Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'STATE STREET Corp | ' |
Entity Central Index Key | '0000093751 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 423,519,383 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Share data in Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Fee revenue: | ' | ' | ' | ' | ||||
Servicing fees | $1,288 | $1,201 | $2,526 | $2,376 | ||||
Management fees | 300 | 277 | 592 | 540 | ||||
Trading services | 260 | 304 | 513 | 593 | ||||
Securities finance | 147 | 131 | 232 | 209 | ||||
Processing fees and other | 44 | 58 | 100 | 110 | ||||
Total fee revenue | 2,039 | 1,971 | 3,963 | 3,828 | ||||
Net interest revenue: | ' | ' | ' | ' | ||||
Interest revenue | 650 | 700 | 1,305 | 1,387 | ||||
Interest expense | 89 | 104 | 189 | 215 | ||||
Net interest revenue | 561 | 596 | 1,116 | 1,172 | ||||
Gains (losses) related to investment securities, net: | ' | ' | ' | ' | ||||
Net gains (losses) from sales of available-for-sale securities | 0 | 0 | 15 | 5 | ||||
Losses from other-than-temporary impairment | 0 | -6 | -1 | -6 | ||||
Losses reclassified (from) to other comprehensive income | -2 | -1 | -10 | -4 | ||||
Gains (losses) related to investment securities, net | -2 | -7 | 4 | -5 | ||||
Total revenue | 2,598 | 2,560 | 5,083 | 4,995 | ||||
Provision for loan losses | 2 | 0 | 4 | 0 | ||||
Expenses: | ' | ' | ' | ' | ||||
Compensation and employee benefits | 978 | 917 | 2,135 | 1,952 | ||||
Information systems and communications | 244 | 235 | 488 | 472 | ||||
Transaction processing services | 193 | 186 | 384 | 366 | ||||
Occupancy | 115 | 114 | 229 | 230 | ||||
Acquisition and restructuring costs | 28 | 30 | 61 | 44 | ||||
Professional services | 116 | 103 | 221 | 182 | ||||
Amortization of other intangible assets | 54 | 54 | 108 | 107 | ||||
Other | 122 | 159 | 252 | 271 | ||||
Total expenses | 1,850 | 1,798 | 3,878 | 3,624 | ||||
Income before income tax expense | 746 | 762 | 1,201 | 1,371 | ||||
Income tax expense | 124 | 183 | 216 | 328 | ||||
Net income | 622 | 579 | 985 | 1,043 | ||||
Net income available to common shareholders | $602 | $571 | $958 | $1,026 | ||||
Earnings per common share: | ' | ' | ' | ' | ||||
Basic (in dollars per share) | $1.41 | $1.26 | $2.23 | $2.26 | ||||
Diluted (in dollars per share) | $1.38 | [1] | $1.24 | [1] | $2.19 | [1] | $2.22 | [1] |
Average common shares outstanding | ' | ' | ' | ' | ||||
Basic (in shares) | 427,824 | 452,176 | 429,215 | 453,240 | ||||
Diluted (in shares) | 435,320 | 461,040 | 436,958 | 461,630 | ||||
Cash dividends declared (in dollars per share) | $0.30 | $0.26 | $0.56 | $0.52 | ||||
[1] | Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method. |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $622 | $579 | $985 | $1,043 |
Other comprehensive income (loss), net of related taxes: | ' | ' | ' | ' |
Foreign currency translation, net of related taxes of $37 and ($93), respectively | 46 | -55 | 73 | -303 |
Net unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment and net of related taxes of $355 and ($478), respectively | 306 | -804 | 565 | -753 |
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes of ($15) and $40, respectively | -13 | 45 | -23 | 60 |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related taxes of $8 and $7, respectively | 4 | 5 | 12 | 11 |
Net unrealized gains (losses) on cash flow hedges, net of related taxes of ($3) and $59, respectively | -54 | 30 | -61 | 94 |
Net unrealized gains (losses) on retirement plans, net of related taxes of ($5) and $6, respectively | 12 | 5 | 18 | 8 |
Other comprehensive income (loss) | 301 | -774 | 584 | -883 |
Total comprehensive income | $923 | ($195) | $1,569 | $160 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Foreign currency translation, net of related taxes of | $37 | ($93) |
Change in net unrealized losses on available-for-sale securities, net of reclassification adjustment and net of related taxes of | 355 | -478 |
Change in net unrealized losses on available-for-sale securities designated in fair value hedges, net of related taxes of | -15 | 40 |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related taxes of | 8 | 7 |
Change in net unrealized losses on cash flow hedges, net of related taxes of | -3 | 59 |
Change in minimum pension liability, net of related taxes of | ($5) | $6 |
Consolidated_Statement_of_Cond
Consolidated Statement of Condition (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Assets: | ' | ' | |
Cash and due from banks | $6,247 | $3,220 | |
Interest-bearing deposits with banks | 98,386 | 64,257 | |
Securities purchased under resale agreements | 3,681 | 6,230 | |
Trading account assets | 941 | 843 | |
Investment securities available for sale | 98,546 | 99,174 | |
Investment securities held to maturity (fair value of $18,864 and $17,560) | 18,757 | 17,740 | |
Loans and leases (less allowance for losses of $32 and $28) | 16,767 | 13,458 | |
Premises and equipment (net of accumulated depreciation of $4,620 and $4,417) | 1,920 | 1,860 | |
Accrued interest and fees receivable | 2,221 | 2,123 | |
Goodwill | 6,037 | 6,036 | |
Other intangible assets | 2,247 | 2,360 | |
Other assets | 26,574 | 25,990 | |
Total assets | 282,324 | 243,291 | |
Deposits: | ' | ' | |
Noninterest-bearing | 73,109 | 65,614 | |
Interest-bearing—U.S. | 27,584 | 13,392 | |
Interest-bearing—non-U.S. | 118,141 | 103,262 | |
Total deposits | 218,834 | 182,268 | |
Securities sold under repurchase agreements | 9,168 | 7,953 | |
Federal funds purchased | 14 | 19 | |
Other short-term borrowings | 4,322 | 3,780 | |
Accrued expenses and other liabilities | 19,249 | 19,194 | |
Long-term debt | 9,037 | 9,699 | |
Total liabilities | 260,624 | 222,913 | |
Commitments, guarantees and contingencies (notes 7 and 8) | ' | ' | |
Shareholders’ equity: | ' | ' | |
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding and Series D, 7,500 shares issued and outstanding | ' | 491 | [1] |
Common stock, $1 par: 750,000,000 shares authorized; 503,881,095 and 503,882,841 shares issued | 504 | 504 | |
Surplus | 9,765 | 9,776 | |
Retained earnings | 14,114 | 13,395 | [1] |
Accumulated other comprehensive income (loss) | 489 | -95 | |
Treasury stock, at cost (78,910,844 and 69,754,255 shares) | -4,405 | -3,693 | |
Total shareholders’ equity | 21,700 | 20,378 | |
Total liabilities and shareholders’ equity | 282,324 | 243,291 | |
Series C Preferred Stock | ' | ' | |
Shareholders’ equity: | ' | ' | |
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding and Series D, 7,500 shares issued and outstanding | 491 | 491 | |
Series D Preferred Stock | ' | ' | |
Shareholders’ equity: | ' | ' | |
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding and Series D, 7,500 shares issued and outstanding | $742 | $0 | |
[1] | Tier 1 common capital, tier 1 capital, total capital and tier 1 leverage ratios as of December 31, 2013 were calculated in conformity with the provisions of Basel I. |
Consolidated_Statement_of_Cond1
Consolidated Statement of Condition (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Current Assets: | ' | ' |
Investment securities held to maturity, fair value | $18,864 | $17,560 |
Loans and leases, allowance for losses | 32 | 28 |
Premises and equipment, accumulated depreciation | $4,620 | $4,417 |
Stockholders' Equity: | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 503,881,095 | 503,882,841 |
Preferred stock, shares authorized (in shares) | 3,500,000 | 3,500,000 |
Treasury stock, shares (in shares) | 78,910,844 | 69,754,255 |
Series C Preferred Stock | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, shares issued, Series C (in shares) | 5,000 | 5,000 |
Preferred stock, shares outstanding, Series C (in shares) | 5,000 | 5,000 |
Series D Preferred Stock | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, shares issued, Series C (in shares) | 7,500 | ' |
Preferred stock, shares outstanding, Series C (in shares) | 7,500 | ' |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes In Shareholders' Equity (USD $) | Total | PREFERRED STOCK | COMMON STOCK | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | TREASURY STOCK |
In Millions, except Share data, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2012 | $20,869 | $489 | $504 | $9,667 | $11,751 | $360 | ($1,902) |
Beginning balance (shares) at Dec. 31, 2012 | ' | ' | 503,900,000 | ' | ' | ' | 45,238,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,043 | ' | ' | ' | 1,043 | ' | ' |
Other comprehensive income (loss) | -883 | ' | ' | ' | ' | -883 | ' |
Accretion of issuance costs | 0 | 1 | ' | ' | -1 | ' | ' |
Cash dividends declared: | ' | ' | ' | ' | ' | ' | ' |
Common stock | -235 | ' | ' | ' | ' | ' | ' |
Preferred stock | -13 | ' | ' | ' | -13 | ' | ' |
Common stock acquired | -920 | ' | ' | ' | ' | ' | -920 |
Common stock acquired (shares) | ' | ' | ' | ' | ' | ' | 15,068,000 |
Common stock awards and options exercised, including related taxes | 220 | ' | ' | 46 | ' | ' | 174 |
Common stock awards and options exercised, including related taxes (shares) | ' | ' | -9,000 | ' | ' | ' | -4,807,000 |
Other | 0 | ' | ' | ' | ' | ' | ' |
Other (shares) | ' | ' | ' | ' | ' | ' | -3,000 |
Ending balance at Jun. 30, 2013 | 20,081 | 490 | 504 | 9,713 | 12,545 | -523 | -2,648 |
Ending balance (shares) at Jun. 30, 2013 | ' | ' | 503,891,000 | ' | ' | ' | 55,496,000 |
Beginning balance at Dec. 31, 2013 | 20,378 | 491 | 504 | 9,776 | 13,395 | -95 | -3,693 |
Beginning balance (shares) at Dec. 31, 2013 | ' | ' | 503,883,000 | ' | ' | ' | 69,754,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 985 | ' | ' | ' | 985 | ' | ' |
Other comprehensive income (loss) | 584 | ' | ' | ' | ' | 584 | ' |
Preferred stock issued | 742 | 742 | ' | ' | ' | ' | ' |
Cash dividends declared: | ' | ' | ' | ' | ' | ' | ' |
Common stock | -240 | ' | ' | ' | ' | ' | ' |
Preferred stock | -25 | ' | ' | ' | -25 | ' | ' |
Common stock acquired | -830 | ' | ' | ' | ' | ' | -830 |
Common stock acquired (shares) | 12,400,000 | ' | ' | ' | ' | ' | 12,380,000 |
Common stock awards and options exercised, including related taxes | 107 | ' | ' | -11 | ' | ' | 118 |
Common stock awards and options exercised, including related taxes (shares) | ' | ' | -2,000 | ' | ' | ' | -3,221,000 |
Other | -1 | ' | ' | ' | -1 | ' | ' |
Other (shares) | ' | ' | ' | ' | ' | ' | -3,000 |
Ending balance at Jun. 30, 2014 | $21,700 | $1,233 | $504 | $9,765 | $14,114 | $489 | ($4,405) |
Ending balance (shares) at Jun. 30, 2014 | ' | ' | 503,881,000 | ' | ' | ' | 78,910,000 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes In Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 6 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Cash dividends declared (in dollars per share) | $0.56 | $0.52 |
Common stock awards and options exercised, related taxes | $46 | $32 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities: | ' | ' |
Net income | $985 | $1,043 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Deferred income tax expense | 19 | 137 |
Amortization of other intangible assets | 108 | 107 |
Other non-cash adjustments for depreciation, amortization and accretion, net | 228 | 193 |
(Gains) losses related to investment securities, net | -4 | 5 |
Change in trading account assets, net | -98 | -16 |
Change in accrued interest and fees receivable, net | -98 | -85 |
Change in collateral deposits, net | -2,416 | -3,596 |
Change in unrealized losses on foreign exchange derivatives, net | -121 | -1,498 |
Change in other assets, net | -475 | 1,246 |
Change in accrued expenses and other liabilities, net | 2,140 | 398 |
Other, net | 178 | 305 |
Net cash provided by (used in) operating activities | 446 | -1,761 |
Investing Activities: | ' | ' |
Net (increase) decrease in interest-bearing deposits with banks | -34,129 | 5,980 |
Net decrease (increase) in securities purchased under resale agreements | 2,549 | -553 |
Proceeds from sales of available-for-sale securities | 2,842 | 4,817 |
Proceeds from maturities of available-for-sale securities | 18,402 | 20,336 |
Purchases of available-for-sale securities | -19,624 | -19,707 |
Proceeds from maturities of available-for-sale securities | 1,350 | 972 |
Purchases of held-to-maturity securities | -2,220 | -5,022 |
Net increase in loans | -3,327 | -4,156 |
Purchases of equity investments and other long-term assets | -133 | -90 |
Purchases of premises and equipment | -234 | -228 |
Other, net | 46 | 66 |
Net cash (used in) provided by investing activities | -34,478 | 2,415 |
Financing Activities: | ' | ' |
Net increase (decrease) in time deposits | 9,841 | -14,481 |
Net increase in all other deposits | 26,725 | 16,820 |
Net increase (decrease) in short-term borrowings | 1,752 | -378 |
Proceeds from issuance of long-term debt, net of issuance costs | 0 | 1,492 |
Payments for long-term debt and obligations under capital leases | -763 | -13 |
Proceeds from issuance of preferred stock | 742 | 0 |
Proceeds from exercises of common stock options | 9 | 92 |
Purchases of common stock | -830 | -920 |
Repurchases of common stock for employee tax withholding | -166 | -135 |
Payments for cash dividends | -251 | -242 |
Net cash provided by financing activities | 37,059 | 2,235 |
Net increase | 3,027 | 2,889 |
Cash and due from banks at beginning of period | 3,220 | 2,590 |
Cash and due from banks at end of period | $6,247 | $5,479 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accounting and financial reporting policies of State Street Corporation conform to U.S. generally accepted accounting principles, referred to as GAAP. State Street Corporation, the parent company, is a financial holding company headquartered in Boston, Massachusetts. Unless otherwise indicated or unless the context requires otherwise, all references in these notes to consolidated financial statements to “State Street,” “we,” “us,” “our” or similar references mean State Street Corporation and its subsidiaries on a consolidated basis. Our principal banking subsidiary is State Street Bank and Trust Company, or State Street Bank. | |
We have two lines of business: | |
Investment Servicing provides services for mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations and endowments worldwide. Products include custody; product- and participant-level accounting; daily pricing and administration; master trust and master custody; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; and performance, risk and compliance analytics to support institutional investors. | |
Investment Management, through State Street Global Advisors, or SSgA, provides a broad array of investment management, investment research and investment advisory services to corporations, public funds and other sophisticated investors. SSgA offers active and passive asset management strategies across equity, fixed-income and cash asset classes. Products are distributed directly and through intermediaries using a variety of investment vehicles, including exchange-traded funds, or ETFs, such as the SPDR® ETF brand. | |
The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation. Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our | |
consolidated financial statements through the date we filed this Form 10-Q with the SEC. | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue, and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates. Amounts dependent on subjective or complex judgments in the application of accounting policies considered by management to be relatively more significant in this regard are those associated with our accounting for recurring fair-value measurements; other-than-temporary impairment of investment securities; and impairment of goodwill and other intangible assets. Among other effects, unanticipated events or circumstances could result in future impairment of investment securities, goodwill or other intangible assets. | |
Our consolidated statement of condition as of December 31, 2013 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by GAAP for a complete set of consolidated financial statements. The accompanying consolidated financial statements and these condensed notes should be read in conjunction with the financial and risk factors information included in our 2013 Annual Report on Form 10-K, which we previously filed with the SEC. | |
Recent Accounting Developments: | |
In June 2014, the FASB issued an amendment to GAAP for “repo-to-maturity” transactions and repurchase agreements executed as repurchase financings. The amendment requires enhanced disclosure for repurchase agreements and securities lending transactions accounted for as secured borrowings and for certain transfers of financial assets. The amendment is effective, for State Street, beginning on January 1, 2015. Our adoption of the amendment is not expected to have a material effect on our consolidated financial statements. | |
In May 2014, the FASB issued an amendment to GAAP that provides for a single comprehensive model to be applied in the accounting for revenue arising from contracts with clients. In applying this model, an entity would recognize revenue that represents the transfer of promised goods or services to clients in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendment supersedes most current revenue recognition guidance, including industry-specific guidance. The amendment is effective, for State Street, beginning on January 1, 2017, and must be applied retrospectively. Early adoption is prohibited. We are currently assessing the potential impact of this amendment on our consolidated financial statements. | |
In April 2014, the FASB issued an amendment to GAAP that revises the criteria for the treatment and disclosure of discontinued operations. The amendment allows entities to have significant continuing involvement and continuing cash flows with the discontinued operation, but requires additional disclosure for discontinued operations and disclosure for disposals deemed to be material that do not meet the definition of a discontinued operation. The presentation and disclosure requirements are effective, for State Street, beginning on January 1, 2015, and are required to be applied prospectively to discontinued operations occurring after that date. | |
In January 2014, the FASB issued an amendment to GAAP that allows an investor in an affordable housing project, if the project meets certain defined conditions, to amortize the cost of their investment in proportion to the tax credits and other tax benefits they receive, and reflect it as part of income tax expense rather than as revenue from operations. The amendment is effective, for State Street, for interim and annual periods beginning after December 15, 2014, with early adoption permitted, and must be applied retrospectively. At this time, we have not chosen to early-adopt the amendment as we continue to assess the potential impact of this amendment on our consolidated financial statements. |
Fair_Value
Fair Value | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||
Fair Value | ' | |||||||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements: | ||||||||||||||||||||||||||||||||||||||||||||
We carry trading account assets, investment securities available for sale and various types of derivative financial instruments at fair value in our consolidated statement of condition on a recurring basis. Changes in the fair values of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of accumulated other comprehensive income, or AOCI, within shareholders' equity in our consolidated statement of condition. | ||||||||||||||||||||||||||||||||||||||||||||
We measure fair value for the above-described financial assets and liabilities in conformity with GAAP that governs the measurement of the fair value of financial instruments. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to valuation methods using significant unobservable inputs (level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest-level input that is most significant to the fair-value measurement. Management's assessment of the significance of a particular input to the overall fair-value measurement of a financial asset or liability requires judgment, and considers factors specific to that asset or liability. The three levels of the valuation hierarchy are described below. | ||||||||||||||||||||||||||||||||||||||||||||
Level 1. Financial assets and liabilities with values based on unadjusted quoted prices for identical assets or liabilities in an active market. Fair value is measured using unadjusted quoted prices in active markets for identical securities. Our level-1 financial assets and liabilities primarily include positions in U.S. government securities and highly liquid U.S. and non-U.S. government fixed-income securities carried in trading account assets. We may carry U.S. government securities in our available-for-sale portfolio in connection with our asset-and-liability management activities. Our level-1 financial assets also include active exchange-traded equity securities and non-cash collateral received from counterparties in connection with our enhanced custody business. | ||||||||||||||||||||||||||||||||||||||||||||
Level 2. Financial assets and liabilities with values based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level-2 inputs include the following: | ||||||||||||||||||||||||||||||||||||||||||||
• | Quoted prices for similar assets or liabilities in active markets; | |||||||||||||||||||||||||||||||||||||||||||
• | Quoted prices for identical or similar assets or liabilities in non-active markets; | |||||||||||||||||||||||||||||||||||||||||||
• | Pricing models whose inputs are observable for substantially the full term of the asset or liability; and | |||||||||||||||||||||||||||||||||||||||||||
• | Pricing models whose inputs are derived principally from, or corroborated by, observable market information through correlation or other means for substantially the full term of the asset or liability. | |||||||||||||||||||||||||||||||||||||||||||
Our level-2 financial assets and liabilities primarily include non-U.S. debt securities carried in trading account assets and various types of fixed-income investment securities available for sale, as well as various types of foreign exchange and interest-rate derivative instruments. | ||||||||||||||||||||||||||||||||||||||||||||
Fair value for our investment securities available for sale categorized in level 2 is measured primarily using information obtained from independent third parties. This third-party information is subject to review by management as part of a validation process, which includes obtaining an understanding of the underlying assumptions and the level of market participant information used to support those assumptions. In addition, management compares significant assumptions used by third parties to available market information. Such information may include known trades or, to the extent that trading activity is limited, comparisons to market research information pertaining to credit expectations, execution prices and the timing of cash flows, and where information is available, back-testing. | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments categorized in level 2 predominantly represent foreign exchange contracts used in our trading activities, for which fair value is measured using discounted cash-flow techniques, with inputs consisting of observable spot and forward points, as well as observable interest-rate curves. With respect to derivative instruments, we evaluate the impact on valuation of the credit risk of our counterparties and our own credit risk. We consider factors such as the likelihood of default by us and our counterparties, our current and potential future net exposures and remaining maturities in determining the fair value. Valuation adjustments associated with derivative instruments were not material to those instruments in the three and six months ended June 30, 2014 or 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||||||
Level 3. Financial assets and liabilities with values based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall measurement of fair value. These inputs reflect management's judgment about the assumptions that a market participant would use in pricing the financial asset or liability, and are based on the best available information, some of which is internally developed. The following provides a more detailed discussion of our financial assets and liabilities that we may categorize in level 3 and the related valuation methodology. | ||||||||||||||||||||||||||||||||||||||||||||
• | The fair value of our investment securities categorized in level 3 is measured using information obtained from third-party sources, typically non-binding broker or dealer quotes, or through the use of internally-developed pricing models. Management has evaluated its methodologies used to measure fair value, but has considered the level of observable market information to be insufficient to categorize the securities in level 2. | |||||||||||||||||||||||||||||||||||||||||||
• | The fair value of foreign exchange contracts, primarily options, is measured using an option-pricing model. Because of a limited number of observable transactions, certain model inputs are not observable, such as implied volatility surface, but are derived from observable market information. | |||||||||||||||||||||||||||||||||||||||||||
• | The fair value of certain interest-rate caps with long-dated maturities is measured using a matrix-pricing approach. Observable market prices are not available for these derivatives, so extrapolation is necessary to value these instruments, since they have a strike and/or maturity outside of the matrix. | |||||||||||||||||||||||||||||||||||||||||||
Our level-3 financial assets and liabilities are similar in structure and profile to our level-1 and level-2 financial instruments, but they trade in less-liquid markets, and the measurement of their fair value is inherently more difficult. As of June 30, 2014, on a gross basis, we categorized in level 3 approximately 5% of our financial assets carried at fair value on a recurring basis. As of the same date and on the same basis, the percentage of our financial liabilities categorized in level 3 to our financial liabilities carried at fair value on a recurring basis was not significant. The fair value of investment securities categorized in level 3 that was measured using non-binding quotes and internally-developed pricing-model inputs composed approximately 98% and 2%, respectively, of the total fair value of our investment securities categorized in level 3 as of June 30, 2014. | ||||||||||||||||||||||||||||||||||||||||||||
The process used to measure the fair value of our level-3 financial assets and liabilities is overseen by a valuation group within Corporate Finance, separate from the business units that manage the assets and liabilities. This function, which develops and manages the valuation process, reports to State Street's Valuation Committee. The Valuation Committee, composed of senior management from separate business units, Enterprise Risk Management, a corporate risk oversight group, and Corporate Finance, oversees adherence to State Street's valuation policies. | ||||||||||||||||||||||||||||||||||||||||||||
The valuation group performs validation of the pricing information obtained from third-party sources in order to evaluate reasonableness and consistency with market experience in similar asset classes. Monthly analyses include a review of price changes relative to overall trends, credit analysis and other relevant procedures (discussed below). In addition, prices for level-3 securities carried in our investment portfolio are tested on a sample basis based on unexpected pricing movements. These sample prices are then corroborated through price recalculations, when applicable, using available market information, which is obtained separately from the third-party pricing source. The recalculated prices are compared to market-research information pertaining to credit expectations, execution prices and the timing of cash flows, and where information is available, back-testing. If a difference is identified and it is determined that there is a significant impact requiring an adjustment, the adjustment is presented to the Valuation Committee for review and consideration. | ||||||||||||||||||||||||||||||||||||||||||||
Validation is also performed on fair-value measurements determined using internally-developed pricing models. The pricing models are subject to validation through our Model Assessment Committee, a corporate risk oversight committee that provides technical support and input to the Valuation Committee. This validation process incorporates a review of a diverse set of model and trade parameters across a broad range of values in order to evaluate the model's suitability for valuation of a particular financial instrument type, as well as the model's accuracy in reflecting the characteristics of the related financial asset or liability and its significant risks. Inputs and assumptions, including any price-valuation adjustments, are developed by the business units and separately reviewed by the valuation group. Model valuations are compared to available market information including appropriate proxy instruments and other benchmarks to highlight abnormalities for further investigation. | ||||||||||||||||||||||||||||||||||||||||||||
Measuring fair value requires the exercise of management judgment. The level of subjectivity and the degree of management judgment required is more significant for financial instruments whose fair value is measured using inputs that are not observable. The areas requiring significant judgment are identified, documented and reported to the Valuation Committee as part of the valuation control framework. We believe that our valuation methods are appropriate; however, the use of different methodologies or assumptions, particularly as they apply to level-3 financial assets and liabilities, could materially affect our fair-value measurements as of the reporting date. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated. No transfers of financial assets or liabilities between levels 1 and 2 occurred in the six months ended June 30, 2014 or the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||||||||||||||
as of June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Quoted Market | Pricing Methods | Pricing Methods | Impact of Netting(1) | Total Net | |||||||||||||||||||||||||||||||||||||||
Prices in Active | with Significant | with Significant | Carrying Value | |||||||||||||||||||||||||||||||||||||||||
Markets | Observable | Unobservable | in Consolidated | |||||||||||||||||||||||||||||||||||||||||
(Level 1) | Market Inputs | Market Inputs | Statement of | |||||||||||||||||||||||||||||||||||||||||
(Level 2) | (Level 3) | Condition | ||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government securities | $ | 20 | $ | — | $ | — | $ | 20 | ||||||||||||||||||||||||||||||||||||
Non-U.S. government securities | 423 | — | — | 423 | ||||||||||||||||||||||||||||||||||||||||
Other | 78 | 420 | — | 498 | ||||||||||||||||||||||||||||||||||||||||
Total trading account assets | 521 | 420 | — | 941 | ||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||||||||||||||
Direct obligations | 2,781 | 654 | — | 3,435 | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 22,043 | 96 | 22,139 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Student loans | — | 13,640 | 322 | 13,962 | ||||||||||||||||||||||||||||||||||||||||
Credit cards | — | 6,566 | — | 6,566 | ||||||||||||||||||||||||||||||||||||||||
Sub-prime | — | 1,101 | — | 1,101 | ||||||||||||||||||||||||||||||||||||||||
Other | — | 574 | 4,061 | 4,635 | ||||||||||||||||||||||||||||||||||||||||
Total asset-backed securities | — | 21,881 | 4,383 | 26,264 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 11,435 | — | 11,435 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 3,694 | 506 | 4,200 | ||||||||||||||||||||||||||||||||||||||||
Government securities | — | 3,823 | — | 3,823 | ||||||||||||||||||||||||||||||||||||||||
Other | — | 5,242 | 515 | 5,757 | ||||||||||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | — | 24,194 | 1,021 | 25,215 | ||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | — | 10,576 | 41 | 10,617 | ||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 5,178 | 196 | 5,374 | ||||||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 4,833 | 9 | 4,842 | ||||||||||||||||||||||||||||||||||||||||
U.S. equity securities | — | 37 | — | 37 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. equity securities | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||||
U.S. money-market mutual funds | — | 615 | — | 615 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. money-market mutual funds | — | 7 | — | 7 | ||||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | 2,781 | 90,019 | 5,746 | 98,546 | ||||||||||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 6,627 | 10 | $ | (3,762 | ) | 2,875 | |||||||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 58 | — | (56 | ) | 2 | ||||||||||||||||||||||||||||||||||||||
Other derivative contracts | — | 4 | — | (2 | ) | 2 | ||||||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 6,689 | 10 | (3,820 | ) | 2,879 | ||||||||||||||||||||||||||||||||||||||
Other | 106 | — | — | — | 106 | |||||||||||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 3,408 | $ | 97,128 | $ | 5,756 | $ | (3,820 | ) | $ | 102,472 | |||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 6,346 | $ | 10 | $ | (3,117 | ) | $ | 3,239 | |||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 270 | — | (55 | ) | 215 | ||||||||||||||||||||||||||||||||||||||
Other derivative contracts | — | 59 | 9 | (2 | ) | 66 | ||||||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 6,675 | 19 | (3,174 | ) | 3,520 | ||||||||||||||||||||||||||||||||||||||
Other | 106 | — | — | — | 106 | |||||||||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 106 | $ | 6,675 | $ | 19 | $ | (3,174 | ) | $ | 3,626 | |||||||||||||||||||||||||||||||||
(1) Represents counterparty netting against level-2 financial assets and liabilities, where a legally enforceable master netting agreement exists between State Street and the counterparty. Netting also reflects asset and liability reductions of $860 million and $214 million, respectively, for cash collateral received from and provided to derivative counterparties. | ||||||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||||||||||||||
as of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Quoted Market | Pricing Methods | Pricing Methods | Impact of Netting(1) | Total Net | |||||||||||||||||||||||||||||||||||||||
Prices in Active | with Significant | with Significant | Carrying Value | |||||||||||||||||||||||||||||||||||||||||
Markets | Observable | Unobservable | in Consolidated | |||||||||||||||||||||||||||||||||||||||||
(Level 1) | Market Inputs | Market Inputs | Statement of | |||||||||||||||||||||||||||||||||||||||||
(Level 2) | (Level 3) | Condition | ||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government securities | $ | 20 | $ | — | $ | — | $ | 20 | ||||||||||||||||||||||||||||||||||||
Non-U.S. government securities | 399 | — | — | 399 | ||||||||||||||||||||||||||||||||||||||||
Other | 67 | 357 | — | 424 | ||||||||||||||||||||||||||||||||||||||||
Total trading account assets | 486 | 357 | — | 843 | ||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||||||||||||||
Direct obligations | — | 709 | — | 709 | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 22,847 | 716 | 23,563 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Student loans | — | 14,119 | 423 | 14,542 | ||||||||||||||||||||||||||||||||||||||||
Credit cards | — | 8,186 | 24 | 8,210 | ||||||||||||||||||||||||||||||||||||||||
Sub-prime | — | 1,203 | — | 1,203 | ||||||||||||||||||||||||||||||||||||||||
Other | — | 532 | 4,532 | 5,064 | ||||||||||||||||||||||||||||||||||||||||
Total asset-backed securities | — | 24,040 | 4,979 | 29,019 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 10,654 | 375 | 11,029 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 4,592 | 798 | 5,390 | ||||||||||||||||||||||||||||||||||||||||
Government securities | — | 3,761 | — | 3,761 | ||||||||||||||||||||||||||||||||||||||||
Other | — | 4,263 | 464 | 4,727 | ||||||||||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | — | 23,270 | 1,637 | 24,907 | ||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | — | 10,220 | 43 | 10,263 | ||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 5,107 | 162 | 5,269 | ||||||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 4,972 | 8 | 4,980 | ||||||||||||||||||||||||||||||||||||||||
U.S. equity securities | — | 34 | — | 34 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. equity securities | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||||
U.S. money-market mutual funds | — | 422 | — | 422 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. money-market mutual funds | — | 7 | — | 7 | ||||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | — | 91,629 | 7,545 | 99,174 | ||||||||||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 11,892 | 19 | $ | (6,442 | ) | 5,469 | |||||||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 65 | — | (59 | ) | 6 | ||||||||||||||||||||||||||||||||||||||
Other derivative contracts | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 11,958 | 19 | (6,501 | ) | 5,476 | ||||||||||||||||||||||||||||||||||||||
Other | 97 | — | — | — | 97 | |||||||||||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 583 | $ | 103,944 | $ | 7,564 | $ | (6,501 | ) | $ | 105,590 | |||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 11,454 | $ | 17 | $ | (5,458 | ) | $ | 6,013 | |||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 331 | — | (94 | ) | 237 | ||||||||||||||||||||||||||||||||||||||
Other derivative contracts | — | — | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 11,785 | 26 | (5,552 | ) | 6,259 | ||||||||||||||||||||||||||||||||||||||
Other | 97 | — | — | — | 97 | |||||||||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 97 | $ | 11,785 | $ | 26 | $ | (5,552 | ) | $ | 6,356 | |||||||||||||||||||||||||||||||||
(1) Represents counterparty netting against level-2 financial assets and liabilities, where a legally enforceable master netting agreement exists between State Street and the counterparty. Netting also reflects asset and liability reductions of $1.93 billion and $979 million, respectively, for cash collateral received from and provided to derivative counterparties. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present activity related to our level-3 financial assets and liabilities during the three and six months ended June 30, 2014 and 2013, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. In the three and six months ended June 30, 2014 and 2013, respectively, transfers out of level 3 were mainly related to certain mortgage- and asset-backed securities, including non-U.S. debt securities, for which fair value was measured using prices for which observable market information became available. | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
March 31, | Unrealized Gains (Losses) | into | out of | 30-Jun-14 | Unrealized | |||||||||||||||||||||||||||||||||||||||
2014 | Level 3 | Level 3 | Gains | |||||||||||||||||||||||||||||||||||||||||
(Losses) | ||||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2014 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies, mortgage-backed securities | $ | 100 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (4 | ) | $ | — | $ | — | $ | 96 | |||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Student loans | 333 | 1 | 2 | — | — | — | (14 | ) | — | — | 322 | |||||||||||||||||||||||||||||||||
Other | 4,304 | 13 | (1 | ) | — | — | — | (255 | ) | — | — | 4,061 | ||||||||||||||||||||||||||||||||
Total asset-backed securities | 4,637 | 14 | 1 | — | — | — | (269 | ) | — | — | 4,383 | |||||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 612 | 1 | 1 | — | — | — | (56 | ) | — | (52 | ) | 506 | ||||||||||||||||||||||||||||||||
Other | 462 | — | 1 | 55 | — | — | (3 | ) | — | — | 515 | |||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,074 | 1 | 2 | 55 | — | — | (59 | ) | — | (52 | ) | 1,021 | ||||||||||||||||||||||||||||||||
State and political subdivisions | 42 | — | — | — | — | — | (1 | ) | — | — | 41 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 202 | — | — | — | — | — | (6 | ) | — | — | 196 | |||||||||||||||||||||||||||||||||
Other U.S. debt securities | 8 | — | 1 | — | — | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||
Total investment securities available for sale | 6,063 | 15 | 4 | 55 | — | — | (339 | ) | — | (52 | ) | 5,746 | ||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments, Foreign exchange contracts | 6 | (6 | ) | — | 11 | — | — | (1 | ) | — | — | 10 | $ | (4 | ) | |||||||||||||||||||||||||||||
Total derivative instruments | 6 | (6 | ) | — | 11 | — | — | (1 | ) | — | — | 10 | (4 | ) | ||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 6,069 | $ | 9 | $ | 4 | $ | 66 | $ | — | $ | — | $ | (340 | ) | $ | — | $ | (52 | ) | $ | 5,756 | $ | (4 | ) | |||||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
March 31, | Unrealized (Gains) Losses | into | out of | 30-Jun-14 | Unrealized | |||||||||||||||||||||||||||||||||||||||
2014 | Level 3 | Level 3 | (Gains) | |||||||||||||||||||||||||||||||||||||||||
Losses Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2014 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 8 | $ | (5 | ) | $ | — | $ | — | $ | 8 | $ | — | $ | (1 | ) | $ | — | $ | — | $ | 10 | $ | (3 | ) | |||||||||||||||||||
Other | 9 | — | — | — | — | — | — | — | — | 9 | — | |||||||||||||||||||||||||||||||||
Total derivative instruments | 17 | (5 | ) | — | — | 8 | — | (1 | ) | — | — | 19 | (3 | ) | ||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 17 | $ | (5 | ) | $ | — | $ | — | $ | 8 | $ | — | $ | (1 | ) | $ | — | $ | — | $ | 19 | $ | (3 | ) | |||||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
December 31, | Unrealized Gains (Losses) | into | out of | June 30, | Unrealized | |||||||||||||||||||||||||||||||||||||||
2013 | Level 3 | Level 3 | 2014 | Gains | ||||||||||||||||||||||||||||||||||||||||
(Losses) | ||||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2014 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies, mortgage-backed securities | $ | 716 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (9 | ) | $ | — | $ | (611 | ) | $ | 96 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Student loans | 423 | 1 | 3 | — | — | — | (26 | ) | — | (79 | ) | 322 | ||||||||||||||||||||||||||||||||
Credit cards | 24 | — | — | — | — | — | (24 | ) | — | — | — | |||||||||||||||||||||||||||||||||
Other | 4,532 | 29 | (6 | ) | 6 | — | — | (500 | ) | — | — | 4,061 | ||||||||||||||||||||||||||||||||
Total asset-backed securities | 4,979 | 30 | (3 | ) | 6 | — | — | (550 | ) | — | (79 | ) | 4,383 | |||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 375 | — | — | — | — | — | — | — | (375 | ) | — | |||||||||||||||||||||||||||||||||
Asset-backed securities | 798 | 3 | 1 | — | — | — | (120 | ) | — | (176 | ) | 506 | ||||||||||||||||||||||||||||||||
Other | 464 | — | 1 | 54 | — | (1 | ) | (3 | ) | — | — | 515 | ||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,637 | 3 | 2 | 54 | — | (1 | ) | (123 | ) | — | (551 | ) | 1,021 | |||||||||||||||||||||||||||||||
State and political subdivisions | 43 | — | (1 | ) | — | — | — | (1 | ) | — | — | 41 | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 162 | — | — | 80 | — | (6 | ) | (13 | ) | — | (27 | ) | 196 | |||||||||||||||||||||||||||||||
Other U.S. debt securities | 8 | — | 1 | — | — | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||
Total investment securities available for sale | 7,545 | 33 | (1 | ) | 140 | — | (7 | ) | (696 | ) | — | (1,268 | ) | 5,746 | ||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments, Foreign exchange contracts | 19 | (15 | ) | — | 15 | — | — | (9 | ) | — | — | 10 | $ | (7 | ) | |||||||||||||||||||||||||||||
Total derivative instruments | 19 | (15 | ) | — | 15 | — | — | (9 | ) | — | — | 10 | (7 | ) | ||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 7,564 | $ | 18 | $ | (1 | ) | $ | 155 | $ | — | $ | (7 | ) | $ | (705 | ) | $ | — | $ | (1,268 | ) | $ | 5,756 | $ | (7 | ) | |||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
December 31, | Unrealized (Gains) Losses | into | out of | June 30, | Unrealized | |||||||||||||||||||||||||||||||||||||||
2013 | Level 3 | Level 3 | 2014 | (Gains) | ||||||||||||||||||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2014 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 17 | $ | (14 | ) | $ | — | $ | — | $ | 14 | $ | — | $ | (7 | ) | $ | — | $ | — | $ | 10 | $ | (5 | ) | |||||||||||||||||||
Other | 9 | — | — | — | — | — | — | — | — | 9 | — | |||||||||||||||||||||||||||||||||
Total derivative instruments | 26 | (14 | ) | — | — | 14 | — | (7 | ) | — | — | 19 | (5 | ) | ||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 26 | $ | (14 | ) | $ | — | $ | — | $ | 14 | $ | — | $ | (7 | ) | $ | — | $ | — | $ | 19 | $ | (5 | ) | |||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of March 31, | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
2013 | Unrealized Gains (Losses) | into | out of | 30-Jun-13 | Unrealized | |||||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | Gains | ||||||||||||||||||||||||||||||||||||||||||
(Losses) | ||||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2013 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies, mortgage-backed securities | $ | 798 | $ | — | $ | — | $ | 92 | $ | — | $ | — | $ | (26 | ) | $ | — | $ | — | $ | 864 | |||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Student loans | 461 | 1 | 2 | — | — | — | (8 | ) | — | (76 | ) | 380 | ||||||||||||||||||||||||||||||||
Credit cards | 24 | — | — | — | — | — | — | — | — | 24 | ||||||||||||||||||||||||||||||||||
Other | 3,872 | 15 | 9 | 385 | — | — | (433 | ) | — | — | 3,848 | |||||||||||||||||||||||||||||||||
Total asset-backed securities | 4,357 | 16 | 11 | 385 | — | — | (441 | ) | — | (76 | ) | 4,252 | ||||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 331 | — | (1 | ) | — | — | — | (2 | ) | — | — | 328 | ||||||||||||||||||||||||||||||||
Asset-backed securities | 470 | 1 | (2 | ) | 183 | — | — | (35 | ) | 139 | — | 756 | ||||||||||||||||||||||||||||||||
Other | 276 | — | 1 | — | — | 4 | — | — | 281 | |||||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,077 | 1 | (2 | ) | 183 | — | — | (33 | ) | 139 | — | 1,365 | ||||||||||||||||||||||||||||||||
State and political subdivisions | 47 | — | (1 | ) | — | — | — | (1 | ) | — | — | 45 | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 108 | — | — | 140 | — | — | (10 | ) | — | — | 238 | |||||||||||||||||||||||||||||||||
Other U.S. debt securities | 9 | — | — | — | — | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||
Total investment securities available for sale | 6,396 | 17 | 8 | 800 | — | — | (511 | ) | 139 | (76 | ) | 6,773 | ||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments, Foreign exchange contracts | 172 | 31 | — | 12 | — | — | (94 | ) | — | — | 121 | $ | 34 | |||||||||||||||||||||||||||||||
Total derivative instruments | 172 | 31 | — | 12 | — | — | (94 | ) | — | — | 121 | 34 | ||||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 6,568 | $ | 48 | $ | 8 | $ | 812 | $ | — | $ | — | $ | (605 | ) | $ | 139 | $ | (76 | ) | $ | 6,894 | $ | 34 | ||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of March 31, | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair | Change in | |||||||||||||||||||||||||||||||||||
2013 | Unrealized (Gains) Losses | into | out of | Value as of | Unrealized | |||||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | June 30, | (Gains) | |||||||||||||||||||||||||||||||||||||||||
2013 | Losses | |||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2013 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 153 | $ | 24 | $ | — | $ | — | $ | 10 | $ | — | $ | (79 | ) | $ | — | $ | — | $ | 108 | $ | 29 | |||||||||||||||||||||
Other | 9 | — | — | — | — | — | — | — | — | 9 | — | |||||||||||||||||||||||||||||||||
Total derivative instruments | 162 | 24 | — | — | 10 | — | (79 | ) | — | — | 117 | 29 | ||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 162 | $ | 24 | $ | — | $ | — | $ | 10 | $ | — | $ | (79 | ) | $ | — | $ | — | $ | 117 | $ | 29 | |||||||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of December 31, | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
2012 | Unrealized Gains (Losses) | into | out of | June 30, | Unrealized | |||||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | 2013 | Gains | |||||||||||||||||||||||||||||||||||||||||
(Losses) | ||||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2013 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 825 | $ | — | $ | 1 | $ | 92 | $ | — | $ | — | $ | (54 | ) | $ | — | $ | — | $ | 864 | |||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Student loans | 588 | 1 | 8 | — | — | (26 | ) | (16 | ) | — | (175 | ) | 380 | |||||||||||||||||||||||||||||||
Credit cards | 67 | — | — | — | — | — | (43 | ) | — | — | 24 | |||||||||||||||||||||||||||||||||
Other | 3,994 | 28 | 30 | 565 | — | (10 | ) | (759 | ) | — | — | 3,848 | ||||||||||||||||||||||||||||||||
Total asset-backed securities | 4,649 | 29 | 38 | 565 | — | (36 | ) | (818 | ) | — | (175 | ) | 4,252 | |||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 555 | — | — | — | — | — | (19 | ) | — | (208 | ) | 328 | ||||||||||||||||||||||||||||||||
Asset-backed securities | 524 | 3 | 1 | 234 | — | — | (68 | ) | 139 | (77 | ) | 756 | ||||||||||||||||||||||||||||||||
Other | 140 | — | 1 | 179 | — | — | 1 | — | (40 | ) | 281 | |||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,219 | 3 | 2 | 413 | — | — | (86 | ) | 139 | (325 | ) | 1,365 | ||||||||||||||||||||||||||||||||
State and political subdivisions | 48 | — | (1 | ) | — | — | — | (2 | ) | — | — | 45 | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 117 | — | — | 140 | — | — | (19 | ) | — | — | 238 | |||||||||||||||||||||||||||||||||
Other U.S. debt securities | 9 | — | — | — | — | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||
Total investment securities available for sale | 6,867 | 32 | 40 | 1,210 | — | (36 | ) | (979 | ) | 139 | (500 | ) | 6,773 | |||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 113 | 134 | — | 32 | — | — | (158 | ) | — | — | 121 | $ | 56 | |||||||||||||||||||||||||||||||
Total derivative instruments | 113 | 134 | — | 32 | — | — | (158 | ) | — | — | 121 | 56 | ||||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 6,980 | $ | 166 | $ | 40 | $ | 1,242 | $ | — | $ | (36 | ) | $ | (1,137 | ) | $ | 139 | $ | (500 | ) | $ | 6,894 | $ | 56 | |||||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of December 31, | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
2012 | Unrealized (Gains) Losses | into | out of | June 30, | Unrealized | |||||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | 2013 | (Gains) | |||||||||||||||||||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2013 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 106 | $ | 74 | $ | — | $ | — | $ | 35 | $ | — | $ | (107 | ) | $ | — | $ | — | $ | 108 | $ | 42 | |||||||||||||||||||||
Other | 9 | — | — | — | — | — | — | — | — | 9 | — | |||||||||||||||||||||||||||||||||
Total derivative instruments | 115 | 74 | — | — | 35 | — | (107 | ) | — | — | 117 | 42 | ||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 115 | $ | 74 | $ | — | $ | — | $ | 35 | $ | — | $ | (107 | ) | $ | — | $ | — | $ | 117 | $ | 42 | |||||||||||||||||||||
The following table presents total realized and unrealized gains and losses for the periods indicated that were recorded in revenue for our level-3 financial assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
Total Realized and | Change in | Total Realized and | Change in | |||||||||||||||||||||||||||||||||||||||||
Unrealized Gains | Unrealized Gains | Unrealized Gains | Unrealized Gains | |||||||||||||||||||||||||||||||||||||||||
(Losses) Recorded | (Losses) Related to | (Losses) Recorded | (Losses) Related to | |||||||||||||||||||||||||||||||||||||||||
in Revenue | Financial | in Revenue | Financial | |||||||||||||||||||||||||||||||||||||||||
Instruments Held at | Instruments Held at | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Fee revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Trading services | $ | (1 | ) | $ | 7 | $ | (1 | ) | $ | 5 | $ | (1 | ) | $ | 60 | $ | (2 | ) | $ | 14 | ||||||||||||||||||||||||
Total fee revenue | (1 | ) | 7 | (1 | ) | 5 | (1 | ) | 60 | (2 | ) | 14 | ||||||||||||||||||||||||||||||||
Net interest revenue | 15 | 17 | — | — | 33 | 32 | — | — | ||||||||||||||||||||||||||||||||||||
Total revenue | $ | 14 | $ | 24 | $ | (1 | ) | 5 | $ | 32 | $ | 92 | $ | (2 | ) | $ | 14 | |||||||||||||||||||||||||||
The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level-3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level-3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker or dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer. | ||||||||||||||||||||||||||||||||||||||||||||
Quantitative Information about Level-3 Fair-Value Measurements | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Weighted-Average | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | As of June 30, 2014 | As of December 31, 2013 | Valuation Technique | Significant | As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Unobservable Input | ||||||||||||||||||||||||||||||||||||||||||||
Significant unobservable inputs readily available to State Street: | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, student loans | $ | 14 | $ | 13 | Discounted cash flows | Credit spread | 2.2 | % | 3.5 | % | ||||||||||||||||||||||||||||||||||
Asset-backed securities, credit cards | — | 24 | Discounted cash flows | Credit spread | — | 2 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities, other | 76 | 92 | Discounted cash flows | Credit spread | 1 | 1.5 | ||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 41 | 43 | Discounted cash flows | Credit spread | 1.6 | 1.7 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | 10 | 19 | Option model | Volatility | 6 | 11.4 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 141 | $ | 191 | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | $ | 10 | $ | 17 | Option model | Volatility | 5.8 | 11.2 | ||||||||||||||||||||||||||||||||||||
Derivative instruments, other(1) | 9 | 9 | Discounted cash flows | Participant redemptions | 4.9 | 7.5 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 19 | $ | 26 | ||||||||||||||||||||||||||||||||||||||||
(1) Relates to stable value wrap contracts; refer to the sensitivity discussion following the tables presented below, and to note 7. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present information with respect to the composition of our level-3 financial assets and | ||||||||||||||||||||||||||||||||||||||||||||
liabilities, by availability of significant unobservable inputs, as of the dates indicated: | ||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | Significant Unobservable Inputs Readily Available to State Street(1) | Significant Unobservable Inputs Not Developed by State Street and Not Readily Available(2) | Total Assets and Liabilities with Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies, mortgage-backed securities | $ | — | $ | 96 | $ | 96 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities, student loans | 14 | 308 | 322 | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, other | 76 | 3,985 | 4,061 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, asset-backed securities | — | 506 | 506 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, other | — | 515 | 515 | |||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 41 | — | 41 | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 196 | 196 | |||||||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | 10 | — | 10 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 141 | $ | 5,615 | $ | 5,756 | ||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | $ | 10 | $ | — | $ | 10 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments, other | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 19 | $ | — | $ | 19 | ||||||||||||||||||||||||||||||||||||||
(1) Information with respect to these model-priced financial assets and liabilities is provided above in a separate table. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Fair value for these financial assets is measured using non-binding broker or dealer quotes. | ||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Significant Unobservable Inputs Readily Available to State Street(1) | Significant Unobservable Inputs Not Developed by State Street and Not Readily Available(2) | Total Assets and Liabilities with Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies, mortgage-backed securities | $ | — | $ | 716 | $ | 716 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities, student loans | 13 | 410 | 423 | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, credit cards | 24 | — | 24 | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, other | 92 | 4,440 | 4,532 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, mortgage-backed securities | — | 375 | 375 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, asset-backed securities | — | 798 | 798 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, other | — | 464 | 464 | |||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 43 | — | 43 | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 162 | 162 | |||||||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | 19 | — | 19 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 191 | $ | 7,373 | $ | 7,564 | ||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | $ | 17 | $ | — | $ | 17 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments, other | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 26 | $ | — | $ | 26 | ||||||||||||||||||||||||||||||||||||||
(1) Information with respect to these model-priced financial assets and liabilities is provided above in a separate table. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Fair value for these financial assets is measured using non-binding broker or dealer quotes. | ||||||||||||||||||||||||||||||||||||||||||||
We use internally-developed pricing models to measure the fair value of our level-3 financial assets and liabilities, which models incorporate discounted cash flow and option modeling techniques. Use of these techniques requires the determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the preceding table. Accordingly, changes in these 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. Where multiple inputs are used within the valuation technique of an asset or liability, a change in one input in a certain direction may be offset by an opposite change in another input, resulting in a potentially muted impact on the overall fair value of that particular instrument. Additionally, a change in one unobservable input may result in a change to another unobservable input (that is, changes in certain inputs are interrelated to one another), which may counteract or magnify the fair-value impact. | ||||||||||||||||||||||||||||||||||||||||||||
For recurring level-3 fair-value measurements for which significant unobservable inputs were readily available to State Street as of June 30, 2014, the sensitivity of the fair-value measurement to changes in significant unobservable inputs, and a description of any interrelationships between those unobservable inputs, is described below; however, we rarely experience a situation in which those unobservable inputs change in isolation: | ||||||||||||||||||||||||||||||||||||||||||||
• | The significant unobservable input used in the measurement of the fair value of our asset-backed securities and municipal securities (state and political subdivisions) is the credit spread. Significant increases (decreases) in the credit spread would result in measurements of significantly lower (higher) fair value of these securities. | |||||||||||||||||||||||||||||||||||||||||||
• | The significant unobservable input used in the measurement of the fair value of our foreign exchange option contracts is the implied volatility surface. A significant increase (decrease) in the implied volatility surface would result in measurements of significantly higher (lower) fair value of these contracts. | |||||||||||||||||||||||||||||||||||||||||||
• | The significant unobservable input used in the measurement of the fair value of our other derivative instruments, specifically stable value wrap contracts, is participant redemptions. Increased volatility of participant redemptions may result in changes to our measurement of fair value. Generally, significant increases (decreases) in participant redemptions may result in measurements of significantly higher (lower) fair value of this liability. | |||||||||||||||||||||||||||||||||||||||||||
Fair Values of Financial Instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Estimates of fair value for financial instruments not carried at fair value on a recurring basis in our consolidated statement of condition, as defined by GAAP, are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information. Disclosure of fair-value estimates is not required by GAAP for certain items, such as lease financing, equity-method investments, obligations for pension and other post-retirement plans, premises and equipment, other intangible assets and income-tax assets and liabilities. Accordingly, aggregate fair-value estimates presented do not purport to represent, and should not be considered representative of, our underlying “market” or franchise value. In addition, because of potential differences in methodologies and assumptions used to estimate fair values, our estimates of fair value should not be compared to those of other financial institutions. | ||||||||||||||||||||||||||||||||||||||||||||
We use the following methods to estimate the fair values of our financial instruments: | ||||||||||||||||||||||||||||||||||||||||||||
• | For financial instruments that have quoted market prices, those quoted prices are used to estimate fair value. | |||||||||||||||||||||||||||||||||||||||||||
• | For financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, we assume that the fair value of these instruments approximates their reported value, after taking into consideration any applicable credit risk. | |||||||||||||||||||||||||||||||||||||||||||
• | For financial instruments for which no quoted market prices are available, fair value is estimated using information obtained from independent third parties, or by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. | |||||||||||||||||||||||||||||||||||||||||||
The generally short duration of certain of our assets and liabilities results in a significant number of financial instruments for which fair value equals or closely approximates the amount recorded in our consolidated statement of condition. These financial instruments are reported in the following captions in our consolidated statement of condition: cash and due from banks; interest-bearing deposits with banks; securities purchased under resale agreements; accrued interest and fees receivable; deposits; securities sold under repurchase agreements; federal funds purchased; and other short-term borrowings. | ||||||||||||||||||||||||||||||||||||||||||||
In addition, due to the relatively short duration of certain of our net loans (excluding leases), we consider fair value for these loans to approximate their reported value. The fair value of other types of loans, such as senior secured bank loans, commercial real estate loans and purchased receivables, is estimated using information obtained from independent third parties or by discounting expected future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings for the same remaining maturities. Commitments to lend have no reported value because their terms are at prevailing market rates. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present the reported amounts and estimated fair values of the financial instruments defined by GAAP, excluding financial assets and liabilities carried at fair value on a recurring basis, as they would be categorized within the fair-value hierarchy, as of the dates indicated. | ||||||||||||||||||||||||||||||||||||||||||||
Fair-Value Hierarchy | ||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | Reported Amount | Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1) | Pricing Methods with Significant Observable Market Inputs (Level 2) | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 6,247 | $ | 6,247 | $ | 6,247 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 98,386 | 98,386 | — | 98,386 | — | |||||||||||||||||||||||||||||||||||||||
Securities purchased under resale agreements | 3,681 | 3,681 | — | 3,681 | — | |||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | 18,757 | 18,864 | — | 18,864 | — | |||||||||||||||||||||||||||||||||||||||
Net loans (excluding leases) | 15,695 | 15,709 | — | 15,223 | 486 | |||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 73,109 | $ | 73,109 | $ | — | $ | 73,109 | $ | — | ||||||||||||||||||||||||||||||||||
Interest-bearing - U.S. | 27,584 | 27,584 | — | 27,584 | — | |||||||||||||||||||||||||||||||||||||||
Interest-bearing - non-U.S. | 118,141 | 118,141 | — | 118,141 | — | |||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 9,168 | 9,168 | — | 9,168 | — | |||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 14 | 14 | — | 14 | — | |||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 4,322 | 4,322 | — | 4,322 | — | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 9,037 | 9,412 | — | 8,525 | 887 | |||||||||||||||||||||||||||||||||||||||
Fair-Value Hierarchy | ||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Reported Amount | Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1) | Pricing Methods with Significant Observable Market Inputs (Level 2) | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 3,220 | $ | 3,220 | $ | 3,220 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 64,257 | 64,257 | — | 64,257 | — | |||||||||||||||||||||||||||||||||||||||
Securities purchased under resale agreements | 6,230 | 6,230 | — | 6,230 | — | |||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | 17,740 | 17,560 | — | 17,560 | — | |||||||||||||||||||||||||||||||||||||||
Net loans (excluding leases) | 12,363 | 12,355 | — | 11,908 | 447 | |||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 65,614 | $ | 65,614 | $ | — | $ | 65,614 | $ | — | ||||||||||||||||||||||||||||||||||
Interest-bearing - U.S. | 13,392 | 13,392 | — | 13,392 | — | |||||||||||||||||||||||||||||||||||||||
Interest-bearing - non-U.S. | 103,262 | 103,262 | — | 103,262 | — | |||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 7,953 | 7,953 | — | 7,953 | — | |||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 19 | 19 | — | 19 | — | |||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 3,780 | 3,780 | — | 3,780 | — | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 9,699 | 9,909 | — | 9,056 | 853 | |||||||||||||||||||||||||||||||||||||||
Investment_Securities
Investment Securities | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||||||||||
The following table presents the amortized cost and fair value, and associated unrealized gains and losses, of investment securities as of the dates indicated: | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Amortized | Gross | Fair | Amortized | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Value | Cost | Unrealized | Value | |||||||||||||||||||||||||||
(In millions) | Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 3,403 | $ | 33 | $ | 1 | $ | 3,435 | $ | 702 | $ | 9 | $ | 2 | $ | 709 | ||||||||||||||||
Mortgage-backed securities | 22,067 | 235 | 163 | 22,139 | 23,744 | 211 | 392 | 23,563 | ||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans(1) | 13,985 | 135 | 158 | 13,962 | 14,718 | 92 | 268 | 14,542 | ||||||||||||||||||||||||
Credit cards | 6,580 | 20 | 34 | 6,566 | 8,230 | 21 | 41 | 8,210 | ||||||||||||||||||||||||
Sub-prime | 1,172 | 3 | 74 | 1,101 | 1,291 | 3 | 91 | 1,203 | ||||||||||||||||||||||||
Other | 4,523 | 126 | 14 | 4,635 | 4,949 | 138 | 23 | 5,064 | ||||||||||||||||||||||||
Total asset-backed securities | 26,260 | 284 | 280 | 26,264 | 29,188 | 254 | 423 | 29,019 | ||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 11,231 | 207 | 3 | 11,435 | 10,808 | 230 | 9 | 11,029 | ||||||||||||||||||||||||
Asset-backed securities | 4,181 | 20 | 1 | 4,200 | 5,369 | 23 | 2 | 5,390 | ||||||||||||||||||||||||
Government securities | 3,819 | 4 | — | 3,823 | 3,759 | 2 | — | 3,761 | ||||||||||||||||||||||||
Other | 5,699 | 66 | 8 | 5,757 | 4,679 | 59 | 11 | 4,727 | ||||||||||||||||||||||||
Total non-U.S. debt securities | 24,930 | 297 | 12 | 25,215 | 24,615 | 314 | 22 | 24,907 | ||||||||||||||||||||||||
State and political subdivisions | 10,400 | 289 | 72 | 10,617 | 10,301 | 160 | 198 | 10,263 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 5,321 | 83 | 30 | 5,374 | 5,275 | 70 | 76 | 5,269 | ||||||||||||||||||||||||
Other U.S. debt securities | 4,706 | 145 | 9 | 4,842 | 4,876 | 138 | 34 | 4,980 | ||||||||||||||||||||||||
U.S. equity securities | 29 | 8 | — | 37 | 28 | 6 | — | 34 | ||||||||||||||||||||||||
Non-U.S. equity securities | 1 | — | — | 1 | 1 | — | — | 1 | ||||||||||||||||||||||||
U.S. money-market mutual funds | 615 | — | — | 615 | 422 | — | — | 422 | ||||||||||||||||||||||||
Non-U.S. money-market mutual funds | 7 | — | — | 7 | 7 | — | — | 7 | ||||||||||||||||||||||||
Total | $ | 97,739 | $ | 1,374 | $ | 567 | $ | 98,546 | $ | 99,159 | $ | 1,162 | $ | 1,147 | $ | 99,174 | ||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 5,119 | $ | — | $ | 237 | $ | 4,882 | $ | 5,041 | $ | — | $ | 448 | $ | 4,593 | ||||||||||||||||
Mortgage-backed securities | 74 | 5 | — | 79 | 91 | 6 | — | 97 | ||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans(1) | 1,900 | 6 | 1 | 1,905 | 1,627 | — | 10 | 1,617 | ||||||||||||||||||||||||
Credit cards | 897 | 3 | — | 900 | 762 | 1 | — | 763 | ||||||||||||||||||||||||
Other | 692 | 3 | 1 | 694 | 782 | 1 | 2 | 781 | ||||||||||||||||||||||||
Total asset-backed securities | 3,489 | 12 | 2 | 3,499 | 3,171 | 2 | 12 | 3,161 | ||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 4,274 | 200 | 21 | 4,453 | 4,211 | 150 | 48 | 4,313 | ||||||||||||||||||||||||
Asset-backed securities | 2,898 | 18 | — | 2,916 | 2,202 | 19 | — | 2,221 | ||||||||||||||||||||||||
Government securities | 2 | — | — | 2 | 2 | — | — | 2 | ||||||||||||||||||||||||
Other | 245 | — | 1 | 244 | 192 | — | — | 192 | ||||||||||||||||||||||||
Total non-U.S. debt securities | 7,419 | 218 | 22 | 7,615 | 6,607 | 169 | 48 | 6,728 | ||||||||||||||||||||||||
State and political subdivisions | 15 | — | — | 15 | 24 | 1 | — | 25 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 2,641 | 151 | 18 | 2,774 | 2,806 | 176 | 26 | 2,956 | ||||||||||||||||||||||||
Total | $ | 18,757 | $ | 386 | $ | 279 | $ | 18,864 | $ | 17,740 | $ | 354 | $ | 534 | $ | 17,560 | ||||||||||||||||
(1) Substantially composed of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and | ||||||||||||||||||||||||||||||||
accrued interest on the underlying loans. | ||||||||||||||||||||||||||||||||
Aggregate investment securities with carrying values of $45.99 billion and $46.99 billion as of June 30, 2014 and December 31, 2013, respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law. | ||||||||||||||||||||||||||||||||
The following tables present the aggregate fair values of investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated: | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||
June 30, 2014 | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
(In millions) | Losses | Losses | Losses | |||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | — | $ | — | $ | 127 | $ | 1 | $ | 127 | $ | 1 | ||||||||||||||||||||
Mortgage-backed securities | 2,484 | 11 | 7,865 | 152 | 10,349 | 163 | ||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 440 | 4 | 6,901 | 154 | 7,341 | 158 | ||||||||||||||||||||||||||
Credit cards | 1,268 | 2 | 1,664 | 32 | 2,932 | 34 | ||||||||||||||||||||||||||
Sub-prime | — | — | 1,046 | 74 | 1,046 | 74 | ||||||||||||||||||||||||||
Other | 1,533 | 7 | 360 | 7 | 1,893 | 14 | ||||||||||||||||||||||||||
Total asset-backed securities | 3,241 | 13 | 9,971 | 267 | 13,212 | 280 | ||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 580 | 1 | 215 | 2 | 795 | 3 | ||||||||||||||||||||||||||
Asset-backed securities | 501 | 1 | — | — | 501 | 1 | ||||||||||||||||||||||||||
Other | 1,992 | 3 | 295 | 5 | 2,287 | 8 | ||||||||||||||||||||||||||
Total non-U.S. debt securities | 3,073 | 5 | 510 | 7 | 3,583 | 12 | ||||||||||||||||||||||||||
State and political subdivisions | 308 | 3 | 2,263 | 69 | 2,571 | 72 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 309 | 2 | 863 | 28 | 1,172 | 30 | ||||||||||||||||||||||||||
Other U.S. debt securities | — | — | 405 | 9 | 405 | 9 | ||||||||||||||||||||||||||
Total | $ | 9,415 | $ | 34 | $ | 22,004 | $ | 533 | $ | 31,419 | $ | 567 | ||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | — | $ | — | $ | 4,765 | $ | 237 | $ | 4,765 | $ | 237 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | — | — | 160 | 1 | 160 | 1 | ||||||||||||||||||||||||||
Other | 83 | 1 | — | — | 83 | 1 | ||||||||||||||||||||||||||
Total asset-backed securities | 83 | 1 | 160 | 1 | 243 | 2 | ||||||||||||||||||||||||||
Non-U.S. mortgage-backed securities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 460 | 1 | 732 | 20 | 1,192 | 21 | ||||||||||||||||||||||||||
Other | 54 | 1 | — | — | 54 | 1 | ||||||||||||||||||||||||||
Total non-U.S. debt securities | 514 | 2 | 732 | 20 | 1,246 | 22 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 343 | 5 | 631 | 13 | 974 | 18 | ||||||||||||||||||||||||||
Total | $ | 940 | $ | 8 | $ | 6,288 | $ | 271 | $ | 7,228 | $ | 279 | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||
December 31, 2013 | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
(In millions) | Losses | Losses | Losses | |||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 182 | $ | 1 | $ | 113 | $ | 1 | $ | 295 | $ | 2 | ||||||||||||||||||||
Mortgage-backed securities | 10,562 | 316 | 2,389 | 76 | 12,951 | 392 | ||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 1,930 | 16 | 7,252 | 252 | 9,182 | 268 | ||||||||||||||||||||||||||
Credit cards | 3,714 | 30 | 161 | 11 | 3,875 | 41 | ||||||||||||||||||||||||||
Sub-prime | — | — | 1,150 | 91 | 1,150 | 91 | ||||||||||||||||||||||||||
Other | 1,896 | 12 | 439 | 11 | 2,335 | 23 | ||||||||||||||||||||||||||
Total asset-backed securities | 7,540 | 58 | 9,002 | 365 | 16,542 | 423 | ||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 868 | 2 | 258 | 7 | 1,126 | 9 | ||||||||||||||||||||||||||
Asset-backed securities | 551 | 1 | 16 | 1 | 567 | 2 | ||||||||||||||||||||||||||
Other | 1,655 | 9 | 150 | 2 | 1,805 | 11 | ||||||||||||||||||||||||||
Total non-U.S. debt securities | 3,074 | 12 | 424 | 10 | 3,498 | 22 | ||||||||||||||||||||||||||
State and political subdivisions | 3,242 | 113 | 1,268 | 85 | 4,510 | 198 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 1,581 | 55 | 510 | 21 | 2,091 | 76 | ||||||||||||||||||||||||||
Other U.S. debt securities | 1,039 | 25 | 58 | 9 | 1,097 | 34 | ||||||||||||||||||||||||||
Total | $ | 27,220 | $ | 580 | $ | 13,764 | $ | 567 | $ | 40,984 | $ | 1,147 | ||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 4,571 | $ | 448 | $ | — | $ | — | $ | 4,571 | $ | 448 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student Loans | 1,352 | 10 | — | — | 1,352 | 10 | ||||||||||||||||||||||||||
Other | 297 | 1 | 29 | 1 | 326 | 2 | ||||||||||||||||||||||||||
Total asset-backed securities | 1,649 | 11 | 29 | 1 | 1,678 | 12 | ||||||||||||||||||||||||||
Non-U.S. mortgage-backed securities | 834 | 3 | 878 | 45 | 1,712 | 48 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 759 | 18 | 161 | 8 | 920 | 26 | ||||||||||||||||||||||||||
Total | $ | 7,813 | $ | 480 | $ | 1,068 | $ | 54 | $ | 8,881 | $ | 534 | ||||||||||||||||||||
The following table presents contractual maturities of debt investment securities as of June 30, 2014: | ||||||||||||||||||||||||||||||||
(In millions) | Under 1 | 1 to 5 | 6 to 10 | Over 10 | ||||||||||||||||||||||||||||
Year | Years | Years | Years | |||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 2 | $ | 783 | $ | 2,079 | $ | 571 | ||||||||||||||||||||||||
Mortgage-backed securities | 197 | 2,295 | 5,141 | 14,506 | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 378 | 6,718 | 4,219 | 2,647 | ||||||||||||||||||||||||||||
Credit cards | 1,650 | 3,261 | 1,655 | — | ||||||||||||||||||||||||||||
Sub-prime | 7 | 19 | 1 | 1,074 | ||||||||||||||||||||||||||||
Other | 506 | 1,224 | 1,187 | 1,718 | ||||||||||||||||||||||||||||
Total asset-backed securities | 2,541 | 11,222 | 7,062 | 5,439 | ||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,055 | 5,053 | 403 | 3,924 | ||||||||||||||||||||||||||||
Asset-backed securities | 333 | 3,176 | 564 | 127 | ||||||||||||||||||||||||||||
Government securities | 2,233 | 1,590 | — | — | ||||||||||||||||||||||||||||
Other | 2,038 | 2,655 | 1,064 | — | ||||||||||||||||||||||||||||
Total non-U.S. debt securities | 6,659 | 12,474 | 2,031 | 4,051 | ||||||||||||||||||||||||||||
State and political subdivisions | 670 | 3,032 | 4,321 | 2,594 | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 397 | 1,403 | 1,113 | 2,461 | ||||||||||||||||||||||||||||
Other U.S. debt securities | 637 | 3,485 | 685 | 35 | ||||||||||||||||||||||||||||
Total | $ | 11,103 | $ | 34,694 | $ | 22,432 | $ | 29,657 | ||||||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | — | $ | — | $ | 5,000 | $ | 119 | ||||||||||||||||||||||||
Mortgage-backed securities | — | 18 | 13 | 43 | ||||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||||||
Student loans | 9 | 182 | 385 | 1,324 | ||||||||||||||||||||||||||||
Credit cards | — | 335 | 562 | — | ||||||||||||||||||||||||||||
Other | 24 | 441 | 222 | 5 | ||||||||||||||||||||||||||||
Total asset-backed securities | 33 | 958 | 1,169 | 1,329 | ||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 87 | 1,320 | 181 | 2,686 | ||||||||||||||||||||||||||||
Asset-backed securities | 7 | 2,513 | 378 | — | ||||||||||||||||||||||||||||
Government securities | 2 | — | — | — | ||||||||||||||||||||||||||||
Other | 165 | 80 | — | — | ||||||||||||||||||||||||||||
Total non-U.S. debt securities | 261 | 3,913 | 559 | 2,686 | ||||||||||||||||||||||||||||
State and political subdivisions | 12 | 3 | — | — | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 487 | 697 | 510 | 947 | ||||||||||||||||||||||||||||
Total | $ | 793 | $ | 5,589 | $ | 7,251 | $ | 5,124 | ||||||||||||||||||||||||
The maturities of asset-backed securities, mortgage-backed securities and collateralized mortgage obligations are based on expected principal payments. | ||||||||||||||||||||||||||||||||
The following tables present gross realized gains and gross realized losses from sales of available-for-sale securities and the components of net impairment losses, included in net gains and losses related to investment securities, for the periods indicated: | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Gross realized gains from sales of available-for-sale securities | $ | 1 | $ | 30 | ||||||||||||||||||||||||||||
Gross realized losses from sales of available-for-sale securities | (1 | ) | (30 | ) | ||||||||||||||||||||||||||||
Net impairment losses: | ||||||||||||||||||||||||||||||||
Gross losses from other-than-temporary impairment | — | (6 | ) | |||||||||||||||||||||||||||||
Losses reclassified (from) to other comprehensive income | (2 | ) | (1 | ) | ||||||||||||||||||||||||||||
Net impairment losses(1) | (2 | ) | (7 | ) | ||||||||||||||||||||||||||||
Gains related to investment securities, net | $ | (2 | ) | $ | (7 | ) | ||||||||||||||||||||||||||
(1) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: | ||||||||||||||||||||||||||||||||
Impairment associated with expected credit losses | $ | (1 | ) | $ | — | |||||||||||||||||||||||||||
Impairment associated with management's intent to sell impaired securities prior to recovery in value | — | (6 | ) | |||||||||||||||||||||||||||||
Impairment associated with adverse changes in timing of expected future cash flows | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||
Net impairment losses | $ | (2 | ) | $ | (7 | ) | ||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Gross realized gains from sales of available-for-sale securities | $ | 16 | $ | 87 | ||||||||||||||||||||||||||||
Gross realized losses from sales of available-for-sale securities | (1 | ) | (82 | ) | ||||||||||||||||||||||||||||
Net impairment losses: | ||||||||||||||||||||||||||||||||
Gross losses from other-than-temporary impairment | (1 | ) | (6 | ) | ||||||||||||||||||||||||||||
Losses reclassified (from) to other comprehensive income | (10 | ) | (4 | ) | ||||||||||||||||||||||||||||
Net impairment losses(1) | (11 | ) | (10 | ) | ||||||||||||||||||||||||||||
Gains related to investment securities, net | $ | 4 | $ | (5 | ) | |||||||||||||||||||||||||||
(1) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: | ||||||||||||||||||||||||||||||||
Impairment associated with expected credit losses | $ | (10 | ) | $ | — | |||||||||||||||||||||||||||
Impairment associated with management's intent to sell impaired securities prior to recovery in value | — | (6 | ) | |||||||||||||||||||||||||||||
Impairment associated with adverse changes in timing of expected future cash flows | (1 | ) | (4 | ) | ||||||||||||||||||||||||||||
Net impairment losses | $ | (11 | ) | $ | (10 | ) | ||||||||||||||||||||||||||
The following table presents activity with respect to net impairment losses for the periods indicated: | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 122 | $ | 124 | ||||||||||||||||||||||||||||
Plus losses for which other-than-temporary impairment was not previously recognized | — | 6 | ||||||||||||||||||||||||||||||
Plus losses for which other-than-temporary impairment was previously recognized | 11 | 4 | ||||||||||||||||||||||||||||||
Less previously recognized losses related to securities sold or matured | (2 | ) | (9 | ) | ||||||||||||||||||||||||||||
Less losses related to securities intended or required to be sold | (6 | ) | — | |||||||||||||||||||||||||||||
Ending balance | $ | 125 | $ | 125 | ||||||||||||||||||||||||||||
Impairment: | ||||||||||||||||||||||||||||||||
We conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists. Impairment exists when the current fair value of an individual security is below its amortized cost basis. When the decline in the security's fair value is deemed to be other than temporary, the loss is recorded in our consolidated statement of income. In addition, for debt securities available for sale and held to maturity, impairment is recorded in our consolidated statement of income when management intends to sell (or may be required to sell) the securities before they recover in value, or when management expects the present value of cash flows expected to be collected from the securities to be less than the amortized cost of the impaired security (a credit loss). | ||||||||||||||||||||||||||||||||
Our review of impaired securities generally includes: | ||||||||||||||||||||||||||||||||
• | the identification and evaluation of securities that have indications of potential other-than-temporary impairment, such as issuer-specific concerns, including deteriorating financial condition or bankruptcy; | |||||||||||||||||||||||||||||||
• | the analysis of expected future cash flows of securities, based on quantitative and qualitative factors; | |||||||||||||||||||||||||||||||
• | the analysis of the collectability of those future cash flows, including information about past events, current conditions and reasonable and supportable forecasts; | |||||||||||||||||||||||||||||||
• | the analysis of the underlying collateral for mortgage- and asset-backed securities; | |||||||||||||||||||||||||||||||
• | the analysis of individual impaired securities, including consideration of the length of time the security has been in an unrealized loss position, the anticipated recovery period, and the magnitude of the overall price decline; | |||||||||||||||||||||||||||||||
• | discussion and evaluation of factors or triggers that could cause individual securities to be deemed other-than- temporarily impaired and those that would not support other-than-temporary impairment; and | |||||||||||||||||||||||||||||||
• | documentation of the results of these analyses. | |||||||||||||||||||||||||||||||
Factors considered in determining whether impairment is other than temporary include: | ||||||||||||||||||||||||||||||||
• | certain macroeconomic drivers; | |||||||||||||||||||||||||||||||
• | certain industry-specific drivers; | |||||||||||||||||||||||||||||||
• | the length of time the security has been impaired; | |||||||||||||||||||||||||||||||
• | the severity of the impairment; | |||||||||||||||||||||||||||||||
• | the cause of the impairment and the financial condition and near-term prospects of the issuer; | |||||||||||||||||||||||||||||||
• | activity in the market with respect to the issuer's securities, which may indicate adverse credit conditions; and | |||||||||||||||||||||||||||||||
• | our intention not to sell, and the likelihood that we will not be required to sell, the security for a period of time sufficient to allow for its recovery in value. | |||||||||||||||||||||||||||||||
Substantially all of our investment securities portfolio is composed of debt securities. A critical component of our assessment of other-than-temporary impairment of these debt securities is the identification of credit-impaired securities for which management does not expect to receive cash flows sufficient to recover the entire amortized cost basis of the security. | ||||||||||||||||||||||||||||||||
Debt securities that are not deemed to be credit-impaired are subject to additional management analysis to assess whether management intends to sell, or, more likely than not, would be required to sell, the security before the expected recovery to its amortized cost basis. | ||||||||||||||||||||||||||||||||
The following provides a description of our process for the identification and assessment of other-than-temporary impairment, as well as information about other-than-temporary impairment recorded in the three and six months ended June 30, 2014 and 2013 and changes in period-end unrealized losses, for major security types. | ||||||||||||||||||||||||||||||||
U.S. Agency Securities | ||||||||||||||||||||||||||||||||
Our portfolio of U.S. agency direct obligations and mortgage-backed securities receives the implicit or explicit backing of the U.S. government in conjunction with specified financial support of the U.S. Treasury. We recorded no other-than-temporary impairment on these securities in the three and six months ended June 30, 2014 or 2013. The decline in the unrealized losses on these securities as of June 30, 2014 compared to December 31, 2013 was primarily attributable to narrowing spreads in the six months ended June 30, 2014. | ||||||||||||||||||||||||||||||||
Asset-Backed Securities - Student Loans | ||||||||||||||||||||||||||||||||
Asset-backed securities collateralized by student loans are primarily composed of securities collateralized by Federal Family Education Loan Program, or FFELP, loans. FFELP loans benefit from a federal government guarantee of at least 97% of defaulted principal and accrued interest, with additional credit support provided in the form of over-collateralization, subordination and excess spread, which collectively total in excess of 100%. Accordingly, the vast majority of FFELP loan-backed securities are protected from traditional consumer credit risk. | ||||||||||||||||||||||||||||||||
We recorded no other-than-temporary impairment on these securities in the three and six months ended June 30, 2014 or 2013. The gross unrealized losses in our FFELP loan-backed securities portfolio as of June 30, 2014 were primarily attributable to the lower spreads on these securities relative to those associated with more current issuances. The decline in the unrealized losses on these securities as of June 30, 2014 compared to December 31, 2013 was primarily attributable to narrowing spreads in the six months ended June 30, 2014. | ||||||||||||||||||||||||||||||||
Our assessment of other-than-temporary impairment of these securities considers, among many other factors, the strength of the U.S. government guarantee, the performance of the underlying collateral, and the remaining average term of the FFELP loan-backed securities portfolio, which was approximately 4.7 years as of June 30, 2014. | ||||||||||||||||||||||||||||||||
Our total exposure to private student loan-backed securities was less than $800 million as of June 30, 2014. Our assessment of other-than-temporary impairment of private student loan-backed securities considers, among other factors, the impact of high unemployment rates on the collateral performance of private student loans. We recorded no other-than-temporary impairment on these securities in the three and six months ended June 30, 2014 or 2013. | ||||||||||||||||||||||||||||||||
Non-U.S. Mortgage- and Asset-Backed Securities | ||||||||||||||||||||||||||||||||
Non-U.S. mortgage- and asset-backed securities are primarily composed of U.K., Australian and Dutch securities collateralized by residential mortgages and German securities collateralized by automobile loans and leases. Our assessment of impairment with respect to these securities considers the location of the underlying collateral, collateral enhancement and structural features, expected credit losses under base-case and stressed conditions and the macroeconomic outlook for the country in which the collateral is located, including housing prices and unemployment. Where appropriate, any potential loss after consideration of the above-referenced factors is further evaluated to determine whether any other-than-temporary impairment exists. | ||||||||||||||||||||||||||||||||
In the three and six months ended June 30, 2014, we recorded other-than-temporary impairment of $1 million on non-U.S. residential mortgage-backed securities in our consolidated statement of income, all associated with adverse changes in the timing of expected future cash flows from the securities. In the three and six months ended June 30, 2013, we recorded other-than-temporary impairment of $6 million on these securities in our consolidated statement of income, all associated with management's intent to sell the impaired security prior to its recovery in value. In addition, in the three and six months ended June 30, 2013, we recorded other-than-temporary impairment of $1 million and $4 million, respectively, on these securities in our consolidated statement of income, all associated with adverse changes in the timing of expected future cash flows from the securities. | ||||||||||||||||||||||||||||||||
Our aggregate exposure to Spain, Italy, Ireland and Portugal with respect to mortgage- and asset-backed securities totaled approximately $926 million as of June 30, 2014, composed of $197 million in Spain, $530 million in Italy, $119 million in Ireland and $80 million in Portugal. We had no direct sovereign debt exposure to any of these countries as of that date. As of June 30, 2014, these mortgage- and asset-backed securities had an aggregate pre-tax net unrealized gain of approximately $120 million, composed of gross unrealized gains of $122 million and gross unrealized losses of $2 million. We recorded the above-mentioned other-than-temporary impairment of $6 million on one of these securities in the three and six months ended June 30, 2013. | ||||||||||||||||||||||||||||||||
Our assessment of other-than-temporary impairment of these securities takes into account government intervention in the corresponding mortgage markets and assumes a conservative baseline macroeconomic environment for this region, factoring in slower economic growth and continued government austerity measures. Our baseline view assumes a recessionary period characterized by high unemployment and by additional housing price declines of between 2% and 15% across these four countries. Our evaluation of other-than-temporary impairment in our base case does not assume a disorderly sovereign-debt restructuring or a break-up of the Eurozone. In addition, we perform stress testing and sensitivity analysis in order to understand the impact of more severe assumptions on potential other-than-temporary impairment. | ||||||||||||||||||||||||||||||||
State and Political Subdivisions and Other U.S. Debt Securities | ||||||||||||||||||||||||||||||||
Our municipal securities portfolio primarily includes securities issued by U.S. states and their municipalities. A portion of this portfolio is held in connection with our tax-exempt investment program, more fully described in note 9. Our portfolio of other U.S. debt securities is primarily composed of securities issued by U.S. corporations. | ||||||||||||||||||||||||||||||||
Our assessment of other-than-temporary impairment of these portfolios considers, among other factors, adverse conditions specifically related to the industry, geographic area or financial condition of the issuer; the structure of the security, including collateral, if any, and payment schedule; rating agency changes to the security's credit rating; the volatility of the fair value changes; and our intent and ability to hold the security until its recovery in value. If the impairment of the security is credit-related, we estimate the future cash flows from the security, tailored to the security and considering the above-described factors, and any resulting impairment deemed to be other than temporary is recorded in our consolidated statement of income. | ||||||||||||||||||||||||||||||||
We recorded no other-than-temporary impairment on these securities in the three and six months ended June 30, 2014 or 2013. The decline in the unrealized losses on these securities as of June 30, 2014 compared to December 31, 2013 was primarily attributable to the narrowing of spreads and U.S. Treasury rates in the six months ended June 30, 2014. | ||||||||||||||||||||||||||||||||
U.S. Non-Agency Residential Mortgage-Backed Securities | ||||||||||||||||||||||||||||||||
We assess other-than-temporary impairment of our portfolio of U.S. non-agency residential mortgage-backed securities using cash-flow models, tailored for each security, that estimate the future cash flows from the underlying mortgages, using the security-specific collateral and transaction structure. Estimates of future cash flows are subject to management judgment. The future cash flows and performance of our portfolio of U.S. non-agency residential mortgage-backed securities are a function of a number of factors, including, but not limited to, the condition of the U.S. economy, the condition of the U.S. residential mortgage markets, and the level of loan defaults, prepayments and loss severities. Management's estimates of future losses for each security also consider the underwriting and historical performance of each specific security, the underlying collateral type, vintage, borrower profile, third-party guarantees, current levels of subordination, geography and other factors. | ||||||||||||||||||||||||||||||||
We recorded no other-than-temporary impairment on these securities in the three and six months ended June 30, 2014 or 2013. | ||||||||||||||||||||||||||||||||
U.S. Non-Agency Commercial Mortgage-Backed Securities | ||||||||||||||||||||||||||||||||
With respect to our portfolio of U.S. non-agency commercial mortgage-backed securities, other-than-temporary impairment is assessed by considering a number of factors, including, but not limited to, the condition of the U.S. economy and the condition of the U.S. commercial real estate market, as well as capitalization rates. Management estimates of future losses for each security also consider the underlying collateral type, property location, vintage, debt-service coverage ratios, expected property income, servicer advances and estimated property values, as well as current levels of subordination. In the three and six months ended June 30, 2014, we recorded other-than-temporary impairment of $1 million and $10 million, respectively, on these securities in our consolidated statement of income, all associated with expected credit losses. We recorded no other-than-temporary impairment on these securities in the three and six months ended June 30, 2013. | ||||||||||||||||||||||||||||||||
***** | ||||||||||||||||||||||||||||||||
The estimates, assumptions and other risk factors utilized in our assessment of impairment as described above are used by management to identify securities which are subject to further analysis of potential credit losses. Additional analyses are performed using more stressful assumptions to further evaluate the sensitivity of losses relative to the above-described factors. However, since the assumptions are based on the unique characteristics of each security, management uses a range of estimates for prepayment speeds, default, and loss severity forecasts that reflect the collateral profile of the securities within each asset class. In addition, in measuring expected credit losses, the individual characteristics of each security are examined to determine whether any additional factors would increase or mitigate the expected loss. Once losses are determined, the timing of the loss will also affect the ultimate other-than-temporary impairment, since the loss is ultimately subject to a discount commensurate with the purchase yield of the security. | ||||||||||||||||||||||||||||||||
In the aggregate, we recorded other-than-temporary impairment of $2 million and $11 million in the three and six months ended June 30, 2014, respectively, compared to $7 million and $10 million in the three and six months ended June 30, 2013, respectively, as summarized below: | ||||||||||||||||||||||||||||||||
Three and six months ended June 30, 2014: | ||||||||||||||||||||||||||||||||
• | $1 million in both periods (non-U.S. mortgage-backed securities) resulted from adverse changes in the timing of expected future cash flows from certain of the securities; and | |||||||||||||||||||||||||||||||
• | $1 million and $10 million (U.S. non-agency commercial mortgage-backed securities), respectively, were both associated with expected credit losses. | |||||||||||||||||||||||||||||||
Three and six months ended June 30, 2013: | ||||||||||||||||||||||||||||||||
• | $6 million in both periods was associated with management's intent to sell the impaired security prior to its recovery in value; and | |||||||||||||||||||||||||||||||
• | $1 million and $4 million (non-U.S. mortgage-backed securities), respectively, resulted from adverse changes in the timing of expected future cash flows from certain of the securities. | |||||||||||||||||||||||||||||||
After a review of the investment portfolio, taking into consideration current economic conditions, adverse situations that might affect our ability to fully collect principal and interest, the timing of future payments, the credit quality and performance of the collateral underlying mortgage- and asset-backed securities and other relevant factors, and excluding other-than-temporary impairment recorded in the six months ended June 30, 2014, management considers the aggregate decline in fair value of the investment securities portfolio and the resulting gross pre-tax unrealized losses of $846 million as of June 30, 2014, related to 1,645 securities, to be temporary, and not the result of any material changes in the credit characteristics of the securities. |
Loans_and_Leases
Loans and Leases | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Loans and Leases | ' | |||||||||||||||||||||||||||
Loans and Leases | ||||||||||||||||||||||||||||
The following table presents our recorded investment in loans and leases, by segment and class, as of the dates indicated: | ||||||||||||||||||||||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Institutional: | ||||||||||||||||||||||||||||
Investment funds: | ||||||||||||||||||||||||||||
U.S. | $ | 10,131 | $ | 8,695 | ||||||||||||||||||||||||
Non-U.S. | 2,705 | 1,718 | ||||||||||||||||||||||||||
Commercial and financial: | ||||||||||||||||||||||||||||
U.S. | 2,109 | 1,372 | ||||||||||||||||||||||||||
Non-U.S. | 318 | 154 | ||||||||||||||||||||||||||
Purchased receivables: | ||||||||||||||||||||||||||||
U.S. | 187 | 217 | ||||||||||||||||||||||||||
Non-U.S. | 14 | 26 | ||||||||||||||||||||||||||
Lease financing: | ||||||||||||||||||||||||||||
U.S. | 338 | 339 | ||||||||||||||||||||||||||
Non-U.S. | 734 | 756 | ||||||||||||||||||||||||||
Total institutional | 16,536 | 13,277 | ||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
U.S. | 263 | 209 | ||||||||||||||||||||||||||
Total loans and leases | 16,799 | 13,486 | ||||||||||||||||||||||||||
Allowance for loan losses | (32 | ) | (28 | ) | ||||||||||||||||||||||||
Loans and leases, net of allowance for loan losses | $ | 16,767 | $ | 13,458 | ||||||||||||||||||||||||
Aggregate short-duration advances to our clients included in the institutional segment were $5.41 billion and $2.45 billion as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
The commercial and financial class in the institutional segment presented in the table above included approximately $1.32 billion and $724 million of senior secured bank loans as of June 30, 2014 and December 31, 2013, respectively. These commercial and financial loans are included in the “speculative” category in the credit-quality-indicator tables presented below. As of June 30, 2014, our allowance for loan losses included approximately $20 million related to these loans. | ||||||||||||||||||||||||||||
The commercial real estate, or CRE, segment is composed of the loans acquired in 2008 pursuant to indemnified repurchase agreements with an affiliate of Lehman as a result of the Lehman Brothers bankruptcy. These loans, which are primarily collateralized by direct and indirect interests in commercial real estate, were recorded at their then-current fair value, based on management’s expectations with respect to future cash flows from the loans using appropriate market discount rates as of the date of acquisition. These cash flow estimates are updated quarterly to reflect changes in management’s expectations, which consider market conditions and other factors. | ||||||||||||||||||||||||||||
The following tables present our recorded investment in each class of loans and leases by credit quality indicator as of the dates indicated: | ||||||||||||||||||||||||||||
Institutional | Commercial Real Estate | |||||||||||||||||||||||||||
June 30, 2014 | Investment | Commercial and Financial | Purchased | Lease | Property Development | Other | Total | |||||||||||||||||||||
Funds | Receivables | Financing | Loans and | |||||||||||||||||||||||||
(In millions) | Leases | |||||||||||||||||||||||||||
Investment grade(1) | $ | 12,236 | $ | 892 | $ | 201 | $ | 1,032 | $ | — | $ | 29 | $ | 14,390 | ||||||||||||||
Speculative(2) | 600 | 1,535 | — | 40 | 234 | — | 2,409 | |||||||||||||||||||||
Total | $ | 12,836 | $ | 2,427 | $ | 201 | $ | 1,072 | $ | 234 | $ | 29 | $ | 16,799 | ||||||||||||||
Institutional | Commercial Real Estate | |||||||||||||||||||||||||||
December 31, 2013 | Investment | Commercial and Financial | Purchased | Lease | Property Development | Other | Total | |||||||||||||||||||||
Funds | Receivables | Financing | Loans and | |||||||||||||||||||||||||
(In millions) | Leases | |||||||||||||||||||||||||||
Investment grade(1) | $ | 10,282 | $ | 740 | $ | 243 | $ | 1,068 | $ | — | $ | 29 | $ | 12,362 | ||||||||||||||
Speculative(2) | 131 | 770 | — | 27 | 180 | — | 1,108 | |||||||||||||||||||||
Special mention(3) | — | 16 | — | — | — | — | 16 | |||||||||||||||||||||
Total | $ | 10,413 | $ | 1,526 | $ | 243 | $ | 1,095 | $ | 180 | $ | 29 | $ | 13,486 | ||||||||||||||
(1) Investment-grade loans and leases consist of counterparties with strong credit quality and low expected credit risk and probability of default. Ratings apply to counterparties with a strong capacity to support the timely repayment of any financial commitment. | ||||||||||||||||||||||||||||
(2) Speculative loans and leases consist of counterparties that face ongoing uncertainties or exposure to business, financial, or economic downturns. However, these counterparties may have financial flexibility or access to financial alternatives, which allow for financial commitments to be met. | ||||||||||||||||||||||||||||
(3) Special mention loans and leases consist of counterparties with potential weaknesses that, if uncorrected, may result in deterioration of repayment prospects. | ||||||||||||||||||||||||||||
Loans and leases are categorized in the rating categories presented in the preceding table that align with our internal risk-rating framework. Management considers the ratings to be current as of June 30, 2014. We use an internal risk-rating system to assess our risk of credit loss for each loan or lease. This risk-rating process incorporates the use of risk-rating tools in conjunction with management judgment. Qualitative and quantitative inputs are captured in a systematic manner, and following a formal review and approval process, an internal credit rating based on our credit scale is assigned. | ||||||||||||||||||||||||||||
In assessing the risk rating assigned to each individual loan or lease, among the factors considered are the borrower's debt capacity, collateral coverage, payment history and delinquency experience, financial flexibility and earnings strength, the expected amounts and sources of repayment, the level and nature of contingencies, if any, and the industry and geography in which the borrower operates. These factors are based on an evaluation of historical and current information, and involve subjective assessment and interpretation. Credit counterparties are evaluated and risk-rated on an individual basis at least annually. | ||||||||||||||||||||||||||||
The following table presents our recorded investment in loans and leases, disaggregated based on our impairment methodology, as of the dates indicated: | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
(In millions) | Institutional | Commercial Real Estate | Total Loans and Leases | Institutional | Commercial Real Estate | Total Loans and Leases | ||||||||||||||||||||||
Loans and leases: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 130 | $ | 130 | $ | 26 | $ | 180 | $ | 206 | ||||||||||||||||
Collectively evaluated for impairment(1) | 16,536 | 133 | 16,669 | 13,251 | 29 | 13,280 | ||||||||||||||||||||||
Total | $ | 16,536 | $ | 263 | $ | 16,799 | $ | 13,277 | $ | 209 | $ | 13,486 | ||||||||||||||||
(1) As of June 30, 2014 and December 31, 2013, all of the allowance for loan losses of $32 million and $28 million, respectively, related to institutional loans collectively evaluated for impairment. | ||||||||||||||||||||||||||||
The following tables present information related to our recorded investment in impaired loans and leases as of the dates, or for the periods, indicated: | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
(In millions) | Recorded Investment | Unpaid | Related Allowance(1) | Recorded Investment | Unpaid | Related Allowance(1) | ||||||||||||||||||||||
Principal | Principal | |||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
CRE—property development | $ | 130 | $ | 143 | $ | — | $ | 130 | $ | 143 | $ | — | ||||||||||||||||
CRE—property development—acquired credit-impaired | — | 34 | — | — | 34 | — | ||||||||||||||||||||||
CRE—other—acquired credit-impaired | — | 22 | — | — | 21 | — | ||||||||||||||||||||||
Total CRE | $ | 130 | $ | 199 | $ | — | $ | 130 | $ | 198 | $ | — | ||||||||||||||||
(1) As of June 30, 2014 and December 31, 2013, all of the allowance for loan losses of $32 million and $28 million, respectively, related to loans that were not impaired. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Revenue Recognized | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
CRE—property development | $ | 130 | $ | 148 | $ | 3 | $ | 10 | ||||||||||||||||||||
Total CRE | $ | 130 | $ | 148 | $ | 3 | $ | 10 | ||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Revenue Recognized | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
CRE—property development | $ | 130 | $ | 166 | $ | 5 | $ | 14 | ||||||||||||||||||||
Total CRE | $ | 130 | $ | 166 | $ | 5 | $ | 14 | ||||||||||||||||||||
As of both June 30, 2014 and December 31, 2013, we held an aggregate of approximately $130 million of CRE loans, presented in the preceding impaired loans and leases table, which were modified in troubled debt restructurings. | ||||||||||||||||||||||||||||
No impairment loss was recognized as a result of restructuring the loans, as the discounted cash flows of the modified loans exceeded the carrying amount of the original loans as of the modification date. In the six months ended June 30, 2014 and the year ended December 31, 2013, no loans were modified in troubled debt restructurings. | ||||||||||||||||||||||||||||
The following tables present activity in the allowance for loan losses for the periods indicated: | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In millions) | Institutional | Commercial | Total Loans and Leases | Institutional | Commercial | Total Loans and Leases | ||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||
Allowance for loan losses(1): | ||||||||||||||||||||||||||||
Beginning balance | $ | 30 | $ | — | $ | 30 | $ | 22 | $ | — | $ | 22 | ||||||||||||||||
Charge-offs | — | — | — | — | — | — | ||||||||||||||||||||||
Provisions | 2 | — | 2 | — | — | — | ||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | ||||||||||||||||||||||
Ending balance | $ | 32 | $ | — | $ | 32 | $ | 22 | $ | — | $ | 22 | ||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In millions) | Institutional | Commercial | Total Loans and Leases | Institutional | Commercial | Total Loans and Leases | ||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||
Allowance for loan losses(1): | ||||||||||||||||||||||||||||
Beginning balance | $ | 28 | $ | — | $ | 28 | $ | 22 | $ | — | $ | 22 | ||||||||||||||||
Charge-offs | — | — | — | — | — | — | ||||||||||||||||||||||
Provisions | 4 | — | 4 | — | — | — | ||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | ||||||||||||||||||||||
Ending balance | $ | 32 | $ | — | $ | 32 | $ | 22 | $ | — | $ | 22 | ||||||||||||||||
(1) As of June 30, 2014, approximately $20 million of our allowance for loan losses was related to senior secured bank loans included in the institutional segment; the remaining $12 million was related to other commercial-and-financial loans in the institutional segment. | ||||||||||||||||||||||||||||
The provision of $2 million recorded in the three months ended June 30, 2014 was composed of a provision of $12 million associated with an increase in our estimates of credit losses on our portfolio of senior secured bank loans, as the portfolio continues to grow and become more seasoned, net of a negative provision of $10 million associated with the pay-down of an unrelated commercial and financial loan with speculative-rated credit quality. The provision of $4 million recorded in the six months ended June 30, 2014 included an additional provision of $2 million, recorded in the three months ended March 31, 2014, associated with senior secured bank | ||||||||||||||||||||||||||||
loans. | ||||||||||||||||||||||||||||
These loans are held in connection with our participation in loan syndications in the non-investment-grade lending market. | ||||||||||||||||||||||||||||
Loans and leases are reviewed on a regular basis, and any provisions for loan losses that are recorded reflect management's estimate of the amount necessary to maintain the allowance for loan losses at a level considered appropriate to absorb estimated incurred losses in the loan-and-lease portfolio. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The following table presents changes in the carrying amount of goodwill during the periods indicated: | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In millions) | Investment | Investment | Total | Investment | Investment | Total | ||||||||||||||||||
Servicing | Management | Servicing | Management | |||||||||||||||||||||
Goodwill: | ||||||||||||||||||||||||
Beginning balance | $ | 5,999 | $ | 37 | $ | 6,036 | $ | 5,941 | $ | 36 | $ | 5,977 | ||||||||||||
Foreign currency translation and other, net | 1 | — | 1 | (52 | ) | (1 | ) | (53 | ) | |||||||||||||||
Ending balance | $ | 6,000 | $ | 37 | $ | 6,037 | $ | 5,889 | $ | 35 | $ | 5,924 | ||||||||||||
The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In millions) | Investment | Investment | Total | Investment | Investment | Total | ||||||||||||||||||
Servicing | Management | Servicing | Management | |||||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||
Beginning balance | $ | 2,321 | $ | 39 | $ | 2,360 | $ | 2,492 | $ | 47 | $ | 2,539 | ||||||||||||
Amortization | (104 | ) | (4 | ) | (108 | ) | (102 | ) | (5 | ) | (107 | ) | ||||||||||||
Foreign currency translation and other, net | (5 | ) | — | (5 | ) | (24 | ) | (2 | ) | (26 | ) | |||||||||||||
Ending balance | $ | 2,212 | $ | 35 | $ | 2,247 | $ | 2,366 | $ | 40 | $ | 2,406 | ||||||||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated: | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(In millions) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Client relationships | $ | 2,700 | $ | (1,053 | ) | $ | 1,647 | $ | 2,706 | $ | (975 | ) | $ | 1,731 | ||||||||||
Core deposits | 715 | (208 | ) | 507 | 717 | (191 | ) | 526 | ||||||||||||||||
Other | 230 | (137 | ) | 93 | 234 | (131 | ) | 103 | ||||||||||||||||
Total | $ | 3,645 | $ | (1,398 | ) | $ | 2,247 | $ | 3,657 | $ | (1,297 | ) | $ | 2,360 | ||||||||||
Other_Assets
Other Assets | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Assets [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other Assets | ||||||||
The following table presents the components of other assets as of the dates indicated: | ||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||
Collateral deposits, net | $ | 16,541 | $ | 13,706 | ||||
Unrealized gains on derivative financial instruments, net | 2,879 | 5,476 | ||||||
Bank-owned life insurance | 2,374 | 2,343 | ||||||
Investments in joint ventures and other unconsolidated entities | 1,769 | 1,644 | ||||||
Accounts receivable | 808 | 950 | ||||||
Receivable for securities settlement | 507 | 195 | ||||||
Income taxes receivable | 368 | 337 | ||||||
Prepaid expenses | 315 | 286 | ||||||
Deferred tax assets, net of valuation allowance | 244 | 263 | ||||||
Deposits with clearing organizations | 185 | 177 | ||||||
Other(1) | 584 | 613 | ||||||
Total | $ | 26,574 | $ | 25,990 | ||||
(1) | Included other real estate owned of approximately $61 million and $59 million as of June 30, 2014 and December 31, 2013, respectively. |
Contingencies
Contingencies | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Contingencies | ' | ||||
Contingencies | |||||
Legal and Regulatory Matters: | |||||
In the ordinary course of business, we and our subsidiaries are involved in disputes, litigation, and governmental or regulatory inquiries and investigations, both pending and threatened. These matters, if resolved adversely against us or settled, may result in monetary damages, fines and penalties or require changes in our business practices. The resolution or settlement of these matters is inherently difficult to predict. Based on our assessment of these pending matters, we do not believe that the amount of any judgment, settlement or other action arising from any pending matter is likely to have a material adverse effect on our consolidated financial condition. However, an adverse outcome in certain of the matters described below could have a material adverse effect on our consolidated results of operations for the period in which such matter is resolved, or an accrual is determined to be required on our consolidated financial condition, or on our reputation. | |||||
We evaluate our needs for accruals of loss contingencies related to legal proceedings on a case-by-case basis. When we have a liability that we deem probable and that we deem can be reasonably estimated as of the date of our consolidated financial statements, we accrue for our estimate of the loss. We also consider a loss probable and establish an accrual when we make or intend to make an offer of settlement. Once established, an accrual is subject to subsequent adjustment as a result of additional information. The resolution of proceedings and the reasonably estimable loss (or range thereof) are inherently difficult to predict, especially in the early stages of proceedings. Even if a loss is probable, due to many complex factors, such as speed of discovery and the timing of court decisions or rulings, a loss or range of loss might not be reasonably estimated until the later stages of the proceeding. | |||||
As of June 30, 2014, our aggregate accruals for legal loss contingencies and regulatory matters, net of anticipated insurance recoveries, totaled approximately $51 million. To the extent that we have established accruals in our consolidated statement of condition for probable loss contingencies, such accruals may not be sufficient to cover our ultimate financial exposure associated with any settlements or judgments. We may be subject to proceedings in the future that, if adversely resolved, would have a material adverse effect on our businesses or on our future consolidated financial statements. Except where otherwise noted below, we have not established accruals with respect to the claims discussed and do not believe that potential exposure is probable and can be reasonably estimated. | |||||
The following discussion provides information with respect to significant legal and regulatory matters. | |||||
Securities Finance | |||||
Two related participants in our agency securities lending program have brought suit against us challenging actions taken by us in response to their withdrawal from the program. We believe that certain withdrawals by these participants were inconsistent with the redemption policy applicable to the agency lending collateral pools and, consequently, redeemed their remaining interests through an in-kind distribution that reflected the assets these participants would have received had they acted in accordance with the collateral pools' redemption policy. In taking these actions, we believe that we acted in the best interests of all participants in the collateral pools. The two participants have asserted damages of $120 million, an amount that plaintiffs attribute to alleged deficiencies in the methodology that State Street used to construct the in-kind distribution and alleged errors in the pricing of the securities that plaintiffs received on or about August 2009. While management does not believe that such difference is an appropriate measure of damages, we have been informed that the participants liquidated these securities in June 2013, and we estimate the loss on those sales to be approximately $11 million. As of June 30, 2014, we had $10 million accrued in connection with this matter. | |||||
Foreign Exchange | |||||
We offer our custody clients and their investment managers the option to route foreign exchange transactions to our foreign exchange desk through our asset servicing operation. We record as revenue an amount approximately equal to the difference between the rates we set for those trades and indicative interbank market rates at the time of settlement of the trade. As discussed more fully below, claims have been asserted on behalf of certain current and former custody clients, and future claims may be asserted, alleging that our indirect foreign exchange rates (including the differences between those rates and indicative interbank market rates at the time we executed the trades) were not adequately disclosed or were otherwise improper, and seeking to recover, among other things, the full amount of the revenue we obtained from our indirect foreign exchange trading with them. | |||||
In October 2009, the Attorney General of the State of California commenced an action under the California False Claims Act and California Business and Professional Code related to services State Street provides to California state pension plans. The California Attorney General asserts that the pricing of certain foreign exchange transactions for these pension plans was governed by the custody contracts for these plans and that our pricing was not consistent with the terms of those contracts and related disclosures to the plans, and that, as a result, State Street made false claims and engaged in unfair competition. The Attorney General asserts actual damages of approximately $100 million for periods from 2001 to 2009 and seeks additional penalties, including treble damages. This action is in the discovery phase. | |||||
We provide custody and principal foreign exchange services to government pension plans in other jurisdictions. Since the commencement of the litigation in California, attorneys general and other government authorities from a number of jurisdictions, as well as U.S. Attorney's offices, the U.S. Department of Labor and the SEC, have requested information or issued subpoenas in connection with inquiries into the pricing of our foreign exchange services. We continue to respond to such inquiries and subpoenas. | |||||
We offer indirect foreign exchange services such as those we offer to the California state pension plans to a broad range of custody clients in the U.S. and internationally. We have responded and are responding to information requests from a number of clients concerning our indirect foreign exchange rates. In February 2011, a putative class action was filed in federal court in Boston seeking unspecified damages, including treble damages, on behalf of all custodial clients that executed certain foreign exchange transactions with State Street from 1998 to 2009. The putative class action alleges, among other things, that the rates at which State Street executed foreign currency trades constituted an unfair and deceptive practice under Massachusetts law and a breach of the duty of loyalty. | |||||
Two other putative class actions are currently pending in federal court in Boston alleging various violations of ERISA on behalf of all ERISA plans custodied with us that executed indirect foreign exchange transactions with State Street from 1998 onward. The complaints allege that State Street caused class members to pay unfair and unreasonable rates for indirect foreign exchange transactions with State Street. The complaints seek unspecified damages, disgorgement of profits, and other equitable relief. | |||||
We have not established an accrual with respect to any of the pending legal proceedings related to our indirect foreign exchange services. We cannot provide any assurance as to the outcome of the pending proceedings, or whether other proceedings might be commenced against us by clients or government authorities. We expect that plaintiffs will seek to recover their share of all or a portion of the revenue that we have recorded from providing indirect foreign exchange services. | |||||
The following table summarizes our estimated total revenue worldwide from indirect foreign exchange trading services for the periods indicated: | |||||
(In millions) | Revenue from indirect foreign exchange trading | ||||
2008 | $ | 462 | |||
2009 | 369 | ||||
2010 | 336 | ||||
2011 | 331 | ||||
2012 | 248 | ||||
2013 | 285 | ||||
Six Months Ended June 30, 2014 | 128 | ||||
We believe that the amount of our revenue from such services has been of a similar or lesser order of magnitude for many years prior to 2008. Our revenue calculations related to indirect foreign exchange trading services reflect a judgment concerning the relationship between the rates we charge for indirect foreign exchange execution and indicative interbank market rates near in time to execution. Our revenue from foreign exchange trading generally depends on the difference between the rates we set for indirect trades and indicative interbank market rates on the date trades settle. | |||||
We cannot predict the outcome of any pending matters or whether a court, in the event of an adverse resolution, would consider our revenue to be the appropriate measure of damages. | |||||
Shareholder Litigation | |||||
Three shareholder-related complaints are currently pending in federal court in Boston. One complaint purports to be a class action on behalf of State Street shareholders. The two other complaints purport to be class actions on behalf of participants and beneficiaries in the State Street Salary Savings Program who invested in the program's State Street common stock investment option. The complaints allege various violations of the federal securities laws, common law and ERISA in connection with our public disclosures concerning our investment securities portfolio, our asset-backed commercial paper conduit program, and our foreign exchange trading business. In July 2014, we filed motions to approve a $60 million class settlement in the shareholder litigation and a $10 million class settlement in the two Salary Savings Program actions. A fourth complaint, a purported shareholder derivative action on behalf of State Street, was dismissed in September 2013. We have entered into an agreement to settle that matter for nominal consideration. As of June 30, 2014, we had an accrual which, together with anticipated insurance recovery, will be sufficient to fund each of these proposed settlements. | |||||
Transition Management | |||||
In January 2014, we entered into a settlement with the U.K. Financial Conduct Authority pursuant to which we paid a fine of £22.9 million (approximately $37.8 million), as a result of our having charged six clients of our U.K. transition management business during 2010 and 2011 amounts in excess of the contractual terms. The SEC and the U.S. Attorney are conducting separate investigations into this matter. As of June 30, 2014, we had remaining accruals of approximately $3 million for indemnification costs associated with this matter. | |||||
Investment Servicing | |||||
State Street has been named as a defendant in related complaints by investment management clients of TAG Virgin Islands, Inc., or TAG, who hold or held custodial accounts with State Street. The complaints collectively have alleged various claims in connection with certain assets managed by TAG. In 2013, we entered into settlements with certain of the TAG account holders. As of June 30, 2014, two actions were pending (one of which was subsequently settled and voluntarily dismissed with prejudice as a result) and the dismissal of a third action was subject to a certiorari petition deadline, which has since expired. As of June 30, 2014, we had $4.6 million accrued with respect to these matters. | |||||
Income Taxes: | |||||
In determining our provision for income taxes, we make certain judgments and interpretations with respect to tax laws in jurisdictions in which we have business operations. Because of the complex nature of these laws, in the normal course of our business, we are subject to challenges from U.S. and non-U.S. income tax authorities regarding the amount of income taxes due. These challenges may result in adjustments to the timing or amount of taxable income or deductions or the allocation of taxable income among tax jurisdictions. We recognize a tax benefit when it is more likely than not that our position will result in a tax deduction or credit. Unrecognized tax benefits totaled approximately $156 million and $164 million as of June 30, 2014 and December 31, 2013, respectively. | |||||
The Internal Revenue Service, or IRS, is currently reviewing our U.S. income tax returns for the tax years 2010 and 2011. Management believes that we have sufficiently accrued liabilities as of June 30, 2014 for tax exposures, including, but not limited to, exposures related to the review by the IRS of the tax years 2010 and 2011. |
Commitments_and_Guarantees
Commitments and Guarantees | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Guarantees | ' | |||||||
Commitments and Guarantees | ||||||||
Commitments: | ||||||||
We had unfunded off-balance sheet commitments to extend credit totaling $23.15 billion and $21.30 billion as of June 30, 2014 and December 31, 2013, respectively. The potential losses associated with these commitments equal the gross contractual amounts, and do not consider the value of any collateral. As of June 30, 2014, approximately 78% of our unfunded commitments to extend credit expire within one year. Since many of these commitments are expected to expire or renew without being drawn upon, the gross contractual amounts do not necessarily represent our future cash requirements. | ||||||||
Guarantees: | ||||||||
Off-balance sheet guarantees are composed of indemnified securities financing, stable value protection, unfunded commitments to purchase assets, and standby letters of credit. The potential losses associated with these guarantees equal the gross contractual amounts, and do not consider the value of any collateral. The following table presents the aggregate gross contractual amounts of our off-balance sheet guarantees as of the dates indicated. Amounts presented do not reflect participations to independent third parties. | ||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||
Indemnified securities financing | $ | 363,060 | $ | 320,078 | ||||
Stable value protection | 24,310 | 24,906 | ||||||
Asset purchase agreements | 4,234 | 4,685 | ||||||
Standby letters of credit | 4,556 | 4,612 | ||||||
Indemnified Securities Financing | ||||||||
On behalf of our clients, we lend their securities, as agent, to brokers and other institutions. In most circumstances, we indemnify our clients for the fair market value of those securities against a failure of the borrower to return such securities. We require the borrowers to maintain collateral in an amount in excess of 100% of the fair market value of the securities borrowed. Securities on loan and the collateral are revalued daily to determine if additional collateral is necessary or if excess collateral is required to be returned to the borrower. Collateral received in connection with our securities lending services is held by us as agent and is not recorded in our consolidated statement of condition. | ||||||||
The cash collateral held by us as agent is invested on behalf of our clients. In certain cases, the cash collateral is invested in third-party repurchase agreements, for which we indemnify the client against loss of the principal invested. We require the counterparty to the indemnified repurchase agreement to provide collateral in an amount in excess of 100% of the amount of the repurchase agreement. In our role as agent, the indemnified repurchase agreements and the related collateral held by us are not recorded in our consolidated statement of condition. | ||||||||
The following table summarizes the fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated: | ||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||
Aggregate fair value of indemnified securities financing | $ | 363,060 | $ | 320,078 | ||||
Aggregate fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 377,258 | 331,732 | ||||||
Aggregate fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 84,776 | 85,374 | ||||||
Aggregate fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | 90,063 | 91,097 | ||||||
In certain cases, we participate in securities finance transactions as a principal. As a principal, we borrow securities from the lending client and then lend such securities to the subsequent borrower, either a State Street client or a broker/dealer. Collateral provided and received in connection with such transactions is recorded in other assets and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. As of June 30, 2014 and December 31, 2013, we had approximately $15.40 billion and $11.29 billion, respectively, of collateral provided and approximately $7.40 billion and $6.62 billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions. | ||||||||
Stable Value Protection | ||||||||
In the normal course of our business, we offer products that provide book-value protection, primarily to plan participants in stable value funds managed by non-affiliated investment managers of post-retirement defined contribution benefit plans, particularly 401(k) plans. The book-value protection is provided on portfolios of intermediate investment grade fixed-income securities, and is intended to provide safety and stable growth of principal invested. The protection is intended to cover any shortfall in the event that a significant number of plan participants withdraw funds when book value exceeds market value and the liquidation of the assets is not sufficient to redeem the participants. The investment parameters of the underlying portfolios, combined with structural protections, are designed to provide cushion and guard against payments even under extreme stress scenarios. | ||||||||
These contingencies are individually accounted for as derivative financial instruments. The notional amounts of the stable value contracts are presented as “derivatives not designated as hedging instruments” in the table of aggregate notional amounts of derivative financial instruments provided in note 12. We have not made a payment under these contingencies that we consider material to our consolidated financial condition, and management believes that the probability of payment under these contingencies in the future, that we would consider material to our consolidated financial condition, is remote. |
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2014 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
Asset-Backed Investment Securities: | |
We invest in various forms of asset-backed securities, which we carry in our investment securities portfolio. These asset-backed securities meet the GAAP definition of asset securitization entities, which are considered to be variable interest entities, or VIEs, as defined by GAAP. We are not considered to be the primary beneficiary of these VIEs, as defined by GAAP, since we do not have control over their activities. Additional information about our asset-backed securities is provided in note 3. | |
Tax-Exempt Investment Program: | |
In the normal course of our business, we structure and sell certificated interests in pools of tax-exempt investment-grade assets, principally to our mutual fund clients. We structure these pools as partnership trusts, and the assets and liabilities of the trusts are recorded in our consolidated statement of condition as investment securities available for sale and other short-term borrowings. We may also provide liquidity and re-marketing services to the trusts. As of June 30, 2014 and December 31, 2013, we carried investment securities available for sale, composed of securities related to state and political subdivisions, with a fair value of $2.32 billion and $2.33 billion, respectively, and other short-term borrowings of $1.92 billion and $1.95 billion, respectively, in our consolidated statement of condition in connection with these trusts. | |
We transfer assets to the trusts from our investment securities portfolio at adjusted book value, and the trusts finance the acquisition of these assets by selling certificated interests issued by the trusts to third-party investors and to State Street as residual holder. These transfers do not meet the de-recognition criteria defined by GAAP, and therefore, are recorded in our consolidated financial statements. The trusts had a weighted-average life of approximately 6.3 years as of June 30, 2014, compared to approximately 6.5 years as of December 31, 2013. | |
Under separate legal agreements, we provide standby bond-purchase agreements to these trusts and, with respect to certain securities, letters of credit. Our commitments to the trusts under these standby bond-purchase agreements and letters of credit totaled $1.94 billion and $684 million, respectively, as of June 30, 2014, none of which was utilized as of that date. In the event that our obligations under these agreements are triggered, no material impact to our consolidated results of operations or financial condition is expected to occur, because the securities are already recorded at fair value in our consolidated statement of condition. | |
Interests in Sponsored Investment Funds: | |
In the normal course of business, we manage various types of sponsored investment funds through SSgA. The services we provide to these sponsored investment funds generate management fee revenue. From time to time, we may invest cash in the funds, which we refer to as seed capital, in order for the funds to establish a performance history for newly-launched strategies. These funds may be considered VIEs. | |
As of June 30, 2014, we were an investor in a sponsored investment fund, considered to be a VIE, which was initially launched on December 31, 2013. Given the extent of our exposure to the variability of the net assets of the fund, we were deemed to be the fund’s primary beneficiary, and as a result we include the fund in our consolidated financial statements. The fund's activities consist primarily of active trading in various equity, fixed-income, currency, commodity and futures markets. Such activities are included in our consolidated financial statements. | |
As of June 30, 2014, the aggregate assets and liabilities of this consolidated sponsored investment fund totaled $52 million and $2 million, respectively. As of December 31, 2013, the fund’s assets consisted solely of $50 million in cash. | |
As of June 30, 2014 our potential maximum total exposure associated with the consolidated sponsored investment fund totaled $50 million and represented the value of our economic ownership interest in the fund. In the aggregate, we expect any financial losses that we realize over time from these seed investments to be limited to the actual fair value of the amount invested in the consolidated fund, which is based on the fair value of the underlying investment securities held by the funds. However, in the event of a fund wind-down, gross gains and losses of the fund may be recognized for financial accounting purposes in different periods during the time the fund is consolidated but not wholly owned. Although we expect the actual economic loss to be limited to the amount invested, our losses in any period could exceed the value of our economic interests in the fund and could exceed the value of our initial seed capital investment. | |
Our conclusion to consolidate a sponsored investment fund may vary from period to period, most commonly as a result of fluctuation in our ownership interest as a result of changes in the number of fund shares held by either us or by third parties. Given that the funds follow specialized investment company accounting rules which prescribe fair value, a de-consolidation generally would not result in gains or losses for us. | |
The net assets of any consolidated fund are solely available to settle the liabilities of the fund and to settle any investors’ ownership redemption requests, including any seed capital invested in the fund by State Street. We are not contractually required to provide financial or any other support to any of our sponsored investment funds. In addition, neither creditors nor equity investors in the sponsored investment funds have any recourse to State Street’s general credit. | |
As of June 30, 2014 and December 31, 2013, we managed certain sponsored investment funds, considered VIEs, in which we held a variable interest but for which we were not deemed to be the primary beneficiary. Our potential maximum loss exposure related to these unconsolidated funds totaled $24 million and $18 million as of June 30, 2014 and December 31, 2013, respectively, and represented the carrying value of our seed capital investment, which is recorded in either investment securities available for sale or other assets in our consolidated statement of condition. The amount of loss we may recognize during any period is limited to the carrying amount of our seed capital investment in the unconsolidated fund. |
Shareholders_Equity
Shareholders' Equity | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||||||||||
Preferred Stock: | ||||||||||||||||||||||||||||
In the three months ended March 31, 2014, we issued 30 million depositary shares, each representing a 1/4,000th ownership interest in a share of State Street’s fixed-to-floating-rate non-cumulative perpetual preferred stock, Series D, without par value, with a liquidation preference of $100,000 per share (equivalent to $25 per depositary share), in a public offering. The aggregate proceeds from the offering, net of underwriting discounts, commissions and other issuance costs, were approximately $742 million. | ||||||||||||||||||||||||||||
On March 15, 2024, or any dividend payment date thereafter, the Series D preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at a redemption price equal to $100,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series D preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to March 15, 2024, upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation with respect to the Series D preferred stock, at a redemption price equal to $100,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends, without accumulation of any undeclared dividends. | ||||||||||||||||||||||||||||
In the three months ended June 30, 2014, we declared a dividend on our non-cumulative perpetual preferred stock, Series D (represented by depositary shares, each representing a 1/4,000th ownership interest in a share of State Street’s fixed-to-floating-rate non-cumulative perpetual preferred stock, Series D, without par value), of $1,655 per share, or approximately $0.41 per depositary share, totaling approximately $12 million. We did not declare a dividend on our non-cumulative perpetual preferred stock, Series D, in the three months ended March 31, 2014. | ||||||||||||||||||||||||||||
In the three months ended June 30, 2014, we declared a dividend on our non-cumulative perpetual preferred stock, Series C (represented by depositary shares, each representing a 1/4,000th ownership interest in a share of State Street's non-cumulative perpetual preferred stock, Series C), of $1,313 per share, or approximately $0.33 per depositary share, totaling approximately $7 million. In the six months ended June 30, 2014, we declared aggregate dividends on our non-cumulative perpetual preferred stock, Series C, of $2,626 per share, or approximately $0.66 per depositary share, totaling approximately $13 million. In the three months ended June 30, 2013, we declared a dividend on our non-cumulative perpetual preferred stock, Series C (represented by depositary shares, each representing a 1/4,000th ownership interest in a share of State Street's non-cumulative perpetual preferred stock, Series C), of $1,313 per share, or approximately $0.33 per depositary share, totaling approximately $6 million. In the six months ended June 30, 2013, we declared aggregate dividends on our non-cumulative perpetual preferred stock, Series C, of $2,626 per share, or approximately $0.66 per depositary share, totaling approximately $13 million. | ||||||||||||||||||||||||||||
Dividends on shares of both our Series C and Series D preferred stock are not mandatory and are not cumulative. If declared, dividends will be payable on the liquidation preference of $100,000 per share quarterly in arrears on March 15, June 15, September 15 or December 15 of each year at an annual rate of 5.25% and 5.90%, respectively. If we issue additional shares of our Series C or Series D preferred stock after the original issue date, dividend rights with respect to such shares will commence from the original issue date of such additional shares. Dividends on our Series C and Series D preferred stock will not be declared to the extent that such declaration would cause us to fail to comply with applicable laws and regulations, including applicable federal regulatory capital guidelines. | ||||||||||||||||||||||||||||
On September 15, 2017, or any dividend payment date thereafter, the Series C preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at a redemption price equal to $100,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series C preferred stock and corresponding depositary shares may be redeemed at our option, in whole or in part, prior to September 15, 2017, upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation with respect to the Series C preferred stock, at a redemption price equal to $100,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends, without accumulation of any undeclared dividends. | ||||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||
In March 2014, our Board of Directors approved a common stock purchase program authorizing the purchase of up to $1.70 billion of our common stock through March 31, 2015. In the three months ended June 30, 2014, we purchased approximately 6.3 million shares of our common stock under this program, at an average per-share cost of $65.02 and an aggregate cost of approximately $410 million. No shares were purchased under this program in the three months ended March 31, 2014. | ||||||||||||||||||||||||||||
In the three months ended March 31, 2014, we purchased approximately 6.1 million shares of our common stock at an average cost of $69.14 per share and an aggregate cost of approximately $420 million, under a previous program approved by the Board in March 2013. As of March 31, 2014, no shares remained available for purchase under the March 2013 program. | ||||||||||||||||||||||||||||
Under both programs, in the six months ended June 30, 2014, we purchased in the aggregate approximately 12.4 million shares of our common stock at an average per-share cost of $67.04 and an aggregate cost of approximately $830 million. Shares acquired in connection with our common stock purchase programs which remained unissued as of June 30, 2014 were recorded as treasury stock in our consolidated statement of condition as of June 30, 2014. | ||||||||||||||||||||||||||||
In the three months ended June 30, 2014, we declared a quarterly common stock dividend of $0.30 per share, totaling approximately $128 million. In the three months ended June 30, 2013, we declared a quarterly common stock dividend of $0.26 per share, totaling approximately $117 million. In the six months ended June 30, 2014, we declared aggregate common stock dividends of $0.56 per share, totaling approximately $240 million, compared to aggregate common stock dividends of $0.52 per share, totaling approximately $235 million, declared in the six months ended June 30, 2013. | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss): | ||||||||||||||||||||||||||||
The following table presents the after-tax components of AOCI as of the dates indicated: | ||||||||||||||||||||||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Net unrealized gains on cash flow hedges | $ | 100 | $ | 161 | ||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities portfolio | 492 | (56 | ) | |||||||||||||||||||||||||
Net unrealized losses related to reclassified available-for-sale securities | (54 | ) | (72 | ) | ||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities | 438 | (128 | ) | |||||||||||||||||||||||||
Net unrealized losses on available-for-sale securities designated in fair value hedges | (120 | ) | (97 | ) | ||||||||||||||||||||||||
Other-than-temporary impairment on available-for-sale securities related to factors other than credit | 3 | 4 | ||||||||||||||||||||||||||
Net unrealized losses on hedges of net investments in non-U.S. subsidiaries | (14 | ) | (14 | ) | ||||||||||||||||||||||||
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | (35 | ) | (47 | ) | ||||||||||||||||||||||||
Net unrealized losses on retirement plans | (185 | ) | (203 | ) | ||||||||||||||||||||||||
Foreign currency translation | 302 | 229 | ||||||||||||||||||||||||||
Total | $ | 489 | $ | (95 | ) | |||||||||||||||||||||||
In the six months ended June 30, 2014, we realized net gains of $15 million, or $9 million net of related taxes as presented in the tables that follow, from sales of available-for-sale securities. Unrealized pre-tax gains of $5 million were included in AOCI as of December 31, 2013, net of deferred taxes of $2 million, related to these sales. In the six months ended June 30, 2013, we realized net gains of $5 million, or $3 million net of related taxes as presented in the tables that follow, from sales of available-for-sale securities. Unrealized pre-tax gains of $15 million were included in AOCI as of December 31, 2012, net of deferred taxes of $6 million, related to these sales. | ||||||||||||||||||||||||||||
The following tables present changes in AOCI by component, net of related taxes, for the periods indicated: | ||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
(In millions) | Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Available-for-Sale Securities | Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries | Other-Than-Temporary Impairment on Held-to-Maturity Securities | Net Unrealized Losses on Retirement Plans | Foreign Currency Translation | Total | |||||||||||||||||||||
Beginning balance | $ | 161 | $ | (221 | ) | $ | (14 | ) | $ | (47 | ) | $ | (203 | ) | $ | 229 | $ | (95 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (62 | ) | 551 | — | 11 | 1 | 73 | 574 | ||||||||||||||||||||
Amounts reclassified out of AOCI | 1 | (9 | ) | — | 1 | 17 | — | 10 | ||||||||||||||||||||
Other comprehensive income (loss) | (61 | ) | 542 | — | 12 | 18 | 73 | 584 | ||||||||||||||||||||
Ending balance | $ | 100 | $ | 321 | $ | (14 | ) | $ | (35 | ) | $ | (185 | ) | $ | 302 | $ | 489 | |||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(In millions) | Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Available-for-Sale Securities | Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries | Other-Than-Temporary Impairment on Held-to-Maturity Securities | Net Unrealized Losses on Retirement Plans | Foreign Currency Translation | Total | |||||||||||||||||||||
Beginning balance | $ | 69 | $ | 519 | $ | (14 | ) | $ | (65 | ) | $ | (283 | ) | $ | 134 | $ | 360 | |||||||||||
Other comprehensive income (loss) before reclassifications | 92 | (694 | ) | — | 9 | (2 | ) | (304 | ) | (899 | ) | |||||||||||||||||
Amounts reclassified out of AOCI | 2 | 1 | — | 2 | 10 | 1 | 16 | |||||||||||||||||||||
Other comprehensive income (loss) | 94 | (693 | ) | — | 11 | 8 | (303 | ) | (883 | ) | ||||||||||||||||||
Ending balance | $ | 163 | $ | (174 | ) | $ | (14 | ) | $ | (54 | ) | $ | (275 | ) | $ | (169 | ) | $ | (523 | ) | ||||||||
The following tables present after-tax reclassifications out of AOCI for the periods indicated: | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In millions) | Amounts Reclassified out of AOCI | Affected Line Item in Consolidated Statement of Income | ||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||
Interest-rate contracts, net of related tax benefit of $1 | $ | — | $ | 1 | Net interest revenue | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Other-than-temporary impairment on available-for-sale securities related to factors other than credit, net of related tax benefit of $2 | — | 4 | Losses reclassified (from) to other comprehensive income | |||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | 1 | 1 | Losses reclassified (from) to other comprehensive income | |||||||||||||||||||||||||
Retirement plans: | ||||||||||||||||||||||||||||
Amortization of actuarial losses, net of related taxes of ($8) and net of related tax benefits of $3, respectively | 12 | 5 | Compensation and employee benefits expenses | |||||||||||||||||||||||||
Foreign currency translation: | ||||||||||||||||||||||||||||
Sales of non-U.S. entities, net of related tax benefit of ($1) | — | (1 | ) | Processing fees and other revenue | ||||||||||||||||||||||||
Total reclassifications out of AOCI | $ | 13 | $ | 10 | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In millions) | Amounts Reclassified out of AOCI | Affected Line Item in Consolidated Statement of Income | ||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||
Interest-rate contracts, net of related tax benefit of $1 and $1, respectively | $ | 1 | $ | 2 | Net interest revenue | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Net realized gains from sales of available-for-sale securities, net of related taxes of ($6) and ($2), respectively | (9 | ) | (3 | ) | Net gains (losses) from sales of available-for-sale securities | |||||||||||||||||||||||
Other-than-temporary impairment on available-for-sale securities related to factors other than credit, net of related tax benefit of $2 | — | 4 | Losses reclassified (from) to other comprehensive income | |||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related tax benefit of $2 for 2013 | 1 | 2 | Losses reclassified (from) to other comprehensive income | |||||||||||||||||||||||||
Retirement plans: | ||||||||||||||||||||||||||||
Amortization of actuarial losses, net of related taxes of ($5) and net of related tax benefits of $6, respectively | 17 | 10 | Compensation and employee benefits expenses | |||||||||||||||||||||||||
Foreign currency translation: | ||||||||||||||||||||||||||||
Sales of non-U.S. entities, net of related taxes of ($1) | — | 1 | Processing fees and other revenue | |||||||||||||||||||||||||
Total reclassifications out of AOCI | $ | 10 | $ | 16 | ||||||||||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||||||
We use derivative financial instruments to support our clients' needs and to manage our interest-rate and currency risk. In undertaking these activities, we assume positions in both the foreign exchange and interest-rate markets by buying and selling cash instruments and using derivative financial instruments, including foreign exchange forward contracts, foreign exchange and interest-rate options and interest-rate swaps, interest-rate forward contracts and interest-rate futures. Our derivative positions include derivative contracts held by a consolidated sponsored investment fund (refer to note 9). | ||||||||||||||||||||||||||||
Interest-rate contracts involve an agreement with a counterparty to exchange cash flows based on the movement of an underlying interest-rate index. An interest-rate swap agreement involves the exchange of a series of interest payments, at either a fixed or variable rate, based on the notional amount without the exchange of the underlying principal amount. An interest-rate option contract provides the purchaser, for a premium, the right, but not the obligation, to receive an interest rate based upon a predetermined notional amount during a specified period. An interest-rate futures contract is a commitment to buy or sell, at a future date, a financial instrument at a contracted price; it may be settled in cash or through the delivery of the contracted instrument. | ||||||||||||||||||||||||||||
Foreign exchange contracts involve an agreement to exchange one currency for another currency at an agreed-upon rate and settlement date. Foreign exchange contracts generally consist of foreign exchange forward and spot contracts, option contracts and cross-currency swaps. Future cash requirements, if any, related to foreign exchange contracts are represented by the gross amount of currencies to be exchanged under each contract unless we and the counterparty have agreed to pay or to receive the net contractual settlement amount on the settlement date. | ||||||||||||||||||||||||||||
Derivative financial instruments involve the management of interest-rate and foreign currency risk, and involve, to varying degrees, market risk and credit and counterparty risk (risk related to repayment). Market risk is defined by U.S. banking regulators as the risk of loss that could result from broad market movements, such as changes in the general level of interest rates, credit spreads, foreign exchange rates or commodity prices. We use a variety of risk management tools and methodologies to measure, monitor and manage the market risk associated with our trading activities, which trading activities include our use of derivative financial instruments. One such risk-management measure is Value-at-Risk, or VaR. VaR is an estimate of potential loss for a given period within a stated statistical confidence interval. We use a risk-measurement system to measure VaR daily. We have adopted standards for measuring VaR, and we maintain regulatory capital for market risk in accordance with currently applicable regulatory market risk requirements. | ||||||||||||||||||||||||||||
Derivative financial instruments are also subject to credit and counterparty risk, which is defined as the risk of financial loss if a borrower or counterparty is either unable or unwilling to repay borrowings or settle a transaction in accordance with the underlying contractual terms. We manage credit and counterparty risk by performing credit reviews, maintaining individual counterparty limits, entering into netting arrangements and requiring the receipt of collateral. Collateral requirements are determined after a review of the creditworthiness of each counterparty, and these requirements are monitored and adjusted daily. Collateral is generally held in the form of cash or highly liquid U.S. government securities. We may be required to provide collateral to the counterparty in connection with our entry into derivative financial instruments. Cash collateral received from and provided to counterparties in connection with derivative financial instruments is recorded in accrued expenses and other liabilities and other assets, respectively, in our consolidated statement of condition. As of June 30, 2014 and December 31, 2013, we had recorded approximately $1.13 billion and $2.58 billion, respectively, of cash collateral received from counterparties and approximately $1.34 billion and $3.36 billion, respectively, of cash collateral provided to counterparties in connection with derivative financial instruments in our consolidated statement of condition. | ||||||||||||||||||||||||||||
We enter into master netting agreements with many of our derivative counterparties, and we have elected to net derivative assets and liabilities, including cash collateral received or deposited, which are subject to those agreements. Certain of these agreements contain credit risk-related contingent features in which the counterparty has the right to declare State Street in default and accelerate cash settlement of our net derivative liabilities with the counterparty in the event that our credit rating falls below specified levels. The aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a net liability position as of June 30, 2014 totaled approximately $571 million, against which we posted aggregate collateral of approximately $14 million, with the latter amount due to timing differences with respect to the mark-to-market valuation of the collateral. If State Street’s credit rating were downgraded below levels specified in the agreements, the maximum additional amount of payments related to termination events that could have been required pursuant to these contingent features as of June 30, 2014 was approximately $557 million. Such accelerated settlement would not affect our consolidated results of operations. | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||||||||||
In connection with our trading activities, we use derivative financial instruments in our role as a financial intermediary and as both a manager and servicer of financial assets, in order to accommodate our clients' investment and risk management needs. In addition, we use derivative financial instruments for risk management purposes as economic hedges, which are not formally designated as accounting hedges, in order to contribute to our overall corporate earnings and liquidity. These activities are designed to generate trading services revenue and to manage volatility in our net interest revenue. The level of market risk that we assume is a function of our overall objectives and liquidity needs, our clients' requirements and market volatility. | ||||||||||||||||||||||||||||
With respect to cross-border investing, our clients often enter into foreign exchange forward contracts to convert currency for international investments and to manage the currency risk in their international investment portfolios. As an active participant in the foreign exchange markets, we provide foreign exchange forward contracts and options in support of these client needs, and also act as a dealer in the currency markets. As part of our trading activities, we assume positions in both the foreign exchange and interest-rate markets by buying and selling cash instruments and using derivative financial instruments, including foreign exchange forward contracts, foreign exchange and interest-rate options and interest-rate swaps, interest-rate forward contracts, and interest-rate futures. In the aggregate, we seek to match positions closely with the objective of minimizing related currency and interest-rate risk. | ||||||||||||||||||||||||||||
We offer products that provide book-value protection primarily to plan participants in stable value funds managed by non-affiliated investment managers of post-retirement defined contribution benefit plans, particularly 401(k) plans. We account for the associated contingencies, more fully described in note 7, individually as derivative financial instruments. These contracts are valued quarterly and unrealized losses, if any, are recorded in other expenses in our consolidated statement of income. | ||||||||||||||||||||||||||||
In 2013 and 2014, we granted deferred cash awards to certain of our employees as part of our employee incentive compensation plans. We account for these awards as derivative financial instruments, as the underlying referenced shares are not equity instruments of State Street. The fair value of these derivatives is referenced to the value of units in State Street-sponsored investment funds or funds sponsored by other unrelated entities. We re-measure these derivatives to fair value quarterly, and record the change in value in compensation and employee benefits expenses in our consolidated statement of income. | ||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||||||||||
In connection with our asset-and-liability management activities, we use derivative financial instruments to manage our interest-rate risk. Interest-rate risk, defined as the sensitivity of income or financial condition to variations in interest rates, is a significant non-trading market risk to which our assets and liabilities are exposed. We manage our interest-rate risk by identifying, quantifying and hedging our exposures, using fixed-rate portfolio securities and a variety of derivative financial instruments, most frequently interest-rate swaps and options (for example, interest-rate caps and floors). Interest-rate swap agreements alter the interest-rate characteristics of specific balance sheet assets or liabilities. When appropriate, forward-rate agreements, options on swaps, and exchange-traded futures and options are also used. Our hedging relationships are formally designated, and qualify for hedge accounting, as fair value or cash flow hedges. | ||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||
Derivatives designated as fair value hedges are utilized to mitigate the risk of changes in the fair values of recognized assets and liabilities. Differences between the gains and losses on fair value hedges and the gains and losses on the asset or liability attributable to the hedged risk represent hedge ineffectiveness. We use interest-rate or foreign exchange contracts in this manner to manage our exposure to changes in the fair value of hedged items caused by changes in interest rates or foreign exchange rates. | ||||||||||||||||||||||||||||
We have entered into interest-rate swap agreements to modify our interest revenue from certain available-for-sale investment securities from a fixed rate to a floating rate. The hedged securities had a weighted-average life of approximately 6.3 years as of June 30, 2014, compared to 6.5 years as of December 31, 2013. These securities are hedged with interest-rate swap contracts of similar maturity, repricing and fixed-rate coupons. The interest-rate swap contracts convert the interest revenue from a fixed rate to a floating rate indexed to LIBOR, thereby mitigating our exposure to fluctuations in the fair value of the securities attributable to changes in the benchmark interest rate. | ||||||||||||||||||||||||||||
We have entered into interest-rate swap agreements to modify our interest expense on two senior notes and one subordinated note from fixed rates to floating rates. The senior notes mature in 2018 and 2023 and pay fixed interest at annual rates of 1.35% and 3.70%, respectively. The subordinated note matures in 2023 and pays fixed interest at a 3.10% annual rate. The senior and subordinated notes are hedged with interest-rate swap contracts with notional amounts, maturities and fixed-rate coupon terms that align with the hedged notes. The interest-rate swap contracts convert the fixed-rate coupons to floating rates indexed to LIBOR, thereby mitigating our exposure to fluctuations in the fair values of the senior and subordinated notes stemming from changes in the benchmark interest rates. | ||||||||||||||||||||||||||||
We have entered into forward foreign exchange contracts to hedge the change in fair value attributable to foreign exchange movements in the funding of non-functional currency-denominated investment securities. These forward contracts convert the foreign currency risk to U.S. dollars, thereby mitigating our exposure to fluctuations in the fair value of the securities attributable to changes in foreign exchange rates. Generally, no ineffectiveness is recorded in earnings, since the notional amount of the hedging instruments is aligned with the carrying value of the hedged securities. The forward points on the hedging instruments are considered to be a hedging cost, and accordingly are excluded from the evaluation of hedge effectiveness and recorded in net interest revenue. | ||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||
Derivatives categorized as cash flow hedges are utilized to offset the variability of cash flows to be received from or paid on a floating-rate asset or liability. Ineffectiveness of cash flow hedges is defined as the extent to which the changes in fair value of the derivative exceed the variability of cash flows of the forecast transaction. | ||||||||||||||||||||||||||||
We have entered into an interest-rate swap agreement to modify our interest revenue from an available-for-sale debt security from a floating rate to a fixed rate. The hedged security had a remaining life of approximately 4 months as of June 30, 2014, compared to approximately 10 months as of December 31, 2013. The security is hedged with an interest-rate swap contract of similar maturity, repricing and other characteristics. The interest-rate swap contract converts the interest revenue from a floating rate to a fixed rate, thereby mitigating our exposure to fluctuations in the cash flows of the security attributable to changes in the benchmark interest rate. | ||||||||||||||||||||||||||||
We have entered into foreign exchange contracts to hedge the change in cash flows attributable to foreign exchange movements in the funding of non-functional currency-denominated investment securities. These foreign exchange contracts convert the foreign currency risk to U.S. dollars, thereby mitigating our exposure to fluctuations in the cash flows of the securities attributable to changes in foreign exchange rates. Generally, no ineffectiveness is recorded in earnings, since the critical terms of the hedging instruments and the hedged securities are aligned. | ||||||||||||||||||||||||||||
For cash flow hedges, any changes in the fair value of the derivative financial instruments remain in AOCI, and are generally recorded in our consolidated statement of income in future periods when earnings are affected by the variability of the hedged cash flow. | ||||||||||||||||||||||||||||
The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments entered into in connection with our trading and asset-and-liability management activities as of the dates indicated: | ||||||||||||||||||||||||||||
(In millions) | June 30, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Interest-rate contracts: | ||||||||||||||||||||||||||||
Swap agreements and forwards | $ | 898 | $ | 1,023 | ||||||||||||||||||||||||
Options and caps purchased | 15 | 27 | ||||||||||||||||||||||||||
Options and caps written | 15 | 27 | ||||||||||||||||||||||||||
Futures | 4,063 | 3,282 | ||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||
Forward, swap and spot | 1,260,080 | 1,124,355 | ||||||||||||||||||||||||||
Options purchased | 2,486 | 1,666 | ||||||||||||||||||||||||||
Options written | 1,631 | 1,423 | ||||||||||||||||||||||||||
Credit derivative contracts: | ||||||||||||||||||||||||||||
Credit swap agreements | 165 | 141 | ||||||||||||||||||||||||||
Total return swap agreements(1) | 431 | — | ||||||||||||||||||||||||||
Commodity and equity contracts: | ||||||||||||||||||||||||||||
Commodity(1) | 14,800 | 2 | ||||||||||||||||||||||||||
Equity(1) | 27 | 1 | ||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||
Stable value contracts | 24,310 | 24,906 | ||||||||||||||||||||||||||
Deferred cash awards(2) | 239 | 42 | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||
Interest-rate contracts: | ||||||||||||||||||||||||||||
Swap agreements | 5,222 | 5,221 | ||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||
Forward and swap | 2,703 | 2,783 | ||||||||||||||||||||||||||
(1) Primarily composed of positions held by a consolidated sponsored investment fund, more fully described in note 9. | ||||||||||||||||||||||||||||
(2) Represents grants of deferred cash awards to employees; refer to discussion in this note under "Derivatives Not Designated as Hedging Instruments." | ||||||||||||||||||||||||||||
In connection with our asset-and-liability management activities, we have entered into interest-rate contracts designated as fair value and cash flow hedges to manage our interest-rate risk. The following table presents the aggregate notional amounts of these interest-rate contracts and the related assets or liabilities being hedged as of the dates indicated: | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
(In millions) | Fair | Cash | Total | Fair | Cash | Total | ||||||||||||||||||||||
Value | Flow | Value | Flow | |||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | |||||||||||||||||||||||||
Investment securities available for sale | $ | 2,585 | $ | 137 | $ | 2,722 | $ | 2,589 | $ | 132 | $ | 2,721 | ||||||||||||||||
Long-term debt(1) | 2,500 | — | 2,500 | 2,500 | — | 2,500 | ||||||||||||||||||||||
Total | $ | 5,085 | $ | 137 | $ | 5,222 | $ | 5,089 | $ | 132 | $ | 5,221 | ||||||||||||||||
(1) As of June 30, 2014, these fair value hedges increased the carrying value of long-term debt presented in our consolidated statement of condition by $40 million. As of December 31, 2013, these fair value hedges decreased the carrying value of long-term debt presented in our consolidated statement of condition by $35 million. | ||||||||||||||||||||||||||||
The following tables present the contractual and weighted-average interest rates for long-term debt, which include the effects of the fair value hedges presented in the table above, for the periods indicated: | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Contractual | Rate Including | Contractual | Rate Including | |||||||||||||||||||||||||
Rates | Impact of Hedges | Rates | Impact of Hedges | |||||||||||||||||||||||||
Long-term debt | 3.53 | % | 2.73 | % | 3.4 | % | 2.65 | % | ||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Contractual | Rate Including | Contractual | Rate Including | |||||||||||||||||||||||||
Rates | Impact of Hedges | Rates | Impact of Hedges | |||||||||||||||||||||||||
Long-term debt | 3.46 | % | 2.66 | % | 3.57 | % | 2.83 | % | ||||||||||||||||||||
The following tables present the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is disclosed in note 2. | ||||||||||||||||||||||||||||
Derivatives - Assets | ||||||||||||||||||||||||||||
Balance Sheet | Fair Value | |||||||||||||||||||||||||||
Location | ||||||||||||||||||||||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Foreign exchange contracts | Other assets | $ | 6,346 | $ | 11,552 | |||||||||||||||||||||||
Interest-rate contracts | Other assets | 19 | 29 | |||||||||||||||||||||||||
Other derivative contracts | Other assets | 4 | 1 | |||||||||||||||||||||||||
Total | $ | 6,369 | $ | 11,582 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||
Foreign exchange contracts | Other assets | $ | 291 | $ | 359 | |||||||||||||||||||||||
Interest-rate contracts | Other assets | 39 | 36 | |||||||||||||||||||||||||
Total | $ | 330 | $ | 395 | ||||||||||||||||||||||||
Derivatives - Liabilities | ||||||||||||||||||||||||||||
Balance Sheet | Fair Value | |||||||||||||||||||||||||||
Location | ||||||||||||||||||||||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Foreign exchange contracts | Other liabilities | $ | 6,322 | $ | 11,428 | |||||||||||||||||||||||
Other derivative contracts | Other liabilities | 68 | 23 | |||||||||||||||||||||||||
Interest-rate contracts | Other liabilities | 20 | 29 | |||||||||||||||||||||||||
Total | $ | 6,410 | $ | 11,480 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||
Interest-rate contracts | Other liabilities | $ | 250 | $ | 302 | |||||||||||||||||||||||
Foreign exchange contracts | Other liabilities | 34 | 43 | |||||||||||||||||||||||||
Total | $ | 284 | $ | 345 | ||||||||||||||||||||||||
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated: | ||||||||||||||||||||||||||||
Location of Gain (Loss) on | Amount of Gain (Loss) on Derivative Recognized | |||||||||||||||||||||||||||
Derivative in Consolidated | in Consolidated Statement of Income | |||||||||||||||||||||||||||
Statement of Income | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Foreign exchange contracts | Trading services revenue | $ | 144 | $ | 169 | $ | 278 | $ | 314 | |||||||||||||||||||
Interest-rate contracts | Trading services revenue | (1 | ) | 2 | (1 | ) | 3 | |||||||||||||||||||||
Other derivative contracts | Processing fees and other revenue | — | — | (1 | ) | — | ||||||||||||||||||||||
Total | $ | 143 | $ | 171 | $ | 276 | $ | 317 | ||||||||||||||||||||
Location of (Gain) Loss on | Amount of (Gain) Loss on Derivative Recognized | |||||||||||||||||||||||||||
Derivative in Consolidated | in Consolidated Statement of Income | |||||||||||||||||||||||||||
Statement of Income | ||||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30, | |||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Other derivative contracts | Compensation and employee benefits | $ | (22 | ) | $ | 3 | $ | (70 | ) | $ | 6 | |||||||||||||||||
Total | $ | (22 | ) | $ | 3 | $ | (70 | ) | $ | 6 | ||||||||||||||||||
Location of Gain (Loss) on Derivative in Consolidated Statement of Income | Amount of Gain | Hedged Item in Fair Value Hedging Relationship | Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income | Amount of Gain | ||||||||||||||||||||||||
(Loss) on Derivative | (Loss) on Hedged | |||||||||||||||||||||||||||
Recognized in | Item Recognized in | |||||||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||||||
Statement of Income | Statement of Income | |||||||||||||||||||||||||||
(In millions) | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | ||||||||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | $ | 47 | $ | 96 | Long-term debt | Processing fees and | $ | (44 | ) | $ | (89 | ) | |||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | (24 | ) | (41 | ) | Available-for-sale securities | Processing fees and | 22 | 38 | |||||||||||||||||||
other revenue | other revenue(1) | |||||||||||||||||||||||||||
Foreign exchange contracts | Processing fees and | 18 | 60 | Investment securities | Processing fees and | (18 | ) | (60 | ) | |||||||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||
Total | $ | 41 | $ | 115 | $ | (40 | ) | $ | (111 | ) | ||||||||||||||||||
Location of Gain (Loss) on Derivative in Consolidated Statement of Income | Amount of Gain | Hedged Item in Fair Value Hedging Relationship | Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income | Amount of Gain | ||||||||||||||||||||||||
(Loss) on Derivative | (Loss) on Hedged | |||||||||||||||||||||||||||
Recognized in | Item Recognized in | |||||||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||||||
Statement of Income | Statement of Income | |||||||||||||||||||||||||||
(In millions) | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||||
Foreign exchange contracts | Processing fees and | $ | (159 | ) | $ | (155 | ) | Investment securities | Processing fees and | $ | 159 | $ | 155 | |||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | (117 | ) | (132 | ) | Long-term debt | Processing fees and | 105 | 121 | |||||||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | 20 | 21 | Available-for-sale securities | Processing fees and | (20 | ) | (22 | ) | |||||||||||||||||||
other revenue | other revenue(1) | |||||||||||||||||||||||||||
Total | $ | (256 | ) | $ | (266 | ) | $ | 244 | $ | 254 | ||||||||||||||||||
(1) Represents amounts reclassified out of other comprehensive income, or OCI. For the three and six months ended June 30, 2014, $13 million and $23 million, respectively, of unrealized losses on available-for-sale securities designated in fair value hedges were recognized in OCI. For the three and six months ended June 30, 2013, $45 million and $60 million, respectively, of unrealized gains on available-for-sale securities designated in fair value hedges were recognized in OCI. | ||||||||||||||||||||||||||||
Differences between the gains (losses) on the derivative and the gains (losses) on the hedged item, | ||||||||||||||||||||||||||||
excluding any amounts recorded in net interest revenue, represent hedge ineffectiveness. | ||||||||||||||||||||||||||||
Amount of Gain | Location of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | Amount of Gain | Location of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | Amount of Gain | ||||||||||||||||||||||||
(Loss) on Derivative | (Loss) Reclassified | (Loss) on Derivative | ||||||||||||||||||||||||||
Recognized in Other | from OCI to | Recognized in | ||||||||||||||||||||||||||
Comprehensive | Consolidated | Consolidated | ||||||||||||||||||||||||||
Income | Statement of Income | Statement of Income | ||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||
Interest-rate contracts | $ | (1 | ) | $ | (2 | ) | Net interest revenue | $ | (1 | ) | $ | (2 | ) | Net interest revenue | $ | 1 | $ | 2 | ||||||||||
Foreign exchange contracts | (52 | ) | (64 | ) | Net interest revenue | — | — | Net interest revenue | 1 | 2 | ||||||||||||||||||
Total | $ | (53 | ) | $ | (66 | ) | $ | (1 | ) | $ | (2 | ) | $ | 2 | $ | 4 | ||||||||||||
Amount of Gain | Location of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | Amount of Gain | Location of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | Amount of Gain | ||||||||||||||||||||||||
(Loss) on Derivative | (Loss) Reclassified | (Loss) on Derivative | ||||||||||||||||||||||||||
Recognized in Other | from OCI to | Recognized in | ||||||||||||||||||||||||||
Comprehensive | Consolidated | Consolidated | ||||||||||||||||||||||||||
Income | Statement of Income | Statement of Income | ||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||
Interest-rate contracts | $ | (1 | ) | $ | 11 | Net interest revenue | $ | (1 | ) | $ | (2 | ) | Net interest revenue | $ | 1 | $ | 2 | |||||||||||
Foreign exchange contracts | 48 | 153 | Net interest revenue | — | — | Net interest revenue | 2 | 5 | ||||||||||||||||||||
Total | $ | 47 | $ | 164 | $ | (1 | ) | $ | (2 | ) | $ | 3 | $ | 7 | ||||||||||||||
Offsetting_Arrangements
Offsetting Arrangements | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Offsetting Arrangements | ' | ||||||||||||||||||||||||||||||||
Offsetting Arrangements | |||||||||||||||||||||||||||||||||
We manage credit and counterparty risk by entering into enforceable netting agreements and other collateral arrangements with counterparties to derivative contracts and secured financing transactions, including resale and repurchase agreements, and principal securities borrowing and lending agreements. These netting agreements mitigate our counterparty credit risk by providing for a single net settlement with a counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement. In limited cases, a netting agreement may also provide for the periodic netting of settlement payments with respect to multiple different transaction types in the normal course of business. | |||||||||||||||||||||||||||||||||
Certain of our derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange which contain enforceable netting provisions. In certain cases, we may have cross-product netting arrangements which allow for netting and set-off of a variety of types of derivatives with a single counterparty. A derivative netting arrangement creates an enforceable right of set-off that becomes effective, and effects the realization or settlement of individual financial assets and liabilities, only following a specified event of default. Collateral requirements associated with our derivative contracts are determined after a review of the creditworthiness of each counterparty, and the requirements are monitored and adjusted daily, typically based on net exposure by counterparty. Collateral is generally in the form of cash or highly liquid U.S. government securities. | |||||||||||||||||||||||||||||||||
In connection with secured financing transactions, we enter into netting agreements and other collateral arrangements with counterparties, which provide for the right to liquidate collateral in the event of default. Collateral is generally required in the form of cash, equity securities or fixed-income securities. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract. | |||||||||||||||||||||||||||||||||
In order for an arrangement to be eligible for netting, we must have a reasonable basis to conclude that such netting arrangements are legally enforceable. The analysis of the legal enforceability of an arrangement differs by jurisdiction, depending on the laws of that jurisdiction. In many jurisdictions, specific legislation exists that provides for the enforceability in bankruptcy of close-out netting under a netting agreement, typically by way of specific exception from more general prohibitions on the exercise of creditor rights. | |||||||||||||||||||||||||||||||||
When we have a basis to conclude that a legally enforceable netting arrangement exists between us and the derivative counterparty and the relevant transaction is the type of transaction that is recorded in our consolidated statement of condition, we offset derivative assets and liabilities, and the related collateral received and provided, in our consolidated statement of condition. We also offset assets and liabilities related to secured financing transactions with the same counterparty or clearinghouse which have the same maturity date and are settled in the normal course of business on a net basis. | |||||||||||||||||||||||||||||||||
Collateral that we receive in the form of securities in connection with secured financing transactions and derivative contracts can be transferred or re-pledged as collateral in many instances to enter into repurchase agreements or securities finance or derivative transactions. The securities collateral received in connection with our securities finance activities is recorded at fair value in other assets in our consolidated statement of condition, with a related liability to return the collateral, if we have the right to transfer or re-pledge the collateral. As of June 30, 2014 and December 31, 2013, the fair value of securities received as collateral where we are permitted to transfer or re-pledge the securities totaled $2.47 billion and $5.64 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same date was $474 million and $1.77 billion, respectively. | |||||||||||||||||||||||||||||||||
The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated: | |||||||||||||||||||||||||||||||||
Assets: | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(In millions) | Gross Amounts of Recognized Assets(1) | Gross Amounts Offset in Statement of Condition(2) | Net Amounts of Assets Presented in Statement of Condition | Gross Amounts of Recognized Assets(1) | Gross Amounts Offset in Statement of Condition(2) | Net Amounts of Assets Presented in Statement of Condition | |||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 6,637 | $ | (2,923 | ) | $ | 3,714 | $ | 11,911 | $ | (4,514 | ) | $ | 7,397 | |||||||||||||||||||
Interest-rate contracts | 58 | (35 | ) | 23 | 65 | (59 | ) | 6 | |||||||||||||||||||||||||
Other derivative contracts | 4 | (2 | ) | 2 | 1 | — | 1 | ||||||||||||||||||||||||||
Cash collateral netting | — | (860 | ) | (860 | ) | — | (1,928 | ) | (1,928 | ) | |||||||||||||||||||||||
Total derivatives | $ | 6,699 | $ | (3,820 | ) | $ | 2,879 | $ | 11,977 | $ | (6,501 | ) | $ | 5,476 | |||||||||||||||||||
Other financial instruments: | |||||||||||||||||||||||||||||||||
Resale agreements and securities borrowing(3) | $ | 48,284 | $ | (29,208 | ) | $ | 19,076 | $ | 48,221 | $ | (30,700 | ) | $ | 17,521 | |||||||||||||||||||
Total derivatives and other financial instruments | $ | 54,983 | $ | (33,028 | ) | $ | 21,955 | $ | 60,198 | $ | (37,201 | ) | $ | 22,997 | |||||||||||||||||||
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. | |||||||||||||||||||||||||||||||||
(2) Amounts subject to netting arrangements which have been determined to be legally enforceable. | |||||||||||||||||||||||||||||||||
(3) Included in the $19,076 million as of June 30, 2014 were $3,681 million of resale agreements and $15,395 million of collateral provided related to securities borrowing. Included in the $17,521 million as of December 31, 2013 were $6,230 million of resale agreements and $11,291 million of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. | |||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in Statement of Condition(1) | Gross Amounts Not Offset in Statement of Condition(1) | ||||||||||||||||||||||||||||||||
(In millions) | Net Amount of Assets Presented in Statement of Condition | Counterparty Netting | Collateral Received | Net Amount(2) | Net Amount of Assets Presented in Statement of Condition | Counterparty Netting | Collateral Received | Net Amount(2) | |||||||||||||||||||||||||
Derivatives | $ | 2,879 | $ | — | $ | (199 | ) | $ | 2,680 | $ | 5,476 | $ | — | $ | (181 | ) | $ | 5,295 | |||||||||||||||
Resale agreements and securities borrowing | 19,076 | (163 | ) | (17,600 | ) | 1,313 | 17,521 | (131 | ) | (14,983 | ) | 2,407 | |||||||||||||||||||||
Total | $ | 21,955 | $ | (163 | ) | $ | (17,799 | ) | $ | 3,993 | $ | 22,997 | $ | (131 | ) | $ | (15,164 | ) | $ | 7,702 | |||||||||||||
(1) Amounts subject to netting arrangements which have been determined to be legally enforceable. | |||||||||||||||||||||||||||||||||
(2) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. | |||||||||||||||||||||||||||||||||
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated: | |||||||||||||||||||||||||||||||||
Liabilities: | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(In millions) | Gross Amounts of Recognized Liabilities(1) | Gross Amounts Offset in Statement of Condition(2) | Net Amounts of Liabilities Presented in Statement of Condition | Gross Amounts of Recognized Liabilities(1) | Gross Amounts Offset in Statement of Condition(2) | Net Amounts of Liabilities Presented in Statement of Condition | |||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 6,356 | $ | (2,923 | ) | $ | 3,433 | $ | 11,471 | $ | (4,514 | ) | $ | 6,957 | |||||||||||||||||||
Interest-rate contracts | 270 | (35 | ) | 235 | 331 | (59 | ) | 272 | |||||||||||||||||||||||||
Other derivative contracts | 68 | (2 | ) | 66 | 9 | — | 9 | ||||||||||||||||||||||||||
Cash collateral netting | — | (214 | ) | (214 | ) | — | (979 | ) | (979 | ) | |||||||||||||||||||||||
Total derivatives | $ | 6,694 | $ | (3,174 | ) | $ | 3,520 | $ | 11,811 | $ | (5,552 | ) | $ | 6,259 | |||||||||||||||||||
Other financial instruments: | |||||||||||||||||||||||||||||||||
Repurchase agreements and securities lending(3) | $ | 45,772 | $ | (29,208 | ) | $ | 16,564 | $ | 45,273 | $ | (30,700 | ) | $ | 14,573 | |||||||||||||||||||
Total derivatives and other financial instruments | $ | 52,466 | $ | (32,382 | ) | $ | 20,084 | $ | 57,084 | $ | (36,252 | ) | $ | 20,832 | |||||||||||||||||||
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. | |||||||||||||||||||||||||||||||||
(2) Amounts subject to netting arrangements which have been determined to be legally enforceable. | |||||||||||||||||||||||||||||||||
(3) Included in the $16,564 million as of June 30, 2014 were $9,168 million of repurchase agreements and $7,395 million of collateral received related to securities lending. Included in the $14,573 million as of December 31, 2013 were $7,953 million of repurchase agreements and $6,620 million of collateral received related to securities lending. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. | |||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in Statement of Condition(1) | Gross Amounts Not Offset in Statement of Condition(1) | ||||||||||||||||||||||||||||||||
(In millions) | Net Amount of Liabilities Presented in Statement of Condition | Counterparty Netting | Collateral Provided | Net Amount(2) | Net Amount of Liabilities Presented in Statement of Condition | Counterparty Netting | Collateral Provided | Net Amount(2) | |||||||||||||||||||||||||
Derivatives | $ | 3,520 | $ | — | $ | (11 | ) | $ | 3,509 | $ | 6,259 | $ | — | $ | (6 | ) | $ | 6,253 | |||||||||||||||
Repurchase agreements and securities lending | 16,564 | (163 | ) | (14,758 | ) | 1,643 | 14,573 | (131 | ) | (13,036 | ) | 1,406 | |||||||||||||||||||||
Total | $ | 20,084 | $ | (163 | ) | $ | (14,769 | ) | $ | 5,152 | $ | 20,832 | $ | (131 | ) | $ | (13,042 | ) | $ | 7,659 | |||||||||||||
(1) Amounts subject to netting arrangements which have been determined to be legally enforceable. | |||||||||||||||||||||||||||||||||
(2) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. |
Net_Interest_Revenue
Net Interest Revenue | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Net Interest Revenue [Abstract] | ' | |||||||||||||||
Net Interest Revenue | ' | |||||||||||||||
Net Interest Revenue | ||||||||||||||||
The following table presents the components of interest revenue and interest expense, and related net interest revenue, for the periods indicated: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest revenue: | ||||||||||||||||
Deposits with banks | $ | 51 | $ | 31 | $ | 85 | $ | 62 | ||||||||
Investment securities: | ||||||||||||||||
U.S. Treasury and federal agencies | 164 | 183 | 327 | 377 | ||||||||||||
State and political subdivisions | 44 | 54 | 115 | 105 | ||||||||||||
Other investments | 318 | 339 | 637 | 680 | ||||||||||||
Securities purchased under resale agreements | 10 | 12 | 19 | 25 | ||||||||||||
Loans and leases | 61 | 79 | 119 | 135 | ||||||||||||
Other interest-earning assets | 2 | 2 | 3 | 3 | ||||||||||||
Total interest revenue | 650 | 700 | 1,305 | 1,387 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 18 | 27 | 33 | 61 | ||||||||||||
Short-term borrowings(1) | (12 | ) | 15 | 3 | 31 | |||||||||||
Long-term debt | 64 | 54 | 127 | 110 | ||||||||||||
Other interest-bearing liabilities | 19 | 8 | 26 | 13 | ||||||||||||
Total interest expense | 89 | 104 | 189 | 215 | ||||||||||||
Net interest revenue | $ | 561 | $ | 596 | $ | 1,116 | $ | 1,172 | ||||||||
(1) The negative interest expense for the three months ended June 30, 2014 was associated with a reclassification of certain derivative contracts that hedge our interest-rate risk on certain assets and liabilities. This reclassification reduced total interest revenue and total interest expense for the three months ended June 30, 2014. |
Expenses
Expenses | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Expenses [Abstract] | ' | ||||||||||||||||
Expenses | ' | ||||||||||||||||
Expenses | |||||||||||||||||
Severance Costs: | |||||||||||||||||
We recorded $76 million of severance costs in the six months ended June 30, 2014, composed of $4 million in the three months ended June 30, 2014 and $72 million in the three months ended March 31, 2014. These severance costs were the result of staff reductions associated with the realignment of our cost base, and were recorded in compensation and employee benefits expenses in our consolidated statement of income. | |||||||||||||||||
Acquisition and Restructuring Costs: | |||||||||||||||||
The following table presents net acquisition and restructuring costs recorded in the periods indicated: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Acquisition costs | $ | 15 | $ | 19 | $ | 36 | $ | 34 | |||||||||
Restructuring charges, net | 13 | 11 | 25 | 10 | |||||||||||||
Total acquisition and restructuring costs | $ | 28 | $ | 30 | $ | 61 | $ | 44 | |||||||||
Acquisition Costs | |||||||||||||||||
Acquisition costs recorded in the three and six months ended June 30, 2014 and the three and six months ended June 30, 2013 were related to previously disclosed acquisitions. | |||||||||||||||||
Restructuring Charges | |||||||||||||||||
Information with respect to our Business Operations and Information Technology Transformation program and our 2012 expense control measures, including charges, employee reductions and aggregate activity in the related accruals, is provided in the two sections that follow. | |||||||||||||||||
Business Operations and Information Technology Transformation Program | |||||||||||||||||
In November 2010, we announced a global multi-year Business Operations and Information Technology Transformation program. The program includes operational, information technology and targeted cost initiatives, including plans related to reductions in both staff and occupancy costs. To date, we have recorded aggregate restructuring charges of $400 million in our consolidated statement of income, composed of $156 million in 2010, $133 million in 2011, $67 million in 2012, $25 million in 2013 and $19 million in the six months ended June 30, 2014. | |||||||||||||||||
The charges related to the program included costs related to severance, benefits and outplacement services, as well as costs which resulted from actions taken to reduce our occupancy costs through the consolidation of leases and properties. The charges also included costs related to information technology, including transition fees associated with the expansion of our use of third-party service providers associated with components of our information technology infrastructure and application maintenance and support. | |||||||||||||||||
In 2010, in connection with the program, we initiated the involuntary termination of 1,400 employees, or approximately 5% of our global workforce, which we completed by the end of 2011. In addition, in connection with our announcement in 2011 of the expansion of our use of third-party service providers associated with our information technology infrastructure and application maintenance and support, as well as the continued execution of the business operations transformation component of the program, we identified 1,554 additional involuntary terminations. As of June 30, 2014, we eliminated 1,437 of these positions. | |||||||||||||||||
Expense Control Measures | |||||||||||||||||
In December 2012, in connection with expense control measures designed to better align our expenses to our business strategy and related outlook for 2013, we identified additional targeted staff reductions. As a result of these actions, we have recorded aggregate pre-tax restructuring charges of $133 million in 2012, $3 million in 2013 and $6 million in the six months ended June 30, 2014 in our consolidated statement of income. Employee-related costs included severance, benefits and outplacement services. Costs for asset and other write-offs were primarily related to contract terminations. We originally identified involuntary terminations of 960 employees (630 positions after replacements). As of March 31, 2014, we substantially completed these reductions. | |||||||||||||||||
Aggregate Restructuring-Related Accrual Activity | |||||||||||||||||
The following table presents aggregate activity associated with accruals that resulted from the charges associated with the Business Operations and Information Technology Transformation program and expense control measures: | |||||||||||||||||
(In millions) | Employee- | Real Estate Consolidation | Asset and Other Write-Offs | Total | |||||||||||||
Related | |||||||||||||||||
Costs | |||||||||||||||||
Balance as of December 31, 2013 | $ | 50 | $ | 49 | $ | 7 | $ | 106 | |||||||||
Additional accruals for Business Operations and Information Technology Transformation program | 16 | 3 | — | 19 | |||||||||||||
Additional accruals for 2012 expense control measures | — | — | 6 | 6 | |||||||||||||
Payments and adjustments | (26 | ) | (29 | ) | (4 | ) | (59 | ) | |||||||||
Balance as of June 30, 2014 | $ | 40 | $ | 23 | $ | 9 | $ | 72 | |||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Common Share | ' | |||||||
Earnings Per Common Share | ||||||||
The following tables present the computation of basic and diluted earnings per common share for the periods indicated: | ||||||||
Three Months Ended June 30, | ||||||||
(Dollars in millions, except per share amounts) | 2014 | 2013 | ||||||
Net income | $ | 622 | $ | 579 | ||||
Less: | ||||||||
Preferred stock dividends | (19 | ) | (6 | ) | ||||
Dividends and undistributed earnings allocated to participating securities(1) | (1 | ) | (2 | ) | ||||
Net income available to common shareholders | $ | 602 | $ | 571 | ||||
Average common shares outstanding (in thousands): | ||||||||
Basic average common shares | 427,824 | 452,176 | ||||||
Effect of dilutive securities: common stock options and common stock awards | 7,496 | 8,864 | ||||||
Diluted average common shares | 435,320 | 461,040 | ||||||
Anti-dilutive securities(2) | 1,508 | 2,330 | ||||||
Earnings per Common Share: | ||||||||
Basic | $ | 1.41 | $ | 1.26 | ||||
Diluted(3) | 1.38 | 1.24 | ||||||
Six Months Ended June 30, | ||||||||
(Dollars in millions, except per share amounts) | 2014 | 2013 | ||||||
Net income | $ | 985 | $ | 1,043 | ||||
Less: | ||||||||
Preferred stock dividends | (25 | ) | (13 | ) | ||||
Dividends and undistributed earnings allocated to participating securities(1) | (2 | ) | (4 | ) | ||||
Net income available to common shareholders | $ | 958 | $ | 1,026 | ||||
Average common shares outstanding (in thousands): | ||||||||
Basic average common shares | 429,215 | 453,240 | ||||||
Effect of dilutive securities: common stock options and common stock awards | 7,743 | 8,390 | ||||||
Diluted average common shares | 436,958 | 461,630 | ||||||
Anti-dilutive securities(2) | 1,506 | 2,409 | ||||||
Earnings per Common Share: | ||||||||
Basic | $ | 2.23 | $ | 2.26 | ||||
Diluted(3) | 2.19 | 2.22 | ||||||
(1) Represented the portion of net income available to common equity allocated to participating securities, composed of fully vested deferred director stock and unvested restricted stock that contain non-forfeitable rights to dividends during the vesting period on a basis equivalent to dividends paid to common shareholders. | ||||||||
(2) Represented common stock options and other equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. | ||||||||
(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method. |
Line_of_Business_Information
Line of Business Information | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Line of Business Information | ' | |||||||||||||||||||||||||||||||
Line of Business Information | ||||||||||||||||||||||||||||||||
We have two lines of business: Investment Servicing and Investment Management. Given our services and management organization, the results of operations for these lines of business are not necessarily comparable with those of other companies, including companies in the financial services industry. Information about our two lines of business, as well as revenues, expenses and capital allocation methodologies associated with them, is provided in note 25 to the consolidated financial statements included in our 2013 Form 10-K. | ||||||||||||||||||||||||||||||||
The following tables provide a summary of our line-of-business results for the periods indicated. The “Other” column for three and six months ended June 30, 2014 included severance costs associated with staff reductions of $4 million and $76 million, respectively, as well as net acquisition and restructuring costs of $28 million and $61 million, respectively. In addition, the six months ended June 30, 2014 included net provisions for litigation exposure and other costs of $6 million. The “Other” column for three and six months ended June 30, 2013 included net acquisition and restructuring costs of $30 million and $44 million, respectively, as well as net provisions for litigation exposure and other costs of $15 million for both periods. The amounts in the “Other” columns were not allocated to State Street's business lines. Results for the 2013 periods reflect reclassifications, for comparative purposes, related to management changes in methodologies associated with allocations of revenue and expenses reflected in line-of-business results for 2014. | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
Investment | Investment | Other | Total | |||||||||||||||||||||||||||||
Servicing | Management | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(Dollars in millions, | ||||||||||||||||||||||||||||||||
except where otherwise noted) | ||||||||||||||||||||||||||||||||
Fee revenue: | ||||||||||||||||||||||||||||||||
Servicing fees | $ | 1,288 | $ | 1,201 | $ | — | $ | — | $ | — | $ | — | $ | 1,288 | $ | 1,201 | ||||||||||||||||
Management fees | — | — | 300 | 277 | — | — | 300 | 277 | ||||||||||||||||||||||||
Trading services | 249 | 287 | 11 | 17 | — | — | 260 | 304 | ||||||||||||||||||||||||
Securities finance | 147 | 131 | — | — | — | — | 147 | 131 | ||||||||||||||||||||||||
Processing fees and other | 42 | 58 | 2 | — | — | — | 44 | 58 | ||||||||||||||||||||||||
Total fee revenue | 1,726 | 1,677 | 313 | 294 | — | — | 2,039 | 1,971 | ||||||||||||||||||||||||
Net interest revenue | 545 | 571 | 16 | 25 | — | — | 561 | 596 | ||||||||||||||||||||||||
Gains (losses) related to investment securities, net | (2 | ) | (7 | ) | — | — | — | — | (2 | ) | (7 | ) | ||||||||||||||||||||
Total revenue | 2,269 | 2,241 | 329 | 319 | — | — | 2,598 | 2,560 | ||||||||||||||||||||||||
Provision for loan losses | 2 | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||
Total expenses | 1,593 | 1,549 | 225 | 204 | 32 | 45 | 1,850 | 1,798 | ||||||||||||||||||||||||
Income before income tax expense | $ | 674 | $ | 692 | $ | 104 | $ | 115 | $ | (32 | ) | $ | (45 | ) | $ | 746 | $ | 762 | ||||||||||||||
Pre-tax margin | 30 | % | 31 | % | 32 | % | 36 | % | 29 | % | 30 | % | ||||||||||||||||||||
Average assets (in billions) | $ | 231.3 | $ | 203.6 | $ | 3.4 | $ | 4.1 | $ | 234.7 | $ | 207.7 | ||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
Investment | Investment | Other | Total | |||||||||||||||||||||||||||||
Servicing | Management | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(Dollars in millions, | ||||||||||||||||||||||||||||||||
except where otherwise noted) | ||||||||||||||||||||||||||||||||
Fee revenue: | ||||||||||||||||||||||||||||||||
Servicing fees | $ | 2,526 | $ | 2,376 | $ | — | $ | — | $ | — | $ | — | $ | 2,526 | $ | 2,376 | ||||||||||||||||
Management fees | — | — | 592 | 540 | — | — | 592 | 540 | ||||||||||||||||||||||||
Trading services | 490 | 552 | 23 | 41 | — | — | 513 | 593 | ||||||||||||||||||||||||
Securities finance | 232 | 209 | — | — | — | — | 232 | 209 | ||||||||||||||||||||||||
Processing fees and other | 97 | 105 | 3 | 5 | — | — | 100 | 110 | ||||||||||||||||||||||||
Total fee revenue | 3,345 | 3,242 | 618 | 586 | — | — | 3,963 | 3,828 | ||||||||||||||||||||||||
Net interest revenue | 1,083 | 1,128 | 33 | 44 | — | — | 1,116 | 1,172 | ||||||||||||||||||||||||
Gains (losses) related to investment securities, net | 4 | (5 | ) | — | — | — | — | 4 | (5 | ) | ||||||||||||||||||||||
Total revenue | 4,432 | 4,365 | 651 | 630 | — | — | 5,083 | 4,995 | ||||||||||||||||||||||||
Provision for loan losses | 4 | — | — | — | — | — | 4 | — | ||||||||||||||||||||||||
Total expenses | 3,266 | 3,139 | 469 | 426 | 143 | 59 | 3,878 | 3,624 | ||||||||||||||||||||||||
Income before income tax expense | $ | 1,162 | $ | 1,226 | $ | 182 | $ | 204 | $ | (143 | ) | $ | (59 | ) | $ | 1,201 | $ | 1,371 | ||||||||||||||
Pre-tax margin | 26 | % | 28 | % | 28 | % | 32 | % | 24 | % | 27 | % | ||||||||||||||||||||
Average assets (in billions) | $ | 221.8 | $ | 204 | $ | 3.4 | $ | 4 | $ | 225.2 | $ | 208 | ||||||||||||||||||||
NonUS_Activities
Non-U.S. Activities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||
Non-U.S. Activities | ' | |||||||
Non-U.S. Activities | ||||||||
We generally define our non-U.S. activities as those revenue-producing business activities that arise from clients domiciled outside the U.S. Due to the integrated nature of our business, precise segregation of our U.S. and non-U.S. activities is not possible. Subjective estimates and other judgments are applied to quantify the financial results and assets related to our non-U.S. activities, including our application of funds transfer pricing, our asset-and-liability management policies and our allocation of certain indirect corporate expenses. Interest expense allocations are based on our internal funds transfer pricing methodology. | ||||||||
The following table presents our non-U.S. financial results for the periods indicated. | ||||||||
Three Months Ended June 30, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Total fee revenue | $ | 838 | $ | 811 | ||||
Net interest revenue | 341 | 295 | ||||||
Gains (losses) related to investment securities, net | (1 | ) | (7 | ) | ||||
Total revenue | 1,178 | 1,099 | ||||||
Expenses | 813 | 740 | ||||||
Income before income taxes | 365 | 359 | ||||||
Income tax expense | 87 | 85 | ||||||
Net income | $ | 278 | $ | 274 | ||||
Six Months Ended June 30, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Total fee revenue | $ | 1,626 | $ | 1,576 | ||||
Net interest revenue | 666 | 568 | ||||||
Gains (losses) related to investment securities, net | 5 | (10 | ) | |||||
Total revenue | 2,297 | 2,134 | ||||||
Expenses | 1,652 | 1,493 | ||||||
Income before income taxes | 645 | 641 | ||||||
Income tax expense | 152 | 154 | ||||||
Net income | $ | 493 | $ | 487 | ||||
The following table presents the significant components of our non-U.S. assets as of the dates indicated, based on the domicile of the underlying counterparties: | ||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||
Interest-bearing deposits with banks | $ | 15,969 | $ | 9,584 | ||||
Investment securities | 32,642 | 31,522 | ||||||
Other assets | 16,111 | 16,778 | ||||||
Total non-U.S. assets | $ | 64,722 | $ | 57,884 | ||||
Regulatory_Capital
Regulatory Capital | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||||||||||
Regulatory Capital | ' | ||||||||||||||||||||||||||||
Regulatory Capital | |||||||||||||||||||||||||||||
As of December 31, 2013, we were subject to the generally applicable minimum regulatory capital requirements enforced by U.S. banking regulators, referred to as Basel I. These requirements were based on a 1988 international accord developed by the Basel Committee on Banking Supervision, or Basel Committee. | |||||||||||||||||||||||||||||
In July 2013, U.S. banking regulators jointly issued a final rule to implement the Basel III framework in the U.S., referred to as the Basel III final rule, provisions of which become effective under a transition timetable which began on January 1, 2014, with full implementation required beginning on January 1, 2019. As provided in the Basel III final rule, banking organizations in their Basel II qualification period, or parallel run, were required to complete a superseding parallel run under Basel III. | |||||||||||||||||||||||||||||
We were notified by the Federal Reserve on February 21, 2014 that we completed our parallel run and would be required to begin using the advanced approaches framework in the Basel III final rule in the determination of our risk-based capital requirements. Pursuant to this notification, we have begun to use the advanced approaches to calculate and disclose our risk-based capital ratios starting with the three months ended June 30, 2014. | |||||||||||||||||||||||||||||
As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank Act, enacted in 2010, State Street and State Street Bank, as advanced approaches banking organizations, are subject to a permanent "capital floor" in the calculation and assessment of their regulatory capital adequacy by U.S. banking regulators. Beginning on January 1, 2014, this capital floor is based on the provisions of Basel I, as adjusted by the final market risk capital rule issued by U.S. banking regulators in 2012. | |||||||||||||||||||||||||||||
Beginning on January 1, 2014, we became subject to the provisions of the Basel III final rule that govern our calculation of regulatory capital, including transitional, or phase-in, provisions. Beginning with the three months ended June 30, 2014 and ending | |||||||||||||||||||||||||||||
with December 31, 2014, the lower of our regulatory capital ratios calculated under the advanced approaches provisions of the Basel III final rule and those ratios calculated under the transitional provisions of Basel III (capital calculated in conformity with Basel III and risk-weighted assets calculated in conformity with Basel I as described above) will apply in the assessment of our capital adequacy for regulatory purposes. | |||||||||||||||||||||||||||||
As of June 30, 2014, the minimum required regulatory capital ratios are as follows: | |||||||||||||||||||||||||||||
• | common equity tier 1, or | ||||||||||||||||||||||||||||
tier 1 common, risk-based capital - 4%; | |||||||||||||||||||||||||||||
• | tier 1 risk-based capital - 5.5%; | ||||||||||||||||||||||||||||
• | total risk-based capital - 8%; and | ||||||||||||||||||||||||||||
• | tier 1 leverage - 4% | ||||||||||||||||||||||||||||
The methods for the calculation of our and State Street Bank's risk-based capital ratios will change as the provisions of the Basel III final rule related to the numerator (capital) and denominator (risk-weighted assets) are phased in, and as we begin calculating our risk-weighted assets using the advanced approaches. These ongoing methodological changes will result in differences in our reported capital ratios from one reporting period to the next that are independent of applicable changes to our capital base, our asset composition, our off-balance sheet exposures or our risk profile. | |||||||||||||||||||||||||||||
As of June 30, 2014, State Street and State Street Bank exceeded all regulatory capital adequacy requirements to which they were subject. As of June 30, 2014, State Street Bank was categorized as “well capitalized” under the applicable regulatory capital adequacy framework, and exceeded all “well capitalized” ratio guidelines to which it was subject. Management believes that no conditions or events have occurred since June 30, 2014 that have changed the capital categorization of State Street Bank. | |||||||||||||||||||||||||||||
The following table presents the regulatory capital structure, total risk-weighted assets and related regulatory capital ratios for State Street and State Street Bank as of the dates indicated. As a result of changes in the methodologies used to calculate our regulatory capital ratios from period to period as the provisions of the Basel III final rule are phased in, the ratios presented in the table for each period-end are not directly comparable. Refer to the footnotes following the table. | |||||||||||||||||||||||||||||
State Street | State Street Bank | ||||||||||||||||||||||||||||
(Dollars in millions) | Basel III Advanced Approach June 30, 2014(1) | Basel III Transitional June 30, 2014(2) | December 31, 2013(3) | Basel III Advanced Approach June 30, 2014(1) | Basel III Transitional June 30, 2014(2) | December 31, 2013(3) | |||||||||||||||||||||||
Common shareholders' equity: | |||||||||||||||||||||||||||||
Common stock and related surplus | $ | 10,269 | $ | 10,269 | $ | 10,280 | $ | 10,832 | $ | 10,832 | $ | 10,786 | |||||||||||||||||
Retained earnings | 14,114 | 14,114 | 13,395 | 9,579 | 9,579 | 9,064 | |||||||||||||||||||||||
Accumulated other comprehensive income (loss) | 328 | 328 | 215 | 299 | 299 | 209 | |||||||||||||||||||||||
Treasury stock, at cost | (4,405 | ) | (4,405 | ) | (3,693 | ) | — | — | — | ||||||||||||||||||||
Total | 20,306 | 20,306 | 20,197 | 20,710 | 20,710 | 20,059 | |||||||||||||||||||||||
Regulatory capital adjustments: | |||||||||||||||||||||||||||||
Goodwill and other intangible assets, net of associated deferred tax liabilities(4) | (6,100 | ) | (6,100 | ) | (7,743 | ) | (5,816 | ) | (5,816 | ) | (7,341 | ) | |||||||||||||||||
Other adjustments | (41 | ) | (41 | ) | — | (126 | ) | (126 | ) | — | |||||||||||||||||||
Tier 1 common capital | 14,165 | 14,165 | 12,454 | 14,768 | 14,768 | 12,718 | |||||||||||||||||||||||
Preferred stock | 1,233 | 1,233 | 491 | — | — | — | |||||||||||||||||||||||
Trust preferred capital securities subject to phase-out from tier 1 capital | 475 | 475 | 950 | — | — | — | |||||||||||||||||||||||
Other adjustments | (165 | ) | (165 | ) | — | — | — | — | |||||||||||||||||||||
Tier 1 capital | 15,708 | 15,708 | 13,895 | 14,768 | 14,768 | 12,718 | |||||||||||||||||||||||
Qualifying subordinated long-term debt | 1,738 | 1,738 | 1,918 | 1,754 | 1,754 | 1,936 | |||||||||||||||||||||||
Trust preferred capital securities phased out of tier 1 capital | 475 | 475 | NA | — | — | NA | |||||||||||||||||||||||
Other adjustments | 3 | 3 | (26 | ) | — | — | 45 | ||||||||||||||||||||||
Total capital | $ | 17,924 | $ | 17,924 | $ | 15,787 | $ | 16,522 | $ | 16,522 | $ | 14,699 | |||||||||||||||||
Risk-weighted assets: | |||||||||||||||||||||||||||||
Credit risk | $ | 71,093 | $ | 86,928 | $ | 78,864 | $ | 64,617 | $ | 83,524 | $ | 76,197 | |||||||||||||||||
Operational risk | 35,985 | NA | NA | 35,566 | NA | NA | |||||||||||||||||||||||
Market risk | 3,937 | 1,679 | 1,262 | 3,463 | 1,679 | 1,262 | |||||||||||||||||||||||
Total risk-weighted assets | $ | 111,015 | $ | 88,607 | $ | 80,126 | $ | 103,646 | $ | 85,203 | $ | 77,459 | |||||||||||||||||
Adjusted quarterly average assets | $ | 227,815 | $ | 227,815 | $ | 202,801 | $ | 224,050 | $ | 224,050 | $ | 199,301 | |||||||||||||||||
Capital Ratios: | Minimum Requirements(5) 2014 | Minimum Requirements(6) 2013 | |||||||||||||||||||||||||||
Tier 1 common risk-based capital | 4 | % | NA | 12.8 | % | 16 | % | 15.5 | % | 14.2 | % | 17.3 | % | 16.4 | % | ||||||||||||||
Tier 1 risk-based capital | 5.5 | 4 | % | 14.1 | 17.7 | 17.3 | 14.2 | 17.3 | 16.4 | ||||||||||||||||||||
Total risk-based capital | 8 | 8 | 16.1 | 20.2 | 19.7 | 15.9 | 19.4 | 19 | |||||||||||||||||||||
Tier 1 leverage | 4 | 4 | 6.9 | 6.9 | 6.9 | 6.6 | 6.6 | 6.4 | |||||||||||||||||||||
NA: Not applicable. | |||||||||||||||||||||||||||||
(1) Tier 1 common capital, tier 1 capital and total capital ratios as of June 30, 2014 were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Tier 1 leverage ratio as of June 30, 2014 was calculated in conformity with the Basel III final rule. | |||||||||||||||||||||||||||||
(2) Tier 1 common capital, tier 1 capital, total capital and tier 1 leverage ratios as of June 30, 2014 were calculated in conformity with the transitional provisions of the Basel III final rule. Specifically, these ratios reflect tier 1 common, tier 1 and total capital (the numerator) calculated in conformity with the provisions of the Basel III final rule, and total risk-weighted assets or, with respect to the tier 1 leverage ratio, quarterly average assets (in both cases, the denominator), calculated in conformity with the provisions of Basel I. | |||||||||||||||||||||||||||||
(3) Tier 1 common capital, tier 1 capital, total capital and tier 1 leverage ratios as of December 31, 2013 were calculated in conformity with the provisions of Basel I. | |||||||||||||||||||||||||||||
(4) Amounts for State Street and State Street Bank as of June 30, 2014 consisted of goodwill, net of associated deferred tax liabilities, and 20% of other intangible assets, net of associated deferred tax liabilities, the latter phased in as a deduction from capital, in conformity with the Basel III final rule. | |||||||||||||||||||||||||||||
(5) Minimum requirements will be phased in up to full implementation beginning on January 1, 2019; minimum requirements listed are as of June 30, 2014. | |||||||||||||||||||||||||||||
(6) Minimum requirements listed, governed by Basel I, are as of December 31, 2013. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Developments | ' |
Recent Accounting Developments: | |
In June 2014, the FASB issued an amendment to GAAP for “repo-to-maturity” transactions and repurchase agreements executed as repurchase financings. The amendment requires enhanced disclosure for repurchase agreements and securities lending transactions accounted for as secured borrowings and for certain transfers of financial assets. The amendment is effective, for State Street, beginning on January 1, 2015. Our adoption of the amendment is not expected to have a material effect on our consolidated financial statements. | |
In May 2014, the FASB issued an amendment to GAAP that provides for a single comprehensive model to be applied in the accounting for revenue arising from contracts with clients. In applying this model, an entity would recognize revenue that represents the transfer of promised goods or services to clients in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendment supersedes most current revenue recognition guidance, including industry-specific guidance. The amendment is effective, for State Street, beginning on January 1, 2017, and must be applied retrospectively. Early adoption is prohibited. We are currently assessing the potential impact of this amendment on our consolidated financial statements. | |
In April 2014, the FASB issued an amendment to GAAP that revises the criteria for the treatment and disclosure of discontinued operations. The amendment allows entities to have significant continuing involvement and continuing cash flows with the discontinued operation, but requires additional disclosure for discontinued operations and disclosure for disposals deemed to be material that do not meet the definition of a discontinued operation. The presentation and disclosure requirements are effective, for State Street, beginning on January 1, 2015, and are required to be applied prospectively to discontinued operations occurring after that date. | |
In January 2014, the FASB issued an amendment to GAAP that allows an investor in an affordable housing project, if the project meets certain defined conditions, to amortize the cost of their investment in proportion to the tax credits and other tax benefits they receive, and reflect it as part of income tax expense rather than as revenue from operations. The amendment is effective, for State Street, for interim and annual periods beginning after December 15, 2014, with early adoption permitted, and must be applied retrospectively. At this time, we have not chosen to early-adopt the amendment as we continue to assess | |
Asset-Backed Securitization Trusts | ' |
We invest in various forms of asset-backed securities, which we carry in our investment securities portfolio. These asset-backed securities meet the GAAP definition of asset securitization entities, which are considered to be variable interest entities, or VIEs, as defined by GAAP. We are not considered to be the primary beneficiary of these VIEs, as defined by GAAP, since we do not have control over their activities. Additional information about our asset-backed securities is provided in note 3. | |
Tax-Exempt Investment Program | ' |
Tax-Exempt Investment Program: | |
In the normal course of our business, we structure and sell certificated interests in pools of tax-exempt investment-grade assets, principally to our mutual fund clients. We structure these pools as partnership trusts, and the assets and liabilities of the trusts are recorded in our consolidated statement of condition as investment securities available for sale and other short-term borrowings. We may also provide liquidity and re-marketing services to the trusts. As of June 30, 2014 and December 31, 2013, we carried investment securities available for sale, composed of securities related to state and political subdivisions, with a fair value of $2.32 billion and $2.33 billion, respectively, and other short-term borrowings of $1.92 billion and $1.95 billion, respectively, in our consolidated statement of condition in connection with these trusts. | |
We transfer assets to the trusts from our investment securities portfolio at adjusted book value, and the trusts finance the acquisition of these assets by selling certificated interests issued by the trusts to third-party investors and to State Street as residual holder. These transfers do not meet the de-recognition criteria defined by GAAP, and therefore, are recorded in our consolidated financial statements. The trusts had a weighted-average life of approximately 6.3 years as of June 30, 2014, compared to approximately 6.5 years as of December 31, 2013. | |
Under separate legal agreements, we provide standby bond-purchase agreements to these trusts and, with respect to certain securities, letters of credit. Our commitments to the trusts under these standby bond-purchase agreements and letters of credit totaled $1.94 billion and $684 million, respectively, as of June 30, 2014, none of which was utilized as of that date. In the event that our obligations under these agreements are triggered, no material impact to our consolidated results of operations or financial condition is expected to occur, because the securities are already recorded at fair value in our consolidated statement of condition. |
Fair_Value_Tables
Fair Value (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||||||||||||||||||||||||||
The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated. No transfers of financial assets or liabilities between levels 1 and 2 occurred in the six months ended June 30, 2014 or the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||||||||||||||
as of June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Quoted Market | Pricing Methods | Pricing Methods | Impact of Netting(1) | Total Net | |||||||||||||||||||||||||||||||||||||||
Prices in Active | with Significant | with Significant | Carrying Value | |||||||||||||||||||||||||||||||||||||||||
Markets | Observable | Unobservable | in Consolidated | |||||||||||||||||||||||||||||||||||||||||
(Level 1) | Market Inputs | Market Inputs | Statement of | |||||||||||||||||||||||||||||||||||||||||
(Level 2) | (Level 3) | Condition | ||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government securities | $ | 20 | $ | — | $ | — | $ | 20 | ||||||||||||||||||||||||||||||||||||
Non-U.S. government securities | 423 | — | — | 423 | ||||||||||||||||||||||||||||||||||||||||
Other | 78 | 420 | — | 498 | ||||||||||||||||||||||||||||||||||||||||
Total trading account assets | 521 | 420 | — | 941 | ||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||||||||||||||
Direct obligations | 2,781 | 654 | — | 3,435 | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 22,043 | 96 | 22,139 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Student loans | — | 13,640 | 322 | 13,962 | ||||||||||||||||||||||||||||||||||||||||
Credit cards | — | 6,566 | — | 6,566 | ||||||||||||||||||||||||||||||||||||||||
Sub-prime | — | 1,101 | — | 1,101 | ||||||||||||||||||||||||||||||||||||||||
Other | — | 574 | 4,061 | 4,635 | ||||||||||||||||||||||||||||||||||||||||
Total asset-backed securities | — | 21,881 | 4,383 | 26,264 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 11,435 | — | 11,435 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 3,694 | 506 | 4,200 | ||||||||||||||||||||||||||||||||||||||||
Government securities | — | 3,823 | — | 3,823 | ||||||||||||||||||||||||||||||||||||||||
Other | — | 5,242 | 515 | 5,757 | ||||||||||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | — | 24,194 | 1,021 | 25,215 | ||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | — | 10,576 | 41 | 10,617 | ||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 5,178 | 196 | 5,374 | ||||||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 4,833 | 9 | 4,842 | ||||||||||||||||||||||||||||||||||||||||
U.S. equity securities | — | 37 | — | 37 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. equity securities | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||||
U.S. money-market mutual funds | — | 615 | — | 615 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. money-market mutual funds | — | 7 | — | 7 | ||||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | 2,781 | 90,019 | 5,746 | 98,546 | ||||||||||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 6,627 | 10 | $ | (3,762 | ) | 2,875 | |||||||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 58 | — | (56 | ) | 2 | ||||||||||||||||||||||||||||||||||||||
Other derivative contracts | — | 4 | — | (2 | ) | 2 | ||||||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 6,689 | 10 | (3,820 | ) | 2,879 | ||||||||||||||||||||||||||||||||||||||
Other | 106 | — | — | — | 106 | |||||||||||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 3,408 | $ | 97,128 | $ | 5,756 | $ | (3,820 | ) | $ | 102,472 | |||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 6,346 | $ | 10 | $ | (3,117 | ) | $ | 3,239 | |||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 270 | — | (55 | ) | 215 | ||||||||||||||||||||||||||||||||||||||
Other derivative contracts | — | 59 | 9 | (2 | ) | 66 | ||||||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 6,675 | 19 | (3,174 | ) | 3,520 | ||||||||||||||||||||||||||||||||||||||
Other | 106 | — | — | — | 106 | |||||||||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 106 | $ | 6,675 | $ | 19 | $ | (3,174 | ) | $ | 3,626 | |||||||||||||||||||||||||||||||||
(1) Represents counterparty netting against level-2 financial assets and liabilities, where a legally enforceable master netting agreement exists between State Street and the counterparty. Netting also reflects asset and liability reductions of $860 million and $214 million, respectively, for cash collateral received from and provided to derivative counterparties. | ||||||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||||||||||||||
as of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Quoted Market | Pricing Methods | Pricing Methods | Impact of Netting(1) | Total Net | |||||||||||||||||||||||||||||||||||||||
Prices in Active | with Significant | with Significant | Carrying Value | |||||||||||||||||||||||||||||||||||||||||
Markets | Observable | Unobservable | in Consolidated | |||||||||||||||||||||||||||||||||||||||||
(Level 1) | Market Inputs | Market Inputs | Statement of | |||||||||||||||||||||||||||||||||||||||||
(Level 2) | (Level 3) | Condition | ||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government securities | $ | 20 | $ | — | $ | — | $ | 20 | ||||||||||||||||||||||||||||||||||||
Non-U.S. government securities | 399 | — | — | 399 | ||||||||||||||||||||||||||||||||||||||||
Other | 67 | 357 | — | 424 | ||||||||||||||||||||||||||||||||||||||||
Total trading account assets | 486 | 357 | — | 843 | ||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||||||||||||||
Direct obligations | — | 709 | — | 709 | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 22,847 | 716 | 23,563 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Student loans | — | 14,119 | 423 | 14,542 | ||||||||||||||||||||||||||||||||||||||||
Credit cards | — | 8,186 | 24 | 8,210 | ||||||||||||||||||||||||||||||||||||||||
Sub-prime | — | 1,203 | — | 1,203 | ||||||||||||||||||||||||||||||||||||||||
Other | — | 532 | 4,532 | 5,064 | ||||||||||||||||||||||||||||||||||||||||
Total asset-backed securities | — | 24,040 | 4,979 | 29,019 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 10,654 | 375 | 11,029 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 4,592 | 798 | 5,390 | ||||||||||||||||||||||||||||||||||||||||
Government securities | — | 3,761 | — | 3,761 | ||||||||||||||||||||||||||||||||||||||||
Other | — | 4,263 | 464 | 4,727 | ||||||||||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | — | 23,270 | 1,637 | 24,907 | ||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | — | 10,220 | 43 | 10,263 | ||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 5,107 | 162 | 5,269 | ||||||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 4,972 | 8 | 4,980 | ||||||||||||||||||||||||||||||||||||||||
U.S. equity securities | — | 34 | — | 34 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. equity securities | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||||
U.S. money-market mutual funds | — | 422 | — | 422 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. money-market mutual funds | — | 7 | — | 7 | ||||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | — | 91,629 | 7,545 | 99,174 | ||||||||||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 11,892 | 19 | $ | (6,442 | ) | 5,469 | |||||||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 65 | — | (59 | ) | 6 | ||||||||||||||||||||||||||||||||||||||
Other derivative contracts | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 11,958 | 19 | (6,501 | ) | 5,476 | ||||||||||||||||||||||||||||||||||||||
Other | 97 | — | — | — | 97 | |||||||||||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 583 | $ | 103,944 | $ | 7,564 | $ | (6,501 | ) | $ | 105,590 | |||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 11,454 | $ | 17 | $ | (5,458 | ) | $ | 6,013 | |||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 331 | — | (94 | ) | 237 | ||||||||||||||||||||||||||||||||||||||
Other derivative contracts | — | — | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 11,785 | 26 | (5,552 | ) | 6,259 | ||||||||||||||||||||||||||||||||||||||
Other | 97 | — | — | — | 97 | |||||||||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 97 | $ | 11,785 | $ | 26 | $ | (5,552 | ) | $ | 6,356 | |||||||||||||||||||||||||||||||||
(1) Represents counterparty netting against level-2 financial assets and liabilities, where a legally enforceable master netting agreement exists between State Street and the counterparty. Netting also reflects asset and liability reductions of $1.93 billion and $979 million, respectively, for cash collateral received from and provided to derivative counterparties. | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of December 31, | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
2012 | Unrealized Gains (Losses) | into | out of | June 30, | Unrealized | |||||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | 2013 | Gains | |||||||||||||||||||||||||||||||||||||||||
(Losses) | ||||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2013 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 825 | $ | — | $ | 1 | $ | 92 | $ | — | $ | — | $ | (54 | ) | $ | — | $ | — | $ | 864 | |||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Student loans | 588 | 1 | 8 | — | — | (26 | ) | (16 | ) | — | (175 | ) | 380 | |||||||||||||||||||||||||||||||
Credit cards | 67 | — | — | — | — | — | (43 | ) | — | — | 24 | |||||||||||||||||||||||||||||||||
Other | 3,994 | 28 | 30 | 565 | — | (10 | ) | (759 | ) | — | — | 3,848 | ||||||||||||||||||||||||||||||||
Total asset-backed securities | 4,649 | 29 | 38 | 565 | — | (36 | ) | (818 | ) | — | (175 | ) | 4,252 | |||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 555 | — | — | — | — | — | (19 | ) | — | (208 | ) | 328 | ||||||||||||||||||||||||||||||||
Asset-backed securities | 524 | 3 | 1 | 234 | — | — | (68 | ) | 139 | (77 | ) | 756 | ||||||||||||||||||||||||||||||||
Other | 140 | — | 1 | 179 | — | — | 1 | — | (40 | ) | 281 | |||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,219 | 3 | 2 | 413 | — | — | (86 | ) | 139 | (325 | ) | 1,365 | ||||||||||||||||||||||||||||||||
State and political subdivisions | 48 | — | (1 | ) | — | — | — | (2 | ) | — | — | 45 | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 117 | — | — | 140 | — | — | (19 | ) | — | — | 238 | |||||||||||||||||||||||||||||||||
Other U.S. debt securities | 9 | — | — | — | — | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||
Total investment securities available for sale | 6,867 | 32 | 40 | 1,210 | — | (36 | ) | (979 | ) | 139 | (500 | ) | 6,773 | |||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 113 | 134 | — | 32 | — | — | (158 | ) | — | — | 121 | $ | 56 | |||||||||||||||||||||||||||||||
Total derivative instruments | 113 | 134 | — | 32 | — | — | (158 | ) | — | — | 121 | 56 | ||||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 6,980 | $ | 166 | $ | 40 | $ | 1,242 | $ | — | $ | (36 | ) | $ | (1,137 | ) | $ | 139 | $ | (500 | ) | $ | 6,894 | $ | 56 | |||||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
December 31, | Unrealized Gains (Losses) | into | out of | June 30, | Unrealized | |||||||||||||||||||||||||||||||||||||||
2013 | Level 3 | Level 3 | 2014 | Gains | ||||||||||||||||||||||||||||||||||||||||
(Losses) | ||||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2014 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies, mortgage-backed securities | $ | 716 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (9 | ) | $ | — | $ | (611 | ) | $ | 96 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Student loans | 423 | 1 | 3 | — | — | — | (26 | ) | — | (79 | ) | 322 | ||||||||||||||||||||||||||||||||
Credit cards | 24 | — | — | — | — | — | (24 | ) | — | — | — | |||||||||||||||||||||||||||||||||
Other | 4,532 | 29 | (6 | ) | 6 | — | — | (500 | ) | — | — | 4,061 | ||||||||||||||||||||||||||||||||
Total asset-backed securities | 4,979 | 30 | (3 | ) | 6 | — | — | (550 | ) | — | (79 | ) | 4,383 | |||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 375 | — | — | — | — | — | — | — | (375 | ) | — | |||||||||||||||||||||||||||||||||
Asset-backed securities | 798 | 3 | 1 | — | — | — | (120 | ) | — | (176 | ) | 506 | ||||||||||||||||||||||||||||||||
Other | 464 | — | 1 | 54 | — | (1 | ) | (3 | ) | — | — | 515 | ||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,637 | 3 | 2 | 54 | — | (1 | ) | (123 | ) | — | (551 | ) | 1,021 | |||||||||||||||||||||||||||||||
State and political subdivisions | 43 | — | (1 | ) | — | — | — | (1 | ) | — | — | 41 | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 162 | — | — | 80 | — | (6 | ) | (13 | ) | — | (27 | ) | 196 | |||||||||||||||||||||||||||||||
Other U.S. debt securities | 8 | — | 1 | — | — | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||
Total investment securities available for sale | 7,545 | 33 | (1 | ) | 140 | — | (7 | ) | (696 | ) | — | (1,268 | ) | 5,746 | ||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments, Foreign exchange contracts | 19 | (15 | ) | — | 15 | — | — | (9 | ) | — | — | 10 | $ | (7 | ) | |||||||||||||||||||||||||||||
Total derivative instruments | 19 | (15 | ) | — | 15 | — | — | (9 | ) | — | — | 10 | (7 | ) | ||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 7,564 | $ | 18 | $ | (1 | ) | $ | 155 | $ | — | $ | (7 | ) | $ | (705 | ) | $ | — | $ | (1,268 | ) | $ | 5,756 | $ | (7 | ) | |||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of December 31, | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
2012 | Unrealized (Gains) Losses | into | out of | June 30, | Unrealized | |||||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | 2013 | (Gains) | |||||||||||||||||||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2013 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 106 | $ | 74 | $ | — | $ | — | $ | 35 | $ | — | $ | (107 | ) | $ | — | $ | — | $ | 108 | $ | 42 | |||||||||||||||||||||
Other | 9 | — | — | — | — | — | — | — | — | 9 | — | |||||||||||||||||||||||||||||||||
Total derivative instruments | 115 | 74 | — | — | 35 | — | (107 | ) | — | — | 117 | 42 | ||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 115 | $ | 74 | $ | — | $ | — | $ | 35 | $ | — | $ | (107 | ) | $ | — | $ | — | $ | 117 | $ | 42 | |||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of March 31, | Total Realized and | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair | Change in | |||||||||||||||||||||||||||||||||||
2013 | Unrealized (Gains) Losses | into | out of | Value as of | Unrealized | |||||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | June 30, | (Gains) | |||||||||||||||||||||||||||||||||||||||||
2013 | Losses | |||||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | Recorded | 2013 | |||||||||||||||||||||||||||||||||||||||||
in | in Other | |||||||||||||||||||||||||||||||||||||||||||
Revenue | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 153 | $ | 24 | $ | — | $ | — | $ | 10 | $ | — | $ | (79 | ) | $ | — | $ | — | $ | 108 | $ | 29 | |||||||||||||||||||||
Other | 9 | — | — | — | — | — | — | — | — | 9 | — | |||||||||||||||||||||||||||||||||
Total derivative instruments | 162 | 24 | — | — | 10 | — | (79 | ) | — | — | 117 | 29 | ||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 162 | $ | 24 | $ | — | $ | — | $ | 10 | $ | — | $ | (79 | ) | $ | — | $ | — | $ | 117 | $ | 29 | |||||||||||||||||||||
Level 3 Total Realized And Unrealized Gains And Losses Recorded In Revenue | ' | |||||||||||||||||||||||||||||||||||||||||||
The following table presents total realized and unrealized gains and losses for the periods indicated that were recorded in revenue for our level-3 financial assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
Total Realized and | Change in | Total Realized and | Change in | |||||||||||||||||||||||||||||||||||||||||
Unrealized Gains | Unrealized Gains | Unrealized Gains | Unrealized Gains | |||||||||||||||||||||||||||||||||||||||||
(Losses) Recorded | (Losses) Related to | (Losses) Recorded | (Losses) Related to | |||||||||||||||||||||||||||||||||||||||||
in Revenue | Financial | in Revenue | Financial | |||||||||||||||||||||||||||||||||||||||||
Instruments Held at | Instruments Held at | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Fee revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Trading services | $ | (1 | ) | $ | 7 | $ | (1 | ) | $ | 5 | $ | (1 | ) | $ | 60 | $ | (2 | ) | $ | 14 | ||||||||||||||||||||||||
Total fee revenue | (1 | ) | 7 | (1 | ) | 5 | (1 | ) | 60 | (2 | ) | 14 | ||||||||||||||||||||||||||||||||
Net interest revenue | 15 | 17 | — | — | 33 | 32 | — | — | ||||||||||||||||||||||||||||||||||||
Total revenue | $ | 14 | $ | 24 | $ | (1 | ) | 5 | $ | 32 | $ | 92 | $ | (2 | ) | $ | 14 | |||||||||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information | ' | |||||||||||||||||||||||||||||||||||||||||||
The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level-3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level-3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker or dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer. | ||||||||||||||||||||||||||||||||||||||||||||
Quantitative Information about Level-3 Fair-Value Measurements | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Weighted-Average | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | As of June 30, 2014 | As of December 31, 2013 | Valuation Technique | Significant | As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Unobservable Input | ||||||||||||||||||||||||||||||||||||||||||||
Significant unobservable inputs readily available to State Street: | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, student loans | $ | 14 | $ | 13 | Discounted cash flows | Credit spread | 2.2 | % | 3.5 | % | ||||||||||||||||||||||||||||||||||
Asset-backed securities, credit cards | — | 24 | Discounted cash flows | Credit spread | — | 2 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities, other | 76 | 92 | Discounted cash flows | Credit spread | 1 | 1.5 | ||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 41 | 43 | Discounted cash flows | Credit spread | 1.6 | 1.7 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | 10 | 19 | Option model | Volatility | 6 | 11.4 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 141 | $ | 191 | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | $ | 10 | $ | 17 | Option model | Volatility | 5.8 | 11.2 | ||||||||||||||||||||||||||||||||||||
Derivative instruments, other(1) | 9 | 9 | Discounted cash flows | Participant redemptions | 4.9 | 7.5 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 19 | $ | 26 | ||||||||||||||||||||||||||||||||||||||||
(1) Relates to stable value wrap contracts; refer to the sensitivity discussion following the tables presented below, and to note 7. | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Availability of Significant Unobservable Inputs by Balance Sheet Classification | ' | |||||||||||||||||||||||||||||||||||||||||||
The following tables present information with respect to the composition of our level-3 financial assets and | ||||||||||||||||||||||||||||||||||||||||||||
liabilities, by availability of significant unobservable inputs, as of the dates indicated: | ||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | Significant Unobservable Inputs Readily Available to State Street(1) | Significant Unobservable Inputs Not Developed by State Street and Not Readily Available(2) | Total Assets and Liabilities with Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies, mortgage-backed securities | $ | — | $ | 96 | $ | 96 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities, student loans | 14 | 308 | 322 | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, other | 76 | 3,985 | 4,061 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, asset-backed securities | — | 506 | 506 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, other | — | 515 | 515 | |||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 41 | — | 41 | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 196 | 196 | |||||||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | 10 | — | 10 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 141 | $ | 5,615 | $ | 5,756 | ||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | $ | 10 | $ | — | $ | 10 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments, other | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 19 | $ | — | $ | 19 | ||||||||||||||||||||||||||||||||||||||
(1) Information with respect to these model-priced financial assets and liabilities is provided above in a separate table. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Fair value for these financial assets is measured using non-binding broker or dealer quotes. | ||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Significant Unobservable Inputs Readily Available to State Street(1) | Significant Unobservable Inputs Not Developed by State Street and Not Readily Available(2) | Total Assets and Liabilities with Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies, mortgage-backed securities | $ | — | $ | 716 | $ | 716 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities, student loans | 13 | 410 | 423 | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, credit cards | 24 | — | 24 | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, other | 92 | 4,440 | 4,532 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, mortgage-backed securities | — | 375 | 375 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, asset-backed securities | — | 798 | 798 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, other | — | 464 | 464 | |||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 43 | — | 43 | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 162 | 162 | |||||||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | 19 | — | 19 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 191 | $ | 7,373 | $ | 7,564 | ||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | $ | 17 | $ | — | $ | 17 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments, other | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 26 | $ | — | $ | 26 | ||||||||||||||||||||||||||||||||||||||
(1) Information with respect to these model-priced financial assets and liabilities is provided above in a separate table. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Fair value for these financial assets is measured using non-binding broker or dealer quotes. | ||||||||||||||||||||||||||||||||||||||||||||
Carrying Value and Estimated Fair Value of Financial Instruments by Fair Value Hierarchy | ' | |||||||||||||||||||||||||||||||||||||||||||
The following tables present the reported amounts and estimated fair values of the financial instruments defined by GAAP, excluding financial assets and liabilities carried at fair value on a recurring basis, as they would be categorized within the fair-value hierarchy, as of the dates indicated. | ||||||||||||||||||||||||||||||||||||||||||||
Fair-Value Hierarchy | ||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | Reported Amount | Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1) | Pricing Methods with Significant Observable Market Inputs (Level 2) | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 6,247 | $ | 6,247 | $ | 6,247 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 98,386 | 98,386 | — | 98,386 | — | |||||||||||||||||||||||||||||||||||||||
Securities purchased under resale agreements | 3,681 | 3,681 | — | 3,681 | — | |||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | 18,757 | 18,864 | — | 18,864 | — | |||||||||||||||||||||||||||||||||||||||
Net loans (excluding leases) | 15,695 | 15,709 | — | 15,223 | 486 | |||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 73,109 | $ | 73,109 | $ | — | $ | 73,109 | $ | — | ||||||||||||||||||||||||||||||||||
Interest-bearing - U.S. | 27,584 | 27,584 | — | 27,584 | — | |||||||||||||||||||||||||||||||||||||||
Interest-bearing - non-U.S. | 118,141 | 118,141 | — | 118,141 | — | |||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 9,168 | 9,168 | — | 9,168 | — | |||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 14 | 14 | — | 14 | — | |||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 4,322 | 4,322 | — | 4,322 | — | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 9,037 | 9,412 | — | 8,525 | 887 | |||||||||||||||||||||||||||||||||||||||
Fair-Value Hierarchy | ||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Reported Amount | Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1) | Pricing Methods with Significant Observable Market Inputs (Level 2) | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 3,220 | $ | 3,220 | $ | 3,220 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 64,257 | 64,257 | — | 64,257 | — | |||||||||||||||||||||||||||||||||||||||
Securities purchased under resale agreements | 6,230 | 6,230 | — | 6,230 | — | |||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | 17,740 | 17,560 | — | 17,560 | — | |||||||||||||||||||||||||||||||||||||||
Net loans (excluding leases) | 12,363 | 12,355 | — | 11,908 | 447 | |||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 65,614 | $ | 65,614 | $ | — | $ | 65,614 | $ | — | ||||||||||||||||||||||||||||||||||
Interest-bearing - U.S. | 13,392 | 13,392 | — | 13,392 | — | |||||||||||||||||||||||||||||||||||||||
Interest-bearing - non-U.S. | 103,262 | 103,262 | — | 103,262 | — | |||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 7,953 | 7,953 | — | 7,953 | — | |||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 19 | 19 | — | 19 | — | |||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 3,780 | 3,780 | — | 3,780 | — | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 9,699 | 9,909 | — | 9,056 | 853 | |||||||||||||||||||||||||||||||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Marketable Securities | ' | |||||||||||||||||||||||||||||||
The following table presents the amortized cost and fair value, and associated unrealized gains and losses, of investment securities as of the dates indicated: | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Amortized | Gross | Fair | Amortized | Gross | Fair | |||||||||||||||||||||||||||
Cost | Unrealized | Value | Cost | Unrealized | Value | |||||||||||||||||||||||||||
(In millions) | Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 3,403 | $ | 33 | $ | 1 | $ | 3,435 | $ | 702 | $ | 9 | $ | 2 | $ | 709 | ||||||||||||||||
Mortgage-backed securities | 22,067 | 235 | 163 | 22,139 | 23,744 | 211 | 392 | 23,563 | ||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans(1) | 13,985 | 135 | 158 | 13,962 | 14,718 | 92 | 268 | 14,542 | ||||||||||||||||||||||||
Credit cards | 6,580 | 20 | 34 | 6,566 | 8,230 | 21 | 41 | 8,210 | ||||||||||||||||||||||||
Sub-prime | 1,172 | 3 | 74 | 1,101 | 1,291 | 3 | 91 | 1,203 | ||||||||||||||||||||||||
Other | 4,523 | 126 | 14 | 4,635 | 4,949 | 138 | 23 | 5,064 | ||||||||||||||||||||||||
Total asset-backed securities | 26,260 | 284 | 280 | 26,264 | 29,188 | 254 | 423 | 29,019 | ||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 11,231 | 207 | 3 | 11,435 | 10,808 | 230 | 9 | 11,029 | ||||||||||||||||||||||||
Asset-backed securities | 4,181 | 20 | 1 | 4,200 | 5,369 | 23 | 2 | 5,390 | ||||||||||||||||||||||||
Government securities | 3,819 | 4 | — | 3,823 | 3,759 | 2 | — | 3,761 | ||||||||||||||||||||||||
Other | 5,699 | 66 | 8 | 5,757 | 4,679 | 59 | 11 | 4,727 | ||||||||||||||||||||||||
Total non-U.S. debt securities | 24,930 | 297 | 12 | 25,215 | 24,615 | 314 | 22 | 24,907 | ||||||||||||||||||||||||
State and political subdivisions | 10,400 | 289 | 72 | 10,617 | 10,301 | 160 | 198 | 10,263 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 5,321 | 83 | 30 | 5,374 | 5,275 | 70 | 76 | 5,269 | ||||||||||||||||||||||||
Other U.S. debt securities | 4,706 | 145 | 9 | 4,842 | 4,876 | 138 | 34 | 4,980 | ||||||||||||||||||||||||
U.S. equity securities | 29 | 8 | — | 37 | 28 | 6 | — | 34 | ||||||||||||||||||||||||
Non-U.S. equity securities | 1 | — | — | 1 | 1 | — | — | 1 | ||||||||||||||||||||||||
U.S. money-market mutual funds | 615 | — | — | 615 | 422 | — | — | 422 | ||||||||||||||||||||||||
Non-U.S. money-market mutual funds | 7 | — | — | 7 | 7 | — | — | 7 | ||||||||||||||||||||||||
Total | $ | 97,739 | $ | 1,374 | $ | 567 | $ | 98,546 | $ | 99,159 | $ | 1,162 | $ | 1,147 | $ | 99,174 | ||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 5,119 | $ | — | $ | 237 | $ | 4,882 | $ | 5,041 | $ | — | $ | 448 | $ | 4,593 | ||||||||||||||||
Mortgage-backed securities | 74 | 5 | — | 79 | 91 | 6 | — | 97 | ||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans(1) | 1,900 | 6 | 1 | 1,905 | 1,627 | — | 10 | 1,617 | ||||||||||||||||||||||||
Credit cards | 897 | 3 | — | 900 | 762 | 1 | — | 763 | ||||||||||||||||||||||||
Other | 692 | 3 | 1 | 694 | 782 | 1 | 2 | 781 | ||||||||||||||||||||||||
Total asset-backed securities | 3,489 | 12 | 2 | 3,499 | 3,171 | 2 | 12 | 3,161 | ||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 4,274 | 200 | 21 | 4,453 | 4,211 | 150 | 48 | 4,313 | ||||||||||||||||||||||||
Asset-backed securities | 2,898 | 18 | — | 2,916 | 2,202 | 19 | — | 2,221 | ||||||||||||||||||||||||
Government securities | 2 | — | — | 2 | 2 | — | — | 2 | ||||||||||||||||||||||||
Other | 245 | — | 1 | 244 | 192 | — | — | 192 | ||||||||||||||||||||||||
Total non-U.S. debt securities | 7,419 | 218 | 22 | 7,615 | 6,607 | 169 | 48 | 6,728 | ||||||||||||||||||||||||
State and political subdivisions | 15 | — | — | 15 | 24 | 1 | — | 25 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 2,641 | 151 | 18 | 2,774 | 2,806 | 176 | 26 | 2,956 | ||||||||||||||||||||||||
Total | $ | 18,757 | $ | 386 | $ | 279 | $ | 18,864 | $ | 17,740 | $ | 354 | $ | 534 | $ | 17,560 | ||||||||||||||||
(1) Substantially composed of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and | ||||||||||||||||||||||||||||||||
accrued interest on the underlying loans. | ||||||||||||||||||||||||||||||||
Schedule of Gross Pre-tax Unrealized Losses on Investment Securities | ' | |||||||||||||||||||||||||||||||
The following tables present the aggregate fair values of investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated: | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||
June 30, 2014 | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
(In millions) | Losses | Losses | Losses | |||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | — | $ | — | $ | 127 | $ | 1 | $ | 127 | $ | 1 | ||||||||||||||||||||
Mortgage-backed securities | 2,484 | 11 | 7,865 | 152 | 10,349 | 163 | ||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 440 | 4 | 6,901 | 154 | 7,341 | 158 | ||||||||||||||||||||||||||
Credit cards | 1,268 | 2 | 1,664 | 32 | 2,932 | 34 | ||||||||||||||||||||||||||
Sub-prime | — | — | 1,046 | 74 | 1,046 | 74 | ||||||||||||||||||||||||||
Other | 1,533 | 7 | 360 | 7 | 1,893 | 14 | ||||||||||||||||||||||||||
Total asset-backed securities | 3,241 | 13 | 9,971 | 267 | 13,212 | 280 | ||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 580 | 1 | 215 | 2 | 795 | 3 | ||||||||||||||||||||||||||
Asset-backed securities | 501 | 1 | — | — | 501 | 1 | ||||||||||||||||||||||||||
Other | 1,992 | 3 | 295 | 5 | 2,287 | 8 | ||||||||||||||||||||||||||
Total non-U.S. debt securities | 3,073 | 5 | 510 | 7 | 3,583 | 12 | ||||||||||||||||||||||||||
State and political subdivisions | 308 | 3 | 2,263 | 69 | 2,571 | 72 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 309 | 2 | 863 | 28 | 1,172 | 30 | ||||||||||||||||||||||||||
Other U.S. debt securities | — | — | 405 | 9 | 405 | 9 | ||||||||||||||||||||||||||
Total | $ | 9,415 | $ | 34 | $ | 22,004 | $ | 533 | $ | 31,419 | $ | 567 | ||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | — | $ | — | $ | 4,765 | $ | 237 | $ | 4,765 | $ | 237 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | — | — | 160 | 1 | 160 | 1 | ||||||||||||||||||||||||||
Other | 83 | 1 | — | — | 83 | 1 | ||||||||||||||||||||||||||
Total asset-backed securities | 83 | 1 | 160 | 1 | 243 | 2 | ||||||||||||||||||||||||||
Non-U.S. mortgage-backed securities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 460 | 1 | 732 | 20 | 1,192 | 21 | ||||||||||||||||||||||||||
Other | 54 | 1 | — | — | 54 | 1 | ||||||||||||||||||||||||||
Total non-U.S. debt securities | 514 | 2 | 732 | 20 | 1,246 | 22 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 343 | 5 | 631 | 13 | 974 | 18 | ||||||||||||||||||||||||||
Total | $ | 940 | $ | 8 | $ | 6,288 | $ | 271 | $ | 7,228 | $ | 279 | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||
December 31, 2013 | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
(In millions) | Losses | Losses | Losses | |||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 182 | $ | 1 | $ | 113 | $ | 1 | $ | 295 | $ | 2 | ||||||||||||||||||||
Mortgage-backed securities | 10,562 | 316 | 2,389 | 76 | 12,951 | 392 | ||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 1,930 | 16 | 7,252 | 252 | 9,182 | 268 | ||||||||||||||||||||||||||
Credit cards | 3,714 | 30 | 161 | 11 | 3,875 | 41 | ||||||||||||||||||||||||||
Sub-prime | — | — | 1,150 | 91 | 1,150 | 91 | ||||||||||||||||||||||||||
Other | 1,896 | 12 | 439 | 11 | 2,335 | 23 | ||||||||||||||||||||||||||
Total asset-backed securities | 7,540 | 58 | 9,002 | 365 | 16,542 | 423 | ||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 868 | 2 | 258 | 7 | 1,126 | 9 | ||||||||||||||||||||||||||
Asset-backed securities | 551 | 1 | 16 | 1 | 567 | 2 | ||||||||||||||||||||||||||
Other | 1,655 | 9 | 150 | 2 | 1,805 | 11 | ||||||||||||||||||||||||||
Total non-U.S. debt securities | 3,074 | 12 | 424 | 10 | 3,498 | 22 | ||||||||||||||||||||||||||
State and political subdivisions | 3,242 | 113 | 1,268 | 85 | 4,510 | 198 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 1,581 | 55 | 510 | 21 | 2,091 | 76 | ||||||||||||||||||||||||||
Other U.S. debt securities | 1,039 | 25 | 58 | 9 | 1,097 | 34 | ||||||||||||||||||||||||||
Total | $ | 27,220 | $ | 580 | $ | 13,764 | $ | 567 | $ | 40,984 | $ | 1,147 | ||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 4,571 | $ | 448 | $ | — | $ | — | $ | 4,571 | $ | 448 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student Loans | 1,352 | 10 | — | — | 1,352 | 10 | ||||||||||||||||||||||||||
Other | 297 | 1 | 29 | 1 | 326 | 2 | ||||||||||||||||||||||||||
Total asset-backed securities | 1,649 | 11 | 29 | 1 | 1,678 | 12 | ||||||||||||||||||||||||||
Non-U.S. mortgage-backed securities | 834 | 3 | 878 | 45 | 1,712 | 48 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 759 | 18 | 161 | 8 | 920 | 26 | ||||||||||||||||||||||||||
Total | $ | 7,813 | $ | 480 | $ | 1,068 | $ | 54 | $ | 8,881 | $ | 534 | ||||||||||||||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||||||||||||||||||||
The following table presents contractual maturities of debt investment securities as of June 30, 2014: | ||||||||||||||||||||||||||||||||
(In millions) | Under 1 | 1 to 5 | 6 to 10 | Over 10 | ||||||||||||||||||||||||||||
Year | Years | Years | Years | |||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 2 | $ | 783 | $ | 2,079 | $ | 571 | ||||||||||||||||||||||||
Mortgage-backed securities | 197 | 2,295 | 5,141 | 14,506 | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 378 | 6,718 | 4,219 | 2,647 | ||||||||||||||||||||||||||||
Credit cards | 1,650 | 3,261 | 1,655 | — | ||||||||||||||||||||||||||||
Sub-prime | 7 | 19 | 1 | 1,074 | ||||||||||||||||||||||||||||
Other | 506 | 1,224 | 1,187 | 1,718 | ||||||||||||||||||||||||||||
Total asset-backed securities | 2,541 | 11,222 | 7,062 | 5,439 | ||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,055 | 5,053 | 403 | 3,924 | ||||||||||||||||||||||||||||
Asset-backed securities | 333 | 3,176 | 564 | 127 | ||||||||||||||||||||||||||||
Government securities | 2,233 | 1,590 | — | — | ||||||||||||||||||||||||||||
Other | 2,038 | 2,655 | 1,064 | — | ||||||||||||||||||||||||||||
Total non-U.S. debt securities | 6,659 | 12,474 | 2,031 | 4,051 | ||||||||||||||||||||||||||||
State and political subdivisions | 670 | 3,032 | 4,321 | 2,594 | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 397 | 1,403 | 1,113 | 2,461 | ||||||||||||||||||||||||||||
Other U.S. debt securities | 637 | 3,485 | 685 | 35 | ||||||||||||||||||||||||||||
Total | $ | 11,103 | $ | 34,694 | $ | 22,432 | $ | 29,657 | ||||||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | — | $ | — | $ | 5,000 | $ | 119 | ||||||||||||||||||||||||
Mortgage-backed securities | — | 18 | 13 | 43 | ||||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||||||
Student loans | 9 | 182 | 385 | 1,324 | ||||||||||||||||||||||||||||
Credit cards | — | 335 | 562 | — | ||||||||||||||||||||||||||||
Other | 24 | 441 | 222 | 5 | ||||||||||||||||||||||||||||
Total asset-backed securities | 33 | 958 | 1,169 | 1,329 | ||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 87 | 1,320 | 181 | 2,686 | ||||||||||||||||||||||||||||
Asset-backed securities | 7 | 2,513 | 378 | — | ||||||||||||||||||||||||||||
Government securities | 2 | — | — | — | ||||||||||||||||||||||||||||
Other | 165 | 80 | — | — | ||||||||||||||||||||||||||||
Total non-U.S. debt securities | 261 | 3,913 | 559 | 2,686 | ||||||||||||||||||||||||||||
State and political subdivisions | 12 | 3 | — | — | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 487 | 697 | 510 | 947 | ||||||||||||||||||||||||||||
Total | $ | 793 | $ | 5,589 | $ | 7,251 | $ | 5,124 | ||||||||||||||||||||||||
Gains and Losses Related to Investment Securities | ' | |||||||||||||||||||||||||||||||
The following tables present gross realized gains and gross realized losses from sales of available-for-sale securities and the components of net impairment losses, included in net gains and losses related to investment securities, for the periods indicated: | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Gross realized gains from sales of available-for-sale securities | $ | 1 | $ | 30 | ||||||||||||||||||||||||||||
Gross realized losses from sales of available-for-sale securities | (1 | ) | (30 | ) | ||||||||||||||||||||||||||||
Net impairment losses: | ||||||||||||||||||||||||||||||||
Gross losses from other-than-temporary impairment | — | (6 | ) | |||||||||||||||||||||||||||||
Losses reclassified (from) to other comprehensive income | (2 | ) | (1 | ) | ||||||||||||||||||||||||||||
Net impairment losses(1) | (2 | ) | (7 | ) | ||||||||||||||||||||||||||||
Gains related to investment securities, net | $ | (2 | ) | $ | (7 | ) | ||||||||||||||||||||||||||
(1) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: | ||||||||||||||||||||||||||||||||
Impairment associated with expected credit losses | $ | (1 | ) | $ | — | |||||||||||||||||||||||||||
Impairment associated with management's intent to sell impaired securities prior to recovery in value | — | (6 | ) | |||||||||||||||||||||||||||||
Impairment associated with adverse changes in timing of expected future cash flows | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||
Net impairment losses | $ | (2 | ) | $ | (7 | ) | ||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Gross realized gains from sales of available-for-sale securities | $ | 16 | $ | 87 | ||||||||||||||||||||||||||||
Gross realized losses from sales of available-for-sale securities | (1 | ) | (82 | ) | ||||||||||||||||||||||||||||
Net impairment losses: | ||||||||||||||||||||||||||||||||
Gross losses from other-than-temporary impairment | (1 | ) | (6 | ) | ||||||||||||||||||||||||||||
Losses reclassified (from) to other comprehensive income | (10 | ) | (4 | ) | ||||||||||||||||||||||||||||
Net impairment losses(1) | (11 | ) | (10 | ) | ||||||||||||||||||||||||||||
Gains related to investment securities, net | $ | 4 | $ | (5 | ) | |||||||||||||||||||||||||||
(1) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: | ||||||||||||||||||||||||||||||||
Impairment associated with expected credit losses | $ | (10 | ) | $ | — | |||||||||||||||||||||||||||
Impairment associated with management's intent to sell impaired securities prior to recovery in value | — | (6 | ) | |||||||||||||||||||||||||||||
Impairment associated with adverse changes in timing of expected future cash flows | (1 | ) | (4 | ) | ||||||||||||||||||||||||||||
Net impairment losses | $ | (11 | ) | $ | (10 | ) | ||||||||||||||||||||||||||
Schedule of Credit-Related Loss Activity Recognized in Earnings | ' | |||||||||||||||||||||||||||||||
The following table presents activity with respect to net impairment losses for the periods indicated: | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 122 | $ | 124 | ||||||||||||||||||||||||||||
Plus losses for which other-than-temporary impairment was not previously recognized | — | 6 | ||||||||||||||||||||||||||||||
Plus losses for which other-than-temporary impairment was previously recognized | 11 | 4 | ||||||||||||||||||||||||||||||
Less previously recognized losses related to securities sold or matured | (2 | ) | (9 | ) | ||||||||||||||||||||||||||||
Less losses related to securities intended or required to be sold | (6 | ) | — | |||||||||||||||||||||||||||||
Ending balance | $ | 125 | $ | 125 | ||||||||||||||||||||||||||||
Loans_and_Leases_Tables
Loans and Leases (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Net Loans | ' | |||||||||||||||||||||||||||
The following table presents our recorded investment in loans and leases, by segment and class, as of the dates indicated: | ||||||||||||||||||||||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Institutional: | ||||||||||||||||||||||||||||
Investment funds: | ||||||||||||||||||||||||||||
U.S. | $ | 10,131 | $ | 8,695 | ||||||||||||||||||||||||
Non-U.S. | 2,705 | 1,718 | ||||||||||||||||||||||||||
Commercial and financial: | ||||||||||||||||||||||||||||
U.S. | 2,109 | 1,372 | ||||||||||||||||||||||||||
Non-U.S. | 318 | 154 | ||||||||||||||||||||||||||
Purchased receivables: | ||||||||||||||||||||||||||||
U.S. | 187 | 217 | ||||||||||||||||||||||||||
Non-U.S. | 14 | 26 | ||||||||||||||||||||||||||
Lease financing: | ||||||||||||||||||||||||||||
U.S. | 338 | 339 | ||||||||||||||||||||||||||
Non-U.S. | 734 | 756 | ||||||||||||||||||||||||||
Total institutional | 16,536 | 13,277 | ||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
U.S. | 263 | 209 | ||||||||||||||||||||||||||
Total loans and leases | 16,799 | 13,486 | ||||||||||||||||||||||||||
Allowance for loan losses | (32 | ) | (28 | ) | ||||||||||||||||||||||||
Loans and leases, net of allowance for loan losses | $ | 16,767 | $ | 13,458 | ||||||||||||||||||||||||
Recorded Investment in Each Class of Total Loans and Leases by Credit Quality Indicator | ' | |||||||||||||||||||||||||||
The following tables present our recorded investment in each class of loans and leases by credit quality indicator as of the dates indicated: | ||||||||||||||||||||||||||||
Institutional | Commercial Real Estate | |||||||||||||||||||||||||||
June 30, 2014 | Investment | Commercial and Financial | Purchased | Lease | Property Development | Other | Total | |||||||||||||||||||||
Funds | Receivables | Financing | Loans and | |||||||||||||||||||||||||
(In millions) | Leases | |||||||||||||||||||||||||||
Investment grade(1) | $ | 12,236 | $ | 892 | $ | 201 | $ | 1,032 | $ | — | $ | 29 | $ | 14,390 | ||||||||||||||
Speculative(2) | 600 | 1,535 | — | 40 | 234 | — | 2,409 | |||||||||||||||||||||
Total | $ | 12,836 | $ | 2,427 | $ | 201 | $ | 1,072 | $ | 234 | $ | 29 | $ | 16,799 | ||||||||||||||
Institutional | Commercial Real Estate | |||||||||||||||||||||||||||
December 31, 2013 | Investment | Commercial and Financial | Purchased | Lease | Property Development | Other | Total | |||||||||||||||||||||
Funds | Receivables | Financing | Loans and | |||||||||||||||||||||||||
(In millions) | Leases | |||||||||||||||||||||||||||
Investment grade(1) | $ | 10,282 | $ | 740 | $ | 243 | $ | 1,068 | $ | — | $ | 29 | $ | 12,362 | ||||||||||||||
Speculative(2) | 131 | 770 | — | 27 | 180 | — | 1,108 | |||||||||||||||||||||
Special mention(3) | — | 16 | — | — | — | — | 16 | |||||||||||||||||||||
Total | $ | 10,413 | $ | 1,526 | $ | 243 | $ | 1,095 | $ | 180 | $ | 29 | $ | 13,486 | ||||||||||||||
(1) Investment-grade loans and leases consist of counterparties with strong credit quality and low expected credit risk and probability of default. Ratings apply to counterparties with a strong capacity to support the timely repayment of any financial commitment. | ||||||||||||||||||||||||||||
(2) Speculative loans and leases consist of counterparties that face ongoing uncertainties or exposure to business, financial, or economic downturns. However, these counterparties may have financial flexibility or access to financial alternatives, which allow for financial commitments to be met. | ||||||||||||||||||||||||||||
(3) Special mention loans and leases consist of counterparties with potential weaknesses that, if uncorrected, may result in deterioration of repayment prospects. | ||||||||||||||||||||||||||||
Schedule of Loans and Leases Receivable by Impairment Methodology | ' | |||||||||||||||||||||||||||
The following table presents our recorded investment in loans and leases, disaggregated based on our impairment methodology, as of the dates indicated: | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
(In millions) | Institutional | Commercial Real Estate | Total Loans and Leases | Institutional | Commercial Real Estate | Total Loans and Leases | ||||||||||||||||||||||
Loans and leases: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 130 | $ | 130 | $ | 26 | $ | 180 | $ | 206 | ||||||||||||||||
Collectively evaluated for impairment(1) | 16,536 | 133 | 16,669 | 13,251 | 29 | 13,280 | ||||||||||||||||||||||
Total | $ | 16,536 | $ | 263 | $ | 16,799 | $ | 13,277 | $ | 209 | $ | 13,486 | ||||||||||||||||
(1) As of June 30, 2014 and December 31, 2013, all of the allowance for loan losses of $32 million and $28 million, respectively, related to institutional loans collectively evaluated for impairment. | ||||||||||||||||||||||||||||
Impaired Loans | ' | |||||||||||||||||||||||||||
The following tables present information related to our recorded investment in impaired loans and leases as of the dates, or for the periods, indicated: | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
(In millions) | Recorded Investment | Unpaid | Related Allowance(1) | Recorded Investment | Unpaid | Related Allowance(1) | ||||||||||||||||||||||
Principal | Principal | |||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
CRE—property development | $ | 130 | $ | 143 | $ | — | $ | 130 | $ | 143 | $ | — | ||||||||||||||||
CRE—property development—acquired credit-impaired | — | 34 | — | — | 34 | — | ||||||||||||||||||||||
CRE—other—acquired credit-impaired | — | 22 | — | — | 21 | — | ||||||||||||||||||||||
Total CRE | $ | 130 | $ | 199 | $ | — | $ | 130 | $ | 198 | $ | — | ||||||||||||||||
(1) As of June 30, 2014 and December 31, 2013, all of the allowance for loan losses of $32 million and $28 million, respectively, related to loans that were not impaired. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Revenue Recognized | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
CRE—property development | $ | 130 | $ | 148 | $ | 3 | $ | 10 | ||||||||||||||||||||
Total CRE | $ | 130 | $ | 148 | $ | 3 | $ | 10 | ||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Revenue Recognized | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
CRE—property development | $ | 130 | $ | 166 | $ | 5 | $ | 14 | ||||||||||||||||||||
Total CRE | $ | 130 | $ | 166 | $ | 5 | $ | 14 | ||||||||||||||||||||
As of both June 30, 2014 and December 31, 2013, we held an aggregate of approximately $130 million of CRE loans, presented in the preceding impaired loans and leases table, which were modified in troubled debt restructurings. | ||||||||||||||||||||||||||||
Schedule of Activity in the Allowance for Loan Losses | ' | |||||||||||||||||||||||||||
The following tables present activity in the allowance for loan losses for the periods indicated: | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In millions) | Institutional | Commercial | Total Loans and Leases | Institutional | Commercial | Total Loans and Leases | ||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||
Allowance for loan losses(1): | ||||||||||||||||||||||||||||
Beginning balance | $ | 30 | $ | — | $ | 30 | $ | 22 | $ | — | $ | 22 | ||||||||||||||||
Charge-offs | — | — | — | — | — | — | ||||||||||||||||||||||
Provisions | 2 | — | 2 | — | — | — | ||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | ||||||||||||||||||||||
Ending balance | $ | 32 | $ | — | $ | 32 | $ | 22 | $ | — | $ | 22 | ||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In millions) | Institutional | Commercial | Total Loans and Leases | Institutional | Commercial | Total Loans and Leases | ||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||
Allowance for loan losses(1): | ||||||||||||||||||||||||||||
Beginning balance | $ | 28 | $ | — | $ | 28 | $ | 22 | $ | — | $ | 22 | ||||||||||||||||
Charge-offs | — | — | — | — | — | — | ||||||||||||||||||||||
Provisions | 4 | — | 4 | — | — | — | ||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | ||||||||||||||||||||||
Ending balance | $ | 32 | $ | — | $ | 32 | $ | 22 | $ | — | $ | 22 | ||||||||||||||||
(1) As of June 30, 2014, approximately $20 million of our allowance for loan losses was related to senior secured bank loans included in the institutional segment; the remaining $12 million was related to other commercial-and-financial loans in the institutional segment. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Changes In The Carrying Amount Of Goodwill | ' | |||||||||||||||||||||||
The following table presents changes in the carrying amount of goodwill during the periods indicated: | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In millions) | Investment | Investment | Total | Investment | Investment | Total | ||||||||||||||||||
Servicing | Management | Servicing | Management | |||||||||||||||||||||
Goodwill: | ||||||||||||||||||||||||
Beginning balance | $ | 5,999 | $ | 37 | $ | 6,036 | $ | 5,941 | $ | 36 | $ | 5,977 | ||||||||||||
Foreign currency translation and other, net | 1 | — | 1 | (52 | ) | (1 | ) | (53 | ) | |||||||||||||||
Ending balance | $ | 6,000 | $ | 37 | $ | 6,037 | $ | 5,889 | $ | 35 | $ | 5,924 | ||||||||||||
Changes In The Carrying Amount Of Other Intangible Assets | ' | |||||||||||||||||||||||
The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In millions) | Investment | Investment | Total | Investment | Investment | Total | ||||||||||||||||||
Servicing | Management | Servicing | Management | |||||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||
Beginning balance | $ | 2,321 | $ | 39 | $ | 2,360 | $ | 2,492 | $ | 47 | $ | 2,539 | ||||||||||||
Amortization | (104 | ) | (4 | ) | (108 | ) | (102 | ) | (5 | ) | (107 | ) | ||||||||||||
Foreign currency translation and other, net | (5 | ) | — | (5 | ) | (24 | ) | (2 | ) | (26 | ) | |||||||||||||
Ending balance | $ | 2,212 | $ | 35 | $ | 2,247 | $ | 2,366 | $ | 40 | $ | 2,406 | ||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||||||||||||||||||
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated: | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(In millions) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Client relationships | $ | 2,700 | $ | (1,053 | ) | $ | 1,647 | $ | 2,706 | $ | (975 | ) | $ | 1,731 | ||||||||||
Core deposits | 715 | (208 | ) | 507 | 717 | (191 | ) | 526 | ||||||||||||||||
Other | 230 | (137 | ) | 93 | 234 | (131 | ) | 103 | ||||||||||||||||
Total | $ | 3,645 | $ | (1,398 | ) | $ | 2,247 | $ | 3,657 | $ | (1,297 | ) | $ | 2,360 | ||||||||||
Other_Assets_Tables
Other Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Assets [Abstract] | ' | |||||||
Components of Other Assets | ' | |||||||
The following table presents the components of other assets as of the dates indicated: | ||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||
Collateral deposits, net | $ | 16,541 | $ | 13,706 | ||||
Unrealized gains on derivative financial instruments, net | 2,879 | 5,476 | ||||||
Bank-owned life insurance | 2,374 | 2,343 | ||||||
Investments in joint ventures and other unconsolidated entities | 1,769 | 1,644 | ||||||
Accounts receivable | 808 | 950 | ||||||
Receivable for securities settlement | 507 | 195 | ||||||
Income taxes receivable | 368 | 337 | ||||||
Prepaid expenses | 315 | 286 | ||||||
Deferred tax assets, net of valuation allowance | 244 | 263 | ||||||
Deposits with clearing organizations | 185 | 177 | ||||||
Other(1) | 584 | 613 | ||||||
Total | $ | 26,574 | $ | 25,990 | ||||
(1) | Included other real estate owned of approximately $61 million and $59 million as of June 30, 2014 and December 31, 2013, respectively. |
Contingencies_Tables
Contingencies (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Total Worldwide Revenue from Foreign Exchanges | ' | ||||
The following table summarizes our estimated total revenue worldwide from indirect foreign exchange trading services for the periods indicated: | |||||
(In millions) | Revenue from indirect foreign exchange trading | ||||
2008 | $ | 462 | |||
2009 | 369 | ||||
2010 | 336 | ||||
2011 | 331 | ||||
2012 | 248 | ||||
2013 | 285 | ||||
Six Months Ended June 30, 2014 | 128 | ||||
Commitments_and_Guarantees_Tab
Commitments and Guarantees (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Guarantor Obligations | ' | |||||||
The following table presents the aggregate gross contractual amounts of our off-balance sheet guarantees as of the dates indicated. Amounts presented do not reflect participations to independent third parties. | ||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||
Indemnified securities financing | $ | 363,060 | $ | 320,078 | ||||
Stable value protection | 24,310 | 24,906 | ||||||
Asset purchase agreements | 4,234 | 4,685 | ||||||
Standby letters of credit | 4,556 | 4,612 | ||||||
Schedule of Repurchase Agreements | ' | |||||||
The following table summarizes the fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated: | ||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||
Aggregate fair value of indemnified securities financing | $ | 363,060 | $ | 320,078 | ||||
Aggregate fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 377,258 | 331,732 | ||||||
Aggregate fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 84,776 | 85,374 | ||||||
Aggregate fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | 90,063 | 91,097 | ||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||
The following table presents the after-tax components of AOCI as of the dates indicated: | ||||||||||||||||||||||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Net unrealized gains on cash flow hedges | $ | 100 | $ | 161 | ||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities portfolio | 492 | (56 | ) | |||||||||||||||||||||||||
Net unrealized losses related to reclassified available-for-sale securities | (54 | ) | (72 | ) | ||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities | 438 | (128 | ) | |||||||||||||||||||||||||
Net unrealized losses on available-for-sale securities designated in fair value hedges | (120 | ) | (97 | ) | ||||||||||||||||||||||||
Other-than-temporary impairment on available-for-sale securities related to factors other than credit | 3 | 4 | ||||||||||||||||||||||||||
Net unrealized losses on hedges of net investments in non-U.S. subsidiaries | (14 | ) | (14 | ) | ||||||||||||||||||||||||
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | (35 | ) | (47 | ) | ||||||||||||||||||||||||
Net unrealized losses on retirement plans | (185 | ) | (203 | ) | ||||||||||||||||||||||||
Foreign currency translation | 302 | 229 | ||||||||||||||||||||||||||
Total | $ | 489 | $ | (95 | ) | |||||||||||||||||||||||
The following tables present changes in AOCI by component, net of related taxes, for the periods indicated: | ||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
(In millions) | Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Available-for-Sale Securities | Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries | Other-Than-Temporary Impairment on Held-to-Maturity Securities | Net Unrealized Losses on Retirement Plans | Foreign Currency Translation | Total | |||||||||||||||||||||
Beginning balance | $ | 161 | $ | (221 | ) | $ | (14 | ) | $ | (47 | ) | $ | (203 | ) | $ | 229 | $ | (95 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (62 | ) | 551 | — | 11 | 1 | 73 | 574 | ||||||||||||||||||||
Amounts reclassified out of AOCI | 1 | (9 | ) | — | 1 | 17 | — | 10 | ||||||||||||||||||||
Other comprehensive income (loss) | (61 | ) | 542 | — | 12 | 18 | 73 | 584 | ||||||||||||||||||||
Ending balance | $ | 100 | $ | 321 | $ | (14 | ) | $ | (35 | ) | $ | (185 | ) | $ | 302 | $ | 489 | |||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(In millions) | Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Available-for-Sale Securities | Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries | Other-Than-Temporary Impairment on Held-to-Maturity Securities | Net Unrealized Losses on Retirement Plans | Foreign Currency Translation | Total | |||||||||||||||||||||
Beginning balance | $ | 69 | $ | 519 | $ | (14 | ) | $ | (65 | ) | $ | (283 | ) | $ | 134 | $ | 360 | |||||||||||
Other comprehensive income (loss) before reclassifications | 92 | (694 | ) | — | 9 | (2 | ) | (304 | ) | (899 | ) | |||||||||||||||||
Amounts reclassified out of AOCI | 2 | 1 | — | 2 | 10 | 1 | 16 | |||||||||||||||||||||
Other comprehensive income (loss) | 94 | (693 | ) | — | 11 | 8 | (303 | ) | (883 | ) | ||||||||||||||||||
Ending balance | $ | 163 | $ | (174 | ) | $ | (14 | ) | $ | (54 | ) | $ | (275 | ) | $ | (169 | ) | $ | (523 | ) | ||||||||
Schedule of Reclassifications Out of AOCI | ' | |||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(In millions) | Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Available-for-Sale Securities | Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries | Other-Than-Temporary Impairment on Held-to-Maturity Securities | Net Unrealized Losses on Retirement Plans | Foreign Currency Translation | Total | |||||||||||||||||||||
Beginning balance | $ | 69 | $ | 519 | $ | (14 | ) | $ | (65 | ) | $ | (283 | ) | $ | 134 | $ | 360 | |||||||||||
Other comprehensive income (loss) before reclassifications | 92 | (694 | ) | — | 9 | (2 | ) | (304 | ) | (899 | ) | |||||||||||||||||
Amounts reclassified out of AOCI | 2 | 1 | — | 2 | 10 | 1 | 16 | |||||||||||||||||||||
Other comprehensive income (loss) | 94 | (693 | ) | — | 11 | 8 | (303 | ) | (883 | ) | ||||||||||||||||||
Ending balance | $ | 163 | $ | (174 | ) | $ | (14 | ) | $ | (54 | ) | $ | (275 | ) | $ | (169 | ) | $ | (523 | ) | ||||||||
The following tables present after-tax reclassifications out of AOCI for the periods indicated: |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Outstanding Hedges: (Notional Amount) | ' | |||||||||||||||||||||||||||
The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments entered into in connection with our trading and asset-and-liability management activities as of the dates indicated: | ||||||||||||||||||||||||||||
(In millions) | June 30, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Interest-rate contracts: | ||||||||||||||||||||||||||||
Swap agreements and forwards | $ | 898 | $ | 1,023 | ||||||||||||||||||||||||
Options and caps purchased | 15 | 27 | ||||||||||||||||||||||||||
Options and caps written | 15 | 27 | ||||||||||||||||||||||||||
Futures | 4,063 | 3,282 | ||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||
Forward, swap and spot | 1,260,080 | 1,124,355 | ||||||||||||||||||||||||||
Options purchased | 2,486 | 1,666 | ||||||||||||||||||||||||||
Options written | 1,631 | 1,423 | ||||||||||||||||||||||||||
Credit derivative contracts: | ||||||||||||||||||||||||||||
Credit swap agreements | 165 | 141 | ||||||||||||||||||||||||||
Total return swap agreements(1) | 431 | — | ||||||||||||||||||||||||||
Commodity and equity contracts: | ||||||||||||||||||||||||||||
Commodity(1) | 14,800 | 2 | ||||||||||||||||||||||||||
Equity(1) | 27 | 1 | ||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||
Stable value contracts | 24,310 | 24,906 | ||||||||||||||||||||||||||
Deferred cash awards(2) | 239 | 42 | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||
Interest-rate contracts: | ||||||||||||||||||||||||||||
Swap agreements | 5,222 | 5,221 | ||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||
Forward and swap | 2,703 | 2,783 | ||||||||||||||||||||||||||
(1) Primarily composed of positions held by a consolidated sponsored investment fund, more fully described in note 9. | ||||||||||||||||||||||||||||
(2) Represents grants of deferred cash awards to employees; refer to discussion in this note under "Derivatives Not Designated as Hedging Instruments." | ||||||||||||||||||||||||||||
Notional Amount of Interest Rate Swap Agreements Designated as Fair Value and Cash Flow Hedges | ' | |||||||||||||||||||||||||||
The following table presents the aggregate notional amounts of these interest-rate contracts and the related assets or liabilities being hedged as of the dates indicated: | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
(In millions) | Fair | Cash | Total | Fair | Cash | Total | ||||||||||||||||||||||
Value | Flow | Value | Flow | |||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | |||||||||||||||||||||||||
Investment securities available for sale | $ | 2,585 | $ | 137 | $ | 2,722 | $ | 2,589 | $ | 132 | $ | 2,721 | ||||||||||||||||
Long-term debt(1) | 2,500 | — | 2,500 | 2,500 | — | 2,500 | ||||||||||||||||||||||
Total | $ | 5,085 | $ | 137 | $ | 5,222 | $ | 5,089 | $ | 132 | $ | 5,221 | ||||||||||||||||
(1) As of June 30, 2014, these fair value hedges increased the carrying value of long-term debt presented in our consolidated statement of condition by $40 million. As of December 31, 2013, these fair value hedges decreased the carrying value of long-term debt presented in our consolidated statement of condition by $35 million. | ||||||||||||||||||||||||||||
Contractual and Weighted-Average Interest Rates, Which Include the Effects of Hedges Related to Financial Instruments | ' | |||||||||||||||||||||||||||
The following tables present the contractual and weighted-average interest rates for long-term debt, which include the effects of the fair value hedges presented in the table above, for the periods indicated: | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Contractual | Rate Including | Contractual | Rate Including | |||||||||||||||||||||||||
Rates | Impact of Hedges | Rates | Impact of Hedges | |||||||||||||||||||||||||
Long-term debt | 3.53 | % | 2.73 | % | 3.4 | % | 2.65 | % | ||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Contractual | Rate Including | Contractual | Rate Including | |||||||||||||||||||||||||
Rates | Impact of Hedges | Rates | Impact of Hedges | |||||||||||||||||||||||||
Long-term debt | 3.46 | % | 2.66 | % | 3.57 | % | 2.83 | % | ||||||||||||||||||||
Schedule of the Fair Values of Derivative Financial Instruments | ' | |||||||||||||||||||||||||||
The following tables present the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is disclosed in note 2. | ||||||||||||||||||||||||||||
Derivatives - Assets | ||||||||||||||||||||||||||||
Balance Sheet | Fair Value | |||||||||||||||||||||||||||
Location | ||||||||||||||||||||||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Foreign exchange contracts | Other assets | $ | 6,346 | $ | 11,552 | |||||||||||||||||||||||
Interest-rate contracts | Other assets | 19 | 29 | |||||||||||||||||||||||||
Other derivative contracts | Other assets | 4 | 1 | |||||||||||||||||||||||||
Total | $ | 6,369 | $ | 11,582 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||
Foreign exchange contracts | Other assets | $ | 291 | $ | 359 | |||||||||||||||||||||||
Interest-rate contracts | Other assets | 39 | 36 | |||||||||||||||||||||||||
Total | $ | 330 | $ | 395 | ||||||||||||||||||||||||
Derivatives - Liabilities | ||||||||||||||||||||||||||||
Balance Sheet | Fair Value | |||||||||||||||||||||||||||
Location | ||||||||||||||||||||||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Foreign exchange contracts | Other liabilities | $ | 6,322 | $ | 11,428 | |||||||||||||||||||||||
Other derivative contracts | Other liabilities | 68 | 23 | |||||||||||||||||||||||||
Interest-rate contracts | Other liabilities | 20 | 29 | |||||||||||||||||||||||||
Total | $ | 6,410 | $ | 11,480 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||
Interest-rate contracts | Other liabilities | $ | 250 | $ | 302 | |||||||||||||||||||||||
Foreign exchange contracts | Other liabilities | 34 | 43 | |||||||||||||||||||||||||
Total | $ | 284 | $ | 345 | ||||||||||||||||||||||||
Impact of Derivatives on Consolidated Statement of Income | ' | |||||||||||||||||||||||||||
The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated: | ||||||||||||||||||||||||||||
Location of Gain (Loss) on | Amount of Gain (Loss) on Derivative Recognized | |||||||||||||||||||||||||||
Derivative in Consolidated | in Consolidated Statement of Income | |||||||||||||||||||||||||||
Statement of Income | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Foreign exchange contracts | Trading services revenue | $ | 144 | $ | 169 | $ | 278 | $ | 314 | |||||||||||||||||||
Interest-rate contracts | Trading services revenue | (1 | ) | 2 | (1 | ) | 3 | |||||||||||||||||||||
Other derivative contracts | Processing fees and other revenue | — | — | (1 | ) | — | ||||||||||||||||||||||
Total | $ | 143 | $ | 171 | $ | 276 | $ | 317 | ||||||||||||||||||||
Location of (Gain) Loss on | Amount of (Gain) Loss on Derivative Recognized | |||||||||||||||||||||||||||
Derivative in Consolidated | in Consolidated Statement of Income | |||||||||||||||||||||||||||
Statement of Income | ||||||||||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30, | |||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||
Other derivative contracts | Compensation and employee benefits | $ | (22 | ) | $ | 3 | $ | (70 | ) | $ | 6 | |||||||||||||||||
Total | $ | (22 | ) | $ | 3 | $ | (70 | ) | $ | 6 | ||||||||||||||||||
Schedule of Differences Between the Gains (Losses) on the Derivative and the Gains (Losses) on the Hedged Item | ' | |||||||||||||||||||||||||||
Location of Gain (Loss) on Derivative in Consolidated Statement of Income | Amount of Gain | Hedged Item in Fair Value Hedging Relationship | Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income | Amount of Gain | ||||||||||||||||||||||||
(Loss) on Derivative | (Loss) on Hedged | |||||||||||||||||||||||||||
Recognized in | Item Recognized in | |||||||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||||||
Statement of Income | Statement of Income | |||||||||||||||||||||||||||
(In millions) | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | ||||||||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | $ | 47 | $ | 96 | Long-term debt | Processing fees and | $ | (44 | ) | $ | (89 | ) | |||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | (24 | ) | (41 | ) | Available-for-sale securities | Processing fees and | 22 | 38 | |||||||||||||||||||
other revenue | other revenue(1) | |||||||||||||||||||||||||||
Foreign exchange contracts | Processing fees and | 18 | 60 | Investment securities | Processing fees and | (18 | ) | (60 | ) | |||||||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||
Total | $ | 41 | $ | 115 | $ | (40 | ) | $ | (111 | ) | ||||||||||||||||||
Location of Gain (Loss) on Derivative in Consolidated Statement of Income | Amount of Gain | Hedged Item in Fair Value Hedging Relationship | Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income | Amount of Gain | ||||||||||||||||||||||||
(Loss) on Derivative | (Loss) on Hedged | |||||||||||||||||||||||||||
Recognized in | Item Recognized in | |||||||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||||||
Statement of Income | Statement of Income | |||||||||||||||||||||||||||
(In millions) | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||||
Foreign exchange contracts | Processing fees and | $ | (159 | ) | $ | (155 | ) | Investment securities | Processing fees and | $ | 159 | $ | 155 | |||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | (117 | ) | (132 | ) | Long-term debt | Processing fees and | 105 | 121 | |||||||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | 20 | 21 | Available-for-sale securities | Processing fees and | (20 | ) | (22 | ) | |||||||||||||||||||
other revenue | other revenue(1) | |||||||||||||||||||||||||||
Total | $ | (256 | ) | $ | (266 | ) | $ | 244 | $ | 254 | ||||||||||||||||||
(1) Represents amounts reclassified out of other comprehensive income, or OCI. For the three and six months ended June 30, 2014, $13 million and $23 million, respectively, of unrealized losses on available-for-sale securities designated in fair value hedges were recognized in OCI. For the three and six months ended June 30, 2013, $45 million and $60 million, respectively, of unrealized gains on available-for-sale securities designated in fair value hedges were recognized in OCI. | ||||||||||||||||||||||||||||
Differences between the gains (losses) on the derivative and the gains (losses) on the hedged item, | ||||||||||||||||||||||||||||
excluding any amounts recorded in net interest revenue, represent hedge ineffectiveness. | ||||||||||||||||||||||||||||
Amount of Gain | Location of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | Amount of Gain | Location of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | Amount of Gain | ||||||||||||||||||||||||
(Loss) on Derivative | (Loss) Reclassified | (Loss) on Derivative | ||||||||||||||||||||||||||
Recognized in Other | from OCI to | Recognized in | ||||||||||||||||||||||||||
Comprehensive | Consolidated | Consolidated | ||||||||||||||||||||||||||
Income | Statement of Income | Statement of Income | ||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||
Interest-rate contracts | $ | (1 | ) | $ | (2 | ) | Net interest revenue | $ | (1 | ) | $ | (2 | ) | Net interest revenue | $ | 1 | $ | 2 | ||||||||||
Foreign exchange contracts | (52 | ) | (64 | ) | Net interest revenue | — | — | Net interest revenue | 1 | 2 | ||||||||||||||||||
Total | $ | (53 | ) | $ | (66 | ) | $ | (1 | ) | $ | (2 | ) | $ | 2 | $ | 4 | ||||||||||||
Amount of Gain | Location of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | Amount of Gain | Location of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | Amount of Gain | ||||||||||||||||||||||||
(Loss) on Derivative | (Loss) Reclassified | (Loss) on Derivative | ||||||||||||||||||||||||||
Recognized in Other | from OCI to | Recognized in | ||||||||||||||||||||||||||
Comprehensive | Consolidated | Consolidated | ||||||||||||||||||||||||||
Income | Statement of Income | Statement of Income | ||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||
Interest-rate contracts | $ | (1 | ) | $ | 11 | Net interest revenue | $ | (1 | ) | $ | (2 | ) | Net interest revenue | $ | 1 | $ | 2 | |||||||||||
Foreign exchange contracts | 48 | 153 | Net interest revenue | — | — | Net interest revenue | 2 | 5 | ||||||||||||||||||||
Total | $ | 47 | $ | 164 | $ | (1 | ) | $ | (2 | ) | $ | 3 | $ | 7 | ||||||||||||||
Offsetting_Arrangements_Tables
Offsetting Arrangements (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Offsetting Assets | ' | ||||||||||||||||||||||||||||||||
The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated: | |||||||||||||||||||||||||||||||||
Assets: | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(In millions) | Gross Amounts of Recognized Assets(1) | Gross Amounts Offset in Statement of Condition(2) | Net Amounts of Assets Presented in Statement of Condition | Gross Amounts of Recognized Assets(1) | Gross Amounts Offset in Statement of Condition(2) | Net Amounts of Assets Presented in Statement of Condition | |||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 6,637 | $ | (2,923 | ) | $ | 3,714 | $ | 11,911 | $ | (4,514 | ) | $ | 7,397 | |||||||||||||||||||
Interest-rate contracts | 58 | (35 | ) | 23 | 65 | (59 | ) | 6 | |||||||||||||||||||||||||
Other derivative contracts | 4 | (2 | ) | 2 | 1 | — | 1 | ||||||||||||||||||||||||||
Cash collateral netting | — | (860 | ) | (860 | ) | — | (1,928 | ) | (1,928 | ) | |||||||||||||||||||||||
Total derivatives | $ | 6,699 | $ | (3,820 | ) | $ | 2,879 | $ | 11,977 | $ | (6,501 | ) | $ | 5,476 | |||||||||||||||||||
Other financial instruments: | |||||||||||||||||||||||||||||||||
Resale agreements and securities borrowing(3) | $ | 48,284 | $ | (29,208 | ) | $ | 19,076 | $ | 48,221 | $ | (30,700 | ) | $ | 17,521 | |||||||||||||||||||
Total derivatives and other financial instruments | $ | 54,983 | $ | (33,028 | ) | $ | 21,955 | $ | 60,198 | $ | (37,201 | ) | $ | 22,997 | |||||||||||||||||||
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. | |||||||||||||||||||||||||||||||||
(2) Amounts subject to netting arrangements which have been determined to be legally enforceable. | |||||||||||||||||||||||||||||||||
(3) Included in the $19,076 million as of June 30, 2014 were $3,681 million of resale agreements and $15,395 million of collateral provided related to securities borrowing. Included in the $17,521 million as of December 31, 2013 were $6,230 million of resale agreements and $11,291 million of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. | |||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in Statement of Condition(1) | Gross Amounts Not Offset in Statement of Condition(1) | ||||||||||||||||||||||||||||||||
(In millions) | Net Amount of Assets Presented in Statement of Condition | Counterparty Netting | Collateral Received | Net Amount(2) | Net Amount of Assets Presented in Statement of Condition | Counterparty Netting | Collateral Received | Net Amount(2) | |||||||||||||||||||||||||
Derivatives | $ | 2,879 | $ | — | $ | (199 | ) | $ | 2,680 | $ | 5,476 | $ | — | $ | (181 | ) | $ | 5,295 | |||||||||||||||
Resale agreements and securities borrowing | 19,076 | (163 | ) | (17,600 | ) | 1,313 | 17,521 | (131 | ) | (14,983 | ) | 2,407 | |||||||||||||||||||||
Total | $ | 21,955 | $ | (163 | ) | $ | (17,799 | ) | $ | 3,993 | $ | 22,997 | $ | (131 | ) | $ | (15,164 | ) | $ | 7,702 | |||||||||||||
(1) Amounts subject to netting arrangements which have been determined to be legally enforceable. | |||||||||||||||||||||||||||||||||
(2) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. | |||||||||||||||||||||||||||||||||
Offsetting Liabilities | ' | ||||||||||||||||||||||||||||||||
The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated: | |||||||||||||||||||||||||||||||||
Liabilities: | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(In millions) | Gross Amounts of Recognized Liabilities(1) | Gross Amounts Offset in Statement of Condition(2) | Net Amounts of Liabilities Presented in Statement of Condition | Gross Amounts of Recognized Liabilities(1) | Gross Amounts Offset in Statement of Condition(2) | Net Amounts of Liabilities Presented in Statement of Condition | |||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 6,356 | $ | (2,923 | ) | $ | 3,433 | $ | 11,471 | $ | (4,514 | ) | $ | 6,957 | |||||||||||||||||||
Interest-rate contracts | 270 | (35 | ) | 235 | 331 | (59 | ) | 272 | |||||||||||||||||||||||||
Other derivative contracts | 68 | (2 | ) | 66 | 9 | — | 9 | ||||||||||||||||||||||||||
Cash collateral netting | — | (214 | ) | (214 | ) | — | (979 | ) | (979 | ) | |||||||||||||||||||||||
Total derivatives | $ | 6,694 | $ | (3,174 | ) | $ | 3,520 | $ | 11,811 | $ | (5,552 | ) | $ | 6,259 | |||||||||||||||||||
Other financial instruments: | |||||||||||||||||||||||||||||||||
Repurchase agreements and securities lending(3) | $ | 45,772 | $ | (29,208 | ) | $ | 16,564 | $ | 45,273 | $ | (30,700 | ) | $ | 14,573 | |||||||||||||||||||
Total derivatives and other financial instruments | $ | 52,466 | $ | (32,382 | ) | $ | 20,084 | $ | 57,084 | $ | (36,252 | ) | $ | 20,832 | |||||||||||||||||||
(1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. | |||||||||||||||||||||||||||||||||
(2) Amounts subject to netting arrangements which have been determined to be legally enforceable. | |||||||||||||||||||||||||||||||||
(3) Included in the $16,564 million as of June 30, 2014 were $9,168 million of repurchase agreements and $7,395 million of collateral received related to securities lending. Included in the $14,573 million as of December 31, 2013 were $7,953 million of repurchase agreements and $6,620 million of collateral received related to securities lending. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. | |||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in Statement of Condition(1) | Gross Amounts Not Offset in Statement of Condition(1) | ||||||||||||||||||||||||||||||||
(In millions) | Net Amount of Liabilities Presented in Statement of Condition | Counterparty Netting | Collateral Provided | Net Amount(2) | Net Amount of Liabilities Presented in Statement of Condition | Counterparty Netting | Collateral Provided | Net Amount(2) | |||||||||||||||||||||||||
Derivatives | $ | 3,520 | $ | — | $ | (11 | ) | $ | 3,509 | $ | 6,259 | $ | — | $ | (6 | ) | $ | 6,253 | |||||||||||||||
Repurchase agreements and securities lending | 16,564 | (163 | ) | (14,758 | ) | 1,643 | 14,573 | (131 | ) | (13,036 | ) | 1,406 | |||||||||||||||||||||
Total | $ | 20,084 | $ | (163 | ) | $ | (14,769 | ) | $ | 5,152 | $ | 20,832 | $ | (131 | ) | $ | (13,042 | ) | $ | 7,659 | |||||||||||||
(1) Amounts subject to netting arrangements which have been determined to be legally enforceable. | |||||||||||||||||||||||||||||||||
(2) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. |
Net_Interest_Revenue_Tables
Net Interest Revenue (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Net Interest Revenue [Abstract] | ' | |||||||||||||||
Components of Interest Revenue and Interest Expense | ' | |||||||||||||||
The following table presents the components of interest revenue and interest expense, and related net interest revenue, for the periods indicated: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest revenue: | ||||||||||||||||
Deposits with banks | $ | 51 | $ | 31 | $ | 85 | $ | 62 | ||||||||
Investment securities: | ||||||||||||||||
U.S. Treasury and federal agencies | 164 | 183 | 327 | 377 | ||||||||||||
State and political subdivisions | 44 | 54 | 115 | 105 | ||||||||||||
Other investments | 318 | 339 | 637 | 680 | ||||||||||||
Securities purchased under resale agreements | 10 | 12 | 19 | 25 | ||||||||||||
Loans and leases | 61 | 79 | 119 | 135 | ||||||||||||
Other interest-earning assets | 2 | 2 | 3 | 3 | ||||||||||||
Total interest revenue | 650 | 700 | 1,305 | 1,387 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 18 | 27 | 33 | 61 | ||||||||||||
Short-term borrowings(1) | (12 | ) | 15 | 3 | 31 | |||||||||||
Long-term debt | 64 | 54 | 127 | 110 | ||||||||||||
Other interest-bearing liabilities | 19 | 8 | 26 | 13 | ||||||||||||
Total interest expense | 89 | 104 | 189 | 215 | ||||||||||||
Net interest revenue | $ | 561 | $ | 596 | $ | 1,116 | $ | 1,172 | ||||||||
(1) The negative interest expense for the three months ended June 30, 2014 was associated with a reclassification of certain derivative contracts that hedge our interest-rate risk on certain assets and liabilities. This reclassification reduced total interest revenue and total interest expense for the three months ended June 30, 2014. |
Expenses_Tables
Expenses (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Expenses [Abstract] | ' | ||||||||||||||||
Schedule of Acquisition and Restructuring Costs | ' | ||||||||||||||||
The following table presents net acquisition and restructuring costs recorded in the periods indicated: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Acquisition costs | $ | 15 | $ | 19 | $ | 36 | $ | 34 | |||||||||
Restructuring charges, net | 13 | 11 | 25 | 10 | |||||||||||||
Total acquisition and restructuring costs | $ | 28 | $ | 30 | $ | 61 | $ | 44 | |||||||||
Costs Related to Acquisition and Restructuring | ' | ||||||||||||||||
(In millions) | Employee- | Real Estate Consolidation | Asset and Other Write-Offs | Total | |||||||||||||
Related | |||||||||||||||||
Costs | |||||||||||||||||
Balance as of December 31, 2013 | $ | 50 | $ | 49 | $ | 7 | $ | 106 | |||||||||
Additional accruals for Business Operations and Information Technology Transformation program | 16 | 3 | — | 19 | |||||||||||||
Additional accruals for 2012 expense control measures | — | — | 6 | 6 | |||||||||||||
Payments and adjustments | (26 | ) | (29 | ) | (4 | ) | (59 | ) | |||||||||
Balance as of June 30, 2014 | $ | 40 | $ | 23 | $ | 9 | $ | 72 | |||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||
The following tables present the computation of basic and diluted earnings per common share for the periods indicated: | ||||||||
Three Months Ended June 30, | ||||||||
(Dollars in millions, except per share amounts) | 2014 | 2013 | ||||||
Net income | $ | 622 | $ | 579 | ||||
Less: | ||||||||
Preferred stock dividends | (19 | ) | (6 | ) | ||||
Dividends and undistributed earnings allocated to participating securities(1) | (1 | ) | (2 | ) | ||||
Net income available to common shareholders | $ | 602 | $ | 571 | ||||
Average common shares outstanding (in thousands): | ||||||||
Basic average common shares | 427,824 | 452,176 | ||||||
Effect of dilutive securities: common stock options and common stock awards | 7,496 | 8,864 | ||||||
Diluted average common shares | 435,320 | 461,040 | ||||||
Anti-dilutive securities(2) | 1,508 | 2,330 | ||||||
Earnings per Common Share: | ||||||||
Basic | $ | 1.41 | $ | 1.26 | ||||
Diluted(3) | 1.38 | 1.24 | ||||||
Six Months Ended June 30, | ||||||||
(Dollars in millions, except per share amounts) | 2014 | 2013 | ||||||
Net income | $ | 985 | $ | 1,043 | ||||
Less: | ||||||||
Preferred stock dividends | (25 | ) | (13 | ) | ||||
Dividends and undistributed earnings allocated to participating securities(1) | (2 | ) | (4 | ) | ||||
Net income available to common shareholders | $ | 958 | $ | 1,026 | ||||
Average common shares outstanding (in thousands): | ||||||||
Basic average common shares | 429,215 | 453,240 | ||||||
Effect of dilutive securities: common stock options and common stock awards | 7,743 | 8,390 | ||||||
Diluted average common shares | 436,958 | 461,630 | ||||||
Anti-dilutive securities(2) | 1,506 | 2,409 | ||||||
Earnings per Common Share: | ||||||||
Basic | $ | 2.23 | $ | 2.26 | ||||
Diluted(3) | 2.19 | 2.22 | ||||||
(1) Represented the portion of net income available to common equity allocated to participating securities, composed of fully vested deferred director stock and unvested restricted stock that contain non-forfeitable rights to dividends during the vesting period on a basis equivalent to dividends paid to common shareholders. | ||||||||
(2) Represented common stock options and other equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. | ||||||||
(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method. |
Line_of_Business_Information_T
Line of Business Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Summary of Line of Business Results | ' | |||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
Investment | Investment | Other | Total | |||||||||||||||||||||||||||||
Servicing | Management | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(Dollars in millions, | ||||||||||||||||||||||||||||||||
except where otherwise noted) | ||||||||||||||||||||||||||||||||
Fee revenue: | ||||||||||||||||||||||||||||||||
Servicing fees | $ | 2,526 | $ | 2,376 | $ | — | $ | — | $ | — | $ | — | $ | 2,526 | $ | 2,376 | ||||||||||||||||
Management fees | — | — | 592 | 540 | — | — | 592 | 540 | ||||||||||||||||||||||||
Trading services | 490 | 552 | 23 | 41 | — | — | 513 | 593 | ||||||||||||||||||||||||
Securities finance | 232 | 209 | — | — | — | — | 232 | 209 | ||||||||||||||||||||||||
Processing fees and other | 97 | 105 | 3 | 5 | — | — | 100 | 110 | ||||||||||||||||||||||||
Total fee revenue | 3,345 | 3,242 | 618 | 586 | — | — | 3,963 | 3,828 | ||||||||||||||||||||||||
Net interest revenue | 1,083 | 1,128 | 33 | 44 | — | — | 1,116 | 1,172 | ||||||||||||||||||||||||
Gains (losses) related to investment securities, net | 4 | (5 | ) | — | — | — | — | 4 | (5 | ) | ||||||||||||||||||||||
Total revenue | 4,432 | 4,365 | 651 | 630 | — | — | 5,083 | 4,995 | ||||||||||||||||||||||||
Provision for loan losses | 4 | — | — | — | — | — | 4 | — | ||||||||||||||||||||||||
Total expenses | 3,266 | 3,139 | 469 | 426 | 143 | 59 | 3,878 | 3,624 | ||||||||||||||||||||||||
Income before income tax expense | $ | 1,162 | $ | 1,226 | $ | 182 | $ | 204 | $ | (143 | ) | $ | (59 | ) | $ | 1,201 | $ | 1,371 | ||||||||||||||
Pre-tax margin | 26 | % | 28 | % | 28 | % | 32 | % | 24 | % | 27 | % | ||||||||||||||||||||
Average assets (in billions) | $ | 221.8 | $ | 204 | $ | 3.4 | $ | 4 | $ | 225.2 | $ | 208 | ||||||||||||||||||||
NonUS_Activities_Tables
Non-U.S. Activities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||
Schedule of Results from Non-U.S. Operations | ' | |||||||
The following table presents our non-U.S. financial results for the periods indicated. | ||||||||
Three Months Ended June 30, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Total fee revenue | $ | 838 | $ | 811 | ||||
Net interest revenue | 341 | 295 | ||||||
Gains (losses) related to investment securities, net | (1 | ) | (7 | ) | ||||
Total revenue | 1,178 | 1,099 | ||||||
Expenses | 813 | 740 | ||||||
Income before income taxes | 365 | 359 | ||||||
Income tax expense | 87 | 85 | ||||||
Net income | $ | 278 | $ | 274 | ||||
Six Months Ended June 30, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Total fee revenue | $ | 1,626 | $ | 1,576 | ||||
Net interest revenue | 666 | 568 | ||||||
Gains (losses) related to investment securities, net | 5 | (10 | ) | |||||
Total revenue | 2,297 | 2,134 | ||||||
Expenses | 1,652 | 1,493 | ||||||
Income before income taxes | 645 | 641 | ||||||
Income tax expense | 152 | 154 | ||||||
Net income | $ | 493 | $ | 487 | ||||
Summary of Non-U.S. Assets | ' | |||||||
The following table presents the significant components of our non-U.S. assets as of the dates indicated, based on the domicile of the underlying counterparties: | ||||||||
(In millions) | June 30, 2014 | December 31, 2013 | ||||||
Interest-bearing deposits with banks | $ | 15,969 | $ | 9,584 | ||||
Investment securities | 32,642 | 31,522 | ||||||
Other assets | 16,111 | 16,778 | ||||||
Total non-U.S. assets | $ | 64,722 | $ | 57,884 | ||||
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Regulatory Capital | ' | ||||||||||||||||||||||||||||
The following table presents the regulatory capital structure, total risk-weighted assets and related regulatory capital ratios for State Street and State Street Bank as of the dates indicated. As a result of changes in the methodologies used to calculate our regulatory capital ratios from period to period as the provisions of the Basel III final rule are phased in, the ratios presented in the table for each period-end are not directly comparable. Refer to the footnotes following the table. | |||||||||||||||||||||||||||||
State Street | State Street Bank | ||||||||||||||||||||||||||||
(Dollars in millions) | Basel III Advanced Approach June 30, 2014(1) | Basel III Transitional June 30, 2014(2) | December 31, 2013(3) | Basel III Advanced Approach June 30, 2014(1) | Basel III Transitional June 30, 2014(2) | December 31, 2013(3) | |||||||||||||||||||||||
Common shareholders' equity: | |||||||||||||||||||||||||||||
Common stock and related surplus | $ | 10,269 | $ | 10,269 | $ | 10,280 | $ | 10,832 | $ | 10,832 | $ | 10,786 | |||||||||||||||||
Retained earnings | 14,114 | 14,114 | 13,395 | 9,579 | 9,579 | 9,064 | |||||||||||||||||||||||
Accumulated other comprehensive income (loss) | 328 | 328 | 215 | 299 | 299 | 209 | |||||||||||||||||||||||
Treasury stock, at cost | (4,405 | ) | (4,405 | ) | (3,693 | ) | — | — | — | ||||||||||||||||||||
Total | 20,306 | 20,306 | 20,197 | 20,710 | 20,710 | 20,059 | |||||||||||||||||||||||
Regulatory capital adjustments: | |||||||||||||||||||||||||||||
Goodwill and other intangible assets, net of associated deferred tax liabilities(4) | (6,100 | ) | (6,100 | ) | (7,743 | ) | (5,816 | ) | (5,816 | ) | (7,341 | ) | |||||||||||||||||
Other adjustments | (41 | ) | (41 | ) | — | (126 | ) | (126 | ) | — | |||||||||||||||||||
Tier 1 common capital | 14,165 | 14,165 | 12,454 | 14,768 | 14,768 | 12,718 | |||||||||||||||||||||||
Preferred stock | 1,233 | 1,233 | 491 | — | — | — | |||||||||||||||||||||||
Trust preferred capital securities subject to phase-out from tier 1 capital | 475 | 475 | 950 | — | — | — | |||||||||||||||||||||||
Other adjustments | (165 | ) | (165 | ) | — | — | — | — | |||||||||||||||||||||
Tier 1 capital | 15,708 | 15,708 | 13,895 | 14,768 | 14,768 | 12,718 | |||||||||||||||||||||||
Qualifying subordinated long-term debt | 1,738 | 1,738 | 1,918 | 1,754 | 1,754 | 1,936 | |||||||||||||||||||||||
Trust preferred capital securities phased out of tier 1 capital | 475 | 475 | NA | — | — | NA | |||||||||||||||||||||||
Other adjustments | 3 | 3 | (26 | ) | — | — | 45 | ||||||||||||||||||||||
Total capital | $ | 17,924 | $ | 17,924 | $ | 15,787 | $ | 16,522 | $ | 16,522 | $ | 14,699 | |||||||||||||||||
Risk-weighted assets: | |||||||||||||||||||||||||||||
Credit risk | $ | 71,093 | $ | 86,928 | $ | 78,864 | $ | 64,617 | $ | 83,524 | $ | 76,197 | |||||||||||||||||
Operational risk | 35,985 | NA | NA | 35,566 | NA | NA | |||||||||||||||||||||||
Market risk | 3,937 | 1,679 | 1,262 | 3,463 | 1,679 | 1,262 | |||||||||||||||||||||||
Total risk-weighted assets | $ | 111,015 | $ | 88,607 | $ | 80,126 | $ | 103,646 | $ | 85,203 | $ | 77,459 | |||||||||||||||||
Adjusted quarterly average assets | $ | 227,815 | $ | 227,815 | $ | 202,801 | $ | 224,050 | $ | 224,050 | $ | 199,301 | |||||||||||||||||
Capital Ratios: | Minimum Requirements(5) 2014 | Minimum Requirements(6) 2013 | |||||||||||||||||||||||||||
Tier 1 common risk-based capital | 4 | % | NA | 12.8 | % | 16 | % | 15.5 | % | 14.2 | % | 17.3 | % | 16.4 | % | ||||||||||||||
Tier 1 risk-based capital | 5.5 | 4 | % | 14.1 | 17.7 | 17.3 | 14.2 | 17.3 | 16.4 | ||||||||||||||||||||
Total risk-based capital | 8 | 8 | 16.1 | 20.2 | 19.7 | 15.9 | 19.4 | 19 | |||||||||||||||||||||
Tier 1 leverage | 4 | 4 | 6.9 | 6.9 | 6.9 | 6.6 | 6.6 | 6.4 | |||||||||||||||||||||
NA: Not applicable. | |||||||||||||||||||||||||||||
(1) Tier 1 common capital, tier 1 capital and total capital ratios as of June 30, 2014 were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Tier 1 leverage ratio as of June 30, 2014 was calculated in conformity with the Basel III final rule. | |||||||||||||||||||||||||||||
(2) Tier 1 common capital, tier 1 capital, total capital and tier 1 leverage ratios as of June 30, 2014 were calculated in conformity with the transitional provisions of the Basel III final rule. Specifically, these ratios reflect tier 1 common, tier 1 and total capital (the numerator) calculated in conformity with the provisions of the Basel III final rule, and total risk-weighted assets or, with respect to the tier 1 leverage ratio, quarterly average assets (in both cases, the denominator), calculated in conformity with the provisions of Basel I. | |||||||||||||||||||||||||||||
(3) Tier 1 common capital, tier 1 capital, total capital and tier 1 leverage ratios as of December 31, 2013 were calculated in conformity with the provisions of Basel I. | |||||||||||||||||||||||||||||
(4) Amounts for State Street and State Street Bank as of June 30, 2014 consisted of goodwill, net of associated deferred tax liabilities, and 20% of other intangible assets, net of associated deferred tax liabilities, the latter phased in as a deduction from capital, in conformity with the Basel III final rule. | |||||||||||||||||||||||||||||
(5) Minimum requirements will be phased in up to full implementation beginning on January 1, 2019; minimum requirements listed are as of June 30, 2014. | |||||||||||||||||||||||||||||
(6) Minimum requirements listed, governed by Basel I, are as of December 31, 2013. |
Basis_of_Presentation_Details
Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2014 | |
line_of_business | |
Accounting Policies [Abstract] | ' |
Number of lines of business | 2 |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Fair value measurements with unobservable inputs, percent of total financial assets | 5.00% | ' |
Percent of level 3 portfolio priced using non-binding broker quotes | 98.00% | 98.00% |
Percent of level 3 portfolio priced using internal model pricing | 2.00% | 2.00% |
Assets, level 1 to level 2 transfers | $0 | $0 |
Assets, level 2 to level 1 transfers | 0 | 0 |
Liabilities, level 1 to level 2 transfers | 0 | 0 |
Liabilities, level 2 to level 1 transfers | $0 | $0 |
Fair_Value_Schedule_of_Fair_Va
Fair Value (Schedule of Fair Value Measurements on a Recurring Basis) (Details) (USD $) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | $941 | $843 | ||
Investment securities available for sale | ' | ' | 98,546 | 99,174 | ||
Reduction in assets from netting and the result of cash collateral deposited with derivative counterparties | 860 | 1,930 | ' | ' | ||
Reduction in liabilities from netting and the result of cash collateral received from derivative counterparties | 214 | 979 | ' | ' | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Assets, fair value disclosure | ' | ' | 5,756 | 7,564 | ||
Liabilities, fair value disclosure | ' | ' | 19 | 26 | ||
Recurring | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 941 | 843 | ||
Investment securities available for sale | ' | ' | 98,546 | 99,174 | ||
Derivative assets | ' | ' | 2,879 | 5,476 | ||
Other assets | ' | ' | 106 | 97 | ||
Assets, fair value disclosure | ' | ' | 102,472 | 105,590 | ||
Derivative instruments, liabilities | ' | ' | 3,520 | 6,259 | ||
Other liabilities | ' | ' | 106 | 97 | ||
Liabilities, fair value disclosure | ' | ' | 3,626 | 6,356 | ||
Recurring | Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 2,875 | 5,469 | ||
Derivative instruments, liabilities | ' | ' | 3,239 | 6,013 | ||
Recurring | Interest-rate contracts | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 2 | 6 | ||
Derivative instruments, liabilities | ' | ' | 215 | 237 | ||
Recurring | Other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 2 | 1 | ||
Derivative instruments, liabilities | ' | ' | 66 | 9 | ||
Recurring | U.S. government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 20 | 20 | ||
Recurring | Non-U.S. government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 423 | 399 | ||
Recurring | US Treasury and federal agencies, direct obligations | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 3,435 | 709 | ||
Recurring | US Treasury and federal agencies, mortgage-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 22,139 | 23,563 | ||
Recurring | Total asset-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 26,264 | 29,019 | ||
Recurring | Asset-backed securities, student loans | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 13,962 | 14,542 | ||
Recurring | Asset-backed securities, credit cards | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 6,566 | 8,210 | ||
Recurring | Asset-backed securities, sub-prime | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 1,101 | 1,203 | ||
Recurring | Asset-backed securities, other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 4,635 | 5,064 | ||
Recurring | Total non-U.S. debt securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 25,215 | 24,907 | ||
Recurring | Non-U.S. debt securities, mortgage-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 11,435 | 11,029 | ||
Recurring | Non-U.S. debt securities, asset-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 4,200 | 5,390 | ||
Recurring | Non-US debt securities, government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 3,823 | 3,761 | ||
Recurring | Non-U.S. debt securities, other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 5,757 | 4,727 | ||
Recurring | State and political subdivisions | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 10,617 | 10,263 | ||
Recurring | Collateralized mortgage obligations | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 5,374 | 5,269 | ||
Recurring | Other U.S. debt securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 498 | 424 | ||
Investment securities available for sale | ' | ' | 4,842 | 4,980 | ||
Recurring | U.S. equity securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 37 | 34 | ||
Recurring | Non-U.S. equity securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 1 | 1 | ||
Recurring | U.S. money-market mutual funds | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 615 | 422 | ||
Recurring | Non-U.S. money-market mutual funds | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 7 | 7 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 521 | 486 | ||
Investment securities available for sale | ' | ' | 2,781 | 0 | ||
Derivative assets | ' | ' | 0 | 0 | ||
Other assets | ' | ' | 106 | 97 | ||
Assets, fair value disclosure | ' | ' | 3,408 | 583 | ||
Derivative instruments, liabilities | ' | ' | 0 | 0 | ||
Other liabilities | ' | ' | 106 | 97 | ||
Liabilities, fair value disclosure | ' | ' | 106 | 97 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 0 | 0 | ||
Derivative instruments, liabilities | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Interest-rate contracts | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 0 | 0 | ||
Derivative instruments, liabilities | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 0 | 0 | ||
Derivative instruments, liabilities | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | U.S. government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 20 | 20 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Non-U.S. government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 423 | 399 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | US Treasury and federal agencies, direct obligations | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 2,781 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | US Treasury and federal agencies, mortgage-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Total asset-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Asset-backed securities, student loans | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Asset-backed securities, credit cards | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Asset-backed securities, sub-prime | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Asset-backed securities, other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Total non-U.S. debt securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Non-U.S. debt securities, mortgage-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Non-U.S. debt securities, asset-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Non-US debt securities, government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Non-U.S. debt securities, other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | State and political subdivisions | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Collateralized mortgage obligations | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Other U.S. debt securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 78 | 67 | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | U.S. equity securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Non-U.S. equity securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | U.S. money-market mutual funds | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Quoted Market Prices in Active Markets (Level 1) | Non-U.S. money-market mutual funds | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 420 | 357 | ||
Investment securities available for sale | ' | ' | 90,019 | 91,629 | ||
Derivative assets | ' | ' | 6,689 | 11,958 | ||
Other assets | ' | ' | 0 | 0 | ||
Assets, fair value disclosure | ' | ' | 97,128 | 103,944 | ||
Derivative instruments, liabilities | ' | ' | 6,675 | 11,785 | ||
Other liabilities | ' | ' | 0 | 0 | ||
Liabilities, fair value disclosure | ' | ' | 6,675 | 11,785 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 6,627 | 11,892 | ||
Derivative instruments, liabilities | ' | ' | 6,346 | 11,454 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Interest-rate contracts | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 58 | 65 | ||
Derivative instruments, liabilities | ' | ' | 270 | 331 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 4 | 1 | ||
Derivative instruments, liabilities | ' | ' | 59 | 0 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | U.S. government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Non-U.S. government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | US Treasury and federal agencies, direct obligations | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 654 | 709 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | US Treasury and federal agencies, mortgage-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 22,043 | 22,847 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Total asset-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 21,881 | 24,040 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Asset-backed securities, student loans | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 13,640 | 14,119 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Asset-backed securities, credit cards | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 6,566 | 8,186 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Asset-backed securities, sub-prime | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 1,101 | 1,203 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Asset-backed securities, other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 574 | 532 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Total non-U.S. debt securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 24,194 | 23,270 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Non-U.S. debt securities, mortgage-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 11,435 | 10,654 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Non-U.S. debt securities, asset-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 3,694 | 4,592 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Non-US debt securities, government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 3,823 | 3,761 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Non-U.S. debt securities, other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 5,242 | 4,263 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | State and political subdivisions | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 10,576 | 10,220 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Collateralized mortgage obligations | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 5,178 | 5,107 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Other U.S. debt securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 420 | 357 | ||
Investment securities available for sale | ' | ' | 4,833 | 4,972 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | U.S. equity securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 37 | 34 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Non-U.S. equity securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 1 | 1 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | U.S. money-market mutual funds | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 615 | 422 | ||
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Non-U.S. money-market mutual funds | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 7 | 7 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 0 | 0 | ||
Investment securities available for sale | ' | ' | 5,746 | 7,545 | ||
Derivative assets | ' | ' | 10 | 19 | ||
Other assets | ' | ' | 0 | 0 | ||
Assets, fair value disclosure | ' | ' | 5,756 | 7,564 | ||
Derivative instruments, liabilities | ' | ' | 19 | 26 | ||
Other liabilities | ' | ' | 0 | 0 | ||
Liabilities, fair value disclosure | ' | ' | 19 | 26 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 10 | 19 | ||
Derivative instruments, liabilities | ' | ' | 10 | 17 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Interest-rate contracts | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 0 | 0 | ||
Derivative instruments, liabilities | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | 0 | 0 | ||
Derivative instruments, liabilities | ' | ' | 9 | 9 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | U.S. government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | US Treasury and federal agencies, direct obligations | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | US Treasury and federal agencies, mortgage-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 96 | 716 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Total asset-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 4,383 | 4,979 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, student loans | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 322 | 423 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, credit cards | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 24 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, sub-prime | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 4,061 | 4,532 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Total non-U.S. debt securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 1,021 | 1,637 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, mortgage-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 375 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, asset-backed securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 506 | 798 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-US debt securities, government securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 515 | 464 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | State and political subdivisions | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 41 | 43 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Collateralized mortgage obligations | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 196 | 162 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other U.S. debt securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading account assets | ' | ' | 0 | 0 | ||
Investment securities available for sale | ' | ' | 9 | 8 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | U.S. equity securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. equity securities | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | U.S. money-market mutual funds | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. money-market mutual funds | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Investment securities available for sale | ' | ' | 0 | 0 | ||
Recurring | Impact of Netting | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | -3,820 | [1] | -6,501 | |
Other assets | ' | ' | 0 | 0 | [2] | |
Assets, fair value disclosure | ' | ' | -3,820 | [1] | -6,501 | [2] |
Derivative instruments, liabilities | ' | ' | -3,174 | [1] | -5,552 | |
Other liabilities | ' | ' | 0 | 0 | [2] | |
Liabilities, fair value disclosure | ' | ' | -3,174 | [1] | -5,552 | [2] |
Recurring | Impact of Netting | Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | -3,762 | -6,442 | [2] | |
Derivative instruments, liabilities | ' | ' | -3,117 | -5,458 | [2] | |
Recurring | Impact of Netting | Interest-rate contracts | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | -56 | -59 | [2] | |
Derivative instruments, liabilities | ' | ' | -55 | -94 | [2] | |
Recurring | Impact of Netting | Other | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivative assets | ' | ' | -2 | 0 | [2] | |
Derivative instruments, liabilities | ' | ' | ($2) | $0 | [2] | |
[1] | Represents counterparty netting against level-2 financial assets and liabilities, where a legally enforceable master netting agreement exists between State Street and the counterparty. Netting also reflects asset and liability reductions of $860 million and $214 million, respectively, for cash collateral received from and provided to derivative counterparties. | |||||
[2] | Represents counterparty netting against level-2 financial assets and liabilities, where a legally enforceable master netting agreement exists between State Street and the counterparty. Netting also reflects asset and liability reductions of $1.93 billion and $979 million, respectively, for cash collateral received from and provided to derivative counterparties. |
Fair_Value_Schedule_of_Fair_Va1
Fair Value (Schedule of Fair Value Measurements, Assets, Using Significant Unobservable Inputs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | $6,069 | $6,568 | $7,564 | $6,980 |
Recorded in Revenue, Assets | 9 | 48 | 18 | 166 |
Recorded in Other Comprehensive Income, Assets | 4 | 8 | -1 | 40 |
Purchases, Assets | 66 | 812 | 155 | 1,242 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | -7 | -36 |
Settlements, Assets | -340 | -605 | -705 | -1,137 |
Transfers into Level 3, Assets | 0 | 139 | 0 | 139 |
Transfers out of Level 3, Assets | -52 | -76 | -1,268 | -500 |
Fair value as of end of period | 5,756 | 6,894 | 5,756 | 6,894 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of period end | -4 | 34 | -7 | 56 |
Derivative instruments, assets | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 6 | 172 | 19 | 113 |
Recorded in Revenue, Assets | -6 | 31 | -15 | 134 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 | 0 | 0 |
Purchases, Assets | 11 | 12 | 15 | 32 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | -1 | -94 | -9 | -158 |
Transfers into Level 3, Assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 |
Fair value as of end of period | 10 | 121 | 10 | 121 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of period end | -4 | 34 | -7 | 56 |
Foreign exchange contracts | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 6 | 172 | 19 | 113 |
Recorded in Revenue, Assets | -6 | 31 | -15 | 134 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 | 0 | 0 |
Purchases, Assets | 11 | 12 | 15 | 32 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | -1 | -94 | -9 | -158 |
Transfers into Level 3, Assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 |
Fair value as of end of period | 10 | 121 | 10 | 121 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of period end | -4 | 34 | -7 | 56 |
Categories of investments, marketable securities, available-for-sale securities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 6,063 | 6,396 | 7,545 | 6,867 |
Recorded in Revenue, Assets | 15 | 17 | 33 | 32 |
Recorded in Other Comprehensive Income, Assets | 4 | 8 | -1 | 40 |
Purchases, Assets | 55 | 800 | 140 | 1,210 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | -7 | -36 |
Settlements, Assets | -339 | -511 | -696 | -979 |
Transfers into Level 3, Assets | 0 | 139 | 0 | 139 |
Transfers out of Level 3, Assets | -52 | -76 | -1,268 | -500 |
Fair value as of end of period | 5,746 | 6,773 | 5,746 | 6,773 |
Categories of investments, marketable securities, available-for-sale securities | US Treasury and federal agencies, mortgage-backed securities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 100 | 798 | 716 | 825 |
Recorded in Revenue, Assets | 0 | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 | 0 | 1 |
Purchases, Assets | 0 | 92 | 0 | 92 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | -4 | -26 | -9 | -54 |
Transfers into Level 3, Assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 | -611 | 0 |
Fair value as of end of period | 96 | 864 | 96 | 864 |
Categories of investments, marketable securities, available-for-sale securities | Total asset-backed securities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 4,637 | 4,357 | 4,979 | 4,649 |
Recorded in Revenue, Assets | 14 | 16 | 30 | 29 |
Recorded in Other Comprehensive Income, Assets | 1 | 11 | -3 | 38 |
Purchases, Assets | 0 | 385 | 6 | 565 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | 0 | -36 |
Settlements, Assets | -269 | -441 | -550 | -818 |
Transfers into Level 3, Assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, Assets | 0 | -76 | -79 | -175 |
Fair value as of end of period | 4,383 | 4,252 | 4,383 | 4,252 |
Categories of investments, marketable securities, available-for-sale securities | Asset-backed securities, student loans | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 333 | 461 | 423 | 588 |
Recorded in Revenue, Assets | 1 | 1 | 1 | 1 |
Recorded in Other Comprehensive Income, Assets | 2 | 2 | 3 | 8 |
Purchases, Assets | 0 | 0 | 0 | 0 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | 0 | -26 |
Settlements, Assets | -14 | -8 | -26 | -16 |
Transfers into Level 3, Assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, Assets | 0 | -76 | -79 | -175 |
Fair value as of end of period | 322 | 380 | 322 | 380 |
Categories of investments, marketable securities, available-for-sale securities | Asset-backed securities, credit cards | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | ' | 24 | 24 | 67 |
Recorded in Revenue, Assets | ' | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | ' | 0 | 0 | 0 |
Purchases, Assets | ' | 0 | 0 | 0 |
Issuances, Assets | ' | 0 | 0 | 0 |
Sales, Assets | ' | 0 | 0 | 0 |
Settlements, Assets | ' | 0 | -24 | -43 |
Transfers into Level 3, Assets | ' | 0 | 0 | 0 |
Transfers out of Level 3, Assets | ' | 0 | 0 | 0 |
Fair value as of end of period | 0 | 24 | 0 | 24 |
Categories of investments, marketable securities, available-for-sale securities | Asset-backed securities, other | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 4,304 | 3,872 | 4,532 | 3,994 |
Recorded in Revenue, Assets | 13 | 15 | 29 | 28 |
Recorded in Other Comprehensive Income, Assets | -1 | 9 | -6 | 30 |
Purchases, Assets | 0 | 385 | 6 | 565 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | 0 | -10 |
Settlements, Assets | -255 | -433 | -500 | -759 |
Transfers into Level 3, Assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 |
Fair value as of end of period | 4,061 | 3,848 | 4,061 | 3,848 |
Categories of investments, marketable securities, available-for-sale securities | Total non-U.S. debt securities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 1,074 | 1,077 | 1,637 | 1,219 |
Recorded in Revenue, Assets | 1 | 1 | 3 | 3 |
Recorded in Other Comprehensive Income, Assets | 2 | -2 | 2 | 2 |
Purchases, Assets | 55 | 183 | 54 | 413 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | -1 | 0 |
Settlements, Assets | -59 | -33 | -123 | -86 |
Transfers into Level 3, Assets | 0 | 139 | 0 | 139 |
Transfers out of Level 3, Assets | -52 | 0 | -551 | -325 |
Fair value as of end of period | 1,021 | 1,365 | 1,021 | 1,365 |
Categories of investments, marketable securities, available-for-sale securities | Non-U.S. debt securities, mortgage-backed securities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | ' | 331 | 375 | 555 |
Recorded in Revenue, Assets | ' | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | ' | -1 | 0 | 0 |
Purchases, Assets | ' | 0 | 0 | 0 |
Issuances, Assets | ' | 0 | 0 | 0 |
Sales, Assets | ' | 0 | 0 | 0 |
Settlements, Assets | ' | -2 | 0 | -19 |
Transfers into Level 3, Assets | ' | 0 | 0 | 0 |
Transfers out of Level 3, Assets | ' | 0 | -375 | -208 |
Fair value as of end of period | 0 | 328 | 0 | 328 |
Categories of investments, marketable securities, available-for-sale securities | Non-U.S. debt securities, asset-backed securities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 612 | 470 | 798 | 524 |
Recorded in Revenue, Assets | 1 | 1 | 3 | 3 |
Recorded in Other Comprehensive Income, Assets | 1 | -2 | 1 | 1 |
Purchases, Assets | 0 | 183 | 0 | 234 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | -56 | -35 | -120 | -68 |
Transfers into Level 3, Assets | 0 | 139 | 0 | 139 |
Transfers out of Level 3, Assets | -52 | 0 | -176 | -77 |
Fair value as of end of period | 506 | 756 | 506 | 756 |
Categories of investments, marketable securities, available-for-sale securities | Non-U.S. debt securities, other | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 462 | 276 | 464 | 140 |
Recorded in Revenue, Assets | 0 | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 1 | 1 | 1 | 1 |
Purchases, Assets | 55 | ' | 54 | 179 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | -1 | 0 |
Settlements, Assets | -3 | 4 | -3 | 1 |
Transfers into Level 3, Assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 | 0 | -40 |
Fair value as of end of period | 515 | 281 | 515 | 281 |
Categories of investments, marketable securities, available-for-sale securities | State and political subdivisions | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 42 | 47 | 43 | 48 |
Recorded in Revenue, Assets | 0 | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 0 | -1 | -1 | -1 |
Purchases, Assets | 0 | 0 | 0 | 0 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | -1 | -1 | -1 | -2 |
Transfers into Level 3, Assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 |
Fair value as of end of period | 41 | 45 | 41 | 45 |
Categories of investments, marketable securities, available-for-sale securities | Collateralized mortgage obligations | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 202 | 108 | 162 | 117 |
Recorded in Revenue, Assets | 0 | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 | 0 | 0 |
Purchases, Assets | 0 | 140 | 80 | 140 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | -6 | 0 |
Settlements, Assets | -6 | -10 | -13 | -19 |
Transfers into Level 3, Assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 | -27 | 0 |
Fair value as of end of period | 196 | 238 | 196 | 238 |
Categories of investments, marketable securities, available-for-sale securities | Other U.S. debt securities | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair value as of beginning of period | 8 | 9 | 8 | 9 |
Recorded in Revenue, Assets | 0 | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 1 | 0 | 1 | 0 |
Purchases, Assets | 0 | 0 | 0 | 0 |
Issuances, Assets | 0 | 0 | 0 | 0 |
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | 0 | 0 | 0 | 0 |
Transfers into Level 3, Assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 |
Fair value as of end of period | $9 | $9 | $9 | $9 |
Fair_Value_Schedule_of_Fair_Va2
Fair Value (Schedule of Fair Value Measurements, Liabilities, Using Significant Unobservable Inputs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair Value, beginning balance, Liabilities | $17 | $162 | $26 | $115 |
Recorded in Revenue, Liabilities | -5 | 24 | -14 | 74 |
Recorded in Other Comprehensive Income, Liabilities | 0 | 0 | 0 | 0 |
Purchases, Liabilities | 0 | 0 | 0 | 0 |
Issuances, Liabilities | 8 | 10 | 14 | 35 |
Sales, Liabilities | 0 | 0 | 0 | 0 |
Settlements, Liabilities | -1 | -79 | -7 | -107 |
Transfers in | 0 | 0 | 0 | 0 |
Transfers out | 0 | 0 | 0 | 0 |
Fair Value, ending balance, Liabilities | 19 | 117 | 19 | 117 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | -3 | 29 | -5 | 42 |
Derivative instruments, liabilities | Accrued expenses and other liabilities | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair Value, beginning balance, Liabilities | 17 | 162 | 26 | 115 |
Recorded in Revenue, Liabilities | -5 | 24 | -14 | 74 |
Recorded in Other Comprehensive Income, Liabilities | 0 | 0 | 0 | 0 |
Purchases, Liabilities | 0 | 0 | 0 | 0 |
Issuances, Liabilities | 8 | 10 | 14 | 35 |
Sales, Liabilities | 0 | 0 | 0 | 0 |
Settlements, Liabilities | -1 | -79 | -7 | -107 |
Transfers in | 0 | 0 | 0 | 0 |
Transfers out | 0 | 0 | 0 | 0 |
Fair Value, ending balance, Liabilities | 19 | 117 | 19 | 117 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | -3 | 29 | -5 | 42 |
Foreign exchange contracts | Accrued expenses and other liabilities | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair Value, beginning balance, Liabilities | 8 | 153 | 17 | 106 |
Recorded in Revenue, Liabilities | -5 | 24 | -14 | 74 |
Recorded in Other Comprehensive Income, Liabilities | 0 | 0 | 0 | 0 |
Purchases, Liabilities | 0 | 0 | 0 | 0 |
Issuances, Liabilities | 8 | 10 | 14 | 35 |
Sales, Liabilities | 0 | 0 | 0 | 0 |
Settlements, Liabilities | -1 | -79 | -7 | -107 |
Transfers in | 0 | 0 | 0 | 0 |
Transfers out | 0 | 0 | 0 | 0 |
Fair Value, ending balance, Liabilities | 10 | 108 | 10 | 108 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | -3 | 29 | -5 | 42 |
Other | Accrued expenses and other liabilities | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Fair Value, beginning balance, Liabilities | 9 | 9 | 9 | 9 |
Recorded in Revenue, Liabilities | 0 | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Liabilities | 0 | 0 | 0 | 0 |
Purchases, Liabilities | 0 | 0 | 0 | 0 |
Issuances, Liabilities | 0 | 0 | 0 | 0 |
Sales, Liabilities | 0 | 0 | 0 | 0 |
Settlements, Liabilities | 0 | 0 | 0 | 0 |
Transfers in | 0 | 0 | 0 | 0 |
Transfers out | 0 | 0 | 0 | 0 |
Fair Value, ending balance, Liabilities | 9 | 9 | 9 | 9 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | $0 | $0 | $0 | $0 |
Fair_Value_Level_3_Total_Reali
Fair Value (Level 3 Total Realized And Unrealized Gains And Losses Recorded In Revenue) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Total Revenue [Member] | ' | ' | ' | ' |
Realized and Unrealized Gains and Losses [Line Items] | ' | ' | ' | ' |
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | $14 | $24 | $32 | $92 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | -1 | 5 | -2 | 14 |
Trading services | ' | ' | ' | ' |
Realized and Unrealized Gains and Losses [Line Items] | ' | ' | ' | ' |
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | -1 | 7 | -1 | 60 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | -1 | 5 | -2 | 14 |
Total fee revenue | ' | ' | ' | ' |
Realized and Unrealized Gains and Losses [Line Items] | ' | ' | ' | ' |
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | -1 | 7 | -1 | 60 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | -1 | 5 | -2 | 14 |
Net interest revenue | ' | ' | ' | ' |
Realized and Unrealized Gains and Losses [Line Items] | ' | ' | ' | ' |
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | 15 | 17 | 33 | 32 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | $0 | $0 | $0 | $0 |
Fair_Value_Fair_Value_Inputs_A
Fair Value (Fair Value Inputs, Assets and Liabilities, Quantitative Information) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 98,546 | 99,174 | ||
Asset-backed securities, student loans | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 13,962 | [1] | 14,542 | [1] |
Asset-backed securities, credit cards | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 6,566 | 8,210 | ||
Asset-backed securities, other | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 4,635 | 5,064 | ||
Non-U.S. debt securities, other | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 5,757 | 4,727 | ||
State and political subdivisions | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 10,617 | 10,263 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Assets, fair value disclosure | 5,756 | 7,564 | ||
Liabilities, fair value disclosure | 19 | 26 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, liabilities | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Derivative instruments, foreign exchange contracts, liabilities | 10 | 17 | ||
Derivative instruments, other, liabilities | 9 | 9 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, assets | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Derivative instruments, foreign exchange contracts, assets | 10 | 19 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, student loans | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 322 | 423 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, credit cards | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | ' | 24 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, other | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 4,061 | 4,532 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, other | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 515 | 464 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | State and political subdivisions | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 41 | 43 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Discounted cash flows | Derivative instruments, liabilities | Weighted average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Participant redemptions | 4.90% | [2] | 7.50% | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Discounted cash flows | Asset-backed securities, student loans | Weighted average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Credit spread | 2.20% | 3.50% | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Discounted cash flows | Asset-backed securities, credit cards | Weighted average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Credit spread | 0.00% | 2.00% | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Discounted cash flows | Asset-backed securities, other | Weighted average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Credit spread | 1.00% | 1.50% | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Discounted cash flows | State and political subdivisions | Weighted average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Credit spread | 1.60% | 1.70% | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Option model | Derivative instruments, liabilities | Weighted average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Volatility | 5.80% | 11.20% | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Option model | Derivative instruments, assets | Weighted average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Volatility | 6.00% | 11.40% | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Assets, fair value disclosure | 141 | [3] | 191 | [3] |
Liabilities, fair value disclosure | 19 | [3] | 26 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Derivative instruments, liabilities | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Derivative instruments, foreign exchange contracts, liabilities | 10 | [3] | 17 | [3] |
Derivative instruments, other, liabilities | 9 | [3] | 9 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Derivative instruments, assets | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Derivative instruments, foreign exchange contracts, assets | 10 | [3] | 19 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Asset-backed securities, student loans | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 14 | [3] | 13 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Asset-backed securities, credit cards | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 0 | [3] | 24 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Asset-backed securities, other | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 76 | [3] | 92 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Non-U.S. debt securities, other | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 0 | [3] | 0 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | State and political subdivisions | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | 41 | [3] | 43 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Discounted cash flows | Derivative instruments, liabilities | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Derivative instruments, other, liabilities | 9 | [2] | 9 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Discounted cash flows | Asset-backed securities, student loans | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | ' | 13 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Discounted cash flows | Asset-backed securities, credit cards | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | ' | 24 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Discounted cash flows | Asset-backed securities, other | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | ' | 92 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Discounted cash flows | State and political subdivisions | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Investment securities available for sale | ' | 43 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Option model | Derivative instruments, liabilities | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Derivative instruments, foreign exchange contracts, liabilities | 10 | 17 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Option model | Derivative instruments, assets | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Derivative instruments, foreign exchange contracts, assets | 10 | 19 | ||
[1] | Substantially composed of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans. | |||
[2] | Relates to stable value wrap contracts; refer to the sensitivity discussion following the tables presented below, and to note 7. | |||
[3] | Information with respect to these model-priced financial assets and liabilities is provided above in a separate table. |
Fair_Value_Schedule_of_Availab
Fair Value (Schedule of Availability of Significant Unobservable Inputs by Balance Sheet Classification) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets: | ' | ' | ||
Investment securities available for sale | $98,546 | $99,174 | ||
Asset-backed securities, student loans | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 13,962 | [1] | 14,542 | [1] |
Asset-backed securities, credit cards | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 6,566 | 8,210 | ||
Asset-backed securities, other | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 4,635 | 5,064 | ||
Non-U.S. debt securities, mortgage-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 11,435 | 11,029 | ||
Non-U.S. debt securities, asset-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 4,200 | 5,390 | ||
Non-U.S. debt securities, other | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 5,757 | 4,727 | ||
State and political subdivisions | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 10,617 | 10,263 | ||
Collateralized mortgage obligations | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 5,374 | 5,269 | ||
Other U.S. debt securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 4,842 | 4,980 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ' | ' | ||
Assets: | ' | ' | ||
Assets, fair value disclosure | 5,756 | 7,564 | ||
Liabilities: | ' | ' | ||
Liabilities, fair value disclosure | 19 | 26 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, liabilities | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative instruments, foreign exchange contracts, liabilities | 10 | 17 | ||
Derivative instruments, other, liabilities | 9 | 9 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, assets | ' | ' | ||
Assets: | ' | ' | ||
Derivative instruments, foreign exchange contracts, assets | 10 | 19 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | U.S. Treasury and federal agencies, mortgage-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 96 | 716 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, student loans | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 322 | 423 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, credit cards | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | ' | 24 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, other | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 4,061 | 4,532 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, mortgage-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | ' | 375 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, asset-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 506 | 798 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, other | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 515 | 464 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | State and political subdivisions | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 41 | 43 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Collateralized mortgage obligations | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 196 | 162 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other U.S. debt securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 9 | 8 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | ' | ' | ||
Assets: | ' | ' | ||
Assets, fair value disclosure | 141 | [2] | 191 | [2] |
Liabilities: | ' | ' | ||
Liabilities, fair value disclosure | 19 | [2] | 26 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Derivative instruments, liabilities | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative instruments, foreign exchange contracts, liabilities | 10 | [2] | 17 | [2] |
Derivative instruments, other, liabilities | 9 | [2] | 9 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Derivative instruments, assets | ' | ' | ||
Assets: | ' | ' | ||
Derivative instruments, foreign exchange contracts, assets | 10 | [2] | 19 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | U.S. Treasury and federal agencies, mortgage-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 0 | [2] | 0 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Asset-backed securities, student loans | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 14 | [2] | 13 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Asset-backed securities, credit cards | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 0 | [2] | 24 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Asset-backed securities, other | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 76 | [2] | 92 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Non-U.S. debt securities, mortgage-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | ' | 0 | [2] | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Non-U.S. debt securities, asset-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 0 | [2] | 0 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Non-U.S. debt securities, other | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 0 | [2] | 0 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | State and political subdivisions | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 41 | [2] | 43 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Collateralized mortgage obligations | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 0 | [2] | 0 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Readily Available [Member] | Other U.S. debt securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 0 | [2] | 0 | [2] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | ' | ' | ||
Assets: | ' | ' | ||
Assets, fair value disclosure | 5,615 | [3] | 7,373 | [3] |
Liabilities: | ' | ' | ||
Liabilities, fair value disclosure | 0 | [3] | 0 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | Derivative instruments, liabilities | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative instruments, foreign exchange contracts, liabilities | 0 | [3] | 0 | [3] |
Derivative instruments, other, liabilities | 0 | [3] | 0 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | Derivative instruments, assets | ' | ' | ||
Assets: | ' | ' | ||
Derivative instruments, foreign exchange contracts, assets | 0 | [3] | 0 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | U.S. Treasury and federal agencies, mortgage-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 96 | [3] | 716 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | Asset-backed securities, student loans | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 308 | [3] | 410 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | Asset-backed securities, credit cards | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | ' | 0 | [3] | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | Asset-backed securities, other | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 3,985 | [3] | 4,440 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | Non-U.S. debt securities, mortgage-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | ' | 375 | [3] | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | Non-U.S. debt securities, asset-backed securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 506 | [3] | 798 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | Non-U.S. debt securities, other | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 515 | [3] | 464 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | State and political subdivisions | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 0 | [3] | 0 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | Collateralized mortgage obligations | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | 196 | [3] | 162 | [3] |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Significant Unobservable Inputs Not Readily Available [Member] | Other U.S. debt securities | ' | ' | ||
Assets: | ' | ' | ||
Investment securities available for sale | $9 | [3] | $8 | [3] |
[1] | Substantially composed of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans. | |||
[2] | Information with respect to these model-priced financial assets and liabilities is provided above in a separate table. | |||
[3] | Fair value for these financial assets is measured using non-binding broker or dealer quotes. |
Fair_Value_Carrying_Value_and_
Fair Value (Carrying Value and Estimated Fair Value of Financial Instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Financial Assets: | ' | ' | ' | ' |
Cash and due from banks | $6,247 | $3,220 | $5,479 | $2,590 |
Interest-bearing deposits with banks | 98,386 | 64,257 | ' | ' |
Securities purchased under resale agreements | 3,681 | 6,230 | ' | ' |
Investment securities held to maturity | 18,757 | 17,740 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Noninterest-bearing | 73,109 | 65,614 | ' | ' |
Interest-bearing—U.S. | 27,584 | 13,392 | ' | ' |
Interest-bearing—non-U.S. | 118,141 | 103,262 | ' | ' |
Securities sold under repurchase agreements | 9,168 | 7,953 | ' | ' |
Federal funds purchased | 14 | 19 | ' | ' |
Other short-term borrowings | 4,322 | 3,780 | ' | ' |
Long-term debt | 9,037 | 9,699 | ' | ' |
Estimated Fair Value | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and due from banks | 6,247 | 3,220 | ' | ' |
Interest-bearing deposits with banks | 98,386 | 64,257 | ' | ' |
Securities purchased under resale agreements | 3,681 | 6,230 | ' | ' |
Investment securities held to maturity | 18,864 | 17,560 | ' | ' |
Net loans (excluding leases) | 15,709 | 12,355 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Noninterest-bearing | 73,109 | 65,614 | ' | ' |
Interest-bearing—U.S. | 27,584 | 13,392 | ' | ' |
Interest-bearing—non-U.S. | 118,141 | 103,262 | ' | ' |
Securities sold under repurchase agreements | 9,168 | 7,953 | ' | ' |
Federal funds purchased | 14 | 19 | ' | ' |
Other short-term borrowings | 4,322 | 3,780 | ' | ' |
Long-term debt | 9,412 | 9,909 | ' | ' |
Reported Amount | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and due from banks | 6,247 | 3,220 | ' | ' |
Interest-bearing deposits with banks | 98,386 | 64,257 | ' | ' |
Securities purchased under resale agreements | 3,681 | 6,230 | ' | ' |
Investment securities held to maturity | 18,757 | 17,740 | ' | ' |
Net loans (excluding leases) | 15,695 | 12,363 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Noninterest-bearing | 73,109 | 65,614 | ' | ' |
Interest-bearing—U.S. | 27,584 | 13,392 | ' | ' |
Interest-bearing—non-U.S. | 118,141 | 103,262 | ' | ' |
Securities sold under repurchase agreements | 9,168 | 7,953 | ' | ' |
Federal funds purchased | 14 | 19 | ' | ' |
Other short-term borrowings | 4,322 | 3,780 | ' | ' |
Long-term debt | 9,037 | 9,699 | ' | ' |
Quoted Market Prices in Active Markets (Level 1) | Estimated Fair Value | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and due from banks | 6,247 | 3,220 | ' | ' |
Interest-bearing deposits with banks | 0 | 0 | ' | ' |
Securities purchased under resale agreements | 0 | 0 | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
Net loans (excluding leases) | 0 | 0 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Noninterest-bearing | 0 | 0 | ' | ' |
Interest-bearing—U.S. | 0 | 0 | ' | ' |
Interest-bearing—non-U.S. | 0 | 0 | ' | ' |
Securities sold under repurchase agreements | 0 | 0 | ' | ' |
Federal funds purchased | 0 | 0 | ' | ' |
Other short-term borrowings | 0 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Estimated Fair Value | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and due from banks | 0 | 0 | ' | ' |
Interest-bearing deposits with banks | 98,386 | 64,257 | ' | ' |
Securities purchased under resale agreements | 3,681 | 6,230 | ' | ' |
Investment securities held to maturity | 18,864 | 17,560 | ' | ' |
Net loans (excluding leases) | 15,223 | 11,908 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Noninterest-bearing | 73,109 | 65,614 | ' | ' |
Interest-bearing—U.S. | 27,584 | 13,392 | ' | ' |
Interest-bearing—non-U.S. | 118,141 | 103,262 | ' | ' |
Securities sold under repurchase agreements | 9,168 | 7,953 | ' | ' |
Federal funds purchased | 14 | 19 | ' | ' |
Other short-term borrowings | 4,322 | 3,780 | ' | ' |
Long-term debt | 8,525 | 9,056 | ' | ' |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Estimated Fair Value | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and due from banks | 0 | 0 | ' | ' |
Interest-bearing deposits with banks | 0 | 0 | ' | ' |
Securities purchased under resale agreements | 0 | 0 | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
Net loans (excluding leases) | 486 | 447 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Noninterest-bearing | 0 | 0 | ' | ' |
Interest-bearing—U.S. | 0 | 0 | ' | ' |
Interest-bearing—non-U.S. | 0 | 0 | ' | ' |
Securities sold under repurchase agreements | 0 | 0 | ' | ' |
Federal funds purchased | 0 | 0 | ' | ' |
Other short-term borrowings | 0 | 0 | ' | ' |
Long-term debt | $887 | $853 | ' | ' |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
country | security | ||||||||
country | |||||||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Pledged Financial Instruments, Not Separately Reported, Securities | $45,990,000,000 | ' | $45,990,000,000 | ' | $46,990,000,000 | ||||
Other-than-temporary impairment recorded | 2,000,000 | [1] | 7,000,000 | [1] | 11,000,000 | [1] | 10,000,000 | [1] | ' |
Number of peripheral european countries | 4 | ' | 4 | ' | ' | ||||
Impairment associated with adverse changes in timing of expected future cash flows | 1,000,000 | 1,000,000 | 1,000,000 | 4,000,000 | ' | ||||
Gross pre-tax unrealized losses on securities | ' | ' | -846,000,000 | ' | ' | ||||
Number of available for sale and held to maturity securities in gross pre-tax unrealized loss position | ' | ' | 1,645 | ' | ' | ||||
Minimum | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Percentage change in additional house price declines | ' | ' | 2.00% | ' | ' | ||||
Maximum | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Percentage change in additional house price declines | ' | ' | 15.00% | ' | ' | ||||
Federal Family Education Loan Program | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Federal government credit support guarantee, percentage minimum | ' | ' | 97.00% | ' | ' | ||||
Other-than-temporary impairment recorded | 0 | 0 | 0 | 0 | ' | ||||
Collective credit support, percentage minimum | ' | ' | 100.00% | ' | ' | ||||
Average remaining term | ' | ' | '4 years 8 months 1 day | ' | ' | ||||
Maximum concentration risk on credit instruments (less than) | ' | ' | 800,000,000 | ' | ' | ||||
U.S. agency residential mortgage-backed securities | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Other-than-temporary impairment recorded | ' | ' | 0 | 0 | ' | ||||
Non-U.S. debt securities, mortgage-backed securities | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Other-than-temporary impairment recorded | 1,000,000 | ' | 1,000,000 | 6,000,000 | ' | ||||
Non-U.S. debt securities, mortgage-backed securities | European Periphery | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Other-than-temporary impairment recorded | ' | 6,000,000 | ' | 6,000,000 | ' | ||||
Total exposure to asset backed securities | 926,000,000 | ' | 926,000,000 | ' | ' | ||||
Aggregate pre-tax gross unrealized gain (loss) on available for sale securities | ' | ' | 120,000,000 | ' | ' | ||||
Available for sale, gross unrealized gains | ' | ' | 122,000,000 | ' | ' | ||||
Available for sale, gross unrealized losses | ' | ' | -2,000,000 | ' | ' | ||||
Non-U.S. debt securities, mortgage-backed securities | Spain | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Total exposure to asset backed securities | 197,000,000 | ' | 197,000,000 | ' | ' | ||||
Non-U.S. debt securities, mortgage-backed securities | Italy | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Total exposure to asset backed securities | 530,000,000 | ' | 530,000,000 | ' | ' | ||||
Non-U.S. debt securities, mortgage-backed securities | Ireland | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Total exposure to asset backed securities | 119,000,000 | ' | 119,000,000 | ' | ' | ||||
Non-U.S. debt securities, mortgage-backed securities | Portugal | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Total exposure to asset backed securities | 80,000,000 | ' | 80,000,000 | ' | ' | ||||
Asset-backed securities, student loans | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Other-than-temporary impairment recorded | 0 | 0 | ' | 0 | ' | ||||
Direct sovereign debt | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Total exposure to asset backed securities | 0 | ' | 0 | ' | ' | ||||
State and political subdivisions | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Other-than-temporary impairment recorded | 0 | 0 | ' | 0 | ' | ||||
Collateralized mortgage obligations | ' | ' | ' | ' | ' | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ' | ' | ' | ||||
Other-than-temporary impairment recorded | $1,000,000 | ' | $10,000,000 | $0 | ' | ||||
[1] | Net impairment losses |
Investment_Securities_Schedule
Investment Securities (Schedule of Marketable Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | $97,739 | $99,159 | ||
Available for sale, gross unrealized gains | 1,374 | 1,162 | ||
Available for sale, gross unrealized losses | 567 | 1,147 | ||
Available for sale, fair value | 98,546 | 99,174 | ||
Held to maturity, amortized cost | 18,757 | 17,740 | ||
Held to maturity, gross unrealized gains | 386 | 354 | ||
Held to maturity, gross unrealized losses | 279 | 534 | ||
Held to maturity, fair value | 18,864 | 17,560 | ||
Total asset-backed securities | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 26,260 | 29,188 | ||
Available for sale, gross unrealized gains | 284 | 254 | ||
Available for sale, gross unrealized losses | 280 | 423 | ||
Available for sale, fair value | 26,264 | 29,019 | ||
Held to maturity, amortized cost | 3,489 | 3,171 | ||
Held to maturity, gross unrealized gains | 12 | 2 | ||
Held to maturity, gross unrealized losses | 2 | 12 | ||
Held to maturity, fair value | 3,499 | 3,161 | ||
US Treasury and federal agencies, direct obligations | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 3,403 | 702 | ||
Available for sale, gross unrealized gains | 33 | 9 | ||
Available for sale, gross unrealized losses | 1 | 2 | ||
Available for sale, fair value | 3,435 | 709 | ||
Held to maturity, amortized cost | 5,119 | 5,041 | ||
Held to maturity, gross unrealized gains | 0 | 0 | ||
Held to maturity, gross unrealized losses | 237 | 448 | ||
Held to maturity, fair value | 4,882 | 4,593 | ||
US Treasury and federal agencies, mortgage-backed securities | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 22,067 | 23,744 | ||
Available for sale, gross unrealized gains | 235 | 211 | ||
Available for sale, gross unrealized losses | 163 | 392 | ||
Available for sale, fair value | 22,139 | 23,563 | ||
Held to maturity, amortized cost | 74 | 91 | ||
Held to maturity, gross unrealized gains | 5 | 6 | ||
Held to maturity, gross unrealized losses | 0 | 0 | ||
Held to maturity, fair value | 79 | 97 | ||
Asset-backed securities, student loans | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 13,985 | 14,718 | [1] | |
Available for sale, gross unrealized gains | 135 | 92 | [1] | |
Available for sale, gross unrealized losses | 158 | 268 | [1] | |
Available for sale, fair value | 13,962 | [1] | 14,542 | [1] |
Held to maturity, amortized cost | 1,900 | 1,627 | [1] | |
Held to maturity, gross unrealized gains | 6 | 0 | [1] | |
Held to maturity, gross unrealized losses | 1 | 10 | [1] | |
Held to maturity, fair value | 1,905 | [1] | 1,617 | [1] |
Asset-backed securities, credit cards | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 6,580 | 8,230 | ||
Available for sale, gross unrealized gains | 20 | 21 | ||
Available for sale, gross unrealized losses | 34 | 41 | ||
Available for sale, fair value | 6,566 | 8,210 | ||
Held to maturity, amortized cost | 897 | 762 | ||
Held to maturity, gross unrealized gains | 3 | 1 | ||
Held to maturity, gross unrealized losses | 0 | 0 | ||
Held to maturity, fair value | 900 | 763 | ||
Asset-backed securities, sub-prime | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 1,172 | 1,291 | ||
Available for sale, gross unrealized gains | 3 | 3 | ||
Available for sale, gross unrealized losses | 74 | 91 | ||
Available for sale, fair value | 1,101 | 1,203 | ||
Asset-backed securities, other | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 4,523 | 4,949 | ||
Available for sale, gross unrealized gains | 126 | 138 | ||
Available for sale, gross unrealized losses | 14 | 23 | ||
Available for sale, fair value | 4,635 | 5,064 | ||
Held to maturity, amortized cost | 692 | 782 | ||
Held to maturity, gross unrealized gains | 3 | 1 | ||
Held to maturity, gross unrealized losses | 1 | 2 | ||
Held to maturity, fair value | 694 | 781 | ||
Total non-U.S. debt securities | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 24,930 | 24,615 | ||
Available for sale, gross unrealized gains | 297 | 314 | ||
Available for sale, gross unrealized losses | 12 | 22 | ||
Available for sale, fair value | 25,215 | 24,907 | ||
Held to maturity, amortized cost | 7,419 | 6,607 | ||
Held to maturity, gross unrealized gains | 218 | 169 | ||
Held to maturity, gross unrealized losses | 22 | 48 | ||
Held to maturity, fair value | 7,615 | 6,728 | ||
Non-U.S. debt securities, mortgage-backed securities | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 11,231 | 10,808 | ||
Available for sale, gross unrealized gains | 207 | 230 | ||
Available for sale, gross unrealized losses | 3 | 9 | ||
Available for sale, fair value | 11,435 | 11,029 | ||
Held to maturity, amortized cost | 4,274 | 4,211 | ||
Held to maturity, gross unrealized gains | 200 | 150 | ||
Held to maturity, gross unrealized losses | 21 | 48 | ||
Held to maturity, fair value | 4,453 | 4,313 | ||
Non-U.S. debt securities, asset-backed securities | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 4,181 | 5,369 | ||
Available for sale, gross unrealized gains | 20 | 23 | ||
Available for sale, gross unrealized losses | 1 | 2 | ||
Available for sale, fair value | 4,200 | 5,390 | ||
Held to maturity, amortized cost | 2,898 | 2,202 | ||
Held to maturity, gross unrealized gains | 18 | 19 | ||
Held to maturity, gross unrealized losses | 0 | 0 | ||
Held to maturity, fair value | 2,916 | 2,221 | ||
Non-US debt securities, government securities | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 3,819 | 3,759 | ||
Available for sale, gross unrealized gains | 4 | 2 | ||
Available for sale, gross unrealized losses | 0 | 0 | ||
Available for sale, fair value | 3,823 | 3,761 | ||
Held to maturity, amortized cost | 2 | 2 | ||
Held to maturity, gross unrealized gains | 0 | 0 | ||
Held to maturity, gross unrealized losses | 0 | 0 | ||
Held to maturity, fair value | 2 | 2 | ||
Non-U.S. debt securities, other | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 5,699 | 4,679 | ||
Available for sale, gross unrealized gains | 66 | 59 | ||
Available for sale, gross unrealized losses | 8 | 11 | ||
Available for sale, fair value | 5,757 | 4,727 | ||
Held to maturity, amortized cost | 245 | 192 | ||
Held to maturity, gross unrealized gains | 0 | 0 | ||
Held to maturity, gross unrealized losses | 1 | 0 | ||
Held to maturity, fair value | 244 | 192 | ||
State and political subdivisions | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 10,400 | 10,301 | ||
Available for sale, gross unrealized gains | 289 | 160 | ||
Available for sale, gross unrealized losses | 72 | 198 | ||
Available for sale, fair value | 10,617 | 10,263 | ||
Held to maturity, amortized cost | 15 | 24 | ||
Held to maturity, gross unrealized gains | 0 | 1 | ||
Held to maturity, gross unrealized losses | 0 | 0 | ||
Held to maturity, fair value | 15 | 25 | ||
Collateralized mortgage obligations | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 5,321 | 5,275 | ||
Available for sale, gross unrealized gains | 83 | 70 | ||
Available for sale, gross unrealized losses | 30 | 76 | ||
Available for sale, fair value | 5,374 | 5,269 | ||
Held to maturity, amortized cost | 2,641 | 2,806 | ||
Held to maturity, gross unrealized gains | 151 | 176 | ||
Held to maturity, gross unrealized losses | 18 | 26 | ||
Held to maturity, fair value | 2,774 | 2,956 | ||
Other U.S. debt securities | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 4,706 | 4,876 | ||
Available for sale, gross unrealized gains | 145 | 138 | ||
Available for sale, gross unrealized losses | 9 | 34 | ||
Available for sale, fair value | 4,842 | 4,980 | ||
U.S. equity securities | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 29 | 28 | ||
Available for sale, gross unrealized gains | 8 | 6 | ||
Available for sale, gross unrealized losses | 0 | 0 | ||
Available for sale, fair value | 37 | 34 | ||
Non-U.S. equity securities | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 1 | 1 | ||
Available for sale, gross unrealized gains | 0 | 0 | ||
Available for sale, gross unrealized losses | 0 | 0 | ||
Available for sale, fair value | 1 | 1 | ||
U.S. money-market mutual funds | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 615 | 422 | ||
Available for sale, gross unrealized gains | 0 | 0 | ||
Available for sale, gross unrealized losses | 0 | 0 | ||
Available for sale, fair value | 615 | 422 | ||
Non-U.S. money-market mutual funds | ' | ' | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ' | ' | ||
Available for sale, amortized cost | 7 | 7 | ||
Available for sale, gross unrealized gains | 0 | 0 | ||
Available for sale, gross unrealized losses | 0 | 0 | ||
Available for sale, fair value | $7 | $7 | ||
[1] | Substantially composed of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans. |
Investment_Securities_Schedule1
Investment Securities (Schedule of Gross Pre-Tax Unrealized Losses on Investment Securities) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | $9,415 | $27,220 |
Available for sale, Gross Unrealized Losses Less than 12 months | 34 | 580 |
Available for sale, Fair Value 12 months or longer | 22,004 | 13,764 |
Available for sale, Gross Unrealized Losses 12 months or longer | 533 | 567 |
Available for sale, Fair Value Total | 31,419 | 40,984 |
Available for sale, Gross Unrealized Losses Total | 567 | 1,147 |
Held to maturity, Fair Value Less than 12 months | 940 | 7,813 |
Held to maturity, Gross Unrealized Losses Less than 12 months | 8 | 480 |
Held to maturity, Fair Value 12 months or longer | 6,288 | 1,068 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 271 | 54 |
Held to maturity, Fair Value Total | 7,228 | 8,881 |
Held to maturity, Gross Unrealized Losses Total | 279 | 534 |
Asset-backed securities | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 3,241 | 7,540 |
Available for sale, Gross Unrealized Losses Less than 12 months | 13 | 58 |
Available for sale, Fair Value 12 months or longer | 9,971 | 9,002 |
Available for sale, Gross Unrealized Losses 12 months or longer | 267 | 365 |
Available for sale, Fair Value Total | 13,212 | 16,542 |
Available for sale, Gross Unrealized Losses Total | 280 | 423 |
Held to maturity, Fair Value Less than 12 months | 83 | 1,649 |
Held to maturity, Gross Unrealized Losses Less than 12 months | 1 | 11 |
Held to maturity, Fair Value 12 months or longer | 160 | 29 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 1 | 1 |
Held to maturity, Fair Value Total | 243 | 1,678 |
Held to maturity, Gross Unrealized Losses Total | 2 | 12 |
US Treasury and federal agencies, direct obligations | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 0 | 182 |
Available for sale, Gross Unrealized Losses Less than 12 months | 0 | 1 |
Available for sale, Fair Value 12 months or longer | 127 | 113 |
Available for sale, Gross Unrealized Losses 12 months or longer | 1 | 1 |
Available for sale, Fair Value Total | 127 | 295 |
Available for sale, Gross Unrealized Losses Total | 1 | 2 |
Held to maturity, Fair Value Less than 12 months | 0 | 4,571 |
Held to maturity, Gross Unrealized Losses Less than 12 months | 0 | 448 |
Held to maturity, Fair Value 12 months or longer | 4,765 | 0 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 237 | 0 |
Held to maturity, Fair Value Total | 4,765 | 4,571 |
Held to maturity, Gross Unrealized Losses Total | 237 | 448 |
US Treasury and federal agencies, mortgage-backed securities | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 2,484 | 10,562 |
Available for sale, Gross Unrealized Losses Less than 12 months | 11 | 316 |
Available for sale, Fair Value 12 months or longer | 7,865 | 2,389 |
Available for sale, Gross Unrealized Losses 12 months or longer | 152 | 76 |
Available for sale, Fair Value Total | 10,349 | 12,951 |
Available for sale, Gross Unrealized Losses Total | 163 | 392 |
Asset-backed securities, student loans | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 440 | 1,930 |
Available for sale, Gross Unrealized Losses Less than 12 months | 4 | 16 |
Available for sale, Fair Value 12 months or longer | 6,901 | 7,252 |
Available for sale, Gross Unrealized Losses 12 months or longer | 154 | 252 |
Available for sale, Fair Value Total | 7,341 | 9,182 |
Available for sale, Gross Unrealized Losses Total | 158 | 268 |
Held to maturity, Fair Value Less than 12 months | 0 | 1,352 |
Held to maturity, Gross Unrealized Losses Less than 12 months | 0 | 10 |
Held to maturity, Fair Value 12 months or longer | 160 | 0 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 1 | 0 |
Held to maturity, Fair Value Total | 160 | 1,352 |
Held to maturity, Gross Unrealized Losses Total | 1 | 10 |
Asset-backed securities, credit cards | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 1,268 | 3,714 |
Available for sale, Gross Unrealized Losses Less than 12 months | 2 | 30 |
Available for sale, Fair Value 12 months or longer | 1,664 | 161 |
Available for sale, Gross Unrealized Losses 12 months or longer | 32 | 11 |
Available for sale, Fair Value Total | 2,932 | 3,875 |
Available for sale, Gross Unrealized Losses Total | 34 | 41 |
Held to maturity, Fair Value Less than 12 months | ' | 297 |
Held to maturity, Gross Unrealized Losses Less than 12 months | ' | 1 |
Held to maturity, Fair Value 12 months or longer | ' | 29 |
Held to maturity, Gross Unrealized Losses 12 months or longer | ' | 1 |
Held to maturity, Fair Value Total | ' | 326 |
Held to maturity, Gross Unrealized Losses Total | ' | 2 |
Asset-backed securities, sub-prime | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 0 | 0 |
Available for sale, Gross Unrealized Losses Less than 12 months | 0 | 0 |
Available for sale, Fair Value 12 months or longer | 1,046 | 1,150 |
Available for sale, Gross Unrealized Losses 12 months or longer | 74 | 91 |
Available for sale, Fair Value Total | 1,046 | 1,150 |
Available for sale, Gross Unrealized Losses Total | 74 | 91 |
Asset-backed securities, other | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 1,533 | 1,896 |
Available for sale, Gross Unrealized Losses Less than 12 months | 7 | 12 |
Available for sale, Fair Value 12 months or longer | 360 | 439 |
Available for sale, Gross Unrealized Losses 12 months or longer | 7 | 11 |
Available for sale, Fair Value Total | 1,893 | 2,335 |
Available for sale, Gross Unrealized Losses Total | 14 | 23 |
Held to maturity, Fair Value Less than 12 months | 83 | ' |
Held to maturity, Gross Unrealized Losses Less than 12 months | 1 | ' |
Held to maturity, Fair Value 12 months or longer | 0 | ' |
Held to maturity, Gross Unrealized Losses 12 months or longer | 0 | ' |
Held to maturity, Fair Value Total | 83 | ' |
Held to maturity, Gross Unrealized Losses Total | 1 | ' |
Total non-U.S. debt securities | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 3,073 | 3,074 |
Available for sale, Gross Unrealized Losses Less than 12 months | 5 | 12 |
Available for sale, Fair Value 12 months or longer | 510 | 424 |
Available for sale, Gross Unrealized Losses 12 months or longer | 7 | 10 |
Available for sale, Fair Value Total | 3,583 | 3,498 |
Available for sale, Gross Unrealized Losses Total | 12 | 22 |
Held to maturity, Fair Value Less than 12 months | 514 | 834 |
Held to maturity, Gross Unrealized Losses Less than 12 months | 2 | 3 |
Held to maturity, Fair Value 12 months or longer | 732 | 878 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 20 | 45 |
Held to maturity, Fair Value Total | 1,246 | 1,712 |
Held to maturity, Gross Unrealized Losses Total | 22 | 48 |
Non-U.S. debt securities, mortgage-backed securities | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 580 | 868 |
Available for sale, Gross Unrealized Losses Less than 12 months | 1 | 2 |
Available for sale, Fair Value 12 months or longer | 215 | 258 |
Available for sale, Gross Unrealized Losses 12 months or longer | 2 | 7 |
Available for sale, Fair Value Total | 795 | 1,126 |
Available for sale, Gross Unrealized Losses Total | 3 | 9 |
Held to maturity, Fair Value Less than 12 months | 460 | ' |
Held to maturity, Gross Unrealized Losses Less than 12 months | 1 | ' |
Held to maturity, Fair Value 12 months or longer | 732 | ' |
Held to maturity, Gross Unrealized Losses 12 months or longer | 20 | ' |
Held to maturity, Fair Value Total | 1,192 | ' |
Held to maturity, Gross Unrealized Losses Total | 21 | ' |
Non-U.S. debt securities, asset-backed securities | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 501 | 551 |
Available for sale, Gross Unrealized Losses Less than 12 months | 1 | 1 |
Available for sale, Fair Value 12 months or longer | 0 | 16 |
Available for sale, Gross Unrealized Losses 12 months or longer | 0 | 1 |
Available for sale, Fair Value Total | 501 | 567 |
Available for sale, Gross Unrealized Losses Total | 1 | 2 |
Non-U.S. debt securities, other | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 1,992 | 1,655 |
Available for sale, Gross Unrealized Losses Less than 12 months | 3 | 9 |
Available for sale, Fair Value 12 months or longer | 295 | 150 |
Available for sale, Gross Unrealized Losses 12 months or longer | 5 | 2 |
Available for sale, Fair Value Total | 2,287 | 1,805 |
Available for sale, Gross Unrealized Losses Total | 8 | 11 |
Held to maturity, Fair Value Less than 12 months | 54 | ' |
Held to maturity, Gross Unrealized Losses Less than 12 months | 1 | ' |
Held to maturity, Fair Value 12 months or longer | 0 | ' |
Held to maturity, Gross Unrealized Losses 12 months or longer | 0 | ' |
Held to maturity, Fair Value Total | 54 | ' |
Held to maturity, Gross Unrealized Losses Total | 1 | ' |
State and political subdivisions | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 308 | 3,242 |
Available for sale, Gross Unrealized Losses Less than 12 months | 3 | 113 |
Available for sale, Fair Value 12 months or longer | 2,263 | 1,268 |
Available for sale, Gross Unrealized Losses 12 months or longer | 69 | 85 |
Available for sale, Fair Value Total | 2,571 | 4,510 |
Available for sale, Gross Unrealized Losses Total | 72 | 198 |
Collateralized mortgage obligations | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 309 | 1,581 |
Available for sale, Gross Unrealized Losses Less than 12 months | 2 | 55 |
Available for sale, Fair Value 12 months or longer | 863 | 510 |
Available for sale, Gross Unrealized Losses 12 months or longer | 28 | 21 |
Available for sale, Fair Value Total | 1,172 | 2,091 |
Available for sale, Gross Unrealized Losses Total | 30 | 76 |
Held to maturity, Fair Value Less than 12 months | 343 | 759 |
Held to maturity, Gross Unrealized Losses Less than 12 months | 5 | 18 |
Held to maturity, Fair Value 12 months or longer | 631 | 161 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 13 | 8 |
Held to maturity, Fair Value Total | 974 | 920 |
Held to maturity, Gross Unrealized Losses Total | 18 | 26 |
Other U.S. debt securities | ' | ' |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ' | ' |
Available for sale, Fair Value Less than 12 months | 0 | 1,039 |
Available for sale, Gross Unrealized Losses Less than 12 months | 0 | 25 |
Available for sale, Fair Value 12 months or longer | 405 | 58 |
Available for sale, Gross Unrealized Losses 12 months or longer | 9 | 9 |
Available for sale, Fair Value Total | 405 | 1,097 |
Available for sale, Gross Unrealized Losses Total | $9 | $34 |
Investment_Securities_Schedule2
Investment Securities (Schedule of Contractual Maturities of Debt Securities) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | $11,103 |
Available for sale, 1 to 5 Years | 34,694 |
Available for sale, 6 to 10 Years | 22,432 |
Available for sale, Over 10 Years | 29,657 |
Held to maturity, Under 1 Year | 793 |
Held to maturity, 1 to 5 Years | 5,589 |
Held to maturity, 6 to 10 Years | 7,251 |
Held to maturity, Over 10 Years | 5,124 |
Total asset-backed securities | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 2,541 |
Available for sale, 1 to 5 Years | 11,222 |
Available for sale, 6 to 10 Years | 7,062 |
Available for sale, Over 10 Years | 5,439 |
Held to maturity, Under 1 Year | 33 |
Held to maturity, 1 to 5 Years | 958 |
Held to maturity, 6 to 10 Years | 1,169 |
Held to maturity, Over 10 Years | 1,329 |
US Treasury and federal agencies, direct obligations | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 2 |
Available for sale, 1 to 5 Years | 783 |
Available for sale, 6 to 10 Years | 2,079 |
Available for sale, Over 10 Years | 571 |
Held to maturity, Under 1 Year | 0 |
Held to maturity, 1 to 5 Years | 0 |
Held to maturity, 6 to 10 Years | 5,000 |
Held to maturity, Over 10 Years | 119 |
US Treasury and federal agencies, mortgage-backed securities | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 197 |
Available for sale, 1 to 5 Years | 2,295 |
Available for sale, 6 to 10 Years | 5,141 |
Available for sale, Over 10 Years | 14,506 |
Held to maturity, Under 1 Year | 0 |
Held to maturity, 1 to 5 Years | 18 |
Held to maturity, 6 to 10 Years | 13 |
Held to maturity, Over 10 Years | 43 |
Asset-backed securities, student loans | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 378 |
Available for sale, 1 to 5 Years | 6,718 |
Available for sale, 6 to 10 Years | 4,219 |
Available for sale, Over 10 Years | 2,647 |
Held to maturity, Under 1 Year | 9 |
Held to maturity, 1 to 5 Years | 182 |
Held to maturity, 6 to 10 Years | 385 |
Held to maturity, Over 10 Years | 1,324 |
Asset-backed securities, credit cards | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 1,650 |
Available for sale, 1 to 5 Years | 3,261 |
Available for sale, 6 to 10 Years | 1,655 |
Available for sale, Over 10 Years | 0 |
Held to maturity, Under 1 Year | 0 |
Held to maturity, 1 to 5 Years | 335 |
Held to maturity, 6 to 10 Years | 562 |
Held to maturity, Over 10 Years | 0 |
Asset-backed securities, sub-prime | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 7 |
Available for sale, 1 to 5 Years | 19 |
Available for sale, 6 to 10 Years | 1 |
Available for sale, Over 10 Years | 1,074 |
Asset-backed securities, other | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 506 |
Available for sale, 1 to 5 Years | 1,224 |
Available for sale, 6 to 10 Years | 1,187 |
Available for sale, Over 10 Years | 1,718 |
Held to maturity, Under 1 Year | 24 |
Held to maturity, 1 to 5 Years | 441 |
Held to maturity, 6 to 10 Years | 222 |
Held to maturity, Over 10 Years | 5 |
Total non-U.S. debt securities | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 6,659 |
Available for sale, 1 to 5 Years | 12,474 |
Available for sale, 6 to 10 Years | 2,031 |
Available for sale, Over 10 Years | 4,051 |
Held to maturity, Under 1 Year | 261 |
Held to maturity, 1 to 5 Years | 3,913 |
Held to maturity, 6 to 10 Years | 559 |
Held to maturity, Over 10 Years | 2,686 |
Non-U.S. debt securities, mortgage-backed securities | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 2,055 |
Available for sale, 1 to 5 Years | 5,053 |
Available for sale, 6 to 10 Years | 403 |
Available for sale, Over 10 Years | 3,924 |
Held to maturity, Under 1 Year | 87 |
Held to maturity, 1 to 5 Years | 1,320 |
Held to maturity, 6 to 10 Years | 181 |
Held to maturity, Over 10 Years | 2,686 |
Non-U.S. debt securities, asset-backed securities | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 333 |
Available for sale, 1 to 5 Years | 3,176 |
Available for sale, 6 to 10 Years | 564 |
Available for sale, Over 10 Years | 127 |
Held to maturity, Under 1 Year | 7 |
Held to maturity, 1 to 5 Years | 2,513 |
Held to maturity, 6 to 10 Years | 378 |
Held to maturity, Over 10 Years | 0 |
Non-US debt securities, government securities | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 2,233 |
Available for sale, 1 to 5 Years | 1,590 |
Available for sale, 6 to 10 Years | 0 |
Available for sale, Over 10 Years | 0 |
Held to maturity, Under 1 Year | 2 |
Held to maturity, 1 to 5 Years | 0 |
Held to maturity, 6 to 10 Years | 0 |
Held to maturity, Over 10 Years | 0 |
Non-U.S. debt securities, other | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 2,038 |
Available for sale, 1 to 5 Years | 2,655 |
Available for sale, 6 to 10 Years | 1,064 |
Available for sale, Over 10 Years | 0 |
Held to maturity, Under 1 Year | 165 |
Held to maturity, 1 to 5 Years | 80 |
Held to maturity, 6 to 10 Years | 0 |
Held to maturity, Over 10 Years | 0 |
State and political subdivisions | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 670 |
Available for sale, 1 to 5 Years | 3,032 |
Available for sale, 6 to 10 Years | 4,321 |
Available for sale, Over 10 Years | 2,594 |
Held to maturity, Under 1 Year | 12 |
Held to maturity, 1 to 5 Years | 3 |
Held to maturity, 6 to 10 Years | 0 |
Held to maturity, Over 10 Years | 0 |
Collateralized mortgage obligations | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 397 |
Available for sale, 1 to 5 Years | 1,403 |
Available for sale, 6 to 10 Years | 1,113 |
Available for sale, Over 10 Years | 2,461 |
Held to maturity, Under 1 Year | 487 |
Held to maturity, 1 to 5 Years | 697 |
Held to maturity, 6 to 10 Years | 510 |
Held to maturity, Over 10 Years | 947 |
Other U.S. debt securities | ' |
Contractual Maturities Of Debt Investment Securities [Line Items] | ' |
Available for sale, Under 1 Year | 637 |
Available for sale, 1 to 5 Years | 3,485 |
Available for sale, 6 to 10 Years | 685 |
Available for sale, Over 10 Years | $35 |
Investment_Securities_Gains_an
Investment Securities (Gains and Losses Related to Investment Securities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' | ||||
Gross realized gains from sales of available-for-sale securities | $1 | $30 | $16 | $87 | ||||
Gross realized losses from sales of available-for-sale securities | -1 | -30 | -1 | -82 | ||||
Gross losses from other-than-temporary impairment | 0 | -6 | -1 | -6 | ||||
Losses reclassified (from) to other comprehensive income | -2 | -1 | -10 | -4 | ||||
Gains (losses) related to investment securities, net | -2 | -7 | 4 | -5 | ||||
Impairment associated with expected credit losses | -1 | 0 | -10 | 0 | ||||
Impairment Associated With Management's Intent To Sell The Impaired Securities Prior To Their Recovery In Value | 0 | 6 | 0 | 6 | ||||
Impairment associated with adverse changes in timing of expected future cash flows | -1 | -1 | -1 | -4 | ||||
Net impairment losses | ($2) | [1] | ($7) | [1] | ($11) | [1] | ($10) | [1] |
[1] | Net impairment losses |
Investment_Securities_Schedule3
Investment Securities (Schedule of Credit-Related Loss Activity Recognized In Earnings) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' |
Beginning balance | $122 | $124 |
Plus losses for which other-than-temporary impairment was not previously recognized | 0 | 6 |
Plus losses for which other-than-temporary impairment was previously recognized | 11 | 4 |
Less previously recognized losses related to securities sold or matured | -2 | -9 |
Less losses related to securities intended or required to be sold | -6 | 0 |
Ending balance | $125 | $125 |
Loans_and_Leases_Narrative_Det
Loans and Leases (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Write-offs | $0 | $0 | $0 | $0 | ' | ' |
Loans and leases, allowance for losses | 32,000,000 | ' | 32,000,000 | ' | 28,000,000 | ' |
Aggregate short-duration advances | 5,410,000,000 | ' | 5,410,000,000 | ' | 2,450,000,000 | ' |
Loans modified in troubled debt restructurings | ' | ' | 0 | ' | 0 | ' |
Provisions | 2,000,000 | 0 | 4,000,000 | 0 | ' | ' |
Senior Secured Bank Loans | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Provisions | 12,000,000 | ' | ' | ' | ' | ' |
Institutional | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | 0 | 0 | ' | ' |
Amount of loan losses related to institutional loans collectively evaluated for impairment | 32,000,000 | ' | 32,000,000 | ' | 28,000,000 | ' |
Provisions | 2,000,000 | 0 | 4,000,000 | 0 | ' | ' |
Institutional | Senior Secured Bank Loans | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Commercial and financial | 1,320,000,000 | ' | 1,320,000,000 | ' | 724,000,000 | ' |
Commercial and Financial | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and leases, allowance for losses | 12,000,000 | ' | 12,000,000 | ' | ' | ' |
Adjustment to Provision for Loans and Lease Losses | 10,000,000 | ' | ' | ' | ' | ' |
Commercial and Financial | Senior Secured Bank Loans | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and leases, allowance for losses | 20,000,000 | ' | 20,000,000 | ' | ' | ' |
Commercial Real Estate | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | 0 | 0 | ' | ' |
Amount of loan losses related to institutional loans collectively evaluated for impairment | ' | ' | ' | ' | 28,000,000 | ' |
Loan modification, recorded investment | ' | ' | ' | ' | 130,000,000 | 130,000,000 |
Impairment loss recognized | ' | ' | ' | ' | 0 | ' |
Provisions | $0 | $0 | $0 | $0 | ' | ' |
Loans_and_Leases_Net_Loans_Det
Loans and Leases (Net Loans) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans and leases | $16,799 | ' | $13,486 |
Allowance for loan losses | -32 | ' | -28 |
Loans and leases, net of allowance for loan losses | 16,767 | ' | 13,458 |
Institutional | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans and leases | 16,536 | ' | 13,277 |
Commercial Real Estate | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans and leases | 263 | ' | 209 |
U.S. | Institutional | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Investment funds | ' | 10,131 | 8,695 |
Commercial and financial | 2,109 | ' | 1,372 |
Purchased receivables | 187 | ' | 217 |
Lease financing | 338 | ' | 339 |
U.S. | Commercial Real Estate | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Commercial real estate | 263 | ' | 209 |
Non-U.S. | Institutional | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Investment funds | 2,705 | ' | 1,718 |
Commercial and financial | 318 | ' | 154 |
Purchased receivables | 14 | ' | 26 |
Lease financing | $734 | ' | $756 |
Loans_and_Leases_Recorded_Inve
Loans and Leases (Recorded Investment in Each Class of Total Loans and Leases by Credit Quality Indicator) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Investment Funds | Investment Funds | Commercial and Financial | Commercial and Financial | Purchased Receivables | Purchased Receivables | Lease Financing | Lease Financing | Property Development | Property Development | Other | Other | Investment grade | Investment grade | Investment grade | Investment grade | Investment grade | Investment grade | Investment grade | Investment grade | Investment grade | Investment grade | Investment grade | Investment grade | Investment grade | Investment grade | Speculative | Speculative | Speculative | Speculative | Speculative | Speculative | Speculative | Speculative | Speculative | Speculative | Speculative | Speculative | Speculative | Speculative | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | ||||||||||||||||||||||||||||||||||||
Investment Funds | Investment Funds | Commercial and Financial | Commercial and Financial | Purchased Receivables | Purchased Receivables | Lease Financing | Lease Financing | Property Development | Property Development | Other | Other | Investment Funds | Investment Funds | Commercial and Financial | Commercial and Financial | Purchased Receivables | Purchased Receivables | Lease Financing | Lease Financing | Property Development | Property Development | Other | Other | Investment Funds | Commercial and Financial | Purchased Receivables | Lease Financing | Property Development | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Total Loans and Leases | $16,799 | $13,486 | $12,836 | $10,413 | $2,427 | $1,526 | $201 | $243 | $1,072 | $1,095 | $234 | $180 | $29 | $29 | $14,390 | [1] | $12,362 | [1] | $12,236 | [1] | $10,282 | [1] | $892 | [1] | $740 | [1] | $201 | [1] | $243 | [1] | $1,032 | [1] | $1,068 | [1] | $0 | [1] | $0 | [1] | $29 | [1] | $29 | [1] | $2,409 | [2] | $1,108 | [2] | $600 | [2] | $131 | [2] | $1,535 | $770 | [2] | $0 | [2] | $0 | [2] | $40 | [2] | $27 | [2] | $234 | [2] | $180 | [2] | $0 | [2] | $0 | [2] | $16 | [3] | $0 | [3] | $16 | [3] | $0 | [3] | $0 | [3] | $0 | [3] | $0 | [3] |
[1] | Investment-grade loans and leases consist of counterparties with strong credit quality and low expected credit risk and probability of default. Ratings apply to counterparties with a strong capacity to support the timely repayment of any financial commitment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Speculative loans and leases consist of counterparties that face ongoing uncertainties or exposure to business, financial, or economic downturns. However, these counterparties may have financial flexibility or access to financial alternatives, which allow for financial commitments to be met. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Special mention loans and leases consist of counterparties with potential weaknesses that, if uncorrected, may result in deterioration of repayment prospects. |
Loans_and_Leases_Schedule_of_A
Loans and Leases (Schedule of Allowance for Loan Losses) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and leases, Individually evaluated for impairment | $130 | $206 | ||
Loans and leases, Collectively evaluated for impairment | 16,669 | [1] | 13,280 | [1] |
Total loans and leases | 16,799 | 13,486 | ||
Institutional | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and leases, Individually evaluated for impairment | 0 | 26 | ||
Loans and leases, Collectively evaluated for impairment | 16,536 | [1] | 13,251 | [1] |
Total loans and leases | 16,536 | 13,277 | ||
Commercial Real Estate | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans and leases, Individually evaluated for impairment | 130 | 180 | ||
Loans and leases, Collectively evaluated for impairment | 133 | [1] | 29 | [1] |
Total loans and leases | $263 | $209 | ||
[1] | As of June 30, 2014 and December 31, 2013, all of the allowance for loan losses of $32 million and $28 million, respectively, related to institutional loans collectively evaluated for impairment. |
Loans_and_Leases_Impaired_Loan
Loans and Leases (Impaired Loans) (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||
CRE - property development | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Recorded investment with no related allowance | $130 | ' | $130 | ||
Unpaid principal balance with no related allowance recorded | 143 | ' | 143 | ||
Related allowance | 0 | [1] | ' | 0 | [1] |
Average recorded investment | 130 | 148 | ' | ||
Interest revenue with related allowance recognized | 3 | 10 | ' | ||
CRE - property development - acquired credit impaired | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Recorded investment with no related allowance | 0 | ' | 0 | ||
Unpaid principal balance with no related allowance recorded | 34 | ' | 34 | ||
Related allowance | 0 | [1] | ' | 0 | [1] |
CRE - other - acquired credit impaired | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Recorded investment with no related allowance | 0 | ' | 0 | ||
Unpaid principal balance with no related allowance recorded | 22 | ' | 21 | ||
Related allowance | 0 | [1] | ' | 0 | [1] |
Commercial Real Estate | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Recorded investment with no related allowance | 130 | ' | 130 | ||
Unpaid principal balance with no related allowance recorded | 199 | ' | 198 | ||
Related allowance | 0 | [1] | ' | 0 | [1] |
Average recorded investment | 130 | 148 | ' | ||
Interest revenue recognized | $3 | $10 | ' | ||
[1] | As of June 30, 2014 and December 31, 2013, all of the allowance for loan losses of $32 million and $28 million, respectively, related to loans that were not impaired. |
Loans_and_Leases_Schedule_of_A1
Loans and Leases (Schedule of Activity In The Allowance For Loan Losses) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $30 | $22 | $28 | $22 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | 0 | 0 |
Provisions | 2 | 0 | 4 | 0 |
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | 0 | 0 | 0 |
Ending balance | 32 | 22 | 32 | 22 |
Institutional | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 30 | ' | 28 | 22 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | 0 | 0 |
Provisions | 2 | 0 | 4 | 0 |
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | 0 | 0 | 0 |
Ending balance | 32 | 22 | 32 | 22 |
Commercial Real Estate | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 0 | ' | 0 | 0 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | 0 | 0 |
Provisions | 0 | 0 | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Recovery | 0 | 0 | 0 | 0 |
Ending balance | $0 | $0 | $0 | $0 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | $6,036 | $5,977 |
Foreign currency translation and other, net | 1 | -53 |
Ending balance | 6,037 | 5,924 |
Investment Servicing | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | 5,999 | 5,941 |
Foreign currency translation and other, net | 1 | -52 |
Ending balance | 6,000 | 5,889 |
Investment Management | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | 37 | 36 |
Foreign currency translation and other, net | 0 | -1 |
Ending balance | $37 | $35 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Changes In The Carrying Amount Of Other Intangible Assets) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | $2,360 | $2,539 |
Amortization | -54 | -54 | -108 | -107 |
Foreign currency translation and other, net | ' | ' | -5 | -26 |
Ending balance | 2,247 | 2,406 | 2,247 | 2,406 |
Investment Servicing | ' | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 2,321 | 2,492 |
Amortization | ' | ' | -104 | -102 |
Foreign currency translation and other, net | ' | ' | -5 | -24 |
Ending balance | 2,212 | 2,366 | 2,212 | 2,366 |
Investment Management | ' | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 39 | 47 |
Amortization | ' | ' | -4 | -5 |
Foreign currency translation and other, net | ' | ' | 0 | -2 |
Ending balance | $35 | $40 | $35 | $40 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Gross Carrying Amount, Accumulated Amortization And Net Carrying Amount Of Other Intangible Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Gross Carrying Amount | $3,645 | $3,657 | ' | ' |
Accumulated Amortization | -1,398 | -1,297 | ' | ' |
Net Carrying Amount | 2,247 | 2,360 | 2,406 | 2,539 |
Client relationships | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Gross Carrying Amount | 2,700 | 2,706 | ' | ' |
Accumulated Amortization | -1,053 | -975 | ' | ' |
Net Carrying Amount | 1,647 | 1,731 | ' | ' |
Core deposits | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Gross Carrying Amount | 715 | 717 | ' | ' |
Accumulated Amortization | -208 | -191 | ' | ' |
Net Carrying Amount | 507 | 526 | ' | ' |
Other | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Gross Carrying Amount | 230 | 234 | ' | ' |
Accumulated Amortization | -137 | -131 | ' | ' |
Net Carrying Amount | $93 | $103 | ' | ' |
Other_Assets_Components_of_Oth
Other Assets (Components of Other Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Other Assets [Line Items] | ' | ' | ||
Total | $26,574 | $25,990 | ||
Real estate acquired through foreclosure | 61 | 59 | ||
Reported Amount | Other assets | ' | ' | ||
Other Assets [Line Items] | ' | ' | ||
Collateral deposits, net | 16,541 | 13,706 | ||
Unrealized gains on derivative financial instruments, net | 2,879 | 5,476 | ||
Bank-owned life insurance | 2,374 | 2,343 | ||
Investments in joint ventures and other unconsolidated entities | 1,769 | 1,644 | ||
Accounts receivable | 808 | 950 | ||
Receivable for securities settlement | 507 | 195 | ||
Income taxes receivable | 368 | 337 | ||
Prepaid expenses | 315 | 286 | ||
Deferred tax assets, net of valuation allowance | 244 | 263 | ||
Deposits with clearing organizations | 185 | 177 | ||
Other | 584 | [1] | 613 | [1] |
Total | $26,574 | $25,990 | ||
[1] | Included other real estate owned of approximately $61 million and $59 million as of June 30, 2014 and December 31, 2013, respectively. |
Contingencies_Narrative_Detail
Contingencies (Narrative) (Details) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 31, 2009 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Aug. 31, 2009 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2009 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | USD ($) | USD ($) | customer | Transition Management | Transition Management | Transition Management | Transition Management | Transition Management | Securities Finance | Securities Finance | Securities Finance | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Putative Class Action | Shareholder Litigation | Investment Servicing |
claim | USD ($) | Legal Reserve | Regulatory Matter | Regulatory Matter | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | claim | complaint | USD ($) | ||||
USD ($) | USD ($) | GBP (£) | shareholder | |||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal reserves | ' | ' | ' | ' | ' | $51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of pending claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Settlement, amount | ' | ' | ' | ' | ' | ' | 37.8 | 22.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation reserve | ' | ' | ' | ' | 3 | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.6 |
Number of suits from related participants of agency securities lending program | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, damages sought, value | ' | ' | ' | ' | ' | ' | ' | ' | 120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized loss on sales of securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual damages asserted by attorney general | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' |
Estimated indirect foreign exchange revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128 | 285 | 248 | 331 | 336 | 369 | 462 | ' | ' | ' | ' |
Shareholder related class action complaints pending in Boston Federal Court | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Number of class action complaints pending in Boston Federal Court brought on behalf of State Street shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Number of class action complaints pending in Boston Federal Court brought on behalf of State Street participants and beneficiaries of State Street Salary Savings Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Claims settled | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | $156 | $164 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Guarantees_Con
Commitments and Guarantees Contingencies (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Billions, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ' | ' | ' |
Unfunded commitments to extend credit | ' | $23.15 | $21.30 |
Unfunded commitments to extend credit, short term | ' | 78.00% | ' |
Unfunded Commitment to Extend Credit, Term | ' | '1 year | ' |
Percent of fair market value that must be maintained in collateral | 100.00% | 100.00% | ' |
Cash collateral provided for securities lending | ' | 15.4 | 11.29 |
Accrued expenses and other liabilities | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Cash collateral received in connection to securities finance activities | ' | $7.40 | $6.62 |
Commitments_and_Guarantees_Con1
Commitments and Guarantees (Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Indemnified securities financing | $363,060 | $320,078 |
Stable value protection | 24,310 | 24,906 |
Asset purchase agreements | 4,234 | 4,685 |
Standby letters of credit | $4,556 | $4,612 |
Commitments_and_Guarantees_Sch
Commitments and Guarantees (Schedule Of Repurchase Agreements) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Aggregate fair value of indemnified securities financing | $363,060 | $320,078 |
Aggregate fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 377,258 | 331,732 |
Aggregate fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 84,776 | 85,374 |
Aggregate fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | $90,063 | $91,097 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Variable Interest Entities [Abstract] | ' | ' |
Investment securities related to state and political subdivisions | $2,320,000,000 | $2,330,000,000 |
Variable interest entity, other short-term borrowings | 1,920,000,000 | 1,950,000,000 |
Weighted average life of trusts (in years) | '6 years 3 months | '6 years 6 months |
Total standby bond-purchase agreement committed to trusts | 1,940,000,000 | ' |
Total letters of credit committed to trusts | 684,000,000 | ' |
Standby purchase agreements and letters of credit commitments utilized | 0 | ' |
Variable Interest Entity [Line Items] | ' | ' |
Potential maximum loss exposure of unconsolidated funds | 24,000,000 | 18,000,000 |
Variable Interest Entity, Primary Beneficiary | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Assets | 52,000,000 | 50,000,000 |
Liabilities | 2,000,000 | ' |
Potential maximum loss exposure of unconsolidated funds | $50,000,000 | ' |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | |
March 2014 Repurchase Program | March 2014 Repurchase Program | March 2014 Repurchase Program | March 2013 Repurchase Program | Depositary Shares | Depositary Shares | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock, Depository Share | Series C Preferred Stock, Depository Share | Retained Earnings | Retained Earnings | Retained Earnings | Retained Earnings | Series D Preferred Stock | Series D Preferred Stock | Series D Preferred Stock, Depository Share | ||||||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depositary shares, ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.03% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.03% | ' |
Liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of preferred stock | ' | ' | ' | $742,000,000 | $0 | ' | ' | ' | ' | ' | ' | $742,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,313 | ' | ' | $2,626 | ' | $0.33 | $0.66 | ' | ' | ' | ' | $1,655 | ' | $0.41 |
Preferred stock cash dividend | ' | ' | ' | -25,000,000 | -13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | -7,000,000 | ' | -6,000,000 | -13,000,000 | -13,000,000 | ' | ' | ' | ' | ' | ' | -12,000,000 | ' | ' |
Dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% | ' |
Redemption price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of common stock authorized for repurchase | ' | ' | ' | ' | ' | ' | ' | 1,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared (in dollars per share) | $0.30 | $0.26 | $0.26 | $0.56 | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock dividends | ' | ' | ' | 240,000,000 | 235,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,000,000 | 117,000,000 | 240,000,000 | 235,000,000 | ' | ' | ' |
Net gains (losses) from sales of available-for-sale securities | ' | ' | ' | -15,000,000 | -5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net after tax realized gains (losses) on AFS securities | -9,000,000 | 3,000,000 | ' | -9,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized pretax gains (losses) on securities included in AOCI | ' | ' | ' | ' | ' | 5,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred taxes on unrealized pretax gains (losses) on securities included in AOCI | ' | ' | ' | ' | ' | 2,000,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock acquired (shares) | ' | ' | ' | 12,400,000 | ' | ' | ' | ' | 6,300,000 | 0 | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | ' | $67.04 | ' | ' | ' | ' | $65.02 | ' | $69.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | ' | ' | ' | $830,000,000 | ' | ' | ' | ' | $410,000,000 | ' | $420,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive (Loss) Income) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Stockholders' Equity Note [Abstract] | ' | ' |
Net unrealized gains on cash flow hedges | $100 | $161 |
Net unrealized gains (losses) on available-for-sale securities portfolio | 492 | -56 |
Net unrealized losses related to reclassified available-for-sale securities | -54 | -72 |
Net unrealized gains (losses) on available-for-sale securities | 438 | -128 |
Net unrealized losses on available-for-sale securities designated in fair value hedges | -120 | -97 |
Other-than-temporary impairment on available-for-sale securities related to factors other than credit | 3 | 4 |
Net unrealized losses on hedges of net investments in non-U.S. subsidiaries | -14 | -14 |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | -35 | -47 |
Net unrealized losses on retirement plans | -185 | -203 |
Foreign currency translation | 302 | 229 |
Total | $489 | ($95) |
Shareholders_Equity_Accumulate
Shareholders' Equity (Accumulated Other Comprehensive Income by Component) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' | ' |
AOCI net of tax, beginning balance | ' | ' | ($95) | ' |
Other comprehensive income (loss) | 301 | -774 | 584 | -883 |
AOCI net of tax, ending balance | 489 | ' | 489 | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' | ' |
AOCI net of tax, beginning balance | ' | ' | -95 | 360 |
Other comprehensive income (loss) before reclassifications | ' | ' | 574 | -899 |
Amounts reclassified out of AOCI | ' | ' | 10 | 16 |
Other comprehensive income (loss) | ' | ' | 584 | -883 |
AOCI net of tax, ending balance | 489 | -523 | 489 | -523 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | ' | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' | ' |
AOCI net of tax, beginning balance | ' | ' | 161 | 69 |
Other comprehensive income (loss) before reclassifications | ' | ' | -62 | 92 |
Amounts reclassified out of AOCI | ' | ' | 1 | 2 |
Other comprehensive income (loss) | ' | ' | -61 | 94 |
AOCI net of tax, ending balance | 100 | 163 | 100 | 163 |
Net Unrealized Gains (Losses) on Available-for-Sale Securities | ' | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' | ' |
AOCI net of tax, beginning balance | ' | ' | -221 | 519 |
Other comprehensive income (loss) before reclassifications | ' | ' | 551 | -694 |
Amounts reclassified out of AOCI | ' | ' | -9 | 1 |
Other comprehensive income (loss) | ' | ' | 542 | -693 |
AOCI net of tax, ending balance | 321 | -174 | 321 | -174 |
Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries | ' | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' | ' |
AOCI net of tax, beginning balance | ' | ' | -14 | -14 |
Other comprehensive income (loss) before reclassifications | ' | ' | 0 | 0 |
Amounts reclassified out of AOCI | ' | ' | 0 | 0 |
Other comprehensive income (loss) | ' | ' | 0 | 0 |
AOCI net of tax, ending balance | -14 | -14 | -14 | -14 |
Other-Than-Temporary Impairment on Held-to-Maturity Securities | ' | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' | ' |
AOCI net of tax, beginning balance | ' | ' | -47 | -65 |
Other comprehensive income (loss) before reclassifications | ' | ' | 11 | 9 |
Amounts reclassified out of AOCI | ' | ' | 1 | 2 |
Other comprehensive income (loss) | ' | ' | 12 | 11 |
AOCI net of tax, ending balance | -35 | -54 | -35 | -54 |
Net Unrealized Losses on Retirement Plans | ' | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' | ' |
AOCI net of tax, beginning balance | ' | ' | -203 | -283 |
Other comprehensive income (loss) before reclassifications | ' | ' | 1 | -2 |
Amounts reclassified out of AOCI | ' | ' | 17 | 10 |
Other comprehensive income (loss) | ' | ' | 18 | 8 |
AOCI net of tax, ending balance | -185 | -275 | -185 | -275 |
Foreign Currency Translation | ' | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ' | ' | ' | ' |
AOCI net of tax, beginning balance | ' | ' | 229 | 134 |
Other comprehensive income (loss) before reclassifications | ' | ' | 73 | -304 |
Amounts reclassified out of AOCI | ' | ' | 0 | 1 |
Other comprehensive income (loss) | ' | ' | 73 | -303 |
AOCI net of tax, ending balance | $302 | ($169) | $302 | ($169) |
Shareholders_Equity_Adjustment
Shareholders' Equity (Adjustments to Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Net interest revenue | $561 | ' | $596 | ' | $1,116 | $1,172 |
Net gains (losses) from sales of available-for-sale securities | ' | ' | ' | ' | -15 | -5 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 46 | ' | -55 | ' | 73 | -303 |
Total reclassifications out of AOCI | 602 | ' | 571 | ' | 958 | 1,026 |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Total reclassifications out of AOCI | 13 | ' | 10 | ' | 10 | 16 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | Interest-rate contracts | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Net interest revenue | 0 | ' | 1 | ' | 1 | 2 |
Net Unrealized Gains (Losses) on Available-for-Sale Securities | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Net gains (losses) from sales of available-for-sale securities | ' | ' | ' | ' | -9 | -3 |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments, Tax | ' | -6 | ' | -2 | ' | ' |
Other-Than-Temporary Impairment on Held-to-Maturity Securities | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 0 | ' | 4 | ' | 0 | 4 |
Held-to-maturity securities, Losses reclassified (from) to other comprehensive income | 1 | ' | 1 | ' | 1 | 2 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Held-to-maturity Securities, Tax | ' | 1 | ' | 0 | ' | ' |
Net Unrealized Losses on Retirement Plans | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Amortization of actuarial losses, net of related taxes of ($8) and net of related tax benefits of $3, respectively | 12 | ' | 5 | ' | 17 | 10 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | ' | 3 | ' | 3 | ' | ' |
Foreign Currency Translation | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $0 | ' | ($1) | ' | $0 | $1 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | |||
Cash collateral received for derivative instruments | $1,130,000,000 | ' | $1,130,000,000 | ' | $2,580,000,000 | |||
Cash collateral provided for derivative instruments | 1,340,000,000 | ' | 1,340,000,000 | ' | 3,360,000,000 | |||
Fair value of derivative liabilities | 6,694,000,000 | [1] | ' | 6,694,000,000 | [1] | ' | 11,811,000,000 | [1] |
Maximum additional amount of payments related to termination events | 14,000,000 | ' | 14,000,000 | ' | ' | |||
Securities weighted average life (in years) | ' | ' | '6 years 3 months 4 days | ' | '6 years 6 months | |||
Other Comprehensive Income (Loss), Change in Unrealized Gain Loss on AFS Securities Designated as Fair Value Hedges, Net of Related Taxes | 13,000,000 | -45,000,000 | 23,000,000 | -60,000,000 | ' | |||
Fair Value Hedges | 1.35% Senior Note | ' | ' | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | |||
Fixed interest rate | 1.35% | ' | 1.35% | ' | ' | |||
Fair Value Hedges | 3.70% senior notes due in 2023 | ' | ' | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | |||
Fixed interest rate | 3.70% | ' | 3.70% | ' | ' | |||
Cash Flow Hedges | ' | ' | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | |||
Securities weighted average life (in years) | ' | ' | '4 months | ' | '10 months | |||
Credit swap agreements | ' | ' | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | |||
Fair value of derivative liabilities | 571,000,000 | ' | 571,000,000 | ' | ' | |||
Maximum additional amount of payments related to termination events | $557,000,000 | ' | $557,000,000 | ' | ' | |||
Interest rate swap | Fair Value Hedges | 3.1% Subordinated Note | ' | ' | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | |||
Fixed interest rate | 3.10% | ' | 3.10% | ' | ' | |||
Interest rate swap | Fair Value Hedges | Senior notes | ' | ' | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | |||
Number of securities | 2 | ' | 2 | ' | ' | |||
Interest rate swap | Fair Value Hedges | Subordinated note | ' | ' | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | |||
Number of securities | 1 | ' | 1 | ' | ' | |||
[1] | Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule of Outstanding Hedges: (Notional Amount)) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | $5,222 | $5,221 | ||
Credit derivative contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 431 | [1] | 0 | [1] |
Other contracts | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 239 | [2] | 42 | [2] |
Swap agreements and forwards | Interest-rate contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 898 | 1,023 | ||
Futures | Interest-rate contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 4,063 | 3,282 | ||
Forward, swap and spot | Foreign exchange contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 1,260,080 | 1,124,355 | ||
Options purchased | Foreign exchange contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 2,486 | 1,666 | ||
Options written | Foreign exchange contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 1,631 | 1,423 | ||
Credit swap agreements | Credit derivative contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 165 | 141 | ||
Commodity(1) | Futures Contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 14,800 | [1] | 2 | [1] |
Equity(1) | Futures Contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 27 | 1 | ||
Stable value contracts | Other contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 24,310 | 24,906 | ||
Swap agreements | Interest-rate contracts | Derivatives designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 5,222 | 5,221 | ||
Forward and swap | Foreign exchange contracts | Derivatives designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 2,703 | 2,783 | ||
Long | Options and caps purchased | Interest-rate contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | 15 | 27 | ||
Short | Options and caps purchased | Interest-rate contracts | Derivatives not designated as hedging instruments | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Notional amount of derivatives | $15 | $27 | ||
[1] | Primarily composed of positions held by a consolidated sponsored investment fund, more fully described in note 9. | |||
[2] | Represents grants of deferred cash awards to employees; refer to discussion in this note under "Derivatives Not Designated as Hedging Instruments." |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Notional Amount of Interest Rate Swap Agreements Designated as Fair Value and Cash Flow Hedges) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Derivative [Line Items] | ' | ' | ||
Total | $5,222 | $5,221 | ||
Increase in carrying value of long-term debt | 40 | 35 | ||
Investment securities available for sale | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Investment securities available for sale | 2,722 | 2,721 | ||
Long-term debt | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Long-term debt | 2,500 | [1] | 2,500 | [1] |
Fair Value Hedges | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Total | 5,085 | 5,089 | ||
Fair Value Hedges | Investment securities available for sale | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Investment securities available for sale | 2,585 | 2,589 | ||
Fair Value Hedges | Long-term debt | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Long-term debt | 2,500 | [1] | 2,500 | [1] |
Cash Flow Hedges | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Total | 137 | 132 | ||
Cash Flow Hedges | Investment securities available for sale | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Investment securities available for sale | 137 | 132 | ||
Cash Flow Hedges | Long-term debt | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Long-term debt | $0 | [1] | $0 | [1] |
[1] | As of June 30, 2014, these fair value hedges increased the carrying value of long-term debt presented in our consolidated statement of condition by $40 million. As of December 31, 2013, these fair value hedges decreased the carrying value of long-term debt presented in our consolidated statement of condition by $35 million. |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Contractual and Weighted-Average Interest Rates, Which Include the Effects of Hedges Related to Financial Instruments) (Details) (Long-term debt) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Long-term debt | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Contractual Rates | 3.53% | 3.40% | 3.46% | 3.57% |
Rate Including Impact of Hedges | 2.73% | 2.65% | 2.66% | 2.83% |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Schedule of The Fair Values of Derivative Financial Instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative assets | $6,699 | $11,977 | [1] | |
Fair value of derivative liabilities | 6,694 | [1] | 11,811 | [1] |
Foreign exchange contracts | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative assets | 6,637 | 11,911 | [1] | |
Fair value of derivative liabilities | 6,356 | [1] | 11,471 | [1] |
Interest-rate contracts | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative assets | 58 | 65 | [1] | |
Fair value of derivative liabilities | 270 | [1] | 331 | [1] |
Derivatives not designated as hedging instruments | Other assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative assets | 6,369 | 11,582 | ||
Derivatives not designated as hedging instruments | Other liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative liabilities | 6,410 | 11,480 | ||
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative assets | 6,346 | 11,552 | ||
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative liabilities | 6,322 | 11,428 | ||
Derivatives not designated as hedging instruments | Interest-rate contracts | Other assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative assets | 19 | 29 | ||
Derivatives not designated as hedging instruments | Interest-rate contracts | Other liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative liabilities | 20 | 29 | ||
Derivatives not designated as hedging instruments | Other derivative contracts | Other assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative assets | 4 | 1 | ||
Derivatives not designated as hedging instruments | Other derivative contracts | Other liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative liabilities | 68 | 23 | ||
Derivatives designated as hedging instruments | Other assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative assets | 330 | 395 | ||
Derivatives designated as hedging instruments | Other liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative liabilities | 284 | 345 | ||
Derivatives designated as hedging instruments | Foreign exchange contracts | Other assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative assets | 291 | 359 | ||
Derivatives designated as hedging instruments | Foreign exchange contracts | Other liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative liabilities | 34 | 43 | ||
Derivatives designated as hedging instruments | Interest-rate contracts | Other assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative assets | 39 | 36 | ||
Derivatives designated as hedging instruments | Interest-rate contracts | Other liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value of derivative liabilities | $250 | $302 | ||
[1] | Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Impact of Derivatives on Consolidated Statement of Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivatives not designated as hedging instruments | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | $143 | $171 | $276 | $317 |
Derivatives designated as fair value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 41 | -256 | 115 | -266 |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | -40 | 244 | -111 | 254 |
Compensation and employee benefits | Derivatives not designated as hedging instruments | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | -22 | 3 | -70 | 6 |
Foreign exchange contracts | Trading services | Derivatives not designated as hedging instruments | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 144 | 169 | 278 | 314 |
Foreign exchange contracts | Processing fees and other revenue | Derivatives designated as fair value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 18 | -159 | 60 | -155 |
Foreign exchange contracts | Processing fees and other revenue | Investment securities | Derivatives designated as fair value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | -18 | 159 | -60 | 155 |
Interest-rate contracts | Trading services | Derivatives not designated as hedging instruments | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | -1 | 2 | -1 | 3 |
Interest-rate contracts | Processing fees and other revenue | Contract one | Derivatives designated as fair value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | -24 | -117 | -41 | -132 |
Interest-rate contracts | Processing fees and other revenue | Contract two | Derivatives designated as fair value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 47 | 20 | 96 | 21 |
Interest-rate contracts | Processing fees and other revenue | Long-term debt | Derivatives designated as fair value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | 22 | 105 | 38 | 121 |
Interest-rate contracts | Processing fees and other revenue | Investment securities available for sale | Derivatives designated as fair value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | -44 | -20 | -89 | -22 |
Other derivative contracts | Processing fees and other revenue | Derivatives not designated as hedging instruments | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 0 | 0 | -1 | 0 |
Other derivative contracts | Compensation and employee benefits | Derivatives not designated as hedging instruments | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | ($22) | $3 | ($70) | $6 |
Derivative_Financial_Instrumen8
Derivative Financial Instruments (Schedule of Differences Between the Gains (Losses) on the Derivative and The Gains (Losses) on the Hedged Item) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | $2,598 | $2,560 | $5,083 | $4,995 |
Derivatives designed as cash flow value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income | -53 | 47 | -66 | 164 |
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | -1 | -1 | -2 | -2 |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 2 | 3 | 4 | 7 |
Interest-rate contracts | Derivatives designed as cash flow value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income | -1 | -1 | -2 | 11 |
Interest-rate contracts | Net interest revenue | Derivatives designed as cash flow value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | -1 | -1 | -2 | -2 |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 1 | 1 | 2 | 2 |
Foreign exchange contracts | Derivatives designed as cash flow value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income | -52 | 48 | -64 | 153 |
Foreign exchange contracts | Net interest revenue | Derivatives designed as cash flow value hedges | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | 0 | 0 | 0 | 0 |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | $1 | $2 | $2 | $5 |
Offsetting_Arrangements_Narrat
Offsetting Arrangements (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Offsetting [Abstract] | ' | ' |
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | $2,470,000,000 | $5,640,000,000 |
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged | $474,000,000 | $1,770,000,000 |
Offsetting_Arrangements_Assets
Offsetting Arrangements (Assets With Offsetting Arrangements) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Offsetting Assets [Line Items] | ' | ' | ||
Derivatives, Gross Amounts of Recognized Assets | $6,699 | $11,977 | [1] | |
Derivatives, Gross Amounts Offset in Statement of Condition | -3,820 | [2] | -6,501 | [2] |
Net Amounts of Assets Presented in Statement of Condition | 2,879 | 5,476 | ||
Resale Agreements and Securities Borrowing, Gross Amounts of Recognized Assets | 48,284 | [3] | 48,221 | [1],[3] |
Resale Agreements and Securities Borrowing, Gross Amounts Offset in Statement of Condition | -29,208 | [2],[3] | -30,700 | [2],[3] |
Net Amounts of Assets Presented in Statement of Condition | 19,076 | [3] | 17,521 | [3] |
Total, Gross Amounts of Recognized Assets | 54,983 | 60,198 | [1] | |
Total, Gross Amounts Offset in Statement of Condition | -33,028 | [2] | -37,201 | [2] |
Total, Net Amounts of Assets Presented in Statement of Condition | 21,955 | 22,997 | ||
Securities purchased under resale agreements | 3,681 | 6,230 | ||
Securities borrowed subject to master netting arrangements | 15,395 | 11,291 | ||
Cash collateral netting | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Derivatives, Gross Amounts of Recognized Assets | 0 | 0 | [1] | |
Derivatives, Gross Amounts Offset in Statement of Condition | -860 | [2] | -1,928 | [2] |
Net Amounts of Assets Presented in Statement of Condition | -860 | -1,928 | ||
Interest-rate contracts | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Derivatives, Gross Amounts of Recognized Assets | 58 | 65 | [1] | |
Derivatives, Gross Amounts Offset in Statement of Condition | -35 | [2] | -59 | [2] |
Net Amounts of Assets Presented in Statement of Condition | 23 | 6 | ||
Foreign exchange contracts | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Derivatives, Gross Amounts of Recognized Assets | 6,637 | 11,911 | [1] | |
Derivatives, Gross Amounts Offset in Statement of Condition | -2,923 | [2] | -4,514 | [2] |
Net Amounts of Assets Presented in Statement of Condition | 3,714 | 7,397 | ||
Other derivative contracts | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Derivatives, Gross Amounts of Recognized Assets | 4 | 1 | ||
Derivatives, Gross Amounts Offset in Statement of Condition | -2 | 0 | ||
Net Amounts of Assets Presented in Statement of Condition | $2 | $1 | ||
[1] | Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. | |||
[2] | Amounts subject to netting arrangements which have been determined to be legally enforceable. | |||
[3] | Included in the $19,076 million as of June 30, 2014 were $3,681 million of resale agreements and $15,395 million of collateral provided related to securities borrowing. Included in the $17,521 million as of December 31, 2013 were $6,230 million of resale agreements and $11,291 million of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. |
Offsetting_Arrangements_Assets1
Offsetting Arrangements (Assets With Enforceable Netting Arrangements) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Offsetting [Abstract] | ' | ' | ||
Derivative, Net Amount of Assets Presented in Statement of Condition | $2,879 | $5,476 | ||
Derivatives, Counterparty Netting | 0 | [1] | 0 | [1] |
Derivatives, Collateral Received | -199 | [1] | -181 | [1] |
Derivatives, Net Amount | 2,680 | [2] | 5,295 | [2] |
Resale Agreements and Securities Borrowing, Resale Agreements and Securities Borrowing, Net Amount of Assets Presented in Statement of Condition | 19,076 | [3] | 17,521 | [3] |
Resale Agreements and Securities Borrowing, Counterparty Netting | -163 | [1] | -131 | [1] |
Resale Agreements and Securities Borrowing, Collateral Received | -17,600 | [1] | -14,983 | [1] |
Resale Agreements and Securities Borrowing, Net Amount | 1,313 | [2] | 2,407 | [2] |
Total, Net Amounts of Assets Presented in Statement of Condition | 21,955 | 22,997 | ||
Total, Counterparty Netting | -163 | [1] | -131 | [1] |
Total, Collateral Received | -17,799 | [1] | -15,164 | [1] |
Total, Net Amount | $3,993 | [2] | $7,702 | [2] |
[1] | Amounts subject to netting arrangements which have been determined to be legally enforceable | |||
[2] | Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. | |||
[3] | Included in the $19,076 million as of June 30, 2014 were $3,681 million of resale agreements and $15,395 million of collateral provided related to securities borrowing. Included in the $17,521 million as of December 31, 2013 were $6,230 million of resale agreements and $11,291 million of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. |
Offsetting_Arrangements_Liabil
Offsetting Arrangements (Liabilities With Offsetting Arrangements) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | $6,694 | [1] | $11,811 | [1] |
Gross Amounts Offset in Statement of Condition | -3,174 | [1] | -5,552 | [1],[2] |
Net Amounts of Liabilities Presented in Statement of Condition | 3,520 | [1] | 6,259 | |
Gross Amounts of Recognized Liabilities | 45,772 | [1],[3] | 45,273 | [1],[3] |
Gross Amounts Offset in Statement of Condition | -29,208 | [2],[3] | -30,700 | [2],[3] |
Net Amounts of Liabilities Presented in Statement of Condition | 16,564 | [3] | 14,573 | [3] |
Gross Amounts of Recognized Liabilities | 52,466 | [1] | 57,084 | [1] |
Gross Amounts Offset in Statement of Condition | -32,382 | [2] | -36,252 | [2] |
Total, Net Amount of Liabilities Presented in Statement of Condition | 20,084 | 20,832 | ||
Securities sold under repurchase agreements | 9,168 | 7,953 | ||
Securities Lending, Fair Value, Amount Not Offset Against Collateral | 7,395 | 6,620 | ||
Cash collateral netting | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 0 | [1] | 0 | [1] |
Gross Amounts Offset in Statement of Condition | -214 | -979 | [2] | |
Net Amounts of Liabilities Presented in Statement of Condition | -214 | -979 | ||
Interest-rate contracts | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 270 | [1] | 331 | [1] |
Gross Amounts Offset in Statement of Condition | -35 | [2] | -59 | [2] |
Net Amounts of Liabilities Presented in Statement of Condition | 235 | 272 | ||
Foreign exchange contracts | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 6,356 | [1] | 11,471 | [1] |
Gross Amounts Offset in Statement of Condition | -2,923 | [2] | -4,514 | [2] |
Net Amounts of Liabilities Presented in Statement of Condition | 3,433 | 6,957 | ||
Other derivative contracts | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 68 | 9 | [1] | |
Gross Amounts Offset in Statement of Condition | -2 | 0 | [2] | |
Net Amounts of Liabilities Presented in Statement of Condition | $66 | $9 | ||
[1] | Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. | |||
[2] | Amounts subject to netting arrangements which have been determined to be legally enforceable. | |||
[3] | Included in the $16,564 million as of June 30, 2014 were $9,168 million of repurchase agreements and $7,395 million of collateral received related to securities lending. Included in the $14,573 million as of December 31, 2013 were $7,953 million of repurchase agreements and $6,620 million of collateral received related to securities lending. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. |
Offsetting_Arrangements_Liabil1
Offsetting Arrangements (Liabilities With Enforceable Netting Arrangements) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Offsetting [Abstract] | ' | ' | ||
Derivative, Net Amount of Liabilities Presented in Statement of Condition | $3,520 | [1] | $6,259 | |
Derivative, Counterparty Netting | 0 | [2] | 0 | [2] |
Derivative, Collateral Provided | -11 | [2] | -6 | [2] |
Derivative, Net Amount | 3,509 | [3] | 6,253 | [3] |
Repurchase Agreements and Securities Lending, Net Amount of Liabilities Presented in Statement of Condition | 16,564 | [4] | 14,573 | [4] |
Repurchase Agreements and Securities Lending, Counterparty Netting | -163 | [2] | -131 | [2] |
Repurchase Agreements and Securities Lending, Collateral Provided | -14,758 | [2] | -13,036 | [2] |
Repurchase Agreements and Securities Lending, Net Amount | 1,643 | [3] | 1,406 | [3] |
Total, Net Amount of Liabilities Presented in Statement of Condition | 20,084 | 20,832 | ||
Total, Counterparty Netting | -163 | [2] | -131 | [2] |
Total, Collateral Provided | -14,769 | [2] | -13,042 | [2] |
Total, Net Amount | $5,152 | [3] | $7,659 | [3] |
[1] | Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. | |||
[2] | Amounts subject to netting arrangements which have been determined to be legally enforceable | |||
[3] | Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. | |||
[4] | Included in the $16,564 million as of June 30, 2014 were $9,168 million of repurchase agreements and $7,395 million of collateral received related to securities lending. Included in the $14,573 million as of December 31, 2013 were $7,953 million of repurchase agreements and $6,620 million of collateral received related to securities lending. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. |
Net_Interest_Revenue_Component
Net Interest Revenue (Components of Interest Revenue and Interest Expenses) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Net Interest Revenue [Abstract] | ' | ' | ' | ' | ||||
Deposits with banks | $51 | $31 | $85 | $62 | ||||
U.S. Treasury and federal agencies | 164 | 183 | 327 | 377 | ||||
State and political subdivisions | 44 | 54 | 115 | 105 | ||||
Other investments | 318 | 339 | 637 | 680 | ||||
Securities purchased under resale agreements | 10 | 12 | 19 | 25 | ||||
Loans and leases | 61 | 79 | 119 | 135 | ||||
Other interest-earning assets | 2 | 2 | 3 | 3 | ||||
Total interest revenue | 650 | 700 | 1,305 | 1,387 | ||||
Deposits | 18 | 27 | 33 | 61 | ||||
Short-term borrowings(1) | -12 | [1] | 15 | [1] | 3 | [1] | 31 | [1] |
Long-term debt | 64 | 54 | 127 | 110 | ||||
Other interest-bearing liabilities | 19 | 8 | 26 | 13 | ||||
Total interest expense | 89 | 104 | 189 | 215 | ||||
Net interest revenue | $561 | $596 | $1,116 | $1,172 | ||||
[1] | The negative interest expense for the three months ended June 30, 2014 was associated with a reclassification of certain derivative contracts that hedge our interest-rate risk on certain assets and liabilities. This reclassification reduced total interest revenue and total interest expense for the three months ended June 30, 2014. |
Expenses_Narrative_Details
Expenses (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Business Operations And Information Technology Transformation Program | Business Operations And Information Technology Transformation Program | Business Operations And Information Technology Transformation Program | Business Operations And Information Technology Transformation Program | Business Operations And Information Technology Transformation Program | Business Operations And Information Technology Transformation Program | Business Operations And Information Technology Transformation Program | Business Operations And Information Technology Transformation Program | Expenses Control Measures - Additional Targeted Staff Reductions | Expenses Control Measures - Additional Targeted Staff Reductions | Expenses Control Measures - Additional Targeted Staff Reductions | Expenses Control Measures - Additional Targeted Staff Reductions | Expenses Control Measures - Additional Targeted Staff Reductions | ||||||
Involuntary Terminations | Involuntary Terminations | Involuntary Terminations | Involuntary Terminations | Involuntary Terminations After Replacements | ||||||||||||||
employee | employee | employee | employee | employee | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance costs | $4 | $72 | ' | $76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges incurred to date | ' | ' | ' | ' | ' | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges, net | $13 | ' | $11 | $25 | $10 | $19 | $25 | $67 | $133 | $156 | ' | ' | ' | $6 | $3 | $133 | ' | ' |
Expected number of positions eliminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,554 | 1,400 | ' | ' | ' | ' | 960 | 630 |
Percent of actual number of positions eliminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Number of positions eliminated from inception to date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,437 | ' | ' | ' | ' | ' |
Expenses_Costs_Related_To_Acqu
Expenses (Costs Related To Acquisition And Restructuring) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Expenses [Abstract] | ' | ' | ' | ' |
Acquisition costs | $15 | $19 | $36 | $34 |
Restructuring charges, net | 13 | 11 | 25 | 10 |
Total acquisition and restructuring costs | $28 | $30 | $61 | $44 |
Expenses_Activity_Related_To_R
Expenses (Activity Related To Restructuring-Related Accruals) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Restructuring Reserve [Roll Forward] | ' |
Balance as of December 31, 2013 | $106 |
Additional accruals for Business Operations and Information Technology Transformation program | 19 |
Payments and adjustments | -59 |
Balance as of March 31, 2014 | 72 |
2012 Expense Control Measures | ' |
Restructuring Reserve [Roll Forward] | ' |
Additional accruals for 2012 expense control measures | 6 |
Employee- Related Costs | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance as of December 31, 2013 | 50 |
Additional accruals for Business Operations and Information Technology Transformation program | 16 |
Payments and adjustments | -26 |
Balance as of March 31, 2014 | 40 |
Employee- Related Costs | 2012 Expense Control Measures | ' |
Restructuring Reserve [Roll Forward] | ' |
Additional accruals for 2012 expense control measures | 0 |
Real Estate Consolidation | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance as of December 31, 2013 | 49 |
Additional accruals for Business Operations and Information Technology Transformation program | 3 |
Payments and adjustments | -29 |
Balance as of March 31, 2014 | 23 |
Real Estate Consolidation | 2012 Expense Control Measures | ' |
Restructuring Reserve [Roll Forward] | ' |
Additional accruals for 2012 expense control measures | 0 |
Asset and Other Write-Offs | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance as of December 31, 2013 | 7 |
Additional accruals for Business Operations and Information Technology Transformation program | 0 |
Payments and adjustments | -4 |
Balance as of March 31, 2014 | 9 |
Asset and Other Write-Offs | 2012 Expense Control Measures | ' |
Restructuring Reserve [Roll Forward] | ' |
Additional accruals for 2012 expense control measures | $6 |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share (Computation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Share data in Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Net income | $622 | $579 | $985 | $1,043 | ||||
Less: Preferred stock dividends | -19 | -6 | -25 | -13 | ||||
Less: Dividends and undistributed earnings allocated to participating securities | -1 | [1] | -2 | [1] | -2 | [1] | -4 | [1] |
Net income available to common shareholders | $602 | $571 | $958 | $1,026 | ||||
Basic average common shares | 427,824 | 452,176 | 429,215 | 453,240 | ||||
Effect of dilutive securities: common stock options and common stock awards (in shares) | 7,496 | 8,864 | 7,743 | 8,390 | ||||
Diluted average shares | 435,320 | 461,040 | 436,958 | 461,630 | ||||
Anti-dilutive securities (in shares) | 1,508 | [2] | 2,330 | [2] | 1,506 | [2] | 2,409 | [2] |
Earnings per Common Share: | ' | ' | ' | ' | ||||
Basic (in dollars per share) | $1.41 | $1.26 | $2.23 | $2.26 | ||||
Diluted (in dollars per share) | $1.38 | [3] | $1.24 | [3] | $2.19 | [3] | $2.22 | [3] |
[1] | Represented the portion of net income available to common equity allocated to participating securities, composed of fully vested deferred director stock and unvested restricted stock that contain non-forfeitable rights to dividends during the vesting period on a basis equivalent to dividends paid to common shareholders. | |||||||
[2] | Represented common stock options and other equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. | |||||||
[3] | Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method. |
Line_of_Business_Information_D
Line of Business Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
line_of_business | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of lines of business | ' | ' | ' | 2 | ' |
Severance costs | $4,000,000 | $72,000,000 | ' | $76,000,000 | ' |
Acquisition and restructuring costs | -28,000,000 | ' | -30,000,000 | -61,000,000 | -44,000,000 |
Servicing fees | 1,288,000,000 | ' | 1,201,000,000 | 2,526,000,000 | 2,376,000,000 |
Management fees | 300,000,000 | ' | 277,000,000 | 592,000,000 | 540,000,000 |
Trading services | 260,000,000 | ' | 304,000,000 | 513,000,000 | 593,000,000 |
Securities finance | 147,000,000 | ' | 131,000,000 | 232,000,000 | 209,000,000 |
Processing fees and other | 44,000,000 | ' | 58,000,000 | 100,000,000 | 110,000,000 |
Total fee revenue | 2,039,000,000 | ' | 1,971,000,000 | 3,963,000,000 | 3,828,000,000 |
Net interest revenue | 561,000,000 | ' | 596,000,000 | 1,116,000,000 | 1,172,000,000 |
Gains (losses) related to investment securities, net | -2,000,000 | ' | -7,000,000 | 4,000,000 | -5,000,000 |
Total revenue | 2,598,000,000 | ' | 2,560,000,000 | 5,083,000,000 | 4,995,000,000 |
Provision for loan losses | 2,000,000 | ' | 0 | 4,000,000 | 0 |
Total expenses | 1,850,000,000 | ' | 1,798,000,000 | 3,878,000,000 | 3,624,000,000 |
Income before income tax expense | 746,000,000 | ' | 762,000,000 | 1,201,000,000 | 1,371,000,000 |
Pre-tax margin | 29.00% | ' | 30.00% | 24.00% | 27.00% |
Total Average Assets | 234,700,000,000 | ' | 207,700,000,000 | 225,200,000,000 | 208,000,000,000 |
Investment Servicing | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Servicing fees | 1,288,000,000 | ' | 1,201,000,000 | 2,526,000,000 | 2,376,000,000 |
Management fees | 0 | ' | 0 | 0 | 0 |
Trading services | 249,000,000 | ' | 287,000,000 | 490,000,000 | 552,000,000 |
Securities finance | 147,000,000 | ' | 131,000,000 | 232,000,000 | 209,000,000 |
Processing fees and other | 42,000,000 | ' | 58,000,000 | 97,000,000 | 105,000,000 |
Total fee revenue | 1,726,000,000 | ' | 1,677,000,000 | 3,345,000,000 | 3,242,000,000 |
Net interest revenue | 545,000,000 | ' | 571,000,000 | 1,083,000,000 | 1,128,000,000 |
Gains (losses) related to investment securities, net | -2,000,000 | ' | -7,000,000 | 4,000,000 | -5,000,000 |
Total revenue | 2,269,000,000 | ' | 2,241,000,000 | 4,432,000,000 | 4,365,000,000 |
Provision for loan losses | 2,000,000 | ' | 0 | 4,000,000 | 0 |
Total expenses | 1,593,000,000 | ' | 1,549,000,000 | 3,266,000,000 | 3,139,000,000 |
Income before income tax expense | 674,000,000 | ' | 692,000,000 | 1,162,000,000 | 1,226,000,000 |
Pre-tax margin | 30.00% | ' | 31.00% | 26.00% | 28.00% |
Total Average Assets | 231,300,000,000 | ' | 203,600,000,000 | 221,800,000,000 | 204,000,000,000 |
Investment Management | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Servicing fees | 0 | ' | 0 | 0 | 0 |
Management fees | 300,000,000 | ' | 277,000,000 | 592,000,000 | 540,000,000 |
Trading services | 11,000,000 | ' | 17,000,000 | 23,000,000 | 41,000,000 |
Securities finance | 0 | ' | 0 | 0 | 0 |
Processing fees and other | 2,000,000 | ' | 0 | 3,000,000 | 5,000,000 |
Total fee revenue | 313,000,000 | ' | 294,000,000 | 618,000,000 | 586,000,000 |
Net interest revenue | 16,000,000 | ' | 25,000,000 | 33,000,000 | 44,000,000 |
Gains (losses) related to investment securities, net | 0 | ' | 0 | 0 | 0 |
Total revenue | 329,000,000 | ' | 319,000,000 | 651,000,000 | 630,000,000 |
Provision for loan losses | 0 | ' | 0 | 0 | 0 |
Total expenses | 225,000,000 | ' | 204,000,000 | 469,000,000 | 426,000,000 |
Income before income tax expense | 104,000,000 | ' | 115,000,000 | 182,000,000 | 204,000,000 |
Pre-tax margin | 32.00% | ' | 36.00% | 28.00% | 32.00% |
Total Average Assets | 3,400,000,000 | ' | 4,100,000,000 | 3,400,000,000 | 4,000,000,000 |
Other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Acquisition and restructuring costs | -28,000,000 | ' | ' | -61,000,000 | ' |
Provision for litigation exposure and other costs | ' | ' | 15,000,000 | 6,000,000 | 15,000,000 |
Claims resolution | ' | ' | 30,000,000 | ' | 44,000,000 |
Servicing fees | 0 | ' | 0 | 0 | 0 |
Management fees | 0 | ' | 0 | 0 | 0 |
Trading services | 0 | ' | 0 | 0 | 0 |
Securities finance | 0 | ' | 0 | 0 | 0 |
Processing fees and other | 0 | ' | 0 | 0 | 0 |
Total fee revenue | 0 | ' | 0 | 0 | 0 |
Net interest revenue | 0 | ' | 0 | 0 | 0 |
Gains (losses) related to investment securities, net | 0 | ' | 0 | 0 | 0 |
Total revenue | 0 | ' | 0 | 0 | 0 |
Provision for loan losses | 0 | ' | 0 | 0 | 0 |
Total expenses | 32,000,000 | ' | 45,000,000 | 143,000,000 | 59,000,000 |
Income before income tax expense | ($32,000,000) | ' | ($45,000,000) | ($143,000,000) | ($59,000,000) |
NonUS_Activities_Schedule_Of_R
Non-U.S. Activities (Schedule Of Results From Non-U.S. Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total fee revenue | $2,039 | $1,971 | $3,963 | $3,828 |
Net interest revenue | 561 | 596 | 1,116 | 1,172 |
Gains (losses) related to investment securities, net | -2 | -7 | 4 | -5 |
Total revenue | 2,598 | 2,560 | 5,083 | 4,995 |
Expenses | 1,850 | 1,798 | 3,878 | 3,624 |
Income before income tax expense | 746 | 762 | 1,201 | 1,371 |
Income tax expense | 124 | 183 | 216 | 328 |
Net income | 622 | 579 | 985 | 1,043 |
Non- U.S. | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total fee revenue | 838 | 811 | 1,626 | 1,576 |
Net interest revenue | 341 | 295 | 666 | 568 |
Gains (losses) related to investment securities, net | -1 | -7 | 5 | -10 |
Total revenue | 1,178 | 1,099 | 2,297 | 2,134 |
Expenses | 813 | 740 | 1,652 | 1,493 |
Income before income tax expense | 365 | 359 | 645 | 641 |
Income tax expense | 87 | 85 | 152 | 154 |
Net income | $278 | $274 | $493 | $487 |
NonUS_Activities_Summary_Of_No
Non-U.S. Activities (Summary Of Non-U.S. Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Interest-bearing deposits with banks | $98,386 | $64,257 |
Other assets | 26,574 | 25,990 |
Total assets | 282,324 | 243,291 |
Non-U.S. Assets | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Interest-bearing deposits with banks | 15,969 | 9,584 |
Investment securities | 32,642 | 31,522 |
Other assets | 16,111 | 16,778 |
Total assets | $64,722 | $57,884 |
Regulatory_Capital_Details
Regulatory Capital (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ||
Common stock and related surplus | ' | $10,280 | [1] | |
Retained earnings | 14,114 | 13,395 | [1] | |
Accumulated other comprehensive income (loss) | ' | 215 | [1] | |
Treasury Stock Value, Excluding Preferred Shares | ' | 3,693 | [1] | |
Total shareholders’ equity | ' | 20,197 | [1] | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | ' | -7,743 | [1],[2] | |
Other adjustments, common tier calculation | ' | 0 | [1] | |
Tier one common risk-based capital | ' | 12,454 | [1] | |
Preferred stock | ' | 491 | [1] | |
Trust preferred capital securities subject to phase-out from tier 1 capital | ' | 950 | ||
Other adjustments, tier 1 risk based calculation | ' | 0 | [1] | |
Tier One Risk Based Capital | ' | 13,895 | [1] | |
Total Capital Qualifying Subordinated Long-Term Debt | ' | 1,918 | [1] | |
Other adjustments, total capital calculation | ' | -26 | [1] | |
Capital | ' | 15,787 | [1] | |
Risk-weighted assets - credit risk | ' | 78,864 | [1] | |
Risk-weighted assets - market risk | ' | 1,262 | [1] | |
Total risk-weighted assets | ' | 80,126 | [1] | |
Adjusted Quarterly Average Assets | ' | 202,801 | [1] | |
Tier One Common Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | ' | ||
Tier 1 common risk-based capital | ' | 15.50% | [1] | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 5.50% | 4.00% | ||
Tier 1 risk-based capital | ' | 17.30% | [1] | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | ||
Total risk-based capital | ' | 19.70% | [1] | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | ||
Tier 1 leverage | ' | 6.90% | [1] | |
Basel III Advanced Approach | ' | ' | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ||
Common stock and related surplus | 10,269 | [3] | ' | |
Retained earnings | 14,114 | [3] | ' | |
Accumulated other comprehensive income (loss) | 328 | [3] | ' | |
Treasury Stock Value, Excluding Preferred Shares | 4,405 | [1] | ' | |
Total shareholders’ equity | 20,306 | [3] | ' | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | -6,100 | [2],[3] | ' | |
Other adjustments, common tier calculation | -41 | [3] | ' | |
Tier one common risk-based capital | 14,165 | [3] | ' | |
Preferred stock | 1,233 | [3] | ' | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 475 | [3] | ' | |
Other adjustments, tier 1 risk based calculation | -165 | [3] | ' | |
Tier One Risk Based Capital | 15,708 | [3] | ' | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,738 | [1] | ' | |
Trust preferred capital securities phased out of tier 1 capital | 475 | [3] | ' | |
Other adjustments, total capital calculation | 3 | [3] | ' | |
Capital | 17,924 | [3] | ' | |
Risk-weighted assets - credit risk | 71,093 | [3] | ' | |
Risk-weighted assets - operational risk | 35,985 | [3] | ' | |
Risk-weighted assets - market risk | 3,937 | [3] | ' | |
Total risk-weighted assets | 111,015 | [3] | ' | |
Adjusted Quarterly Average Assets | 227,815 | [3] | ' | |
Tier 1 common risk-based capital | 12.80% | [3] | ' | |
Tier 1 risk-based capital | 14.10% | [3] | ' | |
Total risk-based capital | 16.10% | [3] | ' | |
Tier 1 leverage | 6.90% | [3] | ' | |
Basel III Transitional Approach | ' | ' | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ||
Common stock and related surplus | 10,269 | [4] | ' | |
Retained earnings | 14,114 | [4] | ' | |
Accumulated other comprehensive income (loss) | 328 | [4] | ' | |
Treasury Stock Value, Excluding Preferred Shares | 4,405 | [1] | ' | |
Total shareholders’ equity | 20,306 | [4] | ' | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | -6,100 | [2],[4] | ' | |
Other adjustments, common tier calculation | -41 | [4] | ' | |
Tier one common risk-based capital | 14,165 | [4] | ' | |
Preferred stock | 1,233 | [4] | ' | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 475 | [4] | ' | |
Other adjustments, tier 1 risk based calculation | -165 | [4] | ' | |
Tier One Risk Based Capital | 15,708 | [4] | ' | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,738 | [1] | ' | |
Trust preferred capital securities phased out of tier 1 capital | 475 | [4] | ' | |
Other adjustments, total capital calculation | 3 | [4] | ' | |
Capital | 17,924 | [4] | ' | |
Risk-weighted assets - credit risk | 86,928 | [4] | ' | |
Risk-weighted assets - market risk | 1,679 | [4] | ' | |
Total risk-weighted assets | 88,607 | [4] | ' | |
Adjusted Quarterly Average Assets | 227,815 | [4] | ' | |
Tier 1 common risk-based capital | 16.00% | [4] | ' | |
Tier 1 risk-based capital | 17.70% | [4] | ' | |
Total risk-based capital | 20.20% | [4] | ' | |
Tier 1 leverage | 6.90% | [4] | ' | |
State Street Bank | ' | ' | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ||
Common stock and related surplus | ' | 10,786 | [1] | |
Retained earnings | ' | 9,064 | [1] | |
Accumulated other comprehensive income (loss) | ' | 209 | [1] | |
Treasury Stock Value, Excluding Preferred Shares | ' | 0 | [1] | |
Total shareholders’ equity | ' | 20,059 | [1] | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | ' | -7,341 | [1],[2] | |
Other adjustments, common tier calculation | ' | 0 | [1] | |
Tier one common risk-based capital | ' | 12,718 | [1] | |
Preferred stock | ' | 0 | [1] | |
Trust preferred capital securities subject to phase-out from tier 1 capital | ' | 0 | [1] | |
Other adjustments, tier 1 risk based calculation | ' | 0 | [1] | |
Tier One Risk Based Capital | ' | 12,718 | [1] | |
Total Capital Qualifying Subordinated Long-Term Debt | ' | 1,936 | [1] | |
Other adjustments, total capital calculation | ' | 45 | [1] | |
Capital | ' | 14,699 | [1] | |
Risk-weighted assets - credit risk | ' | 76,197 | [1] | |
Risk-weighted assets - market risk | ' | 1,262 | [1] | |
Total risk-weighted assets | ' | 77,459 | [1] | |
Adjusted Quarterly Average Assets | ' | 199,301 | [1] | |
Tier 1 common risk-based capital | ' | 16.40% | [1] | |
Tier 1 risk-based capital | ' | 16.40% | [1] | |
Total risk-based capital | ' | 19.00% | [1] | |
Tier 1 leverage | ' | 6.40% | [1] | |
State Street Bank | Basel III Advanced Approach | ' | ' | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ||
Common stock and related surplus | 10,832 | [3] | ' | |
Retained earnings | 9,579 | [3] | ' | |
Accumulated other comprehensive income (loss) | 299 | [3] | ' | |
Treasury Stock Value, Excluding Preferred Shares | 0 | [1] | ' | |
Total shareholders’ equity | 20,710 | [3] | ' | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | -5,816 | [2],[3] | ' | |
Other adjustments, common tier calculation | -126 | [3] | ' | |
Tier one common risk-based capital | 14,768 | [3] | ' | |
Preferred stock | 0 | [3] | ' | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 0 | [3] | ' | |
Other adjustments, tier 1 risk based calculation | 0 | [3] | ' | |
Tier One Risk Based Capital | 14,768 | [3] | ' | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,754 | [1] | ' | |
Trust preferred capital securities phased out of tier 1 capital | 0 | [3] | ' | |
Other adjustments, total capital calculation | 0 | [3] | ' | |
Capital | 16,522 | [3] | ' | |
Risk-weighted assets - credit risk | 64,617 | [3] | ' | |
Risk-weighted assets - operational risk | 35,566 | [3] | ' | |
Risk-weighted assets - market risk | 3,463 | [3] | ' | |
Total risk-weighted assets | 103,646 | [3] | ' | |
Adjusted Quarterly Average Assets | 224,050 | [3] | ' | |
Tier 1 common risk-based capital | 14.20% | [3] | ' | |
Tier 1 risk-based capital | 14.20% | [3] | ' | |
Total risk-based capital | 15.90% | [3] | ' | |
Tier 1 leverage | 6.60% | [3] | ' | |
State Street Bank | Basel III Transitional Approach | ' | ' | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ||
Common stock and related surplus | 10,832 | [4] | ' | |
Retained earnings | 9,579 | [4] | ' | |
Accumulated other comprehensive income (loss) | 299 | [4] | ' | |
Treasury Stock Value, Excluding Preferred Shares | 0 | [1] | ' | |
Total shareholders’ equity | 20,710 | [4] | ' | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | -5,816 | [2],[4] | ' | |
Other adjustments, common tier calculation | -126 | [4] | ' | |
Tier one common risk-based capital | 14,768 | [4] | ' | |
Preferred stock | 0 | [4] | ' | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 0 | [4] | ' | |
Other adjustments, tier 1 risk based calculation | 0 | [4] | ' | |
Tier One Risk Based Capital | 14,768 | [4] | ' | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,754 | [1] | ' | |
Trust preferred capital securities phased out of tier 1 capital | 0 | [4] | ' | |
Other adjustments, total capital calculation | 0 | [4] | ' | |
Capital | 16,522 | [4] | ' | |
Risk-weighted assets - credit risk | 83,524 | [4] | ' | |
Risk-weighted assets - market risk | 1,679 | [4] | ' | |
Total risk-weighted assets | 85,203 | [4] | ' | |
Adjusted Quarterly Average Assets | $224,050 | [4] | ' | |
Tier 1 common risk-based capital | 17.30% | [4] | ' | |
Tier 1 risk-based capital | 17.30% | [4] | ' | |
Total risk-based capital | 19.40% | [4] | ' | |
Tier 1 leverage | 6.60% | [4] | ' | |
[1] | Tier 1 common capital, tier 1 capital, total capital and tier 1 leverage ratios as of December 31, 2013 were calculated in conformity with the provisions of Basel I. | |||
[2] | Amounts for State Street and State Street Bank as of June 30, 2014 consisted of goodwill, net of associated deferred tax liabilities, and 20% of other intangible assets, net of associated deferred tax liabilities, the latter phased in as a deduction from capital, in conformity with the Basel III final rule. | |||
[3] | Tier 1 common capital, tier 1 capital and total capital ratios as of June 30, 2014 were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Tier 1 leverage ratio as of June 30, 2014 was calculated in conformity with the Basel III final rule. | |||
[4] | Tier 1 common capital, tier 1 capital, total capital and tier 1 leverage ratios as of June 30, 2014 were calculated in conformity with the transitional provisions of the Basel III final rule. Specifically, these ratios reflect tier 1 common, tier 1 and total capital (the numerator) calculated in conformity with the provisions of the Basel III final rule, and total risk-weighted assets or, with respect to the tier 1 leverage ratio, quarterly average assets (in both cases, the denominator), calculated in conformity with the provisions of Basel I. |