Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-13300 | |
Entity Registrant Name | CAPITAL ONE FINANCIAL CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 54-1719854 | |
Entity Address, Address Line One | 1680 Capital One Drive, | |
Entity Address, City or Town | McLean, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22102 | |
City Area Code | 703 | |
Local Phone Number | 720-1000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 425,622,058 | |
Entity Central Index Key | 0000927628 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Common Stock (par value $.01 per share) | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock (par value $.01 per share) | |
Trading Symbol | COF | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series G | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series G | |
Trading Symbol | COF PRG | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series H | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series H | |
Trading Symbol | COF PRH | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I | |
Trading Symbol | COF PRI | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series J | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series J | |
Trading Symbol | COF PRJ | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series K | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series K | |
Trading Symbol | COF PRK | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series L | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series L | |
Trading Symbol | COF PRL | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series N | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series N | |
Trading Symbol | COF PRN | |
Security Exchange Name | NYSE | |
0.800% Senior Notes Due 2024 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.800% Senior Notes Due 2024 | |
Trading Symbol | COF24 | |
Security Exchange Name | NYSE | |
1.650% Senior Notes Due 2029 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.650% Senior Notes Due 2029 | |
Trading Symbol | COF29 | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income: | ||||
Loans, including loans held for sale | $ 6,205 | $ 5,758 | $ 17,812 | $ 18,120 |
Investment securities | 317 | 443 | 1,078 | 1,455 |
Other | 16 | 14 | 48 | 67 |
Total interest income | 6,538 | 6,215 | 18,938 | 19,642 |
Interest expense: | ||||
Deposits | 228 | 476 | 734 | 1,818 |
Securitized debt obligations | 29 | 43 | 89 | 198 |
Senior and subordinated notes | 116 | 132 | 367 | 551 |
Other borrowings | 9 | 9 | 27 | 35 |
Total interest expense | 382 | 660 | 1,217 | 2,602 |
Net interest income | 6,156 | 5,555 | 17,721 | 17,040 |
Provision (benefit) for credit losses | (342) | 331 | (2,325) | 10,000 |
Net interest income after provision for credit losses | 6,498 | 5,224 | 20,046 | 7,040 |
Non-interest income: | ||||
Interchange fees, net | 1,022 | 775 | 2,855 | 2,199 |
Service charges and other customer-related fees | 407 | 320 | 1,143 | 905 |
Net securities gains | 2 | 25 | 6 | 25 |
Other | 243 | 706 | 592 | 1,017 |
Total non-interest income | 1,674 | 1,826 | 4,596 | 4,146 |
Non-interest expense: | ||||
Salaries and associate benefits | 1,852 | 1,719 | 5,480 | 5,050 |
Occupancy and equipment | 481 | 506 | 1,476 | 1,546 |
Marketing | 751 | 283 | 1,872 | 1,047 |
Professional services | 358 | 327 | 991 | 918 |
Communications and data processing | 319 | 310 | 936 | 920 |
Amortization of intangibles | 5 | 14 | 16 | 52 |
Other | 420 | 389 | 1,121 | 1,514 |
Total non-interest expense | 4,186 | 3,548 | 11,892 | 11,047 |
Income from continuing operations before income taxes | 3,986 | 3,502 | 12,750 | 139 |
Income tax provision (benefit) | 882 | 1,096 | 2,782 | (10) |
Income from continuing operations, net of tax | 3,104 | 2,406 | 9,968 | 149 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | (3) | (1) |
Net income | 3,104 | 2,406 | 9,965 | 148 |
Dividends and undistributed earnings allocated to participating securities | (26) | (20) | (84) | (5) |
Preferred stock dividends | (79) | (67) | (200) | (212) |
Issuance cost for redeemed preferred stock | (12) | 0 | (12) | (22) |
Net income (loss) available to common stockholders | $ 2,987 | $ 2,319 | $ 9,669 | $ (91) |
Basic earnings per common share: | ||||
Net income (loss) from continuing operations | $ 6.81 | $ 5.07 | $ 21.53 | $ (0.20) |
Income (loss) from discontinued operations | 0 | 0 | (0.01) | 0 |
Net income (loss) per basic common share | 6.81 | 5.07 | 21.52 | (0.20) |
Diluted earnings per common share: | ||||
Net income (loss) from continuing operations | 6.78 | 5.06 | 21.45 | (0.20) |
Income (loss) from discontinued operations | 0 | 0 | (0.01) | 0 |
Net income (loss) per diluted common share | $ 6.78 | $ 5.06 | $ 21.44 | $ (0.20) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||||||
Net income (loss) | $ 3,104 | $ 2,406 | $ 9,965 | $ 148 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Net unrealized gains on securities available for sale | (208) | 1 | (1,305) | 1,447 | ||||
Net unrealized gains (losses) on hedging relationships | (195) | (175) | (827) | 1,256 | ||||
Foreign currency translation adjustments | (27) | 28 | 1 | (16) | ||||
Other | (2) | (2) | (3) | (2) | ||||
Other comprehensive income (loss), net of tax | (432) | (148) | (2,134) | 2,685 | ||||
Comprehensive income | $ 2,672 | $ 3,545 | $ 1,614 | $ 2,258 | $ (616) | $ 1,191 | $ 7,831 | $ 2,833 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 5,444 | $ 4,708 |
Interest-bearing deposits and other short-term investments | 21,180 | 35,801 |
Total cash and cash equivalents | 26,624 | 40,509 |
Restricted cash for securitization investors | 234 | 262 |
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 98,149 | 100,445 |
Loans held for investment: | ||
Total loans held for investment | 261,390 | 251,624 |
Allowance for credit losses | (11,573) | (15,564) |
Net loans held for investment | 249,817 | 236,060 |
Loans held for sale ($1.7 billion and $596 million carried at fair value as of September 30, 2021 and December 31, 2020, respectively) | 6,300 | 2,710 |
Premises and equipment, net | 4,204 | 4,287 |
Interest receivable | 1,418 | 1,471 |
Goodwill | 14,652 | 14,653 |
Other assets | 23,979 | 21,205 |
Total assets | 425,377 | 421,602 |
Liabilities: | ||
Interest payable | 241 | 352 |
Deposits: | ||
Non-interest-bearing deposits | 36,804 | 31,142 |
Interest-bearing deposits | 269,134 | 274,300 |
Total deposits | 305,938 | 305,442 |
Securitized debt obligations | 12,635 | 12,414 |
Other debt: | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 825 | 668 |
Senior and subordinated notes | 23,983 | 27,382 |
Other borrowings | 58 | 75 |
Total other debt | 24,866 | 28,125 |
Other liabilities | 18,153 | 15,065 |
Total liabilities | 361,833 | 361,398 |
Commitments, contingencies and guarantees (see Note 13) | ||
Stockholders’ equity: | ||
Preferred stock (par value $0.01 per share; 50,000,000 shares authorized; 6,075,000 and 4,975,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively) | 0 | 0 |
Common stock (par value $0.01 per share; 1,000,000,000 shares authorized; 684,515,909 and 679,932,837 shares issued as of September 30, 2021 and December 31, 2020, respectively; 430,375,948 and 458,972,202 shares outstanding as of September 30, 2021 and December 31, 2020, respectively) | 7 | 7 |
Additional paid-in capital, net | 35,051 | 33,480 |
Retained earnings | 48,944 | 40,088 |
Accumulated other comprehensive income | 1,360 | 3,494 |
Treasury stock, at cost (par value $0.01 per share; 254,139,961 and 220,960,635 shares as of September 30, 2021 and December 31, 2020, respectively) | (21,818) | (16,865) |
Total stockholders’ equity | 63,544 | 60,204 |
Total liabilities and stockholders’ equity | 425,377 | 421,602 |
Unsecuritized loans held for investment | ||
Loans held for investment: | ||
Total loans held for investment | 238,475 | 225,698 |
Loans held in consolidated trusts | ||
Loans held for investment: | ||
Total loans held for investment | 22,915 | 25,926 |
Total assets | 24,450 | 26,619 |
Other debt: | ||
Total liabilities | $ 12,812 | $ 12,436 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 96,989 | $ 97,569 |
Securities available for sale, allowance for credit loss | (1) | (1) |
Loans held for sale | $ 1,700 | $ 596 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 6,075,000 | 4,975,000 |
Preferred stock, shares outstanding | 6,075,000 | 4,975,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 684,515,909 | 679,932,837 |
Common stock, shares outstanding | 430,375,948 | 458,972,202 |
Treasury stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Treasury stock, shares | 254,139,961 | 220,960,635 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Cumulative effects from adoption of new accounting standards | Cumulative effects from adoption of new accounting standardsRetained Earnings | Cumulative effects from adoption of new accounting standardsAccumulated Other Comprehensive Income (Loss) | |
Beginning balance (shares) at Dec. 31, 2019 | 4,975,000 | 672,969,391 | |||||||||
Beginning balance at Dec. 31, 2019 | $ 58,011 | $ 0 | $ 7 | $ 32,980 | $ 40,340 | $ 1,156 | $ (16,472) | $ (2,192) | $ (2,184) | $ (8) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income (loss) | 1,191 | (1,340) | 2,531 | ||||||||
Dividends, common stock (shares) | [1] | 23,213 | |||||||||
Dividends, common stock | [1] | (185) | $ 0 | 2 | (187) | ||||||
Dividends, preferred stock | (55) | (55) | |||||||||
Purchases of treasury stock | (386) | (386) | |||||||||
Issuances of common stock and restricted stock, net of forfeitures (shares) | 2,618,628 | ||||||||||
Issuances of common stock and restricted stock, net of forfeitures | 63 | $ 0 | 63 | ||||||||
Exercises of stock options (shares) | 559,333 | ||||||||||
Exercises of stock options | 20 | $ 0 | 20 | ||||||||
Issuances of preferred stock (shares) | 1,250,000 | ||||||||||
Issuances of preferred stock | 1,209 | $ 0 | 1,209 | ||||||||
Redemptions of preferred stock (shares) | (875,000) | ||||||||||
Redemptions of preferred stock | (875) | $ 0 | (853) | (22) | |||||||
Compensation expense for restricted stock units and stock options | 29 | 29 | |||||||||
Ending balance (shares) at Mar. 31, 2020 | 5,350,000 | 676,170,565 | |||||||||
Ending balance at Mar. 31, 2020 | 56,830 | $ 0 | $ 7 | 33,450 | 36,552 | 3,679 | (16,858) | ||||
Beginning balance (shares) at Dec. 31, 2019 | 4,975,000 | 672,969,391 | |||||||||
Beginning balance at Dec. 31, 2019 | 58,011 | $ 0 | $ 7 | 32,980 | 40,340 | 1,156 | (16,472) | $ (2,192) | $ (2,184) | $ (8) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income (loss) | 2,833 | ||||||||||
Ending balance (shares) at Sep. 30, 2020 | 5,475,000 | 678,318,329 | |||||||||
Ending balance at Sep. 30, 2020 | 58,424 | $ 0 | $ 7 | 33,793 | 37,653 | 3,833 | (16,862) | ||||
Beginning balance (shares) at Mar. 31, 2020 | 5,350,000 | 676,170,565 | |||||||||
Beginning balance at Mar. 31, 2020 | 56,830 | $ 0 | $ 7 | 33,450 | 36,552 | 3,679 | (16,858) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income (loss) | (616) | (918) | 302 | ||||||||
Dividends, common stock (shares) | [1] | 6,521 | |||||||||
Dividends, common stock | [1] | (183) | $ 0 | 0 | (183) | ||||||
Dividends, preferred stock | (90) | (90) | |||||||||
Purchases of treasury stock | (2) | (2) | |||||||||
Issuances of common stock and restricted stock, net of forfeitures (shares) | 1,041,311 | ||||||||||
Issuances of common stock and restricted stock, net of forfeitures | 58 | $ 0 | 58 | ||||||||
Exercises of stock options (shares) | 8,410 | ||||||||||
Exercises of stock options | 0 | $ 0 | 0 | ||||||||
Compensation expense for restricted stock units and stock options | 48 | 48 | |||||||||
Ending balance (shares) at Jun. 30, 2020 | 5,350,000 | 677,226,807 | |||||||||
Ending balance at Jun. 30, 2020 | 56,045 | $ 0 | $ 7 | 33,556 | 35,361 | 3,981 | (16,860) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income (loss) | 2,258 | 2,406 | (148) | ||||||||
Dividends, common stock (shares) | [1] | 1,608 | |||||||||
Dividends, common stock | [1] | (47) | $ 0 | 0 | (47) | ||||||
Dividends, preferred stock | (67) | (67) | |||||||||
Purchases of treasury stock | (2) | (2) | |||||||||
Issuances of common stock and restricted stock, net of forfeitures (shares) | 1,073,323 | ||||||||||
Issuances of common stock and restricted stock, net of forfeitures | 63 | $ 0 | 63 | ||||||||
Exercises of stock options (shares) | 16,591 | ||||||||||
Exercises of stock options | 1 | $ 0 | 1 | ||||||||
Issuances of preferred stock (shares) | 125,000 | ||||||||||
Issuances of preferred stock | 121 | $ 0 | 121 | ||||||||
Compensation expense for restricted stock units and stock options | 52 | 52 | |||||||||
Ending balance (shares) at Sep. 30, 2020 | 5,475,000 | 678,318,329 | |||||||||
Ending balance at Sep. 30, 2020 | 58,424 | $ 0 | $ 7 | 33,793 | 37,653 | 3,833 | (16,862) | ||||
Beginning balance (shares) at Dec. 31, 2020 | 4,975,000 | 679,932,837 | |||||||||
Beginning balance at Dec. 31, 2020 | 60,204 | $ 0 | $ 7 | 33,480 | 40,088 | 3,494 | (16,865) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income (loss) | 1,614 | 3,325 | (1,711) | ||||||||
Dividends, common stock (shares) | [1] | 13,356 | |||||||||
Dividends, common stock | [1] | (184) | $ 0 | 1 | (185) | ||||||
Dividends, preferred stock | (61) | (61) | |||||||||
Purchases of treasury stock | (575) | (575) | |||||||||
Issuances of common stock and restricted stock, net of forfeitures (shares) | 2,531,966 | ||||||||||
Issuances of common stock and restricted stock, net of forfeitures | 60 | $ 0 | 60 | ||||||||
Exercises of stock options (shares) | 283,398 | ||||||||||
Exercises of stock options | 19 | $ 0 | 19 | ||||||||
Compensation expense for restricted stock units and stock options | 111 | 111 | |||||||||
Ending balance (shares) at Mar. 31, 2021 | 4,975,000 | 682,761,557 | |||||||||
Ending balance at Mar. 31, 2021 | 61,188 | $ 0 | $ 7 | 33,671 | 43,167 | 1,783 | (17,440) | ||||
Beginning balance (shares) at Dec. 31, 2020 | 4,975,000 | 679,932,837 | |||||||||
Beginning balance at Dec. 31, 2020 | 60,204 | $ 0 | $ 7 | 33,480 | 40,088 | 3,494 | (16,865) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income (loss) | 7,831 | ||||||||||
Redemptions of preferred stock (shares) | (1,000,000) | ||||||||||
Redemptions of preferred stock | (1,000) | $ 0 | (988) | (12) | |||||||
Ending balance (shares) at Sep. 30, 2021 | 6,075,000 | 684,515,909 | |||||||||
Ending balance at Sep. 30, 2021 | 63,544 | $ 0 | $ 7 | 35,051 | 48,944 | 1,360 | (21,818) | ||||
Beginning balance (shares) at Mar. 31, 2021 | 4,975,000 | 682,761,557 | |||||||||
Beginning balance at Mar. 31, 2021 | 61,188 | $ 0 | $ 7 | 33,671 | 43,167 | 1,783 | (17,440) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income (loss) | 3,545 | 3,536 | 9 | ||||||||
Dividends, common stock (shares) | [1] | 4,954 | |||||||||
Dividends, common stock | [1] | (181) | $ 0 | 1 | (182) | ||||||
Dividends, preferred stock | (60) | (60) | |||||||||
Purchases of treasury stock | (1,668) | (1,668) | |||||||||
Issuances of common stock and restricted stock, net of forfeitures (shares) | 583,779 | ||||||||||
Issuances of common stock and restricted stock, net of forfeitures | 60 | $ 0 | 60 | ||||||||
Exercises of stock options (shares) | 209,528 | ||||||||||
Exercises of stock options | 15 | $ 0 | 15 | ||||||||
Issuances of preferred stock (shares) | 1,675,000 | ||||||||||
Issuances of preferred stock | 1,641 | $ 0 | 1,641 | ||||||||
Compensation expense for restricted stock units and stock options | 84 | 84 | |||||||||
Ending balance (shares) at Jun. 30, 2021 | 6,650,000 | 683,559,818 | |||||||||
Ending balance at Jun. 30, 2021 | 64,624 | $ 0 | $ 7 | 35,472 | 46,461 | 1,792 | (19,108) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income (loss) | 2,672 | 3,104 | (432) | ||||||||
Dividends, common stock (shares) | [1] | 6,531 | |||||||||
Dividends, common stock | [1] | (529) | $ 0 | 1 | (530) | ||||||
Dividends, preferred stock | (79) | (79) | |||||||||
Purchases of treasury stock | (2,710) | (2,710) | |||||||||
Issuances of common stock and restricted stock, net of forfeitures (shares) | 531,629 | ||||||||||
Issuances of common stock and restricted stock, net of forfeitures | 71 | $ 0 | 71 | ||||||||
Exercises of stock options (shares) | 417,931 | ||||||||||
Exercises of stock options | 20 | $ 0 | 20 | ||||||||
Issuances of preferred stock (shares) | 425,000 | ||||||||||
Issuances of preferred stock | 412 | $ 0 | 412 | ||||||||
Compensation expense for restricted stock units and stock options | 63 | 63 | |||||||||
Ending balance (shares) at Sep. 30, 2021 | 6,075,000 | 684,515,909 | |||||||||
Ending balance at Sep. 30, 2021 | $ 63,544 | $ 0 | $ 7 | $ 35,051 | $ 48,944 | $ 1,360 | $ (21,818) | ||||
[1] | We declared dividends per share on our common stock of $1.20 and $0.10 in the third quarter of 2021 and 2020, respectively, and $2.00 and $0.90 in the first nine months of 2021 and 2020, respectively. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividend per share on common stock declared (in dollars per share) | $ 1.20 | $ 0.10 | $ 2 | $ 0.90 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Income from continuing operations, net of tax | $ 9,968 | $ 149 |
Income (loss) from discontinued operations, net of tax | (3) | (1) |
Net income (loss) | 9,965 | 148 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Provision (benefit) for credit losses | (2,325) | 10,000 |
Depreciation and amortization, net | 2,628 | 2,701 |
Deferred tax provision (benefit) | 580 | (1,420) |
Net securities losses (gains) | (6) | (25) |
Gain on sales of loans | (8) | (15) |
Stock-based compensation expense | 270 | 128 |
Other (including (gains) and losses from equity investments) | 8 | (477) |
Loans held for sale: | ||
Originations and purchases | (7,011) | (6,739) |
Proceeds from sales and paydowns | 6,227 | 5,833 |
Changes in operating assets and liabilities: | ||
Changes in interest receivable | 59 | 207 |
Changes in other assets | (4,833) | 1,052 |
Changes in interest payable | (111) | (107) |
Changes in other liabilities | 2,211 | 785 |
Net change from discontinued operations | (6) | 1 |
Net cash from operating activities | 7,648 | 12,072 |
Securities available for sale: | ||
Purchases | (21,951) | (35,189) |
Proceeds from paydowns and maturities | 20,795 | 15,593 |
Proceeds from sales | 1,735 | 812 |
Loans: | ||
Net changes in loans held for investment | (16,185) | 9,083 |
Principal recoveries of loans previously charged off | 1,901 | 1,898 |
Net purchases of premises and equipment | (504) | (543) |
Net cash from acquisition activities | (551) | (7) |
Net cash from other investing activities | (286) | (564) |
Net cash from investing activities | (15,046) | (8,917) |
Financing activities: | ||
Changes in deposits | 597 | 42,763 |
Issuance of securitized debt obligations | 2,991 | 1,248 |
Maturities and paydowns of securitized debt obligations | (2,638) | (5,752) |
Issuance of senior and subordinated notes and long-term FHLB advances | 996 | 3,987 |
Maturities and paydowns of senior and subordinated notes and long-term FHLB advances | (3,851) | (7,156) |
Changes in other borrowings | 139 | (6,636) |
Common stock: | ||
Net proceeds from issuances | 191 | 184 |
Dividends paid | (894) | (415) |
Preferred stock: | ||
Net proceeds from issuances | 2,053 | 1,330 |
Dividends paid | (200) | (212) |
Redemptions | (1,000) | (875) |
Purchases of treasury stock | (4,953) | (390) |
Proceeds from share-based payment activities | 54 | 21 |
Net cash from financing activities | (6,515) | 28,097 |
Changes in cash, cash equivalents and restricted cash for securitization investors | (13,913) | 31,252 |
Cash, cash equivalents and restricted cash for securitization investors, beginning of the period | 40,771 | 13,749 |
Cash, cash equivalents and restricted cash for securitization investors, end of the period | 26,858 | 45,001 |
Non-cash items: | ||
Net transfers from (to) loans held for investment to (from) loans held for sale | 4,577 | 2,173 |
Interest paid | 1,703 | 2,944 |
Income tax paid | $ 1,672 | $ 625 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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 digital channels, branches, Cafés and other distribution channels. As of September 30, 2021, our principal subsidiaries included: • Capital One Bank (USA), National Association (“COBNA”), which offers credit card products along with other lending products and consumer services; 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 is 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 organized for management reporting purposes into three major business segments, which are defined primarily based on the products and services provided or the types of customer served: Credit Card, Consumer Banking and Commercial Banking. We provide details on our business segments, the integration of recent acquisitions, if any, into our business segments and the allocation methodologies and accounting policies used to derive our business segment results in “Note 12—Business Segments and Revenue from Contracts with Customers.” Basis of Presentation and Use of Estimates The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). The preparation of the consolidated 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 judgments, 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. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements, and related notes thereto, included in Capital One Financial Corporation’s 2020 Annual Report on Form 10-K (“2020 Form 10-K”). Newly Adopted Accounting Standards During the Nine Months Ended September 30, 2021 Standard Guidance Adoption Timing and Financial Statement Impacts Income Tax Accounting Simplification ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Issued December 2019 Simplifies various aspects of the guidance on accounting for income taxes. We adopted this guidance in the first quarter of 2021 using the modified retrospective and prospective methods of adoption. Our adoption of this standard did not have a material impact on our consolidated financial statements. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 2—INVESTMENT SECURITIES Our investment securities portfolio consists of the following: U.S. government-sponsored enterprise or agency (“Agency”) and non-agency residential mortgage-backed securities (“RMBS”), Agency commercial mortgage-backed securities (“CMBS”), U.S. Treasury securities and other securities. Agency securities include Government National Mortgage Association (“Ginnie Mae”) guaranteed securities, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) issued securities. The carrying value of our investments in Agency and U.S. Treasury securities represented 96% of our total investment securities portfolio as of both September 30, 2021 and December 31, 2020. The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of September 30, 2021 and December 31, 2020. Accrued interest receivable of $227 million and $230 million as of September 30, 2021, and December 31, 2020, respectively, is not included in the table below. Table 2.1: Investment Securities Available for Sale September 30, 2021 (Dollars in millions) Amortized Allowance Gross Gross Fair Investment securities available for sale: U.S. Treasury securities $ 9,094 $ 0 $ 15 $ 0 $ 9,109 RMBS: Agency 73,924 0 1,325 (617) 74,632 Non-agency 844 (1) 206 0 1,049 Total RMBS 74,768 (1) 1,531 (617) 75,681 Agency CMBS 9,973 0 265 (41) 10,197 Other securities (1) 3,154 0 8 0 3,162 Total investment securities available for sale $ 96,989 $ (1) $ 1,819 $ (658) $ 98,149 December 31, 2020 (Dollars in millions) Amortized Allowance Gross Gross Fair Investment securities available for sale: U.S. Treasury securities $ 9,302 $ 0 $ 16 $ 0 $ 9,318 RMBS: Agency 73,248 0 2,326 (108) 75,466 Non-agency 1,035 (1) 204 (1) 1,237 Total RMBS 74,283 (1) 2,530 (109) 76,703 Agency CMBS 11,298 0 448 (11) 11,735 Other securities (1) 2,686 0 3 0 2,689 Total investment securities available for sale $ 97,569 $ (1) $ 2,997 $ (120) $ 100,445 __________ (1) Includes $2.3 billion and $1.8 billion of asset-backed securities (“ABS”) as of September 30, 2021, and December 31, 2020, respectively. The remaining amount is primarily comprised of supranational bonds and foreign government bonds. Investment Securities in a Gross Unrealized Loss Position The table below provides the gross unrealized losses and fair value of our securities available for sale aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2021 and December 31, 2020. The amounts include securities available for sale without an allowance for credit losses. Table 2.2: Securities in a Gross Unrealized Loss Position September 30, 2021 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Investment securities available for sale without an allowance for credit losses: RMBS: Agency $ 35,415 $ (519) $ 4,068 $ (98) $ 39,483 $ (617) Non-agency 0 0 1 0 1 0 Total RMBS 35,415 (519) 4,069 (98) 39,484 (617) Agency CMBS 1,746 (26) 561 (15) 2,307 (41) Other securities (1) 470 0 0 0 470 0 Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses (2) $ 37,631 $ (545) $ 4,630 $ (113) $ 42,261 $ (658) December 31, 2020 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Investment securities available for sale without an allowance for credit losses: RMBS: Agency $ 7,424 $ (57) $ 1,791 $ (51) $ 9,215 $ (108) Non-agency 12 0 0 0 12 0 Total RMBS 7,436 (57) 1,791 (51) 9,227 (108) Agency CMBS 1,545 (7) 267 (4) 1,812 (11) Other securities (1) 114 0 1 0 115 0 Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses (2) $ 9,095 $ (64) $ 2,059 $ (55) $ 11,154 $ (119) __________ (1) Includes primarily other asset-backed securities, foreign government bonds, and supranational bonds. (2) Consists of approxima tely 540 and 320 se cur ities in gross unrealized loss positions as of September 30, 2021 and December 31, 2020, respectively. Maturities and Yields of Investment Securities The table below summarizes, by major security type, the contractual maturities and weighted-average yields of our investment securities as of September 30, 2021. 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 below. The weighted-average yield below represents the effective yield for the investment securities and is calculated based on the amortized cost of each security. Table 2.3: Contractual Maturities and Weighted-Average Yields of Securities September 30, 2021 (Dollars in millions) Due in Due > 1 Year Due > 5 Years Due > 10 Years Total Fair value of securities available for sale: U.S. Treasury securities $ 5,203 $ 3,906 $ 0 $ 0 $ 9,109 RMBS (1) : Agency 0 137 1,106 73,389 74,632 Non-agency 0 0 0 1,049 1,049 Total RMBS 0 137 1,106 74,438 75,681 Agency CMBS (1) 570 2,489 4,462 2,676 10,197 Other securities 252 2,585 325 0 3,162 Total securities available for sale $ 6,025 $ 9,117 $ 5,893 $ 77,114 $ 98,149 Amortized cost of securities available for sale $ 6,019 $ 9,062 $ 5,761 $ 76,147 $ 96,989 Weighted-average yield for securities available for sale 0.31 % 0.72 % 1.66 % 1.71 % 1.53 % __________ (1) As of September 30, 2021, the weighted-average expected maturities of RMBS and Agency CMBS were 5.3 years and 5.5 years, respectively. Net Securities Gains or Losses and Proceeds from Sales For the three and nine months ended September 30, 2021, total proceeds from sales of our securities were $1.1 billion and $1.7 billion, respectively, with gains of $2 million and $6 million, respectively. For the three and nine months ended September 30, 2020, total proceeds from the sale of our securities were $668 million and $812 million respectively, with gains of $25 million in both periods. Securities Pledged and Received We pledged investment securities totaling $19.6 billion and $16.5 billion as of September 30, 2021 and December 31, 2020, respectively. These securities are primarily pledged to secure FHLB advances and Public Funds deposits, as well as for other purposes as required or permitted by law. We accepted pledges of securities with a fair value of approximately $1 million as of both September 30, 2021 and December 31, 2020, related to our derivative transactions. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans | NOTE 3—LOANS Our loan portfolio consists of loans held for investment, including loans held in our consolidated trusts, and loans held for sale. We further divide our loans held for investment 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 and retail banking loans. Commercial banking loans consist of commercial and multifamily real estate as well as commercial and industrial loans. The information presented in this section excludes loans held for sale, which are carried at either fair value (if we elect the fair value option) or at the lower of cost or fair value. Amounts include the impacts of COVID-19 customer assistance programs where applicable. Accrued interest receivable of $1.2 billion as of both September 30, 2021 and December 31, 2020, is not included in the tables in this note. The table below presents the composition and aging analysis of our loans held for investment portfolio as of September 30, 2021 and December 31, 2020. The delinquency aging includes all past due loans, both performing and nonperforming. Table 3.1: Loan Portfolio Composition and Aging Analysis September 30, 2021 Delinquent Loans (Dollars in millions) Current 30-59 60-89 > 90 Days Total Total Credit Card: Domestic credit card $ 97,346 $ 646 $ 425 $ 841 $ 1,912 $ 99,258 International card businesses 5,579 72 45 76 193 5,772 Total credit card 102,925 718 470 917 2,105 105,030 Consumer Banking: Auto 71,770 1,996 769 181 2,946 74,716 Retail banking 2,347 26 5 18 49 2,396 Total consumer banking 74,117 2,022 774 199 2,995 77,112 Commercial Banking: Commercial and multifamily real estate 32,973 72 1 50 123 33,096 Commercial and industrial 45,808 181 134 29 344 46,152 Total commercial banking 78,781 253 135 79 467 79,248 Total loans (1) $ 255,823 $ 2,993 $ 1,379 $ 1,195 $ 5,567 $ 261,390 % of Total loans 97.87 % 1.14 % 0.53 % 0.46 % 2.13 % 100.00 % December 31, 2020 Delinquent Loans (Dollars in millions) Current 30-59 60-89 > 90 Days Total Total Credit Card: Domestic credit card $ 96,116 $ 755 $ 464 $ 1,169 $ 2,388 $ 98,504 International card businesses 8,218 90 58 86 234 8,452 Total credit card 104,334 845 522 1,255 2,622 106,956 Consumer Banking: Auto 62,381 2,252 907 222 3,381 65,762 Retail banking 3,064 28 19 15 62 3,126 Total consumer banking 65,445 2,280 926 237 3,443 68,888 Commercial Banking: Commercial and multifamily real estate 30,340 136 22 183 341 30,681 Commercial and industrial 44,941 69 15 74 158 45,099 Total commercial banking 75,281 205 37 257 499 75,780 Total loans (1) $ 245,060 $ 3,330 $ 1,485 $ 1,749 $ 6,564 $ 251,624 % of Total loans 97.39 % 1.32 % 0.59 % 0.70 % 2.61 % 100.00 % __________ (1) Loans include unamortized premiums and discounts, and unamortized deferred fees and costs totaling $1.4 billion and $1.1 billion as of September 30, 2021 and December 31, 2020, respectively. The following table presents our loans held for investment that are 90 days or more past due that continue to accrue interest, loans that are classified as nonperforming and loans that are classified as nonperforming without an allowance as of September 30, 2021 and December 31, 2020. Nonperforming loans generally include loans that have been placed on nonaccrual status. Table 3.2: 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans September 30, 2021 December 31, 2020 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans (1) Nonperforming > 90 Days and Accruing Nonperforming Loans (1) Nonperforming Credit Card: Domestic credit card $ 841 N/A $ 0 $ 1,169 N/A $ 0 International card businesses 74 $ 9 0 82 $ 21 0 Total credit card 915 9 0 1,251 21 0 Consumer Banking: Auto 0 270 0 0 294 0 Retail banking 0 53 19 0 30 0 Total consumer banking 0 323 19 0 324 0 Commercial Banking: Commercial and multifamily real estate 0 287 265 51 200 184 Commercial and industrial 7 314 233 0 450 265 Total commercial banking 7 601 498 51 650 449 Total $ 922 $ 933 $ 517 $ 1,302 $ 995 $ 449 % of Total loans held for investment 0.35 % 0.35 % 0.20 % 0.52 % 0.40 % 0.18 % __________ (1) We recognized interest income for loans classified as nonperforming of $1 million and $21 million for the three and nine months ended September 30, 2021, respectively, and $4 million and $22 million for the three and nine months ended September 30, 2020, respectively. Credit Quality Indicators We closely monitor economic conditions and loan performance trends to assess and manage our exposure to credit risk. We discuss these risks and our credit quality indicator for each portfolio segment below. 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 based on portfolios with common risk characteristics. The risk in our credit card loan portfolio correlates to broad economic trends, such as unemployment rates and home values, as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we assess in monitoring the credit quality and risk of our credit card loan portfolio is delinquency trends, including an analysis of loan migration between delinquency categories over time. The table below presents our credit card portfolio by delinquency status as of September 30, 2021 and December 31, 2020. Table 3.3: Credit Card Delinquency Status September 30, 2021 December 31, 2020 (Dollars in millions) Revolving Loans Revolving Loans Converted to Term Total Revolving Loans Revolving Loans Converted to Term Total Credit Card: Domestic credit card: Current $ 96,977 $ 369 $ 97,346 $ 95,629 $ 487 $ 96,116 30-59 days 632 14 646 734 21 755 60-89 days 417 8 425 451 13 464 Greater than 90 days 832 9 841 1,155 14 1,169 Total domestic credit card 98,858 400 99,258 97,969 535 98,504 International card businesses: Current 5,534 45 5,579 8,152 66 8,218 30-59 days 67 5 72 79 11 90 60-89 days 41 4 45 47 11 58 Greater than 90 days 72 4 76 76 10 86 Total international card businesses 5,714 58 5,772 8,354 98 8,452 Total credit card $ 104,572 $ 458 $ 105,030 $ 106,323 $ 633 $ 106,956 Consumer Banking Our consumer banking loan portfolio consists of auto 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 and home values, as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we monitor when assessing the credit quality and risk of our auto loan portfolio is borrower credit scores as they measure the creditworthiness of borrowers. Delinquency trends are the key indicator we assess in monitoring the credit quality and risk of our retail banking loan portfolio. The table below presents our consumer banking portfolio of loans held for investment by credit quality indicator as of September 30, 2021 and December 31, 2020. We present our auto loan portfolio by FICO scores at origination and our retail banking loan portfolio by delinquency status, which includes all past due loans, both performing and nonperforming. Table 3.4: Consumer Banking Portfolio by Credit Quality Indicator September 30, 2021 Term Loans by Vintage Year (Dollars in millions) 2021 2020 2019 2018 2017 Prior Total Term Loans Revolving Loans Revolving Loans Converted to Term Total Auto — At origination FICO scores: (1) Greater than 660 $ 16,685 $ 9,696 $ 5,448 $ 2,860 $ 1,475 $ 462 $ 36,626 $ 0 $ 0 $ 36,626 621-660 6,093 4,212 2,435 1,276 666 231 14,913 0 0 14,913 620 or below 7,949 7,131 4,321 2,150 1,161 465 23,177 0 0 23,177 Total auto 30,727 21,039 12,204 6,286 3,302 1,158 74,716 0 0 74,716 Retail banking—Delinquency status: Current 420 324 184 185 187 544 1,844 497 6 2,347 30-59 days 0 1 0 0 0 4 5 20 1 26 60-89 days 0 0 0 0 0 3 3 2 0 5 Greater than 90 days 0 1 0 1 1 5 8 9 1 18 Total retail banking (2) 420 326 184 186 188 556 1,860 528 8 2,396 Total consumer banking $ 31,147 $ 21,365 $ 12,388 $ 6,472 $ 3,490 $ 1,714 $ 76,576 $ 528 $ 8 $ 77,112 December 31, 2020 Term Loans by Vintage Year (Dollars in millions) 2020 2019 2018 2017 2016 Prior Total Term Loans Revolving Loans Revolving Loans Converted to Term Total Auto — At origination FICO scores: (1) Greater than 660 $ 13,352 $ 8,091 $ 4,675 $ 2,810 $ 1,168 $ 203 $ 30,299 $ 0 $ 0 $ 30,299 621-660 5,781 3,631 2,003 1,172 488 109 13,184 0 0 13,184 620 or below 9,550 6,298 3,317 1,985 886 243 22,279 0 0 22,279 Total auto 28,683 18,020 9,995 5,967 2,542 555 65,762 0 0 65,762 Retail banking—Delinquency status: Current 1,041 233 206 222 167 537 2,406 651 7 3,064 30-59 days 0 0 7 1 2 2 12 15 1 28 60-89 days 0 0 1 0 5 4 10 8 1 19 Greater than 90 days 0 0 0 1 1 4 6 9 0 15 Total retail banking (2) 1,041 233 214 224 175 547 2,434 683 9 3,126 Total consumer banking $ 29,724 $ 18,253 $ 10,209 $ 6,191 $ 2,717 $ 1,102 $ 68,196 $ 683 $ 9 $ 68,888 __________ (1) Amounts represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category. (2) Includes PPP loans of $538 million and $919 million as of September 30, 2021 and December 31, 2020, respectively . Commercial Banking The key credit quality indicator for our commercial loan portfolios is our internal risk ratings. We assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay 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 credit losses for commercial loans. Generally, loans 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 are also generally 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 our commercial banking portfolio of loans held for investment by internal risk ratings as of September 30, 2021 and December 31, 2020. The internal risk rating status includes all past due loans, both performing and nonperforming. Table 3.5: Commercial Banking Portfolio by Internal Risk Ratings September 30, 2021 Term Loans by Vintage Year (Dollars in millions) 2021 2020 2019 2018 2017 Prior Total Term Loans Revolving Loans Revolving Loans Converted to Term Total Internal risk rating: (1) Commercial and multifamily real estate Noncriticized $ 3,663 $ 3,320 $ 3,984 $ 2,583 $ 924 $ 4,455 $ 18,929 $ 10,950 $ 0 $ 29,879 Criticized performing 216 276 406 334 237 1,335 2,804 101 25 2,930 Criticized nonperforming 0 0 8 29 10 240 287 0 0 287 Total commercial and multifamily real estate 3,879 3,596 4,398 2,946 1,171 6,030 22,020 11,051 25 33,096 Commercial and industrial Noncriticized 8,064 7,519 6,200 3,219 1,913 3,677 30,592 12,677 70 43,339 Criticized performing 150 169 881 260 184 153 1,797 702 0 2,499 Criticized nonperforming 43 57 83 42 8 18 251 63 0 314 Total commercial and industrial 8,257 7,745 7,164 3,521 2,105 3,848 32,640 13,442 70 46,152 Total commercial banking (2) $ 12,136 $ 11,341 $ 11,562 $ 6,467 $ 3,276 $ 9,878 $ 54,660 $ 24,493 $ 95 $ 79,248 December 31, 2020 Term Loans by Vintage Year (Dollars in millions) 2020 2019 2018 2017 2016 Prior Total Term Loans Revolving Loans Revolving Loans Converted to Term Total Internal risk rating: (1) Commercial and multifamily real estate Noncriticized $ 3,791 $ 4,932 $ 3,232 $ 1,437 $ 1,649 $ 4,904 $ 19,945 $ 7,114 $ 0 $ 27,059 Criticized performing 320 446 515 355 391 1,258 3,285 112 25 3,422 Criticized nonperforming 0 11 30 6 3 150 200 0 0 200 Total commercial and multifamily real estate 4,111 5,389 3,777 1,798 2,043 6,312 23,430 7,226 25 30,681 Commercial and industrial Noncriticized 9,761 7,890 4,043 2,717 1,832 3,034 29,277 11,548 80 40,905 Criticized performing 316 794 521 252 106 215 2,204 1,498 42 3,744 Criticized nonperforming 74 108 25 51 9 0 267 183 0 450 Total commercial and industrial 10,151 8,792 4,589 3,020 1,947 3,249 31,748 13,229 122 45,099 Total commercial banking (2) $ 14,262 $ 14,181 $ 8,366 $ 4,818 $ 3,990 $ 9,561 $ 55,178 $ 20,455 $ 147 $ 75,780 __________ (1) Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities. (2) Includes PPP loans of $182 million and $238 million as of September 30, 2021 and December 31, 2020, respectively. Troubled Debt Restructurings Additional guidance issued by the Federal Banking Agencies and contained in the Coronavirus Aid, Relief, and Economic Security Act provides banking organizations with troubled debt restructurings (“TDRs”) relief for modifications of current borrowers impacted by the COVID-19 pandemic. In adherence with the guidance, we assessed all loan modifications introduced to current borrowers in response to the COVID-19 pandemic through September 30, 2021, that would have been designated as TDRs under our existing policies, and followed guidance that any such eligible loan modifications made on a temporary and good faith basis are not considered TDRs. We consider the impact of all loan modifications, including those classified as TDRs and those offered in response to the COVID-19 pandemic, when estimating the credit quality of our loan portfolio and establishing allowance levels. For our Commercial Banking customers, enrollment in a customer assistance program is also considered in the assignment of an internal risk rating. Total recorded TDRs were $1.7 billion and $2.1 billion as of September 30, 2021 and December 31, 2020, respectively. TDRs classified as performing in our credit card and consumer banking loan portfolios totaled $1.1 billion and $1.3 billion as of September 30, 2021 and December 31, 2020, respectively. TDRs classified as performing in our commercial banking loan portfolio totaled $231 million and $442 million as of September 30, 2021 and December 31, 2020, respectively. Commitments to lend additional funds on loans modified in TDRs totaled $164 million and $173 million as of September 30, 2021 and December 31, 2020, respectively. Loans Modified in TDRs 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, amortized cost amounts and financial effects of loans modified in TDRs during the three and nine months ended September 30, 2021 and 2020. Table 3.6: Troubled Debt Restructurings Three Months Ended September 30, 2021 Reduced Interest Rate Term Extension (Dollars in millions) Total Loans Modified (1) % of TDR Activity (2) Average Rate Reduction % of TDR Activity (2) Average Term Extension (Months) Credit Card: Domestic credit card $ 37 100 % 15.80 % 0 % 0 International card businesses 28 100 27.75 0 0 Total credit card 65 100 20.90 0 0 Consumer Banking: Auto 89 48 8.54 92 4 Total consumer banking 89 48 8.54 92 4 Commercial Banking: Commercial and multifamily real estate 21 14 2.50 100 12 Commercial and industrial 4 0 0.00 100 4 Total commercial banking 25 12 2.50 100 11 Total $ 179 61 68.95 59 6 Nine Months Ended September 30, 2021 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) Total Loans Modified (1) % of TDR Activity (2) Average Rate Reduction % of TDR Activity (2) Average Term Extension (Months) % of TDR Activity (2) Gross Balance Reduction Credit Card: Domestic credit card $ 114 100 % 16.00 % 0 % 0 0 % $ 0 International card businesses 94 100 27.66 0 0 0 0 Total credit card 208 100 21.26 0 0 0 0 Consumer Banking: Auto 269 40 8.74 93 4 0 1 Retail banking 1 20 2.55 36 67 0 0 Total consumer banking 270 40 8.72 93 4 0 1 Commercial Banking: Commercial and multifamily real estate 41 7 1.29 100 13 0 0 Commercial and industrial 82 0 0.00 41 8 0 0 Total commercial banking 123 2 1.29 61 11 0 0 Total $ 601 53 16.84 54 5 0 $ 1 Three Months Ended September 30, 2020 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) Total Loans Modified (1) % of TDR Activity (2) Average Rate Reduction % of TDR Activity (2) Average Term Extension (Months) % of TDR Activity (2) Gross Balance Reduction Credit Card: Domestic credit card $ 50 100 % 15.53 % 0 % 0 0 % $ 0 International card businesses 39 100 27.89 0 0 0 0 Total credit card 89 100 20.94 0 0 0 0 Consumer Banking: Auto 133 3 4.83 94 2 0 1 Retail banking 1 85 3.24 15 61 0 0 Total consumer banking 134 4 4.75 94 2 0 1 Commercial Banking: Commercial and multifamily real estate 57 0 0.00 100 4 0 0 Commercial and industrial 201 0 0.00 54 32 0 0 Total commercial banking 258 0 0.00 64 23 0 0 Total $ 481 19 20.08 61 14 0 $ 1 Nine Months Ended September 30, 2020 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) Total Loans Modified (1) % of TDR Activity (2) Average Rate Reduction % of TDR Activity (2) Average Term Extension (Months) % of TDR Activity (2) Gross Balance Reduction Credit Card: Domestic credit card $ 195 100 % 15.92 % 0 % 0 0 % $ 0 International card businesses 118 100 27.33 0 0 0 0 Total credit card 313 100 20.22 0 0 0 0 Consumer Banking: Auto 393 9 3.68 95 3 0 1 Retail banking 5 9 10.85 15 8 0 0 Total consumer banking 398 9 3.76 94 3 0 1 Commercial Banking: Commercial and multifamily real estate 85 0 0.00 100 6 0 0 Commercial and industrial 389 0 0.00 52 21 4 7 Total commercial banking 474 0 0.00 61 16 3 7 Total $ 1,185 29 18.49 56 9 1 $ 8 __________ (1) Represents the amortized cost of total loans modified in TDRs at the end of the period in which they were modified. As not every modification type is included in the table above, the total percentage of TDR activity may not add up to 100%. Some loans may receive more than one type of concession as part of the modification. (2) Due to multiple concessions granted to some troubled borrowers, percentages may total more than 100% for certain loan types. Subsequent Defaults of Completed TDR Modifications The following table presents the type, number and amortized cost 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 3.7: TDRs—Subsequent Defaults Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in millions) Number of Contracts Amount Number of Contracts Amount Number of Contracts Amount Number of Contracts Amount Credit Card: Domestic credit card 4,168 $ 7 6,554 $ 14 13,528 $ 25 27,022 $ 57 International card businesses 12,680 17 10,673 17 44,709 68 46,038 68 Total credit card 16,848 24 17,227 31 58,237 93 73,060 125 Consumer Banking: Auto 2,151 34 1,307 15 6,453 98 3,442 42 Retail banking 1 0 3 1 9 0 7 1 Total consumer banking 2,152 34 1,310 16 6,462 98 3,449 43 Commercial Banking: Commercial and multifamily real estate 0 0 0 0 1 50 0 0 Commercial and industrial 1 38 4 16 7 120 11 65 Total commercial banking 1 38 4 16 8 170 11 65 Total 19,001 $ 96 18,541 $ 63 64,707 $ 361 76,520 $ 233 Loans Pledged Revolving Loans Converted to Term Loans For the three and nine months ended September 30, 2021, we converted $37 million and $172 million of revolving loans to term loans, respectively, primarily in our domestic credit card and commercial banking loan portfolios. For the three and nine months ended September 30, 2020, we converted $250 million and $499 million of revolving loans to term loans, respectively, primarily in our domestic credit card and commercial banking loan portfolios. |
Allowance for Credit Losses and
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance for Credit Losses and Reserve for Unfunded Lending Commitment | NOTE 4—ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR UNFUNDED LENDING COMMITMENTS Our allowance for credit losses represents management’s current estimate of expected credit losses over the contractual terms of our loans held for investment as of each balance sheet date. Expected recoveries of amounts previously charged off or expected to be charged off are recognized within the allowance. When developing an estimate of expected credit losses, we use both quantitative and qualitative methods in considering all available information relevant to assessing collectability. This may include internal information, external information or a combination of both relating to past events, current conditions, and reasonable and supportable forecasts. Management will consider and may qualitatively adjust for conditions, changes and trends in loan portfolios that may not be captured in modeled results. These adjustments are referred to as qualitative factors and represent management’s judgment of the imprecision and risks inherent in the processes and assumptions used in establishing the allowance for credit losses. Significant judgment is applied in our estimation of lifetime credit losses. We have unfunded lending commitments in our Commercial Banking business that are not unconditionally cancellable by us and for which we estimate expected credit losses in establishing a reserve. This reserve is measured using the same measurement objectives as the allowance for loans held for investment. We build or release the reserve for unfunded lending commitments through 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” in our 2020 Form 10-K for further discussion of the methodology and policy for determining our allowance for credit losses for each of our loan portfolio segments, as well as information on our reserve for unfunded lending commitments. Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity The table below summarizes changes in the allowance for credit losses and reserve for unfunded lending commitments by portfolio segment for the three and nine months ended September 30, 2021 and 2020. Our allowance for credit losses decreased by $4.0 billion to $11.6 billion as of September 30, 2021 from December 31, 2020, primarily driven by strong credit performance and improved economic outlook. Table 4.1: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity Three Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of June 30, 2021 $ 8,873 $ 2,203 $ 1,270 $ 12,346 Charge-offs (735) (264) (20) (1,019) Recoveries (1) 369 213 11 593 Net charge-offs (366) (51) (9) (426) Provision (benefit) for credit losses (198) (91) (55) (344) Allowance build (release) for credit losses (564) (142) (64) (770) Other changes (4) (3) 0 0 (3) Balance as of September 30, 2021 8,306 2,061 1,206 11,573 Reserve for unfunded lending commitments: Balance as of June 30, 2021 0 0 164 164 Provision (benefit) for losses on unfunded lending commitments 0 0 2 2 Balance as of September 30, 2021 0 0 166 166 Combined allowance and reserve as of September 30, 2021 $ 8,306 $ 2,061 $ 1,372 $ 11,739 Nine Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of December 31, 2020 $ 11,191 $ 2,715 $ 1,658 $ 15,564 Charge-offs (2,695) (866) (47) (3,608) Recoveries (1) 1,125 735 41 1,901 Net charge-offs (1,570) (131) (6) (1,707) Provision (benefit) for credit losses (1,325) (523) (446) (2,294) Allowance build (release) for credit losses (2,895) (654) (452) (4,001) Other changes (4) 10 0 0 10 Balance as of September 30, 2021 8,306 2,061 1,206 11,573 Reserve for unfunded lending commitments: Balance as of December 31, 2020 0 0 195 195 Provision (benefit) for losses on unfunded lending commitments 0 0 (29) (29) Balance as of September 30, 2021 0 0 166 166 Combined allowance and reserve as of September 30, 2021 $ 8,306 $ 2,061 $ 1,372 $ 11,739 Three Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of June 30, 2020 $ 12,091 $ 2,838 $ 1,903 $ 16,832 Charge-offs (1,296) (295) (88) (1,679) Recoveries (1) 353 247 6 606 Net charge-offs (943) (48) (82) (1,073) Provision (benefit) for credit losses 450 (43) (51) 356 Allowance build (release) for credit losses (493) (91) (133) (717) Other changes (2) 14 0 0 14 Balance as of September 30, 2020 11,612 2,747 1,770 16,129 Reserve for unfunded lending commitments: Balance as of June 30, 2020 0 0 218 218 Provision (benefit) for losses on unfunded lending commitments 0 0 (23) (23) Balance as of September 30, 2020 0 0 195 195 Combined allowance and reserve as of September 30, 2020 $ 11,612 $ 2,747 $ 1,965 $ 16,324 Nine Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of December 31, 2019 $ 5,395 $ 1,038 $ 775 $ 7,208 Cumulative effects from adoption of the CECL standard 2,241 502 102 2,845 Finance charge and fee reserve reclassification (3) 462 0 0 462 Balance as of January 1, 2020 8,098 1,540 877 10,515 Charge-offs (4,757) (1,207) (303) (6,267) Recoveries (1) 1,167 721 10 1,898 Net charge-offs (3,590) (486) (293) (4,369) Provision (benefit) for credit losses 7,096 1,693 1,186 9,975 Allowance build (release) for credit losses 3,506 1,207 893 5,606 Other changes (2) 8 0 0 8 Balance as of September 30, 2020 11,612 2,747 1,770 16,129 Reserve for unfunded lending commitments: Balance as of December 31, 2019 0 5 130 135 Cumulative effects from adoption of the CECL standard 0 (5) 42 37 Balance as of January 1, 2020 0 0 172 172 Provision (benefit) for losses on unfunded lending commitments 0 0 23 23 Balance as of September 30, 2020 0 0 195 195 Combined allowance and reserve as of September 30, 2020 $ 11,612 $ 2,747 $ 1,965 $ 16,324 __________ (1) The amount and timing of recoveries are impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications, repossession of collateral, the periodic sale of charged off loans as well as additional strategies, such as litigation. (2) Represents foreign currency translation adjustments. (3) Concurrent with our adoption of the CECL standard in the first quarter of 2020, we reclassified our finance charge and fee reserve to our allowance for credit losses, with a corresponding increase to credit card loans held for investment. (4) Represents foreign currency translation adjustments and an initial allowance for purchased credit-deteriorated loans of $6 million. Credit Card Partnership Loss Sharing Arrangements We have certain credit card partnership agreements that are presented within our consolidated financial statements on a net basis, in which our partner agrees to share a portion of the credit losses on the underlying loan portfolio. The expected reimbursements from these partners are netted against our allowance for credit losses. Our methodology for estimating reimbursements is consistent with the methodology we use to estimate the allowance for credit losses on our credit card loan receivables. These expected reimbursements result in reductions to net charge-offs and the provision for credit losses. See “Note 1—Summary of Significant Accounting Policies” in our 2020 Form 10-K for further discussion of our credit card partnership agreements. The table below summarizes the changes in the estimated reimbursements from these partners for the three and nine months ended September 30, 2021 and 2020. Table 4.2: Summary of Credit Card Partnership Loss Sharing Arrangements Impacts Three Months Ended September 30, (Dollars in millions) 2021 2020 Estimated reimbursements from partners, beginning of period $ 1,711 $ 2,433 Amounts due from partners which reduced net charge-offs (80) (212) Amounts estimated to be charged (from) to partners which reduced provision for credit losses (181) 121 Estimated reimbursements from partners, end of period $ 1,450 $ 2,342 Nine Months Ended September 30, (Dollars in millions) 2021 2020 Estimated reimbursements from partners, beginning of period $ 2,159 $ 2,166 Amounts due from partners which reduced net charge-offs (349) (807) Amounts estimated to be charged (from) to partners which reduced provision for credit losses (360) 983 Estimated reimbursements from partners, end of period $ 1,450 $ 2,342 |
Variable Interest Entities and
Variable Interest Entities and Securitizations | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities and Securitization [Abstract] | |
Variable Interest Entities and Securitizations | NOTE 5—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 variable interest entities (“VIEs”). Our primary involvement with VIEs is related to our securitization transactions in which we transfer assets to securitization trusts. We primarily securitize credit card and auto 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 related 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 assets of our consolidated VIEs primarily consist of cash, loan receivables and the related allowance for credit losses, which we report on our consolidated balance sheets under restricted cash for securitization investors, loans held in consolidated trusts and allowance for credit losses, respectively. The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs typically do not have recourse to our general credit. Liabilities primarily consist of debt securities issued by the VIEs, which we report under securitized debt obligations on our consolidated balance sheets. 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. The tables below present a summary of VIEs in which we had continuing involvement or held a significant variable interest, aggregated based on VIEs with similar characteristics as of September 30, 2021 and December 31, 2020. We separately present information for consolidated and unconsolidated VIEs. Table 5.1: Carrying Amount of Consolidated and Unconsolidated VIEs September 30, 2021 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: (1) Credit card loan securitizations (2) $ 20,604 $ 11,489 $ 0 $ 0 $ 0 Auto loan securitizations 1,509 1,269 0 0 0 Total securitization-related VIEs 22,113 12,758 0 0 0 Other VIEs: (3) Affordable housing entities 264 28 4,786 1,496 4,786 Entities that provide capital to low-income and rural communities 2,073 26 0 0 0 Other 0 0 400 0 400 Total other VIEs 2,337 54 5,186 1,496 5,186 Total VIEs $ 24,450 $ 12,812 $ 5,186 $ 1,496 $ 5,186 December 31, 2020 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: (1) Credit card loan securitizations (2) $ 22,066 $ 10,338 $ 0 $ 0 $ 0 Auto loan securitizations 2,360 2,055 0 0 0 Total securitization-related VIEs 24,426 12,393 0 0 0 Other VIEs: (3) Affordable housing entities 242 17 4,602 1,240 4,602 Entities that provide capital to low-income and rural communities 1,951 26 0 0 0 Other 0 0 436 0 436 Total other VIEs 2,193 43 5,038 1,240 5,038 Total VIEs $ 26,619 $ 12,436 $ 5,038 $ 1,240 $ 5,038 __________ (1) Excludes insignificant VIEs from previously exited businesses. (2) Represents the carrying amount of assets and liabilities owned by the VIE, which includes the seller’s interest and repurchased notes held by other related parties. (3) In certain investment structures, we consolidate a VIE which in turn holds as its primary asset an investment in an unconsolidated VIE. In these instances, we disclose the carrying amount of assets and liabilities on our consolidated balance sheets as unconsolidated VIEs to avoid duplicating our exposure, as the unconsolidated VIEs are generally the operating entities generating the exposure. The carrying amount of assets and liabilities included in the unconsolidated VIE columns above related to these investment structures were $2.2 billion of assets and $602 million of liabilities as of September 30, 2021, and $2.3 billion of assets and $596 million of liabilities as of December 31, 2020. Securitization-Related VIEs In a securitization transaction, assets are transferred to a trust, which generally meets the definition of a VIE. We engage in securitization activities as an issuer and an investor. Our primary securitization issuance activity includes credit card and auto securitizations, conducted through securitization trusts which we consolidate. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests. In our multifamily agency business, we originate multifamily commercial real estate loans and transfer them to Government-sponsored enterprise (“GSEs”) who may, in turn, securitize them. We retain the related mortgage servicing rights (“MSRs”) and service the transferred loans pursuant to the guidelines set forth by the GSEs. As an investor, we hold primarily RMBS, CMBS, and ABS in our investment securities portfolio, which represent variable interests in the respective securitization trusts from which those securities were issued. We do not consolidate the securitization trusts employed in these transactions as we do not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. We exclude these VIEs from the tables within this note because we do not consider our continuing involvement with these VIEs to be significant as we either invest in securities issued by the VIE and were not involved in the design of the VIE or no transfers have occurred between the VIE and us. Our maximum exposure to loss as a result of our involvement with these VIEs is the carrying value of the MSRs and investment securities on our consolidated balance sheets as well as our contractual obligations under loss sharing arrangements. See “Note 6—Goodwill and Intangible Assets” for information related to our MSRs associated with these securitizations and “Note 2—Investment Securities” for more information on the securities held in our investment securities portfolio. In addition, where we have certain lending arrangements in the normal course of business with entities that could be VIEs, we have also excluded these VIEs from the tables presented in this note. See “Note 3—Loans” for additional information regarding our lending arrangements in the normal course of business. The table below presents our continuing involvement in certain securitization-related VIEs as of September 30, 2021 and December 31, 2020. Table 5.2: Continuing Involvement in Securitization-Related VIEs (Dollars in millions) Credit Card Auto September 30, 2021: Securities held by third-party investors $ 11,367 $ 1,268 Receivables in the trusts 21,496 1,419 Cash balance of spread or reserve accounts 0 10 Retained interests Yes Yes Servicing retained Yes Yes December 31, 2020: Securities held by third-party investors $ 10,361 $ 2,053 Receivables in the trust 23,683 2,243 Cash balance of spread or reserve accounts 0 10 Retained interests Yes Yes Servicing retained Yes Yes Credit Card Securitizations We securitize a portion of our credit card loans which provides a source of funding for us. Credit card securitizations involve the transfer of credit card receivables to securitization trusts. These trusts then issue debt securities collateralized by the transferred receivables to third-party investors. We hold certain retained interests in our credit card securitizations and continue to service the receivables in these trusts. We consolidate these trusts because we are deemed to be the primary beneficiary as we have the power to direct the activities that most significantly impact the economic performance of the trusts, and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts. Auto Securitizations Similar to our credit card securitizations, we securitize a portion of our auto loans which provides a source of funding for us. Auto securitization involves the transfer of auto loans to securitization trusts. These trusts then issue debt securities collateralized by the transferred loans to third-party investors. We hold certain retained interests and continue to service the loans in these trusts. We consolidate these trusts because we are deemed to be the primary beneficiary as we have the power to direct the activities that most significantly impact the economic performance of the trusts, and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts. Other VIEs Affordable Housing Entities As part of our community reinvestment initiatives, we invest in private investment funds that make equity investments in multifamily 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 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 nine months ended September 30, 2021 and 2020, we recognized amortization of $477 million and $428 million, respectively, and tax credits of $560 million and $47 million, respectively, associated with these investments within income tax provision or benefit. The carrying value of our equity investments in these qualified affordable housing projects was $4.7 billion and $4.5 billion as of September 30, 2021 and December 31, 2020, respectively. We are periodically required to provide additional financial or other support during the period of the investments. Our liability for these unfunded commitments was $1.7 billion and $1.5 billion as of September 30, 2021 and December 31, 2020, respectively, and is largely expected to be paid from 2021 to 2024. 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 maximum exposure to these entities is limited to our variable interests in the entities which consisted of assets of approximately $4.8 billion and $4.6 billion as of September 30, 2021 and December 31, 2020, 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 approximately $11.9 billion and $11.0 billion as of September 30, 2021 and December 31, 2020, 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 consolidate 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 $2.1 billion and $2.0 billion as of September 30, 2021 and December 31, 2020, respectively, are reflected on our consolidated balance sheets in cash, loans held for investment, 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 We hold variable interests in other VIEs, including companies that promote renewable energy sources and other equity method investments. We were not required to consolidate these VIEs because we do not have the power to direct the activities that most significantly impact their economic performance. Our maximum exposure to these VIEs is limited to the investments on our consolidated balance sheets of $400 million and $436 million as of September 30, 2021 and December 31, 2020, 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 | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 6—GOODWILL AND INTANGIBLE ASSETS The table below presents our goodwill, intangible assets and MSRs as of September 30, 2021 and December 31, 2020. Goodwill is presented separately, while intangible assets and MSRs are included in other assets on our consolidated balance sheets. Table 6.1: Components of Goodwill, Intangible Assets and MSRs September 30, 2021 (Dollars in millions) Carrying Amount of Assets Accumulated Amortization Net Carrying Amount Goodwill $ 14,652 N/A $ 14,652 Intangible assets: Purchased credit card relationship (“PCCR”) intangibles 29 $ (8) 21 Other (1) 183 (116) 67 Total intangible assets 212 (124) 88 Total goodwill and intangible assets $ 14,864 $ (124) $ 14,740 Commercial MSRs (2) $ 609 $ (199) $ 410 December 31, 2020 (Dollars in millions) Carrying Amount of Assets Accumulated Amortization Net Carrying Amount Goodwill $ 14,653 N/A $ 14,653 Intangible assets: PCCR intangibles 148 $ (138) 10 Other (1) 248 (168) 80 Total intangible assets 396 (306) 90 Total goodwill and intangible assets $ 15,049 $ (306) $ 14,743 Commercial MSRs (2) $ 542 $ (175) $ 367 __________ (1) Primarily consists of intangibles for sponsorship, customer and merchant relationships, partnership, trade name and other contract intangibles. (2) Commercial MSRs are accounted for under the amortization method on our consolidated balance sheets. Amortization expense for amortizable intangible assets, which is presented separately in our consolidated statements of income, totaled $5 million and $16 million for the three and nine months ended September 30, 2021, respectively, and $14 million and $52 million for the three and nine months ended September 30, 2020, respectively. Goodwill The following table presents changes in carrying amount of goodwill by each of our business segments as of September 30, 2021 and December 31, 2020. Table 6.2: Goodwill by Business Segments (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Balance as of December 31, 2020 $ 5,088 $ 4,645 $ 4,920 $ 14,653 Other adjustments (1) (1) 0 0 (1) Balance as of September 30, 2021 $ 5,087 $ 4,645 $ 4,920 $ 14,652 __________ (1) Represents foreign currency translation adjustments. |
Deposits and Borrowings
Deposits and Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Deposits and Borrowings | NOTE 7—DEPOSITS AND BORROWINGS Our deposits represent our largest source of funding for our assets and operations, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits and time deposits. We also use a variety of other funding sources including short-term borrowings, senior and subordinated notes, securitized debt obligations and other borrowings. Securitized debt obligations are presented separately 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. Our total short-term borrowings generally consist of federal funds purchased and securities loaned or sold under agreements to repurchase. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of September 30, 2021 and December 31, 2020. The carrying value presented below for these borrowings includes unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments. Table 7.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt (Dollars in millions) September 30, 2021 December 31, 2020 Deposits: Non-interest-bearing deposits $ 36,804 $ 31,142 Interest-bearing deposits (1) 269,134 274,300 Total deposits $ 305,938 $ 305,442 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 825 $ 668 Total short-term borrowings $ 825 $ 668 September 30, 2021 December 31, 2020 (Dollars in millions) Maturity Dates Stated Interest Rates Weighted-Average Interest Rate Carrying Value Carrying Value Long-term debt: Securitized debt obligations 2021-2028 0.43% - 2.84% 1.64% $ 12,635 $ 12,414 Senior and subordinated notes: Fixed unsecured senior debt (2) 2022-2029 0.80 - 4.25 3.12 17,030 21,045 Floating unsecured senior debt 2022-2023 0.85 - 1.28 1.05 1,360 1,609 Total unsecured senior debt 2.97 18,390 22,654 Fixed unsecured subordinated debt 2023-2032 2.36 - 4.20 3.52 5,593 4,728 Total senior and subordinated notes 23,983 27,382 Other long-term borrowings: Finance lease liabilities 2021 - 2031 0.30 - 9.91 3.14 58 75 Total other long-term borrowings 58 75 Total long-term debt $ 36,676 $ 39,871 Total short-term borrowings and long-term debt $ 37,501 $ 40,539 __________ (1) Includes $1.9 billion and $4.2 billion of time deposits in denominations in excess of the $250,000 federal insurance limit as of September 30, 2021 and December 31, 2020, respectively. (2) Includes $1.5 billion and $1.6 billion of EUR-denominated unsecured notes as of September 30, 2021 and December 31, 2020, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | NOTE 8—DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Use of Derivatives and Accounting for Derivatives We regularly enter into derivative transactions to support our overall risk management activities. Our primary market risks stem from the impact on our earnings and economic value of equity due to changes in interest rates and, to a lesser extent, changes in foreign exchange rates. We manage our interest rate sensitivity by employing several techniques, which include changing the duration and re-pricing characteristics of various assets and liabilities by using interest rate derivatives. We also use foreign currency derivatives to limit our earnings and capital exposures to foreign exchange risk by hedging exposures denominated in foreign currencies. We primarily use interest rate and foreign currency swaps to hedge, but we may also 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 designate these risk management derivatives as either qualifying accounting hedges or free-standing derivatives. Qualifying accounting hedges are further designated as fair value hedges, cash flow hedges or net investment hedges. Free-standing derivatives are economic hedges that do not qualify for hedge accounting. We also offer interest rate, commodity, foreign currency derivatives and other contracts as an accommodation to our customers within our Commercial Banking business. We enter into these derivatives with our customers primarily to help them manage their interest rate risks, hedge their energy and other commodities exposures, and manage foreign currency fluctuations. We then enter into derivative contracts with counterparties to economically hedge substantially all of our subsequent exposures. See below for additional information on our use of derivatives and how we account for them: • 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 presented in the same line item in our consolidated statements of income as the earnings effect of the hedged items. Our fair value hedges primarily consist of interest rate swaps that are intended to modify our exposure to interest rate risk on various fixed-rate financial 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 accumulated other comprehensive income (“AOCI”). Those amounts are reclassified into earnings in the same period during which the forecasted transactions impact earnings and presented in the same line item in our consolidated statements of income as the earnings effect of the hedged items. Our cash flow hedges use interest rate swaps and floors that are intended to hedge the variability in interest receipts or interest payments on some of our variable-rate financial assets or liabilities. We also enter into foreign currency forward contracts to hedge our exposure to variability in cash flows related to intercompany borrowings denominated in foreign currencies. • 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 currency forward contracts to hedge the translation exposure of the net investment in our foreign operations under the forward method. • Free-Standing Derivatives: Our free-standing derivatives primarily consist of our customer accommodation derivatives and other economic hedges. The customer accommodation derivatives and the related offsetting contracts are mainly interest rate, commodity and foreign currency contracts. The other free-standing derivatives are primarily used to economically hedge the risk of changes in the fair value of our commercial mortgage loan origination and purchase commitments as well as other interests held. Changes in the fair value of free-standing derivatives are recorded in earnings as a component of other non-interest income. Derivatives Counterparty Credit Risk Counterparty Types Derivative instruments contain an element of credit risk that arises from the potential failure of a counterparty to perform according to the terms of the contract, including making payments due upon maturity of certain derivative instruments. We execute our derivative contracts primarily in over-the-counter (“OTC”) markets. We also execute interest rate and commodity futures in the exchange-traded derivative markets. Our OTC derivatives consist of both trades cleared through central counterparty clearinghouses (“CCPs”) and uncleared bilateral contracts. The Chicago Mercantile Exchange (“CME”), the Intercontinental Exchange (“ICE”) and the LCH Group (“LCH”) are our CCPs for our centrally cleared contracts. In our uncleared bilateral contracts, we enter into agreements directly with our derivative counterparties. Counterparty Credit Risk Management We manage the counterparty credit risk associated with derivative instruments by entering into legally enforceable master netting arrangements, where possible, and exchanging collateral with our counterparties, typically in the form of cash or high-quality liquid securities. The amount of collateral exchanged is dependent upon the fair value of the derivative instruments as well as the fair value of the pledged collateral and will vary over time as market variables change. When valuing collateral, an estimate of the variation in price and liquidity over time is subtracted in the form of a “haircut” to discount the value of the collateral pledged. Our exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on our balance sheet. The fair value of our derivatives is adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or pledged. See Table 8.3 for our net exposure associated with derivatives. The terms under which we collateralize our exposures differ between cleared exposures and uncleared bilateral exposures. • CCPs : We clear eligible OTC derivatives with CCPs as part of our regulatory requirements. Futures commission merchants (“FCMs”) serve as the intermediary between CCPs and us. CCPs require that we post initial and variation margin through our FCMs to mitigate the risk of non-payment or default. Initial margin is required upfront by CCPs as collateral against potential losses on our cleared derivative contracts and variation margin is exchanged on a daily basis to account for mark-to-market changes in those derivative contracts. For CME, ICE and LCH-cleared OTC derivatives, we characterize variation margin cash payments as settlements. Our FCM agreements governing these derivative transactions include provisions that may require us to post additional collateral under certain circumstances. • Bilateral Counterparties : We enter into legally enforceable master netting agreements and collateral agreements, where possible, with bilateral derivative counterparties to mitigate the risk of default. We review our collateral positions on a daily basis and exchange collateral with our counterparties in accordance with these agreements. These bilateral agreements typically provide the right to offset exposure with the same counterparty and require the party in a net liability position to post collateral. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event the fair values of derivative instruments exceed established exposure thresholds. Certain of these bilateral agreements 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 counterparties would have the right to terminate their derivative contract and close out existing positions. Credit Risk Valuation Adjustments We record counterparty credit valuation adjustments (“CVAs”) on our derivative assets to reflect the credit quality of our counterparties. We consider collateral and legally enforceable master netting agreements that mitigate our credit exposure to each counterparty in determining CVAs, which may be adjusted due to changes in the fair values of the derivative contracts, collateral, and creditworthiness of the counterparty. We also record debit valuation adjustments (“DVAs”) to adjust the fair values of our derivative liabilities to reflect the impact of our own credit quality. Balance Sheet Presentation The following table summarizes the notional amounts and fair values of our derivative instruments as of September 30, 2021 and December 31, 2020, 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 pledged. Derivative assets and liabilities are included in other assets and other liabilities, respectively, on our consolidated balance sheets, and their related gains or losses are included in operating activities as changes in other assets and other liabilities in the consolidated statements of cash flows. Table 8.1: Derivative Assets and Liabilities at Fair Value September 30, 2021 December 31, 2020 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 $ 44,563 $ 29 $ 10 $ 47,349 $ 9 $ 10 Cash flow hedges 89,900 445 10 82,150 748 1 Total interest rate contracts 134,463 474 20 129,499 757 11 Foreign exchange contracts: Fair value hedges 1,448 46 0 1,527 164 0 Cash flow hedges 4,278 87 2 4,582 0 161 Net investment hedges 3,325 50 34 3,116 0 196 Total foreign exchange contracts 9,051 183 36 9,225 164 357 Total derivatives designated as accounting hedges 143,514 657 56 138,724 921 368 Derivatives not designated as accounting hedges: Customer accommodation: Interest rate contracts 71,622 848 202 68,459 1,429 198 Commodity contracts 21,555 3,302 3,136 16,871 935 820 Foreign exchange and other contracts 4,077 53 39 4,677 58 70 Total customer accommodation 97,254 4,203 3,377 90,007 2,422 1,088 Other interest rate exposures (2) 2,656 42 27 1,770 71 56 Other contracts 1,983 2 3 1,826 1 6 Total derivatives not designated as accounting hedges 101,893 4,247 3,407 93,603 2,494 1,150 Total derivatives $ 245,407 $ 4,904 $ 3,463 $ 232,327 $ 3,415 $ 1,518 Less: netting adjustment (3) (975) (904) (1,148) (739) Total derivative assets/liabilities $ 3,929 $ 2,559 $ 2,267 $ 779 __________ (1) Does not reflect $17 million and $31 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of September 30, 2021 and December 31, 2020 , respectively. Non-performance risk is included in derivative assets and liabilities, which are part of other assets and other liabilities on the consolidated balance sheets, and is offset through non-interest income in the consolidated statements of income. (2) Other interest rate exposures include commercial mortgage-related derivatives and interest rate swaps. (3) Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. The following table summarizes the carrying value of our hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values, excluding basis adjustments related to foreign currency risk, as of September 30, 2021 and December 31, 2020. Table 8.2: Hedged Items in Fair Value Hedging Relationships September 30, 2021 December 31, 2020 Carrying Amount Assets/(Liabilities) Cumulative Amount of Basis Adjustments Included in the Carrying Amount Carrying Amount Assets/(Liabilities) Cumulative Amount of Basis Adjustments Included in the Carrying Amount (Dollars in millions) Total Assets/(Liabilities) Discontinued-Hedging Relationships Total Assets/(Liabilities) Discontinued-Hedging Relationships Line item on our consolidated balance sheets in which the hedged item is included: Investment securities available for sale (1)(2) $ 9,914 $ 381 $ 152 $ 9,797 $ 590 $ 200 Interest-bearing deposits (7,951) (97) 0 (11,312) (213) 0 Securitized debt obligations (9,239) (31) 5 (7,609) (171) 20 Senior and subordinated notes (19,889) (774) (561) (21,927) (1,282) (666) __________ (1) These amounts include the amortized cost basis of our investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The amortized cost basis of this portfolio was $249 million, the amount of the designated hedged items was $225 million, and the cumulative basis adjustments associated with these hedges was $1 million as of September 30, 2021. We had no such hedging relationships as of December 31, 2020. (2) Carrying value represents amortized cost. Balance Sheet Offsetting of Financial Assets and Liabilities Derivative contracts and repurchase agreements that we execute bilaterally in the OTC market are generally governed by enforceable master netting arrangements where we generally have the right to offset exposure with the same counterparty. Either counterparty can generally request to net settle all contracts through a single payment upon default on, or termination of, any one contract. We elect to offset the derivative assets and liabilities under master netting arrangements for balance sheet presentation where a right of setoff exists. For derivative contracts entered into under master netting arrangements for which we have not been able to confirm the enforceability of the setoff rights, or those not subject to master netting arrangements, we do not offset our derivative positions for balance sheet presentation. The following table presents the gross and net fair values of our derivative assets, derivative liabilities, resale and repurchase agreements and the related offsetting amounts permitted under U.S. GAAP as of September 30, 2021 and December 31, 2020. The table also includes cash and non-cash collateral received or pledged in accordance with such arrangements. The amount of collateral presented, however, is limited to the amount of the related net derivative fair values or outstanding balances; therefore, instances of over-collateralization are excluded. Table 8.3: 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 Net Exposure (Dollars in millions) Financial Instruments Cash Collateral Received As of September 30, 2021 Derivative assets (1) $ 4,904 $ (434) $ (541) $ 3,929 $ 0 $ 3,929 As of December 31, 2020 Derivative assets (1) 3,415 (383) (765) 2,267 0 2,267 Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Pledged Under Master Netting Agreements Net Exposure (Dollars in millions) Financial Instruments Cash Collateral Pledged As of September 30, 2021 Derivative liabilities (1) $ 3,463 $ (434) $ (470) $ 2,559 $ 0 $ 2,559 Repurchase agreements (2) 825 0 0 825 (825) 0 As of December 31, 2020 Derivative liabilities (1) 1,518 (383) (356) 779 0 779 Repurchase agreements (2) 668 0 0 668 (668) 0 __________ (1) We received cash collateral from derivative counterparties totaling $653 million and $862 million as of September 30, 2021 and December 31, 2020, respectively. We also received securities from derivative counterparties with a fair value of approximately $1 million as of both September 30, 2021 and December 31, 2020, respectively, which we have the ability to re-pledge. We posted $2.5 billion and $1.5 billion of cash collateral as of September 30, 2021 and December 31, 2020, respectively. (2) Under our customer repurchase agreements, which mature the next business day, we pledged collateral with a fair value of $842 million and $682 million as of September 30, 2021 and December 31, 2020, respectively, primarily consisting of agency RMBS securities. Income Statement and AOCI Presentation Fair Value and Cash Flow Hedges The net gains (losses) recognized in our consolidated statements of income related to derivatives in fair value and cash flow hedging relationships are presented below for the three and nine months ended September 30, 2021 and 2020. Table 8.4: Effects of Fair Value and Cash Flow Hedge Accounting Three Months Ended September 30, 2021 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 317 $ 6,205 $ 16 $ (228) $ (29) $ (116) $ 243 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ (25) $ 0 $ 0 $ 31 $ 30 $ 50 $ 0 Gains (losses) recognized on derivatives 19 0 0 (28) (57) (72) (34) Gains (losses) recognized on hedged items (1) (83) 0 0 27 54 103 34 Excluded component of fair value hedges (2) 0 0 0 0 0 (1) 0 Net income (expense) recognized on fair value hedges $ (89) $ 0 $ 0 $ 30 $ 27 $ 80 $ 0 Cash flow hedging relationships: (3) Interest rate contracts: Realized gains (losses) reclassified from AOCI into net income $ 10 $ 240 $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (4) 0 0 0 0 0 0 0 Net income (expense) recognized on cash flow hedges $ 10 $ 240 $ 0 $ 0 $ 0 $ 0 $ 0 Nine Months Ended September 30, 2021 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 1,078 $ 17,812 $ 48 $ (734) $ (89) $ (367) $ 592 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ (75) $ 0 $ 0 $ 101 $ 93 $ 168 $ 0 Gains (losses) recognized on derivatives 130 0 0 (117) (154) (408) (79) Gains (losses) recognized on hedged items (1) (206) 0 0 116 140 504 79 Excluded component of fair value hedges (2) 0 0 0 0 0 (2) 0 Net income (expense) recognized on fair value hedges $ (151) $ 0 $ 0 $ 100 $ 79 $ 262 $ 0 Cash flow hedging relationships: (3) Interest rate contracts: Realized gains (losses) reclassified from AOCI into net income $ 30 $ 700 $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (4) 0 0 1 0 0 0 1 Net income (expense) recognized on cash flow hedges $ 30 $ 700 $ 1 $ 0 $ 0 $ 0 $ 1 Three Months Ended September 30, 2020 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 443 $ 5,758 $ 14 $ (476) $ (43) $ (132) $ 706 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ (23) $ 0 $ 0 $ 44 $ 40 $ 56 $ 0 Gains (losses) recognized on derivatives 24 0 0 (47) (48) (72) 61 Gains (losses) recognized on hedged items (1) (31) 0 0 48 41 111 (61) Excluded component of fair value hedges (2) 0 0 0 0 0 (1) 0 Net income (expense) recognized on fair value hedges $ (30) $ 0 $ 0 $ 45 $ 33 $ 94 $ 0 Cash flow hedging relationships: (3) Interest rate contracts: Realized gains (losses) reclassified from AOCI into net income $ 8 $ 171 $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (4) 0 0 1 0 0 0 0 Net income (expense) recognized on cash flow hedges $ 8 $ 171 $ 1 $ 0 $ 0 $ 0 $ 0 Nine Months Ended September 30, 2020 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 1,455 $ 18,120 $ 67 $ (1,818) $ (198) $ (551) $ 1,017 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ (51) $ 0 $ 0 $ 69 $ 92 $ 166 $ 0 Gains (losses) recognized on derivatives (340) 0 0 249 221 1,057 64 Gains (losses) recognized on hedged items (1) 329 0 0 (248) (251) (1,048) (64) Excluded component of fair value hedges (2) 0 0 0 0 0 (2) 0 Net income (expense) recognized on fair value hedges $ (62) $ 0 $ 0 $ 70 $ 62 $ 173 $ 0 Cash flow hedging relationships: (3) Interest rate contracts: Realized gains reclassified from AOCI into net income $ 17 $ 330 $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (4) 0 0 10 0 0 0 (2) Net income (expense) recognized on cash flow hedges $ 17 $ 330 $ 10 $ 0 $ 0 $ 0 $ (2) _________ (1) Includes amortization expense of $34 million and benefit of $10 million for the three and nine months ended September 30, 2021, respectively, and amortization income of $19 million and expense of $34 million, respectively, for the three and nine months ended September 30, 2020, respectively, related to basis adjustments on discontinued hedges. (2) Changes in fair values of cross-currency swaps attributable to changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial value of the excluded component is recognized in earnings over the life of the swap under the amortization approach. (3) See “Note 9—Stockholders’ Equity” for the effects of cash flow and net investment hedges on AOCI and amounts reclassified to net income, net of tax. (4) We recognized a gain of $83 million and $245 million for the three and nine months ended September 30, 2021, respectively, and a loss of $73 million and a gain of $20 million for the three and nine months ended September 30, 2020, respectively, on foreign exchange contracts reclassified from AOCI. These amounts were largely offset by the foreign currency transaction gains (losses) on our foreign currency denominated intercompany funding included in other non-interest income on our consolidated statements of income. In the next 12 months, we expect to reclassify into earnings net after-tax gains of $438 million recorded in AOCI as of September 30, 2021. 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 6.5 years as of September 30, 2021. 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. Free-Standing Derivatives The net impacts to our consolidated statements of income related to free-standing derivatives are presented below for the three and nine months ended September 30, 2021 and 2020. These gains or losses are recognized in other non-interest income on our consolidated statements of income. Table 8.5: Gains (Losses) on Free-Standing Derivatives Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2021 2020 2021 2020 Gains (losses) recognized in other non-interest income: Customer accommodation: Interest rate contracts $ 7 $ (5) $ 25 $ 7 Commodity contracts 11 7 20 23 Foreign exchange and other contracts (1) 3 1 11 5 Total customer accommodation 21 3 56 35 Other interest rate exposures 18 17 2 1 Other contracts (6) 0 (7) 0 Total $ 33 $ 20 $ 51 $ 36 __________ (1) Foreign exchange and other contracts includes gains of $1 million and $8 million on FX spot transactions for the three and nine months ended September 30, 2021. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 9—STOCKHOLDERS’ EQUITY Preferred Stock The following table summarizes our preferred stock outstanding as of September 30, 2021 and December 31, 2020. Table 9.1: Preferred Stock Outstanding (1) Redeemable by Issuer Beginning Per Annum Dividend Rate Dividend Frequency Liquidation Preference per Share Total Shares Outstanding Carrying Value Series Description Issuance Date September 30, 2021 December 31, 2020 Series E (2) Fixed-to-Floating Rate May 14, 2015 June 1, 2020 5.550% through 5/31/2020; 3-mo. LIBOR + 380 bps thereafter Semi-Annually through 5/31/2020; $ 1,000 0 $ 0 $ 988 Series G 5.200% July 29, 2016 December 1, 2021 5.200 Quarterly 1,000 600,000 583 583 Series H 6.000% November 29, 2016 December 1, 2021 6.000 Quarterly 1,000 500,000 483 483 Series I 5.000% September 11, 2019 December 1, 2024 5.000 Quarterly 1,000 1,500,000 1,462 1,462 Series J 4.800% January 31, 2020 June 1, 2025 4.800 Quarterly 1,000 1,250,000 1,209 1,209 Series K 4.625% September 17, 2020 December 1, 2025 4.625 Quarterly 1,000 125,000 122 122 Series L 4.375% May 4, 2021 September 1, 2026 4.375 Quarterly 1,000 675,000 653 0 Series M 3.950% Fixed Rate Reset June 10, 2021 September 1, 2026 3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury +3.157% Quarterly 1,000 1,000,000 988 0 Series N 4.250% July 29, 2021 September 1, 2026 4.250 Quarterly 1,000 425,000 412 0 Total $ 5,912 $ 4,847 __________ (1) Except for Series E and Series M , 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. (2) On September 1, 2021, we redeemed all outstanding shares of our preferred stock Series E. Accumulated Other Comprehensive Income AOCI primarily consists of accumulated net unrealized gains or losses associated with securities available for sale, changes in fair value of derivatives in hedging relationships, and foreign currency translation adjustments. The following table includes the AOCI impacts from the adoption of the CECL standard and the changes in AOCI by component for the three and nine months ended September 30, 2021 and 2020. Table 9.2: AOCI Three Months Ended September 30, 2021 (Dollars in millions) Securities Available for Sale Hedging Relationships (1) Foreign Currency Translation Adjustments (2) Other Total AOCI as of June 30, 2021 $ 1,089 $ 730 $ (3) $ (24) $ 1,792 Other comprehensive income (loss) before reclassifications (206) 57 (27) 0 (176) Amounts reclassified from AOCI into earnings (2) (252) 0 (2) (256) Other comprehensive income (loss), net of tax (208) (195) (27) (2) (432) AOCI as of September 30, 2021 $ 881 $ 535 $ (30) $ (26) $ 1,360 Nine Months Ended September 30, 2021 (Dollars in millions) Securities Available for Sale Hedging Relationships (1) Foreign Currency Translation Adjustments (2) Other Total AOCI as of December 31, 2020 $ 2,186 $ 1,362 $ (31) $ (23) $ 3,494 Other comprehensive income (loss) before reclassifications (1,300) (88) 1 0 (1,387) Amounts reclassified from AOCI into earnings (5) (739) 0 (3) (747) Other comprehensive income (loss), net of tax (1,305) (827) 1 (3) (2,134) AOCI as of September 30, 2021 $ 881 $ 535 $ (30) $ (26) $ 1,360 Three Months Ended September 30, 2020 (Dollars in millions) Securities Available for Sale Hedging Relationships (1) Foreign Currency Translation Adjustments (2) Other Total AOCI as of June 30, 2020 $ 2,373 $ 1,785 $ (151) $ (26) $ 3,981 Other comprehensive income (loss) before reclassifications 20 (95) 28 0 (47) Amounts reclassified from AOCI into earnings (19) (80) 0 (2) (101) Other comprehensive income (loss), net of tax 1 (175) 28 (2) (148) AOCI as of September 30, 2020 $ 2,374 $ 1,610 $ (123) $ (28) $ 3,833 Nine Months Ended September 30, 2020 (Dollars in millions) Securities Available for Sale Hedging Relationships (1) Foreign Currency Translation Adjustments (2) Other Total AOCI as of December 31, 2019 $ 935 $ 354 $ (107) $ (26) $ 1,156 Cumulative effects from the adoption of the CECL standard (8) 0 0 0 (8) Other comprehensive income (loss) before reclassifications 1,466 1,540 (16) 0 2,990 Amounts reclassified from AOCI into earnings (19) (284) 0 (2) (305) Other comprehensive income (loss), net of tax 1,447 1,256 (16) (2) 2,685 AOCI as of September 30, 2020 $ 2,374 $ 1,610 $ (123) $ (28) $ 3,833 __________ (1) Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges. (2) Includes other comprehensive gains of $66 million and $32 million for the three and nine months ended September 30, 2021, respectively, and other comprehensive loss of $75 million and gain of $59 million for the three and nine months ended September 30, 2020, respectively, from hedging instruments designated as net investment hedges. The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three and nine months ended September 30, 2021 and 2020. Table 9.3: Reclassifications from AOCI (Dollars in millions) Three Months Ended September 30, Nine Months Ended September 30, AOCI Components Affected Income Statement Line Item 2021 2020 2021 2020 Securities available for sale: Non-interest income $ 2 $ 25 $ 6 $ 25 Income tax provision 0 6 1 6 Net income 2 19 5 19 Hedging relationships: Interest rate contracts: Interest income 250 179 730 347 Foreign exchange contracts: Interest income 0 1 1 10 Interest expense 0 (1) (2) (3) Non-interest income 83 (73) 245 20 Income from continuing operations before income taxes 333 106 974 374 Income tax provision 81 26 235 90 Net income 252 80 739 284 Other: Non-interest income and non-interest expense 3 2 4 2 Income tax provision 1 0 1 0 Net income 2 2 3 2 Total reclassifications $ 256 $ 101 $ 747 $ 305 The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three and nine months ended September 30, 2021 and 2020. Table 9.4: Other Comprehensive Income (Loss) Three Months Ended September 30, 2021 2020 (Dollars in millions) Before Provision After Before Provision After Other comprehensive income (loss): Net unrealized gains (losses) on securities available for sale $ (270) $ (62) $ (208) $ 1 $ 0 $ 1 Net unrealized gains (losses) on hedging relationships (255) (60) (195) (231) (56) (175) Foreign currency translation adjustments (1) (6) 21 (27) 4 (24) 28 Other (3) (1) (2) (2) 0 (2) Other comprehensive income (loss) $ (534) $ (102) $ (432) $ (228) $ (80) $ (148) Nine Months Ended September 30, 2021 2020 (Dollars in millions) Before Provision After Before Provision After Other comprehensive income (loss): Net unrealized gains (losses) on securities available for sale $ (1,716) $ (411) $ (1,305) $ 1,903 $ 456 $ 1,447 Net unrealized gains (losses) on hedging relationships (1,089) (262) (827) 1,653 397 1,256 Foreign currency translation adjustments (1) 11 10 1 3 19 (16) Other (4) (1) (3) (2) 0 (2) Other comprehensive income (loss) $ (2,798) $ (664) $ (2,134) $ 3,557 $ 872 $ 2,685 __________ (1) Includes the impact of hedging instruments designated as net investment hedges. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 10—EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share. Table 10.1: Computation of Basic and Diluted Earnings per Common Share Three Months Ended September 30, Nine Months Ended September 30, (Dollars and shares in millions, except per share data) 2021 2020 2021 2020 Income from continuing operations, net of tax $ 3,104 $ 2,406 $ 9,968 $ 149 Loss from discontinued operations, net of tax 0 0 (3) (1) Net income 3,104 2,406 9,965 148 Dividends and undistributed earnings allocated to participating securities (26) (20) (84) (5) Preferred stock dividends (79) (67) (200) (212) Issuance cost for redeemed preferred stock (12) 0 (12) (22) Net income (loss) available to common stockholders $ 2,987 $ 2,319 $ 9,669 $ (91) Total weighted-average basic common shares outstanding 438.8 457.8 449.2 457.4 Effect of dilutive securities: (1) Stock options 0.6 0.4 0.7 0.0 Other contingently issuable shares 1.1 0.3 1.0 0.0 Total effect of dilutive securities 1.7 0.7 1.7 0.0 Total weighted-average diluted common shares outstanding 440.5 458.5 450.9 457.4 Basic earnings per common share: Net income (loss) from continuing operations $ 6.81 $ 5.07 $ 21.53 $ (0.20) Income (loss) from discontinued operations 0.00 0.00 (0.01) 0.00 Net income (loss) per basic common share $ 6.81 $ 5.07 $ 21.52 $ (0.20) Diluted earnings per common share: (1) Net income (loss) from continuing operations $ 6.78 $ 5.06 $ 21.45 $ (0.20) Income (loss) from discontinued operations 0.00 0.00 (0.01) 0.00 Net income (loss) per diluted common share $ 6.78 $ 5.06 $ 21.44 $ (0.20) __________ (1) Excluded from the computation of diluted earnings per share were awards of 34 thousand shares for the nine months ended September 30, 2021, and 774 thousand shares related to options with an exercise price ranging from $70.96 to $86.34 for the three months ended September 30, 2020, respectively, because their inclusion would be anti-dilutive. In periods of net loss available to common stockholders, dilutive securities are excluded as their inclusion would have an anti-dilutive effect. Accordingly, for the nine months ended September 30, 2020, awards of 762 thousand shares and options of 2.7 million shares with an exercise price ranging from $36.55 to $86.34 were excluded from the computation of diluted earnings per share. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 11—FAIR VALUE MEASUREMENT Fair value, also referred to as an exit price, 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. 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 Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for 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. The determination and 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. For additional information on the valuation techniques used in estimating the fair value of our financial assets and liabilities on a recurring basis, see “Note 16—Fair Value Measurement” in our 2020 Form 10-K. 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 September 30, 2021 and December 31, 2020. Table 11.1: Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2021 Fair Value Measurements Using Netting Adjustments (1) (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 9,109 $ 0 $ 0 — $ 9,109 RMBS 0 75,428 253 — 75,681 CMBS 0 10,188 9 — 10,197 Other securities 152 3,010 0 — 3,162 Total securities available for sale 9,261 88,626 262 — 98,149 Loans held for sale 0 1,707 0 — 1,707 Other assets: Derivative assets (2) 955 3,758 191 $ (975) 3,929 Other (3) 514 16 43 — 573 Total assets $ 10,730 $ 94,107 $ 496 $ (975) $ 104,358 Liabilities: Other liabilities: Derivative liabilities (2) $ 1,904 $ 1,407 $ 152 $ (904) $ 2,559 Total liabilities $ 1,904 $ 1,407 $ 152 $ (904) $ 2,559 December 31, 2020 Fair Value Measurements Using Netting Adjustments (1) (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 9,318 $ 0 $ 0 — $ 9,318 RMBS 0 76,375 328 — 76,703 CMBS 0 11,624 111 — 11,735 Other securities 142 2,547 0 — 2,689 Total securities available for sale 9,460 90,546 439 — 100,445 Loans held for sale 0 596 0 — 596 Other assets: Derivative assets (2) 268 3,006 141 $ (1,148) 2,267 Other (3) 430 552 55 — 1,037 Total assets $ 10,158 $ 94,700 $ 635 $ (1,148) $ 104,345 Liabilities: Other liabilities: Derivative liabilities (2) $ 271 $ 1,137 $ 110 $ (739) $ 779 Total liabilities $ 271 $ 1,137 $ 110 $ (739) $ 779 __________ (1) 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 “Note 8—Derivative Instruments and Hedging Activities” for additional information. (2) Does not reflect $17 million and $31 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of September 30, 2021 and December 31, 2020 , respectively. Non-performance risk is included in derivative assets and liabilities, which are part of other assets and other liabilities on the consolidated balance sheets, and is offset through non-interest income in the consolidated statements of income. (3) As of September 30, 2021 and December 31, 2020, other includes retained interests in securitizations of $43 million and $55 million, deferred compensation plan assets of $463 million and $414 million, and equity securities of $67 million and $568 million including unrealized gains of $43 million and $535 million, respectively. Level 3 Recurring Fair Val ue 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 and nine months ended September 30, 2021 and 2020. Generally, transfers into Level 3 were primarily driven by the usage of unobservable assumptions in the pricing of these financial instruments as evidenced by wider pricing variations among pricing vendors and transfers out of Level 3 were primarily driven by the usage of assumptions corroborated by market observable information as evidenced by tighter pricing among multiple pricing sources. Table 11.2: Level 3 Recurring Fair Value Rollforward Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended September 30, 2021 Total Gains (Losses) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2021 (1) (Dollars in millions) Balance, July 1, 2021 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Transfers Balance, September 30, 2021 Securities available for sale: (2) RMBS $ 289 $ 4 $ (1) $ 0 $ 0 $ 0 $ (23) $ 4 $ (20) $ 253 $ 4 CMBS 9 0 1 0 0 0 (1) 0 0 9 0 Total securities available for sale 298 4 0 0 0 0 (24) 4 (20) 262 4 Other assets: Retained interests in securitizations 46 (3) 0 0 0 0 0 0 0 43 (3) Net derivative assets (liabilities) (4) 19 (31) 0 0 0 44 6 0 1 39 (29) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine Months Ended September 30, 2021 Total Gains (Losses) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2021 (1) (Dollars in millions) Balance, January 1, 2021 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Transfers Balance, September 30, 2021 Securities available for sale: (2) RMBS $ 328 $ 15 $ 3 $ 0 $ 0 $ 0 $ (74) $ 88 $ (107) $ 253 $ 11 CMBS 111 0 (1) 0 0 0 (7) 0 (94) 9 0 Total securities available for sale 439 15 2 0 0 0 (81) 88 (201) 262 11 Other assets: Retained interests in securitizations 55 (12) 0 0 0 0 0 0 0 43 (12) Net derivative assets (liabilities) (4) 31 (41) 0 0 0 66 (23) 6 0 39 (32) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended September 30, 2020 Total Gains (Losses) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2020 (1) (Dollars in millions) Balance, July 1, 2020 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Transfers Balance, September 30, 2020 Securities available for sale: (2) RMBS $ 474 $ 10 $ 3 $ 0 $ 0 $ 0 $ (22) $ 56 $ (47) $ 474 $ 10 CMBS 282 (1) 1 0 0 0 (8) 98 0 372 (1) Total securities available for sale 756 9 4 0 0 0 (30) 154 (47) 846 9 Other assets: Retained interests in securitizations 56 0 0 0 0 0 0 0 0 56 0 Net derivative assets (liabilities) (4) 34 8 0 0 0 13 (2) 0 (9) 44 0 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine Months Ended September 30, 2020 Total Gains (Losses) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2020 (1) (Dollars in millions) Balance, January 1, 2020 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Transfers Balance, September 30, 2020 Securities available for sale: (2)(3) RMBS $ 433 $ 19 $ (21) $ 0 $ 0 $ 0 $ (55) $ 196 $ (98) $ 474 $ 20 CMBS 13 (1) 0 0 0 0 (11) 371 0 372 (4) Total securities available for sale 446 18 (21) 0 0 0 (66) 567 (98) 846 16 Other assets: Retained interests in securitizations 66 (10) 0 0 0 0 0 0 0 56 (10) Net derivative assets (liabilities) (4) 26 20 0 0 0 39 (30) 0 (11) 44 18 __________ (1) Realized gains (losses) on securities available for sale are included in net securities gains (losses) and retained interests in securitizations are reported as a component of non-interest income in our consolidated statements of income. Gains (losses) on derivatives are included as a component of net interest income or non-interest income in our consolidated statements of income. (2) For the three and nine months ended September 30, 2021, included in OCI related to Level 3 securities available for sale still held as of September 30, 2021 were no net unrealized gains and $3 million of net unrealized gains, respectively. For the three and nine months ended September 30, 2020, included in OCI related to Level 3 securities available for sale still held as of September 30, 2020 were net unrealized gains of $5 million and net unrealized losses of $16 million, respectively. (3) The fair value of RMBS as of January 1, 2020 includes a cumulative adjustment of $4 million from the adoption of the CECL standard. (4) Includes derivative assets and liabilities of $191 million and $152 million, respectively, as of September 30, 2021 and $153 million and $109 million, respectively, as of September 30, 2020. Significant Level 3 Fair Value Asset and Liability Inputs Generally, uncertainties in fair value measurements of financial instruments, such as 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 used to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple vendor pricing services to obtain fair value for our securities. Several of our vendor pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other vendor 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. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 11.3: Quantitative Information about Level 3 Fair Value Measurements Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at Significant Significant Range Weighted Average (1) Securities available for sale: RMBS $ 253 Discounted cash flows (vendor pricing) Yield 0-17% 5-20% 1-11% 30-100% 3% 11% 2% 68% CMBS 9 Discounted cash flows (vendor pricing) Yield 1% 1% Other assets: Retained interests in securitizations (2) 43 Discounted cash flows Life of receivables (months) 30-36 9-17% 2-8% 2-4% 56-151% N/A Net derivative assets (liabilities) 39 Discounted cash flows Swap rates 1-2% 1% Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at Significant Significant Range Weighted Average (1) Securities available for sale: RMBS $ 328 Discounted cash flows (vendor pricing) Yield 2-12% 8-15% 0-11% 30-100% 3% 10% 2% 73% CMBS 111 Discounted cash flows (vendor pricing) Yield 1-3% 2% Other assets: Retained interests in securitizations (2) 55 Discounted cash flows Life of receivables (months) 37-52 3-13% 2-12% 3-3% 55-70% N/A Net derivative assets (liabilities) 31 Discounted cash flows Swap rates 1% 1% __________ (1) Weighted averages are calculated by using the product of the input multiplied by the relative fair value of the instruments. (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 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 fair value accounting or when we evaluate for impairment). The following table presents the carrying value of the assets measured at fair value on a nonrecurring basis and still held as of September 30, 2021 and December 31, 2020, and for which a nonrecurring fair value measurement was recorded during the nine and twelve months then ended. Table 11.4: Nonrecurring Fair Value Measurements September 30, 2021 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 126 $ 126 Other assets (1) 0 175 175 Total $ 0 $ 301 $ 301 December 31, 2020 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 305 $ 305 Other assets (1) 0 175 175 Total $ 0 $ 480 $ 480 __________ (1) As of September 30, 2021, other assets included equity method investments subject to impairment of $53 million, investments accounted for under measurement al ternative of $15 million, repossessed assets of $39 million and long-lived assets held for sale of $68 million. As of December 31, 2020, other assets included equity investments accounted for under the measurement alternative of $25 million, repossessed assets of $42 million and long-lived assets held for sale of $108 million. In the above table, loans held for investment are generally 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. The non-recoverable rate ranged from 0% to 100%, with a weighted average of 14%, and from 0% to 89%, with a weighted average of 14%, as of September 30, 2021 and December 31, 2020, respectively. The weighted average non-recoverable rate is calculated based on the estimated market value of the underlying collateral. The significant unobservable inputs and related quantitative information related to fair value of the other assets 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 September 30, 2021 and December 31, 2020. Table 11.5: Nonrecurring Fair Value Measurements Included in Earnings Total Gains (Losses) Nine Months Ended September 30, (Dollars in millions) 2021 2020 Loans held for investment $ 12 $ 187 Other assets (1) (65) (42) Total $ (53) $ 145 __________ (1) Other assets include fair value adjustments related to repossessed assets, long-lived assets held for sale and equity investments accounted for under the measurement alternative. Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value, including the level within the fair value hierarchy, of our financial instruments that are not measured at fair value on a recurring basis on our consolidated balance sheets as of September 30, 2021 and December 31, 2020. Table 11.6: Fair Value of Financial Instruments September 30, 2021 Carrying Estimated Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 26,624 $ 26,624 $ 5,444 $ 21,180 $ 0 Restricted cash for securitization investors 234 234 234 0 0 Net loans held for investment 249,817 254,878 0 0 254,878 Loans held for sale 4,593 4,880 0 4,880 0 Interest receivable 1,418 1,418 0 1,418 0 Other investments (1) 1,344 1,344 0 1,344 0 Financial liabilities: Deposits with defined maturities 19,283 19,483 0 19,483 0 Securitized debt obligations 12,635 12,782 0 12,782 0 Senior and subordinated notes 23,983 24,754 0 24,754 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 825 825 0 825 0 Interest payable 241 241 0 241 0 December 31, 2020 Carrying Estimated Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 40,509 $ 40,509 $ 4,708 $ 35,801 $ 0 Restricted cash for securitization investors 262 262 262 0 0 Net loans held for investment 236,060 244,701 0 0 244,701 Loans held for sale 2,114 2,214 0 2,214 0 Interest receivable 1,471 1,471 0 1,471 0 Other investments (1) 1,341 1,341 0 1,341 0 Financial liabilities: Deposits with defined maturities 32,746 33,111 0 33,111 0 Securitized debt obligations 12,414 12,584 0 12,584 0 Senior and subordinated notes 27,382 28,282 0 28,282 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 668 668 0 668 0 Interest payable 352 352 0 352 0 __________ (1) Other investments include FHLB and Federal Reserve stock. These investments are included in other assets on our consolidated balance sheets. |
Business Segments and Revenue f
Business Segments and Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments and Revenue from Contracts with Customers | NOTE 12—BUSINESS SEGMENTS AND REVENUE FROM CONTRACTS WITH CUSTOMERS Our principal operations are organized into three major business segments, which are defined primarily based on the products and services provided or the types of customers served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into or managed as a part of our existing business segments. Certain activities that are not part of a segment, such as management of our corporate investment portfolio, asset/liability management by our centralized Corporate Treasury group and residual tax expense or benefit to arrive at the consolidated effective tax rate that is not assessed to our primary business segments, are included in the Other category. Basis of Presentation We report the results of each of our business segments on a continuing operations basis. 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 17—Business Segments and Revenue from Contracts with Customers” in our 2020 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 or changes in organizational alignment. The following table presents our business segment results for the three and nine months ended September 30, 2021 and 2020, selected balance sheet data as of September 30, 2021 and 2020, and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits. Table 12.1: Segment Results and Reconciliation Three Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Net interest income (loss) $ 3,620 $ 2,159 $ 578 $ (201) $ 6,156 Non-interest income (loss) 1,263 127 306 (22) 1,674 Total net revenue (loss) (2) 4,883 2,286 884 (223) 7,830 Provision (benefit) for credit losses (198) (91) (53) 0 (342) Non-interest expense 2,424 1,186 459 117 4,186 Income (loss) from continuing operations before income taxes 2,657 1,191 478 (340) 3,986 Income tax provision (benefit) 627 282 113 (140) 882 Income (loss) from continuing operations, net of tax $ 2,030 $ 909 $ 365 $ (200) $ 3,104 Loans held for investment $ 105,030 $ 77,112 $ 79,248 $ 0 $ 261,390 Deposits 0 252,387 43,347 10,204 305,938 Nine Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Net interest income (loss) $ 10,209 $ 6,290 $ 1,558 $ (336) $ 17,721 Non-interest income (loss) 3,545 412 803 (164) 4,596 Total net revenue (loss) (2) 13,754 6,702 2,361 (500) 22,317 Benefit for credit losses (1,325) (523) (475) (2) (2,325) Non-interest expense 6,822 3,426 1,295 349 11,892 Income (loss) from continuing operations before income taxes 8,257 3,799 1,541 (847) 12,750 Income tax provision (benefit) 1,952 897 364 (431) 2,782 Income (loss) from continuing operations, net of tax $ 6,305 $ 2,902 $ 1,177 $ (416) $ 9,968 Loans held for investment $ 105,030 $ 77,112 $ 79,248 $ 0 $ 261,390 Deposits 0 252,387 43,347 10,204 305,938 Three Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Net interest income (loss) $ 3,292 $ 1,904 $ 517 $ (158) $ 5,555 Non-interest income (loss) 1,013 107 237 469 1,826 Total net revenue (loss) (2) 4,305 2,011 754 311 7,381 Provision (benefit) for credit losses 450 (43) (74) (2) 331 Non-interest expense 2,003 1,011 424 110 3,548 Income (loss) from continuing operations before income taxes 1,852 1,043 404 203 3,502 Income tax provision 438 247 95 316 1,096 Income (loss) from continuing operations, net of tax $ 1,414 $ 796 $ 309 $ (113) $ 2,406 Loans held for investment $ 103,641 $ 68,688 $ 75,894 $ 0 $ 248,223 Deposits 0 249,684 36,783 19,258 305,725 Nine Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Net interest income (loss) $ 10,363 $ 5,226 $ 1,526 $ (75) $ 17,040 Non-interest income 2,769 330 655 392 4,146 Total net revenue (2) 13,132 5,556 2,181 317 21,186 Provision for credit losses 7,096 1,693 1,209 2 10,000 Non-interest expense 6,180 3,038 1,261 568 11,047 Income (loss) from continuing operations before income taxes (144) 825 (289) (253) 139 Income tax provision (benefit) (34) 195 (69) (102) (10) Income (loss) from continuing operations, net of tax $ (110) $ 630 $ (220) $ (151) $ 149 Loans held for investment $ 103,641 $ 68,688 $ 75,894 $ 0 $ 248,223 Deposits 0 249,684 36,783 19,258 305,725 __________ (1) Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category. (2) Total net revenue was reduced by $123 million and $478 million in the three and nine months ended September 30, 2021, respectively, and $235 million and $942 million in the three and nine months ended September 30, 2020, respectively, for credit card finance charges and fees charged off as uncollectible. Revenue from Contracts with Customers The majority of our revenue from contracts with customers consists of interchange fees, service charges and other customer-related fees, and other contract revenue. Interchange fees are primarily from our Credit Card business and are recognized upon settlement with the interchange networks, net of rewards earned by customers. Service charges and other customer-related fees within our Consumer Banking business are primarily related to fees earned on consumer deposit accounts for account maintenance and various transaction-based services such as overdrafts and automated teller machine (“ATM”) usage. Service charges and other customer-related fees within our Commercial Banking business are mostly related to fees earned on treasury management and capital markets services. Other contract revenue in our Credit Card business consists primarily of revenue from our partnership arrangements. Other contract revenue in our Consumer Banking business consists primarily of revenue earned on certain marketing and promotional events from our auto dealers. Revenue from contracts with customers is included in non-interest income in our consolidated statements of income. The following table presents revenue from contracts with customers and a reconciliation to non-interest income by business segment for the three and nine months ended September 30, 2021 and 2020. Table 12.2: Revenue from Contracts with Customers and Reconciliation to Segment Results Three Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Contract revenue: Interchange fees, net (2) $ 930 $ 68 $ 24 $ 0 $ 1,022 Service charges and other customer-related fees 0 42 71 0 113 Other 98 17 1 0 116 Total contract revenue 1,028 127 96 0 1,251 Revenue (reduction) from other sources 235 0 210 (22) 423 Total non-interest income (loss) $ 1,263 $ 127 $ 306 $ (22) $ 1,674 Nine Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Contract revenue: Interchange fees, net (2) $ 2,598 $ 192 $ 65 $ 0 $ 2,855 Service charges and other customer-related fees 0 131 187 0 318 Other 262 55 3 0 320 Total contract revenue 2,860 378 255 0 3,493 Revenue (reduction) from other sources 685 34 548 (164) 1,103 Total non-interest income (loss) $ 3,545 $ 412 $ 803 $ (164) $ 4,596 Three Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Contract revenue: Interchange fees, net (2) $ 703 $ 54 $ 17 $ 1 $ 775 Service charges and other customer-related fees 0 42 50 0 92 Other 109 5 1 0 115 Total contract revenue 812 101 68 1 982 Revenue from other sources 201 6 169 468 844 Total non-interest income $ 1,013 $ 107 $ 237 $ 469 $ 1,826 Nine Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Contract revenue: Interchange fees, net (2) $ 2,003 $ 152 $ 45 $ (1) $ 2,199 Service charges and other customer-related fees 0 137 124 (1) 260 Other 236 27 2 0 265 Total contract revenue 2,239 316 171 (2) 2,724 Revenue from other sources 530 14 484 394 1,422 Total non-interest income $ 2,769 $ 330 $ 655 $ 392 $ 4,146 ________ (1) Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category. |
Commitments, Contingencies, Gua
Commitments, Contingencies, Guarantees, and Others | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, Guarantees and Others | NOTE 13—COMMITMENTS, CONTINGENCIES, GUARANTEES AND OTHERS Commitments to Lend Our unfunded lending commitments primarily consist of credit card lines, loan commitments to customers of both our Commercial Banking and Consumer Banking businesses, as well as standby and commercial letters of credit. These commitments, other than credit card lines, are legally binding conditional agreements that have fixed expirations or termination dates and specified interest rates and purposes. The contractual amount of these commitments represents the maximum possible credit risk to us should the counterparty draw upon the commitment. We generally manage the potential risk of unfunded lending commitments by limiting the total amount of arrangements, monitoring the size and maturity structure of these portfolios and applying the same credit standards for all of our credit activities. For unused credit card lines, we have not experienced and do not anticipate that all of our customers will access their entire available line at any given point in time. Commitments to extend credit other than credit card lines generally require customers to maintain certain credit standards. Collateral requirements and loan-to-value (“LTV”) ratios are the same as those for funded transactions and are established based on management’s credit assessment of the customer. These commitments may expire without being drawn upon; therefore, the total commitment amount does not necessarily represent future funding requirements. We also issue letters of credit, such as financial standby, performance standby and commercial letters of credit, 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 customer. 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 the results of these reviews are considered in assessing the adequacy of reserves for unfunded lending commitments. The following table presents the contractual amount and carrying value of our unfunded lending commitments as of September 30, 2021 and December 31, 2020. The carrying value represents our reserve and deferred revenue on legally binding commitments. Table 13.1: Unfunded Lending Commitments Contractual Amount Carrying Value (Dollars in millions) September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Credit card lines $ 366,744 $ 349,594 N/A N/A Other loan commitments (1) 40,545 35,836 $ 121 $ 144 Standby letters of credit and commercial letters of credit (2) 1,380 1,302 28 32 Total unfunded lending commitments $ 408,669 $ 386,732 $ 149 $ 176 __________ (1) Includes $2.1 billion and $1.8 billion of advised lines of credit as of September 30, 2021 and December 31, 2020, respectively. (2) These financial guarantees have expiration dates that range from 2021 to 2023 as of September 30, 2021. Loss Sharing Agreements Within our Commercial Banking business, we originate multifamily commercial real estate loans with the intent to sell them to the GSEs. We enter into loss sharing agreements with the GSEs upon the sale of the loans. Beginning January 1, 2020, we elected the fair value option on new loss sharing agreements. Unrealized gains and losses are recorded in other non-interest income in our consolidated statements of income. For those loss sharing agreements entered into as of and prior to December 31, 2019, we amortize the liability recorded at inception into non-interest income as we are released from risk of payment under the loss sharing agreement and record our estimate of expected credit losses each period in provision for credit losses in our consolidated statements of income. The liability recognized on our consolidated balance sheets for these loss sharing agreements was $90 million and $97 million as of September 30, 2021 and December 31, 2020, respectively. See “Note 4—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments” for more information related to our credit card partnership loss sharing arrangements. 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 estimate reasonably possible losses above existing reserves, and for other disclosed matters, such an estimate is not possible at this time. For those matters below where an estimate is possible, management currently estimates the reasonably possible future losses beyond our reserves as of September 30, 2021 are approximately $200 million. Our reserve and reasonably possible loss estimates involve considerable judgment and reflect that there is still significant uncertainty regarding numerous factors that may impact the ultimate loss levels. 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 agencies, 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 In 2005, a putative class of retail merchants filed antitrust lawsuits against MasterCard and Visa and several issuing banks, including Capital One, seeking both injunctive relief and monetary damages for an alleged conspiracy by defendants to fix the level of interchange fees. Other merchants have asserted similar claims in separate lawsuits, and while these separate cases did not name any issuing banks, Visa, MasterCard and issuers, including Capital One, have entered settlement and judgment sharing agreements allocating the liabilities of any judgment or settlement arising from all interchange-related cases. The lawsuits were consolidated before the U.S. District Court for the Eastern District of New York for certain purposes and were settled in 2012. The class settlement, however, was invalidated by the United States Court of Appeals for the Second Circuit in June 2016, and the suit was bifurcated into separate class actions seeking injunctive and monetary relief, respectively. In addition, numerous merchant groups opted out of the 2012 settlement and have pursued their own claims. The claims by the injunctive relief class have not been resolved, but the settlement of $5.5 billion for the monetary damages class received final approval from the trial court, and has been appealed to the U.S. Court of Appeals for the Second Circuit. Visa and MasterCard have also settled a number of the opt-out cases, which required non-material payments from issuing banks, including Capital One. Visa created a litigation escrow account following its initial public offering of stock in 2008 that funds settlements for its member banks, and any settlements related to MasterCard-allocated losses have either already been paid or are reflected in our reserves. Cybersecurity Incident On July 29, 2019, we announced that on March 22 and 23, 2019 an outside individual gained unauthorized access to our systems. This individual obtained certain types of personal information relating to people who had applied for our credit card products and to our credit card customers (the “Cybersecurity Incident”). As a result of the Cybersecurity Incident, we are subject to numerous legal proceedings and other inquiries and could be the subject of additional proceedings and inquiries in the future. Consumer class actions . We were named as a defendant in approximately 75 putative consumer class action cases (61 in U.S. federal courts, 1 in California state court, and 13 in Canadian courts) alleging harm from the Cybersecurity Incident and seeking various remedies, including monetary and injunctive relief. The lawsuits allege breach of contract, negligence, violations of various privacy laws and a variety of other legal causes of action. The U.S. consumer class actions have been consolidated for pretrial proceedings before a multi-district litigation (“MDL”) panel in the U.S. District Court for the Eastern District of Virginia, Alexandria Division, where the remaining 29 consumer class actions are currently pending. In the third quarter of 2020, the MDL court denied in part and granted in part Capital One’s motion to dismiss and permitted pretrial discovery to continue. Securities class action . The Company and certain officers have also been named as defendants in a putative class action pending in the MDL alleging violations of certain federal securities laws in connection with statements and alleged omissions in securities filings relating to our information security standards and practices. The complaint seeks certification of a class of all persons who purchased or otherwise acquired Capital One securities from July 23, 2015 to July 29, 2019, as well as unspecified monetary damages, costs and other relief. Governmental inquiries . We have received inquiries and requests for information relating to the Cybersecurity Incident from Congress, federal regulators, relevant Canadian regulators, the Department of Justice, and the offices of approximately fourteen state Attorneys General. We are cooperating with these offices and responding to their inquiries. In August 2020, we entered into consent orders with the Federal Reserve and the Office of the Comptroller of the Currency (“OCC”) resulting from regulatory reviews of the Cybersecurity Incident and relating to ongoing enhancements of our cybersecurity and operational risk management processes. We paid an $80 million penalty to the U.S. Treasury as part of the OCC agreement. The Federal Reserve agreement did not contain a monetary penalty. Taxi Medallion Finance Investigations Beginning in 2019, we have received subpoenas from the New York Attorney General’s office and from the U.S. Attorney’s Office for the Southern District of New York, Civil and Criminal Divisions, relating to investigations of the taxi medallion finance industry we exited beginning in 2015. The subpoenas seek, among other things, information regarding our lending counterparties and practices. We are cooperating with these investigations. U.K. PPI Litigation In the U.K., we previously sold payment protection insurance (“PPI”). For several years leading up to the claims submission deadline of August 29, 2019 (as set by the U.K. Financial Conduct Authority), we received customer complaints and regulatory claims relating to PPI. As of the first quarter of 2021, COEP has materially resolved the PPI complaints and regulatory claims received prior to the deadline. Some of the claimants in the U.K. PPI regulatory claims process have subsequently initiated legal proceedings, seeking additional redress. We are responding to these proceedings as we receive them. Other Pending and Threatened Litigation In addition, we are commonly subject to various pending and threatened legal actions relating to the conduct of our normal business activities. In the opinion of management, the ultimate aggregate liability, if any, arising out of all such other pending or threatened legal actions is not expected to be material to our consolidated financial position or our results of operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). |
Use of Estimates | The preparation of the consolidated 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 judgments, 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. |
Balance Sheet Offsetting of Financial Assets and Liabilities | Balance Sheet Offsetting of Financial Assets and Liabilities Derivative contracts and repurchase agreements that we execute bilaterally in the OTC market are generally governed by enforceable master netting arrangements where we generally have the right to offset exposure with the same counterparty. Either counterparty can generally request to net settle all contracts through a single payment upon default on, or termination of, any one contract. We elect to offset the derivative assets and liabilities under master netting arrangements for balance sheet presentation where a right of setoff exists. For derivative contracts entered into under master netting arrangements for which we have not been able to confirm the enforceability of the setoff rights, or those not subject to master netting arrangements, we do not offset our derivative positions for balance sheet presentation. |
New Accounting Standards | Newly Adopted Accounting Standards During the Nine Months Ended September 30, 2021 Standard Guidance Adoption Timing and Financial Statement Impacts Income Tax Accounting Simplification ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Issued December 2019 Simplifies various aspects of the guidance on accounting for income taxes. We adopted this guidance in the first quarter of 2021 using the modified retrospective and prospective methods of adoption. Our adoption of this standard did not have a material impact on our consolidated financial statements. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Balance Sheet Offsetting of Financial Assets and Liabilities | Balance Sheet Offsetting of Financial Assets and Liabilities Derivative contracts and repurchase agreements that we execute bilaterally in the OTC market are generally governed by enforceable master netting arrangements where we generally have the right to offset exposure with the same counterparty. Either counterparty can generally request to net settle all contracts through a single payment upon default on, or termination of, any one contract. We elect to offset the derivative assets and liabilities under master netting arrangements for balance sheet presentation where a right of setoff exists. For derivative contracts entered into under master netting arrangements for which we have not been able to confirm the enforceability of the setoff rights, or those not subject to master netting arrangements, we do not offset our derivative positions for balance sheet presentation. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
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 September 30, 2021 and December 31, 2020. Accrued interest receivable of $227 million and $230 million as of September 30, 2021, and December 31, 2020, respectively, is not included in the table below. Table 2.1: Investment Securities Available for Sale September 30, 2021 (Dollars in millions) Amortized Allowance Gross Gross Fair Investment securities available for sale: U.S. Treasury securities $ 9,094 $ 0 $ 15 $ 0 $ 9,109 RMBS: Agency 73,924 0 1,325 (617) 74,632 Non-agency 844 (1) 206 0 1,049 Total RMBS 74,768 (1) 1,531 (617) 75,681 Agency CMBS 9,973 0 265 (41) 10,197 Other securities (1) 3,154 0 8 0 3,162 Total investment securities available for sale $ 96,989 $ (1) $ 1,819 $ (658) $ 98,149 December 31, 2020 (Dollars in millions) Amortized Allowance Gross Gross Fair Investment securities available for sale: U.S. Treasury securities $ 9,302 $ 0 $ 16 $ 0 $ 9,318 RMBS: Agency 73,248 0 2,326 (108) 75,466 Non-agency 1,035 (1) 204 (1) 1,237 Total RMBS 74,283 (1) 2,530 (109) 76,703 Agency CMBS 11,298 0 448 (11) 11,735 Other securities (1) 2,686 0 3 0 2,689 Total investment securities available for sale $ 97,569 $ (1) $ 2,997 $ (120) $ 100,445 __________ (1) Includes $2.3 billion and $1.8 billion of asset-backed securities (“ABS”) as of September 30, 2021, and December 31, 2020, respectively. The remaining amount is primarily comprised of supranational bonds and foreign government bonds. |
Schedule of Available-for-Sale Securities in Gross Unrealized Loss Position | The table below provides the gross unrealized losses and fair value of our securities available for sale aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2021 and December 31, 2020. The amounts include securities available for sale without an allowance for credit losses. Table 2.2: Securities in a Gross Unrealized Loss Position September 30, 2021 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Investment securities available for sale without an allowance for credit losses: RMBS: Agency $ 35,415 $ (519) $ 4,068 $ (98) $ 39,483 $ (617) Non-agency 0 0 1 0 1 0 Total RMBS 35,415 (519) 4,069 (98) 39,484 (617) Agency CMBS 1,746 (26) 561 (15) 2,307 (41) Other securities (1) 470 0 0 0 470 0 Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses (2) $ 37,631 $ (545) $ 4,630 $ (113) $ 42,261 $ (658) December 31, 2020 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Fair Value Gross Fair Value Gross Investment securities available for sale without an allowance for credit losses: RMBS: Agency $ 7,424 $ (57) $ 1,791 $ (51) $ 9,215 $ (108) Non-agency 12 0 0 0 12 0 Total RMBS 7,436 (57) 1,791 (51) 9,227 (108) Agency CMBS 1,545 (7) 267 (4) 1,812 (11) Other securities (1) 114 0 1 0 115 0 Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses (2) $ 9,095 $ (64) $ 2,059 $ (55) $ 11,154 $ (119) __________ (1) Includes primarily other asset-backed securities, foreign government bonds, and supranational bonds. (2) Consists of approxima tely 540 and 320 se cur ities in gross unrealized loss positions as of September 30, 2021 and December 31, 2020, respectively. |
Schedule of Contractual Maturities for Securities | The table below summarizes, by major security type, the contractual maturities and weighted-average yields of our investment securities as of September 30, 2021. 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 below. The weighted-average yield below represents the effective yield for the investment securities and is calculated based on the amortized cost of each security. Table 2.3: Contractual Maturities and Weighted-Average Yields of Securities September 30, 2021 (Dollars in millions) Due in Due > 1 Year Due > 5 Years Due > 10 Years Total Fair value of securities available for sale: U.S. Treasury securities $ 5,203 $ 3,906 $ 0 $ 0 $ 9,109 RMBS (1) : Agency 0 137 1,106 73,389 74,632 Non-agency 0 0 0 1,049 1,049 Total RMBS 0 137 1,106 74,438 75,681 Agency CMBS (1) 570 2,489 4,462 2,676 10,197 Other securities 252 2,585 325 0 3,162 Total securities available for sale $ 6,025 $ 9,117 $ 5,893 $ 77,114 $ 98,149 Amortized cost of securities available for sale $ 6,019 $ 9,062 $ 5,761 $ 76,147 $ 96,989 Weighted-average yield for securities available for sale 0.31 % 0.72 % 1.66 % 1.71 % 1.53 % __________ (1) As of September 30, 2021, the weighted-average expected maturities of RMBS and Agency CMBS were 5.3 years and 5.5 years, respectively. |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loan Portfolio Composition and Aging Analysis | The table below presents the composition and aging analysis of our loans held for investment portfolio as of September 30, 2021 and December 31, 2020. The delinquency aging includes all past due loans, both performing and nonperforming. Table 3.1: Loan Portfolio Composition and Aging Analysis September 30, 2021 Delinquent Loans (Dollars in millions) Current 30-59 60-89 > 90 Days Total Total Credit Card: Domestic credit card $ 97,346 $ 646 $ 425 $ 841 $ 1,912 $ 99,258 International card businesses 5,579 72 45 76 193 5,772 Total credit card 102,925 718 470 917 2,105 105,030 Consumer Banking: Auto 71,770 1,996 769 181 2,946 74,716 Retail banking 2,347 26 5 18 49 2,396 Total consumer banking 74,117 2,022 774 199 2,995 77,112 Commercial Banking: Commercial and multifamily real estate 32,973 72 1 50 123 33,096 Commercial and industrial 45,808 181 134 29 344 46,152 Total commercial banking 78,781 253 135 79 467 79,248 Total loans (1) $ 255,823 $ 2,993 $ 1,379 $ 1,195 $ 5,567 $ 261,390 % of Total loans 97.87 % 1.14 % 0.53 % 0.46 % 2.13 % 100.00 % December 31, 2020 Delinquent Loans (Dollars in millions) Current 30-59 60-89 > 90 Days Total Total Credit Card: Domestic credit card $ 96,116 $ 755 $ 464 $ 1,169 $ 2,388 $ 98,504 International card businesses 8,218 90 58 86 234 8,452 Total credit card 104,334 845 522 1,255 2,622 106,956 Consumer Banking: Auto 62,381 2,252 907 222 3,381 65,762 Retail banking 3,064 28 19 15 62 3,126 Total consumer banking 65,445 2,280 926 237 3,443 68,888 Commercial Banking: Commercial and multifamily real estate 30,340 136 22 183 341 30,681 Commercial and industrial 44,941 69 15 74 158 45,099 Total commercial banking 75,281 205 37 257 499 75,780 Total loans (1) $ 245,060 $ 3,330 $ 1,485 $ 1,749 $ 6,564 $ 251,624 % of Total loans 97.39 % 1.32 % 0.59 % 0.70 % 2.61 % 100.00 % __________ (1) Loans include unamortized premiums and discounts, and unamortized deferred fees and costs totaling $1.4 billion and $1.1 billion as of September 30, 2021 and December 31, 2020, respectively. |
90 Plus Day Delinquent Loans Accruing Interest and Nonperforming Loans | The following table presents our loans held for investment that are 90 days or more past due that continue to accrue interest, loans that are classified as nonperforming and loans that are classified as nonperforming without an allowance as of September 30, 2021 and December 31, 2020. Nonperforming loans generally include loans that have been placed on nonaccrual status. Table 3.2: 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans September 30, 2021 December 31, 2020 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans (1) Nonperforming > 90 Days and Accruing Nonperforming Loans (1) Nonperforming Credit Card: Domestic credit card $ 841 N/A $ 0 $ 1,169 N/A $ 0 International card businesses 74 $ 9 0 82 $ 21 0 Total credit card 915 9 0 1,251 21 0 Consumer Banking: Auto 0 270 0 0 294 0 Retail banking 0 53 19 0 30 0 Total consumer banking 0 323 19 0 324 0 Commercial Banking: Commercial and multifamily real estate 0 287 265 51 200 184 Commercial and industrial 7 314 233 0 450 265 Total commercial banking 7 601 498 51 650 449 Total $ 922 $ 933 $ 517 $ 1,302 $ 995 $ 449 % of Total loans held for investment 0.35 % 0.35 % 0.20 % 0.52 % 0.40 % 0.18 % __________ (1) We recognized interest income for loans classified as nonperforming of $1 million and $21 million for the three and nine months ended September 30, 2021, respectively, and $4 million and $22 million for the three and nine months ended September 30, 2020, respectively. |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
TDR Disclosures | The following tables present the major modification types, amortized cost amounts and financial effects of loans modified in TDRs during the three and nine months ended September 30, 2021 and 2020. Table 3.6: Troubled Debt Restructurings Three Months Ended September 30, 2021 Reduced Interest Rate Term Extension (Dollars in millions) Total Loans Modified (1) % of TDR Activity (2) Average Rate Reduction % of TDR Activity (2) Average Term Extension (Months) Credit Card: Domestic credit card $ 37 100 % 15.80 % 0 % 0 International card businesses 28 100 27.75 0 0 Total credit card 65 100 20.90 0 0 Consumer Banking: Auto 89 48 8.54 92 4 Total consumer banking 89 48 8.54 92 4 Commercial Banking: Commercial and multifamily real estate 21 14 2.50 100 12 Commercial and industrial 4 0 0.00 100 4 Total commercial banking 25 12 2.50 100 11 Total $ 179 61 68.95 59 6 Nine Months Ended September 30, 2021 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) Total Loans Modified (1) % of TDR Activity (2) Average Rate Reduction % of TDR Activity (2) Average Term Extension (Months) % of TDR Activity (2) Gross Balance Reduction Credit Card: Domestic credit card $ 114 100 % 16.00 % 0 % 0 0 % $ 0 International card businesses 94 100 27.66 0 0 0 0 Total credit card 208 100 21.26 0 0 0 0 Consumer Banking: Auto 269 40 8.74 93 4 0 1 Retail banking 1 20 2.55 36 67 0 0 Total consumer banking 270 40 8.72 93 4 0 1 Commercial Banking: Commercial and multifamily real estate 41 7 1.29 100 13 0 0 Commercial and industrial 82 0 0.00 41 8 0 0 Total commercial banking 123 2 1.29 61 11 0 0 Total $ 601 53 16.84 54 5 0 $ 1 Three Months Ended September 30, 2020 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) Total Loans Modified (1) % of TDR Activity (2) Average Rate Reduction % of TDR Activity (2) Average Term Extension (Months) % of TDR Activity (2) Gross Balance Reduction Credit Card: Domestic credit card $ 50 100 % 15.53 % 0 % 0 0 % $ 0 International card businesses 39 100 27.89 0 0 0 0 Total credit card 89 100 20.94 0 0 0 0 Consumer Banking: Auto 133 3 4.83 94 2 0 1 Retail banking 1 85 3.24 15 61 0 0 Total consumer banking 134 4 4.75 94 2 0 1 Commercial Banking: Commercial and multifamily real estate 57 0 0.00 100 4 0 0 Commercial and industrial 201 0 0.00 54 32 0 0 Total commercial banking 258 0 0.00 64 23 0 0 Total $ 481 19 20.08 61 14 0 $ 1 Nine Months Ended September 30, 2020 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) Total Loans Modified (1) % of TDR Activity (2) Average Rate Reduction % of TDR Activity (2) Average Term Extension (Months) % of TDR Activity (2) Gross Balance Reduction Credit Card: Domestic credit card $ 195 100 % 15.92 % 0 % 0 0 % $ 0 International card businesses 118 100 27.33 0 0 0 0 Total credit card 313 100 20.22 0 0 0 0 Consumer Banking: Auto 393 9 3.68 95 3 0 1 Retail banking 5 9 10.85 15 8 0 0 Total consumer banking 398 9 3.76 94 3 0 1 Commercial Banking: Commercial and multifamily real estate 85 0 0.00 100 6 0 0 Commercial and industrial 389 0 0.00 52 21 4 7 Total commercial banking 474 0 0.00 61 16 3 7 Total $ 1,185 29 18.49 56 9 1 $ 8 __________ (1) Represents the amortized cost of total loans modified in TDRs at the end of the period in which they were modified. As not every modification type is included in the table above, the total percentage of TDR activity may not add up to 100%. Some loans may receive more than one type of concession as part of the modification. (2) Due to multiple concessions granted to some troubled borrowers, percentages may total more than 100% for certain loan types. The following table presents the type, number and amortized cost 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 3.7: TDRs—Subsequent Defaults Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in millions) Number of Contracts Amount Number of Contracts Amount Number of Contracts Amount Number of Contracts Amount Credit Card: Domestic credit card 4,168 $ 7 6,554 $ 14 13,528 $ 25 27,022 $ 57 International card businesses 12,680 17 10,673 17 44,709 68 46,038 68 Total credit card 16,848 24 17,227 31 58,237 93 73,060 125 Consumer Banking: Auto 2,151 34 1,307 15 6,453 98 3,442 42 Retail banking 1 0 3 1 9 0 7 1 Total consumer banking 2,152 34 1,310 16 6,462 98 3,449 43 Commercial Banking: Commercial and multifamily real estate 0 0 0 0 1 50 0 0 Commercial and industrial 1 38 4 16 7 120 11 65 Total commercial banking 1 38 4 16 8 170 11 65 Total 19,001 $ 96 18,541 $ 63 64,707 $ 361 76,520 $ 233 |
Credit Card | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Credit Quality Indicator | The table below presents our credit card portfolio by delinquency status as of September 30, 2021 and December 31, 2020. Table 3.3: Credit Card Delinquency Status September 30, 2021 December 31, 2020 (Dollars in millions) Revolving Loans Revolving Loans Converted to Term Total Revolving Loans Revolving Loans Converted to Term Total Credit Card: Domestic credit card: Current $ 96,977 $ 369 $ 97,346 $ 95,629 $ 487 $ 96,116 30-59 days 632 14 646 734 21 755 60-89 days 417 8 425 451 13 464 Greater than 90 days 832 9 841 1,155 14 1,169 Total domestic credit card 98,858 400 99,258 97,969 535 98,504 International card businesses: Current 5,534 45 5,579 8,152 66 8,218 30-59 days 67 5 72 79 11 90 60-89 days 41 4 45 47 11 58 Greater than 90 days 72 4 76 76 10 86 Total international card businesses 5,714 58 5,772 8,354 98 8,452 Total credit card $ 104,572 $ 458 $ 105,030 $ 106,323 $ 633 $ 106,956 |
Consumer Banking | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Credit Quality Indicator | The table below presents our consumer banking portfolio of loans held for investment by credit quality indicator as of September 30, 2021 and December 31, 2020. We present our auto loan portfolio by FICO scores at origination and our retail banking loan portfolio by delinquency status, which includes all past due loans, both performing and nonperforming. Table 3.4: Consumer Banking Portfolio by Credit Quality Indicator September 30, 2021 Term Loans by Vintage Year (Dollars in millions) 2021 2020 2019 2018 2017 Prior Total Term Loans Revolving Loans Revolving Loans Converted to Term Total Auto — At origination FICO scores: (1) Greater than 660 $ 16,685 $ 9,696 $ 5,448 $ 2,860 $ 1,475 $ 462 $ 36,626 $ 0 $ 0 $ 36,626 621-660 6,093 4,212 2,435 1,276 666 231 14,913 0 0 14,913 620 or below 7,949 7,131 4,321 2,150 1,161 465 23,177 0 0 23,177 Total auto 30,727 21,039 12,204 6,286 3,302 1,158 74,716 0 0 74,716 Retail banking—Delinquency status: Current 420 324 184 185 187 544 1,844 497 6 2,347 30-59 days 0 1 0 0 0 4 5 20 1 26 60-89 days 0 0 0 0 0 3 3 2 0 5 Greater than 90 days 0 1 0 1 1 5 8 9 1 18 Total retail banking (2) 420 326 184 186 188 556 1,860 528 8 2,396 Total consumer banking $ 31,147 $ 21,365 $ 12,388 $ 6,472 $ 3,490 $ 1,714 $ 76,576 $ 528 $ 8 $ 77,112 December 31, 2020 Term Loans by Vintage Year (Dollars in millions) 2020 2019 2018 2017 2016 Prior Total Term Loans Revolving Loans Revolving Loans Converted to Term Total Auto — At origination FICO scores: (1) Greater than 660 $ 13,352 $ 8,091 $ 4,675 $ 2,810 $ 1,168 $ 203 $ 30,299 $ 0 $ 0 $ 30,299 621-660 5,781 3,631 2,003 1,172 488 109 13,184 0 0 13,184 620 or below 9,550 6,298 3,317 1,985 886 243 22,279 0 0 22,279 Total auto 28,683 18,020 9,995 5,967 2,542 555 65,762 0 0 65,762 Retail banking—Delinquency status: Current 1,041 233 206 222 167 537 2,406 651 7 3,064 30-59 days 0 0 7 1 2 2 12 15 1 28 60-89 days 0 0 1 0 5 4 10 8 1 19 Greater than 90 days 0 0 0 1 1 4 6 9 0 15 Total retail banking (2) 1,041 233 214 224 175 547 2,434 683 9 3,126 Total consumer banking $ 29,724 $ 18,253 $ 10,209 $ 6,191 $ 2,717 $ 1,102 $ 68,196 $ 683 $ 9 $ 68,888 __________ (1) Amounts represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category. (2) Includes PPP loans of $538 million and $919 million as of September 30, 2021 and December 31, 2020, respectively . |
Commercial Banking | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Credit Quality Indicator | The following table presents our commercial banking portfolio of loans held for investment by internal risk ratings as of September 30, 2021 and December 31, 2020. The internal risk rating status includes all past due loans, both performing and nonperforming. Table 3.5: Commercial Banking Portfolio by Internal Risk Ratings September 30, 2021 Term Loans by Vintage Year (Dollars in millions) 2021 2020 2019 2018 2017 Prior Total Term Loans Revolving Loans Revolving Loans Converted to Term Total Internal risk rating: (1) Commercial and multifamily real estate Noncriticized $ 3,663 $ 3,320 $ 3,984 $ 2,583 $ 924 $ 4,455 $ 18,929 $ 10,950 $ 0 $ 29,879 Criticized performing 216 276 406 334 237 1,335 2,804 101 25 2,930 Criticized nonperforming 0 0 8 29 10 240 287 0 0 287 Total commercial and multifamily real estate 3,879 3,596 4,398 2,946 1,171 6,030 22,020 11,051 25 33,096 Commercial and industrial Noncriticized 8,064 7,519 6,200 3,219 1,913 3,677 30,592 12,677 70 43,339 Criticized performing 150 169 881 260 184 153 1,797 702 0 2,499 Criticized nonperforming 43 57 83 42 8 18 251 63 0 314 Total commercial and industrial 8,257 7,745 7,164 3,521 2,105 3,848 32,640 13,442 70 46,152 Total commercial banking (2) $ 12,136 $ 11,341 $ 11,562 $ 6,467 $ 3,276 $ 9,878 $ 54,660 $ 24,493 $ 95 $ 79,248 December 31, 2020 Term Loans by Vintage Year (Dollars in millions) 2020 2019 2018 2017 2016 Prior Total Term Loans Revolving Loans Revolving Loans Converted to Term Total Internal risk rating: (1) Commercial and multifamily real estate Noncriticized $ 3,791 $ 4,932 $ 3,232 $ 1,437 $ 1,649 $ 4,904 $ 19,945 $ 7,114 $ 0 $ 27,059 Criticized performing 320 446 515 355 391 1,258 3,285 112 25 3,422 Criticized nonperforming 0 11 30 6 3 150 200 0 0 200 Total commercial and multifamily real estate 4,111 5,389 3,777 1,798 2,043 6,312 23,430 7,226 25 30,681 Commercial and industrial Noncriticized 9,761 7,890 4,043 2,717 1,832 3,034 29,277 11,548 80 40,905 Criticized performing 316 794 521 252 106 215 2,204 1,498 42 3,744 Criticized nonperforming 74 108 25 51 9 0 267 183 0 450 Total commercial and industrial 10,151 8,792 4,589 3,020 1,947 3,249 31,748 13,229 122 45,099 Total commercial banking (2) $ 14,262 $ 14,181 $ 8,366 $ 4,818 $ 3,990 $ 9,561 $ 55,178 $ 20,455 $ 147 $ 75,780 __________ (1) Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities. (2) Includes PPP loans of $182 million and $238 million as of September 30, 2021 and December 31, 2020, respectively. |
Allowance for Credit Losses a_2
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance for Credit Losses on Financing Receivables | The table below summarizes changes in the allowance for credit losses and reserve for unfunded lending commitments by portfolio segment for the three and nine months ended September 30, 2021 and 2020. Our allowance for credit losses decreased by $4.0 billion to $11.6 billion as of September 30, 2021 from December 31, 2020, primarily driven by strong credit performance and improved economic outlook. Table 4.1: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity Three Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of June 30, 2021 $ 8,873 $ 2,203 $ 1,270 $ 12,346 Charge-offs (735) (264) (20) (1,019) Recoveries (1) 369 213 11 593 Net charge-offs (366) (51) (9) (426) Provision (benefit) for credit losses (198) (91) (55) (344) Allowance build (release) for credit losses (564) (142) (64) (770) Other changes (4) (3) 0 0 (3) Balance as of September 30, 2021 8,306 2,061 1,206 11,573 Reserve for unfunded lending commitments: Balance as of June 30, 2021 0 0 164 164 Provision (benefit) for losses on unfunded lending commitments 0 0 2 2 Balance as of September 30, 2021 0 0 166 166 Combined allowance and reserve as of September 30, 2021 $ 8,306 $ 2,061 $ 1,372 $ 11,739 Nine Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of December 31, 2020 $ 11,191 $ 2,715 $ 1,658 $ 15,564 Charge-offs (2,695) (866) (47) (3,608) Recoveries (1) 1,125 735 41 1,901 Net charge-offs (1,570) (131) (6) (1,707) Provision (benefit) for credit losses (1,325) (523) (446) (2,294) Allowance build (release) for credit losses (2,895) (654) (452) (4,001) Other changes (4) 10 0 0 10 Balance as of September 30, 2021 8,306 2,061 1,206 11,573 Reserve for unfunded lending commitments: Balance as of December 31, 2020 0 0 195 195 Provision (benefit) for losses on unfunded lending commitments 0 0 (29) (29) Balance as of September 30, 2021 0 0 166 166 Combined allowance and reserve as of September 30, 2021 $ 8,306 $ 2,061 $ 1,372 $ 11,739 Three Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of June 30, 2020 $ 12,091 $ 2,838 $ 1,903 $ 16,832 Charge-offs (1,296) (295) (88) (1,679) Recoveries (1) 353 247 6 606 Net charge-offs (943) (48) (82) (1,073) Provision (benefit) for credit losses 450 (43) (51) 356 Allowance build (release) for credit losses (493) (91) (133) (717) Other changes (2) 14 0 0 14 Balance as of September 30, 2020 11,612 2,747 1,770 16,129 Reserve for unfunded lending commitments: Balance as of June 30, 2020 0 0 218 218 Provision (benefit) for losses on unfunded lending commitments 0 0 (23) (23) Balance as of September 30, 2020 0 0 195 195 Combined allowance and reserve as of September 30, 2020 $ 11,612 $ 2,747 $ 1,965 $ 16,324 Nine Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of December 31, 2019 $ 5,395 $ 1,038 $ 775 $ 7,208 Cumulative effects from adoption of the CECL standard 2,241 502 102 2,845 Finance charge and fee reserve reclassification (3) 462 0 0 462 Balance as of January 1, 2020 8,098 1,540 877 10,515 Charge-offs (4,757) (1,207) (303) (6,267) Recoveries (1) 1,167 721 10 1,898 Net charge-offs (3,590) (486) (293) (4,369) Provision (benefit) for credit losses 7,096 1,693 1,186 9,975 Allowance build (release) for credit losses 3,506 1,207 893 5,606 Other changes (2) 8 0 0 8 Balance as of September 30, 2020 11,612 2,747 1,770 16,129 Reserve for unfunded lending commitments: Balance as of December 31, 2019 0 5 130 135 Cumulative effects from adoption of the CECL standard 0 (5) 42 37 Balance as of January 1, 2020 0 0 172 172 Provision (benefit) for losses on unfunded lending commitments 0 0 23 23 Balance as of September 30, 2020 0 0 195 195 Combined allowance and reserve as of September 30, 2020 $ 11,612 $ 2,747 $ 1,965 $ 16,324 __________ (1) The amount and timing of recoveries are impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications, repossession of collateral, the periodic sale of charged off loans as well as additional strategies, such as litigation. (2) Represents foreign currency translation adjustments. (3) Concurrent with our adoption of the CECL standard in the first quarter of 2020, we reclassified our finance charge and fee reserve to our allowance for credit losses, with a corresponding increase to credit card loans held for investment. (4) Represents foreign currency translation adjustments and an initial allowance for purchased credit-deteriorated loans of $6 million. |
Schedule of Loss Sharing Arrangement Impact | The table below summarizes the changes in the estimated reimbursements from these partners for the three and nine months ended September 30, 2021 and 2020. Table 4.2: Summary of Credit Card Partnership Loss Sharing Arrangements Impacts Three Months Ended September 30, (Dollars in millions) 2021 2020 Estimated reimbursements from partners, beginning of period $ 1,711 $ 2,433 Amounts due from partners which reduced net charge-offs (80) (212) Amounts estimated to be charged (from) to partners which reduced provision for credit losses (181) 121 Estimated reimbursements from partners, end of period $ 1,450 $ 2,342 Nine Months Ended September 30, (Dollars in millions) 2021 2020 Estimated reimbursements from partners, beginning of period $ 2,159 $ 2,166 Amounts due from partners which reduced net charge-offs (349) (807) Amounts estimated to be charged (from) to partners which reduced provision for credit losses (360) 983 Estimated reimbursements from partners, end of period $ 1,450 $ 2,342 |
Variable Interest Entities an_2
Variable Interest Entities and Securitizations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities and Securitization [Abstract] | |
Carrying Amount of Assets and Liabilities of Variable Interest Entities | The tables below present a summary of VIEs in which we had continuing involvement or held a significant variable interest, aggregated based on VIEs with similar characteristics as of September 30, 2021 and December 31, 2020. We separately present information for consolidated and unconsolidated VIEs. Table 5.1: Carrying Amount of Consolidated and Unconsolidated VIEs September 30, 2021 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: (1) Credit card loan securitizations (2) $ 20,604 $ 11,489 $ 0 $ 0 $ 0 Auto loan securitizations 1,509 1,269 0 0 0 Total securitization-related VIEs 22,113 12,758 0 0 0 Other VIEs: (3) Affordable housing entities 264 28 4,786 1,496 4,786 Entities that provide capital to low-income and rural communities 2,073 26 0 0 0 Other 0 0 400 0 400 Total other VIEs 2,337 54 5,186 1,496 5,186 Total VIEs $ 24,450 $ 12,812 $ 5,186 $ 1,496 $ 5,186 December 31, 2020 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: (1) Credit card loan securitizations (2) $ 22,066 $ 10,338 $ 0 $ 0 $ 0 Auto loan securitizations 2,360 2,055 0 0 0 Total securitization-related VIEs 24,426 12,393 0 0 0 Other VIEs: (3) Affordable housing entities 242 17 4,602 1,240 4,602 Entities that provide capital to low-income and rural communities 1,951 26 0 0 0 Other 0 0 436 0 436 Total other VIEs 2,193 43 5,038 1,240 5,038 Total VIEs $ 26,619 $ 12,436 $ 5,038 $ 1,240 $ 5,038 __________ (1) Excludes insignificant VIEs from previously exited businesses. (2) Represents the carrying amount of assets and liabilities owned by the VIE, which includes the seller’s interest and repurchased notes held by other related parties. |
External Debt and Receivable Balances of Securitization Programs | The table below presents our continuing involvement in certain securitization-related VIEs as of September 30, 2021 and December 31, 2020. Table 5.2: Continuing Involvement in Securitization-Related VIEs (Dollars in millions) Credit Card Auto September 30, 2021: Securities held by third-party investors $ 11,367 $ 1,268 Receivables in the trusts 21,496 1,419 Cash balance of spread or reserve accounts 0 10 Retained interests Yes Yes Servicing retained Yes Yes December 31, 2020: Securities held by third-party investors $ 10,361 $ 2,053 Receivables in the trust 23,683 2,243 Cash balance of spread or reserve accounts 0 10 Retained interests Yes Yes Servicing retained Yes Yes |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Goodwill, Intangible Assets and MSRs | The table below presents our goodwill, intangible assets and MSRs as of September 30, 2021 and December 31, 2020. Goodwill is presented separately, while intangible assets and MSRs are included in other assets on our consolidated balance sheets. Table 6.1: Components of Goodwill, Intangible Assets and MSRs September 30, 2021 (Dollars in millions) Carrying Amount of Assets Accumulated Amortization Net Carrying Amount Goodwill $ 14,652 N/A $ 14,652 Intangible assets: Purchased credit card relationship (“PCCR”) intangibles 29 $ (8) 21 Other (1) 183 (116) 67 Total intangible assets 212 (124) 88 Total goodwill and intangible assets $ 14,864 $ (124) $ 14,740 Commercial MSRs (2) $ 609 $ (199) $ 410 December 31, 2020 (Dollars in millions) Carrying Amount of Assets Accumulated Amortization Net Carrying Amount Goodwill $ 14,653 N/A $ 14,653 Intangible assets: PCCR intangibles 148 $ (138) 10 Other (1) 248 (168) 80 Total intangible assets 396 (306) 90 Total goodwill and intangible assets $ 15,049 $ (306) $ 14,743 Commercial MSRs (2) $ 542 $ (175) $ 367 __________ (1) Primarily consists of intangibles for sponsorship, customer and merchant relationships, partnership, trade name and other contract intangibles. |
Goodwill by Business Segments | The following table presents changes in carrying amount of goodwill by each of our business segments as of September 30, 2021 and December 31, 2020. Table 6.2: Goodwill by Business Segments (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Balance as of December 31, 2020 $ 5,088 $ 4,645 $ 4,920 $ 14,653 Other adjustments (1) (1) 0 0 (1) Balance as of September 30, 2021 $ 5,087 $ 4,645 $ 4,920 $ 14,652 __________ (1) Represents foreign currency translation adjustments. |
Deposits and Borrowings (Tables
Deposits and Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Components of Deposits, Short-Term Borrowings and Long-Term Debt | The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of September 30, 2021 and December 31, 2020. The carrying value presented below for these borrowings includes unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments. Table 7.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt (Dollars in millions) September 30, 2021 December 31, 2020 Deposits: Non-interest-bearing deposits $ 36,804 $ 31,142 Interest-bearing deposits (1) 269,134 274,300 Total deposits $ 305,938 $ 305,442 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 825 $ 668 Total short-term borrowings $ 825 $ 668 September 30, 2021 December 31, 2020 (Dollars in millions) Maturity Dates Stated Interest Rates Weighted-Average Interest Rate Carrying Value Carrying Value Long-term debt: Securitized debt obligations 2021-2028 0.43% - 2.84% 1.64% $ 12,635 $ 12,414 Senior and subordinated notes: Fixed unsecured senior debt (2) 2022-2029 0.80 - 4.25 3.12 17,030 21,045 Floating unsecured senior debt 2022-2023 0.85 - 1.28 1.05 1,360 1,609 Total unsecured senior debt 2.97 18,390 22,654 Fixed unsecured subordinated debt 2023-2032 2.36 - 4.20 3.52 5,593 4,728 Total senior and subordinated notes 23,983 27,382 Other long-term borrowings: Finance lease liabilities 2021 - 2031 0.30 - 9.91 3.14 58 75 Total other long-term borrowings 58 75 Total long-term debt $ 36,676 $ 39,871 Total short-term borrowings and long-term debt $ 37,501 $ 40,539 __________ (1) Includes $1.9 billion and $4.2 billion of time deposits in denominations in excess of the $250,000 federal insurance limit as of September 30, 2021 and December 31, 2020, respectively. (2) Includes $1.5 billion and $1.6 billion of EUR-denominated unsecured notes as of September 30, 2021 and December 31, 2020, respectively. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets and Liabilities at Fair Value | The following table summarizes the notional amounts and fair values of our derivative instruments as of September 30, 2021 and December 31, 2020, 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 pledged. Derivative assets and liabilities are included in other assets and other liabilities, respectively, on our consolidated balance sheets, and their related gains or losses are included in operating activities as changes in other assets and other liabilities in the consolidated statements of cash flows. Table 8.1: Derivative Assets and Liabilities at Fair Value September 30, 2021 December 31, 2020 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 $ 44,563 $ 29 $ 10 $ 47,349 $ 9 $ 10 Cash flow hedges 89,900 445 10 82,150 748 1 Total interest rate contracts 134,463 474 20 129,499 757 11 Foreign exchange contracts: Fair value hedges 1,448 46 0 1,527 164 0 Cash flow hedges 4,278 87 2 4,582 0 161 Net investment hedges 3,325 50 34 3,116 0 196 Total foreign exchange contracts 9,051 183 36 9,225 164 357 Total derivatives designated as accounting hedges 143,514 657 56 138,724 921 368 Derivatives not designated as accounting hedges: Customer accommodation: Interest rate contracts 71,622 848 202 68,459 1,429 198 Commodity contracts 21,555 3,302 3,136 16,871 935 820 Foreign exchange and other contracts 4,077 53 39 4,677 58 70 Total customer accommodation 97,254 4,203 3,377 90,007 2,422 1,088 Other interest rate exposures (2) 2,656 42 27 1,770 71 56 Other contracts 1,983 2 3 1,826 1 6 Total derivatives not designated as accounting hedges 101,893 4,247 3,407 93,603 2,494 1,150 Total derivatives $ 245,407 $ 4,904 $ 3,463 $ 232,327 $ 3,415 $ 1,518 Less: netting adjustment (3) (975) (904) (1,148) (739) Total derivative assets/liabilities $ 3,929 $ 2,559 $ 2,267 $ 779 __________ (1) Does not reflect $17 million and $31 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of September 30, 2021 and December 31, 2020 , respectively. Non-performance risk is included in derivative assets and liabilities, which are part of other assets and other liabilities on the consolidated balance sheets, and is offset through non-interest income in the consolidated statements of income. (2) Other interest rate exposures include commercial mortgage-related derivatives and interest rate swaps. (3) Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. |
Hedged Item in Fair Value Hedging Relationship | The following table summarizes the carrying value of our hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values, excluding basis adjustments related to foreign currency risk, as of September 30, 2021 and December 31, 2020. Table 8.2: Hedged Items in Fair Value Hedging Relationships September 30, 2021 December 31, 2020 Carrying Amount Assets/(Liabilities) Cumulative Amount of Basis Adjustments Included in the Carrying Amount Carrying Amount Assets/(Liabilities) Cumulative Amount of Basis Adjustments Included in the Carrying Amount (Dollars in millions) Total Assets/(Liabilities) Discontinued-Hedging Relationships Total Assets/(Liabilities) Discontinued-Hedging Relationships Line item on our consolidated balance sheets in which the hedged item is included: Investment securities available for sale (1)(2) $ 9,914 $ 381 $ 152 $ 9,797 $ 590 $ 200 Interest-bearing deposits (7,951) (97) 0 (11,312) (213) 0 Securitized debt obligations (9,239) (31) 5 (7,609) (171) 20 Senior and subordinated notes (19,889) (774) (561) (21,927) (1,282) (666) __________ (1) These amounts include the amortized cost basis of our investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The amortized cost basis of this portfolio was $249 million, the amount of the designated hedged items was $225 million, and the cumulative basis adjustments associated with these hedges was $1 million as of September 30, 2021. We had no such hedging relationships as of December 31, 2020. (2) Carrying value represents amortized cost. |
Offsetting Assets | The following table presents the gross and net fair values of our derivative assets, derivative liabilities, resale and repurchase agreements and the related offsetting amounts permitted under U.S. GAAP as of September 30, 2021 and December 31, 2020. The table also includes cash and non-cash collateral received or pledged in accordance with such arrangements. The amount of collateral presented, however, is limited to the amount of the related net derivative fair values or outstanding balances; therefore, instances of over-collateralization are excluded. Table 8.3: 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 Net Exposure (Dollars in millions) Financial Instruments Cash Collateral Received As of September 30, 2021 Derivative assets (1) $ 4,904 $ (434) $ (541) $ 3,929 $ 0 $ 3,929 As of December 31, 2020 Derivative assets (1) 3,415 (383) (765) 2,267 0 2,267 Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Pledged Under Master Netting Agreements Net Exposure (Dollars in millions) Financial Instruments Cash Collateral Pledged As of September 30, 2021 Derivative liabilities (1) $ 3,463 $ (434) $ (470) $ 2,559 $ 0 $ 2,559 Repurchase agreements (2) 825 0 0 825 (825) 0 As of December 31, 2020 Derivative liabilities (1) 1,518 (383) (356) 779 0 779 Repurchase agreements (2) 668 0 0 668 (668) 0 __________ (1) We received cash collateral from derivative counterparties totaling $653 million and $862 million as of September 30, 2021 and December 31, 2020, respectively. We also received securities from derivative counterparties with a fair value of approximately $1 million as of both September 30, 2021 and December 31, 2020, respectively, which we have the ability to re-pledge. We posted $2.5 billion and $1.5 billion of cash collateral as of September 30, 2021 and December 31, 2020, respectively. (2) Under our customer repurchase agreements, which mature the next business day, we pledged collateral with a fair value of $842 million and $682 million as of September 30, 2021 and December 31, 2020, respectively, primarily consisting of agency RMBS securities. |
Offsetting Liabilities | The following table presents the gross and net fair values of our derivative assets, derivative liabilities, resale and repurchase agreements and the related offsetting amounts permitted under U.S. GAAP as of September 30, 2021 and December 31, 2020. The table also includes cash and non-cash collateral received or pledged in accordance with such arrangements. The amount of collateral presented, however, is limited to the amount of the related net derivative fair values or outstanding balances; therefore, instances of over-collateralization are excluded. Table 8.3: 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 Net Exposure (Dollars in millions) Financial Instruments Cash Collateral Received As of September 30, 2021 Derivative assets (1) $ 4,904 $ (434) $ (541) $ 3,929 $ 0 $ 3,929 As of December 31, 2020 Derivative assets (1) 3,415 (383) (765) 2,267 0 2,267 Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Pledged Under Master Netting Agreements Net Exposure (Dollars in millions) Financial Instruments Cash Collateral Pledged As of September 30, 2021 Derivative liabilities (1) $ 3,463 $ (434) $ (470) $ 2,559 $ 0 $ 2,559 Repurchase agreements (2) 825 0 0 825 (825) 0 As of December 31, 2020 Derivative liabilities (1) 1,518 (383) (356) 779 0 779 Repurchase agreements (2) 668 0 0 668 (668) 0 __________ (1) We received cash collateral from derivative counterparties totaling $653 million and $862 million as of September 30, 2021 and December 31, 2020, respectively. We also received securities from derivative counterparties with a fair value of approximately $1 million as of both September 30, 2021 and December 31, 2020, respectively, which we have the ability to re-pledge. We posted $2.5 billion and $1.5 billion of cash collateral as of September 30, 2021 and December 31, 2020, respectively. (2) Under our customer repurchase agreements, which mature the next business day, we pledged collateral with a fair value of $842 million and $682 million as of September 30, 2021 and December 31, 2020, respectively, primarily consisting of agency RMBS securities. |
Effects of Fair Value and Cash Flow Hedge Accounting | The net gains (losses) recognized in our consolidated statements of income related to derivatives in fair value and cash flow hedging relationships are presented below for the three and nine months ended September 30, 2021 and 2020. Table 8.4: Effects of Fair Value and Cash Flow Hedge Accounting Three Months Ended September 30, 2021 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 317 $ 6,205 $ 16 $ (228) $ (29) $ (116) $ 243 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ (25) $ 0 $ 0 $ 31 $ 30 $ 50 $ 0 Gains (losses) recognized on derivatives 19 0 0 (28) (57) (72) (34) Gains (losses) recognized on hedged items (1) (83) 0 0 27 54 103 34 Excluded component of fair value hedges (2) 0 0 0 0 0 (1) 0 Net income (expense) recognized on fair value hedges $ (89) $ 0 $ 0 $ 30 $ 27 $ 80 $ 0 Cash flow hedging relationships: (3) Interest rate contracts: Realized gains (losses) reclassified from AOCI into net income $ 10 $ 240 $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (4) 0 0 0 0 0 0 0 Net income (expense) recognized on cash flow hedges $ 10 $ 240 $ 0 $ 0 $ 0 $ 0 $ 0 Nine Months Ended September 30, 2021 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 1,078 $ 17,812 $ 48 $ (734) $ (89) $ (367) $ 592 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ (75) $ 0 $ 0 $ 101 $ 93 $ 168 $ 0 Gains (losses) recognized on derivatives 130 0 0 (117) (154) (408) (79) Gains (losses) recognized on hedged items (1) (206) 0 0 116 140 504 79 Excluded component of fair value hedges (2) 0 0 0 0 0 (2) 0 Net income (expense) recognized on fair value hedges $ (151) $ 0 $ 0 $ 100 $ 79 $ 262 $ 0 Cash flow hedging relationships: (3) Interest rate contracts: Realized gains (losses) reclassified from AOCI into net income $ 30 $ 700 $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (4) 0 0 1 0 0 0 1 Net income (expense) recognized on cash flow hedges $ 30 $ 700 $ 1 $ 0 $ 0 $ 0 $ 1 Three Months Ended September 30, 2020 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 443 $ 5,758 $ 14 $ (476) $ (43) $ (132) $ 706 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ (23) $ 0 $ 0 $ 44 $ 40 $ 56 $ 0 Gains (losses) recognized on derivatives 24 0 0 (47) (48) (72) 61 Gains (losses) recognized on hedged items (1) (31) 0 0 48 41 111 (61) Excluded component of fair value hedges (2) 0 0 0 0 0 (1) 0 Net income (expense) recognized on fair value hedges $ (30) $ 0 $ 0 $ 45 $ 33 $ 94 $ 0 Cash flow hedging relationships: (3) Interest rate contracts: Realized gains (losses) reclassified from AOCI into net income $ 8 $ 171 $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (4) 0 0 1 0 0 0 0 Net income (expense) recognized on cash flow hedges $ 8 $ 171 $ 1 $ 0 $ 0 $ 0 $ 0 Nine Months Ended September 30, 2020 Net Interest Income Non-Interest Income (Dollars in millions) Investment Securities Loans, Including Loans Held for Sale Other Interest-bearing Deposits Securitized Debt Obligations Senior and Subordinated Notes Other Total amounts presented in our consolidated statements of income $ 1,455 $ 18,120 $ 67 $ (1,818) $ (198) $ (551) $ 1,017 Fair value hedging relationships: Interest rate and foreign exchange contracts: Interest recognized on derivatives $ (51) $ 0 $ 0 $ 69 $ 92 $ 166 $ 0 Gains (losses) recognized on derivatives (340) 0 0 249 221 1,057 64 Gains (losses) recognized on hedged items (1) 329 0 0 (248) (251) (1,048) (64) Excluded component of fair value hedges (2) 0 0 0 0 0 (2) 0 Net income (expense) recognized on fair value hedges $ (62) $ 0 $ 0 $ 70 $ 62 $ 173 $ 0 Cash flow hedging relationships: (3) Interest rate contracts: Realized gains reclassified from AOCI into net income $ 17 $ 330 $ 0 $ 0 $ 0 $ 0 $ 0 Foreign exchange contracts: Realized gains (losses) reclassified from AOCI into net income (4) 0 0 10 0 0 0 (2) Net income (expense) recognized on cash flow hedges $ 17 $ 330 $ 10 $ 0 $ 0 $ 0 $ (2) _________ (1) Includes amortization expense of $34 million and benefit of $10 million for the three and nine months ended September 30, 2021, respectively, and amortization income of $19 million and expense of $34 million, respectively, for the three and nine months ended September 30, 2020, respectively, related to basis adjustments on discontinued hedges. (2) Changes in fair values of cross-currency swaps attributable to changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial value of the excluded component is recognized in earnings over the life of the swap under the amortization approach. (3) See “Note 9—Stockholders’ Equity” for the effects of cash flow and net investment hedges on AOCI and amounts reclassified to net income, net of tax. (4) We recognized a gain of $83 million and $245 million for the three and nine months ended September 30, 2021, respectively, and a loss of $73 million and a gain of $20 million for the three and nine months ended September 30, 2020, respectively, on foreign exchange contracts reclassified from AOCI. These amounts were largely offset by the foreign currency transaction gains (losses) on our foreign currency denominated intercompany funding included in other non-interest income on our consolidated statements of income. |
Gains (Losses) on Free-Standing Derivatives | The net impacts to our consolidated statements of income related to free-standing derivatives are presented below for the three and nine months ended September 30, 2021 and 2020. These gains or losses are recognized in other non-interest income on our consolidated statements of income. Table 8.5: Gains (Losses) on Free-Standing Derivatives Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2021 2020 2021 2020 Gains (losses) recognized in other non-interest income: Customer accommodation: Interest rate contracts $ 7 $ (5) $ 25 $ 7 Commodity contracts 11 7 20 23 Foreign exchange and other contracts (1) 3 1 11 5 Total customer accommodation 21 3 56 35 Other interest rate exposures 18 17 2 1 Other contracts (6) 0 (7) 0 Total $ 33 $ 20 $ 51 $ 36 __________ (1) Foreign exchange and other contracts includes gains of $1 million and $8 million on FX spot transactions for the three and nine months ended September 30, 2021. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Preferred Stock | The following table summarizes our preferred stock outstanding as of September 30, 2021 and December 31, 2020. Table 9.1: Preferred Stock Outstanding (1) Redeemable by Issuer Beginning Per Annum Dividend Rate Dividend Frequency Liquidation Preference per Share Total Shares Outstanding Carrying Value Series Description Issuance Date September 30, 2021 December 31, 2020 Series E (2) Fixed-to-Floating Rate May 14, 2015 June 1, 2020 5.550% through 5/31/2020; 3-mo. LIBOR + 380 bps thereafter Semi-Annually through 5/31/2020; $ 1,000 0 $ 0 $ 988 Series G 5.200% July 29, 2016 December 1, 2021 5.200 Quarterly 1,000 600,000 583 583 Series H 6.000% November 29, 2016 December 1, 2021 6.000 Quarterly 1,000 500,000 483 483 Series I 5.000% September 11, 2019 December 1, 2024 5.000 Quarterly 1,000 1,500,000 1,462 1,462 Series J 4.800% January 31, 2020 June 1, 2025 4.800 Quarterly 1,000 1,250,000 1,209 1,209 Series K 4.625% September 17, 2020 December 1, 2025 4.625 Quarterly 1,000 125,000 122 122 Series L 4.375% May 4, 2021 September 1, 2026 4.375 Quarterly 1,000 675,000 653 0 Series M 3.950% Fixed Rate Reset June 10, 2021 September 1, 2026 3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury +3.157% Quarterly 1,000 1,000,000 988 0 Series N 4.250% July 29, 2021 September 1, 2026 4.250 Quarterly 1,000 425,000 412 0 Total $ 5,912 $ 4,847 __________ (1) Except for Series E and Series M , 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. (2) On September 1, 2021, we redeemed all outstanding shares of our preferred stock Series E. |
Change in AOCI Gain (Loss) by Component (Net of Tax) | The following table includes the AOCI impacts from the adoption of the CECL standard and the changes in AOCI by component for the three and nine months ended September 30, 2021 and 2020. Table 9.2: AOCI Three Months Ended September 30, 2021 (Dollars in millions) Securities Available for Sale Hedging Relationships (1) Foreign Currency Translation Adjustments (2) Other Total AOCI as of June 30, 2021 $ 1,089 $ 730 $ (3) $ (24) $ 1,792 Other comprehensive income (loss) before reclassifications (206) 57 (27) 0 (176) Amounts reclassified from AOCI into earnings (2) (252) 0 (2) (256) Other comprehensive income (loss), net of tax (208) (195) (27) (2) (432) AOCI as of September 30, 2021 $ 881 $ 535 $ (30) $ (26) $ 1,360 Nine Months Ended September 30, 2021 (Dollars in millions) Securities Available for Sale Hedging Relationships (1) Foreign Currency Translation Adjustments (2) Other Total AOCI as of December 31, 2020 $ 2,186 $ 1,362 $ (31) $ (23) $ 3,494 Other comprehensive income (loss) before reclassifications (1,300) (88) 1 0 (1,387) Amounts reclassified from AOCI into earnings (5) (739) 0 (3) (747) Other comprehensive income (loss), net of tax (1,305) (827) 1 (3) (2,134) AOCI as of September 30, 2021 $ 881 $ 535 $ (30) $ (26) $ 1,360 Three Months Ended September 30, 2020 (Dollars in millions) Securities Available for Sale Hedging Relationships (1) Foreign Currency Translation Adjustments (2) Other Total AOCI as of June 30, 2020 $ 2,373 $ 1,785 $ (151) $ (26) $ 3,981 Other comprehensive income (loss) before reclassifications 20 (95) 28 0 (47) Amounts reclassified from AOCI into earnings (19) (80) 0 (2) (101) Other comprehensive income (loss), net of tax 1 (175) 28 (2) (148) AOCI as of September 30, 2020 $ 2,374 $ 1,610 $ (123) $ (28) $ 3,833 Nine Months Ended September 30, 2020 (Dollars in millions) Securities Available for Sale Hedging Relationships (1) Foreign Currency Translation Adjustments (2) Other Total AOCI as of December 31, 2019 $ 935 $ 354 $ (107) $ (26) $ 1,156 Cumulative effects from the adoption of the CECL standard (8) 0 0 0 (8) Other comprehensive income (loss) before reclassifications 1,466 1,540 (16) 0 2,990 Amounts reclassified from AOCI into earnings (19) (284) 0 (2) (305) Other comprehensive income (loss), net of tax 1,447 1,256 (16) (2) 2,685 AOCI as of September 30, 2020 $ 2,374 $ 1,610 $ (123) $ (28) $ 3,833 __________ (1) Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges. (2) Includes other comprehensive gains of $66 million and $32 million for the three and nine months ended September 30, 2021, respectively, and other comprehensive loss of $75 million and gain of $59 million for the three and nine months ended September 30, 2020, respectively, from hedging instruments designated as net investment hedges. |
Reclassifications from AOCI | The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three and nine months ended September 30, 2021 and 2020. Table 9.3: Reclassifications from AOCI (Dollars in millions) Three Months Ended September 30, Nine Months Ended September 30, AOCI Components Affected Income Statement Line Item 2021 2020 2021 2020 Securities available for sale: Non-interest income $ 2 $ 25 $ 6 $ 25 Income tax provision 0 6 1 6 Net income 2 19 5 19 Hedging relationships: Interest rate contracts: Interest income 250 179 730 347 Foreign exchange contracts: Interest income 0 1 1 10 Interest expense 0 (1) (2) (3) Non-interest income 83 (73) 245 20 Income from continuing operations before income taxes 333 106 974 374 Income tax provision 81 26 235 90 Net income 252 80 739 284 Other: Non-interest income and non-interest expense 3 2 4 2 Income tax provision 1 0 1 0 Net income 2 2 3 2 Total reclassifications $ 256 $ 101 $ 747 $ 305 |
Components of Other Comprehensive Income (Loss) and Related Tax Impact | The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three and nine months ended September 30, 2021 and 2020. Table 9.4: Other Comprehensive Income (Loss) Three Months Ended September 30, 2021 2020 (Dollars in millions) Before Provision After Before Provision After Other comprehensive income (loss): Net unrealized gains (losses) on securities available for sale $ (270) $ (62) $ (208) $ 1 $ 0 $ 1 Net unrealized gains (losses) on hedging relationships (255) (60) (195) (231) (56) (175) Foreign currency translation adjustments (1) (6) 21 (27) 4 (24) 28 Other (3) (1) (2) (2) 0 (2) Other comprehensive income (loss) $ (534) $ (102) $ (432) $ (228) $ (80) $ (148) Nine Months Ended September 30, 2021 2020 (Dollars in millions) Before Provision After Before Provision After Other comprehensive income (loss): Net unrealized gains (losses) on securities available for sale $ (1,716) $ (411) $ (1,305) $ 1,903 $ 456 $ 1,447 Net unrealized gains (losses) on hedging relationships (1,089) (262) (827) 1,653 397 1,256 Foreign currency translation adjustments (1) 11 10 1 3 19 (16) Other (4) (1) (3) (2) 0 (2) Other comprehensive income (loss) $ (2,798) $ (664) $ (2,134) $ 3,557 $ 872 $ 2,685 __________ (1) Includes the impact of hedging instruments designated as net investment hedges. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 10.1: Computation of Basic and Diluted Earnings per Common Share Three Months Ended September 30, Nine Months Ended September 30, (Dollars and shares in millions, except per share data) 2021 2020 2021 2020 Income from continuing operations, net of tax $ 3,104 $ 2,406 $ 9,968 $ 149 Loss from discontinued operations, net of tax 0 0 (3) (1) Net income 3,104 2,406 9,965 148 Dividends and undistributed earnings allocated to participating securities (26) (20) (84) (5) Preferred stock dividends (79) (67) (200) (212) Issuance cost for redeemed preferred stock (12) 0 (12) (22) Net income (loss) available to common stockholders $ 2,987 $ 2,319 $ 9,669 $ (91) Total weighted-average basic common shares outstanding 438.8 457.8 449.2 457.4 Effect of dilutive securities: (1) Stock options 0.6 0.4 0.7 0.0 Other contingently issuable shares 1.1 0.3 1.0 0.0 Total effect of dilutive securities 1.7 0.7 1.7 0.0 Total weighted-average diluted common shares outstanding 440.5 458.5 450.9 457.4 Basic earnings per common share: Net income (loss) from continuing operations $ 6.81 $ 5.07 $ 21.53 $ (0.20) Income (loss) from discontinued operations 0.00 0.00 (0.01) 0.00 Net income (loss) per basic common share $ 6.81 $ 5.07 $ 21.52 $ (0.20) Diluted earnings per common share: (1) Net income (loss) from continuing operations $ 6.78 $ 5.06 $ 21.45 $ (0.20) Income (loss) from discontinued operations 0.00 0.00 (0.01) 0.00 Net income (loss) per diluted common share $ 6.78 $ 5.06 $ 21.44 $ (0.20) __________ (1) Excluded from the computation of diluted earnings per share were awards of 34 thousand shares for the nine months ended September 30, 2021, and 774 thousand shares related to options with an exercise price ranging from $70.96 to $86.34 for the three months ended September 30, 2020, respectively, because their inclusion would be anti-dilutive. In periods of net loss available to common stockholders, dilutive securities are excluded as their inclusion would have an anti-dilutive effect. Accordingly, for the nine months ended September 30, 2020, awards of 762 thousand shares and options of 2.7 million shares with an exercise price ranging from $36.55 to $86.34 were excluded from the computation of diluted earnings per share. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020. Table 11.1: Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2021 Fair Value Measurements Using Netting Adjustments (1) (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 9,109 $ 0 $ 0 — $ 9,109 RMBS 0 75,428 253 — 75,681 CMBS 0 10,188 9 — 10,197 Other securities 152 3,010 0 — 3,162 Total securities available for sale 9,261 88,626 262 — 98,149 Loans held for sale 0 1,707 0 — 1,707 Other assets: Derivative assets (2) 955 3,758 191 $ (975) 3,929 Other (3) 514 16 43 — 573 Total assets $ 10,730 $ 94,107 $ 496 $ (975) $ 104,358 Liabilities: Other liabilities: Derivative liabilities (2) $ 1,904 $ 1,407 $ 152 $ (904) $ 2,559 Total liabilities $ 1,904 $ 1,407 $ 152 $ (904) $ 2,559 December 31, 2020 Fair Value Measurements Using Netting Adjustments (1) (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 9,318 $ 0 $ 0 — $ 9,318 RMBS 0 76,375 328 — 76,703 CMBS 0 11,624 111 — 11,735 Other securities 142 2,547 0 — 2,689 Total securities available for sale 9,460 90,546 439 — 100,445 Loans held for sale 0 596 0 — 596 Other assets: Derivative assets (2) 268 3,006 141 $ (1,148) 2,267 Other (3) 430 552 55 — 1,037 Total assets $ 10,158 $ 94,700 $ 635 $ (1,148) $ 104,345 Liabilities: Other liabilities: Derivative liabilities (2) $ 271 $ 1,137 $ 110 $ (739) $ 779 Total liabilities $ 271 $ 1,137 $ 110 $ (739) $ 779 __________ (1) 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 “Note 8—Derivative Instruments and Hedging Activities” for additional information. (2) Does not reflect $17 million and $31 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of September 30, 2021 and December 31, 2020 , respectively. Non-performance risk is included in derivative assets and liabilities, which are part of other assets and other liabilities on the consolidated balance sheets, and is offset through non-interest income in the consolidated statements of income. (3) As of September 30, 2021 and December 31, 2020, other includes retained interests in securitizations of $43 million and $55 million, deferred compensation plan assets of $463 million and $414 million, and equity securities of $67 million and $568 million including unrealized gains of $43 million and $535 million, respectively. |
Schedule of Level 3 Inputs Reconciliation | 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 and nine months ended September 30, 2021 and 2020. Generally, transfers into Level 3 were primarily driven by the usage of unobservable assumptions in the pricing of these financial instruments as evidenced by wider pricing variations among pricing vendors and transfers out of Level 3 were primarily driven by the usage of assumptions corroborated by market observable information as evidenced by tighter pricing among multiple pricing sources. Table 11.2: Level 3 Recurring Fair Value Rollforward Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended September 30, 2021 Total Gains (Losses) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2021 (1) (Dollars in millions) Balance, July 1, 2021 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Transfers Balance, September 30, 2021 Securities available for sale: (2) RMBS $ 289 $ 4 $ (1) $ 0 $ 0 $ 0 $ (23) $ 4 $ (20) $ 253 $ 4 CMBS 9 0 1 0 0 0 (1) 0 0 9 0 Total securities available for sale 298 4 0 0 0 0 (24) 4 (20) 262 4 Other assets: Retained interests in securitizations 46 (3) 0 0 0 0 0 0 0 43 (3) Net derivative assets (liabilities) (4) 19 (31) 0 0 0 44 6 0 1 39 (29) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine Months Ended September 30, 2021 Total Gains (Losses) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2021 (1) (Dollars in millions) Balance, January 1, 2021 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Transfers Balance, September 30, 2021 Securities available for sale: (2) RMBS $ 328 $ 15 $ 3 $ 0 $ 0 $ 0 $ (74) $ 88 $ (107) $ 253 $ 11 CMBS 111 0 (1) 0 0 0 (7) 0 (94) 9 0 Total securities available for sale 439 15 2 0 0 0 (81) 88 (201) 262 11 Other assets: Retained interests in securitizations 55 (12) 0 0 0 0 0 0 0 43 (12) Net derivative assets (liabilities) (4) 31 (41) 0 0 0 66 (23) 6 0 39 (32) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended September 30, 2020 Total Gains (Losses) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2020 (1) (Dollars in millions) Balance, July 1, 2020 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Transfers Balance, September 30, 2020 Securities available for sale: (2) RMBS $ 474 $ 10 $ 3 $ 0 $ 0 $ 0 $ (22) $ 56 $ (47) $ 474 $ 10 CMBS 282 (1) 1 0 0 0 (8) 98 0 372 (1) Total securities available for sale 756 9 4 0 0 0 (30) 154 (47) 846 9 Other assets: Retained interests in securitizations 56 0 0 0 0 0 0 0 0 56 0 Net derivative assets (liabilities) (4) 34 8 0 0 0 13 (2) 0 (9) 44 0 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine Months Ended September 30, 2020 Total Gains (Losses) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2020 (1) (Dollars in millions) Balance, January 1, 2020 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Transfers Balance, September 30, 2020 Securities available for sale: (2)(3) RMBS $ 433 $ 19 $ (21) $ 0 $ 0 $ 0 $ (55) $ 196 $ (98) $ 474 $ 20 CMBS 13 (1) 0 0 0 0 (11) 371 0 372 (4) Total securities available for sale 446 18 (21) 0 0 0 (66) 567 (98) 846 16 Other assets: Retained interests in securitizations 66 (10) 0 0 0 0 0 0 0 56 (10) Net derivative assets (liabilities) (4) 26 20 0 0 0 39 (30) 0 (11) 44 18 __________ (1) Realized gains (losses) on securities available for sale are included in net securities gains (losses) and retained interests in securitizations are reported as a component of non-interest income in our consolidated statements of income. Gains (losses) on derivatives are included as a component of net interest income or non-interest income in our consolidated statements of income. (2) For the three and nine months ended September 30, 2021, included in OCI related to Level 3 securities available for sale still held as of September 30, 2021 were no net unrealized gains and $3 million of net unrealized gains, respectively. For the three and nine months ended September 30, 2020, included in OCI related to Level 3 securities available for sale still held as of September 30, 2020 were net unrealized gains of $5 million and net unrealized losses of $16 million, respectively. (3) The fair value of RMBS as of January 1, 2020 includes a cumulative adjustment of $4 million from the adoption of the CECL standard. (4) Includes derivative assets and liabilities of $191 million and $152 million, respectively, as of September 30, 2021 and $153 million and $109 million, respectively, as of September 30, 2020. |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Quantitative Information | The following table presents the significant unobservable inputs used to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple vendor pricing services to obtain fair value for our securities. Several of our vendor pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other vendor 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. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 11.3: Quantitative Information about Level 3 Fair Value Measurements Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at Significant Significant Range Weighted Average (1) Securities available for sale: RMBS $ 253 Discounted cash flows (vendor pricing) Yield 0-17% 5-20% 1-11% 30-100% 3% 11% 2% 68% CMBS 9 Discounted cash flows (vendor pricing) Yield 1% 1% Other assets: Retained interests in securitizations (2) 43 Discounted cash flows Life of receivables (months) 30-36 9-17% 2-8% 2-4% 56-151% N/A Net derivative assets (liabilities) 39 Discounted cash flows Swap rates 1-2% 1% Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at Significant Significant Range Weighted Average (1) Securities available for sale: RMBS $ 328 Discounted cash flows (vendor pricing) Yield 2-12% 8-15% 0-11% 30-100% 3% 10% 2% 73% CMBS 111 Discounted cash flows (vendor pricing) Yield 1-3% 2% Other assets: Retained interests in securitizations (2) 55 Discounted cash flows Life of receivables (months) 37-52 3-13% 2-12% 3-3% 55-70% N/A Net derivative assets (liabilities) 31 Discounted cash flows Swap rates 1% 1% __________ (1) Weighted averages are calculated by using the product of the input multiplied by the relative fair value of the instruments. (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. |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the carrying value of the assets measured at fair value on a nonrecurring basis and still held as of September 30, 2021 and December 31, 2020, and for which a nonrecurring fair value measurement was recorded during the nine and twelve months then ended. Table 11.4: Nonrecurring Fair Value Measurements September 30, 2021 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 126 $ 126 Other assets (1) 0 175 175 Total $ 0 $ 301 $ 301 December 31, 2020 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 305 $ 305 Other assets (1) 0 175 175 Total $ 0 $ 480 $ 480 __________ (1) As of September 30, 2021, other assets included equity method investments subject to impairment of $53 million, investments accounted for under measurement al ternative of $15 million, repossessed assets of $39 million and long-lived assets held for sale of $68 million. As of December 31, 2020, other assets included equity investments accounted for under the measurement alternative of $25 million, repossessed assets of $42 million and long-lived assets held for sale of $108 million. |
Schedule of Earnings Related to Assets Measured at Fair Value on Nonrecurring Basis | 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 September 30, 2021 and December 31, 2020. Table 11.5: Nonrecurring Fair Value Measurements Included in Earnings Total Gains (Losses) Nine Months Ended September 30, (Dollars in millions) 2021 2020 Loans held for investment $ 12 $ 187 Other assets (1) (65) (42) Total $ (53) $ 145 __________ (1) Other assets include fair value adjustments related to repossessed assets, long-lived assets held for sale and equity investments accounted for under the measurement alternative. |
Schedule of Fair Value of Financial Instruments | The following table presents the carrying value and estimated fair value, including the level within the fair value hierarchy, of our financial instruments that are not measured at fair value on a recurring basis on our consolidated balance sheets as of September 30, 2021 and December 31, 2020. Table 11.6: Fair Value of Financial Instruments September 30, 2021 Carrying Estimated Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 26,624 $ 26,624 $ 5,444 $ 21,180 $ 0 Restricted cash for securitization investors 234 234 234 0 0 Net loans held for investment 249,817 254,878 0 0 254,878 Loans held for sale 4,593 4,880 0 4,880 0 Interest receivable 1,418 1,418 0 1,418 0 Other investments (1) 1,344 1,344 0 1,344 0 Financial liabilities: Deposits with defined maturities 19,283 19,483 0 19,483 0 Securitized debt obligations 12,635 12,782 0 12,782 0 Senior and subordinated notes 23,983 24,754 0 24,754 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 825 825 0 825 0 Interest payable 241 241 0 241 0 December 31, 2020 Carrying Estimated Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 40,509 $ 40,509 $ 4,708 $ 35,801 $ 0 Restricted cash for securitization investors 262 262 262 0 0 Net loans held for investment 236,060 244,701 0 0 244,701 Loans held for sale 2,114 2,214 0 2,214 0 Interest receivable 1,471 1,471 0 1,471 0 Other investments (1) 1,341 1,341 0 1,341 0 Financial liabilities: Deposits with defined maturities 32,746 33,111 0 33,111 0 Securitized debt obligations 12,414 12,584 0 12,584 0 Senior and subordinated notes 27,382 28,282 0 28,282 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 668 668 0 668 0 Interest payable 352 352 0 352 0 __________ (1) Other investments include FHLB and Federal Reserve stock. These investments are included in other assets on our consolidated balance sheets. |
Business Segments and Revenue_2
Business Segments and Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Results and Reconciliation | The following table presents our business segment results for the three and nine months ended September 30, 2021 and 2020, selected balance sheet data as of September 30, 2021 and 2020, and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits. Table 12.1: Segment Results and Reconciliation Three Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Net interest income (loss) $ 3,620 $ 2,159 $ 578 $ (201) $ 6,156 Non-interest income (loss) 1,263 127 306 (22) 1,674 Total net revenue (loss) (2) 4,883 2,286 884 (223) 7,830 Provision (benefit) for credit losses (198) (91) (53) 0 (342) Non-interest expense 2,424 1,186 459 117 4,186 Income (loss) from continuing operations before income taxes 2,657 1,191 478 (340) 3,986 Income tax provision (benefit) 627 282 113 (140) 882 Income (loss) from continuing operations, net of tax $ 2,030 $ 909 $ 365 $ (200) $ 3,104 Loans held for investment $ 105,030 $ 77,112 $ 79,248 $ 0 $ 261,390 Deposits 0 252,387 43,347 10,204 305,938 Nine Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Net interest income (loss) $ 10,209 $ 6,290 $ 1,558 $ (336) $ 17,721 Non-interest income (loss) 3,545 412 803 (164) 4,596 Total net revenue (loss) (2) 13,754 6,702 2,361 (500) 22,317 Benefit for credit losses (1,325) (523) (475) (2) (2,325) Non-interest expense 6,822 3,426 1,295 349 11,892 Income (loss) from continuing operations before income taxes 8,257 3,799 1,541 (847) 12,750 Income tax provision (benefit) 1,952 897 364 (431) 2,782 Income (loss) from continuing operations, net of tax $ 6,305 $ 2,902 $ 1,177 $ (416) $ 9,968 Loans held for investment $ 105,030 $ 77,112 $ 79,248 $ 0 $ 261,390 Deposits 0 252,387 43,347 10,204 305,938 Three Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Net interest income (loss) $ 3,292 $ 1,904 $ 517 $ (158) $ 5,555 Non-interest income (loss) 1,013 107 237 469 1,826 Total net revenue (loss) (2) 4,305 2,011 754 311 7,381 Provision (benefit) for credit losses 450 (43) (74) (2) 331 Non-interest expense 2,003 1,011 424 110 3,548 Income (loss) from continuing operations before income taxes 1,852 1,043 404 203 3,502 Income tax provision 438 247 95 316 1,096 Income (loss) from continuing operations, net of tax $ 1,414 $ 796 $ 309 $ (113) $ 2,406 Loans held for investment $ 103,641 $ 68,688 $ 75,894 $ 0 $ 248,223 Deposits 0 249,684 36,783 19,258 305,725 Nine Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Net interest income (loss) $ 10,363 $ 5,226 $ 1,526 $ (75) $ 17,040 Non-interest income 2,769 330 655 392 4,146 Total net revenue (2) 13,132 5,556 2,181 317 21,186 Provision for credit losses 7,096 1,693 1,209 2 10,000 Non-interest expense 6,180 3,038 1,261 568 11,047 Income (loss) from continuing operations before income taxes (144) 825 (289) (253) 139 Income tax provision (benefit) (34) 195 (69) (102) (10) Income (loss) from continuing operations, net of tax $ (110) $ 630 $ (220) $ (151) $ 149 Loans held for investment $ 103,641 $ 68,688 $ 75,894 $ 0 $ 248,223 Deposits 0 249,684 36,783 19,258 305,725 __________ (1) Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category. (2) Total net revenue was reduced by $123 million and $478 million in the three and nine months ended September 30, 2021, respectively, and $235 million and $942 million in the three and nine months ended September 30, 2020, respectively, for credit card finance charges and fees charged off as uncollectible. |
Disaggregation of Revenue | The following table presents revenue from contracts with customers and a reconciliation to non-interest income by business segment for the three and nine months ended September 30, 2021 and 2020. Table 12.2: Revenue from Contracts with Customers and Reconciliation to Segment Results Three Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Contract revenue: Interchange fees, net (2) $ 930 $ 68 $ 24 $ 0 $ 1,022 Service charges and other customer-related fees 0 42 71 0 113 Other 98 17 1 0 116 Total contract revenue 1,028 127 96 0 1,251 Revenue (reduction) from other sources 235 0 210 (22) 423 Total non-interest income (loss) $ 1,263 $ 127 $ 306 $ (22) $ 1,674 Nine Months Ended September 30, 2021 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Contract revenue: Interchange fees, net (2) $ 2,598 $ 192 $ 65 $ 0 $ 2,855 Service charges and other customer-related fees 0 131 187 0 318 Other 262 55 3 0 320 Total contract revenue 2,860 378 255 0 3,493 Revenue (reduction) from other sources 685 34 548 (164) 1,103 Total non-interest income (loss) $ 3,545 $ 412 $ 803 $ (164) $ 4,596 Three Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Contract revenue: Interchange fees, net (2) $ 703 $ 54 $ 17 $ 1 $ 775 Service charges and other customer-related fees 0 42 50 0 92 Other 109 5 1 0 115 Total contract revenue 812 101 68 1 982 Revenue from other sources 201 6 169 468 844 Total non-interest income $ 1,013 $ 107 $ 237 $ 469 $ 1,826 Nine Months Ended September 30, 2020 (Dollars in millions) Credit Card Consumer Banking Commercial Banking (1) Other (1) Consolidated Total Contract revenue: Interchange fees, net (2) $ 2,003 $ 152 $ 45 $ (1) $ 2,199 Service charges and other customer-related fees 0 137 124 (1) 260 Other 236 27 2 0 265 Total contract revenue 2,239 316 171 (2) 2,724 Revenue from other sources 530 14 484 394 1,422 Total non-interest income $ 2,769 $ 330 $ 655 $ 392 $ 4,146 ________ (1) Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category. |
Commitments, Contingencies, G_2
Commitments, Contingencies, Guarantees, and Others (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Letter of Credit and Other Loan Commitments | The following table presents the contractual amount and carrying value of our unfunded lending commitments as of September 30, 2021 and December 31, 2020. The carrying value represents our reserve and deferred revenue on legally binding commitments. Table 13.1: Unfunded Lending Commitments Contractual Amount Carrying Value (Dollars in millions) September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Credit card lines $ 366,744 $ 349,594 N/A N/A Other loan commitments (1) 40,545 35,836 $ 121 $ 144 Standby letters of credit and commercial letters of credit (2) 1,380 1,302 28 32 Total unfunded lending commitments $ 408,669 $ 386,732 $ 149 $ 176 __________ (1) Includes $2.1 billion and $1.8 billion of advised lines of credit as of September 30, 2021 and December 31, 2020, respectively. (2) These financial guarantees have expiration dates that range from 2021 to 2023 as of September 30, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Segments (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 3 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||||||
Security Owned and Pledged as Collateral, Fair Value | $ 19,600 | $ 16,500 | $ 19,600 | $ 19,600 | ||
Securities Received as Collateral | $ 1 | $ 1 | 1 | 1 | ||
Proceeds from sales | 1,100 | $ 668 | 1,735 | $ 812 | ||
Debt Securities, Available-for-sale, Realized Gain | $ 2 | $ 25 | $ 6 | $ 25 | ||
Available-for-sale securities | Government Contracts Concentration Risk | US Treasury and Agency securities | ||||||
Concentration Risk [Line Items] | ||||||
Percentage of portfolio | 96.00% | 96.00% |
Investment Securities - Investm
Investment Securities - Investment Available for Sale (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 96,989 | $ 97,569 |
Allowance for Credit Losses | (1) | (1) |
Gross Unrealized Gains | 1,819 | 2,997 |
Gross Unrealized Losses | (658) | (120) |
Fair Value | 98,149 | 100,445 |
Accrued interest receivable | 227 | 230 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,094 | 9,302 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 15 | 16 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 9,109 | 9,318 |
RMBS, Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 73,924 | 73,248 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 1,325 | 2,326 |
Gross Unrealized Losses | (617) | (108) |
Fair Value | 74,632 | 75,466 |
RMBS, Non-agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 844 | 1,035 |
Allowance for Credit Losses | (1) | (1) |
Gross Unrealized Gains | 206 | 204 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 1,049 | 1,237 |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 74,768 | 74,283 |
Allowance for Credit Losses | (1) | (1) |
Gross Unrealized Gains | 1,531 | 2,530 |
Gross Unrealized Losses | (617) | (109) |
Fair Value | 75,681 | 76,703 |
CMBS, Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,973 | 11,298 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 265 | 448 |
Gross Unrealized Losses | (41) | (11) |
Fair Value | 10,197 | 11,735 |
Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,154 | 2,686 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 8 | 3 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,162 | 2,689 |
Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 2,300 | $ 1,800 |
Investment Securities - Securit
Investment Securities - Securities in Gross Unrealized Loss Position (Details) $ in Millions | Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value - Less than 12 Months | $ 37,631 | $ 9,095 |
Fair Value - 12 Months or Longer | 4,630 | 2,059 |
Fair Value - Total | 42,261 | 11,154 |
Gross Unrealized Loss - Less than 12 Months | (545) | (64) |
Gross Unrealized Loss - 12 Months or Longer | (113) | (55) |
Gross Unrealized Loss - Total | $ (658) | $ (119) |
Number of securities in gross unrealized loss positions | security | 540 | 320 |
RMBS, Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value - Less than 12 Months | $ 35,415 | $ 7,424 |
Fair Value - 12 Months or Longer | 4,068 | 1,791 |
Fair Value - Total | 39,483 | 9,215 |
Gross Unrealized Loss - Less than 12 Months | (519) | (57) |
Gross Unrealized Loss - 12 Months or Longer | (98) | (51) |
Gross Unrealized Loss - Total | (617) | (108) |
RMBS, Non-agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value - Less than 12 Months | 0 | 12 |
Fair Value - 12 Months or Longer | 1 | 0 |
Fair Value - Total | 1 | 12 |
Gross Unrealized Loss - Less than 12 Months | 0 | 0 |
Gross Unrealized Loss - 12 Months or Longer | 0 | 0 |
Gross Unrealized Loss - Total | 0 | 0 |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value - Less than 12 Months | 35,415 | 7,436 |
Fair Value - 12 Months or Longer | 4,069 | 1,791 |
Fair Value - Total | 39,484 | 9,227 |
Gross Unrealized Loss - Less than 12 Months | (519) | (57) |
Gross Unrealized Loss - 12 Months or Longer | (98) | (51) |
Gross Unrealized Loss - Total | (617) | (108) |
CMBS, Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value - Less than 12 Months | 1,746 | 1,545 |
Fair Value - 12 Months or Longer | 561 | 267 |
Fair Value - Total | 2,307 | 1,812 |
Gross Unrealized Loss - Less than 12 Months | (26) | (7) |
Gross Unrealized Loss - 12 Months or Longer | (15) | (4) |
Gross Unrealized Loss - Total | (41) | (11) |
Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value - Less than 12 Months | 470 | 114 |
Fair Value - 12 Months or Longer | 0 | 1 |
Fair Value - Total | 470 | 115 |
Gross Unrealized Loss - Less than 12 Months | 0 | 0 |
Gross Unrealized Loss - 12 Months or Longer | 0 | 0 |
Gross Unrealized Loss - Total | $ 0 | $ 0 |
Investment Securities - Contrac
Investment Securities - Contractual Maturities and Weighted-Average Yields of Securities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Securities available for sale | ||
Due in 1 year or less | $ 6,025 | |
Due after 1 year through 5 years | 9,117 | |
Due after 5 years through 10 years | 5,893 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 77,114 | |
Securities available for sale | 98,149 | $ 100,445 |
Amortized cost of securities available for sale | ||
Due in 1 year or less | 6,019 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 9,062 | |
Due after 5 years through 10 years | 5,761 | |
Due > 10 Years | 76,147 | |
Amortized Cost | $ 96,989 | |
Weighted average yield for securities available for sale | ||
Due in 1 Year or Less | 0.31% | |
Due > 1 Year through 5 Years | 0.72% | |
Due > 5 Years through 10 Years | 1.66% | |
Due > 10 Years | 1.71% | |
Total weighted average yield | 1.53% | |
U.S. Treasury securities | ||
Securities available for sale | ||
Due in 1 year or less | $ 5,203 | |
Due after 1 year through 5 years | 3,906 | |
Due after 5 years through 10 years | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | |
Securities available for sale | 9,109 | 9,318 |
RMBS, Agency | ||
Securities available for sale | ||
Due in 1 year or less | 0 | |
Due after 1 year through 5 years | 137 | |
Due after 5 years through 10 years | 1,106 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 73,389 | |
Securities available for sale | 74,632 | 75,466 |
RMBS, Non-agency | ||
Securities available for sale | ||
Due in 1 year or less | 0 | |
Due after 1 year through 5 years | 0 | |
Due after 5 years through 10 years | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 1,049 | |
Securities available for sale | 1,049 | 1,237 |
RMBS | ||
Securities available for sale | ||
Due in 1 year or less | 0 | |
Due after 1 year through 5 years | 137 | |
Due after 5 years through 10 years | 1,106 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 74,438 | |
Securities available for sale | $ 75,681 | 76,703 |
Weighted average yield for securities available for sale | ||
Weighted-average expected life | 5 years 3 months 18 days | |
CMBS, Agency | ||
Securities available for sale | ||
Due in 1 year or less | $ 570 | |
Due after 1 year through 5 years | 2,489 | |
Due after 5 years through 10 years | 4,462 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 2,676 | |
Securities available for sale | $ 10,197 | 11,735 |
Weighted average yield for securities available for sale | ||
Weighted-average expected life | 5 years 6 months | |
Other securities | ||
Securities available for sale | ||
Due in 1 year or less | $ 252 | |
Due after 1 year through 5 years | 2,585 | |
Due after 5 years through 10 years | 325 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 0 | |
Securities available for sale | $ 3,162 | $ 2,689 |
Loans - Additional Information
Loans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Accrued interest receivable | $ 1,200 | $ 1,200 | $ 1,200 | ||
TDRs | 1,700 | 1,700 | 2,100 | ||
Commitments to lend on loans modified in TDRs | 164 | 164 | 173 | ||
Federal Home Loan banks | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans Pledged as Collateral | 10,900 | 10,900 | 14,100 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 18,800 | 18,800 | 19,600 | ||
Federal Reserve Discount Window | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans Pledged as Collateral | 26,600 | 26,600 | 25,500 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 19,900 | 19,900 | 20,000 | ||
Credit Card and Consumer Banking | Performing | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
TDRs | 1,100 | 1,100 | 1,300 | ||
Commercial Banking | Performing | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
TDRs | 231 | 231 | $ 442 | ||
Domestic credit card: | Domestic Credit Card and Commercial Banking Portfolios [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Revolving loans converted to term during period | $ 37 | $ 250 | $ 172 | $ 499 |
Loans - Loan Portfolio Composit
Loans - Loan Portfolio Composition and Aging Analysis (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Current | $ 255,823 | $ 245,060 |
Total | $ 261,390 | $ 251,624 |
Current, percentage of total loans | 97.87% | 97.39% |
Percentage of total loans | 100.00% | 100.00% |
Unamortized premiums and discounts, deferred fees and costs | $ 1,400 | $ 1,100 |
Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 102,925 | 104,334 |
Total | 105,030 | 106,956 |
Consumer Banking | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 74,117 | 65,445 |
Total | 77,112 | 68,888 |
Consumer Banking | Auto | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 71,770 | 62,381 |
Total | 74,716 | 65,762 |
Consumer Banking | Retail banking | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 2,347 | 3,064 |
Total | 2,396 | 3,126 |
Commercial Banking | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 78,781 | 75,281 |
Total | 79,248 | 75,780 |
Commercial Banking | Commercial and multifamily real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 32,973 | 30,340 |
Total | 33,096 | 30,681 |
Commercial Banking | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 45,808 | 44,941 |
Total | $ 46,152 | $ 45,099 |
30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due, percentage of total loans | 1.14% | 1.32% |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | $ 2,993 | $ 3,330 |
30-59 days | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 718 | 845 |
30-59 days | Consumer Banking | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 2,022 | 2,280 |
30-59 days | Consumer Banking | Auto | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 1,996 | 2,252 |
30-59 days | Consumer Banking | Retail banking | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 26 | 28 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 26 | 28 |
30-59 days | Commercial Banking | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 253 | 205 |
30-59 days | Commercial Banking | Commercial and multifamily real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 72 | 136 |
30-59 days | Commercial Banking | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | $ 181 | $ 69 |
60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due, percentage of total loans | 0.53% | 0.59% |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | $ 1,379 | $ 1,485 |
60-89 days | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 470 | 522 |
60-89 days | Consumer Banking | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 774 | 926 |
60-89 days | Consumer Banking | Auto | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 769 | 907 |
60-89 days | Consumer Banking | Retail banking | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5 | 19 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 5 | 19 |
60-89 days | Commercial Banking | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 135 | 37 |
60-89 days | Commercial Banking | Commercial and multifamily real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 1 | 22 |
60-89 days | Commercial Banking | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | $ 134 | $ 15 |
Greater than 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due, percentage of total loans | 0.46% | 0.70% |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | $ 1,195 | $ 1,749 |
Greater than 90 days | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 917 | 1,255 |
Greater than 90 days | Consumer Banking | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 199 | 237 |
Greater than 90 days | Consumer Banking | Auto | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 181 | 222 |
Greater than 90 days | Consumer Banking | Retail banking | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 18 | 15 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 18 | 15 |
Greater than 90 days | Commercial Banking | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 79 | 257 |
Greater than 90 days | Commercial Banking | Commercial and multifamily real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 50 | 183 |
Greater than 90 days | Commercial Banking | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | $ 29 | $ 74 |
Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due total, percentatge of total loans | 2.13% | 2.61% |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | $ 5,567 | $ 6,564 |
Financial Asset, Past Due | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 2,105 | 2,622 |
Financial Asset, Past Due | Consumer Banking | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 2,995 | 3,443 |
Financial Asset, Past Due | Consumer Banking | Auto | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 2,946 | 3,381 |
Financial Asset, Past Due | Consumer Banking | Retail banking | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 49 | 62 |
Financial Asset, Past Due | Commercial Banking | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 467 | 499 |
Financial Asset, Past Due | Commercial Banking | Commercial and multifamily real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 123 | 341 |
Financial Asset, Past Due | Commercial Banking | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 344 | 158 |
Domestic credit card: | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 97,346 | 96,116 |
Total | 99,258 | 98,504 |
Domestic credit card: | 30-59 days | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 646 | 755 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 646 | 755 |
Domestic credit card: | 60-89 days | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 425 | 464 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 425 | 464 |
Domestic credit card: | Greater than 90 days | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 841 | 1,169 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 841 | 1,169 |
Domestic credit card: | Financial Asset, Past Due | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 1,912 | 2,388 |
International card businesses: | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 5,579 | 8,218 |
Total | 5,772 | 8,452 |
International card businesses: | 30-59 days | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 72 | 90 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 72 | 90 |
International card businesses: | 60-89 days | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 45 | 58 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 45 | 58 |
International card businesses: | Greater than 90 days | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 76 | 86 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | 76 | 86 |
International card businesses: | Financial Asset, Past Due | Credit Card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Noncurrent | $ 193 | $ 234 |
Loans - 90+ Day Delinquent Loan
Loans - 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | |||||
90 Days Past Due and Accruing | $ 922 | $ 922 | $ 1,302 | ||
Nonperforming Loans | 933 | 933 | 995 | ||
Nonperforming Loans Without an Allowance | $ 517 | $ 517 | $ 449 | ||
Percentage, 90 Days Past Due and Accruing | 0.35% | 0.35% | 0.52% | ||
Percentage, Nonperforming Loans | 0.35% | 0.35% | 0.40% | ||
Percentage, Nonperforming Loans Without an Allowance | 0.20% | 0.20% | 0.18% | ||
Interest income for loans classified as nonperforming | $ 1 | $ 4 | $ 21 | $ 22 | |
Credit Card | |||||
Financing Receivable, Past Due [Line Items] | |||||
90 Days Past Due and Accruing | 915 | 915 | $ 1,251 | ||
Nonperforming Loans | 9 | 9 | 21 | ||
Nonperforming Loans Without an Allowance | 0 | 0 | 0 | ||
Credit Card | Domestic credit card: | |||||
Financing Receivable, Past Due [Line Items] | |||||
90 Days Past Due and Accruing | 841 | 841 | 1,169 | ||
Nonperforming Loans Without an Allowance | 0 | 0 | 0 | ||
Credit Card | International card businesses: | |||||
Financing Receivable, Past Due [Line Items] | |||||
90 Days Past Due and Accruing | 74 | 74 | 82 | ||
Nonperforming Loans | 9 | 9 | 21 | ||
Nonperforming Loans Without an Allowance | 0 | 0 | 0 | ||
Consumer Banking | |||||
Financing Receivable, Past Due [Line Items] | |||||
90 Days Past Due and Accruing | 0 | 0 | 0 | ||
Nonperforming Loans | 323 | 323 | 324 | ||
Nonperforming Loans Without an Allowance | 19 | 19 | 0 | ||
Consumer Banking | Auto | |||||
Financing Receivable, Past Due [Line Items] | |||||
90 Days Past Due and Accruing | 0 | 0 | 0 | ||
Nonperforming Loans | 270 | 270 | 294 | ||
Nonperforming Loans Without an Allowance | 0 | 0 | 0 | ||
Consumer Banking | Retail banking | |||||
Financing Receivable, Past Due [Line Items] | |||||
90 Days Past Due and Accruing | 0 | 0 | 0 | ||
Nonperforming Loans | 53 | 53 | 30 | ||
Nonperforming Loans Without an Allowance | 19 | 19 | 0 | ||
Commercial Banking | |||||
Financing Receivable, Past Due [Line Items] | |||||
90 Days Past Due and Accruing | 7 | 7 | 51 | ||
Nonperforming Loans | 601 | 601 | 650 | ||
Nonperforming Loans Without an Allowance | 498 | 498 | 449 | ||
Commercial Banking | Commercial and multifamily real estate | |||||
Financing Receivable, Past Due [Line Items] | |||||
90 Days Past Due and Accruing | 0 | 0 | 51 | ||
Nonperforming Loans | 287 | 287 | 200 | ||
Nonperforming Loans Without an Allowance | 265 | 265 | 184 | ||
Commercial Banking | Commercial And Industrial [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
90 Days Past Due and Accruing | 7 | 7 | 0 | ||
Nonperforming Loans | 314 | 314 | 450 | ||
Nonperforming Loans Without an Allowance | $ 233 | $ 233 | $ 265 |
Loans - Credit Card Delinquency
Loans - Credit Card Delinquency Status (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 261,390 | $ 251,624 |
Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 104,572 | 106,323 |
Revolving loans converted to term | 458 | 633 |
Total | 105,030 | 106,956 |
Domestic credit card: | Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 98,858 | 97,969 |
Revolving loans converted to term | 400 | 535 |
Total | 99,258 | 98,504 |
International card businesses: | Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 5,714 | 8,354 |
Revolving loans converted to term | 58 | 98 |
Total | 5,772 | 8,452 |
Current | Domestic credit card: | Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 96,977 | 95,629 |
Revolving loans converted to term | 369 | 487 |
Total | 97,346 | 96,116 |
Current | International card businesses: | Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 5,534 | 8,152 |
Revolving loans converted to term | 45 | 66 |
Total | 5,579 | 8,218 |
30-59 days | Domestic credit card: | Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 632 | 734 |
Revolving loans converted to term | 14 | 21 |
Total | 646 | 755 |
30-59 days | International card businesses: | Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 67 | 79 |
Revolving loans converted to term | 5 | 11 |
Total | 72 | 90 |
60-89 days | Domestic credit card: | Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 417 | 451 |
Revolving loans converted to term | 8 | 13 |
Total | 425 | 464 |
60-89 days | International card businesses: | Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 41 | 47 |
Revolving loans converted to term | 4 | 11 |
Total | 45 | 58 |
Greater than 90 days | Domestic credit card: | Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 832 | 1,155 |
Revolving loans converted to term | 9 | 14 |
Total | 841 | 1,169 |
Greater than 90 days | International card businesses: | Credit Card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Revolving loans | 72 | 76 |
Revolving loans converted to term | 4 | 10 |
Total | $ 76 | $ 86 |
Loans - Consumer Banking Portfo
Loans - Consumer Banking Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 261,390 | $ 251,624 |
Consumer Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans by vintage year one | 31,147 | 29,724 |
Term loans by vintage year two | 21,365 | 18,253 |
Term loans by vintage year three | 12,388 | 10,209 |
Term loans by vintage year four | 6,472 | 6,191 |
Term loans by vintage year five | 3,490 | 2,717 |
Term loans by vintage after year five | 1,714 | 1,102 |
Total term loans | 76,576 | 68,196 |
Revolving loans | 528 | 683 |
Revolving loans converted to term | 8 | 9 |
Total | 77,112 | 68,888 |
Auto | Consumer Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans by vintage year one | 30,727 | 28,683 |
Term loans by vintage year two | 21,039 | 18,020 |
Term loans by vintage year three | 12,204 | 9,995 |
Term loans by vintage year four | 6,286 | 5,967 |
Term loans by vintage year five | 3,302 | 2,542 |
Term loans by vintage after year five | 1,158 | 555 |
Total term loans | 74,716 | 65,762 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total | 74,716 | 65,762 |
Retail banking | Consumer Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans by vintage year one | 420 | 1,041 |
Term loans by vintage year two | 326 | 233 |
Term loans by vintage year three | 184 | 214 |
Term loans by vintage year four | 186 | 224 |
Term loans by vintage year five | 188 | 175 |
Term loans by vintage after year five | 556 | 547 |
Total term loans | 1,860 | 2,434 |
Revolving loans | 528 | 683 |
Revolving loans converted to term | 8 | 9 |
Total | 2,396 | 3,126 |
PPP loans | 538 | 919 |
Current | Retail banking | Consumer Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans by vintage year one | 420 | 1,041 |
Term loans by vintage year two | 324 | 233 |
Term loans by vintage year three | 184 | 206 |
Term loans by vintage year four | 185 | 222 |
Term loans by vintage year five | 187 | 167 |
Term loans by vintage after year five | 544 | 537 |
Total term loans | 1,844 | 2,406 |
Revolving loans | 497 | 651 |
Revolving loans converted to term | 6 | 7 |
Total | 2,347 | 3,064 |
30-59 days | Retail banking | Consumer Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans by vintage year one | 0 | 0 |
Term loans by vintage year two | 1 | 0 |
Term loans by vintage year three | 0 | 7 |
Term loans by vintage year four | 0 | 1 |
Term loans by vintage year five | 0 | 2 |
Term loans by vintage after year five | 4 | 2 |
Total term loans | 5 | 12 |
Revolving loans | 20 | 15 |
Revolving loans converted to term | 1 | 1 |
Total | 26 | 28 |
60-89 days | Retail banking | Consumer Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans by vintage year one | 0 | 0 |
Term loans by vintage year two | 0 | 0 |
Term loans by vintage year three | 0 | 1 |
Term loans by vintage year four | 0 | 0 |
Term loans by vintage year five | 0 | 5 |
Term loans by vintage after year five | 3 | 4 |
Total term loans | 3 | 10 |
Revolving loans | 2 | 8 |
Revolving loans converted to term | 0 | 1 |
Total | 5 | 19 |
Greater than 90 days | Retail banking | Consumer Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans by vintage year one | 0 | 0 |
Term loans by vintage year two | 1 | 0 |
Term loans by vintage year three | 0 | 0 |
Term loans by vintage year four | 1 | 1 |
Term loans by vintage year five | 1 | 1 |
Term loans by vintage after year five | 5 | 4 |
Total term loans | 8 | 6 |
Revolving loans | 9 | 9 |
Revolving loans converted to term | 1 | 0 |
Total | 18 | 15 |
Greater than 660 | Auto | Consumer Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans by vintage year one | 16,685 | 13,352 |
Term loans by vintage year two | 9,696 | 8,091 |
Term loans by vintage year three | 5,448 | 4,675 |
Term loans by vintage year four | 2,860 | 2,810 |
Term loans by vintage year five | 1,475 | 1,168 |
Term loans by vintage after year five | 462 | 203 |
Total term loans | 36,626 | 30,299 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total | 36,626 | 30,299 |
621-660 | Auto | Consumer Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans by vintage year one | 6,093 | 5,781 |
Term loans by vintage year two | 4,212 | 3,631 |
Term loans by vintage year three | 2,435 | 2,003 |
Term loans by vintage year four | 1,276 | 1,172 |
Term loans by vintage year five | 666 | 488 |
Term loans by vintage after year five | 231 | 109 |
Total term loans | 14,913 | 13,184 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total | 14,913 | 13,184 |
620 or below | Auto | Consumer Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loans by vintage year one | 7,949 | 9,550 |
Term loans by vintage year two | 7,131 | 6,298 |
Term loans by vintage year three | 4,321 | 3,317 |
Term loans by vintage year four | 2,150 | 1,985 |
Term loans by vintage year five | 1,161 | 886 |
Term loans by vintage after year five | 465 | 243 |
Total term loans | 23,177 | 22,279 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total | $ 23,177 | $ 22,279 |
Loans - Commercial Banking_ Ris
Loans - Commercial Banking: Risk Profile by Internal Risk Rating (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 261,390 | $ 251,624 |
Commercial Banking | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Term loans by vintage year one | 12,136 | 14,262 |
Term loans by vintage year two | 11,341 | 14,181 |
Term loans by vintage year three | 11,562 | 8,366 |
Term loans by vintage year four | 6,467 | 4,818 |
Term loans by vintage year five | 3,276 | 3,990 |
Term loans by vintage after year five | 9,878 | 9,561 |
Total term loans | 54,660 | 55,178 |
Revolving loans | 24,493 | 20,455 |
Revolving loans converted to term | 95 | 147 |
Total | 79,248 | 75,780 |
PPP loans | 182 | 238 |
Commercial Banking | Commercial and multifamily real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Term loans by vintage year one | 3,879 | 4,111 |
Term loans by vintage year two | 3,596 | 5,389 |
Term loans by vintage year three | 4,398 | 3,777 |
Term loans by vintage year four | 2,946 | 1,798 |
Term loans by vintage year five | 1,171 | 2,043 |
Term loans by vintage after year five | 6,030 | 6,312 |
Total term loans | 22,020 | 23,430 |
Revolving loans | 11,051 | 7,226 |
Revolving loans converted to term | 25 | 25 |
Total | 33,096 | 30,681 |
Commercial Banking | Commercial and multifamily real estate | Noncriticized | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Term loans by vintage year one | 3,663 | 3,791 |
Term loans by vintage year two | 3,320 | 4,932 |
Term loans by vintage year three | 3,984 | 3,232 |
Term loans by vintage year four | 2,583 | 1,437 |
Term loans by vintage year five | 924 | 1,649 |
Term loans by vintage after year five | 4,455 | 4,904 |
Total term loans | 18,929 | 19,945 |
Revolving loans | 10,950 | 7,114 |
Revolving loans converted to term | 0 | 0 |
Total | 29,879 | 27,059 |
Commercial Banking | Commercial and multifamily real estate | Criticized | Criticized performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Term loans by vintage year one | 216 | 320 |
Term loans by vintage year two | 276 | 446 |
Term loans by vintage year three | 406 | 515 |
Term loans by vintage year four | 334 | 355 |
Term loans by vintage year five | 237 | 391 |
Term loans by vintage after year five | 1,335 | 1,258 |
Total term loans | 2,804 | 3,285 |
Revolving loans | 101 | 112 |
Revolving loans converted to term | 25 | 25 |
Total | 2,930 | 3,422 |
Commercial Banking | Commercial and multifamily real estate | Criticized | Criticized nonperforming | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Term loans by vintage year one | 0 | 0 |
Term loans by vintage year two | 0 | 11 |
Term loans by vintage year three | 8 | 30 |
Term loans by vintage year four | 29 | 6 |
Term loans by vintage year five | 10 | 3 |
Term loans by vintage after year five | 240 | 150 |
Total term loans | 287 | 200 |
Revolving loans | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total | 287 | 200 |
Commercial Banking | Commercial And Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Term loans by vintage year one | 8,257 | 10,151 |
Term loans by vintage year two | 7,745 | 8,792 |
Term loans by vintage year three | 7,164 | 4,589 |
Term loans by vintage year four | 3,521 | 3,020 |
Term loans by vintage year five | 2,105 | 1,947 |
Term loans by vintage after year five | 3,848 | 3,249 |
Total term loans | 32,640 | 31,748 |
Revolving loans | 13,442 | 13,229 |
Revolving loans converted to term | 70 | 122 |
Total | 46,152 | 45,099 |
Commercial Banking | Commercial And Industrial [Member] | Noncriticized | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Term loans by vintage year one | 8,064 | 9,761 |
Term loans by vintage year two | 7,519 | 7,890 |
Term loans by vintage year three | 6,200 | 4,043 |
Term loans by vintage year four | 3,219 | 2,717 |
Term loans by vintage year five | 1,913 | 1,832 |
Term loans by vintage after year five | 3,677 | 3,034 |
Total term loans | 30,592 | 29,277 |
Revolving loans | 12,677 | 11,548 |
Revolving loans converted to term | 70 | 80 |
Total | 43,339 | 40,905 |
Commercial Banking | Commercial And Industrial [Member] | Criticized | Criticized performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Term loans by vintage year one | 150 | 316 |
Term loans by vintage year two | 169 | 794 |
Term loans by vintage year three | 881 | 521 |
Term loans by vintage year four | 260 | 252 |
Term loans by vintage year five | 184 | 106 |
Term loans by vintage after year five | 153 | 215 |
Total term loans | 1,797 | 2,204 |
Revolving loans | 702 | 1,498 |
Revolving loans converted to term | 0 | 42 |
Total | 2,499 | 3,744 |
Commercial Banking | Commercial And Industrial [Member] | Criticized | Criticized nonperforming | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Term loans by vintage year one | 43 | 74 |
Term loans by vintage year two | 57 | 108 |
Term loans by vintage year three | 83 | 25 |
Term loans by vintage year four | 42 | 51 |
Term loans by vintage year five | 8 | 9 |
Term loans by vintage after year five | 18 | 0 |
Total term loans | 251 | 267 |
Revolving loans | 63 | 183 |
Revolving loans converted to term | 0 | 0 |
Total | $ 314 | $ 450 |
Loans - Trouble Debt Restructur
Loans - Trouble Debt Restructurings (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans Modified | $ 179 | $ 481 | $ 601 | $ 1,185 |
Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans Modified | 65 | 89 | 208 | 313 |
Consumer Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans Modified | 89 | 134 | 270 | 398 |
Consumer Banking | Auto | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans Modified | 89 | 133 | 269 | 393 |
Consumer Banking | Retail banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans Modified | 1 | 1 | 5 | |
Commercial Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans Modified | 25 | 258 | 123 | 474 |
Commercial Banking | Commercial and multifamily real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans Modified | 21 | 57 | 41 | 85 |
Commercial Banking | Commercial And Industrial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans Modified | $ 4 | $ 201 | $ 82 | $ 389 |
Reduced Interest Rate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 61.00% | 19.00% | 53.00% | 29.00% |
Average Rate Reduction | 68.95% | 20.08% | 16.84% | 18.49% |
Reduced Interest Rate | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 100.00% | 100.00% | 100.00% | 100.00% |
Average Rate Reduction | 20.90% | 20.94% | 21.26% | 20.22% |
Reduced Interest Rate | Consumer Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 48.00% | 4.00% | 40.00% | 9.00% |
Average Rate Reduction | 8.54% | 4.75% | 8.72% | 3.76% |
Reduced Interest Rate | Consumer Banking | Auto | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 48.00% | 3.00% | 40.00% | 9.00% |
Average Rate Reduction | 8.54% | 4.83% | 8.74% | 3.68% |
Reduced Interest Rate | Consumer Banking | Retail banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 85.00% | 20.00% | 9.00% | |
Average Rate Reduction | 3.24% | 2.55% | 10.85% | |
Reduced Interest Rate | Commercial Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 12.00% | 0.00% | 2.00% | 0.00% |
Average Rate Reduction | 2.50% | 0.00% | 1.29% | 0.00% |
Reduced Interest Rate | Commercial Banking | Commercial and multifamily real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 14.00% | 0.00% | 7.00% | 0.00% |
Average Rate Reduction | 2.50% | 0.00% | 1.29% | 0.00% |
Reduced Interest Rate | Commercial Banking | Commercial And Industrial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | 0.00% |
Average Rate Reduction | 0.00% | 0.00% | 0.00% | 0.00% |
Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 59.00% | 61.00% | 54.00% | 56.00% |
Average Term Extension (Months) | 6 months | 14 months | 5 months | 9 months |
Term Extension | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months | 0 months |
Term Extension | Consumer Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 92.00% | 94.00% | 93.00% | 94.00% |
Average Term Extension (Months) | 4 months | 2 months | 4 months | 3 months |
Term Extension | Consumer Banking | Auto | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 92.00% | 94.00% | 93.00% | 95.00% |
Average Term Extension (Months) | 4 months | 2 months | 4 months | 3 months |
Term Extension | Consumer Banking | Retail banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 15.00% | 36.00% | 15.00% | |
Average Term Extension (Months) | 61 months | 67 months | 8 months | |
Term Extension | Commercial Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 100.00% | 64.00% | 61.00% | 61.00% |
Average Term Extension (Months) | 11 months | 23 months | 11 months | 16 months |
Term Extension | Commercial Banking | Commercial and multifamily real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 100.00% | 100.00% | 100.00% | 100.00% |
Average Term Extension (Months) | 12 months | 4 months | 13 months | 6 months |
Term Extension | Commercial Banking | Commercial And Industrial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 100.00% | 54.00% | 41.00% | 52.00% |
Average Term Extension (Months) | 4 months | 32 months | 8 months | 21 months |
Principal Forgiveness | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 1.00% | |
Gross Balance Reduction | $ 1 | $ 1 | $ 8 | |
Principal Forgiveness | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | $ 0 | |
Principal Forgiveness | Consumer Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | |
Gross Balance Reduction | $ 1 | $ 1 | $ 1 | |
Principal Forgiveness | Consumer Banking | Auto | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | |
Gross Balance Reduction | $ 1 | $ 1 | $ 1 | |
Principal Forgiveness | Consumer Banking | Retail banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | $ 0 | |
Principal Forgiveness | Commercial Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 3.00% | |
Gross Balance Reduction | $ 0 | $ 0 | $ 7 | |
Principal Forgiveness | Commercial Banking | Commercial and multifamily real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | $ 0 | |
Principal Forgiveness | Commercial Banking | Commercial And Industrial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 4.00% | |
Gross Balance Reduction | $ 0 | $ 0 | $ 7 | |
Domestic credit card: | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans Modified | $ 37 | $ 50 | $ 114 | $ 195 |
Domestic credit card: | Reduced Interest Rate | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 100.00% | 100.00% | 100.00% | 100.00% |
Average Rate Reduction | 15.80% | 15.53% | 16.00% | 15.92% |
Domestic credit card: | Term Extension | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months | 0 months |
Domestic credit card: | Principal Forgiveness | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | $ 0 | |
International card businesses: | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans Modified | $ 28 | $ 39 | $ 94 | $ 118 |
International card businesses: | Reduced Interest Rate | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 100.00% | 100.00% | 100.00% | 100.00% |
Average Rate Reduction | 27.75% | 27.89% | 27.66% | 27.33% |
International card businesses: | Term Extension | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months | 0 months |
International card businesses: | Principal Forgiveness | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of TDR Activity | 0.00% | 0.00% | 0.00% | |
Gross Balance Reduction | $ 0 | $ 0 | $ 0 |
Loans - TDR - Subsequent Defaul
Loans - TDR - Subsequent Defaults (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 19,001 | 18,541 | 64,707 | 76,520 |
Total Loans | $ | $ 96 | $ 63 | $ 361 | $ 233 |
Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 16,848 | 17,227 | 58,237 | 73,060 |
Total Loans | $ | $ 24 | $ 31 | $ 93 | $ 125 |
Consumer Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 2,152 | 1,310 | 6,462 | 3,449 |
Total Loans | $ | $ 34 | $ 16 | $ 98 | $ 43 |
Consumer Banking | Auto | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 2,151 | 1,307 | 6,453 | 3,442 |
Total Loans | $ | $ 34 | $ 15 | $ 98 | $ 42 |
Consumer Banking | Retail banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 3 | 9 | 7 |
Total Loans | $ | $ 0 | $ 1 | $ 0 | $ 1 |
Commercial Banking | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 4 | 8 | 11 |
Total Loans | $ | $ 38 | $ 16 | $ 170 | $ 65 |
Commercial Banking | Commercial and multifamily real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 1 | 0 |
Total Loans | $ | $ 0 | $ 0 | $ 50 | $ 0 |
Commercial Banking | Commercial And Industrial [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 4 | 7 | 11 |
Total Loans | $ | $ 38 | $ 16 | $ 120 | $ 65 |
Domestic credit card: | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 4,168 | 6,554 | 13,528 | 27,022 |
Total Loans | $ | $ 7 | $ 14 | $ 25 | $ 57 |
International card businesses: | Credit Card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 12,680 | 10,673 | 44,709 | 46,038 |
Total Loans | $ | $ 17 | $ 17 | $ 68 | $ 68 |
Allowance for Credit Losses a_3
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit loss | $ 11,573 | $ 15,564 | ||||
Allowance for credit losses | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Increase (Decrease) in Allowance for Credit Loss | (4,000) | |||||
Allowance for credit loss | $ 11,573 | $ 12,346 | $ 15,564 | $ 16,129 | $ 16,832 | $ 7,208 |
Allowance for Credit Losses a_4
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments - Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2019 | |
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | $ 15,564 | ||||
Provision (benefit) for credit losses | $ (342) | $ 331 | (2,325) | $ 10,000 | |
Balance at the end of the period | 11,573 | 11,573 | |||
Financing Receivable Allowance for credit loss Translation Adjustments and Purchase Credit Deteriorated Loans | 6 | 6 | |||
Other | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Provision (benefit) for credit losses | 0 | (2) | (2) | 2 | |
Allowance for credit losses | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 12,346 | 16,832 | 15,564 | 7,208 | |
Charge-offs | (1,019) | (1,679) | (3,608) | (6,267) | |
Recoveries | 593 | 606 | 1,901 | 1,898 | |
Net charge-offs | (426) | (1,073) | (1,707) | (4,369) | |
Provision (benefit) for credit losses | (344) | 356 | (2,294) | 9,975 | |
Allowance build (release) for credit losses | (770) | (717) | (4,001) | 5,606 | |
Other changes | (3) | 14 | 10 | 8 | |
Balance at the end of the period | 11,573 | 16,129 | 11,573 | 16,129 | |
Allowance for credit losses | Cumulative effects from adoption of new accounting standards | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | $ 2,845 | ||||
Allowance for credit losses | Finance charge and fee reserve reclassification | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | 462 | ||||
Allowance for credit losses | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 10,515 | ||||
Reserve for unfunded lending commitments | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 164 | 218 | 195 | 135 | |
Provision (benefit) for credit losses | 2 | (23) | (29) | 23 | |
Balance at the end of the period | 166 | 195 | 166 | 195 | |
Reserve for unfunded lending commitments | Cumulative effects from adoption of new accounting standards | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | 37 | ||||
Reserve for unfunded lending commitments | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 172 | ||||
Combined allowance and reserve | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Balance at the end of the period | 11,739 | 16,324 | 11,739 | 16,324 | |
Credit Card | Allowance for credit losses | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 8,873 | 12,091 | 11,191 | 5,395 | |
Charge-offs | (735) | (1,296) | (2,695) | (4,757) | |
Recoveries | 369 | 353 | 1,125 | 1,167 | |
Net charge-offs | (366) | (943) | (1,570) | (3,590) | |
Provision (benefit) for credit losses | (198) | 450 | (1,325) | 7,096 | |
Allowance build (release) for credit losses | (564) | (493) | (2,895) | 3,506 | |
Other changes | (3) | 14 | 10 | 8 | |
Balance at the end of the period | 8,306 | 11,612 | 8,306 | 11,612 | |
Credit Card | Allowance for credit losses | Cumulative effects from adoption of new accounting standards | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | 2,241 | ||||
Credit Card | Allowance for credit losses | Finance charge and fee reserve reclassification | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | 462 | ||||
Credit Card | Allowance for credit losses | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 8,098 | ||||
Credit Card | Reserve for unfunded lending commitments | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 0 | 0 | 0 | 0 | |
Provision (benefit) for credit losses | 0 | 0 | 0 | 0 | |
Balance at the end of the period | 0 | 0 | 0 | 0 | |
Credit Card | Reserve for unfunded lending commitments | Cumulative effects from adoption of new accounting standards | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | 0 | ||||
Credit Card | Reserve for unfunded lending commitments | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 0 | ||||
Credit Card | Combined allowance and reserve | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Balance at the end of the period | 8,306 | 11,612 | 8,306 | 11,612 | |
Consumer Banking | Allowance for credit losses | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 2,203 | 2,838 | 2,715 | 1,038 | |
Charge-offs | (264) | (295) | (866) | (1,207) | |
Recoveries | 213 | 247 | 735 | 721 | |
Net charge-offs | (51) | (48) | (131) | (486) | |
Provision (benefit) for credit losses | (91) | (43) | (523) | 1,693 | |
Allowance build (release) for credit losses | (142) | (91) | (654) | 1,207 | |
Other changes | 0 | 0 | 0 | 0 | |
Balance at the end of the period | 2,061 | 2,747 | 2,061 | 2,747 | |
Consumer Banking | Allowance for credit losses | Cumulative effects from adoption of new accounting standards | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | 502 | ||||
Consumer Banking | Allowance for credit losses | Finance charge and fee reserve reclassification | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | 0 | ||||
Consumer Banking | Allowance for credit losses | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 1,540 | ||||
Consumer Banking | Reserve for unfunded lending commitments | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 0 | 0 | 0 | 5 | |
Provision (benefit) for credit losses | 0 | 0 | 0 | 0 | |
Balance at the end of the period | 0 | 0 | 0 | 0 | |
Consumer Banking | Reserve for unfunded lending commitments | Cumulative effects from adoption of new accounting standards | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | (5) | ||||
Consumer Banking | Reserve for unfunded lending commitments | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 0 | ||||
Consumer Banking | Combined allowance and reserve | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Balance at the end of the period | 2,061 | 2,747 | 2,061 | 2,747 | |
Commercial Banking | Allowance for credit losses | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 1,270 | 1,903 | 1,658 | 775 | |
Charge-offs | (20) | (88) | (47) | (303) | |
Recoveries | 11 | 6 | 41 | 10 | |
Net charge-offs | (9) | (82) | (6) | (293) | |
Provision (benefit) for credit losses | (55) | (51) | (446) | 1,186 | |
Allowance build (release) for credit losses | (64) | (133) | (452) | 893 | |
Other changes | 0 | 0 | 0 | 0 | |
Balance at the end of the period | 1,206 | 1,770 | 1,206 | 1,770 | |
Commercial Banking | Allowance for credit losses | Cumulative effects from adoption of new accounting standards | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | 102 | ||||
Commercial Banking | Allowance for credit losses | Finance charge and fee reserve reclassification | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | 0 | ||||
Commercial Banking | Allowance for credit losses | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 877 | ||||
Commercial Banking | Reserve for unfunded lending commitments | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 164 | 218 | 195 | 130 | |
Provision (benefit) for credit losses | 2 | (23) | (29) | 23 | |
Balance at the end of the period | 166 | 195 | 166 | 195 | |
Commercial Banking | Reserve for unfunded lending commitments | Cumulative effects from adoption of new accounting standards | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit loss | $ 42 | ||||
Commercial Banking | Reserve for unfunded lending commitments | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 172 | ||||
Commercial Banking | Combined allowance and reserve | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Balance at the end of the period | $ 1,372 | $ 1,965 | $ 1,372 | $ 1,965 |
Allowance for Credit Losses a_5
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments - Summary of Loss Sharing Arrangements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Provision (benefit) for credit losses | $ (342) | $ 331 | $ (2,325) | $ 10,000 |
Loss sharing agreements | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Expected reimbursement from loss sharing partners, beginning balance | 1,711 | 2,433 | 2,159 | 2,166 |
Amounts due from partners which reduced net charge-offs | (80) | (212) | (349) | (807) |
Provision (benefit) for credit losses | (181) | 121 | (360) | 983 |
Expected reimbursement from loss sharing partners, ending balance | $ 1,450 | $ 2,342 | $ 1,450 | $ 2,342 |
Variable Interest Entities an_3
Variable Interest Entities and Securitizations - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Amortization method qualified affordable housing investments, amortization | $ 477 | $ 428 | |
Affordable housing tax credits | 560 | $ 47 | |
Amortization method qualified affordable housing investments | 4,700 | $ 4,500 | |
Qualified affordable housing investments, commitment | 1,700 | 1,500 | |
Carrying Amount of Assets | 425,377 | 421,602 | |
VIE, reporting entity involvement, maximum loss exposure | 5,186 | 5,038 | |
Unconsolidated | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount of Assets | 5,186 | 5,038 | |
Consolidated | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount of Assets | 24,450 | 26,619 | |
Affordable housing entities | |||
Variable Interest Entity [Line Items] | |||
VIE, reporting entity involvement, maximum loss exposure | 4,786 | 4,602 | |
Affordable housing entities | Unconsolidated | |||
Variable Interest Entity [Line Items] | |||
Total assets of the unconsolidated VIE investment funds | 11,900 | 11,000 | |
Carrying Amount of Assets | 4,786 | 4,602 | |
Affordable housing entities | Consolidated | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount of Assets | 264 | 242 | |
Entities that provide capital to low-income and rural communities | |||
Variable Interest Entity [Line Items] | |||
VIE, reporting entity involvement, maximum loss exposure | 0 | 0 | |
Entities that provide capital to low-income and rural communities | Unconsolidated | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount of Assets | 0 | 0 | |
Entities that provide capital to low-income and rural communities | Consolidated | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount of Assets | 2,073 | 1,951 | |
Other | |||
Variable Interest Entity [Line Items] | |||
VIE, reporting entity involvement, maximum loss exposure | 400 | 436 | |
Other | Unconsolidated | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount of Assets | 400 | 436 | |
Other | Consolidated | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount of Assets | $ 0 | $ 0 |
Variable Interest Entities an_4
Variable Interest Entities and Securitizations - Carrying Amount of Consolidated and Unconsolidated VIEs (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | $ 5,186 | $ 5,038 |
Carrying Amount of Assets | 425,377 | 421,602 |
Carrying Amount of Liabilities | 361,833 | 361,398 |
Consolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 24,450 | 26,619 |
Carrying Amount of Liabilities | 12,812 | 12,436 |
Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 5,186 | 5,038 |
Carrying Amount of Liabilities | 1,496 | 1,240 |
Affordable housing entities | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 4,786 | 4,602 |
VIE, nonconsolidated, carrying amount of assets included in certain investment structures | 2,200 | 2,300 |
VIE, nonconsolidated, carrying amount of liabilities included in certain investment structures | 602 | 596 |
Affordable housing entities | Consolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 264 | 242 |
Carrying Amount of Liabilities | 28 | 17 |
Affordable housing entities | Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 4,786 | 4,602 |
Carrying Amount of Liabilities | 1,496 | 1,240 |
Entities that provide capital to low-income and rural communities | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 0 | 0 |
Entities that provide capital to low-income and rural communities | Consolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 2,073 | 1,951 |
Carrying Amount of Liabilities | 26 | 26 |
Entities that provide capital to low-income and rural communities | Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 0 | 0 |
Carrying Amount of Liabilities | 0 | 0 |
Other | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 400 | 436 |
Other | Consolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 0 | 0 |
Carrying Amount of Liabilities | 0 | 0 |
Other | Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 400 | 436 |
Carrying Amount of Liabilities | 0 | 0 |
Total other VIEs | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 5,186 | 5,038 |
Total other VIEs | Consolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 2,337 | 2,193 |
Carrying Amount of Liabilities | 54 | 43 |
Total other VIEs | Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 5,186 | 5,038 |
Carrying Amount of Liabilities | 1,496 | 1,240 |
Credit card loan securitizations | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 0 | 0 |
Credit card loan securitizations | Consolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 20,604 | 22,066 |
Carrying Amount of Liabilities | 11,489 | 10,338 |
Credit card loan securitizations | Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 0 | 0 |
Carrying Amount of Liabilities | 0 | 0 |
Auto loan securitizations | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 0 | 0 |
Auto loan securitizations | Consolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 1,509 | 2,360 |
Carrying Amount of Liabilities | 1,269 | 2,055 |
Auto loan securitizations | Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 0 | 0 |
Carrying Amount of Liabilities | 0 | 0 |
Total securitization-related VIEs | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 0 | 0 |
Total securitization-related VIEs | Consolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 22,113 | 24,426 |
Carrying Amount of Liabilities | 12,758 | 12,393 |
Total securitization-related VIEs | Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets | 0 | 0 |
Carrying Amount of Liabilities | $ 0 | $ 0 |
Variable Interest Entities an_5
Variable Interest Entities and Securitizations - Continuing Involvement in Securitization Related VIEs (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Credit Card | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, non-mortgage | $ 11,367 | $ 10,361 |
Receivables in the trust, non-mortgage | 21,496 | 23,683 |
Cash balance of spread or reserve accounts, non-mortgage | 0 | 0 |
Auto | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, non-mortgage | 1,268 | 2,053 |
Receivables in the trust, non-mortgage | 1,419 | 2,243 |
Cash balance of spread or reserve accounts, non-mortgage | $ 10 | $ 10 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangibles | $ 5 | $ 14 | $ 16 | $ 52 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Components (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Intangible Assets by Major Class [Line Items] | ||
Goodwill, gross | $ 14,652 | $ 14,653 |
Goodwill | 14,652 | 14,653 |
Intangible assets, gross (excluding Goodwill) | 212 | 396 |
Accumulated amortization | (124) | (306) |
Intangible assets, net (excluding Goodwill) | 88 | 90 |
Intangible assets gross including Goodwill | 14,864 | 15,049 |
Total goodwill and other intangible assets, net carrying value | 14,740 | 14,743 |
Commercial MSRs, gross | 609 | 542 |
Commercial MSR, accumulated amortization | (199) | (175) |
Total commercial MSRs | 410 | 367 |
PCCR intangibles | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Intangible assets, gross (excluding Goodwill) | 29 | 148 |
Accumulated amortization | (8) | (138) |
Intangible assets, net (excluding Goodwill) | 21 | 10 |
Other intangible assets | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Intangible assets, gross (excluding Goodwill) | 183 | 248 |
Accumulated amortization | (116) | (168) |
Intangible assets, net (excluding Goodwill) | $ 67 | $ 80 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Goodwill Business Segments (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2020 | $ 14,653 |
Other adjustments(1) | (1) |
Balance as of September 30, 2021 | 14,652 |
Credit Card | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2020 | 5,088 |
Other adjustments(1) | (1) |
Balance as of September 30, 2021 | 5,087 |
Consumer Banking | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2020 | 4,645 |
Other adjustments(1) | 0 |
Balance as of September 30, 2021 | 4,645 |
Commercial Banking | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2020 | 4,920 |
Other adjustments(1) | 0 |
Balance as of September 30, 2021 | $ 4,920 |
Deposits and Borrowings - Depos
Deposits and Borrowings - Deposits and Short-term Borrowings (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Deposits: | |||
Non-interest-bearing deposits | $ 36,804 | $ 31,142 | |
Interest-bearing deposits | 269,134 | 274,300 | |
Total deposits | 305,938 | 305,442 | $ 305,725 |
Short-term borrowings | |||
Short-term borrowings | 825 | 668 | |
Time deposits, at or above FDIC insurance limit | 1,900 | 4,200 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | |||
Short-term borrowings | |||
Short-term borrowings | $ 825 | $ 668 |
Deposits and Borrowings - Long-
Deposits and Borrowings - Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 36,676 | $ 39,871 |
Total short-term borrowings and long-term debt | 37,501 | 40,539 |
EUR denominated unsecured notes | 23,983 | 27,382 |
Euro | ||
Debt Instrument [Line Items] | ||
EUR denominated unsecured notes | $ 1,500 | 1,600 |
Securitized debt obligations | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 1.64% | |
Carrying value | $ 12,635 | 12,414 |
Total senior and subordinated notes | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 23,983 | 27,382 |
Senior notes | Total unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 2.97% | |
Carrying value | $ 18,390 | 22,654 |
Senior notes | Fixed unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.12% | |
Carrying value | $ 17,030 | 21,045 |
Senior notes | Floating unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 1.05% | |
Carrying value | $ 1,360 | 1,609 |
Subordinated notes | Fixed unsecured subordinated debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.52% | |
Carrying value | $ 5,593 | 4,728 |
Finance lease liabilities | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.14% | |
Carrying value | $ 58 | 75 |
Total other long-term borrowings | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 58 | $ 75 |
Minimum | Securitized debt obligations | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 0.43% | |
Minimum | Senior notes | Fixed unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 0.80% | |
Minimum | Senior notes | Floating unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 0.85% | |
Minimum | Subordinated notes | Fixed unsecured subordinated debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 2.36% | |
Minimum | Finance lease liabilities | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 0.30% | |
Maximum | Securitized debt obligations | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 2.84% | |
Maximum | Senior notes | Fixed unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 4.25% | |
Maximum | Senior notes | Floating unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 1.28% | |
Maximum | Subordinated notes | Fixed unsecured subordinated debt | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 4.20% | |
Maximum | Finance lease liabilities | ||
Debt Instrument [Line Items] | ||
Stated interest rates | 9.91% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 | $ (438) |
Maximum length of time over which forecasted transactions were hedged, years | 6 years 6 months |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | $ 245,407 | $ 232,327 |
Derivative assets, gross amount | 4,904 | 3,415 |
Derivative liabilities, gross amount | 3,463 | 1,518 |
Derivative asset, netting adjustments | (975) | (1,148) |
Derivative liability, netting adjustments | (904) | (739) |
Total derivative assets | 3,929 | 2,267 |
Total derivative liabilities | 2,559 | 779 |
Net valuation allowance on derivative assets and liabilities for non-performance risk | 17 | 31 |
Derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 143,514 | 138,724 |
Derivative assets, gross amount | 657 | 921 |
Derivative liabilities, gross amount | 56 | 368 |
Derivatives designated as accounting hedges | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 134,463 | 129,499 |
Derivative assets, gross amount | 474 | 757 |
Derivative liabilities, gross amount | 20 | 11 |
Derivatives designated as accounting hedges | Interest rate contracts | Fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 44,563 | 47,349 |
Derivative assets, gross amount | 29 | 9 |
Derivative liabilities, gross amount | 10 | 10 |
Derivatives designated as accounting hedges | Interest rate contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 89,900 | 82,150 |
Derivative assets, gross amount | 445 | 748 |
Derivative liabilities, gross amount | 10 | 1 |
Derivatives designated as accounting hedges | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 9,051 | 9,225 |
Derivative assets, gross amount | 183 | 164 |
Derivative liabilities, gross amount | 36 | 357 |
Derivatives designated as accounting hedges | Foreign exchange contracts | Fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 1,448 | 1,527 |
Derivative assets, gross amount | 46 | 164 |
Derivative liabilities, gross amount | 0 | 0 |
Derivatives designated as accounting hedges | Foreign exchange contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 4,278 | 4,582 |
Derivative assets, gross amount | 87 | 0 |
Derivative liabilities, gross amount | 2 | 161 |
Derivatives designated as accounting hedges | Foreign exchange contracts | Net investment hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 3,325 | 3,116 |
Derivative assets, gross amount | 50 | 0 |
Derivative liabilities, gross amount | 34 | 196 |
Derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 101,893 | 93,603 |
Derivative assets, gross amount | 4,247 | 2,494 |
Derivative liabilities, gross amount | 3,407 | 1,150 |
Derivatives not designated as accounting hedges | Customer accommodation | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 97,254 | 90,007 |
Derivative assets, gross amount | 4,203 | 2,422 |
Derivative liabilities, gross amount | 3,377 | 1,088 |
Derivatives not designated as accounting hedges | Interest rate contracts | Customer accommodation | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 71,622 | 68,459 |
Derivative assets, gross amount | 848 | 1,429 |
Derivative liabilities, gross amount | 202 | 198 |
Derivatives not designated as accounting hedges | Interest rate contracts | Other interest rate exposures | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 2,656 | 1,770 |
Derivative assets, gross amount | 42 | 71 |
Derivative liabilities, gross amount | 27 | 56 |
Derivatives not designated as accounting hedges | Foreign exchange contracts | Customer accommodation | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 4,077 | 4,677 |
Derivative assets, gross amount | 53 | 58 |
Derivative liabilities, gross amount | 39 | 70 |
Derivatives not designated as accounting hedges | Commodity contracts | Customer accommodation | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 21,555 | 16,871 |
Derivative assets, gross amount | 3,302 | 935 |
Derivative liabilities, gross amount | 3,136 | 820 |
Derivatives not designated as accounting hedges | Other contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or contractual amount | 1,983 | 1,826 |
Derivative assets, gross amount | 2 | 1 |
Derivative liabilities, gross amount | $ 3 | $ 6 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Hedged Items in Fair Value Hedging Relationship (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Hedged Items In Fair Value Hedging Relationship [Line Items] | ||
Hedged Assets, Fair Value Hedge, Cumulative Increase (Decrease) | $ (1) | |
Hedged Assets, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 249 | |
Prepayable Financial Asset Closed Portfolio, Last-of-Layer, Amortized Cost | 225 | |
Available-for-sale securities | ||
Hedged Items In Fair Value Hedging Relationship [Line Items] | ||
Carrying Amount of Assets | 9,914 | $ 9,797 |
Hedged Assets, Fair Value Hedge, Cumulative Increase (Decrease) | 381 | 590 |
Hedged Assets, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 152 | 200 |
Interest-bearing deposits | ||
Hedged Items In Fair Value Hedging Relationship [Line Items] | ||
Carrying Amount Of Liabilities | (7,951) | (11,312) |
Hedged Liabilities, Fair Value Hedge, Cumulative Increase (Decrease) | (97) | (213) |
Hedged Liabilities, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 |
Securitized debt obligations | ||
Hedged Items In Fair Value Hedging Relationship [Line Items] | ||
Carrying Amount Of Liabilities | (9,239) | (7,609) |
Hedged Liabilities, Fair Value Hedge, Cumulative Increase (Decrease) | (31) | (171) |
Hedged Liabilities, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 5 | 20 |
Senior and subordinated notes | ||
Hedged Items In Fair Value Hedging Relationship [Line Items] | ||
Carrying Amount Of Liabilities | (19,889) | (21,927) |
Hedged Liabilities, Fair Value Hedge, Cumulative Increase (Decrease) | (774) | (1,282) |
Hedged Liabilities, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ (561) | $ (666) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative assets | ||
Derivative assets, gross amount | $ 4,904 | $ 3,415 |
Derivative assets, offsetting financial instruments | (434) | (383) |
Derivative assets, offsetting cash collateral | (541) | (765) |
Total derivative assets | 3,929 | 2,267 |
Derivative assets, securities not netted | 0 | 0 |
Net Exposure | 3,929 | 2,267 |
Derivative, collateral, obligation to return cash | 653 | 862 |
Derivative, collateral, obligation to return securities | 1 | 1 |
Derivative, collateral, right to reclaim cash | $ 2,500 | $ 1,500 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Offsetting Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative liabilities | ||
Derivative liabilities, gross amount | $ 3,463 | $ 1,518 |
Derivative liabilities, offsetting financial instruments | (434) | (383) |
Derivative liabilities, offsetting cash collateral | (470) | (356) |
Total derivative liabilities | 2,559 | 779 |
Derivative liabilities, securities collateral not netted | 0 | 0 |
Net exposure | 2,559 | 779 |
Repurchase agreements | ||
Gross amounts | 825 | 668 |
Repurchase agreements, securities sold, offset | 0 | 0 |
Repurchase agreements, cash collateral pledged, offset | 0 | 0 |
Net amounts as recognized | 825 | 668 |
Repurchase agreements, securities collateral not netted | (825) | (668) |
Net exposure | 0 | 0 |
Derivative, collateral, obligation to return cash | 653 | 862 |
Derivative, collateral, obligation to return securities | 1 | 1 |
Derivative, collateral, right to reclaim cash | 2,500 | 1,500 |
Securities sold under repurchase agreements, fair value of collateral | $ 842 | $ 682 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Effects of Fair Value and Cash Flow Hedge Accounting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest and dividend income, securities | $ 317 | $ 443 | $ 1,078 | $ 1,455 |
Interest and fee income, loans | 6,205 | 5,758 | 17,812 | 18,120 |
Interest and dividend income, other | 16 | 14 | 48 | 67 |
Deposits | (228) | (476) | (734) | (1,818) |
Securitized debt obligations | (29) | (43) | (89) | (198) |
Senior and subordinated notes | (116) | (132) | (367) | (551) |
Non-interest income | 243 | 706 | 592 | 1,017 |
Amortization expense (benefit) | 34 | 19 | (10) | (34) |
Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized losses (gains) on foreign exchange contracts reclassified from AOCI | (83) | 73 | (245) | (20) |
Fair value hedges | Interest income - Investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | (89) | (30) | (151) | (62) |
Fair value hedges | Interest income - Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | 0 | 0 | 0 | 0 |
Fair value hedges | Interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | 0 | 0 | 0 | 0 |
Fair value hedges | Interest expense - Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | 30 | 45 | 100 | 70 |
Fair value hedges | Interest expense - Securitized Debt Obligation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | 27 | 33 | 79 | 62 |
Fair value hedges | Interest expense - Senior and Subordinated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | 80 | 94 | 262 | 173 |
Fair value hedges | Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on fair value hedges | 0 | 0 | 0 | 0 |
Fair value hedges | Interest rate contracts | Interest income - Investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | (25) | (23) | (75) | (51) |
Gains (losses) recognized on derivatives | 19 | 24 | 130 | (340) |
Gains (losses) recognized on hedged items | (83) | (31) | (206) | 329 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 |
Fair value hedges | Interest rate contracts | Interest income - Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | 0 | 0 | 0 | 0 |
Gains (losses) recognized on derivatives | 0 | 0 | 0 | 0 |
Gains (losses) recognized on hedged items | 0 | 0 | 0 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 |
Fair value hedges | Interest rate contracts | Interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | 0 | 0 | 0 | 0 |
Gains (losses) recognized on derivatives | 0 | 0 | 0 | 0 |
Gains (losses) recognized on hedged items | 0 | 0 | 0 | 0 |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 |
Fair value hedges | Interest rate contracts | Interest expense - Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | 31 | 44 | 101 | 69 |
Gains (losses) recognized on derivatives | (28) | (47) | (117) | 249 |
Gains (losses) recognized on hedged items | 27 | 48 | 116 | (248) |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 |
Fair value hedges | Interest rate contracts | Interest expense - Securitized Debt Obligation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | 30 | 40 | 93 | 92 |
Gains (losses) recognized on derivatives | (57) | (48) | (154) | 221 |
Gains (losses) recognized on hedged items | 54 | 41 | 140 | (251) |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 |
Fair value hedges | Interest rate contracts | Interest expense - Senior and Subordinated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | 50 | 56 | 168 | 166 |
Gains (losses) recognized on derivatives | (72) | (72) | (408) | 1,057 |
Gains (losses) recognized on hedged items | 103 | 111 | 504 | (1,048) |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | (1) | (1) | (2) | (2) |
Fair value hedges | Interest rate contracts | Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest recognized on derivatives | 0 | 0 | 0 | 0 |
Gains (losses) recognized on derivatives | (34) | 61 | (79) | 64 |
Gains (losses) recognized on hedged items | 34 | (61) | 79 | (64) |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest income - Investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 10 | 8 | 30 | 17 |
Cash flow hedges | Interest income - Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 240 | 171 | 700 | 330 |
Cash flow hedges | Interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 0 | 1 | 1 | 10 |
Cash flow hedges | Interest expense - Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest expense - Securitized Debt Obligation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest expense - Senior and Subordinated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 0 | 0 | 0 | 0 |
Cash flow hedges | Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net income (expense) recognized on cash flow hedges | 0 | 0 | 1 | (2) |
Cash flow hedges | Interest rate contracts | Interest income - Investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 10 | 8 | 30 | 17 |
Cash flow hedges | Interest rate contracts | Interest income - Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 240 | 171 | 700 | 330 |
Cash flow hedges | Interest rate contracts | Interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest rate contracts | Interest expense - Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest rate contracts | Interest expense - Securitized Debt Obligation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest rate contracts | Interest expense - Senior and Subordinated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest rate contracts | Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Interest income - Investment securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Interest income - Loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 1 | 1 | 10 |
Cash flow hedges | Foreign exchange contracts | Interest expense - Deposits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Interest expense - Securitized Debt Obligation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Interest expense - Senior and Subordinated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | 0 | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Non interest income - Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI on derivatives, net of tax | $ 0 | $ 0 | $ 1 | $ (2) |
Derivative Instruments and H_10
Derivative Instruments and Hedging Activities - Gains Losses on Freestanding Derivatives (Details) - Other non-interest income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | $ 33 | $ 20 | $ 51 | $ 36 |
Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | 21 | 3 | 56 | 35 |
Interest rate contracts | Customer accommodation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | 7 | (5) | 25 | 7 |
Interest rate contracts | Other interest rate exposures | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | 18 | 17 | 2 | 1 |
Commodity contracts | Customer accommodation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | 11 | 7 | 20 | 23 |
Foreign exchange contracts | Customer accommodation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | 3 | 1 | 11 | 5 |
Other contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | (6) | $ 0 | (7) | $ 0 |
FX spot transactions | Customer accommodation | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives not designated as accounting hedges | $ 1 | $ 8 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock Outstanding (Details) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | |
Class of Stock [Line Items] | ||
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 5,912 | $ 4,847 |
Depository Share, Percent Interest in Preferred Stock | 0.025 | |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 5.55% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding as of September 30, 2021 | shares | 0 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 0 | 988 |
Preferred Stock Dividend Rate, Variable | 3.80% | |
Preferred Stock, Dividend Payment Rate, Variable | LIBOR + 380 bps | |
Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 5.20% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding as of September 30, 2021 | shares | 600,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 583 | 583 |
Series H Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 6.00% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding as of September 30, 2021 | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 483 | 483 |
Series I Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 5.00% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding as of September 30, 2021 | shares | 1,500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 1,462 | 1,462 |
Series J Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 4.80% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding as of September 30, 2021 | shares | 1,250,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 1,209 | 1,209 |
Series K Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 4.625% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding as of September 30, 2021 | shares | 125,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 122 | 122 |
Series L Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 4.375% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding as of September 30, 2021 | shares | 675,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 653 | 0 |
Series M Preferred Stock | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 3.95% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding as of September 30, 2021 | shares | 1,000,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 988 | 0 |
Preferred Stock, Dividend Payment Rate, Variable | 5-Year Treasury +3.157 | |
Series N Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Per Annum Dividend Rate | 4.25% | |
Liquidation Preference per Share | $ / shares | $ 1,000 | |
Total Shares Outstanding as of September 30, 2021 | shares | 425,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 412 | $ 0 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | $ 3,494 | |||
Other comprehensive income (loss), net of tax | $ (432) | $ (148) | (2,134) | $ 2,685 |
AOCI ending balance | 1,360 | 1,360 | ||
Securities available for sale | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | 1,089 | 2,373 | 2,186 | 935 |
Other comprehensive income (loss) before reclassifications | (206) | 20 | (1,300) | 1,466 |
Amounts reclassified from AOCI into earnings | (2) | (19) | (5) | (19) |
Other comprehensive income (loss), net of tax | (208) | 1 | (1,305) | 1,447 |
AOCI ending balance | 881 | 2,374 | 881 | 2,374 |
Hedging Relationships | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | 730 | 1,785 | 1,362 | 354 |
Other comprehensive income (loss) before reclassifications | 57 | (95) | (88) | 1,540 |
Amounts reclassified from AOCI into earnings | (252) | (80) | (739) | (284) |
Other comprehensive income (loss), net of tax | (195) | (175) | (827) | 1,256 |
AOCI ending balance | 535 | 1,610 | 535 | 1,610 |
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | (3) | (151) | (31) | (107) |
Other comprehensive income (loss) before reclassifications | (27) | 28 | 1 | (16) |
Amounts reclassified from AOCI into earnings | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | (27) | 28 | 1 | (16) |
AOCI ending balance | (30) | (123) | (30) | (123) |
Other | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | (24) | (26) | (23) | (26) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI into earnings | (2) | (2) | (3) | (2) |
Other comprehensive income (loss), net of tax | (2) | (2) | (3) | (2) |
AOCI ending balance | (26) | (28) | (26) | (28) |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | 1,792 | 3,981 | 3,494 | 1,156 |
Other comprehensive income (loss) before reclassifications | (176) | (47) | (1,387) | 2,990 |
Amounts reclassified from AOCI into earnings | (256) | (101) | (747) | (305) |
Other comprehensive income (loss), net of tax | (432) | (148) | (2,134) | 2,685 |
AOCI ending balance | 1,360 | 3,833 | 1,360 | 3,833 |
Net investment hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive gain (loss) | $ 66 | $ (75) | $ 32 | 59 |
Cumulative effects from adoption of new accounting standards | Securities available for sale | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | (8) | |||
Cumulative effects from adoption of new accounting standards | Hedging Relationships | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | 0 | |||
Cumulative effects from adoption of new accounting standards | Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | 0 | |||
Cumulative effects from adoption of new accounting standards | Other | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | 0 | |||
Cumulative effects from adoption of new accounting standards | Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
AOCI beginning balance | $ (8) |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications from AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest income | $ 6,156 | $ 5,555 | $ 17,721 | $ 17,040 | ||||
Interest expense | 382 | 660 | 1,217 | 2,602 | ||||
Non-interest income | 243 | 706 | 592 | 1,017 | ||||
Income from continuing operations before income taxes | 3,986 | 3,502 | 12,750 | 139 | ||||
Income tax provision | 882 | 1,096 | 2,782 | (10) | ||||
Net income (loss) | 3,104 | 2,406 | 9,965 | 148 | ||||
Accumulated other comprehensive income | 1,360 | 1,360 | $ 3,494 | |||||
Other comprehensive income (loss), net of tax | (432) | (148) | (2,134) | 2,685 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net income (loss) | 256 | 101 | 747 | 305 | ||||
Securities available for sale | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated other comprehensive income | 881 | 2,374 | 881 | 2,374 | $ 1,089 | 2,186 | $ 2,373 | $ 935 |
Other comprehensive income (loss) before reclassifications | (206) | 20 | (1,300) | 1,466 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2) | (19) | (5) | (19) | ||||
Other comprehensive income (loss), net of tax | (208) | 1 | (1,305) | 1,447 | ||||
Securities available for sale | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Non-interest income | 2 | 25 | 6 | 25 | ||||
Income tax provision | 0 | 6 | 1 | 6 | ||||
Net income (loss) | 2 | 19 | 5 | 19 | ||||
Hedging Relationships | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated other comprehensive income | 535 | 1,610 | 535 | 1,610 | 730 | 1,362 | 1,785 | 354 |
Other comprehensive income (loss) before reclassifications | 57 | (95) | (88) | 1,540 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (252) | (80) | (739) | (284) | ||||
Other comprehensive income (loss), net of tax | (195) | (175) | (827) | 1,256 | ||||
Hedging Relationships | Interest rate contracts | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest income | 250 | 179 | 730 | 347 | ||||
Hedging Relationships | Foreign exchange contracts | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Interest income | 0 | 1 | 1 | 10 | ||||
Interest expense | 0 | (1) | (2) | (3) | ||||
Non-interest income | 83 | (73) | 245 | 20 | ||||
Income from continuing operations before income taxes | 333 | 106 | 974 | 374 | ||||
Income tax provision | 81 | 26 | 235 | 90 | ||||
Net income (loss) | 252 | 80 | 739 | 284 | ||||
Foreign Currency Translation Adjustments | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated other comprehensive income | (30) | (123) | (30) | (123) | (3) | (31) | (151) | (107) |
Other comprehensive income (loss) before reclassifications | (27) | 28 | 1 | (16) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss), net of tax | (27) | 28 | 1 | (16) | ||||
Other | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated other comprehensive income | (26) | (28) | (26) | (28) | (24) | (23) | (26) | (26) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2) | (2) | (3) | (2) | ||||
Other comprehensive income (loss), net of tax | (2) | (2) | (3) | (2) | ||||
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 | 3 | 2 | 4 | 2 | ||||
Income tax provision | 1 | 0 | 1 | 0 | ||||
Net income (loss) | 2 | 2 | 3 | 2 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated other comprehensive income | 1,360 | 3,833 | 1,360 | 3,833 | $ 1,792 | $ 3,494 | $ 3,981 | $ 1,156 |
Other comprehensive income (loss) before reclassifications | (176) | (47) | (1,387) | 2,990 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (256) | (101) | (747) | (305) | ||||
Other comprehensive income (loss), net of tax | $ (432) | $ (148) | $ (2,134) | $ 2,685 |
Stockholders' Equity - Other Co
Stockholders' Equity - Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Before Tax | ||||
Net unrealized gains (losses) on securities available for sale | $ (270) | $ 1 | $ (1,716) | $ 1,903 |
Net unrealized gains (losses) on hedging relationships | (255) | (231) | (1,089) | 1,653 |
Foreign currency translation adjustments | (6) | 4 | 11 | 3 |
Other | (3) | (2) | (4) | (2) |
Other comprehensive income (loss), before tax | (534) | (228) | (2,798) | 3,557 |
Provision (Benefit) | ||||
Net unrealized gains (losses) on securities available for sale | (62) | 0 | (411) | 456 |
Net unrealized gains (losses) on hedging relationships | (60) | (56) | (262) | 397 |
Foreign currency translation adjustments | 21 | (24) | 10 | 19 |
Other | (1) | 0 | (1) | 0 |
Other comprehensive income (loss), provision (benefit) | (102) | (80) | (664) | 872 |
After Tax | ||||
Net unrealized gains (losses) on securities available for sale | (208) | 1 | (1,305) | 1,447 |
Net unrealized gains (losses) on hedging relationships | (195) | (175) | (827) | 1,256 |
Foreign currency translation adjustments | (27) | 28 | 1 | (16) |
Other | (2) | (2) | (3) | (2) |
Other comprehensive income (loss), net of tax | $ (432) | $ (148) | $ (2,134) | $ 2,685 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Award | |||
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) | 34 | 762 | |
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) | 774 | 2,700 | |
Minimum exercise price range (in dollars per share) | $ 70.96 | $ 36.55 | |
Maximum exercise price range (in dollars per share) | $ 86.34 | $ 86.34 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Income from continuing operations, net of tax | $ 3,104 | $ 2,406 | $ 9,968 | $ 149 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | (3) | (1) |
Net income (loss) | 3,104 | 2,406 | 9,965 | 148 |
Dividends and undistributed earnings allocated to participating securities | (26) | (20) | (84) | (5) |
Preferred stock dividends | (79) | (67) | (200) | (212) |
Issuance cost for redeemed preferred stock | (12) | 0 | (12) | (22) |
Net income (loss) available to common stockholders | $ 2,987 | $ 2,319 | $ 9,669 | $ (91) |
Total weighted-average basic common shares outstanding | 438.8 | 457.8 | 449.2 | 457.4 |
Effect of dilutive securities: | ||||
Stock options | 0.6 | 0.4 | 0.7 | 0 |
Other contingently issuable shares | 1.1 | 0.3 | 1 | 0 |
Total effect of dilutive securities | 1.7 | 0.7 | 1.7 | 0 |
Total weighted-average diluted common shares outstanding | 440.5 | 458.5 | 450.9 | 457.4 |
Basic earnings per common share: | ||||
Net income (loss) from continuing operations (in dollars per share) | $ 6.81 | $ 5.07 | $ 21.53 | $ (0.20) |
Income (loss) from discontinued operations | 0 | 0 | (0.01) | 0 |
Net income (loss) per basic common share (in dollars per share) | 6.81 | 5.07 | 21.52 | (0.20) |
Diluted earnings per common share: | ||||
Net income (loss) from continuing operations (in dollars per share) | 6.78 | 5.06 | 21.45 | (0.20) |
Income (loss) from discontinued operations | 0 | 0 | (0.01) | 0 |
Net income (loss) per diluted common share (in dollars per share) | $ 6.78 | $ 5.06 | $ 21.44 | $ (0.20) |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - Non-Recoverable Rate - Level 3 - Appraisal value | Sep. 30, 2021 | Dec. 31, 2020 |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, measurement input | 0.00% | 0.00% |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, measurement input | 100.00% | 89.00% |
Weighted average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, measurement input | 14.00% | 14.00% |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | $ 98,149 | $ 100,445 | |
Loans held for sale | 1,700 | 596 | |
Derivative assets, gross amount | 4,904 | 3,415 | |
Derivative asset, netting adjustments | (975) | (1,148) | |
Derivative asset | 3,929 | 2,267 | |
Liabilities: | |||
Derivative liabilities, gross amount | 3,463 | 1,518 | |
Derivative liability, netting adjustments | (904) | (739) | |
Derivative liability | 2,559 | 779 | |
Net valuation allowance | 17 | 31 | |
Level 1 | |||
Assets: | |||
Loans held for sale | 0 | 0 | |
Level 2 | |||
Assets: | |||
Loans held for sale | 4,880 | 2,214 | |
Level 3 | |||
Assets: | |||
Loans held for sale | 0 | 0 | |
Recurring | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 98,149 | 100,445 | |
Loans held for sale | 1,707 | 596 | |
Derivative asset | 3,929 | 2,267 | |
Other assets | 573 | 1,037 | |
Total assets | 104,358 | 104,345 | |
Liabilities: | |||
Derivative liability | 2,559 | 779 | |
Recurring | Level 1 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 9,261 | 9,460 | |
Loans held for sale | 0 | 0 | |
Derivative assets, gross amount | 955 | 268 | |
Other assets | 514 | 430 | |
Total assets | 10,730 | 10,158 | |
Other assets: | |||
Deferred compensation plan assets | 463 | 414 | |
Liabilities: | |||
Derivative liabilities, gross amount | 1,904 | 271 | |
Recurring | Level 2 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 88,626 | 90,546 | |
Loans held for sale | 1,707 | 596 | |
Derivative assets, gross amount | 3,758 | 3,006 | |
Other assets | 16 | 552 | |
Total assets | 94,107 | 94,700 | |
Liabilities: | |||
Derivative liabilities, gross amount | 1,407 | 1,137 | |
Recurring | Level 3 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 262 | 439 | |
Loans held for sale | 0 | 0 | |
Derivative assets, gross amount | 191 | 141 | $ 153 |
Other assets | 43 | 55 | |
Total assets | 496 | 635 | |
Other assets: | |||
Retained interests in securitizations | 43 | 55 | |
Liabilities: | |||
Derivative liabilities, gross amount | 152 | 110 | $ 109 |
Recurring | Fair Value Inputs Level 1 And Level 2 [Member] | |||
Other assets: | |||
Equity securities | 67 | 568 | |
Liabilities: | |||
Debt and Equity Securities, Unrealized Gain (Loss) | 43 | 535 | |
U.S. Treasury securities | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 9,109 | 9,318 | |
U.S. Treasury securities | Recurring | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 9,109 | 9,318 | |
U.S. Treasury securities | Recurring | Level 1 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 9,109 | 9,318 | |
U.S. Treasury securities | Recurring | Level 2 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 0 | 0 | |
U.S. Treasury securities | Recurring | Level 3 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 0 | 0 | |
RMBS | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 75,681 | 76,703 | |
RMBS | Recurring | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 75,681 | 76,703 | |
RMBS | Recurring | Level 1 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 0 | 0 | |
RMBS | Recurring | Level 2 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 75,428 | 76,375 | |
RMBS | Recurring | Level 3 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 253 | 328 | |
CMBS | Recurring | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 10,197 | 11,735 | |
CMBS | Recurring | Level 1 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 0 | 0 | |
CMBS | Recurring | Level 2 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 10,188 | 11,624 | |
CMBS | Recurring | Level 3 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 9 | 111 | |
Other securities | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 3,162 | 2,689 | |
Other securities | Recurring | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 3,162 | 2,689 | |
Other securities | Recurring | Level 1 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 152 | 142 | |
Other securities | Recurring | Level 2 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 3,010 | 2,547 | |
Other securities | Recurring | Level 3 | |||
Assets: | |||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | $ 0 | $ 0 |
Fair Value Measurement - Level
Fair Value Measurement - Level 3 Recurring Fair Value Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | |
Derivative, Fair Value, Net [Abstract] | ||||||
Fair value of RMBS, cumulative effects from the CECL adoption | $ 4 | |||||
Derivative assets, gross amount | $ 4,904 | $ 4,904 | $ 3,415 | |||
Derivative liabilities, gross amount | 3,463 | 3,463 | 1,518 | |||
Recurring | Level 3 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held | 0 | $ 5 | 3 | $ (16) | ||
Derivative, Fair Value, Net [Abstract] | ||||||
Beginning balance | 19 | 34 | 31 | 26 | ||
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | (31) | 8 | (41) | 20 | ||
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 | 0 | 0 | ||
Purchases | 0 | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 44 | 13 | 66 | 39 | ||
Settlements | 6 | (2) | (23) | (30) | ||
Transfers Into Level 3 | 0 | 0 | 6 | 0 | ||
Transfers Out of Level 3 | 1 | (9) | 0 | (11) | ||
Ending balance | 39 | 44 | 39 | 44 | ||
Derivative assets, gross amount | 191 | 153 | 191 | 153 | 141 | |
Derivative liabilities, gross amount | 152 | 109 | 152 | 109 | $ 110 | |
RMBS | Recurring | Level 3 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 289 | 474 | 328 | 433 | ||
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 4 | 10 | 15 | 19 | ||
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | (1) | 3 | 3 | (21) | ||
Purchases | 0 | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (23) | (22) | (74) | (55) | ||
Transfers Into Level 3 | 4 | 56 | 88 | 196 | ||
Transfers Out of Level 3 | (20) | (47) | (107) | (98) | ||
Ending balance | 253 | 474 | 253 | 474 | ||
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 4 | 10 | 11 | 20 | ||
CMBS | Recurring | Level 3 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 9 | 282 | 111 | 13 | ||
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 0 | (1) | 0 | (1) | ||
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 1 | 1 | (1) | 0 | ||
Purchases | 0 | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (1) | (8) | (7) | (11) | ||
Transfers Into Level 3 | 0 | 98 | 0 | 371 | ||
Transfers Out of Level 3 | 0 | 0 | (94) | 0 | ||
Ending balance | 9 | 372 | 9 | 372 | ||
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | (1) | 0 | (4) | ||
Available-for-sale securities | Recurring | Level 3 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 298 | 756 | 439 | 446 | ||
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 4 | 9 | 15 | 18 | ||
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 4 | 2 | (21) | ||
Purchases | 0 | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (24) | (30) | (81) | (66) | ||
Transfers Into Level 3 | 4 | 154 | 88 | 567 | ||
Transfers Out of Level 3 | (20) | (47) | (201) | (98) | ||
Ending balance | 262 | 846 | 262 | 846 | ||
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 4 | 9 | 11 | 16 | ||
Retained interest in securitizations | Recurring | Level 3 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 46 | 56 | 55 | 66 | ||
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | (3) | 0 | (12) | (10) | ||
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 | 0 | 0 | ||
Purchases | 0 | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | 0 | 0 | 0 | 0 | ||
Transfers Into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers Out of Level 3 | 0 | 0 | 0 | 0 | ||
Ending balance | 43 | 56 | 43 | 56 | ||
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | (3) | 0 | (12) | (10) | ||
Net derivative assets (liabilities) | Recurring | Level 3 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | $ (29) | $ 0 | $ (32) | $ 18 |
Fair Value Measurement - Quanti
Fair Value Measurement - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | $ 98,149 | $ 100,445 | ||||
Recurring | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 98,149 | 100,445 | ||||
Recurring | Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 262 | 439 | ||||
Retained interests in securitizations | 43 | 55 | ||||
Net derivative assets (liabilities) | 39 | 31 | $ 19 | $ 44 | $ 34 | $ 26 |
RMBS | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 75,681 | 76,703 | ||||
RMBS | Recurring | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 75,681 | 76,703 | ||||
RMBS | Recurring | Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 253 | 328 | ||||
CMBS | Recurring | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | 10,197 | 11,735 | ||||
CMBS | Recurring | Level 3 | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available for sale (amortized cost of $97.0 billion and $97.6 billion and allowance for credit losses of $1 million as of both September 30, 2021 and December 31, 2020) | $ 9 | $ 111 | ||||
Yield | RMBS | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0 | 0.02 | ||||
Yield | RMBS | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.17 | 0.12 | ||||
Yield | RMBS | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.03 | 0.03 | ||||
Yield | CMBS | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.01 | 0.01 | ||||
Yield | CMBS | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.01 | 0.03 | ||||
Yield | CMBS | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.01 | 0.02 | ||||
Voluntary prepayment rate | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.09 | 0.03 | ||||
Voluntary prepayment rate | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.17 | 0.13 | ||||
Voluntary prepayment rate | RMBS | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.05 | 0.08 | ||||
Voluntary prepayment rate | RMBS | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.20 | 0.15 | ||||
Voluntary prepayment rate | RMBS | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.11 | 0.10 | ||||
Default rate | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.02 | 0.03 | ||||
Default rate | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.04 | 0.03 | ||||
Default rate | RMBS | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.01 | 0 | ||||
Default rate | RMBS | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.11 | 0.11 | ||||
Default rate | RMBS | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.02 | 0.02 | ||||
Loss severity | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.56 | 0.55 | ||||
Loss severity | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 1.51 | 0.70 | ||||
Loss severity | RMBS | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.30 | 0.30 | ||||
Loss severity | RMBS | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 1 | 1 | ||||
Loss severity | RMBS | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Securities available-for-sale, measurement input | 0.68 | 0.73 | ||||
Life of receivables (months) | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input, life of receivables | 30 months | 37 months | ||||
Life of receivables (months) | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input, life of receivables | 36 months | 52 months | ||||
Discount rate | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.02 | 0.02 | ||||
Discount rate | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Retained interests, measurement input | 0.08 | 0.12 | ||||
Swap rates | Recurring | Level 3 | Discounted cash flows | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Net derivative assets (liabilities), measurement input | 0.01 | 0.01 | ||||
Swap rates | Recurring | Level 3 | Discounted cash flows | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Net derivative assets (liabilities), measurement input | 0.02 | 0.01 | ||||
Swap rates | Recurring | Level 3 | Discounted cash flows | Weighted average | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Net derivative assets (liabilities), measurement input | 0.01 | 0.01 |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | $ 0 | $ 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 254,878 | 244,701 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 126 | 305 |
Other assets | 175 | 175 |
Total assets | 301 | 480 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 0 | 0 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 126 | 305 |
Other assets | 175 | 175 |
Total assets | 301 | 480 |
Equity investments subject to Impairment | 53 | |
Equity investments accounted for under measurement alternative | 15 | 25 |
Foreclosed property and repossessed assets, fair value disclosure | 39 | 42 |
Long lived assets held for sale | $ 68 | $ 108 |
Fair Value Measurement - Nonr_2
Fair Value Measurement - Nonrecurring Fair Value Measurements Included in Earnings (Details) - Nonrecurring - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | $ 12 | $ 187 |
Other assets | (65) | (42) |
Total | $ (53) | $ 145 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Loans held for sale | $ 1,700 | $ 596 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 5,444 | 4,708 |
Restricted cash for securitization investors | 234 | 262 |
Net loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Interest receivable | 0 | 0 |
Other investments | 0 | 0 |
Financial liabilities: | ||
Deposits with defined maturities | 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 | 0 | 0 |
Interest payable | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 21,180 | 35,801 |
Restricted cash for securitization investors | 0 | 0 |
Net loans held for investment | 0 | 0 |
Loans held for sale | 4,880 | 2,214 |
Interest receivable | 1,418 | 1,471 |
Other investments | 1,344 | 1,341 |
Financial liabilities: | ||
Deposits with defined maturities | 19,483 | 33,111 |
Securitized debt obligations | 12,782 | 12,584 |
Senior and subordinated notes | 24,754 | 28,282 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 825 | 668 |
Interest payable | 241 | 352 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash for securitization investors | 0 | 0 |
Net loans held for investment | 254,878 | 244,701 |
Loans held for sale | 0 | 0 |
Interest receivable | 0 | 0 |
Other investments | 0 | 0 |
Financial liabilities: | ||
Deposits with defined maturities | 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 | 0 | 0 |
Interest payable | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 26,624 | 40,509 |
Restricted cash for securitization investors | 234 | 262 |
Net loans held for investment | 249,817 | 236,060 |
Loans held for sale | 4,593 | 2,114 |
Interest receivable | 1,418 | 1,471 |
Other investments | 1,344 | 1,341 |
Financial liabilities: | ||
Deposits with defined maturities | 19,283 | 32,746 |
Securitized debt obligations | 12,635 | 12,414 |
Senior and subordinated notes | 23,983 | 27,382 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 825 | 668 |
Interest payable | 241 | 352 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 26,624 | 40,509 |
Restricted cash for securitization investors | 234 | 262 |
Net loans held for investment | 254,878 | 244,701 |
Loans held for sale | 4,880 | 2,214 |
Interest receivable | 1,418 | 1,471 |
Other investments | 1,344 | 1,341 |
Financial liabilities: | ||
Deposits with defined maturities | 19,483 | 33,111 |
Securitized debt obligations | 12,782 | 12,584 |
Senior and subordinated notes | 24,754 | 28,282 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 825 | 668 |
Interest payable | $ 241 | $ 352 |
Business Segments and Revenue_3
Business Segments and Revenue from Contracts with Customers - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Business Segments and Revenue_4
Business Segments and Revenue from Contracts with Customers - Segment Results and Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net interest income (loss) | $ 6,156 | $ 5,555 | $ 17,721 | $ 17,040 | |
Non-interest income (loss) | 1,674 | 1,826 | 4,596 | 4,146 | |
Total net revenue (loss) | 7,830 | 7,381 | 22,317 | 21,186 | |
Provision (benefit) for credit losses | (342) | 331 | (2,325) | 10,000 | |
Non-interest expense | 4,186 | 3,548 | 11,892 | 11,047 | |
Income from continuing operations before income taxes | 3,986 | 3,502 | 12,750 | 139 | |
Income tax provision (benefit) | 882 | 1,096 | 2,782 | (10) | |
Income (loss) from continuing operations, net of tax | 3,104 | 2,406 | 9,968 | 149 | |
Total loans held for investment | 261,390 | 248,223 | 261,390 | 248,223 | $ 251,624 |
Total Deposits | 305,938 | 305,725 | 305,938 | 305,725 | $ 305,442 |
Uncollectible portion of billed finance charges and fees | 123 | 235 | 478 | 942 | |
Operating segments | Credit Card | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (loss) | 3,620 | 3,292 | 10,209 | 10,363 | |
Non-interest income (loss) | 1,263 | 1,013 | 3,545 | 2,769 | |
Total net revenue (loss) | 4,883 | 4,305 | 13,754 | 13,132 | |
Provision (benefit) for credit losses | (198) | 450 | (1,325) | 7,096 | |
Non-interest expense | 2,424 | 2,003 | 6,822 | 6,180 | |
Income from continuing operations before income taxes | 2,657 | 1,852 | 8,257 | (144) | |
Income tax provision (benefit) | 627 | 438 | 1,952 | (34) | |
Income (loss) from continuing operations, net of tax | 2,030 | 1,414 | 6,305 | (110) | |
Total loans held for investment | 105,030 | 103,641 | 105,030 | 103,641 | |
Total Deposits | 0 | 0 | 0 | 0 | |
Operating segments | Consumer Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (loss) | 2,159 | 1,904 | 6,290 | 5,226 | |
Non-interest income (loss) | 127 | 107 | 412 | 330 | |
Total net revenue (loss) | 2,286 | 2,011 | 6,702 | 5,556 | |
Provision (benefit) for credit losses | (91) | (43) | (523) | 1,693 | |
Non-interest expense | 1,186 | 1,011 | 3,426 | 3,038 | |
Income from continuing operations before income taxes | 1,191 | 1,043 | 3,799 | 825 | |
Income tax provision (benefit) | 282 | 247 | 897 | 195 | |
Income (loss) from continuing operations, net of tax | 909 | 796 | 2,902 | 630 | |
Total loans held for investment | 77,112 | 68,688 | 77,112 | 68,688 | |
Total Deposits | 252,387 | 249,684 | 252,387 | 249,684 | |
Operating segments | Commercial Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (loss) | 578 | 517 | 1,558 | 1,526 | |
Non-interest income (loss) | 306 | 237 | 803 | 655 | |
Total net revenue (loss) | 884 | 754 | 2,361 | 2,181 | |
Provision (benefit) for credit losses | (53) | (74) | (475) | 1,209 | |
Non-interest expense | 459 | 424 | 1,295 | 1,261 | |
Income from continuing operations before income taxes | 478 | 404 | 1,541 | (289) | |
Income tax provision (benefit) | 113 | 95 | 364 | (69) | |
Income (loss) from continuing operations, net of tax | 365 | 309 | 1,177 | (220) | |
Total loans held for investment | 79,248 | 75,894 | 79,248 | 75,894 | |
Total Deposits | 43,347 | 36,783 | 43,347 | 36,783 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (loss) | (201) | (158) | (336) | (75) | |
Non-interest income (loss) | (22) | 469 | (164) | 392 | |
Total net revenue (loss) | (223) | 311 | (500) | 317 | |
Provision (benefit) for credit losses | 0 | (2) | (2) | 2 | |
Non-interest expense | 117 | 110 | 349 | 568 | |
Income from continuing operations before income taxes | (340) | 203 | (847) | (253) | |
Income tax provision (benefit) | (140) | 316 | (431) | (102) | |
Income (loss) from continuing operations, net of tax | (200) | (113) | (416) | (151) | |
Total loans held for investment | 0 | 0 | 0 | 0 | |
Total Deposits | $ 10,204 | $ 19,258 | $ 10,204 | $ 19,258 |
Business Segments and Revenue_5
Business Segments and Revenue from Contracts with Customers - Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | $ 1,251 | $ 982 | $ 3,493 | $ 2,724 |
Revenue (reduction) from other sources | 423 | 844 | 1,103 | 1,422 |
Non-interest income (loss) | 1,674 | 1,826 | 4,596 | 4,146 |
Operating segments | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 1,028 | 812 | 2,860 | 2,239 |
Revenue (reduction) from other sources | 235 | 201 | 685 | 530 |
Non-interest income (loss) | 1,263 | 1,013 | 3,545 | 2,769 |
Operating segments | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 127 | 101 | 378 | 316 |
Revenue (reduction) from other sources | 0 | 6 | 34 | 14 |
Non-interest income (loss) | 127 | 107 | 412 | 330 |
Operating segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 96 | 68 | 255 | 171 |
Revenue (reduction) from other sources | 210 | 169 | 548 | 484 |
Non-interest income (loss) | 306 | 237 | 803 | 655 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 0 | 1 | 0 | (2) |
Revenue (reduction) from other sources | (22) | 468 | (164) | 394 |
Non-interest income (loss) | (22) | 469 | (164) | 392 |
Interchange fees, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 1,022 | 775 | 2,855 | 2,199 |
Interchange fees, net | Operating segments | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 930 | 703 | 2,598 | 2,003 |
Interchange fees, net | Operating segments | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 68 | 54 | 192 | 152 |
Interchange fees, net | Operating segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 24 | 17 | 65 | 45 |
Interchange fees, net | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 0 | 1 | 0 | (1) |
Service charges and other customer-related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 113 | 92 | 318 | 260 |
Service charges and other customer-related fees | Operating segments | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 0 | 0 | 0 | 0 |
Service charges and other customer-related fees | Operating segments | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 42 | 42 | 131 | 137 |
Service charges and other customer-related fees | Operating segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 71 | 50 | 187 | 124 |
Service charges and other customer-related fees | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 0 | 0 | 0 | (1) |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 116 | 115 | 320 | 265 |
Other | Operating segments | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 98 | 109 | 262 | 236 |
Other | Operating segments | Consumer Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 17 | 5 | 55 | 27 |
Other | Operating segments | Commercial Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | 1 | 1 | 3 | 2 |
Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total contract revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments, Contingencies, G_3
Commitments, Contingencies, Guarantees, and Others - Unfunded Lending Commitments: Contractual Amount and Carrying Value (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Unfunded lending commitments, contractual amount | $ 408,669 | $ 386,732 |
Off-balance sheet lending commitment, carrying value | 149 | 176 |
Credit Card | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit, contractual amount | 366,744 | 349,594 |
Other excluding credit card | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit, contractual amount | 40,545 | 35,836 |
Off-balance sheet lending commitment, carrying value | 121 | 144 |
Advised line of credit | 2,100 | 1,800 |
Letter of credit | ||
Loss Contingencies [Line Items] | ||
Standby letters of credit and commercial letters of credit, contractual amount | 1,380 | 1,302 |
Off-balance sheet lending commitment, carrying value | $ 28 | $ 32 |
Commitments, Contingencies, G_4
Commitments, Contingencies, Guarantees, and Others - Loss Sharing and UK PPI (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Loss sharing agreements | ||
Loss Contingencies [Line Items] | ||
Guarantee obligation | $ 90 | $ 97 |
Commitments, Contingencies, G_5
Commitments, Contingencies, Guarantees, and Others - Litigation (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)claim | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | $ | $ 200 |
Cybersecurity Incident | |
Loss Contingencies [Line Items] | |
Number of consumer class action cases filed for Cybersecurity Incident | 75 |
Number of consumer class action cases currently pending for cybersecurity incident | 29 |
Penalty Paid to the US Treasury | $ | $ 80 |
Pending litigation | Interchange litigation | |
Loss Contingencies [Line Items] | |
Litigation settlement, attributable to reporting entity and third party | $ | $ 5,500 |
United States | Cybersecurity Incident | |
Loss Contingencies [Line Items] | |
Number of consumer class action cases filed for Cybersecurity Incident | 61 |
Canada | Cybersecurity Incident | |
Loss Contingencies [Line Items] | |
Number of consumer class action cases filed for Cybersecurity Incident | 13 |
CALIFORNIA | Cybersecurity Incident | |
Loss Contingencies [Line Items] | |
Number of consumer class action cases filed for Cybersecurity Incident | 1 |