See “ Note 1—Summary of Significant Accounting Policies ” in our 2015 Form 10-K for additional information on our policies for nonperforming loans. |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Individually Impaired Loans, Excluding Acquired Loans | The following table presents information about our impaired loans, excluding PCI loans, which is reported separately as of March 31, 2016 and December 31, 2015 , and for the three months ended March 31, 2016 and 2015 : Table 4.9: Impaired Loans (1) March 31, 2016 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 525 $ 0 $ 525 $ 147 $ 378 $ 511 International credit card 133 0 133 66 67 129 Total credit card (2) 658 0 658 213 445 640 Consumer Banking: Auto (3) 283 211 494 22 472 778 Home loan 233 133 366 15 351 458 Retail banking 50 10 60 14 46 61 Total consumer banking 566 354 920 51 869 1,297 Commercial Banking: Commercial and multifamily real estate 106 27 133 10 123 136 Commercial and industrial 1,091 123 1,214 183 1,031 1,319 Total commercial lending 1,197 150 1,347 193 1,154 1,455 Small-ticket commercial real estate 0 7 7 0 7 8 Total commercial banking 1,197 157 1,354 193 1,161 1,463 Total $ 2,421 $ 511 $ 2,932 $ 457 $ 2,475 $ 3,400 December 31, 2015 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 541 $ 0 $ 541 $ 150 $ 391 $ 526 International credit card 125 0 125 59 66 121 Total credit card (2) 666 0 666 209 457 647 Consumer Banking: Auto (3) 273 215 488 22 466 772 Home loan 229 136 365 18 347 456 Retail banking 51 10 61 14 47 62 Total consumer banking 553 361 914 54 860 1,290 Commercial Banking: Commercial and multifamily real estate 82 3 85 11 74 88 Commercial and industrial 515 278 793 75 718 862 Total commercial lending 597 281 878 86 792 950 Small-ticket commercial real estate 6 0 6 0 6 7 Total commercial banking 603 281 884 86 798 957 Total $ 1,822 $ 642 $ 2,464 $ 349 $ 2,115 $ 2,894 Three Months Ended March 31, 2016 2015 (Dollars in millions) Average Interest Average Interest Credit Card: Domestic credit card $ 533 $ 14 $ 542 $ 14 International credit card 129 3 141 2 Total credit card (2) 662 17 683 16 Consumer Banking: Auto (3) 491 22 444 21 Home loan 366 1 366 1 Retail banking 60 0 52 0 Total consumer banking 917 23 862 22 Commercial Banking: Commercial and multifamily real estate 109 1 133 1 Commercial and industrial 1,004 2 213 1 Total commercial lending 1,113 3 346 2 Small-ticket commercial real estate 6 0 10 0 Total commercial banking 1,119 3 356 2 Total $ 2,698 $ 43 $ 1,901 $ 40 __________ (1) Impaired loans include loans modified in troubled debt restructuring (“TDRs”), all nonperforming commercial loans and nonperforming home loans with a specific impairment. Impaired loans without an allowance generally represent loans that have been charged down to the fair value of the underlying collateral for which we believe no additional losses have been incurred, or where the fair value of the underlying collateral meets or exceeds the loan’s amortized cost. (2) The average recorded investment of credit card loans includes finance charges and fees. (3) Although auto loans from loan recovery inventory are not reported in our loans held for investment, they are included as impaired loans above since they are reported as TD Rs. |
TDR Disclosures in Progress Financial Impact of Modification | The following table presents the type, number and recorded investment amount of loans modified in TDRs that experienced a default during the period and had completed a modification event in the twelve months prior to the default. A default occurs if the loan is either 90 days or more delinquent, has been charged off as of the end of the period presented or has been reclassified from accrual to nonaccrual status. Table 4.11: TDR — Subsequent Defaults Three Months Ended March 31, 2016 2015 (Dollars in millions) Number of Amount Number of Amount Credit Card: Domestic credit card 10,594 $ 18 9,667 $ 16 International credit card (1) 8,813 20 8,548 20 Total credit card 19,407 38 18,215 36 Consumer Banking: Auto 1,852 21 1,747 20 Home loan 10 1 5 0 Retail banking 15 2 10 1 Total consumer banking 1,877 24 1,762 21 Commercial Banking: Commercial and multifamily real estate 0 0 0 0 Commercial and industrial 17 23 0 0 Total commercial lending 17 23 0 0 Small-ticket commercial real estate 0 0 0 0 Total commercial banking 17 23 0 0 Total 21,301 $ 85 19,977 $ 57 __________ (1) In the U.K., regulators require the acceptance of payment plan proposals in which the modified payments may be less than the contractual minimum amount. As a result, loans entering long-term TDR payment programs in the U.K. typically continue to age and ultimately charge off even when fully in compliance with the TDR program terms. The following tables present the major modification types, recorded investment amounts and financial effects of loans modified in TDRs during the three months ended March 31, 2016 and 2015 : Table 4.10: Troubled Debt Restructurings Total Loans (1)(2) Three Months Ended March 31, 2016 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (3)(4) Average (5) % of (4)(6) Average (7) % of (4)(8) Gross (9) Credit Card: Domestic credit card $ 62 100% 12.85% 0% 0 0 % $ 0 International credit card 36 100 25.66 0 0 0 0 Total credit card 98 100 17.52 0 0 0 0 Consumer Banking: Auto 86 42 3.93 73 7 27 21 Home loan 13 62 2.63 75 249 1 0 Retail banking 3 21 6.30 87 11 0 0 Total consumer banking 102 44 3.72 74 39 23 21 Commercial Banking: Commercial and multifamily real estate 25 0 0.00 100 8 0 0 Commercial and industrial 47 0 0.00 30 12 0 0 Total commercial lending 72 0 0.00 54 10 0 0 Small-ticket commercial real estate 0 0 0.00 0 0 0 0 Total commercial banking 72 0 0.00 54 10 0 0 Total $ 272 52 13.21 42 29 8 $ 21 Total Loans (1)(2) Three Months Ended March 31, 2015 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (3)(4) Average (5) % of (4)(6) Average (7) % of (4)(8) Gross (9) Credit Card: Domestic credit card $ 72 100% 12.13% 0 % 0 0% $ 0 International credit card 32 100 25.79 0 0 0 0 Total credit card 104 100 16.39 0 0 0 0 Consumer Banking: Auto 88 41 1.71 71 9 28 22 Home loan 7 67 2.85 66 171 0 0 Retail banking 5 61 9.36 91 4 0 0 Total consumer banking 100 44 2.36 72 20 24 22 Commercial Banking: Commercial and multifamily real estate 3 0 0.00 100 35 77 1 Commercial and industrial 21 0 2.02 3 7 0 0 Total commercial lending 24 0 2.02 13 29 8 1 Small-ticket commercial real estate 0 0 0.00 0 0 0 0 Total commercial banking 24 0 2.02 13 29 8 1 Total $ 228 65 12.19 33 20 12 $ 23 __________ (1) Represents total loans modified and accounted for as TDRs during the period. Paydowns, net charge-offs and any other changes subsequent to the TDR date are not reflected in the recorded investment amount (2) We present the modification types utilized most prevalently across our loan portfolios. As not every modification type is included in the table above, the total % of TDR activity may not add up to 100%. (3) Represents percentage of loans modified and accounted for as TDRs during the period that were granted a reduced interest rate. (4) Due to multiple concessions granted to some troubled borrowers, percentages may total more than 100% for certain loan types. (5) Represents weighted average interest rate reduction for those loans that received an interest rate concession. (6) Represents percentage of loans modified and accounted for as TDRs during the period that were granted a maturity date extension. (7) Represents weighted average change in maturity date for those loans that received a maturity date extension. (8) Represents percentage of loans modified and accounted for as TDRs during the period that were granted forgiveness or forbearance of a portion of their balance. (9) Total amount represents the gross balance forgiven. For loans modified in bankruptcy, the gross balance reduction represents collateral value write-downs associated with the discharge of the borrower’s obligations. |
Outstanding Balance and Carrying Value of Acquired Loans | The table below presents the outstanding balance and the carrying value of PCI loans as of March 31, 2016 and December 31, 2015 . The table also displays loans which would have otherwise been considered impaired at acquisition based on our applicable accounting policies. See “ Note 1—Summary of Significant Accounting Policies ” in our 2015 Form 10-K for information related to our accounting policies for impaired loans. Table 4.12: PCI Loans March 31, 2016 December 31, 2015 (Dollars in millions) Total Impaired Loans Non-Impaired Loans Total Impaired Loans Non-Impaired Loans Outstanding balance $ 20,179 $ 3,704 $ 16,475 $ 21,151 $ 3,840 $ 17,311 Carrying value (1) 18,580 2,537 16,043 19,516 2,629 16,887 __________ (1) Includes $35 million and $37 million of allowance for loan and lease losses for these loans as of March 31, 2016 and December 31, 2015 , respectively. We recorded a $2 million release and $7 million provision of the allowance for credit losses for the three months ended March 31, 2016 and 2015 , respectively, for PCI loans. |
Changes in Accretable Yield on Acquired Loans | The following table presents changes in the accretable yield on the PCI loans: Table 4.13: Changes in Accretable Yield on PCI Loans (Dollars in millions) Total PCI Loans Impaired Loans Non-Impaired Loans Accretable yield as of December 31, 2015 $ 3,483 $ 1,244 $ 2,239 Accretion recognized in earnings (184 ) (61 ) (123 ) Reclassifications from (to) nonaccretable difference for loans with changing cash flows (1) 5 2 3 Changes in accretable yield for non-credit related changes in expected cash flows (2) 194 16 178 Accretable yield as of March 31, 2016 $ 3,498 $ 1,201 $ 2,297 __________ (1) Represents changes in accretable yield for those loans in pools that are driven primarily by credit performance. (2) Represents changes in accretable yield for those loans in pools that are driven primarily by actual prepayments and changes in estimated prepayments. |
Credit Card Portfolio Segment [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Concentration Risk, by Risk Factor, Including Delinquency and Performing Status | The table below displays the geographic profile of our credit card loan portfolio as of March 31, 2016 and December 31, 2015 . We also present net charge-offs for the three months ended March 31, 2016 and 2015 . Table 4.3: Credit Card: Risk Profile by Geographic Region March 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Domestic credit card: California $ 9,752 10.5% $ 10,029 10.5% Texas 6,182 6.7 6,344 6.6 New York 6,163 6.6 6,446 6.7 Florida 5,574 6.0 5,712 5.9 Illinois 3,922 4.2 4,121 4.3 Pennsylvania 3,575 3.9 3,764 3.9 Ohio 3,180 3.4 3,371 3.5 New Jersey 3,061 3.3 3,210 3.3 Michigan 2,762 3.0 2,922 3.0 Other 40,390 43.6 42,020 43.8 Total domestic credit card 84,561 91.2 87,939 91.5 International credit card: Canada 4,963 5.4 4,889 5.1 United Kingdom 3,175 3.4 3,297 3.4 Total international credit card 8,138 8.8 8,186 8.5 Total credit card $ 92,699 100.0% $ 96,125 100.0 % __________ (1) P ercentages by geographic region are calculated based on period-end amounts. |
Schedule of Net Charge-Offs | Table 4.4: Credit Card: Net Charge-Offs Three Months Ended March 31, 2016 2015 (Dollars in millions) Amount Rate Amount Rate Net charge-offs: (1) Domestic credit card $ 887 4.16% $ 664 3.55% International credit card 63 3.24 55 2.80 Total credit card $ 950 4.09 $ 719 3.48 __________ (1) Net charge-offs consist of the unpaid principal balance that we determine to be uncollectible, net of recovered amounts. The net charge-off rate is calculated for each loan category by dividing annualized net charge-offs by average loans held for investment for the period. Net charge-offs and the net charge-off rate are impacted periodically by fluctuations in recoveries, including debt sales. |
Consumer Portfolio Segment [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Concentration Risk, by Risk Factor, Including Delinquency and Performing Status | The table below displays the geographic profile of our consumer banking loan portfolio, including PCI loans. We also present the delinquency and nonperforming loan rates of our consumer banking loan portfolio as of March 31, 2016 and December 31, 2015 , as well as net charge-offs for the three months ended March 31, 2016 and 2015 . Table 4.5: Consumer Banking: Risk Profile by Geographic Region March 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Auto: Texas $ 5,597 7.9% $ 5,463 7.8% California 4,812 6.8 4,611 6.5 Florida 3,485 4.9 3,315 4.7 Georgia 2,291 3.3 2,245 3.2 Louisiana 1,931 2.7 1,882 2.7 Illinois 1,891 2.7 1,859 2.6 Ohio 1,778 2.5 1,738 2.5 Other 20,929 29.7 20,436 29.0 Total auto 42,714 60.5 41,549 59.0 Home loan: California 5,652 8.0 5,884 8.4 New York 2,119 3.0 2,171 3.1 Maryland 1,517 2.1 1,539 2.2 Illinois 1,433 2.0 1,490 2.1 Virginia 1,320 1.9 1,354 1.9 New Jersey 1,246 1.8 1,293 1.8 Florida 1,090 1.6 1,146 1.6 Other 9,966 14.1 10,350 14.8 Total home loan 24,343 34.5 25,227 35.9 March 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Retail banking: Louisiana $ 1,054 1.5 % $ 1,071 1.5 % New York 919 1.3 921 1.3 Texas 757 1.1 757 1.1 New Jersey 247 0.3 259 0.4 Maryland 187 0.3 180 0.3 Virginia 150 0.2 151 0.2 Other 220 0.3 257 0.3 Total retail banking 3,534 5.0 3,596 5.1 Total consumer banking $ 70,591 100.0% $ 70,372 100.0% __________ (1) Pe rcentages by geographic region are calculated based on period-end amounts. |
Schedule of Net Charge-Offs | Table 4.6: Consumer Banking: Net Charge-Offs and Nonperforming Loans Three Months Ended March 31, 2016 2015 (Dollars in millions) Amount Rate (1) Amount Rate (1) Net charge-offs: Auto $ 168 1.60% $ 148 1.55% Home loan (2) 3 0.05 2 0.03 Retail banking 12 1.36 9 0.96 Total consumer banking (2) $ 183 1.04 $ 159 0.89 March 31, 2016 December 31, 2015 (Dollars in millions) Amount Rate (3) Amount Rate (3) Nonperforming loans: Auto $ 133 0.31% $ 219 0.53 % Home loan (4) 307 1.26 311 1.23 Retail banking 30 0.83 28 0.77 Total consumer banking (4) $ 470 0.66 $ 558 0.79 __________ (1) Calculated for each loan category by dividing annualized net charge-offs by average loans held for investment for the period. (2) Excluding the impact of PCI loans, the net charge-off rates for our home loan and total consumer banking portfolios were 0.17% and 1.40% , respectively, for the three months ended March 31, 2016 , compared to 0.11% and 1.30% , respectively, for the three months ended March 31, 2015 . (3) Calculated for each loan category by dividing nonperforming loans by period-end loans held for investment. (4) Excluding the impact of PCI loans, the nonperforming loan rates for our home loan and total consumer banking portfolios were 4.55% and 0.89% , respectively, as of March 31, 2016 , compared to 4.68% and 1.08% , respectively, as of December 31, 2015 . |
Consumer Portfolio Segment [Member] | Home loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Concentration of Risk, by Risk Factor | The following table presents the distribution of our home loan portfolio as of March 31, 2016 and December 31, 2015 , based on selected key risk characteristics. Table 4.7: Home Loan: Risk Profile by Vintage, Geography, Lien Priority and Interest Rate Type March 31, 2016 Loans PCI Loans Total Home Loans (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Amount % of Total (1) Origination year: (2) < = 2007 $ 2,449 10.1% $ 8,613 35.3% $ 11,062 45.4% 2008 151 0.6 2,743 11.3 2,894 11.9 2009 94 0.4 1,405 5.8 1,499 6.2 2010 95 0.4 2,054 8.4 2,149 8.8 2011 168 0.7 2,291 9.4 2,459 10.1 2012 1,219 5.0 362 1.5 1,581 6.5 2013 538 2.2 70 0.3 608 2.5 2014 663 2.7 30 0.1 693 2.8 2015 1,121 4.6 32 0.2 1,153 4.8 2016 241 1.0 4 0.0 245 1.0 Total $ 6,739 27.7% $ 17,604 72.3% $ 24,343 100.0% Geographic concentration: (3) California $ 876 3.6% $ 4,776 19.6% $ 5,652 23.2% New York 1,288 5.3 831 3.4 2,119 8.7 Maryland 530 2.2 987 4.0 1,517 6.2 Illinois 90 0.4 1,343 5.5 1,433 5.9 Virginia 439 1.8 881 3.6 1,320 5.4 New Jersey 354 1.4 892 3.7 1,246 5.1 Florida 153 0.6 937 3.9 1,090 4.5 Louisiana 1,043 4.3 26 0.1 1,069 4.4 Arizona 83 0.3 958 4.0 1,041 4.3 Washington 115 0.5 753 3.1 868 3.6 Other 1,768 7.3 5,220 21.4 6,988 28.7 Total $ 6,739 27.7% $ 17,604 72.3% $ 24,343 100.0 % Lien type: 1 st lien $ 5,747 23.6% $ 17,294 71.1% $ 23,041 94.7% 2 nd lien 992 4.1 310 1.2 1,302 5.3 Total $ 6,739 27.7% $ 17,604 72.3% $ 24,343 100.0% Interest rate type: Fixed rate $ 2,835 11.7% $ 2,153 8.8% $ 4,988 20.5% Adjustable rate 3,904 16.0 15,451 63.5 19,355 79.5 Total $ 6,739 27.7% $ 17,604 72.3% $ 24,343 100.0% December 31, 2015 Loans PCI Loans Total Home Loans (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Amount % of Total (1) Origination year: (2) < = 2007 $ 2,559 10.1% $ 8,956 35.5% $ 11,515 45.6% 2008 157 0.6 2,866 11.4 3,023 12.0 2009 97 0.4 1,498 5.9 1,595 6.3 2010 97 0.4 2,208 8.8 2,305 9.2 2011 176 0.7 2,476 9.8 2,652 10.5 2012 1,276 5.1 389 1.5 1,665 6.6 2013 557 2.2 71 0.3 628 2.5 2014 680 2.7 31 0.1 711 2.8 2015 1,101 4.4 32 0.1 1,133 4.5 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% Geographic concentration: (3) California $ 871 3.5% $ 5,013 19.9% $ 5,884 23.4% New York 1,295 5.1 876 3.5 2,171 8.6 Maryland 511 2.0 1,028 4.1 1,539 6.1 Illinois 89 0.4 1,401 5.5 1,490 5.9 Virginia 428 1.7 926 3.7 1,354 5.4 New Jersey 353 1.4 940 3.7 1,293 5.1 Florida 157 0.6 989 3.9 1,146 4.5 Louisiana 1,069 4.2 27 0.1 1,096 4.3 Arizona 81 0.4 995 3.9 1,076 4.3 Washington 113 0.4 806 3.2 919 3.6 Other 1,733 6.9 5,526 21.9 7,259 28.8 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0 % Lien type: 1 st lien $ 5,705 22.6% $ 18,207 72.2% $ 23,912 94.8% 2 nd lien 995 4.0 320 1.2 1,315 5.2 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% Interest rate type: Fixed rate $ 2,751 10.9% $ 2,264 9.0% $ 5,015 19.9% Adjustable rate 3,949 15.7 16,263 64.4 20,212 80.1 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% __________ (1) Percentages within each risk category are calculated based on period-end amounts. (2) The PCI loans balances with an origination date in the years subsequent to 2012 are related to refinancing of previously acquired home loans. (3) States listed represents those which have the highest individual concentration of home loans. |
Commercial Banking | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Concentration of Risk, by Risk Factor | The following table presents the geographic distribution and internal risk ratings of our commercial loan portfolio as of March 31, 2016 and December 31, 2015 . Table 4.8: Commercial Banking: Risk Profile by Geographic Region and Internal Risk Rating March 31, 2016 (Dollars in millions) Commercial and Multifamily Real Estate % of Total (1) Commercial and Industrial % of Total (1) Small-ticket Commercial Real Estate % of Total (1) Total Commercial Banking % of Total (1) Geographic concentration: (2) Northeast $ 15,312 59.8% $ 8,724 22.9% $ 358 61.6% $ 24,394 38.0% Mid-Atlantic 3,032 11.9 3,255 8.5 23 4.0 6,310 9.8 South 4,054 15.9 15,303 40.2 37 6.4 19,394 30.2 Other 3,161 12.4 10,820 28.4 162 28.0 14,143 22.0 Total $ 25,559 100.0% $ 38,102 100.0% $ 580 100.0% $ 64,241 100.0% Internal risk rating: (3) Noncriticized $ 25,219 98.7% $ 33,872 88.9% $ 572 98.5% $ 59,663 92.9% Criticized performing 278 1.1 2,315 6.0 2 0.4 2,595 4.0 Criticized nonperforming 30 0.1 1,014 2.7 6 1.1 1,050 1.6 PCI loans (4) 32 0.1 901 2.4 0 0.0 933 1.5 Total $ 25,559 100.0% $ 38,102 100.0 % $ 580 100.0% $ 64,241 100.0% December 31, 2015 (Dollars in millions) Commercial and Multifamily Real Estate % of Total (1) Commercial and Industrial % of Total (1) Small-ticket Commercial Real Estate % of Total (1) Total Commercial Banking % of Total (1) Geographic concentration: (2) Northeast $ 15,949 62.5% $ 8,074 21.8% $ 376 61.3% $ 24,399 38.6% Mid-Atlantic 2,797 11.0 3,010 8.1 25 4.1 5,832 9.2 South 4,070 15.9 15,240 41.0 40 6.5 19,350 30.6 Other 2,702 10.6 10,811 29.1 172 28.1 13,685 21.6 Total $ 25,518 100.0% $ 37,135 100.0% $ 613 100.0% $ 63,266 100.0% Internal risk rating: (3) Noncriticized $ 25,130 98.5% $ 34,008 91.6% $ 605 98.7% $ 59,743 94.4% Criticized performing 350 1.4 1,662 4.5 3 0.5 2,015 3.2 Criticized nonperforming 7 0.0 538 1.4 5 0.8 550 0.9 PCI loans (4) 31 0.1 927 2.5 0 0.0 958 1.5 Total $ 25,518 100.0% $ 37,135 100.0% $ 613 100.0% $ 63,266 100.0% __________ (1) Percentages calculated based on total loans held for investment in each respective loan category using period-end amounts. (2) Geographic concentration is generally determined by the location of the borrower’s business or the location of the collateral associated with the loan. Northeast consists of CT, MA, ME, NH, NJ, NY, PA and VT. Mid-Atlantic consists of DC, DE, MD, VA and WV. South consists of AL, AR, FL, GA, KY, LA, MO, MS, NC, SC, TN and TX. (3) Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset c ategories defined by banking regulatory authorities. (4) We evaluate PCI loans based on their actual risk ratings. Were these PCI loans to be classified based on their risk ratings, $204 million and $128 million would be classified as Noncriticized, $694 million and $793 million as Criticized performing, and $35 million and $37 million as Criticized nonperforming as of March 31, 2016 and December 31, 2015 , respectively. |
Allowance for Loan and Lease 26
Allowance for Loan and Lease Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Allowance for Credit Losses on Financing Receivables | The table below summarizes changes in the allowance for loan and lease losses and reserve for unfunded lending commitments by portfolio segment for the three months ended March 31, 2016 and 2015 . Table 5.1: Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments (Dollars in millions) Credit Consumer Banking Commercial Banking Other (1) Total Allowance for loan and lease losses: Balance as of December 31, 2015 $ 3,654 $ 868 $ 604 $ 4 $ 5,130 Provision (benefit) for loan and lease losses 1,071 229 171 (2 ) 1,469 Charge-offs (1,222 ) (291 ) (48 ) (1 ) (1,562 ) Recoveries 272 108 2 2 384 Net charge-offs (950 ) (183 ) (46 ) 1 (1,178 ) Other changes (2) 10 0 (15 ) 0 (5 ) Balance as of March 31, 2016 3,785 914 714 3 5,416 Reserve for unfunded lending commitments: Balance as of December 31, 2015 0 7 161 0 168 Provision for losses on unfunded lending commitments 0 1 57 0 58 Balance as of March 31, 2016 0 8 218 0 226 Combined allowance and reserve as of March 31, 2016 $ 3,785 $ 922 $ 932 $ 3 $ 5,642 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Other (1) Total Allowance for loan and lease losses: Balance as of December 31, 2014 $ 3,204 $ 779 $ 395 $ 5 $ 4,383 Provision (benefit) for loan and lease losses 669 206 52 0 927 Charge-offs (1,022 ) (250 ) (9 ) (3 ) (1,284 ) Recoveries 303 91 6 3 403 Net charge-offs (719 ) (159 ) (3 ) 0 (881 ) Other changes (2) (24 ) 0 0 0 (24 ) Balance as of March 31, 2015 3,130 826 444 5 4,405 Reserve for unfunded lending commitments: Balance as of December 31, 2014 0 7 106 0 113 Provision for losses on unfunded lending commitments 0 0 8 0 8 Balance as of March 31, 2015 0 7 114 0 121 Combined allowance and reserve as of March 31, 2015 $ 3,130 $ 833 $ 558 $ 5 $ 4,526 __________ (1) Primarily consists of the legacy loan portfolio of our discontinued GreenPoint mortgage operations. (2) Represents foreign currency translation adjustments and the net impact of loan transfers and sales. The table below presents the components of our allowance for loan and lease losses by portfolio segment and impairment methodology with the recorded investment of the related loans as of March 31, 2016 and December 31, 2015 . Table 5.2: Components of Allowance for Loan and Lease Losses by Impairment Methodology March 31, 2016 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Other Total Allowance for loan and lease losses: Collectively evaluated (1) $ 3,572 $ 829 $ 520 $ 3 $ 4,924 Asset-specific (2) 213 51 193 0 457 PCI loans (3) 0 34 1 0 35 Total allowance for loan and lease losses $ 3,785 $ 914 $ 714 $ 3 $ 5,416 Loans held for investment: Collectively evaluated (1) $ 92,041 $ 52,247 $ 61,954 $ 82 $ 206,324 Asset-specific (2) 658 709 1,354 0 2,721 PCI loans (3) 0 17,635 933 0 18,568 Total loans held for investment $ 92,699 $ 70,591 $ 64,241 $ 82 $ 227,613 Allowance as a percentage of period-end loans held for investment 4.08% 1.29% 1.11% 4.15% 2.38% December 31, 2015 (Dollars in millions) Credit Consumer Banking Commercial Banking Other Total Allowance for loan and lease losses: Collectively evaluated (1) $ 3,445 $ 778 $ 517 $ 4 $ 4,744 Asset-specific (2) 209 54 86 0 349 PCI loans (3) 0 36 1 0 37 Total allowance for loan and lease losses $ 3,654 $ 868 $ 604 $ 4 $ 5,130 Loans held for investment: Collectively evaluated (1) $ 95,459 $ 51,113 $ 61,424 $ 88 $ 208,084 Asset-specific (2) 666 699 884 0 2,249 PCI loans (3) 0 18,560 958 0 19,518 Total loans held for investment $ 96,125 $ 70,372 $ 63,266 $ 88 $ 229,851 Allowance as a percentage of period-end loans held for investment 3.80% 1.23% 0.95% 4.94% 2.23% __________ (1) The component of the allowance for loan and lease losses for credit card and other consumer loans that we collectively evaluate for impairment is based on a statistical calculation supplemented by management judgment and interpretation. The component of the allowance for loan and lease losses for commercial loans that we collectively evaluate for impairment is based on historical loss experience for loans with similar characteristics and consideration of credit quality supplemented by management judgment and interpretation. (2) The asset-specific component of the allowance for loan and lease losses for smaller-balance impaired loans is calculated on a pool basis using historical loss experience for the respective class of assets. The asset-specific component of the allowance for loan and lease losses for larger-balance commercial loans is individually calculated for each loan. (3) The PCI loans component of the allowance for loan and lease losses is accounted for based on expected cash flows. See “ Note 1—Summary of Significant Accounting Policies ” in our 2015 Form 10-K for details on these loans. |
Schedule of Loss sharing arrangement impact | The table below summarizes these impacts for the three months ended March 31, 2016 and 2015 . Table 5.3: Summary of Loss Sharing Arrangements Impact Three Months Ended March 31, (Dollars in millions) 2016 2015 Reduction in net charge-offs $ 52 $ 44 Reduction in provision for credit losses 55 57 |
Variable Interest Entities an27
Variable Interest Entities and Securitizations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entities and Securitization [Abstract] | |
Carrying Amount of Assets and Liabilities of Variable Interest Entities | The table below presents a summary of VIEs, aggregated based on VIEs with similar characteristics, in which we had continuing involvement or held a variable interest as of March 31, 2016 and December 31, 2015 . We separately present information for consolidated and unconsolidated VIEs. For consolidated VIEs, we present the carrying amount of assets and liabilities reflected on our consolidated balance sheets. The assets of consolidated VIEs primarily consist of cash and loans, which we report on our consolidated balance sheets under restricted cash and loans held in consolidated trusts, respectively. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs typically do not have recourse to the general credit of the Company. The liabilities primarily consist of debt securities issued by the VIEs, which we report under securitized debt obligations. For unconsolidated VIEs, we present the carrying amount of assets and liabilities reflected on our consolidated balance sheets and our maximum exposure to loss. Our maximum exposure to loss is estimated based on the unlikely event that all of the assets in the VIEs become worthless and we are required to meet our maximum remaining funding obligations. Table 6.1: Carrying Amount of Consolidated and Unconsolidated VIEs March 31, 2016 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 32,869 $ 15,600 $ 0 $ 0 $ 0 Home loan securitizations (2) 0 0 201 26 863 Total securitization-related VIEs 32,869 15,600 201 26 863 Other VIEs: Affordable housing entities 115 0 3,804 528 3,804 Entities that provide capital to low-income and rural communities 687 126 71 0 71 Other 0 0 116 0 116 Total other VIEs 802 126 3,991 528 3,991 Total VIEs $ 33,671 $ 15,726 $ 4,192 $ 554 $ 4,854 December 31, 2015 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 34,800 $ 16,925 $ 0 $ 0 $ 0 Home loan securitizations (2) 0 0 211 27 873 Total securitization-related VIEs 34,800 16,925 211 27 873 Other VIEs: Affordable housing entities 0 0 3,852 555 3,852 Entities that provide capital to low-income and rural communities 352 101 0 0 0 Other 0 0 57 0 57 Total other VIEs 352 101 3,909 555 3,909 Total VIEs $ 35,152 $ 17,026 $ 4,120 $ 582 $ 4,782 __________ (1) Represents the gross amount of assets and liabilities owned by the VIE, which includes the seller’s interest and repurchased notes held by other related parties. (2) The carrying amount of assets of unconsolidated securitization-related VIEs consists of retained interests associated with the securitization of option-adjustable rate mortgage (“option-ARM”) loans and letters of credit related to manufactured housing securitizations. These are reported on our consolidated balance sheets within other assets. The carrying amount of liabilities of unconsolidated securitization-related VIEs is comprised of obligations on certain swap agreements associated with the securitization of manufactured housing loans and other obligations. These are reported on our consolidated balance sheets within other liabilities. |
External Debt and Receivable Balances of Securitization Programs | The table below presents the securitization-related VIEs in which we had continuing involvement as of March 31, 2016 and December 31, 2015 . Table 6.2: Continuing Involvement in Securitization-Related VIEs Mortgage (Dollars in millions) Credit Card Option- ARM GreenPoint HELOCs GreenPoint Manufactured Housing March 31, 2016: Securities held by third-party investors $ 14,913 $ 1,692 $ 69 $ 765 Receivables in the trust 31,908 1,749 63 771 Cash balance of spread or reserve accounts 0 8 N/A 136 Retained interests Yes Yes Yes Yes Servicing retained Yes Yes (1) No No (2) Amortization event (3) No No No No December 31, 2015: Securities held by third-party investors $ 16,166 $ 1,754 $ 74 $ 789 Receivables in the trust 33,783 1,814 68 794 Cash balance of spread or reserve accounts 0 8 N/A 134 Retained interests Yes Yes Yes Yes Servicing retained Yes Yes (1) No No (2) Amortization event (3) No No No No __________ (1) We continue to service only certain option-ARM securitizations. (2) The core servicing activities for the manufactured housing securitizations are completed by a third party. (3) Amortization events vary according to each specific trust agreement but generally are triggered by declines in performance or credit metrics of the underlying assets, such as net charge-off rates or delinquency rates, beyond certain predetermined thresholds. Generally, the occurrence of an amortization event changes the sequencing and amount of trust-related cash flows to the benefit of more senior interest holders. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Goodwill, Intangible Assets and MSRs | The table below displays the components of goodwill, intangible assets and mortgage servicing rights (“MSRs”) as of March 31, 2016 and December 31, 2015 . Goodwill is presented separately on our consolidated balance sheets. Intangible assets and MSRs are included in other assets on our consolidated balance sheets. Table 7.1: Components of Goodwill, Intangible Assets and MSRs March 31, 2016 (Dollars in millions) Carrying (1) Accumulated Amortization (1) Net Goodwill $ 14,492 N/A $ 14,492 Intangible assets: Purchased credit card relationship (“PCCR”) intangibles 2,147 $ (1,529 ) 618 Core deposit intangibles 1,391 (1,301 ) 90 Other (2) 375 (146 ) 229 Total intangible assets 3,913 (2,976 ) 937 Total goodwill and intangible assets $ 18,405 $ (2,976 ) $ 15,429 MSRs: Consumer MSRs (3) $ 59 N/A $ 59 Commercial MSRs (4) 222 $ (58 ) 164 Total MSRs $ 281 $ (58 ) $ 223 December 31, 2015 (Dollars in millions) Carrying (1) Accumulated Amortization (1) Net Goodwill $ 14,480 N/A $ 14,480 Intangible assets: PCCR intangibles 2,156 $ (1,467 ) 689 Core deposit intangibles 1,771 (1,662 ) 109 Other (2) 378 (135 ) 243 Total intangible assets 4,305 (3,264 ) 1,041 Total goodwill and intangible assets $ 18,785 $ (3,264 ) $ 15,521 MSRs: Consumer MSRs (3) $ 68 N/A $ 68 Commercial MSRs (4) 212 $ (51 ) 161 Total MSRs $ 280 $ (51 ) $ 229 __________ (1) Certain intangible assets that were fully amortized in prior periods were removed from our consolidated balance sheets. (2) Primarily consists of intangibles for sponsorship relationships, brokerage relationship intangibles, partnership and other contract intangibles and trade name intangibles. (3) Represents MSRs related to our Consumer Banking business that are carried at fair value on our consolidated balance sheets. (4) Represents MSRs related to our Commercial Banking business that are subsequently accounted for under the amortization method and periodically assessed for impairment. |
Goodwill Attributable to Business Segments | The following table presents goodwill attributable to each of our business segments as of March 31, 2016 and December 31, 2015 . Table 7.2: Goodwill Attributable to Business Segments (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Balance as of December 31, 2015 $ 4,997 $ 4,600 $ 4,883 $ 14,480 Acquisitions 0 0 14 14 Other adjustments (2 ) 0 0 (2 ) Balance as of March 31, 2016 $ 4,995 $ 4,600 $ 4,897 $ 14,492 |
Deposits and Borrowings (Tables
Deposits and Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Deposits and Borrowings [Abstract] | |
Components of Deposits, Short-term Borrowings and Long-term Debt | The table below summarizes the components of our deposits, short-term borrowings and long-term debt as of March 31, 2016 and December 31, 2015 . Our total short-term borrowings consist of federal funds purchased and securities loaned or sold under agreements to repurchase and other short-term borrowings with an original contractual maturity of one year or less. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The amounts presented for outstanding borrowings include unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments. Table 8.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt (Dollars in millions) March 31, December 31, Deposits: Non-interest bearing deposits $ 25,182 $ 25,847 Interest-bearing deposits 196,597 191,874 Total deposits $ 221,779 $ 217,721 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 917 $ 981 Total short-term borrowings $ 917 $ 981 March 31, 2016 (Dollars in millions) Maturity Dates Interest Rates Weighted- Average Interest Rate Outstanding Amount December 31, Long-term debt: Securitized debt obligations (1) 2016 - 2025 0.48 - 5.75% 1.48% $ 14,913 $ 16,166 Senior and subordinated notes: (1) Fixed unsecured senior debt 2016 - 2025 1.15 - 6.75 2.72 16,837 16,559 Floating unsecured senior debt 2018 - 2018 1.30 - 1.77 1.50 699 1,198 Total unsecured senior debt 2.67 17,536 17,757 Fixed unsecured subordinated debt 2016 - 2025 3.38 - 8.80 4.70 4,200 4,080 Total senior and subordinated notes 21,736 21,837 Other long-term borrowings: FHLB advances 2016 - 2025 0.39 - 6.41 0.50 12,898 20,098 Capital lease obligations 2016 - 2035 3.09 - 12.86 4.17 33 33 Total other long-term borrowings 12,931 20,131 Total long-term debt $ 49,580 $ 58,134 Total short-term borrowings and long-term debt $ 50,497 $ 59,115 ___________ (1) Outstanding amount includes any fair value hedge accounting adjustments. |
Schedule of Components of Interest Expense on Short-Term Borrowings and Long-Term Debt | The following table displays interest expense attributable to short-term borrowings and long-term debt for the three months ended March 31, 2016 and 2015 : Table 8.2: Components of Interest Expense on Short-Term Borrowings and Long-Term Debt Three Months Ended March 31, (Dollars in millions) 2016 2015 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 1 $ 0 FHLB advances 0 8 Total short-term borrowings 1 8 Long-term debt: Securitized debt obligations (1) 48 33 Senior and subordinated notes (1) 106 79 Other long-term borrowings 23 7 Total long-term debt 177 119 Total interest expense on short-term borrowings and long-term debt $ 178 $ 127 _ _________ (1) Interest expense includes the impact from hedge accounting. |
Derivative Instruments and He30
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional and Fair Values of Derivative Instruments | The following table summarizes the notional and fair values of our derivative instruments on a gross basis as of March 31, 2016 and December 31, 2015 , which are segregated by derivatives that are designated as accounting hedges and those that are not, and are further segregated by type of contract within those two categories. The total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or paid. Table 9.1: Derivative Assets and Liabilities at Fair Value March 31, 2016 December 31, 2015 Notional or Contractual Amount Derivative (1) Notional or Contractual Amount Derivative (1) (Dollars in millions) Assets Liabilities Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: Fair value hedges $ 33,767 $ 556 $ 78 $ 34,417 $ 550 $ 146 Cash flow hedges 37,535 677 18 30,450 167 61 Total interest rate contracts 71,302 1,233 96 64,867 717 207 Foreign exchange contracts: Cash flow hedges 5,395 42 154 5,580 239 2 Net investment hedges 2,545 50 0 2,562 87 0 Total foreign exchange contracts 7,940 92 154 8,142 326 2 Total derivatives designated as accounting hedges 79,242 1,325 250 73,009 1,043 209 Derivatives not designated as accounting hedges: Interest rate contracts covering: MSRs (2) 1,180 25 13 1,665 11 7 Customer accommodation 30,811 636 511 28,841 431 290 Other interest rate exposures (3) 1,873 37 19 1,519 33 10 Total interest rate contracts 33,864 698 543 32,025 475 307 Other contracts 864 0 2 882 0 4 Total derivatives not designated as accounting hedges 34,728 698 545 32,907 475 311 Total derivatives $ 113,970 $ 2,023 $ 795 $ 105,916 $ 1,518 $ 520 Less: netting adjustment (4) (334 ) (350 ) (532 ) (143 ) Total derivative assets/liabilities $ 1,689 $ 445 $ 986 $ 377 __________ (1) Derivative assets and liabilities include interest accruals. (2) Includes interest rate swaps and to-be-announced contracts. (3) Other interest rate exposures include mortgage-related derivatives. (4) Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. See Table 9.2 for further information. |
Offsetting Assets | The following table presents as of March 31, 2016 and December 31, 2015 the gross and net fair values of our derivative assets and liabilities and repurchase agreements, as well as the related offsetting amounts permitted under U.S. GAAP. The table also includes cash and non-cash collateral received or pledged associated with such arrangements. The collateral amounts shown are limited to the extent of the related net derivative fair values or outstanding balances, thus instances of over-collateralization are not shown. Table 9.2: Offsetting of Financial Assets and Financial Liabilities Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Held Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Received Net Exposure As of March 31, 2016 Derivatives assets (1) $ 2,023 $ (200 ) $ (134 ) $ 1,689 $ (5 ) $ 1,684 As of December 31, 2015 Derivatives assets (1) 1,518 (86 ) (446 ) 986 (156 ) 830 |
Offsetting Liabilities | Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Pledged Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Pledged Net Exposure As of March 31, 2016 Derivatives liabilities (1) $ 795 $ (200 ) $ (150 ) $ 445 $ 0 $ 445 Repurchase agreements (2)(3) 917 0 0 917 (917 ) 0 As of December 31, 2015 Derivatives liabilities (1) 520 (86 ) (57 ) 377 0 377 Repurchase agreements (2) 969 0 0 969 (969 ) 0 __________ (1) The gross balances include derivative assets and derivative liabilities as of March 31, 2016 totaling $1.1 billion and $364 million , respectively, related to the centrally cleared derivative contracts. The comparable amounts as of December 31, 2015 totaled $429 million and $314 million , respectively. These contracts were not subject to offsetting as of March 31, 2016 and December 31, 2015 . (2) As of March 31, 2016 and December 31, 2015 , the Company only had repurchase obligations outstanding and did not have any reverse repurchase receivables. (3) Represents customer repurchase agreements that mature the next business day. As of March 31, 2016 , we pledged collateral with a fair value of $936 million under these customer repurchase agreements, which were primarily agency RMBS securities. |
Fair Value Hedging and Free-Standing Derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gains and Losses on Derivatives | The net gains (losses) recognized in earnings related to derivatives in fair value hedging relationships and free-standing derivatives are presented below for the three months ended March 31, 2016 and 2015 . Table 9.3: Gains and Losses on Fair Value Hedges and Free-Standing Derivatives Three Months Ended March 31, (Dollars in millions) 2016 2015 Derivatives designated as accounting hedges: (1) Fair value interest rate contracts: Gains (losses) recognized in earnings on derivatives $ 208 $ 153 Gains (losses) recognized in earnings on hedged items (192 ) (148 ) Net fair value hedge ineffectiveness gains (losses) 16 5 Derivatives not designated as accounting hedges: (1) Interest rate contracts covering: MSRs 10 6 Customer accommodation 5 4 Other interest rate exposures 15 2 Total interest rate contracts 30 12 Other contracts 0 (2 ) Total gains on derivatives not designated as accounting hedges 30 10 Net derivative gains (losses) recognized in earnings $ 46 $ 15 __________ (1) Amounts are recorded in our consolidated statements of income in other non-interest income. |
Cash Flow Hedging and Net Investment Hedging | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gains and Losses on Derivatives | The table below shows the net gains (losses) related to derivatives designated as cash flow hedges and net investment hedges for the three months ended March 31, 2016 and 2015 . Table 9.4: Gains and Losses on Derivatives Designated as Cash Flow Hedges and Net Investment Hedges Three Months Ended March 31, (Dollars in millions) 2016 2015 Gains (losses) recorded in AOCI: Cash flow hedges: Interest rate contracts $ 426 $ 210 Foreign exchange contracts 0 (5 ) Subtotal 426 205 Net investment hedges: Foreign exchange contracts 41 75 Net derivatives gains (losses) recognized in AOCI $ 467 $ 280 Gains (losses) recorded in earnings: Cash flow hedges: Gains (losses) reclassified from AOCI into earnings: Interest rate contracts (1) $ 50 $ 47 Foreign exchange contracts (2) (1 ) (4 ) Subtotal 49 43 Gains (losses) recognized in earnings due to ineffectiveness: Interest rate contracts (2) 3 2 Net derivative gains (losses) recognized in earnings $ 52 $ 45 __________ (1) Amounts reclassified are recorded in our consolidated statements of income in interest income or interest expense. (2) Amounts are recorded in our consolidated statements of income in other non-interest income or other interest income. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Preferred Stock | The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2016 and December 31, 2015 . Table 10.1: Preferred Stock Issued and Outstanding Redeemable by Issuer Beginning Per Annum Dividend Rate Dividend Frequency Liquidation Preference per Share Carrying Value (in millions) Series Description Issuance Date Total Shares Outstanding March 31, 2016 December 31, 2015 Series B (1) 6.00% Non-Cumulative August 20, 2012 September 1, 2017 6.00% Quarterly $ 1,000 875,000 $ 853 $ 853 Series C (1) 6.25% Non-Cumulative June 12, 2014 September 1, 2019 6.25 Quarterly 1,000 500,000 484 484 Series D (1) 6.70% Non-Cumulative October 31, 2014 December 1, 2019 6.70 Quarterly 1,000 500,000 485 485 Series E Fixed-to-Floating Rate Non-Cumulative May 14, 2015 June 1, 2020 5.55% through 5/31/2020; 3-mo. LIBOR+ 380 bps thereafter Semi-Annually through 5/31/2020; Quarterly thereafter 1,000 1,000,000 988 988 Series F (1) 6.20% Non-Cumulative August 24, 2015 December 1, 2020 6.20 Quarterly 1,000 500,000 484 484 Total $ 3,294 $ 3,294 __________ (1) Ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock |
Change in AOCI Gain (Loss) by Component (Net of Tax) | The following table presents the changes in AOCI by component for the three months ended March 31, 2016 and 2015 . Table 10.2: Accumulated Other Comprehensive Income (Dollars in millions) Securities Available for Sale Securities Held to Maturity (1) Cash Flow Hedges Foreign (2) Other Total AOCI as of December 31, 2015 $ 162 $ (725 ) $ 120 $ (143 ) $ (30 ) $ (616 ) Other comprehensive income (loss) before reclassifications 182 0 426 1 (13 ) 596 Amounts reclassified from AOCI into earnings 5 21 (49 ) 0 2 (21 ) Net other comprehensive income (loss) 187 21 377 1 (11 ) 575 AOCI as of March 31, 2016 $ 349 $ (704 ) $ 497 $ (142 ) $ (41 ) $ (41 ) (Dollars in millions) Securities Securities Held to Maturity (1) Cash Flow Foreign (2) Other Total AOCI as of December 31, 2014 $ 410 $ (821 ) $ 10 $ (8 ) $ (21 ) $ (430 ) Other comprehensive income (loss) before reclassifications 114 0 205 (84 ) (1 ) 234 Amounts reclassified from AOCI into earnings 8 20 (43 ) 0 (1 ) (16 ) Net other comprehensive income (loss) 122 20 162 (84 ) (2 ) 218 AOCI as of March 31, 2015 $ 532 $ (801 ) $ 172 $ (92 ) $ (23 ) $ (212 ) __________ (1) The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of the premium or discount present at the date of transfer from securities available for sale to securities held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net income. (2) Includes the impact from hedging instruments designated as net investment hedges. |
Reclassifications from AOCI | The following table presents the impacts on net income of amounts reclassified from each component of AOCI for the three months ended March 31, 2016 and 2015 . Table 10.3: Reclassifications from AOCI Amount Reclassified from AOCI (Dollars in millions) Three Months Ended March 31, AOCI Components Affected Income Statement Line Item 2016 2015 Securities available for sale: Non-interest income $ 0 $ 2 Non-interest income - OTTI (8 ) (15 ) Income (loss) from continuing operations before income taxes (8 ) (13 ) Income tax provision (benefit) (3 ) (5 ) Net income (loss) (5 ) (8 ) Securities held to maturity: (1) Interest income (33 ) (33 ) Income tax provision (benefit) (12 ) (13 ) Net income (loss) (21 ) (20 ) Cash flow hedges: Interest rate contracts: Interest income 79 75 Foreign exchange contracts: Interest income (1 ) 0 Non-interest income (1 ) (7 ) Income (loss) from continuing operations before income taxes 77 68 Income tax provision (benefit) 28 25 Net income (loss) 49 43 Other: Various (pension and other) (2 ) 1 Income tax provision (benefit) 0 0 Net income (loss) (2 ) 1 Total reclassifications $ 21 $ 16 __________ (1) The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of the premium or discount created from the transfer into securities held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net |
Components of Other Comprehensive Income (Loss) and Related Tax Impact | The table below summarizes other comprehensive income activity and the related tax impact for the three months ended March 31, 2016 and 2015 . Table 10.4: Other Comprehensive Income (Loss) Three Months Ended March 31, 2016 2015 (Dollars in millions) Before Tax Provision (Benefit) After Tax Before Tax Provision After Tax Other comprehensive income (loss): Net unrealized gains on securities available for sale $ 296 $ 109 $ 187 $ 190 $ 68 $ 122 Net changes in securities held to maturity 33 12 21 33 13 20 Net unrealized gains on cash flow hedges 600 223 377 258 96 162 Foreign currency translation adjustments (1) 26 25 1 (41 ) 43 (84 ) Other (17 ) (6 ) (11 ) (4 ) (2 ) (2 ) Other comprehensive income (loss) $ 938 $ 363 $ 575 $ 436 $ 218 $ 218 __________ (1) Includes the impact from hedging instruments designated as net investment hedges. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: Table 11.1: Computation of Basic and Diluted Earnings per Common Share Three Months Ended March 31, (Dollars and shares in millions, except per share data) 2016 2015 Income from continuing operations, net of tax $ 1,018 $ 1,134 Income (loss) from discontinued operations, net of tax (5 ) 19 Net income 1,013 1,153 Dividends and undistributed earnings allocated to participating securities (1) (6 ) (6 ) Preferred stock dividends (37 ) (32 ) Net income available to common stockholders $ 970 $ 1,115 Total weighted-average basic shares outstanding 523.5 550.2 Effect of dilutive securities: Stock options 1.8 2.6 Other contingently issuable shares 1.2 1.5 Warrants (2) 1.5 2.9 Total effect of dilutive securities 4.5 7.0 Total weighted-average diluted shares outstanding 528.0 557.2 Basic earnings per common share: Net income from continuing operations $ 1.86 $ 2.00 Income (loss) from discontinued operations (0.01 ) 0.03 Net income per basic common share $ 1.85 $ 2.03 Diluted earnings per common share: (3) Net income from continuing operations $ 1.85 $ 1.97 Income (loss) from discontinued operations (0.01 ) 0.03 Net income per diluted common share $ 1.84 $ 2.00 __________ (1) Includes undistributed earnings allocated to participating securities using the two-class method under the accounting guidance for computing earnings per share. (2) Represents warrants issued as part of the U.S. Department of Treasury’s Troubled Assets Relief Program (“TARP”). As of March 31, 2016 , there were 4.1 million warrants to purchase common stock outstanding. (3) Excluded from the computation of diluted earnings per share were 2.9 million shares related to options with exercise prices ranging from $63.73 to $88.81 and 2.0 million shares related to options with exercise prices ranging from $70.96 to $88.81 for the three months ended March 31, 2016 and 2015, respectively, because their inclusion would be anti-dilutive. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table displays our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 : Table 12.1: Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2016 Fair Value Measurements Using (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 4,966 $ 0 $ 0 $ 4,966 RMBS 0 27,763 505 28,268 CMBS 0 5,253 251 5,504 Other ABS 0 1,008 30 1,038 Other securities 303 2 11 316 Total securities available for sale 5,269 34,026 797 40,092 Other assets: Consumer MSRs 0 0 59 59 Derivative assets (1)(2) 2 1,950 71 2,023 Retained interests in securitizations 0 0 201 201 Total assets $ 5,271 $ 35,976 $ 1,128 $ 42,375 Liabilities: Other liabilities: Derivative liabilities (1)(2) $ 3 $ 752 $ 40 $ 795 Total liabilities $ 3 $ 752 $ 40 $ 795 December 31, 2015 Fair Value Measurements Using (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 4,660 $ 0 $ 0 $ 4,660 RMBS 0 26,807 504 27,311 CMBS 0 5,282 97 5,379 Other ABS 0 1,340 0 1,340 Other securities 355 2 14 371 Total securities available for sale 5,015 33,431 615 39,061 Other assets: Consumer MSRs 0 0 68 68 Derivative assets (1)(2) 2 1,459 57 1,518 Retained interests in securitizations 0 0 211 211 Total assets $ 5,017 $ 34,890 $ 951 $ 40,858 Liabilities: Other liabilities: Derivative liabilities (1)(2) $ 2 $ 491 $ 27 $ 520 Total liabilities $ 2 $ 491 $ 27 $ 520 __________ (1) The balances represent gross derivative amounts and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. The net derivative assets were $1.7 billion and $986 million , and the net derivative liabilities were $445 million and $377 million as of March 31, 2016 and December 31, 2015 , respectively. See “ Note 9—Derivative Instruments and Hedging Activities ” for further information. (2) Does not reflect $4 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of both March 31, 2016 and December 31, 2015 . Non-performance risk is reflected in other assets and liabilities on the consolidated balance sheets and offset through non-interest income in the consolidated statements of income. T |
Schedule of Level 3 Inputs Reconciliation for Assets | table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2016 and 2015 . When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period. Table 12.2: Level 3 Recurring Fair Value Rollforward Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2016 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2016 (3) (Dollars in millions) Balance, January 1, 2016 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, March 31, 2016 Assets: Securities available for sale: RMBS $ 504 $ 6 $ (5 ) $ 0 $ 0 $ 0 $ (17 ) $ 127 $ (110 ) $ 505 $ 6 CMBS 97 0 1 93 0 0 (4 ) 64 0 251 0 Other ABS 0 0 0 30 0 0 0 0 0 30 0 Other securities 14 0 0 0 0 0 (3 ) 0 0 11 0 Total securities available for sale 615 6 (4 ) 123 0 0 (24 ) 191 (110 ) 797 6 Other assets: Consumer MSRs 68 (12 ) 0 0 0 4 (1 ) 0 0 59 (12 ) Derivative assets (4) 57 19 0 0 0 12 (11 ) 0 (6 ) 71 19 Retained interest in securitizations 211 (10 ) 0 0 0 0 0 0 0 201 (10 ) Liabilities: Other liabilities: Derivative liabilities (4) $ (27 ) $ (14 ) $ 0 $ 0 $ 0 $ (7 ) $ 3 $ 0 $ 5 $ (40 ) $ (14 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2015 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2015 (3) (Dollars in millions) Balance, January 1, 2015 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, March 31, 2015 Assets: Securities available for sale: Corporate debt securities guaranteed by U.S. government agencies $ 333 $ (2 ) $ 5 $ 0 $ (68 ) $ 0 $ (8 ) $ 0 $ (88 ) $ 172 $ 0 RMBS 561 8 8 0 0 0 (13 ) 85 (94 ) 555 9 CMBS 228 0 1 0 0 0 (21 ) 0 (34 ) 174 0 Other ABS 65 1 (2 ) 0 (20 ) 0 0 0 (37 ) 7 0 Other securities 18 0 0 0 0 0 0 0 0 18 0 Total securities available for sale 1,205 7 12 0 (88 ) 0 (42 ) 85 (253 ) 926 9 Other assets: Consumer MSRs 53 (3 ) 0 0 0 4 (1 ) 0 0 53 (3 ) Derivative assets (4) 66 11 0 0 0 9 (12 ) 0 (1 ) 73 11 Retained interest in securitization 221 2 0 0 0 0 0 0 0 223 2 Liabilities: Other liabilities: Derivative liabilities (4) $ (43 ) $ (10 ) $ 0 $ 0 $ 0 $ (7 ) $ 12 $ 0 $ 0 $ (48 ) $ (10 ) __________ (1) Gains (losses) related to Level 3 Consumer MSRs, derivative assets and derivative liabilities, and retained interests in securitizations are reported in other non-interest income, which is a component of non-interest income, in our consolidated statements of income. (2) During the three months ended March 31, 2016 and 2015 , the transfers into Level 3 were primarily driven by less consistency among vendor pricing on individual securities, while the transfers out of Level 3 were primarily driven by greater consistency among multiple pricing sources. (3) The amount presented for unrealized gains (losses) for assets still held as of the reporting date primarily represents impairments of securities available for sale, accretion on certain fixed maturity securities, changes in fair value of derivative instruments and mortgage servicing rights transactions. Impairment is reported in total OTTI, which is a component of non-interest income, in our consolidated statements of income. (4) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. Si |
Schedule of Level 3 Inputs Reconciliation for Liabilities | table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2016 and 2015 . When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period. Table 12.2: Level 3 Recurring Fair Value Rollforward Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2016 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2016 (3) (Dollars in millions) Balance, January 1, 2016 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, March 31, 2016 Assets: Securities available for sale: RMBS $ 504 $ 6 $ (5 ) $ 0 $ 0 $ 0 $ (17 ) $ 127 $ (110 ) $ 505 $ 6 CMBS 97 0 1 93 0 0 (4 ) 64 0 251 0 Other ABS 0 0 0 30 0 0 0 0 0 30 0 Other securities 14 0 0 0 0 0 (3 ) 0 0 11 0 Total securities available for sale 615 6 (4 ) 123 0 0 (24 ) 191 (110 ) 797 6 Other assets: Consumer MSRs 68 (12 ) 0 0 0 4 (1 ) 0 0 59 (12 ) Derivative assets (4) 57 19 0 0 0 12 (11 ) 0 (6 ) 71 19 Retained interest in securitizations 211 (10 ) 0 0 0 0 0 0 0 201 (10 ) Liabilities: Other liabilities: Derivative liabilities (4) $ (27 ) $ (14 ) $ 0 $ 0 $ 0 $ (7 ) $ 3 $ 0 $ 5 $ (40 ) $ (14 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2015 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2015 (3) (Dollars in millions) Balance, January 1, 2015 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, March 31, 2015 Assets: Securities available for sale: Corporate debt securities guaranteed by U.S. government agencies $ 333 $ (2 ) $ 5 $ 0 $ (68 ) $ 0 $ (8 ) $ 0 $ (88 ) $ 172 $ 0 RMBS 561 8 8 0 0 0 (13 ) 85 (94 ) 555 9 CMBS 228 0 1 0 0 0 (21 ) 0 (34 ) 174 0 Other ABS 65 1 (2 ) 0 (20 ) 0 0 0 (37 ) 7 0 Other securities 18 0 0 0 0 0 0 0 0 18 0 Total securities available for sale 1,205 7 12 0 (88 ) 0 (42 ) 85 (253 ) 926 9 Other assets: Consumer MSRs 53 (3 ) 0 0 0 4 (1 ) 0 0 53 (3 ) Derivative assets (4) 66 11 0 0 0 9 (12 ) 0 (1 ) 73 11 Retained interest in securitization 221 2 0 0 0 0 0 0 0 223 2 Liabilities: Other liabilities: Derivative liabilities (4) $ (43 ) $ (10 ) $ 0 $ 0 $ 0 $ (7 ) $ 12 $ 0 $ 0 $ (48 ) $ (10 ) __________ (1) Gains (losses) related to Level 3 Consumer MSRs, derivative assets and derivative liabilities, and retained interests in securitizations are reported in other non-interest income, which is a component of non-interest income, in our consolidated statements of income. (2) During the three months ended March 31, 2016 and 2015 , the transfers into Level 3 were primarily driven by less consistency among vendor pricing on individual securities, while the transfers out of Level 3 were primarily driven by greater consistency among multiple pricing sources. (3) The amount presented for unrealized gains (losses) for assets still held as of the reporting date primarily represents impairments of securities available for sale, accretion on certain fixed maturity securities, changes in fair value of derivative instruments and mortgage servicing rights transactions. Impairment is reported in total OTTI, which is a component of non-interest income, in our consolidated statements of income. (4) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. Si |
Schedule of Assets Measured at Fair Value on Recurring Basis Quantitative Information | following table presents the significant unobservable inputs relied upon to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple third-party pricing services to obtain fair value measures for our securities. Several of our third-party pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other third-party pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain for a majority of our securities. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 12.3: Quantitative Information about Level 3 Fair Value Measurements Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at March 31, Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 505 Discounted cash flows (3rd party pricing) Yield 0-15% 6% CMBS 251 Discounted cash flows (3rd party pricing) Yield 1-3% 2% Other ABS 30 Discounted cash flows (3rd party pricing) Yield 1% 1% Other securities 11 Discounted cash flows Yield 1% 1% Other assets: Consumer MSRs 59 Discounted cash flows Total prepayment rate 10-20% 17% Derivative assets (1) 71 Discounted cash flows Swap rates 2% 2% Retained interests in securitization (2) 201 Discounted cash flows Life of receivables (months) Constant prepayment rate 14-83 N/A Liabilities: Derivative liabilities (1) $ 40 Discounted cash flows Swap rates 2% 2% Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, 2015 Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 504 Discounted cash flows (3rd party pricing) Yield 0-12% 6% CMBS 97 Discounted cash flows (3rd party pricing) Yield 2-3% 3% Other securities 14 Discounted cash flows Yield 1% 1% Other assets: Consumer MSRs 68 Discounted cash flows Total prepayment rate 11-18% 16% Derivative assets (1) 57 Discounted cash flows Swap rates 2% 2% Retained interests in securitization (2) 211 Discounted cash flows Life of receivables (months) Constant prepayment rate 16-75 N/A Liabilities: Derivative liabilities (1) $ 27 Discounted cash flows Swap rates 2% 2% __________ (1) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. (2) Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs. Ass |
Schedule of Liabilities Measured at Fair Value on Recurring Basis Quantitative Information | following table presents the significant unobservable inputs relied upon to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple third-party pricing services to obtain fair value measures for our securities. Several of our third-party pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other third-party pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain for a majority of our securities. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 12.3: Quantitative Information about Level 3 Fair Value Measurements Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at March 31, Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 505 Discounted cash flows (3rd party pricing) Yield 0-15% 6% CMBS 251 Discounted cash flows (3rd party pricing) Yield 1-3% 2% Other ABS 30 Discounted cash flows (3rd party pricing) Yield 1% 1% Other securities 11 Discounted cash flows Yield 1% 1% Other assets: Consumer MSRs 59 Discounted cash flows Total prepayment rate 10-20% 17% Derivative assets (1) 71 Discounted cash flows Swap rates 2% 2% Retained interests in securitization (2) 201 Discounted cash flows Life of receivables (months) Constant prepayment rate 14-83 N/A Liabilities: Derivative liabilities (1) $ 40 Discounted cash flows Swap rates 2% 2% Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, 2015 Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 504 Discounted cash flows (3rd party pricing) Yield 0-12% 6% CMBS 97 Discounted cash flows (3rd party pricing) Yield 2-3% 3% Other securities 14 Discounted cash flows Yield 1% 1% Other assets: Consumer MSRs 68 Discounted cash flows Total prepayment rate 11-18% 16% Derivative assets (1) 57 Discounted cash flows Swap rates 2% 2% Retained interests in securitization (2) 211 Discounted cash flows Life of receivables (months) Constant prepayment rate 16-75 N/A Liabilities: Derivative liabilities (1) $ 27 Discounted cash flows Swap rates 2% 2% __________ (1) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. (2) Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs. As |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | following table presents the carrying amount of the assets measured at fair value on a nonrecurring basis and still held as of March 31, 2016 and December 31, 2015 , and for which a nonrecurring fair value measurement was recorded during the three and twelve months then ended: Table 12.4: Nonrecurring Fair Value Measurements Related to Assets Still Held at Period End March 31, 2016 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 1 Level 2 Level 3 Loans held for investment $ 0 $ 0 $ 716 $ 716 Loans held for sale 0 6 0 6 Other assets (1) 0 0 39 39 Total $ 0 $ 6 $ 755 $ 761 December 31, 2015 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 1 Level 2 Level 3 Loans held for investment $ 0 $ 0 $ 362 $ 362 Loans held for sale 0 149 0 149 Other assets (1) 0 0 92 92 Total $ 0 $ 149 $ 454 $ 603 __________ (1) Includes foreclosed property and repossessed assets of $39 million and long-lived assets held for sale of $0 million as of March 31, 2016 , compared to foreclosed property and repossessed assets of $54 million and long-lived assets held for sale of $38 million as of December 31, 2015 . In |
Schedule of Earnings Related to Assets Measured at Fair Value on Nonrecurring Basis | following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at March 31, 2016 and 2015 : Table 12.5: Nonrecurring Fair Value Measurements Included in Earnings Related to Assets Still Held at Period End Total Gains (Losses) Three Months Ended March 31, (Dollars in millions) 2016 2015 Loans held for investment $ (71 ) $ (5 ) Loans held for sale 0 0 Other assets (1) (4 ) (4 ) Total $ (75 ) $ (9 ) __________ (1) Includes losses related to foreclosed property and repossessed assets. Fai |
Schedule of Fair Value of Financial Instruments | ble 12.6: Fair Value of Financial Instruments March 31, 2016 Carrying Amount Estimated Fair Value Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 5,235 $ 5,235 $ 5,235 $ 0 $ 0 Restricted cash for securitization investors 960 960 960 0 0 Securities held to maturity 25,080 26,455 200 26,204 51 Net loans held for investment 222,197 224,489 0 0 224,489 Loans held for sale 1,251 1,308 0 1,308 0 Interest receivable 1,221 1,221 0 1,221 0 Other investments (1) 1,754 1,754 0 1,754 0 Financial liabilities: Non-interest bearing deposits $ 25,182 $ 25,182 $ 25,182 $ 0 $ 0 Interest-bearing deposits 196,597 192,475 0 16,336 176,139 Securitized debt obligations 14,913 14,961 0 14,961 0 Senior and subordinated notes 21,736 21,697 0 21,697 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 917 917 917 0 0 Other borrowings 12,931 12,920 0 12,920 0 Interest payable 217 217 0 217 0 December 31, 2015 Carrying Amount Estimated Fair Value Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 8,023 $ 8,023 $ 8,023 $ 0 $ 0 Restricted cash for securitization investors 1,017 1,017 1,017 0 0 Securities held to maturity 24,619 25,317 198 25,068 51 Net loans held for investment 224,721 222,007 0 0 222,007 Loans held for sale 904 933 0 860 73 Interest receivable 1,189 1,189 0 1,189 0 Other investments (1) 2,060 2,060 0 2,060 0 Financial liabilities: Non-interest bearing deposits $ 25,847 $ 25,847 $ 25,847 $ 0 $ 0 Interest-bearing deposits 191,874 185,075 0 15,848 169,227 Securitized debt obligations 16,166 16,225 0 16,225 0 Senior and subordinated notes 21,837 22,062 0 22,062 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 981 981 981 0 0 Other borrowings 20,131 20,134 0 20,134 0 Interest payable 299 299 0 299 0 __________ (1) Primarily includes our investments in Federal Home Loan Banks (“FHLB”) and the Board of Governors of the Federal Reserve System (“Federal Reserve”) stock. These investments are included in other assets on our consolidated balance sheets. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Results and Reconciliation | The following tables present our business segment results for the three months ended March 31, 2016 and 2015 , selected balance sheet data as of March 31, 2016 and 2015 , and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, assets and deposits. Table 13.1: Segment Results and Reconciliation Three Months Ended March 31, 2016 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Net interest income $ 3,033 $ 1,420 $ 537 $ 66 $ 5,056 Non-interest income 847 191 118 8 1,164 Total net revenue (loss) 3,880 1,611 655 74 6,220 Provision (benefit) for credit losses 1,071 230 228 (2 ) 1,527 Non-interest expense: Amortization of intangibles: PCCR intangible amortization 70 0 0 0 70 Core deposit intangible amortization 0 15 3 0 18 Total PCCR and core deposit intangible amortization 70 15 3 0 88 Other non-interest expense 1,793 975 319 48 3,135 Total non-interest expense 1,863 990 322 48 3,223 Income (loss) from continuing operations before income taxes 946 391 105 28 1,470 Income tax provision (benefit) 337 142 38 (65 ) 452 Income (loss) from continuing operations, net of tax $ 609 $ 249 $ 67 $ 93 $ 1,018 Loans held for investment $ 92,699 $ 70,591 $ 64,241 $ 82 $ 227,613 Deposits 0 177,803 33,383 10,593 221,779 Three Months Ended March 31, 2015 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Net interest income $ 2,666 $ 1,434 $ 461 $ 15 $ 4,576 Non-interest income 816 158 114 (17 ) 1,071 Total net revenue (loss) 3,482 1,592 575 (2 ) 5,647 Provision (benefit) for credit losses 669 206 60 0 935 Non-interest expense: Amortization of intangibles: PCCR intangible amortization 84 0 0 0 84 Core deposit intangible amortization 0 22 4 0 26 Total PCCR and core deposit intangible amortization 84 22 4 0 110 Other non-interest expense 1,692 948 268 31 2,939 Total non-interest expense 1,776 970 272 31 3,049 Income (loss) from continuing operations before income taxes 1,037 416 243 (33 ) 1,663 Income tax provision (benefit) 369 150 88 (78 ) 529 Income (loss) from continuing operations, net of tax $ 668 $ 266 $ 155 $ 45 $ 1,134 Loans held for investment $ 81,754 $ 71,379 $ 50,741 $ 104 $ 203,978 Deposits 0 172,502 32,575 5,363 210,440 __________ (1) Some of our tax-related commercial investments generate tax-exempt income or tax credits. Accordingly, we make certain reclassifications within our Commercial Banking business results to present revenues and yields on a taxable-equivalent basis, calculated assuming an effective tax rate approximately equal to our federal statutory tax rate of 35% with offsetting reclassifications to the Other category. |
Commitments, Contingencies, G35
Commitments, Contingencies, Guarantees, and Others (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Unpaid Principal Balance of Mortgage Loans Originated and Sold to Third Parties Based on Category of Purchaser | The following table presents the original principal balance of mortgage loan originations, by vintage for 2005 through 2008, for the three general categories of purchasers of mortgage loans and the estimated unpaid principal balance as of March 31, 2016 and December 31, 2015 : Table 14.1: Unpaid Principal Balance of Mortgage Loans Originated and Sold to Third Parties Based on Category of Purchaser Estimated Unpaid Principal Balance Original Principal Balance (Dollars in billions) March 31, December 31, Total 2008 2007 2006 2005 GSEs $ 2 $ 2 $ 11 $ 1 $ 4 $ 3 $ 3 Insured Securitizations 3 4 20 0 2 8 10 Uninsured Securitizations and Other 14 14 80 3 15 30 32 Total $ 19 $ 20 $ 111 $ 4 $ 21 $ 41 $ 45 |
Schedule of Open Claims in Pipeline | The following table presents information on pending repurchase-related requests by counterparty category and timing of initial request. The amounts presented are based on original loan principal balances. Table 14.2: Open Pipeline All Vintages (All Entities) (1) (Dollars in millions) GSEs Insured Securitizations Uninsured Securitizations and Other Total Open claims as of December 31, 2014 $ 16 $ 649 $ 1,847 $ 2,512 Gross new demands received 23 0 23 46 Loans repurchased/made whole (17 ) 0 (1 ) (18 ) Demands rescinded (21 ) (115 ) (1,054 ) (1,190 ) Open claims as of December 31, 2015 1 534 815 1,350 Gross new demands received 8 0 5 13 Loans repurchased/made whole (1 ) 0 0 (1 ) Demands rescinded (2 ) 0 0 (2 ) Open claims as of March 31, 2016 $ 6 $ 534 $ 820 $ 1,360 __________ (1) The open pipeline includes all timely repurchase-related requests ever received by our subsidiaries where the requesting party has not formally rescinded the repurchase-related request or our subsidiary has not agreed to either repurchase the loan at issue or make the requesting party whole with respect to its losses. The demands rescinded in 2015 reflect the ruling from New York’s highest court in June 2015 that the statute of limitations for repurchase claims begins when the relevant representations and warranties were made, as opposed to some later date during the life of the loan. Finally, the amounts reflected in this chart are the original principal balance amounts of the mortgage loans at issue and do not correspond to the losses our subsidiary would incur upon the repurchase of these loans. |
Schedule of Changes in Representation and Warranty Reserve | The following table summarizes changes in our representation and warranty reserve for the three months ended March 31, 2016 and 2015 : Table 14.3: Changes in Representation and Warranty Reserve (1) Three Months Ended March 31, (Dollars in millions) 2016 2015 Representation and warranty reserve, beginning of period $ 610 $ 731 Provision (benefit) for mortgage representation and warranty losses: Recorded in continuing operations (1 ) 1 Recorded in discontinued operations 3 (19 ) Total provision (benefit) for mortgage representation and warranty losses 2 (18 ) Net realized recoveries (losses) 1 (40 ) Representation and warranty reserve, end of period $ 613 $ 673 __________ (1) Reported on our consolidated balance sheets as a component of other liabilities. |
Schedule of Allocation of Representation and Warranty Reserves | The following table summarizes the allocation of our representation and warranty reserve as of March 31, 2016 and 2015 : Table 14.4: Allocation of Representation and Warranty Reserve Reserve Liability Loans Sold 2005 to 2008 (1) (Dollars in millions, except for loans sold) March 31, December 31, Selected period-end data: Active Insured Securitizations and GSEs $ 482 $ 480 $ 27 Inactive Insured Securitizations and Others 131 130 84 Total (2) $ 613 $ 610 $ 111 __________ (1) Reflects, in billions, the total original principal balance of loans originated by our subsidiaries and sold to third-party investors between 2005 and 2008. (2) The total reserve liability includes an immaterial amount related to loans that were originated after 2008. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Segments (Details) $ in Millions | 3 Months Ended | 4 Months Ended |
Mar. 31, 2016USD ($)Segment | Mar. 31, 2016USD ($) | |
Business Acquisition [Line Items] | ||
Goodwill, Acquired During Period | $ 14 | |
Number of Operating Segments | Segment | 3 | |
GE Healthcare [Member] | ||
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 9,000 | |
Cash Acquired from Acquisition | 180 | |
Business Combination, Total Assets Acquired | $ 9,200 | 9,200 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans Receivable | 8,200 | 8,200 |
Business Combination, Acquired Intangibles | $ 134 | 134 |
Goodwill, Acquired During Period | $ 514 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Results from Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (loss) from discontinued operations, net of tax | $ (5) | $ 19 |
Wholesale Mortgage Banking Unit | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Non-interest income (expense), net | (8) | 30 |
Income (loss) from discontinued operations before income taxes | (8) | 30 |
Income tax provision (benefit) | (3) | 11 |
Income (loss) from discontinued operations, net of tax | $ (5) | $ 19 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) $ in Millions | Mar. 31, 2016USD ($)Security | Dec. 31, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of sale securities exceeding amortized cost over fair value | Security | 600 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (129) | $ (321) |
Difference in amortized cost and fair value of securities that had been in a loss position for 12 months or longer | $ (85) | (165) |
Securities held to maturity | Security | 30 | |
Fair value of securities pledged | $ 1,600 | 1,700 |
Carrying value of securities pledged | 8,500 | 8,700 |
Encumbered amount of securities pledged as collateral | 10,600 | 10,600 |
Fair value of securities pledged, accepted | 7 | 172 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | $ (7) | $ (81) |
Non-agency RMBS and CMBS, Non-agency ABS and Other Securities | Gross Unrealized Losses on Available-for-sale Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage of portfolio | 28.00% | |
Investment Securities Portfolio | US Treasury and Government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage of portfolio | 91.00% | 90.00% |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (94) | $ (234) |
Difference in amortized cost and fair value of securities that had been in a loss position for 12 months or longer | (59) | (114) |
Non-agency RMBS and CMBS, Non-agency ABS and Other Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (36) | |
Non-Agency | Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 25 | 22 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (26) | (22) |
Difference in amortized cost and fair value of securities that had been in a loss position for 12 months or longer | $ (13) | $ (12) |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Portfolio (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities available for sale, at fair value | $ 40,092 | $ 39,061 |
Securities held to maturity, at carrying value | 25,080 | 24,619 |
Total investments securities | $ 65,172 | $ 63,680 |
Investment Securities - Sched40
Investment Securities - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities available for sale: | ||
Total Amortized Cost | $ 39,539 | $ 38,804 |
Gross Unrealized Gains | 682 | 578 |
Gross Unrealized Losses | (129) | (321) |
Securities available for sale, at fair value | $ 40,092 | $ 39,061 |
Collateralized by Credit Card Loans | Other Asset-backed Securities Portfolio | ||
Investment securities available for sale: | ||
Percentage of portfolio | 65.00% | 71.00% |
Auto Dealer Floor Plan Inventory Loans and Leases | Other Asset-backed Securities Portfolio | ||
Investment securities available for sale: | ||
Percentage of portfolio | 16.00% | 11.00% |
U.S. Treasury securities | ||
Investment securities available for sale: | ||
Total Amortized Cost | $ 4,934 | $ 4,664 |
Gross Unrealized Gains | 32 | 5 |
Gross Unrealized Losses | 0 | (9) |
Securities available for sale, at fair value | 4,966 | 4,660 |
RMBS | ||
Investment securities available for sale: | ||
Total Amortized Cost | 27,800 | 27,012 |
Gross Unrealized Gains | 562 | 533 |
Gross Unrealized Losses | (94) | (234) |
Securities available for sale, at fair value | 28,268 | 27,311 |
RMBS | Agency | ||
Investment securities available for sale: | ||
Total Amortized Cost | 25,187 | 24,332 |
Gross Unrealized Gains | 248 | 165 |
Gross Unrealized Losses | (68) | (212) |
Securities available for sale, at fair value | 25,367 | 24,285 |
RMBS | Non-Agency | ||
Investment securities available for sale: | ||
Total Amortized Cost | 2,613 | 2,680 |
Gross Unrealized Gains | 314 | 368 |
Gross Unrealized Losses | (26) | (22) |
Securities available for sale, at fair value | 2,901 | 3,026 |
Non-credit OTTI losses related to non-agency RMBS | 25 | 22 |
CMBS | ||
Investment securities available for sale: | ||
Total Amortized Cost | 5,451 | 5,413 |
Gross Unrealized Gains | 83 | 37 |
Gross Unrealized Losses | (30) | (71) |
Securities available for sale, at fair value | 5,504 | 5,379 |
CMBS | Agency | ||
Investment securities available for sale: | ||
Total Amortized Cost | 3,732 | 3,690 |
Gross Unrealized Gains | 48 | 21 |
Gross Unrealized Losses | (25) | (47) |
Securities available for sale, at fair value | 3,755 | 3,664 |
CMBS | Non-Agency | ||
Investment securities available for sale: | ||
Total Amortized Cost | 1,719 | 1,723 |
Gross Unrealized Gains | 35 | 16 |
Gross Unrealized Losses | (5) | (24) |
Securities available for sale, at fair value | 1,749 | 1,715 |
Other ABS | ||
Investment securities available for sale: | ||
Total Amortized Cost | 1,037 | 1,345 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Losses | (1) | (6) |
Securities available for sale, at fair value | 1,038 | 1,340 |
Other securities | ||
Investment securities available for sale: | ||
Total Amortized Cost | 317 | 370 |
Gross Unrealized Gains | 3 | 2 |
Gross Unrealized Losses | (4) | (1) |
Securities available for sale, at fair value | $ 316 | $ 371 |
Investment Securities - Investm
Investment Securities - Investment Securities Held to Maturity (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 26,200 | $ 25,772 |
Unrealized Losses Recorded in AOCI | (1,120) | (1,153) |
Carrying Value | 25,080 | 24,619 |
Gross Unrealized Gains | 1,381 | 779 |
Gross Unrealized Losses | (7) | (81) |
Fair Value | 26,454 | 25,317 |
U.S. Treasury securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 199 | 199 |
Unrealized Losses Recorded in AOCI | 0 | 0 |
Carrying Value | 199 | 199 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 200 | 198 |
Agency | RMBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 22,846 | 22,561 |
Unrealized Losses Recorded in AOCI | (1,018) | (1,048) |
Carrying Value | 21,828 | 21,513 |
Gross Unrealized Gains | 1,216 | 692 |
Gross Unrealized Losses | (6) | (72) |
Fair Value | 23,038 | 22,133 |
Agency | CMBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,155 | 3,012 |
Unrealized Losses Recorded in AOCI | (102) | (105) |
Carrying Value | 3,053 | 2,907 |
Gross Unrealized Gains | 164 | 87 |
Gross Unrealized Losses | (1) | (8) |
Fair Value | $ 3,216 | $ 2,986 |
Investment Securities - Sched42
Investment Securities - Schedule of Available-for-Sale Securities in Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 6,625 | $ 18,642 |
Less than 12 Months, Gross Unrealized Losses | (44) | (156) |
12 Months or Longer, Fair Value | 5,534 | 6,328 |
12 Months or Longer, Gross Unrealized Losses | (85) | (165) |
Total Fair Value | 12,159 | 24,970 |
Total Gross Unrealized Losses | (129) | (321) |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 3,096 |
Less than 12 Months, Gross Unrealized Losses | 0 | (9) |
12 Months or Longer, Fair Value | 1 | 1 |
12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total Fair Value | 1 | 3,097 |
Total Gross Unrealized Losses | 0 | (9) |
RMBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 5,116 | 12,380 |
Less than 12 Months, Gross Unrealized Losses | (35) | (120) |
12 Months or Longer, Fair Value | 4,181 | 4,575 |
12 Months or Longer, Gross Unrealized Losses | (59) | (114) |
Total Fair Value | 9,297 | 16,955 |
Total Gross Unrealized Losses | (94) | (234) |
RMBS | Agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 4,679 | 12,025 |
Less than 12 Months, Gross Unrealized Losses | (22) | (110) |
12 Months or Longer, Fair Value | 4,019 | 4,420 |
12 Months or Longer, Gross Unrealized Losses | (46) | (102) |
Total Fair Value | 8,698 | 16,445 |
Total Gross Unrealized Losses | (68) | (212) |
RMBS | Non-Agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 437 | 355 |
Less than 12 Months, Gross Unrealized Losses | (13) | (10) |
12 Months or Longer, Fair Value | 162 | 155 |
12 Months or Longer, Gross Unrealized Losses | (13) | (12) |
Total Fair Value | 599 | 510 |
Total Gross Unrealized Losses | (26) | (22) |
CMBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 931 | 2,091 |
Less than 12 Months, Gross Unrealized Losses | (5) | (22) |
12 Months or Longer, Fair Value | 1,156 | 1,478 |
12 Months or Longer, Gross Unrealized Losses | (25) | (49) |
Total Fair Value | 2,087 | 3,569 |
Total Gross Unrealized Losses | (30) | (71) |
CMBS | Agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 590 | 1,352 |
Less than 12 Months, Gross Unrealized Losses | (3) | (9) |
12 Months or Longer, Fair Value | 927 | 1,148 |
12 Months or Longer, Gross Unrealized Losses | (22) | (38) |
Total Fair Value | 1,517 | 2,500 |
Total Gross Unrealized Losses | (25) | (47) |
CMBS | Non-Agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 341 | 739 |
Less than 12 Months, Gross Unrealized Losses | (2) | (13) |
12 Months or Longer, Fair Value | 229 | 330 |
12 Months or Longer, Gross Unrealized Losses | (3) | (11) |
Total Fair Value | 570 | 1,069 |
Total Gross Unrealized Losses | (5) | (24) |
Other ABS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 368 | 825 |
Less than 12 Months, Gross Unrealized Losses | (1) | (5) |
12 Months or Longer, Fair Value | 177 | 255 |
12 Months or Longer, Gross Unrealized Losses | 0 | (1) |
Total Fair Value | 545 | 1,080 |
Total Gross Unrealized Losses | (1) | (6) |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 210 | 250 |
Less than 12 Months, Gross Unrealized Losses | (3) | 0 |
12 Months or Longer, Fair Value | 19 | 19 |
12 Months or Longer, Gross Unrealized Losses | (1) | (1) |
Total Fair Value | 229 | 269 |
Total Gross Unrealized Losses | $ (4) | $ (1) |
Investment Securities - Sched43
Investment Securities - Schedule of Contractual Maturities for Available for Sale Securities (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | ||
Due in 1 year or less | $ 505 | |
Due after 1 year through 5 years | 5,545 | |
Due after 5 years through 10 years | 2,194 | |
Due after 10 years | 31,295 | |
Total Amortized Cost | 39,539 | $ 38,804 |
Fair Value | ||
Due in 1 year or less | 505 | |
Due after 1 year through 5 years | 5,584 | |
Due after 5 years through 10 years | 2,234 | |
Due after 10 years | 31,769 | |
Available-for-sale Securities | $ 40,092 | $ 39,061 |
Investment Securities - Sched44
Investment Securities - Schedule of Contractual Maturities of Securities Held to Maturity (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Carrying Value | ||
Due after 1 year through 5 years | $ 199 | |
Due after 5 years through 10 years | 1,251 | |
Due after 10 years | 23,630 | |
Carrying Value | 25,080 | $ 24,619 |
Fair Value | ||
Due after 1 year through 5 years | 200 | |
Due after 5 years through 10 years | 1,355 | |
Due after 10 years | 24,899 | |
Fair Value | $ 26,454 | $ 25,317 |
Investment Securities - Sched45
Investment Securities - Schedule of Expected Maturities and Weighted Average Yields of Investment Securities by Major Security Type (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Securities available for sale | ||
Due in 1 Year or Less | $ 1,043 | |
Due 1 Year through 5 Years | 25,884 | |
Due 5 Years through 10 Years | 12,563 | |
Due 10 Years | 602 | |
Available-for-sale Securities | 40,092 | $ 39,061 |
Amortized cost of securities available for sale | ||
Due in 1 Year or Less | 1,048 | |
Due 1 Year through 5 Years | 25,625 | |
Due 5 Years through 10 Years | 12,295 | |
Due 10 Years | 571 | |
Total Amortized Cost | $ 39,539 | 38,804 |
Weighted average yield for securities available for sale | ||
Due in 1 Year or Less | 1.03% | |
Due 1 Year through 5 Years | 2.01% | |
Due 5 Years through 10 Years | 3.19% | |
Due 10 Years | 7.40% | |
Total weighted average yield | 2.43% | |
Carrying value of securities held to maturity | ||
Due in 1 Year or Less | $ 7 | |
Due 1 Year through 5 Years | 4,037 | |
Due 5 Years through 10 Years | 17,047 | |
Due 10 Years | 3,989 | |
Carrying Value | 25,080 | 24,619 |
Fair value of securities held to maturity | ||
Due in 1 Year or Less | 7 | |
Due 1 Year through 5 Years | 4,183 | |
Due 5 Years through 10 Years | 17,996 | |
Due 10 Years | 4,268 | |
Fair Value | $ 26,454 | 25,317 |
Weighted average yield for securities held to maturity | ||
Due in 1 Year or Less | 7.13% | |
Due 1 Year through 5 Years | 2.71% | |
Due 5 Years through 10 Years | 2.57% | |
Due 10 Years | 3.36% | |
Total weighted average yield | 2.72% | |
U.S. Treasury securities | ||
Carrying value of securities held to maturity | ||
Due in 1 Year or Less | $ 0 | |
Due 1 Year through 5 Years | 199 | |
Due 5 Years through 10 Years | 0 | |
Due 10 Years | 0 | |
Carrying Value | 199 | 199 |
Fair value of securities held to maturity | ||
Fair Value | 200 | 198 |
U.S. Treasury securities | ||
Securities available for sale | ||
Due in 1 Year or Less | 214 | |
Due 1 Year through 5 Years | 4,233 | |
Due 5 Years through 10 Years | 519 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 4,966 | 4,660 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 4,934 | 4,664 |
RMBS | ||
Securities available for sale | ||
Due in 1 Year or Less | 337 | |
Due 1 Year through 5 Years | 18,438 | |
Due 5 Years through 10 Years | 8,992 | |
Due 10 Years | 501 | |
Available-for-sale Securities | 28,268 | 27,311 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 27,800 | 27,012 |
RMBS | Agency | ||
Securities available for sale | ||
Due in 1 Year or Less | 323 | |
Due 1 Year through 5 Years | 17,587 | |
Due 5 Years through 10 Years | 7,457 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 25,367 | 24,285 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 25,187 | 24,332 |
Carrying value of securities held to maturity | ||
Due in 1 Year or Less | 7 | |
Due 1 Year through 5 Years | 3,705 | |
Due 5 Years through 10 Years | 14,583 | |
Due 10 Years | 3,533 | |
Carrying Value | 21,828 | 21,513 |
Fair value of securities held to maturity | ||
Fair Value | 23,038 | 22,133 |
RMBS | Non-Agency | ||
Securities available for sale | ||
Due in 1 Year or Less | 14 | |
Due 1 Year through 5 Years | 851 | |
Due 5 Years through 10 Years | 1,535 | |
Due 10 Years | 501 | |
Available-for-sale Securities | 2,901 | 3,026 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 2,613 | 2,680 |
CMBS | ||
Securities available for sale | ||
Due in 1 Year or Less | 172 | |
Due 1 Year through 5 Years | 2,362 | |
Due 5 Years through 10 Years | 2,970 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 5,504 | 5,379 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 5,451 | 5,413 |
CMBS | Agency | ||
Securities available for sale | ||
Due in 1 Year or Less | 55 | |
Due 1 Year through 5 Years | 1,846 | |
Due 5 Years through 10 Years | 1,854 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 3,755 | 3,664 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 3,732 | 3,690 |
Carrying value of securities held to maturity | ||
Due in 1 Year or Less | 0 | |
Due 1 Year through 5 Years | 133 | |
Due 5 Years through 10 Years | 2,464 | |
Due 10 Years | 456 | |
Carrying Value | 3,053 | 2,907 |
Fair value of securities held to maturity | ||
Fair Value | 3,216 | 2,986 |
CMBS | Non-Agency | ||
Securities available for sale | ||
Due in 1 Year or Less | 117 | |
Due 1 Year through 5 Years | 516 | |
Due 5 Years through 10 Years | 1,116 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 1,749 | 1,715 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 1,719 | 1,723 |
Other ABS | ||
Securities available for sale | ||
Due in 1 Year or Less | 110 | |
Due 1 Year through 5 Years | 846 | |
Due 5 Years through 10 Years | 82 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 1,038 | 1,340 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 1,037 | 1,345 |
Other securities | ||
Securities available for sale | ||
Due in 1 Year or Less | 210 | |
Due 1 Year through 5 Years | 5 | |
Due 5 Years through 10 Years | 0 | |
Due 10 Years | 101 | |
Available-for-sale Securities | 316 | 371 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | $ 317 | $ 370 |
Investment Securities - Sched46
Investment Securities - Schedule of Credit Losses Related to Debt Securities Recognized in Earnings (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Credit loss component, beginning of period | $ 199 | $ 175 |
Additions: | ||
Initial credit impairment | 0 | 5 |
Subsequent credit impairment | 6 | 10 |
Total additions | 6 | 15 |
Reductions due to payoffs, disposals, transfers and other | (1) | 0 |
Credit loss component, end of period | $ 204 | $ 190 |
Investment Securities - Sched47
Investment Securities - Schedule of Gross Realized Gains and Losses on Available-for-Sale Securities and OTTI Recognized in Earnings (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Realized gains (losses): | ||
Gross realized gains | $ 3 | $ 9 |
Gross realized losses | (3) | (7) |
Net realized gains (losses) | 0 | 2 |
OTTI recognized in earnings: | ||
Credit-related OTTI | (6) | (15) |
Intent to Sell OTTI | (2) | 0 |
Total OTTI recognized in earnings | (8) | (15) |
Net securities gains (losses) | (8) | (13) |
Proceeds from sales | $ 1,923 | $ 1,342 |
Investment Securities - Sched48
Investment Securities - Schedule of Outstanding Contractual Balance and Carrying Value of Acquired Credit-Impaired Debt Securities (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Outstanding Balance and Carrying Value of Acquired Securities | ||
Outstanding balance | $ 3,190 | $ 3,285 |
Carrying value | $ 2,386 | $ 2,480 |
Investment Securities - Sched49
Investment Securities - Schedule of Changes in Accretable Yield of Acquired Securities (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Changes in Accretable Yield of Acquired Securities [Roll Forward] | |
Accretable yield beginning balance | $ 1,237 |
Accretion recognized in earnings | (54) |
Net reclassifications from (to) nonaccretable difference | 62 |
Accretable yield ending balance | $ 1,245 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pledged Financial Instruments, Not separately reported, Loans Receivable, for Federal Home Loan Bank Debt, UPB | $ 35,600 | $ 36,900 | |
Loans held for investment | 227,613 | 229,851 | $ 203,978 |
Loans held for sale | 1,251 | 904 | |
Mortgage loans in process of foreclosure | 451 | ||
Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructurings included in impaired loans | 1,900 | 1,800 | |
Home loan | Other Assets | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Real estate acquired through foreclosure | 111 | 123 | |
Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | 82 | 88 | |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | 70,591 | 70,372 | |
Consumer Portfolio Segment [Member] | Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructurings included in impaired loans | 1,000 | 1,000 | |
Consumer Portfolio Segment [Member] | Home loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | 24,343 | 25,227 | |
Commercial Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | 64,241 | 63,266 | |
Commercial Banking | Criticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum loan amount reviewed quarterly by management for further deterioration | 1 | ||
Commercial Banking | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum loan amount requiring annual review | 1 | ||
Commercial Banking | Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructurings included in impaired loans | 305 | 334 | |
Credit Card Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | 92,699 | 96,125 | |
Other Portfolio Segments, Excluding Credit Card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unused Commitments to Extend Credit | 26,400 | 27,900 | |
Advised Line of Credit | $ 1,100 | 1,000 | |
Home Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Threshold Period Past Due for Entering Foreclosure Process Status of Financing Receivables | 120 days | ||
Unused lines of Credit [Member] | Credit Card Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unused Commitments to Extend Credit | $ 311,100 | $ 308,300 |
Loans - Loan Portfolio Composit
Loans - Loan Portfolio Composition and Aging Analysis (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | $ 203,030 | $ 203,438 | |
Past due | 6,015 | 6,895 | |
Loans held for investment | $ 227,613 | $ 229,851 | $ 203,978 |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Financing Receivable, Percent Current | 89.20% | 88.51% | |
Total Delinquent Loans (as percent) | 2.64% | 3.00% | |
Total Loans (as percent) | 100.00% | 100.00% | |
Loans and Leases Receivable, Deferred Income | $ 948 | $ 989 | |
Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 89,778 | 92,857 | |
Past due | 2,921 | 3,268 | |
Loans held for investment | 92,699 | 96,125 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 50,366 | 48,528 | |
Past due | 2,590 | 3,284 | |
Loans held for investment | 70,591 | 70,372 | |
Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 40,386 | 38,549 | |
Past due | 2,328 | 3,000 | |
Loans held for investment | 42,714 | 41,549 | |
Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 6,521 | 6,465 | |
Past due | 218 | 235 | |
Loans held for investment | 24,343 | 25,227 | |
Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 3,459 | 3,514 | |
Past due | 44 | 49 | |
Loans held for investment | 3,534 | 3,596 | |
Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 62,813 | 61,976 | |
Past due | 495 | 332 | |
Loans held for investment | 64,241 | 63,266 | |
Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 62,241 | 61,369 | |
Past due | 487 | 326 | |
Loans held for investment | 63,661 | 62,653 | |
Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 25,497 | 25,449 | |
Past due | 30 | 38 | |
Loans held for investment | 25,559 | 25,518 | |
Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 36,744 | 35,920 | |
Past due | 457 | 288 | |
Loans held for investment | 38,102 | 37,135 | |
Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 572 | 607 | |
Past due | 8 | 6 | |
Loans held for investment | 580 | 613 | |
Other | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 73 | 77 | |
Past due | 9 | 11 | |
Loans held for investment | 82 | 88 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | $ 18,568 | $ 19,518 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Total Loans (as percent) | 8.16% | 8.49% | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | $ 0 | $ 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 17,635 | 18,560 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 17,604 | 18,527 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 31 | 33 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 933 | 958 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 933 | 958 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 32 | 31 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 901 | 927 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Other | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 2,581 | $ 3,069 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Total Delinquent Loans (as percent) | 1.13% | 1.33% | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 873 | $ 1,016 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1,632 | 1,963 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1,576 | 1,901 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 37 | 41 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 19 | 21 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 74 | 88 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 71 | 85 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 19 | 34 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 52 | 51 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 3 | 3 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Other | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 2 | 2 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 1,371 | $ 1,668 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Total Delinquent Loans (as percent) | 0.60% | 0.73% | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 627 | $ 725 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 641 | 906 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 619 | 880 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 15 | 18 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 7 | 8 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 102 | 35 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 100 | 34 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 2 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 98 | 34 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 2 | 1 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Other | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1 | 2 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 2,063 | $ 2,158 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Total Delinquent Loans (as percent) | 0.91% | 0.94% | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 1,421 | $ 1,527 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 317 | 415 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 133 | 219 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 166 | 176 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 18 | 20 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 319 | 209 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 316 | 207 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 9 | 4 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 307 | 203 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 3 | 2 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Other | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 6 | 7 | |
Geographic Distribution, Domestic [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 81,946 | 84,954 | |
Past due | 2,615 | 2,985 | |
Loans held for investment | 84,561 | 87,939 | |
Geographic Distribution, Domestic [Member] | Credit Card Portfolio Segment [Member] | Installment loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Gross | 13 | 16 | |
Geographic Distribution, Domestic [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
Geographic Distribution, Domestic [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 757 | 906 | |
Geographic Distribution, Domestic [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 555 | 658 | |
Geographic Distribution, Domestic [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1,303 | 1,421 | |
Geographic Distribution, Foreign [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 7,832 | 7,903 | |
Past due | 306 | 283 | |
Loans held for investment | 8,138 | 8,186 | |
Geographic Distribution, Foreign [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
Geographic Distribution, Foreign [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 116 | 110 | |
Geographic Distribution, Foreign [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 72 | 67 | |
Geographic Distribution, Foreign [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 118 | $ 106 |
Loans - 90+ Day Delinquent Loan
Loans - 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 1,407 | $ 1,505 |
Nonperforming Loans | $ 1,578 | $ 1,170 |
Percent 90 days past due and still accruing | 0.62% | 0.65% |
Financing Receivable, Nonaccrual, Percent Past Due | 0.69% | 0.51% |
Credit Card Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 1,395 | $ 1,500 |
Nonperforming Loans | 48 | 53 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 1 | 0 |
Nonperforming Loans | $ 470 | $ 558 |
Financing Receivable, Nonaccrual, Percent Past Due | 0.66% | 0.79% |
Consumer Portfolio Segment [Member] | Auto | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 0 | $ 0 |
Nonperforming Loans | $ 133 | $ 219 |
Financing Receivable, Nonaccrual, Percent Past Due | 0.31% | 0.53% |
Consumer Portfolio Segment [Member] | Home loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 0 | $ 0 |
Nonperforming Loans | $ 307 | $ 311 |
Financing Receivable, Nonaccrual, Percent Past Due | 1.26% | 1.23% |
Consumer Portfolio Segment [Member] | Retail banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 1 | $ 0 |
Nonperforming Loans | $ 30 | $ 28 |
Financing Receivable, Nonaccrual, Percent Past Due | 0.83% | 0.77% |
Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 11 | $ 5 |
Nonperforming Loans | 1,050 | 550 |
Commercial Banking | Total commercial lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 11 | 5 |
Nonperforming Loans | 1,044 | 545 |
Commercial Banking | Commercial and multifamily real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 1 | 0 |
Nonperforming Loans | 30 | 7 |
Commercial Banking | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 10 | 5 |
Nonperforming Loans | 1,014 | 538 |
Commercial Banking | Small-ticket commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Loans | 6 | 5 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Loans | 10 | 9 |
Geographic Distribution, Domestic [Member] | Credit Card Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 1,303 | 1,421 |
Nonperforming Loans | 0 | 0 |
Geographic Distribution, Foreign [Member] | Credit Card Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 92 | 79 |
Nonperforming Loans | $ 48 | $ 53 |
Loans - Credit Card_ Risk Profi
Loans - Credit Card: Risk Profile by Geographic Region and Delinquency Status (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 227,613 | $ 229,851 | $ 203,978 |
Past due | $ 6,015 | $ 6,895 | |
30 Plus day delinquencies (as percent) | 2.64% | 3.00% | |
Credit Card Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 92,699 | $ 96,125 | |
Percentage of portfolio | 100.00% | 100.00% | |
Past due | $ 2,921 | $ 3,268 | |
Credit Card Portfolio Segment [Member] | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 9,752 | $ 10,029 | |
Percentage of portfolio | 10.50% | 10.50% | |
Credit Card Portfolio Segment [Member] | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 6,163 | $ 6,446 | |
Percentage of portfolio | 6.60% | 6.70% | |
Credit Card Portfolio Segment [Member] | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 6,182 | $ 6,344 | |
Percentage of portfolio | 6.70% | 6.60% | |
Credit Card Portfolio Segment [Member] | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 5,574 | $ 5,712 | |
Percentage of portfolio | 6.00% | 5.90% | |
Credit Card Portfolio Segment [Member] | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,922 | $ 4,121 | |
Percentage of portfolio | 4.20% | 4.30% | |
Credit Card Portfolio Segment [Member] | Pennsylvania | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,575 | $ 3,764 | |
Percentage of portfolio | 3.90% | 3.90% | |
Credit Card Portfolio Segment [Member] | Ohio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,180 | $ 3,371 | |
Percentage of portfolio | 3.40% | 3.50% | |
Credit Card Portfolio Segment [Member] | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,061 | $ 3,210 | |
Percentage of portfolio | 3.30% | 3.30% | |
Credit Card Portfolio Segment [Member] | Michigan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,762 | $ 2,922 | |
Percentage of portfolio | 3.00% | 3.00% | |
Credit Card Portfolio Segment [Member] | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 40,390 | $ 42,020 | |
Percentage of portfolio | 43.60% | 43.80% | |
Credit Card Portfolio Segment [Member] | Canada | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 4,963 | $ 4,889 | |
Percentage of portfolio | 5.40% | 5.10% | |
Credit Card Portfolio Segment [Member] | United Kingdom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,175 | $ 3,297 | |
Percentage of portfolio | 3.40% | 3.40% | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 2,063 | $ 2,158 | |
30 Plus day delinquencies (as percent) | 0.91% | 0.94% | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 1,421 | $ 1,527 | |
Geographic Distribution, Domestic [Member] | Credit Card Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 84,561 | $ 87,939 | |
Percentage of portfolio | 91.20% | 91.50% | |
Past due | $ 2,615 | $ 2,985 | |
Geographic Distribution, Domestic [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,303 | 1,421 | |
Geographic Distribution, Foreign [Member] | Credit Card Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 8,138 | $ 8,186 | |
Percentage of portfolio | 8.80% | 8.50% | |
Past due | $ 306 | $ 283 | |
Geographic Distribution, Foreign [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 118 | $ 106 |
Loans - Credit Card_ Net Charge
Loans - Credit Card: Net Charge-Offs (Detail) - Credit Card Portfolio Segment [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Net charge-offs | $ 950 | $ 719 |
Percentage annualized net charge-off by average loans held for investment | 4.09% | 3.48% |
Geographic Distribution, Domestic [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Net charge-offs | $ 887 | $ 664 |
Percentage annualized net charge-off by average loans held for investment | 4.16% | 3.55% |
Geographic Distribution, Foreign [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Net charge-offs | $ 63 | $ 55 |
Percentage annualized net charge-off by average loans held for investment | 3.24% | 2.80% |
Loans - Consumer Banking_ Risk
Loans - Consumer Banking: Risk Profile by Geographic Region, Delinquency Status and Performing Status (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 227,613 | $ 229,851 | $ 203,978 |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 70,591 | $ 70,372 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 42,714 | $ 41,549 | |
Consumer Portfolio Segment [Member] | Auto | Geographic Concentration Risk | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 42,714 | $ 41,549 | |
Percentage of portfolio | 60.50% | 59.00% | |
Consumer Portfolio Segment [Member] | Auto | Geographic Concentration Risk | Loans Receivable | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 5,597 | $ 5,463 | |
Percentage of portfolio | 7.90% | 7.80% | |
Consumer Portfolio Segment [Member] | Auto | Geographic Concentration Risk | Loans Receivable | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 4,812 | $ 4,611 | |
Percentage of portfolio | 6.80% | 6.50% | |
Consumer Portfolio Segment [Member] | Auto | Geographic Concentration Risk | Loans Receivable | Louisiana | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,931 | $ 1,882 | |
Percentage of portfolio | 2.70% | 2.70% | |
Consumer Portfolio Segment [Member] | Auto | Geographic Concentration Risk | Loans Receivable | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,891 | $ 1,859 | |
Percentage of portfolio | 2.70% | 2.60% | |
Consumer Portfolio Segment [Member] | Auto | Geographic Concentration Risk | Loans Receivable | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,485 | $ 3,315 | |
Percentage of portfolio | 4.90% | 4.70% | |
Consumer Portfolio Segment [Member] | Auto | Geographic Concentration Risk | Loans Receivable | Georgia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,291 | $ 2,245 | |
Percentage of portfolio | 3.30% | 3.20% | |
Consumer Portfolio Segment [Member] | Auto | Geographic Concentration Risk | Loans Receivable | Ohio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,778 | $ 1,738 | |
Percentage of portfolio | 2.50% | 2.50% | |
Consumer Portfolio Segment [Member] | Auto | Geographic Concentration Risk | Loans Receivable | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 20,929 | $ 20,436 | |
Percentage of portfolio | 29.70% | 29.00% | |
Consumer Portfolio Segment [Member] | Home loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 24,343 | $ 25,227 | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 24,343 | $ 25,227 | |
Percentage of portfolio | 34.50% | 35.90% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Loans Receivable | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 5,652 | $ 5,884 | |
Percentage of portfolio | 8.00% | 8.40% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Loans Receivable | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,119 | $ 2,171 | |
Percentage of portfolio | 3.00% | 3.10% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Loans Receivable | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,433 | $ 1,490 | |
Percentage of portfolio | 2.00% | 2.10% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Loans Receivable | Maryland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,517 | $ 1,539 | |
Percentage of portfolio | 2.10% | 2.20% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Loans Receivable | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,246 | $ 1,293 | |
Percentage of portfolio | 1.80% | 1.80% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Loans Receivable | Virginia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,320 | $ 1,354 | |
Percentage of portfolio | 1.90% | 1.90% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Loans Receivable | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,090 | $ 1,146 | |
Percentage of portfolio | 1.60% | 1.60% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Loans Receivable | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 9,966 | $ 10,350 | |
Percentage of portfolio | 14.10% | 14.80% | |
Consumer Portfolio Segment [Member] | Retail banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,534 | $ 3,596 | |
Consumer Portfolio Segment [Member] | Retail banking | Geographic Concentration Risk | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,534 | $ 3,596 | |
Percentage of portfolio | 5.00% | 5.10% | |
Consumer Portfolio Segment [Member] | Retail banking | Geographic Concentration Risk | Loans Receivable | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 757 | $ 757 | |
Percentage of portfolio | 1.10% | 1.10% | |
Consumer Portfolio Segment [Member] | Retail banking | Geographic Concentration Risk | Loans Receivable | Louisiana | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,054 | $ 1,071 | |
Percentage of portfolio | 1.50% | 1.50% | |
Consumer Portfolio Segment [Member] | Retail banking | Geographic Concentration Risk | Loans Receivable | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 919 | $ 921 | |
Percentage of portfolio | 1.30% | 1.30% | |
Consumer Portfolio Segment [Member] | Retail banking | Geographic Concentration Risk | Loans Receivable | Maryland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 187 | $ 180 | |
Percentage of portfolio | 0.30% | 0.30% | |
Consumer Portfolio Segment [Member] | Retail banking | Geographic Concentration Risk | Loans Receivable | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 247 | $ 259 | |
Percentage of portfolio | 0.30% | 0.40% | |
Consumer Portfolio Segment [Member] | Retail banking | Geographic Concentration Risk | Loans Receivable | Virginia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 150 | $ 151 | |
Percentage of portfolio | 0.20% | 0.20% | |
Consumer Portfolio Segment [Member] | Retail banking | Geographic Concentration Risk | Loans Receivable | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 220 | $ 257 | |
Percentage of portfolio | 0.30% | 0.30% |
Loans - Consumer Banking_ Net C
Loans - Consumer Banking: Net Charge-Offs and Nonperforming Loans (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Nonperforming Loans | $ 1,578 | $ 1,170 | $ 1,578 | |
Financing Receivable, Nonaccrual, Percent Past Due | 0.69% | 0.51% | ||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Net charge-offs | $ 183 | $ 159 | ||
Percentage annualized net charge-off by average loans held for investment | 1.04% | 0.89% | ||
Nonperforming Loans | $ 470 | $ 558 | $ 470 | |
Financing Receivable, Nonaccrual, Percent Past Due | 0.66% | 0.79% | ||
Percentage annualized net charge-off by average loans held for investment, excluding loans acquired (as percent) | 1.40% | 1.30% | ||
Nonperforming loans, excluding acquired loans (as percent) | 0.89% | 1.08% | ||
Consumer Portfolio Segment [Member] | Auto | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Net charge-offs | $ 168 | $ 148 | ||
Percentage annualized net charge-off by average loans held for investment | 1.60% | 1.55% | ||
Nonperforming Loans | $ 133 | $ 219 | $ 133 | |
Financing Receivable, Nonaccrual, Percent Past Due | 0.31% | 0.53% | ||
Consumer Portfolio Segment [Member] | Home loan | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Net charge-offs | $ 3 | $ 2 | ||
Percentage annualized net charge-off by average loans held for investment | 0.05% | 0.03% | ||
Nonperforming Loans | $ 307 | $ 311 | $ 307 | |
Financing Receivable, Nonaccrual, Percent Past Due | 1.26% | 1.23% | ||
Percentage annualized net charge-off by average loans held for investment, excluding loans acquired (as percent) | 0.17% | 0.11% | ||
Nonperforming loans, excluding acquired loans (as percent) | 4.55% | 4.68% | ||
Consumer Portfolio Segment [Member] | Retail banking | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Net charge-offs | $ 12 | $ 9 | ||
Percentage annualized net charge-off by average loans held for investment | 1.36% | 0.96% | ||
Nonperforming Loans | $ 30 | $ 28 | $ 30 | |
Financing Receivable, Nonaccrual, Percent Past Due | 0.83% | 0.77% |
Loans - Home Loan_ Risk Profile
Loans - Home Loan: Risk Profile by Vintage, Geography, Lien Priority and Interest Rate Type (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 227,613 | $ 229,851 | $ 203,978 |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 70,591 | $ 70,372 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Home loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 24,343 | $ 25,227 | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 24,343 | $ 25,227 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | Origination during or before 2007 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 11,062 | $ 11,515 | |
Percentage of portfolio | 45.40% | 45.60% | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | 2008 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,894 | $ 3,023 | |
Percentage of portfolio | 11.90% | 12.00% | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | 2009 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,499 | $ 1,595 | |
Percentage of portfolio | 6.20% | 6.30% | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | 2010 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,149 | $ 2,305 | |
Percentage of portfolio | 8.80% | 9.20% | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | 2011 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,459 | $ 2,652 | |
Percentage of portfolio | 10.10% | 10.50% | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | 2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,581 | $ 1,665 | |
Percentage of portfolio | 6.50% | 6.60% | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | 2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 608 | $ 628 | |
Percentage of portfolio | 2.50% | 2.50% | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | 2014 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 693 | $ 711 | |
Percentage of portfolio | 2.80% | 2.80% | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | 2015 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,153 | $ 1,133 | |
Percentage of portfolio | 4.80% | 4.50% | |
Consumer Portfolio Segment [Member] | Home loan | Origination Year Concentration Risk | Home Loans Receivable | 2016 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 245 | ||
Percentage of portfolio | 1.00% | ||
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 24,343 | $ 25,227 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 5,652 | $ 5,884 | |
Percentage of portfolio | 23.20% | 23.40% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,119 | $ 2,171 | |
Percentage of portfolio | 8.70% | 8.60% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | Maryland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,517 | $ 1,539 | |
Percentage of portfolio | 6.20% | 6.10% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,433 | $ 1,490 | |
Percentage of portfolio | 5.90% | 5.90% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | Virginia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,320 | $ 1,354 | |
Percentage of portfolio | 5.40% | 5.40% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,246 | $ 1,293 | |
Percentage of portfolio | 5.10% | 5.10% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,090 | $ 1,146 | |
Percentage of portfolio | 4.50% | 4.50% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | Louisiana | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,069 | $ 1,096 | |
Percentage of portfolio | 4.40% | 4.30% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | ARIZONA | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,041 | $ 1,076 | |
Percentage of portfolio | 4.30% | 4.30% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 868 | $ 919 | |
Percentage of portfolio | 3.60% | 3.60% | |
Consumer Portfolio Segment [Member] | Home loan | Geographic Concentration Risk | Home Loans Receivable | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 6,988 | $ 7,259 | |
Percentage of portfolio | 28.70% | 28.80% | |
Consumer Portfolio Segment [Member] | Home loan | Lien Type Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 24,343 | $ 25,227 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Home loan | Lien Type Concentration Risk | Home Loans Receivable | 1st lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 23,041 | $ 23,912 | |
Percentage of portfolio | 94.70% | 94.80% | |
Consumer Portfolio Segment [Member] | Home loan | Lien Type Concentration Risk | Home Loans Receivable | 2nd lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,302 | $ 1,315 | |
Percentage of portfolio | 5.30% | 5.20% | |
Consumer Portfolio Segment [Member] | Home loan | Interest Rate Type Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 24,343 | $ 25,227 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Home loan | Interest Rate Type Concentration Risk | Home Loans Receivable | Fixed rate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 4,988 | $ 5,015 | |
Percentage of portfolio | 20.50% | 19.90% | |
Consumer Portfolio Segment [Member] | Home loan | Interest Rate Type Concentration Risk | Home Loans Receivable | Adjustable rate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 19,355 | $ 20,212 | |
Percentage of portfolio | 79.50% | 80.10% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 6,739 | $ 6,700 | |
Percentage of portfolio | 27.70% | 26.60% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | Origination during or before 2007 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,449 | $ 2,559 | |
Percentage of portfolio | 10.10% | 10.10% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2008 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 151 | $ 157 | |
Percentage of portfolio | 0.60% | 0.60% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2009 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 94 | $ 97 | |
Percentage of portfolio | 0.40% | 0.40% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2010 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 95 | $ 97 | |
Percentage of portfolio | 0.40% | 0.40% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2011 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 168 | $ 176 | |
Percentage of portfolio | 0.70% | 0.70% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,219 | $ 1,276 | |
Percentage of portfolio | 5.00% | 5.10% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 538 | $ 557 | |
Percentage of portfolio | 2.20% | 2.20% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2014 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 663 | $ 680 | |
Percentage of portfolio | 2.70% | 2.70% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2015 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,121 | $ 1,101 | |
Percentage of portfolio | 4.60% | 4.40% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2016 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 241 | ||
Percentage of portfolio | 1.00% | ||
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 6,739 | $ 6,700 | |
Percentage of portfolio | 27.70% | 26.60% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 876 | $ 871 | |
Percentage of portfolio | 3.60% | 3.50% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,288 | $ 1,295 | |
Percentage of portfolio | 5.30% | 5.10% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Maryland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 530 | $ 511 | |
Percentage of portfolio | 2.20% | 2.00% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 90 | $ 89 | |
Percentage of portfolio | 0.40% | 0.40% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Virginia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 439 | $ 428 | |
Percentage of portfolio | 1.80% | 1.70% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 354 | $ 353 | |
Percentage of portfolio | 1.40% | 1.40% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 153 | $ 157 | |
Percentage of portfolio | 0.60% | 0.60% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Louisiana | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,043 | $ 1,069 | |
Percentage of portfolio | 4.30% | 4.20% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | ARIZONA | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 83 | $ 81 | |
Percentage of portfolio | 0.30% | 0.40% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 115 | $ 113 | |
Percentage of portfolio | 0.50% | 0.40% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,768 | $ 1,733 | |
Percentage of portfolio | 7.30% | 6.90% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Lien Type Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 6,739 | $ 6,700 | |
Percentage of portfolio | 27.70% | 26.60% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Lien Type Concentration Risk | Home Loans Receivable | 1st lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 5,747 | $ 5,705 | |
Percentage of portfolio | 23.60% | 22.60% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Lien Type Concentration Risk | Home Loans Receivable | 2nd lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 992 | $ 995 | |
Percentage of portfolio | 4.10% | 4.00% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Interest Rate Type Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 6,739 | $ 6,700 | |
Percentage of portfolio | 27.70% | 26.60% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Interest Rate Type Concentration Risk | Home Loans Receivable | Fixed rate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,835 | $ 2,751 | |
Percentage of portfolio | 11.70% | 10.90% | |
Consumer Portfolio Segment [Member] | Home loan | Loans excluding Acquired Loans | Interest Rate Type Concentration Risk | Home Loans Receivable | Adjustable rate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,904 | $ 3,949 | |
Percentage of portfolio | 16.00% | 15.70% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 17,604 | $ 18,527 | |
Percentage of portfolio | 72.30% | 73.40% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | Origination during or before 2007 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 8,613 | $ 8,956 | |
Percentage of portfolio | 35.30% | 35.50% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2008 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,743 | $ 2,866 | |
Percentage of portfolio | 11.30% | 11.40% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2009 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,405 | $ 1,498 | |
Percentage of portfolio | 5.80% | 5.90% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2010 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,054 | $ 2,208 | |
Percentage of portfolio | 8.40% | 8.80% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2011 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,291 | $ 2,476 | |
Percentage of portfolio | 9.40% | 9.80% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 362 | $ 389 | |
Percentage of portfolio | 1.50% | 1.50% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 70 | $ 71 | |
Percentage of portfolio | 0.30% | 0.30% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2014 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 30 | $ 31 | |
Percentage of portfolio | 0.10% | 0.10% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2015 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 32 | $ 32 | |
Percentage of portfolio | 0.20% | 0.10% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Origination Year Concentration Risk | Home Loans Receivable | 2016 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 4 | ||
Percentage of portfolio | 0.00% | ||
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 17,604 | $ 18,527 | |
Percentage of portfolio | 72.30% | 73.40% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 4,776 | $ 5,013 | |
Percentage of portfolio | 19.60% | 19.90% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 831 | $ 876 | |
Percentage of portfolio | 3.40% | 3.50% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Maryland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 987 | $ 1,028 | |
Percentage of portfolio | 4.00% | 4.10% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,343 | $ 1,401 | |
Percentage of portfolio | 5.50% | 5.50% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Virginia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 881 | $ 926 | |
Percentage of portfolio | 3.60% | 3.70% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 892 | $ 940 | |
Percentage of portfolio | 3.70% | 3.70% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 937 | $ 989 | |
Percentage of portfolio | 3.90% | 3.90% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Louisiana | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 26 | $ 27 | |
Percentage of portfolio | 0.10% | 0.10% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | ARIZONA | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 958 | $ 995 | |
Percentage of portfolio | 4.00% | 3.90% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 753 | $ 806 | |
Percentage of portfolio | 3.10% | 3.20% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Geographic Concentration Risk | Home Loans Receivable | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 5,220 | $ 5,526 | |
Percentage of portfolio | 21.40% | 21.90% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Lien Type Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 17,604 | $ 18,527 | |
Percentage of portfolio | 72.30% | 73.40% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Lien Type Concentration Risk | Home Loans Receivable | 1st lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 17,294 | $ 18,207 | |
Percentage of portfolio | 71.10% | 72.20% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Lien Type Concentration Risk | Home Loans Receivable | 2nd lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 310 | $ 320 | |
Percentage of portfolio | 1.20% | 1.20% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Interest Rate Type Concentration Risk | Home Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 17,604 | $ 18,527 | |
Percentage of portfolio | 72.30% | 73.40% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Interest Rate Type Concentration Risk | Home Loans Receivable | Fixed rate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,153 | $ 2,264 | |
Percentage of portfolio | 8.80% | 9.00% | |
Consumer Portfolio Segment [Member] | Home loan | Acquired Loans | Interest Rate Type Concentration Risk | Home Loans Receivable | Adjustable rate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 15,451 | $ 16,263 | |
Percentage of portfolio | 63.50% | 64.40% |
Loans - Commercial Banking_ Ris
Loans - Commercial Banking: Risk Profile by Geographic Region and Internal Risk Rating (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 227,613 | $ 229,851 | $ 203,978 |
Commercial Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 64,241 | $ 63,266 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Geographic Concentration Risk | Loans Receivable | Northeast | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 24,394 | $ 24,399 | |
Percentage of portfolio | 38.00% | 38.60% | |
Commercial Banking | Geographic Concentration Risk | Loans Receivable | Mid-Atlantic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 6,310 | $ 5,832 | |
Percentage of portfolio | 9.80% | 9.20% | |
Commercial Banking | Geographic Concentration Risk | Loans Receivable | South | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 19,394 | $ 19,350 | |
Percentage of portfolio | 30.20% | 30.60% | |
Commercial Banking | Geographic Concentration Risk | Loans Receivable | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 14,143 | $ 13,685 | |
Percentage of portfolio | 22.00% | 21.60% | |
Commercial Banking | Internal Risk Rating Concentration Risk | Loans Receivable | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 59,663 | $ 59,743 | |
Percentage of portfolio | 92.90% | 94.40% | |
Commercial Banking | Internal Risk Rating Concentration Risk | Loans Receivable | Criticized | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,595 | $ 2,015 | |
Percentage of portfolio | 4.00% | 3.20% | |
Commercial Banking | Internal Risk Rating Concentration Risk | Loans Receivable | Criticized | Criticized nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,050 | $ 550 | |
Percentage of portfolio | 1.60% | 0.90% | |
Commercial Banking | Commercial and multifamily real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 25,559 | $ 25,518 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Commercial and multifamily real estate | Geographic Concentration Risk | Loans Receivable | Northeast | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 15,312 | $ 15,949 | |
Percentage of portfolio | 59.80% | 62.50% | |
Commercial Banking | Commercial and multifamily real estate | Geographic Concentration Risk | Loans Receivable | Mid-Atlantic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,032 | $ 2,797 | |
Percentage of portfolio | 11.90% | 11.00% | |
Commercial Banking | Commercial and multifamily real estate | Geographic Concentration Risk | Loans Receivable | South | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 4,054 | $ 4,070 | |
Percentage of portfolio | 15.90% | 15.90% | |
Commercial Banking | Commercial and multifamily real estate | Geographic Concentration Risk | Loans Receivable | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,161 | $ 2,702 | |
Percentage of portfolio | 12.40% | 10.60% | |
Commercial Banking | Commercial and multifamily real estate | Internal Risk Rating Concentration Risk | Loans Receivable | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 25,219 | $ 25,130 | |
Percentage of portfolio | 98.70% | 98.50% | |
Commercial Banking | Commercial and multifamily real estate | Internal Risk Rating Concentration Risk | Loans Receivable | Criticized | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 278 | $ 350 | |
Percentage of portfolio | 1.10% | 1.40% | |
Commercial Banking | Commercial and multifamily real estate | Internal Risk Rating Concentration Risk | Loans Receivable | Criticized | Criticized nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 30 | $ 7 | |
Percentage of portfolio | 0.10% | 0.00% | |
Commercial Banking | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 38,102 | $ 37,135 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Commercial and industrial | Geographic Concentration Risk | Loans Receivable | Northeast | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 8,724 | $ 8,074 | |
Percentage of portfolio | 22.90% | 21.80% | |
Commercial Banking | Commercial and industrial | Geographic Concentration Risk | Loans Receivable | Mid-Atlantic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 3,255 | $ 3,010 | |
Percentage of portfolio | 8.50% | 8.10% | |
Commercial Banking | Commercial and industrial | Geographic Concentration Risk | Loans Receivable | South | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 15,303 | $ 15,240 | |
Percentage of portfolio | 40.20% | 41.00% | |
Commercial Banking | Commercial and industrial | Geographic Concentration Risk | Loans Receivable | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 10,820 | $ 10,811 | |
Percentage of portfolio | 28.40% | 29.10% | |
Commercial Banking | Commercial and industrial | Internal Risk Rating Concentration Risk | Loans Receivable | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 33,872 | $ 34,008 | |
Percentage of portfolio | 88.90% | 91.60% | |
Commercial Banking | Commercial and industrial | Internal Risk Rating Concentration Risk | Loans Receivable | Criticized | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2,315 | $ 1,662 | |
Percentage of portfolio | 6.00% | 4.50% | |
Commercial Banking | Commercial and industrial | Internal Risk Rating Concentration Risk | Loans Receivable | Criticized | Criticized nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 1,014 | $ 538 | |
Percentage of portfolio | 2.70% | 1.40% | |
Commercial Banking | Small-ticket commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 580 | $ 613 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Small-ticket commercial real estate | Geographic Concentration Risk | Loans Receivable | Northeast | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 358 | $ 376 | |
Percentage of portfolio | 61.60% | 61.30% | |
Commercial Banking | Small-ticket commercial real estate | Geographic Concentration Risk | Loans Receivable | Mid-Atlantic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 23 | $ 25 | |
Percentage of portfolio | 4.00% | 4.10% | |
Commercial Banking | Small-ticket commercial real estate | Geographic Concentration Risk | Loans Receivable | South | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 37 | $ 40 | |
Percentage of portfolio | 6.40% | 6.50% | |
Commercial Banking | Small-ticket commercial real estate | Geographic Concentration Risk | Loans Receivable | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 162 | $ 172 | |
Percentage of portfolio | 28.00% | 28.10% | |
Commercial Banking | Small-ticket commercial real estate | Internal Risk Rating Concentration Risk | Loans Receivable | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 572 | $ 605 | |
Percentage of portfolio | 98.50% | 98.70% | |
Commercial Banking | Small-ticket commercial real estate | Internal Risk Rating Concentration Risk | Loans Receivable | Criticized | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 2 | $ 3 | |
Percentage of portfolio | 0.40% | 0.50% | |
Commercial Banking | Small-ticket commercial real estate | Internal Risk Rating Concentration Risk | Loans Receivable | Criticized | Criticized nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 6 | $ 5 | |
Percentage of portfolio | 1.10% | 0.80% | |
Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 18,568 | $ 19,518 | |
Acquired Loans | Commercial Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | 933 | 958 | |
Acquired Loans | Commercial Banking | Internal Risk Rating Concentration Risk | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 933 | $ 958 | |
Percentage of portfolio | 1.50% | 1.50% | |
Acquired Loans | Commercial Banking | Internal Risk Rating Concentration Risk | Loans Receivable | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 204 | $ 128 | |
Acquired Loans | Commercial Banking | Internal Risk Rating Concentration Risk | Loans Receivable | Criticized | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | 694 | 793 | |
Acquired Loans | Commercial Banking | Internal Risk Rating Concentration Risk | Loans Receivable | Criticized | Criticized nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | 35 | 37 | |
Acquired Loans | Commercial Banking | Commercial and multifamily real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | 32 | 31 | |
Acquired Loans | Commercial Banking | Commercial and multifamily real estate | Internal Risk Rating Concentration Risk | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 32 | $ 31 | |
Percentage of portfolio | 0.10% | 0.10% | |
Acquired Loans | Commercial Banking | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 901 | $ 927 | |
Acquired Loans | Commercial Banking | Commercial and industrial | Internal Risk Rating Concentration Risk | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 901 | $ 927 | |
Percentage of portfolio | 2.40% | 2.50% | |
Acquired Loans | Commercial Banking | Small-ticket commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 0 | $ 0 | |
Acquired Loans | Commercial Banking | Small-ticket commercial real estate | Internal Risk Rating Concentration Risk | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment | $ 0 | $ 0 | |
Percentage of portfolio | 0.00% | 0.00% |
Loans - Impaired Loans, Excludi
Loans - Impaired Loans, Excluding Acquired Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Impaired Financing Receivable: | |||
With an Allowance | $ 2,421 | $ 1,822 | |
Without an Allowance | 511 | 642 | |
Total Recorded Investment | 2,932 | 2,464 | |
Related Allowance | 457 | 349 | |
Net Recorded Investment | 2,475 | 2,115 | |
Unpaid Principal Balance | 3,400 | 2,894 | |
Average Recorded Investment | 2,698 | $ 1,901 | |
Interest Income Recognized | 43 | 40 | |
Credit Card Portfolio Segment [Member] | |||
Impaired Financing Receivable: | |||
With an Allowance | 658 | 666 | |
Without an Allowance | 0 | 0 | |
Total Recorded Investment | 658 | 666 | |
Related Allowance | 213 | 209 | |
Net Recorded Investment | 445 | 457 | |
Unpaid Principal Balance | 640 | 647 | |
Average Recorded Investment | 662 | 683 | |
Interest Income Recognized | 17 | 16 | |
Consumer Portfolio Segment [Member] | |||
Impaired Financing Receivable: | |||
With an Allowance | 566 | 553 | |
Without an Allowance | 354 | 361 | |
Total Recorded Investment | 920 | 914 | |
Related Allowance | 51 | 54 | |
Net Recorded Investment | 869 | 860 | |
Unpaid Principal Balance | 1,297 | 1,290 | |
Average Recorded Investment | 917 | 862 | |
Interest Income Recognized | 23 | 22 | |
Consumer Portfolio Segment [Member] | Auto | |||
Impaired Financing Receivable: | |||
With an Allowance | 283 | 273 | |
Without an Allowance | 211 | 215 | |
Total Recorded Investment | 494 | 488 | |
Related Allowance | 22 | 22 | |
Net Recorded Investment | 472 | 466 | |
Unpaid Principal Balance | 778 | 772 | |
Average Recorded Investment | 491 | 444 | |
Interest Income Recognized | 22 | 21 | |
Consumer Portfolio Segment [Member] | Home loan | |||
Impaired Financing Receivable: | |||
With an Allowance | 233 | 229 | |
Without an Allowance | 133 | 136 | |
Total Recorded Investment | 366 | 365 | |
Related Allowance | 15 | 18 | |
Net Recorded Investment | 351 | 347 | |
Unpaid Principal Balance | 458 | 456 | |
Average Recorded Investment | 366 | 366 | |
Interest Income Recognized | 1 | 1 | |
Consumer Portfolio Segment [Member] | Retail banking | |||
Impaired Financing Receivable: | |||
With an Allowance | 50 | 51 | |
Without an Allowance | 10 | 10 | |
Total Recorded Investment | 60 | 61 | |
Related Allowance | 14 | 14 | |
Net Recorded Investment | 46 | 47 | |
Unpaid Principal Balance | 61 | 62 | |
Average Recorded Investment | 60 | 52 | |
Interest Income Recognized | 0 | 0 | |
Commercial Banking | |||
Impaired Financing Receivable: | |||
With an Allowance | 1,197 | 603 | |
Without an Allowance | 157 | 281 | |
Total Recorded Investment | 1,354 | 884 | |
Related Allowance | 193 | 86 | |
Net Recorded Investment | 1,161 | 798 | |
Unpaid Principal Balance | 1,463 | 957 | |
Average Recorded Investment | 1,119 | 356 | |
Interest Income Recognized | 3 | 2 | |
Commercial Banking | Total commercial lending | |||
Impaired Financing Receivable: | |||
With an Allowance | 1,197 | 597 | |
Without an Allowance | 150 | 281 | |
Total Recorded Investment | 1,347 | 878 | |
Related Allowance | 193 | 86 | |
Net Recorded Investment | 1,154 | 792 | |
Unpaid Principal Balance | 1,455 | 950 | |
Average Recorded Investment | 1,113 | 346 | |
Interest Income Recognized | 3 | 2 | |
Commercial Banking | Commercial and multifamily real estate | |||
Impaired Financing Receivable: | |||
With an Allowance | 106 | 82 | |
Without an Allowance | 27 | 3 | |
Total Recorded Investment | 133 | 85 | |
Related Allowance | 10 | 11 | |
Net Recorded Investment | 123 | 74 | |
Unpaid Principal Balance | 136 | 88 | |
Average Recorded Investment | 109 | 133 | |
Interest Income Recognized | 1 | 1 | |
Commercial Banking | Commercial and industrial | |||
Impaired Financing Receivable: | |||
With an Allowance | 1,091 | 515 | |
Without an Allowance | 123 | 278 | |
Total Recorded Investment | 1,214 | 793 | |
Related Allowance | 183 | 75 | |
Net Recorded Investment | 1,031 | 718 | |
Unpaid Principal Balance | 1,319 | 862 | |
Average Recorded Investment | 1,004 | 213 | |
Interest Income Recognized | 2 | 1 | |
Commercial Banking | Small-ticket commercial real estate | |||
Impaired Financing Receivable: | |||
With an Allowance | 0 | 6 | |
Without an Allowance | 7 | 0 | |
Total Recorded Investment | 7 | 6 | |
Related Allowance | 0 | 0 | |
Net Recorded Investment | 7 | 6 | |
Unpaid Principal Balance | 8 | 7 | |
Average Recorded Investment | 6 | 10 | |
Interest Income Recognized | 0 | 0 | |
Geographic Distribution, Foreign [Member] | Credit Card Portfolio Segment [Member] | |||
Impaired Financing Receivable: | |||
With an Allowance | 133 | 125 | |
Without an Allowance | 0 | 0 | |
Total Recorded Investment | 133 | 125 | |
Related Allowance | 66 | 59 | |
Net Recorded Investment | 67 | 66 | |
Unpaid Principal Balance | 129 | 121 | |
Average Recorded Investment | 129 | 141 | |
Interest Income Recognized | 3 | 2 | |
Geographic Distribution, Domestic [Member] | Credit Card Portfolio Segment [Member] | |||
Impaired Financing Receivable: | |||
With an Allowance | 525 | 541 | |
Without an Allowance | 0 | 0 | |
Total Recorded Investment | 525 | 541 | |
Related Allowance | 147 | 150 | |
Net Recorded Investment | 378 | 391 | |
Unpaid Principal Balance | 511 | $ 526 | |
Average Recorded Investment | 533 | 542 | |
Interest Income Recognized | $ 14 | $ 14 |
Loans - TDR Disclosures in Prog
Loans - TDR Disclosures in Progress Financial Impact of Modification (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | $ 272 | $ 228 | |
Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 72 | 24 | |
Commercial Banking | Total commercial lending | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 72 | 24 | |
Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 25 | 3 | |
Commercial Banking | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 47 | 21 | |
Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 0 | 0 | |
Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 98 | 104 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 102 | 100 | |
Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 86 | 88 | |
Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 13 | 7 | |
Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | $ 3 | $ 5 | |
Reduced Interest Rate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 52.00% | 65.00% | |
Average Rate Reduction | 13.21% | 12.19% | |
Reduced Interest Rate | Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Average Rate Reduction | 0.00% | 2.02% | |
Reduced Interest Rate | Commercial Banking | Total commercial lending | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Average Rate Reduction | 0.00% | 2.02% | |
Reduced Interest Rate | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Average Rate Reduction | 0.00% | 0.00% | |
Reduced Interest Rate | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Average Rate Reduction | 0.00% | 2.02% | |
Reduced Interest Rate | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Average Rate Reduction | 0.00% | 0.00% | |
Reduced Interest Rate | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 100.00% | 100.00% | |
Average Rate Reduction | 17.52% | 16.39% | |
Reduced Interest Rate | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 44.00% | 44.00% | |
Average Rate Reduction | 3.72% | 2.36% | |
Reduced Interest Rate | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 42.00% | 41.00% | |
Average Rate Reduction | 3.93% | 1.71% | |
Reduced Interest Rate | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 62.00% | 67.00% | |
Average Rate Reduction | 2.63% | 2.85% | |
Reduced Interest Rate | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 21.00% | 61.00% | |
Average Rate Reduction | 6.30% | 9.36% | |
Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 42.00% | 33.00% | |
Average Term Extension (Months) | 29 months | 20 months | |
Term Extension | Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 54.00% | 13.00% | |
Average Term Extension (Months) | 10 months | 29 months | |
Term Extension | Commercial Banking | Total commercial lending | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 54.00% | 13.00% | |
Average Term Extension (Months) | 10 months | 29 months | |
Term Extension | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 100.00% | 100.00% | |
Average Term Extension (Months) | 8 months | 35 months | |
Term Extension | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 30.00% | 3.00% | |
Average Term Extension (Months) | 12 months | 7 months | |
Term Extension | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Average Term Extension (Months) | 0 months | 0 months | |
Term Extension | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Average Term Extension (Months) | 0 months | 0 months | |
Term Extension | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 74.00% | 72.00% | |
Average Term Extension (Months) | 39 months | 20 months | |
Term Extension | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 73.00% | 71.00% | |
Average Term Extension (Months) | 7 months | 9 months | |
Term Extension | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 75.00% | 66.00% | |
Average Term Extension (Months) | 249 months | 171 months | |
Term Extension | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 87.00% | 91.00% | |
Average Term Extension (Months) | 11 months | 4 months | |
Balance Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 8.00% | 12.00% | |
Gross Balance Reduction | $ 21 | $ 23 | |
Balance Reduction | Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 8.00% | |
Gross Balance Reduction | $ 0 | $ 1 | |
Balance Reduction | Commercial Banking | Total commercial lending | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 8.00% | |
Gross Balance Reduction | $ 0 | $ 1 | |
Balance Reduction | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 77.00% | |
Gross Balance Reduction | $ 0 | $ 1 | |
Balance Reduction | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | |
Balance Reduction | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | |
Balance Reduction | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | |
Balance Reduction | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 23.00% | 24.00% | |
Gross Balance Reduction | $ 21 | $ 22 | |
Balance Reduction | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 27.00% | 28.00% | |
Gross Balance Reduction | $ 21 | $ 22 | |
Balance Reduction | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 1.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | |
Balance Reduction | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | |
Geographic Distribution, Domestic [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | $ 62 | $ 72 | |
Geographic Distribution, Domestic [Member] | Reduced Interest Rate | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 100.00% | 100.00% | |
Average Rate Reduction | 12.85% | 12.13% | |
Geographic Distribution, Domestic [Member] | Term Extension | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Average Term Extension (Months) | 0 months | 0 months | |
Geographic Distribution, Domestic [Member] | Balance Reduction | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | |
Geographic Distribution, Foreign [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | $ 36 | $ 32 | |
Geographic Distribution, Foreign [Member] | Reduced Interest Rate | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 100.00% | 100.00% | |
Average Rate Reduction | 25.66% | 25.79% | |
Geographic Distribution, Foreign [Member] | Term Extension | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Average Term Extension (Months) | 0 months | 0 months | |
Geographic Distribution, Foreign [Member] | Balance Reduction | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | |
Performing | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 1,900 | $ 1,800 | |
Performing | Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 305 | 334 | |
Performing | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $ 1,000 | $ 1,000 |
Loans - TDR - Subsequent Defaul
Loans - TDR - Subsequent Defaults of Completed TDR Modifications (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)Contract | Mar. 31, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 21,301 | 19,977 |
Total Loans | $ | $ 85 | $ 57 |
Credit Card Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 19,407 | 18,215 |
Total Loans | $ | $ 38 | $ 36 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1,877 | 1,762 |
Total Loans | $ | $ 24 | $ 21 |
Consumer Portfolio Segment [Member] | Auto | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1,852 | 1,747 |
Total Loans | $ | $ 21 | $ 20 |
Consumer Portfolio Segment [Member] | Home loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 10 | 5 |
Total Loans | $ | $ 1 | $ 0 |
Consumer Portfolio Segment [Member] | Retail banking | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 15 | 10 |
Total Loans | $ | $ 2 | $ 1 |
Commercial Banking | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 17 | 0 |
Total Loans | $ | $ 23 | $ 0 |
Commercial Banking | Total commercial lending | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 17 | 0 |
Total Loans | $ | $ 23 | $ 0 |
Commercial Banking | Commercial and multifamily real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Total Loans | $ | $ 0 | $ 0 |
Commercial Banking | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 17 | 0 |
Total Loans | $ | $ 23 | $ 0 |
Commercial Banking | Small-ticket commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Total Loans | $ | $ 0 | $ 0 |
Geographic Distribution, Domestic [Member] | Credit Card Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 10,594 | 9,667 |
Total Loans | $ | $ 18 | $ 16 |
Geographic Distribution, Foreign [Member] | Credit Card Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 8,813 | 8,548 |
Total Loans | $ | $ 20 | $ 20 |
Loans - Outstanding Balance and
Loans - Outstanding Balance and Carrying Value of Acquired Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Outstanding balance | $ 20,179 | $ 21,151 | |
Carrying value(1) | 18,580 | 19,516 | |
Impaired Loans | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Outstanding balance | 3,704 | 3,840 | |
Carrying value(1) | 2,537 | 2,629 | |
Non-Impaired Loans | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Outstanding balance | 16,475 | 17,311 | |
Carrying value(1) | 16,043 | 16,887 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||
Financing Receivable, Allowance for Credit Losses | 35 | $ 37 | |
Provision for credit losses for Acquired Loans | $ (2) | $ 7 |
Loans - Changes in Accretable Y
Loans - Changes in Accretable Yield on Acquired Loans (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Accretable yield, beginning balance | $ 3,483 |
Accretion recognized in earnings | (184) |
Reclassifications from (to) nonaccretable difference for loans with changing cash flows(1) | 5 |
Changes in accretable yield for non-credit related changes in expected cash flows(2) | 194 |
Accretable yield, ending balance | 3,498 |
Impaired Loans | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Accretable yield, beginning balance | 1,244 |
Accretion recognized in earnings | (61) |
Reclassifications from (to) nonaccretable difference for loans with changing cash flows(1) | 2 |
Changes in accretable yield for non-credit related changes in expected cash flows(2) | 16 |
Accretable yield, ending balance | 1,201 |
Non-Impaired Loans | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Accretable yield, beginning balance | 2,239 |
Accretion recognized in earnings | (123) |
Reclassifications from (to) nonaccretable difference for loans with changing cash flows(1) | 3 |
Changes in accretable yield for non-credit related changes in expected cash flows(2) | 178 |
Accretable yield, ending balance | $ 2,297 |
Allowance for Loan and Lease 64
Allowance for Loan and Lease Losses - Summary of Changes in Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | $ 5,130 | |
Balance at end of the period | 5,416 | |
Total Allowance | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | 5,130 | $ 4,383 |
Provision for Loan and Lease Losses | 1,469 | 927 |
Charge-offs | (1,562) | (1,284) |
Recoveries | 384 | 403 |
Net charge-offs | (1,178) | (881) |
Other changes | (5) | (24) |
Balance at end of the period | 5,416 | 4,405 |
Unfunded Lending Commitments Reserve | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | 168 | 113 |
Provision for Loan and Lease Losses | 58 | 8 |
Balance at end of the period | 226 | 121 |
Combined Allowance & Unfunded Reserve | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at end of the period | 5,642 | 4,526 |
Credit Card Portfolio Segment [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | 3,654 | 3,204 |
Provision for Loan and Lease Losses | 1,071 | 669 |
Charge-offs | (1,222) | (1,022) |
Recoveries | 272 | 303 |
Net charge-offs | (950) | (719) |
Other changes | 10 | (24) |
Balance at end of the period | 3,785 | 3,130 |
Credit Card Portfolio Segment [Member] | Unfunded Lending Commitments Reserve | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | 0 | 0 |
Provision for Loan and Lease Losses | 0 | 0 |
Balance at end of the period | 0 | 0 |
Credit Card Portfolio Segment [Member] | Combined Allowance & Unfunded Reserve | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at end of the period | 3,785 | 3,130 |
Consumer Portfolio Segment [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | 868 | 779 |
Provision for Loan and Lease Losses | 229 | 206 |
Charge-offs | (291) | (250) |
Recoveries | 108 | 91 |
Net charge-offs | (183) | (159) |
Other changes | 0 | 0 |
Balance at end of the period | 914 | 826 |
Consumer Portfolio Segment [Member] | Unfunded Lending Commitments Reserve | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | 7 | 7 |
Provision for Loan and Lease Losses | 1 | 0 |
Balance at end of the period | 8 | 7 |
Consumer Portfolio Segment [Member] | Combined Allowance & Unfunded Reserve | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at end of the period | 922 | 833 |
Commercial Banking | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | 604 | 395 |
Provision for Loan and Lease Losses | 171 | 52 |
Charge-offs | (48) | (9) |
Recoveries | 2 | 6 |
Net charge-offs | (46) | (3) |
Other changes | (15) | 0 |
Balance at end of the period | 714 | 444 |
Commercial Banking | Unfunded Lending Commitments Reserve | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | 161 | 106 |
Provision for Loan and Lease Losses | 57 | 8 |
Balance at end of the period | 218 | 114 |
Commercial Banking | Combined Allowance & Unfunded Reserve | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at end of the period | 932 | 558 |
Other | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | 4 | 5 |
Provision for Loan and Lease Losses | (2) | 0 |
Charge-offs | (1) | (3) |
Recoveries | 2 | 3 |
Net charge-offs | 1 | 0 |
Other changes | 0 | 0 |
Balance at end of the period | 3 | 5 |
Other | Unfunded Lending Commitments Reserve | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as beginning of the period | 0 | 0 |
Provision for Loan and Lease Losses | 0 | 0 |
Balance at end of the period | 0 | 0 |
Other | Combined Allowance & Unfunded Reserve | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at end of the period | $ 3 | $ 5 |
Allowance for Loan and Lease 65
Allowance for Loan and Lease Losses - Components of Allowance for Loan and Lease Losses by Impairment Methodology (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Allowance for loan and lease losses by impairment methodology: | ||||
Collectively evaluated | $ 4,924 | $ 4,744 | ||
Asset-specific | 457 | 349 | ||
Total allowance for loan and lease losses | 5,416 | 5,130 | ||
Loans held for investment by impairment methodology: | ||||
Collectively evaluated | 206,324 | 208,084 | ||
Asset-specific | 2,721 | 2,249 | ||
Loans held for investment | $ 227,613 | $ 229,851 | $ 203,978 | |
Allowance as a percentage of period-end loans held for investment | 2.38% | 2.23% | ||
Credit Card Portfolio Segment [Member] | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Collectively evaluated | $ 3,572 | $ 3,445 | ||
Asset-specific | 213 | 209 | ||
Total allowance for loan and lease losses | 3,785 | 3,654 | 3,130 | $ 3,204 |
Loans held for investment by impairment methodology: | ||||
Collectively evaluated | 92,041 | 95,459 | ||
Asset-specific | 658 | 666 | ||
Loans held for investment | $ 92,699 | $ 96,125 | ||
Allowance as a percentage of period-end loans held for investment | 4.08% | 3.80% | ||
Consumer Portfolio Segment [Member] | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Collectively evaluated | $ 829 | $ 778 | ||
Asset-specific | 51 | 54 | ||
Total allowance for loan and lease losses | 914 | 868 | 826 | 779 |
Loans held for investment by impairment methodology: | ||||
Collectively evaluated | 52,247 | 51,113 | ||
Asset-specific | 709 | 699 | ||
Loans held for investment | $ 70,591 | $ 70,372 | ||
Allowance as a percentage of period-end loans held for investment | 1.29% | 1.23% | ||
Commercial Banking | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Collectively evaluated | $ 520 | $ 517 | ||
Asset-specific | 193 | 86 | ||
Total allowance for loan and lease losses | 714 | 604 | 444 | 395 |
Loans held for investment by impairment methodology: | ||||
Collectively evaluated | 61,954 | 61,424 | ||
Asset-specific | 1,354 | 884 | ||
Loans held for investment | $ 64,241 | $ 63,266 | ||
Allowance as a percentage of period-end loans held for investment | 1.11% | 0.95% | ||
Other | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Collectively evaluated | $ 3 | $ 4 | ||
Asset-specific | 0 | 0 | ||
Total allowance for loan and lease losses | 3 | 4 | $ 5 | $ 5 |
Loans held for investment by impairment methodology: | ||||
Collectively evaluated | 82 | 88 | ||
Asset-specific | 0 | 0 | ||
Loans held for investment | $ 82 | $ 88 | ||
Allowance as a percentage of period-end loans held for investment | 4.15% | 4.94% | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Financing Receivable, Allowance for Credit Losses | $ 35 | $ 37 | ||
Loans held for investment by impairment methodology: | ||||
Loans held for investment | 18,568 | 19,518 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Credit Card Portfolio Segment [Member] | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Financing Receivable, Allowance for Credit Losses | 0 | 0 | ||
Loans held for investment by impairment methodology: | ||||
Loans held for investment | 0 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Financing Receivable, Allowance for Credit Losses | 34 | 36 | ||
Loans held for investment by impairment methodology: | ||||
Loans held for investment | 17,635 | 18,560 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Financing Receivable, Allowance for Credit Losses | 1 | 1 | ||
Loans held for investment by impairment methodology: | ||||
Loans held for investment | 933 | 958 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Other | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Financing Receivable, Allowance for Credit Losses | 0 | 0 | ||
Loans held for investment by impairment methodology: | ||||
Loans held for investment | $ 0 | $ 0 |
Allowance for Loan and Lease 66
Allowance for Loan and Lease Losses Allowance for Loan and Lease Losses - Loss Sharing Arrangements (Details) - Loss Sharing Agreement [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Reduction in Charge-offs due to loss sharing agreements | $ 52 | $ 44 | |
Reduction in provision for loan and lease losses | 55 | $ 57 | |
Expected reimbursement netted in allowance for loan losses | $ 197 | $ 194 |
Variable Interest Entities an67
Variable Interest Entities and Securitizations - Carrying Amount of Assets and Liabilities of Variable Interest Entities (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | $ 33,671 | $ 35,152 |
Carrying Amount of Liabilities, Consolidated | 15,726 | 17,026 |
Carrying Amount of Assets, Unconsolidated | 4,192 | 4,120 |
Carrying Amount of Liabilities, Unconsolidated | 554 | 582 |
Maximum exposure to loss | 4,854 | 4,782 |
Affordable housing entities | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Total Assets | 11,300 | 11,400 |
Carrying Amount of Assets, Consolidated | 115 | 0 |
Carrying Amount of Liabilities, Consolidated | 0 | 0 |
Carrying Amount of Assets, Unconsolidated | 3,804 | 3,852 |
Carrying Amount of Liabilities, Unconsolidated | 528 | 555 |
Maximum exposure to loss | 3,804 | 3,852 |
Entities that provide capital to low-income and rural communities | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 687 | 352 |
Carrying Amount of Liabilities, Consolidated | 126 | 101 |
Carrying Amount of Assets, Unconsolidated | 71 | 0 |
Carrying Amount of Liabilities, Unconsolidated | 0 | 0 |
Maximum exposure to loss | 71 | 0 |
Other | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 0 | 0 |
Carrying Amount of Liabilities, Consolidated | 0 | 0 |
Carrying Amount of Assets, Unconsolidated | 116 | 57 |
Carrying Amount of Liabilities, Unconsolidated | 0 | 0 |
Maximum exposure to loss | 116 | 57 |
Total Other VIEs | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 802 | 352 |
Carrying Amount of Liabilities, Consolidated | 126 | 101 |
Carrying Amount of Assets, Unconsolidated | 3,991 | 3,909 |
Carrying Amount of Liabilities, Unconsolidated | 528 | 555 |
Maximum exposure to loss | 3,991 | 3,909 |
Credit card loan securitizations | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 32,869 | 34,800 |
Carrying Amount of Liabilities, Consolidated | 15,600 | 16,925 |
Carrying Amount of Assets, Unconsolidated | 0 | 0 |
Carrying Amount of Liabilities, Unconsolidated | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Home loan | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 0 | 0 |
Carrying Amount of Liabilities, Consolidated | 0 | 0 |
Carrying Amount of Assets, Unconsolidated | 201 | 211 |
Carrying Amount of Liabilities, Unconsolidated | 26 | 27 |
Maximum exposure to loss | 863 | 873 |
Total securitization-related VIEs | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 32,869 | 34,800 |
Carrying Amount of Liabilities, Consolidated | 15,600 | 16,925 |
Carrying Amount of Assets, Unconsolidated | 201 | 211 |
Carrying Amount of Liabilities, Unconsolidated | 26 | 27 |
Maximum exposure to loss | $ 863 | $ 873 |
Variable Interest Entities an68
Variable Interest Entities and Securitizations - External Debt and Receivable Balances of Securitization Programs (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity, Primary Beneficiary | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, non-mortgage | $ 14,913 | $ 16,166 |
Receivables in the trust, non-mortgage | 31,908 | 33,783 |
Cash balance of spread or reserve accounts, non-mortgage | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Option- ARM | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, mortgage | 1,692 | 1,754 |
Receivables in the trust, mortgage | 1,749 | 1,814 |
Cash balance of spread or reserve accounts, mortgage | 8 | 8 |
Variable Interest Entity, Not Primary Beneficiary | GreenPoint HELOCs | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, mortgage | 69 | 74 |
Receivables in the trust, mortgage | 63 | 68 |
Variable Interest Entity, Not Primary Beneficiary | GreenPoint Manufactured Housing | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, mortgage | 765 | 789 |
Receivables in the trust, mortgage | 771 | 794 |
Cash balance of spread or reserve accounts, mortgage | $ 136 | $ 134 |
Variable Interest Entities an69
Variable Interest Entities and Securitizations - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||
Funded HELOCs advances | $ 30 | $ 30 | |
Unfunded commitment on residual interests on trusts | 6 | 6 | |
Maximum exposure to loss | 4,854 | 4,782 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 98 | $ 86 | |
Affordable Housing Tax Credits And Other Tax Benefits, Amount | 113 | $ 102 | |
Amortization Method Qualified Affordable Housing Project Investments | 3,600 | 3,500 | |
Qualified Affordable Housing Project Investments, Commitment | 1,300 | ||
Carrying amounts of assets, unconsolidated | 4,192 | 4,120 | |
VIEs consolidated assets | $ 33,671 | 35,152 | |
Minimum | |||
Variable Interest Entity [Line Items] | |||
Affordable Housing Tax Credits Commitment, Year to be Paid | 2,016 | ||
Maximum | |||
Variable Interest Entity [Line Items] | |||
Affordable Housing Tax Credits Commitment, Year to be Paid | 2,019 | ||
Affordable housing entities | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | $ 3,804 | 3,852 | |
Carrying amounts of assets, unconsolidated | 3,804 | 3,852 | |
Total assets of the unconsolidated VIE investment funds | 11,300 | 11,400 | |
VIEs consolidated assets | 115 | 0 | |
Entities that provide capital to low-income and rural communities | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 71 | 0 | |
Carrying amounts of assets, unconsolidated | 71 | 0 | |
VIEs consolidated assets | 687 | 352 | |
Other | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 116 | 57 | |
Carrying amounts of assets, unconsolidated | 116 | 57 | |
VIEs consolidated assets | 0 | 0 | |
Variable Interest Entity, Not Primary Beneficiary | Option- ARM | |||
Variable Interest Entity [Line Items] | |||
Securities held by third-party investors, mortgage | 1,692 | 1,754 | |
Unpaid principal balance of securitization trusts | 1,749 | 1,814 | |
Variable Interest Entity, Not Primary Beneficiary | GreenPoint HELOCs | |||
Variable Interest Entity [Line Items] | |||
Securities held by third-party investors, mortgage | 69 | 74 | |
Unpaid principal balance of securitization trusts | 63 | 68 | |
Variable Interest Entity, Not Primary Beneficiary | GreenPoint Manufactured Housing | |||
Variable Interest Entity [Line Items] | |||
Securities held by third-party investors, mortgage | 765 | 789 | |
Unpaid principal balance of securitization trusts | 771 | $ 794 | |
Maximum exposure to loss | $ 420 |
Goodwill and Intangible Asset70
Goodwill and Intangible Assets - Components (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Intangible Assets by Major Class [Line Items] | ||
Goodwill, Gross | $ 14,492 | $ 14,480 |
Goodwill | 14,492 | 14,480 |
Intangible Assets, Gross (Excluding Goodwill) | 3,913 | 4,305 |
Accumulated Amortization | (2,976) | (3,264) |
Intangible Assets, Net (Excluding Goodwill) | 937 | 1,041 |
Intangible Assets Gross Including Goodwill | 18,405 | 18,785 |
Total goodwill and other intangible assets, Net Carrying Value | 15,429 | 15,521 |
Commercial MSRs, Gross | 222 | 212 |
Commercial MSR, Accumulated Amortization | (58) | (51) |
Consumer MSRs | 59 | 68 |
Total MSRs, Gross | 281 | 280 |
Servicing Asset at Amortized Cost | 164 | 161 |
Total MSRs, Net | 223 | 229 |
PCCR intangibles | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 2,147 | 2,156 |
Accumulated Amortization | (1,529) | (1,467) |
Intangible Assets, Net (Excluding Goodwill) | 618 | 689 |
Core deposit intangibles | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 1,391 | 1,771 |
Accumulated Amortization | (1,301) | (1,662) |
Intangible Assets, Net (Excluding Goodwill) | 90 | 109 |
Other Intangible Assets [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 375 | 378 |
Accumulated Amortization | (146) | (135) |
Intangible Assets, Net (Excluding Goodwill) | $ 229 | $ 243 |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets - Goodwill Attributable to Each Business Segments (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 14,480 |
Goodwill, Acquired During Period | 14 |
Other adjustments | (2) |
Goodwill, Ending Balance | 14,492 |
Credit Card | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 4,997 |
Goodwill, Acquired During Period | 0 |
Other adjustments | (2) |
Goodwill, Ending Balance | 4,995 |
Consumer Banking | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 4,600 |
Goodwill, Acquired During Period | 0 |
Other adjustments | 0 |
Goodwill, Ending Balance | 4,600 |
Commercial Banking | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 4,883 |
Goodwill, Acquired During Period | 14 |
Other adjustments | 0 |
Goodwill, Ending Balance | $ 4,897 |
Deposits and Borrowings - Addit
Deposits and Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Deposits And Borrowings [Line Items] | ||
Securitized debt obligations | $ 14,913 | $ 16,166 |
Maturities of secured debt | 1,300 | |
Senior and subordinated notes | 21,736 | 21,837 |
Fair value hedging losses | 237 | 134 |
Repayments of Unsecured Debt | 500 | |
Advances from Federal Home Loan Banks | 12,900 | 20,100 |
Other Assets | ||
Deposits And Borrowings [Line Items] | ||
Investment in FHLB stock | $ 1,800 | $ 2,100 |
Deposits and Borrowings - Depos
Deposits and Borrowings - Deposits and Short-term Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Deposits: | |||
Non-interest bearing deposits | $ 25,182 | $ 25,847 | |
Interest-bearing deposits | 196,597 | 191,874 | |
Total deposits | 221,779 | 217,721 | $ 210,440 |
Short-term Debt [Line Items] | |||
Short-term borrowings | 917 | 981 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 917 | $ 981 |
Deposits and Borrowings - Long-
Deposits and Borrowings - Long-Term Debt (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations | $ 49,580 | $ 58,134 |
Debt and Capital Lease Obligations | $ 50,497 | 59,115 |
Securitized debt obligations | ||
Debt Instrument [Line Items] | ||
Interest rate, minimum | 0.48% | |
Interest rate, maximum | 5.75% | |
Weighted average interest rate | 1.48% | |
Long-term debt | $ 14,913 | 16,166 |
Total senior and subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 21,736 | 21,837 |
Senior notes | Total unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 2.67% | |
Long-term debt | $ 17,536 | 17,757 |
Senior notes | Fixed unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Interest rate, minimum | 1.15% | |
Interest rate, maximum | 6.75% | |
Weighted average interest rate | 2.72% | |
Long-term debt | $ 16,837 | 16,559 |
Senior notes | Floating unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Interest rate, minimum | 1.30% | |
Interest rate, maximum | 1.77% | |
Weighted average interest rate | 1.50% | |
Long-term debt | $ 699 | 1,198 |
Subordinated notes | Fixed unsecured subordinated debt | ||
Debt Instrument [Line Items] | ||
Interest rate, minimum | 3.38% | |
Interest rate, maximum | 8.80% | |
Weighted average interest rate | 4.70% | |
Long-term debt | $ 4,200 | 4,080 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Interest rate, minimum | 0.39% | |
Interest rate, maximum | 6.41% | |
Weighted average interest rate | 0.50% | |
Long-term debt | $ 12,898 | 20,098 |
Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Interest rate, minimum | 3.09% | |
Interest rate, maximum | 12.86% | |
Weighted average interest rate | 4.17% | |
Long-term debt | $ 33 | 33 |
FHLB Advance and Capital Lease Obligation | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 12,931 | $ 20,131 |
Deposits and Borrowings - Sched
Deposits and Borrowings - Schedule of Components of Interest Expense on Short-Term Borrowings and Long-Term Debt (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Short-term borrowings: | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ 1 | $ 0 |
FHLB advances | 0 | 8 |
Total short-term borrowings | 1 | 8 |
Long-term debt: | ||
Securitized debt obligations | 48 | 33 |
Senior and subordinated notes | 106 | 79 |
Other long-term borrowings | 23 | 7 |
Total long-term debt | 177 | 119 |
Total interest expense | $ 178 | $ 127 |
Derivative Instruments and He76
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 215 | $ 304 |
Additional collateral, independent margin | 60 | 55 |
Derivative net liability position (less than $1 million) | 1 | 1 |
Cash collateral from derivatives counterparties | 502 | 544 |
Securities received from derivatives counterparties, ability to re-pledge | 7 | 172 |
Cumulative counterparty credit risk valuation adjustment | 5 | 4 |
Cumulative credit risk valuation adjustment related to our credit quality (less than $1 million) | 1 | $ 1 |
Gain (net after-tax) recorded in AOCI related to derivatives designated as cash flow hedges expected to be reclassified to earnings over the next 12 months | $ 173 | |
Maximum length of time over which forecasted transactions were hedged, years | 6 years |
Derivative Instruments and He77
Derivative Instruments and Hedging Activities - Notional and Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | $ 113,970 | $ 105,916 |
Derivative Assets, Gross Amount | 2,023 | 1,518 |
Derivative Liabilities, Gross Amount | 795 | 520 |
Derivative Asset, Netting Adjustment | (334) | (532) |
Derivative Liability, Netting Adjustment | (350) | (143) |
Derivative Assets | 1,689 | 986 |
Derivative Liability | 445 | 377 |
Derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 79,242 | 73,009 |
Derivative Assets, Gross Amount | 1,325 | 1,043 |
Derivative Liabilities, Gross Amount | 250 | 209 |
Derivatives designated as accounting hedges | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 71,302 | 64,867 |
Derivative Assets, Gross Amount | 1,233 | 717 |
Derivative Liabilities, Gross Amount | 96 | 207 |
Derivatives designated as accounting hedges | Interest rate contracts | Fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 33,767 | 34,417 |
Derivative Assets, Gross Amount | 556 | 550 |
Derivative Liabilities, Gross Amount | 78 | 146 |
Derivatives designated as accounting hedges | Interest rate contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 37,535 | 30,450 |
Derivative Assets, Gross Amount | 677 | 167 |
Derivative Liabilities, Gross Amount | 18 | 61 |
Derivatives designated as accounting hedges | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 7,940 | 8,142 |
Derivative Assets, Gross Amount | 92 | 326 |
Derivative Liabilities, Gross Amount | 154 | 2 |
Derivatives designated as accounting hedges | Foreign exchange contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 5,395 | 5,580 |
Derivative Assets, Gross Amount | 42 | 239 |
Derivative Liabilities, Gross Amount | 154 | 2 |
Derivatives designated as accounting hedges | Foreign exchange contracts | Net investment hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 2,545 | 2,562 |
Derivative Assets, Gross Amount | 50 | 87 |
Derivative Liabilities, Gross Amount | 0 | 0 |
Derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 34,728 | 32,907 |
Derivative Assets, Gross Amount | 698 | 475 |
Derivative Liabilities, Gross Amount | 545 | 311 |
Derivatives not designated as accounting hedges | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 33,864 | 32,025 |
Derivative Assets, Gross Amount | 698 | 475 |
Derivative Liabilities, Gross Amount | 543 | 307 |
Derivatives not designated as accounting hedges | Interest rate contracts | MSRs | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 1,180 | 1,665 |
Derivative Assets, Gross Amount | 25 | 11 |
Derivative Liabilities, Gross Amount | 13 | 7 |
Derivatives not designated as accounting hedges | Interest rate contracts | Customer accommodation | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 30,811 | 28,841 |
Derivative Assets, Gross Amount | 636 | 431 |
Derivative Liabilities, Gross Amount | 511 | 290 |
Derivatives not designated as accounting hedges | Interest rate contracts | Other interest rate exposures | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 1,873 | 1,519 |
Derivative Assets, Gross Amount | 37 | 33 |
Derivative Liabilities, Gross Amount | 19 | 10 |
Derivatives not designated as accounting hedges | Other contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 864 | 882 |
Derivative Assets, Gross Amount | 0 | 0 |
Derivative Liabilities, Gross Amount | $ 2 | $ 4 |
Derivative Instruments and He78
Derivative Instruments and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives assets(1) | ||
Gross Amounts | $ 2,023 | $ 1,518 |
Derivative Asset, Offsetting Financial Instruments | (200) | (86) |
Derivative Assets, Offsetting Cash Collateral | (134) | (446) |
Derivative Assets | 1,689 | 986 |
Derivative Asset, Securities Not Netted | (5) | (156) |
Net Exposure | 1,684 | 830 |
Derivative Asset, Not Subject to Master Netting Arrangement | $ 1,100 | $ 429 |
Derivative Instruments and He79
Derivative Instruments and Hedging Activities - Offsetting Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives liabilities(1) | ||
Derivative Liabilities, Gross Amount | $ 795 | $ 520 |
Derivative Liability, Offsetting Financial Instruments | (200) | (86) |
Derivative Liability, Offsetting Cash Collateral | (150) | (57) |
Derivative Liability | 445 | 377 |
Derivative Liability, Securities Collateral Not Netted | 0 | 0 |
Net Exposure | 445 | 377 |
Derivative Liability, Not Subject to Master Netting Arrangement | 364 | 314 |
Repurchase agreements(2)(3) | ||
Gross Amounts | 917 | 969 |
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 |
Repurchase Agreement, Collateral, Right To Reclaim Cash, Offset | 0 | 0 |
Net Amounts as Recognized | 917 | 969 |
Offsetting Amounts Not Netted, Collateral Pledged | (917) | (969) |
Net Exposure | 0 | $ 0 |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 936 |
Derivative Instruments and He80
Derivative Instruments and Hedging Activities - Net Gains (Losses) Recognized in Earnings Related to Derivatives in Fair Value Hedging Relationships and Free-Standing Derivatives (Details) - Other Non-Interest Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net derivative gains recognized in earnings | $ 46 | $ 15 |
Derivatives designated as accounting hedges | Fair value hedges | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings on derivatives | 208 | 153 |
Gains (losses) recognized in earnings on hedged items | (192) | (148) |
Net fair value hedge ineffectiveness gains (losses) | 16 | 5 |
Derivatives not designated as accounting hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivatives not designated as accounting hedges | 30 | 10 |
Derivatives not designated as accounting hedges | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivatives not designated as accounting hedges | 30 | 12 |
Derivatives not designated as accounting hedges | Interest rate contracts | MSRs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivatives not designated as accounting hedges | 10 | 6 |
Derivatives not designated as accounting hedges | Interest rate contracts | Customer accommodation | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivatives not designated as accounting hedges | 5 | 4 |
Derivatives not designated as accounting hedges | Interest rate contracts | Other interest rate exposures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivatives not designated as accounting hedges | 15 | 2 |
Derivatives not designated as accounting hedges | Other contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivatives not designated as accounting hedges | $ 0 | $ (2) |
Derivative Instruments and He81
Derivative Instruments and Hedging Activities - Net Gains (Losses) Related to Derivatives Designated as Cash Flow Hedges and Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recorded in AOCI | $ 467 | $ 280 |
Other Non-Interest Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net derivative gains recognized in earnings | 46 | 15 |
Cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recorded in AOCI | 426 | 205 |
Gains (losses) reclassified from AOCI into earnings | 49 | 43 |
Net derivative gains recognized in earnings | 52 | 45 |
Cash flow hedges | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recorded in AOCI | 426 | 210 |
Cash flow hedges | Interest rate contracts | Interest Income (Expense) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) reclassified from AOCI into earnings | 50 | 47 |
Cash flow hedges | Interest rate contracts | Other Non-Interest Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recognized in earnings due to ineffectiveness | 3 | 2 |
Cash flow hedges | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recorded in AOCI | 0 | (5) |
Cash flow hedges | Foreign exchange contracts | Other Non-Interest Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) reclassified from AOCI into earnings | (1) | (4) |
Net investment hedges | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) recorded in AOCI | $ 41 | $ 75 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Preferred Stock (Details) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | |
Class of Stock [Line Items] | ||
Depository Share, Percent Interest in Preferred Stock | 0.025 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 3,294 | $ 3,294 |
Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Non-cumulative Fixed Dividend Rate per Annum (as percent) | 6.00% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 875,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 853 | 853 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Non-cumulative Fixed Dividend Rate per Annum (as percent) | 6.25% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 484 | 484 |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Non-cumulative Fixed Dividend Rate per Annum (as percent) | 6.70% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 485 | 485 |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Non-cumulative Fixed Dividend Rate per Annum (as percent) | 5.55% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 1,000,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 988 | 988 |
Preferred Stock, Dividend Payment Rate, Variable | Libor + 380 bps | |
Preferred Stock Dividend Rate, Variable | 3.80% | |
Series F Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Non-cumulative Fixed Dividend Rate per Annum (as percent) | 6.20% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 484 | $ 484 |
Stockholders' Equity - Change i
Stockholders' Equity - Change in AOCI Gain (Loss) by Component (Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
AOCI beginning balance | $ (616) | $ (430) |
Other comprehensive income (loss) before reclassifications | 596 | 234 |
Net realized (gains) losses reclassified from AOCI into earnings | (21) | (16) |
Other comprehensive income (loss), net of tax | 575 | 218 |
AOCI ending balance | (41) | (212) |
Accumulated Net Unrealized Investment Gain (Loss) | Securities Available for Sale | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
AOCI beginning balance | 162 | 410 |
Other comprehensive income (loss) before reclassifications | 182 | 114 |
Net realized (gains) losses reclassified from AOCI into earnings | 5 | 8 |
Other comprehensive income (loss), net of tax | 187 | 122 |
AOCI ending balance | 349 | 532 |
Accumulated Net Unrealized Investment Gain (Loss) | Securities Held to Maturity | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
AOCI beginning balance | (725) | (821) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Net realized (gains) losses reclassified from AOCI into earnings | 21 | 20 |
Other comprehensive income (loss), net of tax | 21 | 20 |
AOCI ending balance | (704) | (801) |
Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
AOCI beginning balance | 120 | 10 |
Other comprehensive income (loss) before reclassifications | 426 | 205 |
Net realized (gains) losses reclassified from AOCI into earnings | (49) | (43) |
Other comprehensive income (loss), net of tax | 377 | 162 |
AOCI ending balance | 497 | 172 |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
AOCI beginning balance | (143) | (8) |
Other comprehensive income (loss) before reclassifications | 1 | (84) |
Net realized (gains) losses reclassified from AOCI into earnings | 0 | 0 |
Other comprehensive income (loss), net of tax | 1 | (84) |
AOCI ending balance | (142) | (92) |
Other | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
AOCI beginning balance | (30) | (21) |
Other comprehensive income (loss) before reclassifications | (13) | (1) |
Net realized (gains) losses reclassified from AOCI into earnings | 2 | (1) |
Other comprehensive income (loss), net of tax | (11) | (2) |
AOCI ending balance | $ (41) | $ (23) |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications from AOCI (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Non-interest income | $ 172 | $ 153 |
Non-interest income - OTTI | (8) | (15) |
Interest income | 5,056 | 4,576 |
Income from continuing operations before income taxes | 1,470 | 1,663 |
Income tax provision (benefit) | 452 | 529 |
Net income | 1,013 | 1,153 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | 21 | 16 |
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income [Member] | Securities Available for Sale | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Non-interest income | 0 | 2 |
Non-interest income - OTTI | (8) | (15) |
Income from continuing operations before income taxes | (8) | (13) |
Income tax provision (benefit) | (3) | (5) |
Net income | (5) | (8) |
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income [Member] | Securities Held to Maturity | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income | (33) | (33) |
Income tax provision (benefit) | (12) | (13) |
Net income | (21) | (20) |
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income from continuing operations before income taxes | 77 | 68 |
Income tax provision (benefit) | 28 | 25 |
Net income | 49 | 43 |
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest rate contracts | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income | 79 | 75 |
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign exchange contracts | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Non-interest income | (1) | (7) |
Interest income | (1) | 0 |
Other | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income from continuing operations before income taxes | (2) | 1 |
Income tax provision (benefit) | 0 | 0 |
Net income | $ (2) | $ 1 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of Other Comprehensive Income Loss and Related Tax Impact (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Before Tax | ||
Net unrealized gains (losses) on securities available for sale | $ 296 | $ 190 |
Net changes in securities held to maturity | 33 | 33 |
Net unrealized gains (losses) on cash flow hedges | 600 | 258 |
Foreign currency translation adjustments | 26 | (41) |
Other | (17) | (4) |
Other comprehensive income before taxes | 938 | 436 |
Provision (Benefit) | ||
Net unrealized gains on securities available for sale | 109 | 68 |
Net changes in securities held to maturity | 12 | 13 |
Net unrealized gains on cash flow hedges | 223 | 96 |
Foreign currency translation adjustments | 25 | 43 |
Other | (6) | (2) |
Other comprehensive income (loss), provision (benefit) | 363 | 218 |
After Tax | ||
Net unrealized gains on securities available for sale | 187 | 122 |
Net changes in securities held to maturity | 21 | 20 |
Net unrealized gains on cash flow hedges | 377 | 162 |
Foreign currency translation adjustments | 1 | (84) |
Other | (11) | (2) |
Other comprehensive income (loss), net of tax | $ 575 | $ 218 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Income from continuing operations, net of tax | $ 1,018 | $ 1,134 |
Income (loss) from discontinued operations, net of tax | (5) | 19 |
Net income | 1,013 | 1,153 |
Dividends and undistributed earnings allocated to participating securities | (6) | (6) |
Preferred stock dividends | (37) | (32) |
Net income available to common stockholders | $ 970 | $ 1,115 |
Total weighted-average basic shares outstanding | 523.5 | 550.2 |
Effect of dilutive securities: | ||
Stock options | 1.8 | 2.6 |
Other contingently issuable shares | 1.2 | 1.5 |
Warrants | 1.5 | 2.9 |
Total effect of dilutive securities | 4.5 | 7 |
Total weighted-average diluted shares outstanding | 528 | 557.2 |
Basic earnings per common share: | ||
Net income from continuing operations (in dollars per share) | $ 1.86 | $ 2 |
Income (loss) from discontinued operations (in dollars per share) | (0.01) | 0.03 |
Net income per basic common share (in dollars per share) | 1.85 | 2.03 |
Diluted earnings per common share: | ||
Net income from continuing operations (in dollars per share) | 1.85 | 1.97 |
Income (loss) from discontinued operations (in dollars per share) | (0.01) | 0.03 |
Net income per diluted common share (in dollars per share) | $ 1.84 | $ 2 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - $ / shares shares in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive options excluded from the computation of diluted earnings per share (in shares) | 2.9 | 2 |
Minimum exercise price range | $ 63.73 | $ 70.96 |
Maximum exercise price range | $ 88.81 | $ 88.81 |
Warrant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Warrants outstanding | 4.1 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Securities available for sale: | ||
Securities available for sale | $ 40,092 | $ 39,061 |
Other assets: | ||
Consumer MSRs | 59 | 68 |
Derivative Assets, Gross Amount | 2,023 | 1,518 |
Liabilities: | ||
Derivative Liabilities, Gross Amount | 795 | 520 |
Derivative Liabilities | 445 | 377 |
Derivative Asset | 1,689 | 986 |
Derivative Credit Risk Valuation Adjustment, Derivative Assets (Liabilities) | 4 | 4 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 40,092 | 39,061 |
Other assets: | ||
Consumer MSRs | 59 | 68 |
Derivative Assets, Gross Amount | 2,023 | 1,518 |
Retained interests in securitizations | 201 | 211 |
Total assets | 42,375 | 40,858 |
Liabilities: | ||
Derivative Liabilities, Gross Amount | 795 | 520 |
Total liabilities | 795 | 520 |
Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 5,269 | 5,015 |
Other assets: | ||
Consumer MSRs | 0 | 0 |
Derivative Assets, Gross Amount | 2 | 2 |
Retained interests in securitizations | 0 | 0 |
Total assets | 5,271 | 5,017 |
Liabilities: | ||
Derivative Liabilities, Gross Amount | 3 | 2 |
Total liabilities | 3 | 2 |
Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 34,026 | 33,431 |
Other assets: | ||
Consumer MSRs | 0 | 0 |
Derivative Assets, Gross Amount | 1,950 | 1,459 |
Retained interests in securitizations | 0 | 0 |
Total assets | 35,976 | 34,890 |
Liabilities: | ||
Derivative Liabilities, Gross Amount | 752 | 491 |
Total liabilities | 752 | 491 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | 797 | 615 |
Other assets: | ||
Consumer MSRs | 59 | 68 |
Derivative Assets, Gross Amount | 71 | 57 |
Retained interests in securitizations | 201 | 211 |
Total assets | 1,128 | 951 |
Liabilities: | ||
Derivative Liabilities, Gross Amount | 40 | 27 |
Total liabilities | 40 | 27 |
US Treasury securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 4,966 | 4,660 |
US Treasury securities | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 4,966 | 4,660 |
US Treasury securities | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
US Treasury securities | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
RMBS | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 28,268 | 27,311 |
RMBS | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
RMBS | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 27,763 | 26,807 |
RMBS | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | 505 | 504 |
CMBS | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 5,504 | 5,379 |
CMBS | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
CMBS | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 5,253 | 5,282 |
CMBS | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | 251 | 97 |
Other ABS | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 1,038 | 1,340 |
Other ABS | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
Other ABS | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 1,008 | 1,340 |
Other ABS | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | 30 | 0 |
Other securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 316 | 371 |
Other securities | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 303 | 355 |
Other securities | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 2 | 2 |
Other securities | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | $ 11 | $ 14 |
Fair Value Measurement Fair Val
Fair Value Measurement Fair Value Measurement - Schedule of Level 3 Inputs Reconciliation for Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 615 | $ 1,205 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 6 | 7 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | (4) | 12 |
Purchases | 123 | 0 |
Sales | 0 | (88) |
Issuances | 0 | 0 |
Settlements | (24) | (42) |
Transfers Into Level 3 | 191 | 85 |
Transfers Out of Level 3 | (110) | (253) |
Ending balance | 797 | 926 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 6 | 9 |
Corporate debt securities guaranteed by U.S. government agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 333 | |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | (2) | |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 5 | |
Purchases | 0 | |
Sales | (68) | |
Issuances | 0 | |
Settlements | (8) | |
Transfers Into Level 3 | 0 | |
Transfers Out of Level 3 | (88) | |
Ending balance | 172 | |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | |
RMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 504 | 561 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 6 | 8 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | (5) | 8 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (17) | (13) |
Transfers Into Level 3 | 127 | 85 |
Transfers Out of Level 3 | (110) | (94) |
Ending balance | 505 | 555 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 6 | 9 |
CMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 97 | 228 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 0 | 0 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 1 | 1 |
Purchases | 93 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (4) | (21) |
Transfers Into Level 3 | 64 | 0 |
Transfers Out of Level 3 | 0 | (34) |
Ending balance | 251 | 174 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | 0 |
Other ABS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | 65 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 0 | 1 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | (2) |
Purchases | 30 | 0 |
Sales | 0 | (20) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers Into Level 3 | 0 | 0 |
Transfers Out of Level 3 | 0 | (37) |
Ending balance | 30 | 7 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | 0 |
Other securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 14 | 18 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 0 | 0 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 |
Purchases | 0 | |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (3) | 0 |
Transfers Into Level 3 | 0 | 0 |
Transfers Out of Level 3 | 0 | 0 |
Ending balance | 11 | 18 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | 0 |
Consumer MSRs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 68 | 53 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | (12) | (3) |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 4 | 4 |
Settlements | (1) | (1) |
Transfers Into Level 3 | 0 | 0 |
Transfers Out of Level 3 | 0 | 0 |
Ending balance | 59 | 53 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | (12) | (3) |
Derivative assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 57 | 66 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 19 | 11 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 12 | 9 |
Settlements | (11) | (12) |
Transfers Into Level 3 | 0 | 0 |
Transfers Out of Level 3 | (6) | (1) |
Ending balance | 71 | 73 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 19 | 11 |
Retained interest in securitizations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 211 | 221 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | (10) | 2 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers Into Level 3 | 0 | 0 |
Transfers Out of Level 3 | 0 | 0 |
Ending balance | 201 | 223 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | $ (10) | $ 2 |
Fair Value Measurement Fair V90
Fair Value Measurement Fair Value Measurement - Schedule of Level 3 Inputs Reconciliation for Liabilities (Details) - Derivative Financial Instruments, Liabilities [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ (27) | $ (43) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (14) | (10) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | (7) | (7) |
Settlements | 3 | 12 |
Transfers Into Level 3 | 0 | 0 |
Transfers Out of Level 3 | 5 | 0 |
Ending balance | (40) | (48) |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | $ (14) | $ (10) |
Fair Value Measurement - Sche91
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Recurring Basis Quantitative Information about Level 3 Fair Value Measurements (Detail) $ in Millions | Mar. 31, 2016USD ($)$ / SecurityLoan | Dec. 31, 2015USD ($)$ / SecurityLoan |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 40,092 | $ 39,061 |
Consumer MSRs | 59 | 68 |
Derivative Assets, Gross Amount | 2,023 | 1,518 |
Fair Value Inputs [Abstract] | ||
Derivative Credit Risk Valuation Adjustment, Derivative Assets (Liabilities) | 4 | 4 |
Level 3 | Retained interest in securitizations | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Retained interests in securitizations | 201 | 211 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | 40,092 | 39,061 |
Consumer MSRs | 59 | 68 |
Derivative Assets, Gross Amount | 2,023 | 1,518 |
Retained interests in securitizations | 201 | 211 |
Fair Value Inputs [Abstract] | ||
Assets, Fair Value Disclosure | 42,375 | 40,858 |
Fair Value, Measurements, Recurring [Member] | RMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | 28,268 | 27,311 |
Fair Value, Measurements, Recurring [Member] | CMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | 5,504 | 5,379 |
Fair Value, Measurements, Recurring [Member] | Other ABS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | 1,038 | 1,340 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | 797 | 615 |
Consumer MSRs | 59 | 68 |
Derivative Assets, Gross Amount | 71 | 57 |
Retained interests in securitizations | 201 | 211 |
Fair Value Inputs [Abstract] | ||
Assets, Fair Value Disclosure | 1,128 | 951 |
Fair Value, Measurements, Recurring [Member] | Level 3 | RMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 505 | $ 504 |
Fair Value, Measurements, Recurring [Member] | Level 3 | RMBS | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 0.00% | 0.00% |
Constant prepayment rate (percent) | 0.00% | 0.00% |
Default rate (percent) | 0.00% | 0.00% |
Loss severity (percent) | 9.00% | 16.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | RMBS | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 15.00% | 12.00% |
Constant prepayment rate (percent) | 27.00% | 28.00% |
Default rate (percent) | 11.00% | 8.00% |
Loss severity (percent) | 88.00% | 85.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | RMBS | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 6.00% | 6.00% |
Constant prepayment rate (percent) | 5.00% | 4.00% |
Default rate (percent) | 4.00% | 4.00% |
Loss severity (percent) | 54.00% | 55.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | CMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 251 | $ 97 |
Fair Value, Measurements, Recurring [Member] | Level 3 | CMBS | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 1.00% | 2.00% |
Constant prepayment rate (percent) | 0.00% | 0.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | CMBS | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 3.00% | 3.00% |
Constant prepayment rate (percent) | 15.00% | 15.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | CMBS | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 2.00% | 3.00% |
Constant prepayment rate (percent) | 2.00% | 9.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Other ABS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 30 | $ 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Other ABS | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 1.00% | |
Constant prepayment rate (percent) | 3.00% | |
Default rate (percent) | ||
Loss severity (percent) | ||
Fair Value, Measurements, Recurring [Member] | Level 3 | Other ABS | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 1.00% | |
Constant prepayment rate (percent) | 3.00% | |
Default rate (percent) | ||
Loss severity (percent) | ||
Fair Value, Measurements, Recurring [Member] | Level 3 | Other ABS | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 1.00% | |
Constant prepayment rate (percent) | 3.00% | |
Default rate (percent) | ||
Loss severity (percent) | ||
Fair Value, Measurements, Recurring [Member] | Level 3 | US Government-sponsored Enterprises Debt Securities and Other Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 11 | $ 14 |
Fair Value, Measurements, Recurring [Member] | Level 3 | US Government-sponsored Enterprises Debt Securities and Other Securities [Member] | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 1.00% | 1.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | US Government-sponsored Enterprises Debt Securities and Other Securities [Member] | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 1.00% | 1.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | US Government-sponsored Enterprises Debt Securities and Other Securities [Member] | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 1.00% | 1.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Consumer MSRs | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Consumer MSRs | $ 59 | $ 68 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Consumer MSRs | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Total prepayment rate (percent) | 10.00% | 11.00% |
Discount rate (percent) | 15.00% | 12.00% |
Option adjusted spread rate (percent) | 4.35% | 4.35% |
Servicing cost ($ per loan) | $ / SecurityLoan | 93 | 93 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Consumer MSRs | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Total prepayment rate (percent) | 20.00% | 18.00% |
Discount rate (percent) | 15.00% | 12.00% |
Option adjusted spread rate (percent) | 15.00% | 15.00% |
Servicing cost ($ per loan) | $ / SecurityLoan | 201 | 201 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Consumer MSRs | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Total prepayment rate (percent) | 17.00% | 16.00% |
Discount rate (percent) | 15.00% | 12.00% |
Option adjusted spread rate (percent) | 4.77% | 4.74% |
Servicing cost ($ per loan) | $ / SecurityLoan | 98 | 98 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Assets, Gross Amount | $ 71 | $ 57 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative assets | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative assets | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative assets | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Retained interest in securitizations | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Life of receivables (months) | 14 months | 16 months |
Constant prepayment rate (percent) | 1.00% | 1.00% |
Default rate (percent) | 1.00% | 2.00% |
Loss severity (percent) | 6.00% | 15.00% |
Discount rate (percent) | 3.00% | 4.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Retained interest in securitizations | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Life of receivables (months) | 83 months | 75 months |
Constant prepayment rate (percent) | 12.00% | 13.00% |
Default rate (percent) | 6.00% | 6.00% |
Loss severity (percent) | 117.00% | 94.00% |
Discount rate (percent) | 11.00% | 9.00% |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value Measurement Fair V92
Fair Value Measurement Fair Value Measurement - Schedule of Liabilities Measured at Fair Value on Recurring Basis Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative Liabilities, Gross Amount | $ 795 | $ 520 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative Liabilities, Gross Amount | 795 | 520 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative Liabilities, Gross Amount | 40 | 27 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative liabilities | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative Liabilities, Gross Amount | $ 40 | $ 27 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative liabilities | Minimum | Discounted cash flows | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative liabilities | Maximum | Discounted cash flows | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative liabilities | Weighted Average | Discounted cash flows | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value Measurement - Sche93
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | $ 0 | $ 0 |
Loans held for sale | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 0 | 0 |
Loans held for sale | 1,308 | 860 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 224,489 | 222,007 |
Loans held for sale | 0 | 73 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 716 | 362 |
Loans held for sale | 6 | 149 |
Other Assets, Fair Value Disclosure | 39 | 92 |
Total | 761 | 603 |
Nonrecurring | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed Properties and Repossessed Assets | 39 | 54 |
Long-Lived Assets | 0 | 38 |
Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Total | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 0 | 0 |
Loans held for sale | 6 | 149 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Total | 6 | 149 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 716 | 362 |
Loans held for sale | 0 | 0 |
Other Assets, Fair Value Disclosure | 39 | 92 |
Total | $ 755 | $ 454 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - Loans Held for Investment - Appraisal Value | Mar. 31, 2016 | Dec. 31, 2015 |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-recoverable rate | 0.00% | 9.00% |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-recoverable rate | 78.00% | 73.00% |
Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-recoverable rate | 11.00% | 20.00% |
Fair Value Measurement - Sche95
Fair Value Measurement - Schedule of Earnings Related to Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Assets: | ||
Loans held for investment | $ (71) | $ (5) |
Loans held for sale | 0 | 0 |
Other assets | (4) | (4) |
Total | $ (75) | $ (9) |
Fair Value Measurement - Sche96
Fair Value Measurement - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Securities available for sale | $ 40,092 | $ 39,061 |
Securities held to maturity | 26,454 | 25,317 |
Derivative Assets, Gross Amount | 2,023 | 1,518 |
Financial liabilities: | ||
Derivative Liabilities, Gross Amount | 795 | 520 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 5,235 | 8,023 |
Restricted cash for securitization investors | 960 | 1,017 |
Securities held to maturity | 200 | 198 |
Net loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Interest receivable | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Financial liabilities: | ||
Non-interest bearing deposits | 25,182 | 25,847 |
Interest-bearing deposits | 0 | 0 |
Securitized debt obligations | 0 | 0 |
Senior and subordinated notes | 0 | 0 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 917 | 981 |
Other borrowings | 0 | 0 |
Interest payable | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash for securitization investors | 0 | 0 |
Securities held to maturity | 26,204 | 25,068 |
Net loans held for investment | 0 | 0 |
Loans held for sale | 1,308 | 860 |
Interest receivable | 1,221 | 1,189 |
Cost Method Investments, Fair Value Disclosure | 1,754 | 2,060 |
Financial liabilities: | ||
Non-interest bearing deposits | 0 | 0 |
Interest-bearing deposits | 16,336 | 15,848 |
Securitized debt obligations | 14,961 | 16,225 |
Senior and subordinated notes | 21,697 | 22,062 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 0 |
Other borrowings | 12,920 | 20,134 |
Interest payable | 217 | 299 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash for securitization investors | 0 | 0 |
Securities held to maturity | 51 | 51 |
Net loans held for investment | 224,489 | 222,007 |
Loans held for sale | 0 | 73 |
Interest receivable | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Financial liabilities: | ||
Non-interest bearing deposits | 0 | 0 |
Interest-bearing deposits | 176,139 | 169,227 |
Securitized debt obligations | 0 | 0 |
Senior and subordinated notes | 0 | 0 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 0 |
Other borrowings | 0 | 0 |
Interest payable | 0 | 0 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 5,235 | 8,023 |
Restricted cash for securitization investors | 960 | 1,017 |
Securities held to maturity | 25,080 | 24,619 |
Net loans held for investment | 222,197 | 224,721 |
Loans held for sale | 1,251 | 904 |
Interest receivable | 1,221 | 1,189 |
Cost Method Investments, Fair Value Disclosure | 1,754 | 2,060 |
Financial liabilities: | ||
Non-interest bearing deposits | 25,182 | 25,847 |
Interest-bearing deposits | 196,597 | 191,874 |
Securitized debt obligations | 14,913 | 16,166 |
Senior and subordinated notes | 21,736 | 21,837 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 917 | 981 |
Other borrowings | 12,931 | 20,131 |
Interest payable | 217 | 299 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 5,235 | 8,023 |
Restricted cash for securitization investors | 960 | 1,017 |
Securities held to maturity | 26,455 | 25,317 |
Net loans held for investment | 224,489 | 222,007 |
Loans held for sale | 1,308 | 933 |
Interest receivable | 1,221 | 1,189 |
Cost Method Investments, Fair Value Disclosure | 1,754 | 2,060 |
Financial liabilities: | ||
Non-interest bearing deposits | 25,182 | 25,847 |
Interest-bearing deposits | 192,475 | 185,075 |
Securitized debt obligations | 14,961 | 16,225 |
Senior and subordinated notes | 21,697 | 22,062 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 917 | 981 |
Other borrowings | 12,920 | 20,134 |
Interest payable | 217 | 299 |
Fair Value, Measurements, Recurring [Member] | ||
Financial assets: | ||
Securities available for sale | 40,092 | 39,061 |
Derivative Assets, Gross Amount | 2,023 | 1,518 |
Retained interests in securitizations | 201 | 211 |
Financial liabilities: | ||
Derivative Liabilities, Gross Amount | 795 | 520 |
Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Financial assets: | ||
Securities available for sale | 5,269 | 5,015 |
Derivative Assets, Gross Amount | 2 | 2 |
Retained interests in securitizations | 0 | 0 |
Financial liabilities: | ||
Derivative Liabilities, Gross Amount | 3 | 2 |
Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Financial assets: | ||
Securities available for sale | 34,026 | 33,431 |
Derivative Assets, Gross Amount | 1,950 | 1,459 |
Retained interests in securitizations | 0 | 0 |
Financial liabilities: | ||
Derivative Liabilities, Gross Amount | 752 | 491 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Financial assets: | ||
Securities available for sale | 797 | 615 |
Derivative Assets, Gross Amount | 71 | 57 |
Retained interests in securitizations | 201 | 211 |
Financial liabilities: | ||
Derivative Liabilities, Gross Amount | $ 40 | $ 27 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segment | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | 3 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Results and Reconciliation (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 5,056 | $ 4,576 | |
Non-interest income | 1,164 | 1,071 | |
Total net revenue | 6,220 | 5,647 | |
Provision for Loan, lease and Other losses | 1,527 | 935 | |
Amortization of intangibles | 101 | 110 | |
Other non-interest expense | 3,135 | 2,939 | |
Total non-interest expense | 3,223 | 3,049 | |
Income from continuing operations before income taxes | 1,470 | 1,663 | |
Income tax provision (benefit) | 452 | 529 | |
Income from continuing operations, net of tax | 1,018 | 1,134 | |
Loans held for investment | 227,613 | 203,978 | $ 229,851 |
Total deposits | 221,779 | 210,440 | $ 217,721 |
Operating Segments | Credit Card | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 3,033 | 2,666 | |
Non-interest income | 847 | 816 | |
Total net revenue | 3,880 | 3,482 | |
Provision for Loan, lease and Other losses | 1,071 | 669 | |
Other non-interest expense | 1,793 | 1,692 | |
Total non-interest expense | 1,863 | 1,776 | |
Income from continuing operations before income taxes | 946 | 1,037 | |
Income tax provision (benefit) | 337 | 369 | |
Income from continuing operations, net of tax | 609 | 668 | |
Loans held for investment | 92,699 | 81,754 | |
Total deposits | 0 | 0 | |
Operating Segments | Consumer Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,420 | 1,434 | |
Non-interest income | 191 | 158 | |
Total net revenue | 1,611 | 1,592 | |
Provision for Loan, lease and Other losses | 230 | 206 | |
Other non-interest expense | 975 | 948 | |
Total non-interest expense | 990 | 970 | |
Income from continuing operations before income taxes | 391 | 416 | |
Income tax provision (benefit) | 142 | 150 | |
Income from continuing operations, net of tax | 249 | 266 | |
Loans held for investment | 70,591 | 71,379 | |
Total deposits | 177,803 | 172,502 | |
Operating Segments | Commercial Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 537 | 461 | |
Non-interest income | 118 | 114 | |
Total net revenue | 655 | 575 | |
Provision for Loan, lease and Other losses | 228 | 60 | |
Other non-interest expense | 319 | 268 | |
Total non-interest expense | 322 | 272 | |
Income from continuing operations before income taxes | 105 | 243 | |
Income tax provision (benefit) | 38 | 88 | |
Income from continuing operations, net of tax | 67 | 155 | |
Loans held for investment | 64,241 | 50,741 | |
Total deposits | 33,383 | 32,575 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 66 | 15 | |
Non-interest income | 8 | (17) | |
Total net revenue | 74 | (2) | |
Provision for Loan, lease and Other losses | (2) | 0 | |
Other non-interest expense | 48 | 31 | |
Total non-interest expense | 48 | 31 | |
Income from continuing operations before income taxes | 28 | (33) | |
Income tax provision (benefit) | (65) | (78) | |
Income from continuing operations, net of tax | 93 | 45 | |
Loans held for investment | 82 | 104 | |
Total deposits | 10,593 | 5,363 | |
Purchased credit card relationship intangibles (“PCCR”) | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 70 | 84 | |
Purchased credit card relationship intangibles (“PCCR”) | Operating Segments | Credit Card | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 70 | 84 | |
Purchased credit card relationship intangibles (“PCCR”) | Operating Segments | Consumer Banking | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 0 | 0 | |
Purchased credit card relationship intangibles (“PCCR”) | Operating Segments | Commercial Banking | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 0 | 0 | |
Purchased credit card relationship intangibles (“PCCR”) | Other | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 0 | 0 | |
Core deposit intangibles | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 18 | 26 | |
Core deposit intangibles | Operating Segments | Credit Card | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 0 | 0 | |
Core deposit intangibles | Operating Segments | Consumer Banking | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 15 | 22 | |
Core deposit intangibles | Operating Segments | Commercial Banking | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 3 | 4 | |
Core deposit intangibles | Other | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 0 | 0 | |
PCCR and core deposits | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 88 | 110 | |
PCCR and core deposits | Operating Segments | Credit Card | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 70 | 84 | |
PCCR and core deposits | Operating Segments | Consumer Banking | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 15 | 22 | |
PCCR and core deposits | Operating Segments | Commercial Banking | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | 3 | 4 | |
PCCR and core deposits | Other | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangibles | $ 0 | $ 0 |
Commitments, Contingencies, G99
Commitments, Contingencies, Guarantees, and Others - Guarantees, LOC and Loss Sharing, U.K Cross Sell (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Insurance Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 150 | $ 176 |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 250 | |
Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Contractual amounts of standby letters of credit and commercial letters of credit | 1,900 | 1,900 |
Other Liabilities | Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | 3 | 3 |
Loss Sharing Agreement | ||
Loss Contingencies [Line Items] | ||
Guarantee obligation | $ 41 | $ 40 |
Commitments, Contingencies, 100
Commitments, Contingencies, Guarantees, and Others - Schedule of Unpaid Principal Balance of Mortgage Loans Originated and Sold to Third Parties Based on Category of Purchaser (Details) $ in Billions | 49 Months Ended | ||
Feb. 28, 2009Subsidiary | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Number of subsidiaries acquired that originated residential mortgage loans | Subsidiary | 3 | ||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Losses realized by third party | $ 22 | ||
Subsidiaries | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Estimated Unpaid Principal Balance | 19 | $ 20 | |
Unpaid principal balance, delinquent 90 days or greater | 3 | ||
Subsidiaries | 2005 to 2008 Year | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 111 | ||
Subsidiaries | 2008 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 4 | ||
Subsidiaries | 2007 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 21 | ||
Subsidiaries | 2006 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 41 | ||
Subsidiaries | 2005 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 45 | ||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Estimated Unpaid Principal Balance | 2 | 2 | |
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2005 to 2008 Year | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 11 | ||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2008 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 1 | ||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2007 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 4 | ||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2006 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 3 | ||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2005 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 3 | ||
Subsidiaries | Insured Securitizations | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Estimated Unpaid Principal Balance | 3 | 4 | |
Subsidiaries | Insured Securitizations | 2005 to 2008 Year | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | $ 20 | ||
Percent covered by bond insurance | 48.00% | ||
Original principal balance, sold to third party with repurchase requests | $ 16 | ||
Original principal balance, sold to third party without repurchase requests | 4 | ||
Subsidiaries | Insured Securitizations | 2008 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 0 | ||
Subsidiaries | Insured Securitizations | 2007 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 2 | ||
Subsidiaries | Insured Securitizations | 2006 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 8 | ||
Subsidiaries | Insured Securitizations | 2005 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 10 | ||
Subsidiaries | Uninsured Securitizations and Other | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Estimated Unpaid Principal Balance | 14 | 14 | |
Subsidiaries | Uninsured Securitizations and Other | 2005 to 2008 Year | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 80 | ||
Subsidiaries | Uninsured Securitizations and Other | 2008 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 3 | ||
Subsidiaries | Uninsured Securitizations and Other | 2007 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 15 | ||
Subsidiaries | Uninsured Securitizations and Other | 2006 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 30 | ||
Subsidiaries | Uninsured Securitizations and Other | 2005 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 32 | ||
Subsidiaries | Uninsured Securitizations | 2005 to 2008 Year | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 48 | ||
Subsidiaries | Private Investors | 2005 to 2008 Year | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 22 | ||
Subsidiaries | Various Known and Unknown Investors | 2005 to 2008 Year | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | |||
Original Principal Balance | 10 | ||
Representation and Warranty Liability [Member] | Subsidiaries | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 1.5 | $ 1.6 |
Commitments, Contingencies, 101
Commitments, Contingencies, Guarantees, and Others - Schedule of Open Claims in Pipeline (Details) - Subsidiaries - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Unresolved Repurchase Claims [Roll Forward] | ||
Open claims, beginning balance | $ 1,350 | $ 2,512 |
Gross new demands received | 13 | 46 |
Loans repurchased/made whole | (1) | (18) |
Demands rescinded | (2) | (1,190) |
Open claims, ending balance | 1,360 | |
Government-sponsored enterprises (“GSEs”) | ||
Unresolved Repurchase Claims [Roll Forward] | ||
Open claims, beginning balance | 1 | 16 |
Gross new demands received | 8 | 23 |
Loans repurchased/made whole | (1) | (17) |
Demands rescinded | (2) | (21) |
Open claims, ending balance | 6 | |
Insured Securitizations | ||
Unresolved Repurchase Claims [Roll Forward] | ||
Open claims, beginning balance | 534 | 649 |
Gross new demands received | 0 | 0 |
Loans repurchased/made whole | 0 | 0 |
Demands rescinded | 0 | (115) |
Open claims, ending balance | 534 | |
Uninsured Securitizations and Other | ||
Unresolved Repurchase Claims [Roll Forward] | ||
Open claims, beginning balance | 815 | 1,847 |
Gross new demands received | 5 | 23 |
Loans repurchased/made whole | 0 | (1) |
Demands rescinded | 0 | $ (1,054) |
Open claims, ending balance | $ 820 |
Commitments, Contingencies, 102
Commitments, Contingencies, Guarantees, and Others - Schedule of Changes in Representation and Warranty Reserve (Details) - Subsidiaries - Representation and Warranty Liability [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Loss Contingency Accrual [Roll Forward] | ||
Representation and warranty repurchase reserve, beginning of period | $ 610 | $ 731 |
Provision (benefit) for mortgage representation and warranty losses | 2 | (18) |
Net realized losses | 1 | (40) |
Representation and warranty repurchase reserve, end of period | 613 | 673 |
Continuing Operations | ||
Loss Contingency Accrual [Roll Forward] | ||
Provision (benefit) for mortgage representation and warranty losses | (1) | 1 |
Discontinued Operations | ||
Loss Contingency Accrual [Roll Forward] | ||
Provision (benefit) for mortgage representation and warranty losses | $ 3 | $ (19) |
Commitments, Contingencies, 103
Commitments, Contingencies, Guarantees, and Others - Schedule of Allocation of Representation and Warranty Reserves (Details) $ in Millions | 3 Months Ended | 49 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Feb. 28, 2009Subsidiary | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | |||||
Number of subsidiaries acquired that originated residential mortgage loans | Subsidiary | 3 | ||||
Subsidiaries | 2005 to 2008 Year | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | $ 111,000 | ||||
Subsidiaries | Active Insured Securitizations and GSEs | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 27,000 | ||||
Subsidiaries | Inactive Insured Securitizations and Others | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 84,000 | ||||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2005 to 2008 Year | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 11,000 | ||||
Subsidiaries | Insured Securitizations | 2005 to 2008 Year | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 20,000 | ||||
Original principal balance, sold to third party with repurchase requests | 16,000 | ||||
Original principal balance, sold to third party without repurchase requests | 4,000 | ||||
Subsidiaries | Uninsured Securitizations | 2005 to 2008 Year | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 48,000 | ||||
Subsidiaries | Private Investors | 2005 to 2008 Year | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 22,000 | ||||
Subsidiaries | Representation and Warranty Liability [Member] | |||||
Loss Contingencies [Line Items] | |||||
Reserve liability | 613 | $ 673 | $ 610 | $ 731 | |
Loss Contingency Accrual, Provision | 2 | (18) | |||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 1,500 | 1,600 | |||
Net realized losses | 1 | $ (40) | |||
Subsidiaries | Representation and Warranty Liability [Member] | Active Insured Securitizations and GSEs | |||||
Loss Contingencies [Line Items] | |||||
Reserve liability | 482 | 480 | |||
Subsidiaries | Representation and Warranty Liability [Member] | Inactive Insured Securitizations and Others | |||||
Loss Contingencies [Line Items] | |||||
Reserve liability | $ 131 | $ 130 |
Commitments, Contingencies, 104
Commitments, Contingencies, Guarantees, and Others - Litigation (Details) $ in Millions | 1 Months Ended | 3 Months Ended | ||||||
Apr. 30, 2014patent | Jan. 31, 2014claim | Dec. 31, 2013claimpatent | Jul. 31, 2012USD ($) | Feb. 28, 2009USD ($)ContractMortgageLoan | Jul. 31, 2012USD ($)summontrust | Mar. 31, 2016USD ($) | Jul. 31, 2013USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | $ 200 | |||||||
Intellectual Ventures Corp | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of claims dismissed | claim | 1 | 2 | ||||||
Pending Litigation | Interchange Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation settlement, attributable to reporting entity and third party | $ 6,600 | |||||||
Litigation settlement, attributable to reporting entity and third party, percent of transactions | 0.10% | |||||||
Litigation settlement, attributable to reporting entity and third party, period of payment of settlement | 8 months | |||||||
Pending Litigation | Intellectual Ventures Corp | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of patents not infringed | patent | 2 | 1 | ||||||
GreenPoint Subsidiary | Pending Litigation | U.S. Bank Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of contracts breached | Contract | 2 | |||||||
Number of mortgage loans sold to third party under litigation | MortgageLoan | 30,000 | |||||||
Mortgage loans sold to third party, face amount under litigation | $ 1,800 | |||||||
GreenPoint Subsidiary | Pending Litigation | FHFA Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Mortgage loans sold to third party, face amount under litigation | $ 3,400 | $ 3,400 | ||||||
Number of summons filed | summon | 3 | |||||||
Number of residential mortgage backed securities trusts | trust | 3 | |||||||
GreenPoint Subsidiary | Pending Litigation | LXS Trust Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Mortgage loans sold to third party, face amount under litigation | $ 915 |