Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | STATE STREET Corp | ||
Entity Central Index Key | 93751 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 412,280,622 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $28.43 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fee revenue: | |||
Servicing fees | $5,129 | $4,819 | $4,414 |
Management fees | 1,207 | 1,106 | 993 |
Trading services | 1,084 | 1,094 | 1,036 |
Securities finance | 437 | 359 | 405 |
Processing fees and other | 174 | 212 | 240 |
Total fee revenue | 8,031 | 7,590 | 7,088 |
Net interest revenue: | |||
Interest revenue | 2,652 | 2,714 | 3,014 |
Interest expense | 392 | 411 | 476 |
Net interest revenue | 2,260 | 2,303 | 2,538 |
Gains (losses) related to investment securities, net: | |||
Net gains (losses) from sales of available-for-sale securities | 15 | 14 | 55 |
Losses from other-than-temporary impairment | -1 | -21 | -53 |
Losses reclassified (from) to other comprehensive income | -10 | -2 | 21 |
Gains (losses) related to investment securities, net | 4 | -9 | 23 |
Total revenue | 10,295 | 9,884 | 9,649 |
Provision for loan losses | 10 | 6 | -3 |
Expenses: | |||
Compensation and employee benefits | 4,060 | 3,800 | 3,837 |
Information systems and communications | 976 | 935 | 844 |
Transaction processing services | 784 | 733 | 702 |
Occupancy | 461 | 467 | 470 |
Claims resolution | 0 | 0 | -362 |
Acquisition and restructuring costs | 133 | 104 | 225 |
Professional services | 440 | 392 | 381 |
Amortization of other intangible assets | 222 | 214 | 198 |
Other | 751 | 547 | 591 |
Total expenses | 7,827 | 7,192 | 6,886 |
Income before income tax expense | 2,458 | 2,686 | 2,766 |
Income tax expense | 421 | 550 | 705 |
Net income | 2,037 | 2,136 | 2,061 |
Net income available to common shareholders | $1,973 | $2,102 | $2,019 |
Earnings per common share: | |||
Basic (in dollars per share) | $4.65 | $4.71 | $4.25 |
Diluted (in dollars per share) | $4.57 | $4.62 | $4.20 |
Average common shares outstanding (in thousands): | |||
Basic (in shares) | 424,223 | 446,245 | 474,458 |
Diluted (in shares) | 432,007 | 455,155 | 481,129 |
Cash dividends declared (in dollars per share) | $1.16 | $1.04 | $0.96 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $2,037 | $2,136 | $2,061 |
Other comprehensive income (loss), net of related taxes: | |||
Foreign currency translation, net of related taxes of ($94), ($20) and $45, respectively | -889 | 95 | 134 |
Net unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment and net of related taxes of ($269), ($521) and $469, respectively | 437 | -826 | 798 |
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes of ($15), $56 and $17, respectively | -24 | 86 | 27 |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related taxes of $12, $11 and $13, respectively | 18 | 18 | 21 |
Net unrealized gains (losses) on cash flow hedges, net of related taxes of $74, $62 and $52, respectively | 115 | 92 | 74 |
Net unrealized gains (losses) on retirement plans, net of related taxes of ($50), $71 and ($36), respectively | -69 | 80 | -35 |
Other comprehensive income (loss) | -412 | -455 | 1,019 |
Total comprehensive income | $1,625 | $1,681 | $3,080 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation, net of related taxes of | ($94) | ($20) | $45 |
Change in net unrealized losses on available-for-sale securities, net of reclassification adjustment and net of related taxes of | -269 | -521 | 469 |
Change in net unrealized losses on available-for-sale securities designated in fair value hedges, net of related taxes of | -15 | 56 | 17 |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related taxes of | 12 | 11 | 13 |
Change in net unrealized losses on cash flow hedges, net of related taxes of | 74 | 62 | 52 |
Change in unrealized losses on retirement plans, net of related taxes of | ($50) | $71 | ($36) |
Consolidated_Statement_of_Cond
Consolidated Statement of Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Cash and due from banks | $1,855 | $3,220 |
Interest-bearing deposits with banks | 93,523 | 64,257 |
Securities purchased under resale agreements | 2,390 | 6,230 |
Trading account assets | 924 | 843 |
Investment securities available for sale | 94,913 | 99,174 |
Investment securities held to maturity (fair value of $17,842 and $17,560) | 17,723 | 17,740 |
Loans and leases (less allowance for losses of $38 and $28) | 18,161 | 13,458 |
Premises and equipment (net of accumulated depreciation of $4,599 and $4,417) | 1,937 | 1,860 |
Accrued interest and fees receivable | 2,242 | 2,123 |
Goodwill | 5,826 | 6,036 |
Other intangible assets | 2,025 | 2,360 |
Other assets | 32,600 | 25,990 |
Total assets | 274,119 | 243,291 |
Deposits: | ||
Noninterest-bearing | 70,490 | 65,614 |
Interest-bearing—U.S. | 33,012 | 13,392 |
Interest-bearing—non-U.S. | 105,538 | 103,262 |
Total deposits | 209,040 | 182,268 |
Securities sold under repurchase agreements | 8,925 | 7,953 |
Federal funds purchased | 21 | 19 |
Other short-term borrowings | 4,381 | 3,780 |
Accrued expenses and other liabilities | 20,237 | 19,194 |
Long-term debt | 10,042 | 9,699 |
Total liabilities | 252,646 | 222,913 |
Commitments, guarantees and contingencies (notes 10 and 11) | ||
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 | |
Common stock, $1 par: 750,000,000 shares authorized; 503,881,095 and 503,882,841 shares issued | 504 | 504 |
Surplus | 9,791 | 9,776 |
Retained earnings | 14,882 | 13,395 |
Accumulated other comprehensive income (loss) | -507 | -95 |
Treasury stock, at cost (88,684,969 and 69,754,255 shares) | -5,158 | -3,693 |
Total shareholders’ equity | 21,473 | 20,378 |
Total liabilities and shareholders’ equity | 274,119 | 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 |
Series E 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 | $728 | $0 |
Consolidated_Statement_of_Cond1
Consolidated Statement of Condition (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Current Assets: | ||
Investment securities held to maturity, fair value | $17,842 | $17,560 |
Loans and leases, allowance for losses | 38 | 28 |
Premises and equipment, accumulated depreciation | $4,599 | $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) | 503,880,120 | 503,882,841 |
Preferred stock, shares authorized (in shares) | 3,500,000 | 3,500,000 |
Treasury stock, shares (in shares) | 88,684,969 | 69,754,255 |
Series E Preferred Stock | ||
Stockholders' Equity: | ||
Preferred stock, shares issued (in shares) | 7,500 | 0 |
Preferred stock, shares outstanding (in shares) | 7,500 | 0 |
Series C Preferred Stock | ||
Stockholders' Equity: | ||
Preferred stock, shares issued (in shares) | 5,000 | 5,000 |
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 |
Series D Preferred Stock | ||
Stockholders' Equity: | ||
Preferred stock, shares issued (in shares) | 7,500 | 0 |
Preferred stock, shares outstanding (in shares) | 7,500 | 0 |
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 in Thousands, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2011 | $19,398 | $500 | $504 | $9,557 | $10,176 | ($659) | ($680) |
Beginning balance (shares) at Dec. 31, 2011 | 503,966 | 16,542 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,061 | 2,061 | |||||
Other comprehensive income (loss) | 1,019 | 1,019 | |||||
Redemption of preferred stock | -500 | -500 | |||||
Preferred stock issued | 488 | 488 | |||||
Accretion of issuance costs | 0 | -1 | -1 | ||||
Cash dividends declared: | |||||||
Common stock dividends | -456 | -456 | |||||
Preferred stock cash dividend | -29 | -29 | |||||
Common stock acquired | -1,440 | -1,440 | |||||
Common stock acquired (shares) | 33,408 | ||||||
Common stock awards and options exercised, including related taxes | 327 | 110 | 217 | ||||
Common stock awards and options exercised, including related taxes (shares) | -66 | -4,693 | |||||
Other | 1 | 1 | |||||
Other (shares) | -19 | ||||||
Ending balance at Dec. 31, 2012 | 20,869 | 489 | 504 | 9,667 | 11,751 | 360 | -1,902 |
Ending balance (shares) at Dec. 31, 2012 | 503,900 | 45,238 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,136 | 2,136 | |||||
Other comprehensive income (loss) | -455 | -455 | |||||
Accretion of issuance costs | 0 | -2 | -2 | ||||
Cash dividends declared: | |||||||
Common stock dividends | -463 | -463 | |||||
Preferred stock cash dividend | -26 | -26 | |||||
Common stock acquired | -2,040 | -2,040 | |||||
Common stock acquired (shares) | 31,237 | ||||||
Common stock awards and options exercised, including related taxes | 362 | 113 | 249 | ||||
Common stock awards and options exercised, including related taxes (shares) | -2,725 | -17 | -6,709 | ||||
Other | -5 | -4 | -1 | ||||
Other (shares) | -12 | ||||||
Ending balance at Dec. 31, 2013 | 20,378 | 491 | 504 | 9,776 | 13,395 | -95 | -3,693 |
Ending balance (shares) at Dec. 31, 2013 | 503,883 | 69,754 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,037 | 2,037 | |||||
Other comprehensive income (loss) | -412 | -412 | |||||
Preferred stock issued | 1,470 | 1,470 | |||||
Cash dividends declared: | |||||||
Common stock dividends | -490 | -490 | |||||
Preferred stock cash dividend | -61 | -61 | |||||
Common stock acquired | -1,650 | -1,650 | |||||
Common stock acquired (shares) | 23,800 | 23,749 | |||||
Common stock awards and options exercised, including related taxes | 202 | 17 | 185 | ||||
Common stock awards and options exercised, including related taxes (shares) | -801 | -3 | -4,805 | ||||
Other | -1 | -2 | 1 | ||||
Other (shares) | -13 | ||||||
Ending balance at Dec. 31, 2014 | $21,473 | $1,961 | $504 | $9,791 | $14,882 | ($507) | ($5,158) |
Ending balance (shares) at Dec. 31, 2014 | 503,880 | 88,685 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes In Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared (in dollars per share) | $1.16 | $1.04 | $0.96 |
Common stock awards and options exercised, related taxes | $72 | $51 | ($6) |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net income | $2,037 | $2,136 | $2,061 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Deferred income tax expense | 79 | 62 | 231 |
Amortization of other intangible assets | 222 | 214 | 198 |
Other non-cash adjustments for depreciation, amortization and accretion, net | 477 | 461 | 291 |
(Gains) losses related to investment securities, net | -4 | 9 | -23 |
Change in trading account assets, net | -81 | -206 | 70 |
Change in accrued interest and fees receivable, net | -119 | -153 | -148 |
Change in collateral deposits, net | -4,362 | -4,046 | -1,443 |
Change in unrealized (gains) losses on foreign exchange derivatives, net | -2,042 | -128 | 982 |
Change in other assets, net | 3,612 | -819 | -360 |
Change in accrued expenses and other liabilities, net | -669 | 113 | -250 |
Other, net | 289 | 333 | 324 |
Net cash (used in) provided by operating activities | -561 | -2,024 | 1,933 |
Investing Activities: | |||
Net (increase) decrease in interest-bearing deposits with banks | -29,266 | -13,494 | 8,123 |
Net decrease (increase) in securities purchased under resale agreements | 3,840 | -1,214 | 2,029 |
Proceeds from sales of available-for-sale securities | 9,766 | 10,261 | 5,399 |
Proceeds from maturities of available-for-sale securities | 36,120 | 37,529 | 44,375 |
Purchases of available-for-sale securities | -43,146 | -39,097 | -60,812 |
Proceeds from maturities of available-for-sale securities | 3,217 | 2,080 | 3,176 |
Purchases of held-to-maturity securities | -3,778 | -8,415 | -3,577 |
Net increase in loans | -4,785 | -1,214 | -2,303 |
Business acquisitions, net of cash acquired | 0 | 0 | 511 |
Purchases of equity investments and other long-term assets | -182 | -272 | -251 |
Purchases of premises and equipment | -427 | -388 | -355 |
Other, net | 149 | 139 | 116 |
Net cash used in investing activities | -28,492 | -14,085 | -4,591 |
Financing Activities: | |||
Net increase (decrease) in time deposits | 54,404 | -14,507 | 7,627 |
Net (decrease) increase in all other deposits | -27,632 | 32,594 | -733 |
Net increase (decrease) in short-term borrowings | 1,575 | -1,155 | -1,587 |
Proceeds from issuance of long-term debt, net of issuance costs | 994 | 2,485 | 998 |
Payments for long-term debt and obligations under capital leases | -788 | -134 | -1,781 |
Proceeds from issuance of preferred stock | 1,470 | 0 | 488 |
Proceeds from exercises of common stock options | 14 | 121 | 53 |
Purchases of common stock | -1,650 | -2,040 | -1,440 |
Excess tax benefit (expense) related to stock-based compensation | 72 | 50 | -6 |
Repurchases of common stock for employee tax withholding | -232 | -189 | -101 |
Payments for cash dividends | -539 | -486 | -463 |
Net cash provided by financing activities | 27,688 | 16,739 | 3,055 |
Net (decrease) increase | -1,365 | 630 | 397 |
Cash and due from banks at beginning of period | 3,220 | 2,590 | 2,193 |
Cash and due from banks at end of period | 1,855 | 3,220 | 2,590 |
Interest paid | 398 | 416 | 516 |
Income taxes paid (refunded), net | $358 | $406 | ($186) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Accounting Policies [Abstract] | ||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||
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. | ||||||
Basis of Presentation: | ||||||
Our consolidated financial statements include the accounts of the parent company and its majority- and wholly-owned and otherwise controlled subsidiaries, including State Street Bank. All material inter-company transactions and balances have been eliminated. Certain previously reported amounts have been reclassified to conform to current-year presentation. | ||||||
We consolidate subsidiaries in which we exercise control. Investments in unconsolidated | ||||||
subsidiaries, recorded in other assets, generally are accounted for under the equity method of accounting if we have the ability to exercise significant influence over the operations of the investee. For investments accounted for under the equity method, our share of income or loss is recorded in processing fees and other revenue in our consolidated statement of income. Investments not meeting the criteria for equity-method treatment are accounted for under the cost method of accounting. | ||||||
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. | ||||||
Foreign Currency Translation: | ||||||
The assets and liabilities of our operations with functional currencies other than the U.S. dollar are translated at month-end exchange rates, and revenue and expenses are translated at rates that approximate average monthly exchange rates. Gains or losses from the translation of the net assets of subsidiaries with functional currencies other than the U.S. dollar, net of related taxes, are recorded in accumulated other comprehensive income, or AOCI, a component of shareholders’ equity. | ||||||
Cash and Cash Equivalents: | ||||||
For purposes of the consolidated statement of cash flows, cash and cash equivalents are defined as cash and due from banks. | ||||||
Interest-Bearing Deposits with Banks: | ||||||
Interest-bearing deposits with banks generally consist of highly liquid, short-term investments maintained at the Federal Reserve Bank and other non-U.S. central banks with original maturities at the time of purchase of one month or less. | ||||||
Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements: | ||||||
Securities purchased under resale agreements and sold under repurchase agreements are treated as collateralized financing transactions, and are recorded in our consolidated statement of condition at the amounts at which the securities will be subsequently resold or repurchased, plus accrued interest. Our policy is to take possession or control of securities underlying resale agreements either directly or through agent banks, allowing borrowers the right of collateral substitution and/or short-notice termination. We revalue these securities daily to determine if additional collateral is necessary from the borrower to protect us against credit exposure. We can use these securities as collateral for repurchase agreements. | ||||||
For securities sold under repurchase agreements collateralized by our investment securities portfolio, the dollar value of the securities remains in investment securities in our consolidated statement of condition. Where a master netting agreement exists or both parties are members of a common clearing organization, resale and repurchase agreements with the same counterparty or clearing house and maturity date are recorded on a net basis. | ||||||
Fee and Net Interest Revenue: | ||||||
Fees from investment servicing, investment management, securities finance, trading services and certain types of processing fees and other revenue are recorded in our consolidated statement of income based on estimates or specific contractual terms, including mutually agreed changes to terms, as transactions occur or services are rendered, provided that persuasive evidence exists, the price to the client is fixed or determinable and collectibility is reasonably assured. Amounts accrued at period-end are recorded in accrued interest and fees receivable in our consolidated statement of condition. Performance fees generated by our investment management activities are recorded when earned, based on predetermined benchmarks associated with the applicable fund’s performance. | ||||||
Interest revenue on interest-earning assets and interest expense on interest-bearing liabilities are recorded in our consolidated statement of income as components of net interest revenue, and are generally based on the effective yield of the related financial asset or liability. | ||||||
Recent Accounting Developments: | ||||||
In February 2015, the FASB issued an amendment to GAAP that updates the considerations on whether an entity should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The amendment is effective for State Street beginning on January 1, 2016, and may be applied retrospectively or via a modified retrospective approach. Early adoption is permitted. We are currently assessing the potential impact of this amendment on our consolidated financial statements. | ||||||
In November 2014, the FASB issued an amendment to GAAP that allows, but does not require, an acquired entity to apply pushdown accounting in its stand-alone financial statements upon acquisition by a new parent. The decision to apply pushdown accounting may be made independently for each change-in-control event. The new guidance was effective on November 18, 2014 and can be applied retrospectively. We will assess the need to apply pushdown accounting for future acquisitions on an individual basis, when necessary. | ||||||
In November 2014, the FASB issued an amendment to GAAP that requires entities that issue or invest in hybrid instruments in the form of a share to determine the nature of the host contract by considering all stated and implied substantive terms and features of the hybrid financial instrument, including the potential outcomes of the hybrid financial instrument. Classifying the host contract as equity or debt may result in substantially different answers on whether certain features must be accounted for separately. The new guidance will require a modified retrospective application to all existing hybrid financial instruments in the form of a share, with the option of retrospective application. The amendment is effective for State Street, for the annual and interim period beginning on January 1, 2016. We have not issued and we do not currently hold any hybrid instruments within the scope of this guidance. We will assess its impact in conjunction with new transactions, as applicable. | ||||||
In August 2014, the FASB issued an amendment to GAAP that requires management to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. The amendment is effective for our annual consolidated financial statements as of December 31, 2016 and interim periods thereafter. Our adoption of this amendment will not have a material effect on our consolidated financial statements. | ||||||
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 this amendment will not 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 GAAP related to revenue recognition, 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. We did not have any transactions that qualified as discontinued operations during the periods presented in our consolidated financial statements. | ||||||
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 January 1, 2015, and will not have a material effect on our consolidated financial statements. | ||||||
Other Significant Policies: | ||||||
The following table identifies our other significant accounting policies and the note and page where a detailed description of each policy can be found. | ||||||
Fair Value | Note | 2 | Page | |||
Investment Securities | Note | 3 | Page | |||
Loans and Leases | Note | 4 | Page | |||
Goodwill and Other Intangible Assets | Note | 5 | Page | |||
Contingencies | Note | 11 | Page | |||
Variable Interest Entities | Note | 12 | Page | |||
Equity-Based Compensation | Note | 14 | Page | |||
Regulatory Capital | Note | 15 | Page | |||
Derivative Financial Instruments | Note | 16 | Page | |||
Income Taxes | Note | 22 | Page | |||
Earnings Per Common Share | Note | 23 | Page |
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 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 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. 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 for the years ended December 31, 2014, 2013 or 2012. | ||||||||||||||||||||||||||||||||||||||||
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 December 31, 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 de minimis. The fair value of investment securities categorized in level 3 that was measured using non-binding quotes and internally-developed pricing-model inputs was approximately 98% and 2%, respectively, of the total fair value of our investment securities categorized in level 3 as of December 31, 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 comprises senior management from separate business units, Enterprise Risk Management, a corporate risk oversight group, and Corporate Finance, and 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 during 2014 or 2013. | ||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||||||||||
as of December 31, 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 | 378 | — | — | 378 | ||||||||||||||||||||||||||||||||||||
Other | 20 | 506 | — | 526 | ||||||||||||||||||||||||||||||||||||
Total trading account assets | 418 | 506 | — | 924 | ||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||||||||||
Direct obligations | 10,056 | 599 | — | 10,655 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 20,714 | — | 20,714 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||
Student loans | — | 12,201 | 259 | 12,460 | ||||||||||||||||||||||||||||||||||||
Credit cards | — | 3,053 | — | 3,053 | ||||||||||||||||||||||||||||||||||||
Sub-prime | — | 951 | — | 951 | ||||||||||||||||||||||||||||||||||||
Other(2) | — | 365 | 3,780 | 4,145 | ||||||||||||||||||||||||||||||||||||
Total asset-backed securities | — | 16,570 | 4,039 | 20,609 | ||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 9,606 | — | 9,606 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 2,931 | 295 | 3,226 | ||||||||||||||||||||||||||||||||||||
Government securities | — | 3,909 | — | 3,909 | ||||||||||||||||||||||||||||||||||||
Other(3) | — | 5,057 | 371 | 5,428 | ||||||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | — | 21,503 | 666 | 22,169 | ||||||||||||||||||||||||||||||||||||
State and political subdivisions | — | 10,782 | 38 | 10,820 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 4,725 | 614 | 5,339 | ||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 4,100 | 9 | 4,109 | ||||||||||||||||||||||||||||||||||||
U.S. equity securities | — | 39 | — | 39 | ||||||||||||||||||||||||||||||||||||
Non-U.S. equity securities | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||
U.S. money-market mutual funds | — | 449 | — | 449 | ||||||||||||||||||||||||||||||||||||
Non-U.S. money-market mutual funds | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | 10,056 | 79,491 | 5,366 | 94,913 | ||||||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 15,054 | 81 | $ | (7,211 | ) | 7,924 | |||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 77 | — | (68 | ) | 9 | ||||||||||||||||||||||||||||||||||
Other derivative contracts | — | 2 | — | (1 | ) | 1 | ||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 15,133 | 81 | (7,280 | ) | 7,934 | ||||||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 10,474 | $ | 95,130 | $ | 5,447 | $ | (7,280 | ) | $ | 103,771 | |||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 14,851 | 74 | (8,879 | ) | $ | 6,046 | |||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 239 | — | (46 | ) | 193 | ||||||||||||||||||||||||||||||||||
Other derivative contracts | — | 61 | 9 | (1 | ) | 69 | ||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 15,151 | 83 | (8,926 | ) | 6,308 | ||||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | — | $ | 15,151 | $ | 83 | $ | (8,926 | ) | $ | 6,308 | |||||||||||||||||||||||||||||
(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 $983 million and $2.63 billion, respectively, for cash collateral received from and provided to derivative counterparties. | ||||||||||||||||||||||||||||||||||||||||
(2) As of December 31, 2014 the fair value of other asset-backed securities was composed primarily of $3.8 billion of collateralized loan obligations and approximately $315 million of automobile loan securities. | ||||||||||||||||||||||||||||||||||||||||
(3) As of December 31, 2014 the fair value of other non-U.S. debt securities was composed primarily of $3.3 billion of covered bonds and $1.2 billion of corporate bonds. | ||||||||||||||||||||||||||||||||||||||||
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(2) | — | 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(3) | — | 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. | ||||||||||||||||||||||||||||||||||||||||
(2) As of December 31, 2013, the fair value of other asset-backed securities was composed primarily of $4.5 billion of collateralized loan obligations and approximately $470 million of automobile loan securities. | ||||||||||||||||||||||||||||||||||||||||
(3) As of December 31, 2013, the fair value of other non-U.S. debt securities was composed primarily of $2.3 billion of covered bonds and $1.4 billion of corporate bonds. | ||||||||||||||||||||||||||||||||||||||||
The following tables present activity related to our level-3 financial assets and liabilities during the years ended December 31, 2014 and 2013, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During the years ended December 31, 2014 and 2013, 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 | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Fair Value as of | Total Realized and | Purchases | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | ||||||||||||||||||||||||||||||||
31-Dec-13 | Unrealized Gains (Losses) | into | out of | 31-Dec-14 | Unrealized | |||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | Gains | ||||||||||||||||||||||||||||||||||||||
(Losses) | ||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
(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 | $ | — | $ | — | $ | 168 | $ | — | $ | (14 | ) | $ | — | $ | (870 | ) | $ | — | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||
Student loans | 423 | 2 | 1 | 24 | (75 | ) | (37 | ) | — | (79 | ) | 259 | ||||||||||||||||||||||||||||
Credit cards | 24 | — | — | — | — | (24 | ) | — | — | — | ||||||||||||||||||||||||||||||
Other | 4,532 | 65 | (28 | ) | 282 | — | (1,071 | ) | — | — | 3,780 | |||||||||||||||||||||||||||||
Total asset-backed securities | 4,979 | 67 | (27 | ) | 306 | (75 | ) | (1,132 | ) | — | (79 | ) | 4,039 | |||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 375 | — | — | — | — | — | — | (375 | ) | — | ||||||||||||||||||||||||||||||
Asset-backed securities | 798 | 6 | (1 | ) | — | — | (272 | ) | 76 | (312 | ) | 295 | ||||||||||||||||||||||||||||
Other | 464 | — | 1 | 55 | (1 | ) | (41 | ) | 85 | (192 | ) | 371 | ||||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,637 | 6 | — | 55 | (1 | ) | (313 | ) | 161 | (879 | ) | 666 | ||||||||||||||||||||||||||||
State and political subdivisions | 43 | 1 | (3 | ) | — | — | (3 | ) | — | — | 38 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | 162 | — | 1 | 633 | (6 | ) | (32 | ) | — | (144 | ) | 614 | ||||||||||||||||||||||||||||
Other U.S. debt securities | 8 | — | 1 | — | — | — | — | — | 9 | |||||||||||||||||||||||||||||||
Total investment securities available for sale | 7,545 | 74 | (28 | ) | 1,162 | (82 | ) | (1,494 | ) | 161 | (1,972 | ) | 5,366 | |||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments, Foreign exchange contracts | 19 | 36 | — | 36 | — | (10 | ) | — | — | 81 | $ | 44 | ||||||||||||||||||||||||||||
Total derivative instruments | 19 | 36 | — | 36 | — | (10 | ) | — | — | 81 | 44 | |||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 7,564 | $ | 110 | $ | (28 | ) | $ | 1,198 | $ | (82 | ) | $ | (1,504 | ) | $ | 161 | $ | (1,972 | ) | $ | 5,447 | $ | 44 | ||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Fair Value as of | Total Realized and | Issuances | Settlements | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
31-Dec-13 | Unrealized (Gains) Losses | December 31, 2014(1) | Unrealized | |||||||||||||||||||||||||||||||||||||
(Gains) | ||||||||||||||||||||||||||||||||||||||||
Losses Related to | ||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | 2014 | ||||||||||||||||||||||||||||||||||||||
in | ||||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 17 | $ | 25 | $ | 39 | $ | (7 | ) | $ | 74 | $ | 35 | |||||||||||||||||||||||||||
Other | 9 | — | — | — | 9 | — | ||||||||||||||||||||||||||||||||||
Total derivative instruments | 26 | 25 | 39 | (7 | ) | 83 | 35 | |||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 26 | $ | 25 | $ | 39 | $ | (7 | ) | $ | 83 | $ | 35 | |||||||||||||||||||||||||||
(1) There were no transfers of liabilities into or out of level 3 during the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Fair Value as of December 31, | Total Realized and | Purchases | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | ||||||||||||||||||||||||||||||||
2012 | Unrealized Gains (Losses) | into | out of | December 31, | Unrealized | |||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | 2013 | Gains | |||||||||||||||||||||||||||||||||||||
(Losses) | ||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
(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 | $ | — | $ | — | $ | 92 | $ | — | $ | (109 | ) | $ | — | $ | (92 | ) | $ | 716 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||
Student loans | 588 | 2 | 12 | 79 | (26 | ) | (31 | ) | — | (201 | ) | 423 | ||||||||||||||||||||||||||||
Credit cards | 67 | — | — | — | — | (43 | ) | — | — | 24 | ||||||||||||||||||||||||||||||
Other | 3,994 | 53 | 9 | 1,721 | (34 | ) | (1,188 | ) | — | (23 | ) | 4,532 | ||||||||||||||||||||||||||||
Total asset-backed securities | 4,649 | 55 | 21 | 1,800 | (60 | ) | (1,262 | ) | — | (224 | ) | 4,979 | ||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 555 | — | (1 | ) | 33 | — | (4 | ) | — | (208 | ) | 375 | ||||||||||||||||||||||||||||
Asset-backed securities | 524 | 5 | 3 | 531 | — | (142 | ) | 160 | (283 | ) | 798 | |||||||||||||||||||||||||||||
Other | 140 | — | 1 | 397 | — | 20 | — | (94 | ) | 464 | ||||||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,219 | 5 | 3 | 961 | — | (126 | ) | 160 | (585 | ) | 1,637 | |||||||||||||||||||||||||||||
State and political subdivisions | 48 | 1 | (2 | ) | — | — | (4 | ) | — | — | 43 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | 117 | 1 | (5 | ) | 218 | — | (39 | ) | 14 | (144 | ) | 162 | ||||||||||||||||||||||||||||
Other U.S. debt securities | 9 | — | (1 | ) | — | — | — | — | — | 8 | ||||||||||||||||||||||||||||||
Total investment securities available for sale | 6,867 | 62 | 16 | 3,071 | (60 | ) | (1,540 | ) | 174 | (1,045 | ) | 7,545 | ||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments, Foreign exchange contracts | 113 | 103 | — | 20 | — | (217 | ) | — | — | 19 | $ | (2 | ) | |||||||||||||||||||||||||||
Total derivative instruments | 113 | 103 | — | 20 | — | (217 | ) | — | — | 19 | (2 | ) | ||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 6,980 | $ | 165 | $ | 16 | $ | 3,091 | $ | (60 | ) | $ | (1,757 | ) | $ | 174 | $ | (1,045 | ) | $ | 7,564 | $ | (2 | ) | ||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Fair Value as of December 31, | Total Realized and | Issuances | Settlements | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
2012 | Unrealized (Gains) Losses | December 31, 2013(1) | Unrealized | |||||||||||||||||||||||||||||||||||||
(Gains) | ||||||||||||||||||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | 2013 | ||||||||||||||||||||||||||||||||||||||
in | ||||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 106 | $ | 40 | $ | 18 | $ | (147 | ) | $ | 17 | $ | (1 | ) | ||||||||||||||||||||||||||
Other | 9 | — | — | — | 9 | — | ||||||||||||||||||||||||||||||||||
Total derivative instruments | 115 | 40 | 18 | (147 | ) | 26 | (1 | ) | ||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 115 | $ | 40 | $ | 18 | $ | (147 | ) | $ | 26 | $ | (1 | ) | ||||||||||||||||||||||||||
(1) There were no transfers of liabilities into or out of level 3 during the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
The following table presents total realized and unrealized gains and losses for our level-3 financial assets and liabilities and where they are presented in our consolidated statement of income for the years indicated: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
Total Realized and | Change in | |||||||||||||||||||||||||||||||||||||||
Unrealized Gains | Unrealized Gains | |||||||||||||||||||||||||||||||||||||||
(Losses) Recorded | (Losses) Related to | |||||||||||||||||||||||||||||||||||||||
in Revenue | Financial | |||||||||||||||||||||||||||||||||||||||
Instruments Held as of | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Fee revenue: | ||||||||||||||||||||||||||||||||||||||||
Trading services | $ | 11 | $ | 63 | $ | 9 | $ | 9 | $ | (1 | ) | $ | 3 | |||||||||||||||||||||||||||
Total fee revenue | 11 | 63 | 9 | 9 | (1 | ) | 3 | |||||||||||||||||||||||||||||||||
Net interest revenue | 74 | 62 | 420 | — | — | — | ||||||||||||||||||||||||||||||||||
Total revenue | $ | 85 | $ | 125 | $ | 429 | $ | 9 | $ | (1 | ) | $ | 3 | |||||||||||||||||||||||||||
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 December 31, 2014 | As of December 31, 2013 | Valuation Technique | Significant | As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Unobservable Input(2) | ||||||||||||||||||||||||||||||||||||||||
Significant unobservable inputs readily available to State Street: | ||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, student loans | $ | — | $ | 13 | Discounted cash flows | Credit spread | — | % | 3.5 | % | ||||||||||||||||||||||||||||||
Asset-backed securities, credit cards | — | 24 | Discounted cash flows | Credit spread | — | 2 | ||||||||||||||||||||||||||||||||||
Asset-backed securities, other | 59 | 92 | Discounted cash flows | Credit spread | 0.2 | 1.5 | ||||||||||||||||||||||||||||||||||
State and political subdivisions | 38 | 43 | Discounted cash flows | Credit spread | 2.1 | 1.7 | ||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | 81 | 19 | Option model | Volatility | 9.1 | 11.4 | ||||||||||||||||||||||||||||||||||
Total | $ | 178 | $ | 191 | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | $ | 74 | $ | 17 | Option model | Volatility | 9 | 11.2 | ||||||||||||||||||||||||||||||||
Derivative instruments, other(1) | 9 | 9 | Discounted cash flows | Participant redemptions | 5.2 | 7.5 | ||||||||||||||||||||||||||||||||||
Total | $ | 83 | $ | 26 | ||||||||||||||||||||||||||||||||||||
(1) Relates to stable value wrap contracts; refer to the sensitivity discussion following the tables presented below, and to note 10. | ||||||||||||||||||||||||||||||||||||||||
(2) Significant changes in these unobservable inputs would result in significant changes in fair value measure. | ||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||
31-Dec-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: | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, student loans | $ | — | $ | 259 | $ | 259 | ||||||||||||||||||||||||||||||||||
Asset-backed securities, other | 59 | 3,721 | 3,780 | |||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, asset-backed securities | — | 295 | 295 | |||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, other | — | 371 | 371 | |||||||||||||||||||||||||||||||||||||
State and political subdivisions | 38 | — | 38 | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 614 | 614 | |||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 9 | 9 | |||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | 81 | — | 81 | |||||||||||||||||||||||||||||||||||||
Total | $ | 178 | $ | 5,269 | $ | 5,447 | ||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | $ | 74 | $ | — | $ | 74 | ||||||||||||||||||||||||||||||||||
Derivative instruments, other | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||
Total | $ | 83 | $ | — | $ | 83 | ||||||||||||||||||||||||||||||||||
(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 that incorporate discounted cash flow and option model techniques to measure the fair value of our level-3 financial assets and liabilities. 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. | ||||||||||||||||||||||||||||||||||||||||
Fair Value Estimates: | ||||||||||||||||||||||||||||||||||||||||
Estimates of fair value for financial instruments not carried at fair value on a recurring basis in our consolidated statement of condition 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, purchased receivables and municipal loans 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 assets and liabilities not 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 | ||||||||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 1,855 | $ | 1,855 | $ | 1,855 | $ | — | $ | — | ||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 93,523 | 93,523 | — | 93,523 | — | |||||||||||||||||||||||||||||||||||
Securities purchased under resale agreements | 2,390 | 2,390 | — | 2,390 | — | |||||||||||||||||||||||||||||||||||
Investment securities held to maturity | 17,723 | 17,842 | — | 17,842 | — | |||||||||||||||||||||||||||||||||||
Net loans (excluding leases) | 17,158 | 17,131 | — | 16,964 | 167 | |||||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 70,490 | $ | 70,490 | $ | — | $ | 70,490 | $ | — | ||||||||||||||||||||||||||||||
Interest-bearing - U.S. | 33,012 | 33,012 | — | 33,012 | — | |||||||||||||||||||||||||||||||||||
Interest-bearing - non-U.S. | 105,538 | 105,538 | — | 105,538 | — | |||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 8,925 | 8,925 | — | 8,925 | — | |||||||||||||||||||||||||||||||||||
Federal funds purchased | 21 | 21 | — | 21 | — | |||||||||||||||||||||||||||||||||||
Other short-term borrowings | 4,381 | 4,381 | — | 4,381 | — | |||||||||||||||||||||||||||||||||||
Long-term debt | 10,042 | 10,229 | — | 9,382 | 847 | |||||||||||||||||||||||||||||||||||
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 | 9,809 | — | 8,956 | 853 | |||||||||||||||||||||||||||||||||||
Investment_Securities
Investment Securities | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities | |||||||||||||||||||||||||||||||
Investment securities held by us are classified as either trading, available-for-sale or held-to-maturity at the time of purchase, based on management’s intent. | ||||||||||||||||||||||||||||||||
Generally, trading assets are debt and equity securities purchased in connection with our trading activities and, as such, are expected to be sold in the near term. Our trading activities typically involve active and frequent buying and selling with the objective of generating profits on short-term movements. Securities available-for-sale are those securities that we intend to hold for an indefinite period of time. Available-for-sale securities include securities utilized as part of our asset-and-liability management activities that may be sold in response to changes in interest rates, prepayment risk, liquidity needs or other factors. Securities held to maturity are debt securities that management has the intent and the ability to hold to maturity. | ||||||||||||||||||||||||||||||||
Trading assets are carried at fair value. Both realized and unrealized gains and losses on trading assets are recorded in trading services revenue in our consolidated statement of income. Debt and marketable equity securities classified as available for sale are carried at fair value, and after-tax net unrealized gains and losses are recorded in AOCI. Gains or losses realized on sales of available-for-sale securities are computed using the specific identification method and are recorded in gains (losses) related to investment securities, net, in our consolidated statement of income. Securities held to maturity are carried at cost, adjusted for amortization of premiums and accretion of discounts. | ||||||||||||||||||||||||||||||||
The following table presents the amortized cost and fair value, and associated unrealized gains and losses, of investment securities as of the dates indicated: | ||||||||||||||||||||||||||||||||
December 31, 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 | $ | 10,573 | $ | 83 | $ | 1 | $ | 10,655 | $ | 702 | $ | 9 | $ | 2 | $ | 709 | ||||||||||||||||
Mortgage-backed securities | 20,648 | 193 | 127 | 20,714 | 23,744 | 211 | 392 | 23,563 | ||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans(1) | 12,478 | 106 | 124 | 12,460 | 14,718 | 92 | 268 | 14,542 | ||||||||||||||||||||||||
Credit cards | 3,077 | 10 | 34 | 3,053 | 8,230 | 21 | 41 | 8,210 | ||||||||||||||||||||||||
Sub-prime | 1,005 | 2 | 56 | 951 | 1,291 | 3 | 91 | 1,203 | ||||||||||||||||||||||||
Other(2) | 4,055 | 100 | 10 | 4,145 | 4,949 | 138 | 23 | 5,064 | ||||||||||||||||||||||||
Total asset-backed securities | 20,615 | 218 | 224 | 20,609 | 29,188 | 254 | 423 | 29,019 | ||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 9,442 | 168 | 4 | 9,606 | 10,808 | 230 | 9 | 11,029 | ||||||||||||||||||||||||
Asset-backed securities | 3,215 | 11 | — | 3,226 | 5,369 | 23 | 2 | 5,390 | ||||||||||||||||||||||||
Government securities | 3,899 | 10 | — | 3,909 | 3,759 | 2 | — | 3,761 | ||||||||||||||||||||||||
Other(3) | 5,383 | 52 | 7 | 5,428 | 4,679 | 59 | 11 | 4,727 | ||||||||||||||||||||||||
Total non-U.S. debt securities | 21,939 | 241 | 11 | 22,169 | 24,615 | 314 | 22 | 24,907 | ||||||||||||||||||||||||
State and political subdivisions | 10,532 | 325 | 37 | 10,820 | 10,301 | 160 | 198 | 10,263 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 5,280 | 71 | 12 | 5,339 | 5,275 | 70 | 76 | 5,269 | ||||||||||||||||||||||||
Other U.S. debt securities | 4,033 | 88 | 12 | 4,109 | 4,876 | 138 | 34 | 4,980 | ||||||||||||||||||||||||
U.S. equity securities | 29 | 10 | — | 39 | 28 | 6 | — | 34 | ||||||||||||||||||||||||
Non-U.S. equity securities | 2 | — | — | 2 | 1 | — | — | 1 | ||||||||||||||||||||||||
U.S. money-market mutual funds | 449 | — | — | 449 | 422 | — | — | 422 | ||||||||||||||||||||||||
Non-U.S. money-market mutual funds | 8 | — | — | 8 | 7 | — | — | 7 | ||||||||||||||||||||||||
Total | $ | 94,108 | $ | 1,229 | $ | 424 | $ | 94,913 | $ | 99,159 | $ | 1,162 | $ | 1,147 | $ | 99,174 | ||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 5,114 | $ | — | $ | 147 | $ | 4,967 | $ | 5,041 | $ | — | $ | 448 | $ | 4,593 | ||||||||||||||||
Mortgage-backed securities | 62 | 4 | — | 66 | 91 | 6 | — | 97 | ||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans(1) | 1,814 | 2 | 4 | 1,812 | 1,627 | — | 10 | 1,617 | ||||||||||||||||||||||||
Credit cards | 897 | 2 | — | 899 | 762 | 1 | — | 763 | ||||||||||||||||||||||||
Other | 577 | 3 | 1 | 579 | 782 | 1 | 2 | 781 | ||||||||||||||||||||||||
Total asset-backed securities | 3,288 | 7 | 5 | 3,290 | 3,171 | 2 | 12 | 3,161 | ||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 3,787 | 177 | 22 | 3,942 | 4,211 | 150 | 48 | 4,313 | ||||||||||||||||||||||||
Asset-backed securities | 2,868 | 14 | 1 | 2,881 | 2,202 | 19 | — | 2,221 | ||||||||||||||||||||||||
Government securities | 154 | — | — | 154 | 2 | — | — | 2 | ||||||||||||||||||||||||
Other | 72 | — | — | 72 | 192 | — | — | 192 | ||||||||||||||||||||||||
Total non-U.S. debt securities | 6,881 | 191 | 23 | 7,049 | 6,607 | 169 | 48 | 6,728 | ||||||||||||||||||||||||
State and political subdivisions | 9 | — | — | 9 | 24 | 1 | — | 25 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 2,369 | 107 | 15 | 2,461 | 2,806 | 176 | 26 | 2,956 | ||||||||||||||||||||||||
Total | $ | 17,723 | $ | 309 | $ | 190 | $ | 17,842 | $ | 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. | ||||||||||||||||||||||||||||||||
(2) As of December 31, 2014 and 2013, the fair value of other asset-backed securities was composed primarily of $3.8 billion and $4.5 billion, respectively, of collateralized loan obligations and approximately $315 million and approximately $470 million, respectively, of automobile loan securities. | ||||||||||||||||||||||||||||||||
(3) As of December 31, 2014 and 2013, the fair value of other non-U.S. debt securities was composed primarily of $3.3 billion and $2.3 billion, respectively, of covered bonds and $1.2 billion and $1.4 billion, respectively, of corporate bonds. | ||||||||||||||||||||||||||||||||
Aggregate investment securities with carrying values of $44.02 billion and $46.99 billion as of December 31, 2014 and 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 | ||||||||||||||||||||||||||||||
December 31, 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 | $ | — | $ | — | $ | 167 | $ | 1 | $ | 167 | $ | 1 | ||||||||||||||||||||
Mortgage-backed securities | 2,569 | 9 | 6,466 | 118 | 9,035 | 127 | ||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 1,473 | 15 | 5,025 | 109 | 6,498 | 124 | ||||||||||||||||||||||||||
Credit cards | 344 | 1 | 1,270 | 33 | 1,614 | 34 | ||||||||||||||||||||||||||
Sub-prime | — | — | 896 | 56 | 896 | 56 | ||||||||||||||||||||||||||
Other | 547 | 1 | 791 | 9 | 1,338 | 10 | ||||||||||||||||||||||||||
Total asset-backed securities | 2,364 | 17 | 7,982 | 207 | 10,346 | 224 | ||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 1,350 | 2 | 170 | 2 | 1,520 | 4 | ||||||||||||||||||||||||||
Other | 581 | 4 | 328 | 3 | 909 | 7 | ||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,931 | 6 | 498 | 5 | 2,429 | 11 | ||||||||||||||||||||||||||
State and political subdivisions | 610 | 3 | 1,315 | 34 | 1,925 | 37 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 731 | 2 | 311 | 10 | 1,042 | 12 | ||||||||||||||||||||||||||
Other U.S. debt securities | 327 | 2 | 244 | 10 | 571 | 12 | ||||||||||||||||||||||||||
Total | $ | 8,532 | $ | 39 | $ | 16,983 | $ | 385 | $ | 25,515 | $ | 424 | ||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 76 | $ | 1 | $ | 4,891 | $ | 146 | $ | 4,967 | $ | 147 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 780 | 3 | 192 | 1 | 972 | 4 | ||||||||||||||||||||||||||
Other | 124 | 1 | — | — | 124 | 1 | ||||||||||||||||||||||||||
Total asset-backed securities | 904 | 4 | 192 | 1 | 1,096 | 5 | ||||||||||||||||||||||||||
Non-U.S. mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 507 | 3 | 590 | 19 | 1,097 | 22 | ||||||||||||||||||||||||||
Asset-backed securities | 699 | 1 | — | — | 699 | 1 | ||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,206 | 4 | 590 | 19 | 1,796 | 23 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 422 | 4 | 547 | 11 | 969 | 15 | ||||||||||||||||||||||||||
Total | $ | 2,608 | $ | 13 | $ | 6,220 | $ | 177 | $ | 8,828 | $ | 190 | ||||||||||||||||||||
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 December 31, 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 | $ | — | $ | 6,841 | $ | 3,287 | $ | 527 | ||||||||||||||||||||||||
Mortgage-backed securities | 107 | 2,389 | 4,421 | 13,797 | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 515 | 6,100 | 3,823 | 2,022 | ||||||||||||||||||||||||||||
Credit cards | 381 | 1,562 | 1,110 | — | ||||||||||||||||||||||||||||
Sub-prime | 3 | 13 | 1 | 934 | ||||||||||||||||||||||||||||
Other | 244 | 961 | 1,268 | 1,672 | ||||||||||||||||||||||||||||
Total asset-backed securities | 1,143 | 8,636 | 6,202 | 4,628 | ||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,315 | 3,463 | 576 | 3,252 | ||||||||||||||||||||||||||||
Asset-backed securities | 272 | 2,698 | 166 | 90 | ||||||||||||||||||||||||||||
Government securities | 2,321 | 1,588 | — | — | ||||||||||||||||||||||||||||
Other | 1,757 | 2,801 | 870 | — | ||||||||||||||||||||||||||||
Total non-U.S. debt securities | 6,665 | 10,550 | 1,612 | 3,342 | ||||||||||||||||||||||||||||
State and political subdivisions | 699 | 3,003 | 4,715 | 2,403 | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 227 | 1,149 | 1,072 | 2,891 | ||||||||||||||||||||||||||||
Other U.S. debt securities | 814 | 2,967 | 294 | 34 | ||||||||||||||||||||||||||||
Total | $ | 9,655 | $ | 35,535 | $ | 21,603 | $ | 27,622 | ||||||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | — | $ | — | $ | 5,000 | $ | 114 | ||||||||||||||||||||||||
Mortgage-backed securities | 1 | 11 | 12 | 38 | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 6 | 182 | 375 | 1,251 | ||||||||||||||||||||||||||||
Credit cards | — | 375 | 522 | — | ||||||||||||||||||||||||||||
Other | 15 | 367 | 191 | 4 | ||||||||||||||||||||||||||||
Total asset-backed securities | 21 | 924 | 1,088 | 1,255 | ||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 503 | 1,102 | 157 | 2,025 | ||||||||||||||||||||||||||||
Asset-backed securities | 105 | 2,567 | 196 | — | ||||||||||||||||||||||||||||
Government securities | 154 | — | — | — | ||||||||||||||||||||||||||||
Other | — | 72 | — | — | ||||||||||||||||||||||||||||
Total non-U.S. debt securities | 762 | 3,741 | 353 | 2,025 | ||||||||||||||||||||||||||||
State and political subdivisions | 7 | 2 | — | — | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 574 | 460 | 498 | 837 | ||||||||||||||||||||||||||||
Total | $ | 1,365 | $ | 5,138 | $ | 6,951 | $ | 4,269 | ||||||||||||||||||||||||
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 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 years ended December 31: | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Gross realized gains from sales of available-for-sale securities | $ | 64 | $ | 104 | $ | 101 | ||||||||||||||||||||||||||
Gross realized losses from sales of available-for-sale securities(1) | (49 | ) | (90 | ) | (46 | ) | ||||||||||||||||||||||||||
Net impairment losses: | ||||||||||||||||||||||||||||||||
Gross losses from other-than-temporary impairment | (1 | ) | (21 | ) | (53 | ) | ||||||||||||||||||||||||||
Losses reclassified (from) to other comprehensive income | (10 | ) | (2 | ) | 21 | |||||||||||||||||||||||||||
Net impairment losses(2) | (11 | ) | (23 | ) | (32 | ) | ||||||||||||||||||||||||||
Gains related to investment securities, net | $ | 4 | $ | (9 | ) | $ | 23 | |||||||||||||||||||||||||
(2) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: | ||||||||||||||||||||||||||||||||
Impairment associated with expected credit losses | $ | (10 | ) | $ | (11 | ) | $ | (16 | ) | |||||||||||||||||||||||
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 | ) | (6 | ) | (16 | ) | ||||||||||||||||||||||||||
Net impairment losses | $ | (11 | ) | $ | (23 | ) | $ | (32 | ) | |||||||||||||||||||||||
(1) Amount for the year ended December 31, 2012 represented a pre-tax loss from the sale of all of our Greek investment securities, which had an aggregate carrying value of approximately $91 million. | ||||||||||||||||||||||||||||||||
The following table presents a roll-forward with respect to net impairment losses that have been recognized in income for the years ended December 31: | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 122 | $ | 124 | $ | 113 | ||||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||||||
Losses for which other-than-temporary impairment was not previously recognized | — | 14 | 4 | |||||||||||||||||||||||||||||
Losses for which other-than-temporary impairment was previously recognized | 11 | 9 | 28 | |||||||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||||||||
Previously recognized losses related to securities sold or matured | (12 | ) | (25 | ) | (21 | ) | ||||||||||||||||||||||||||
Losses related to securities intended or required to be sold | (6 | ) | — | — | ||||||||||||||||||||||||||||
Balance, end of period | $ | 115 | $ | 122 | $ | 124 | ||||||||||||||||||||||||||
Interest revenue related to debt securities is recognized in our consolidated statement of income using the interest method, or on a basis approximating a level rate of return over the contractual or estimated life of the security. The level rate of return considers any nonrefundable fees or costs, as well as purchase premiums or discounts, resulting in amortization or accretion, accordingly. | ||||||||||||||||||||||||||||||||
For debt securities acquired for which we consider it probable as of the date of acquisition that we will be unable to collect all contractually required principal, interest and other payments, the excess of our estimate of undiscounted future cash flows from these securities over their initial recorded investment is accreted into interest revenue on a level-yield basis over the securities’ estimated remaining terms. Subsequent decreases in these securities’ expected future cash flows are either recognized prospectively through an adjustment of the yields on the securities over their remaining terms, or are evaluated for other-than-temporary impairment. Increases in expected future cash flows are recognized prospectively over the securities’ estimated remaining terms through the recalculation of their yields. | ||||||||||||||||||||||||||||||||
For certain debt securities acquired which are considered to be beneficial interests in securitized financial assets, the excess of our estimate of undiscounted future cash flows from these securities over their initial recorded investment is accreted into interest revenue on a level-yield basis over the securities’ estimated remaining terms. Subsequent decreases in these securities’ expected future cash flows are either recognized prospectively through an adjustment of the yields on the securities over their remaining terms, or are evaluated for other-than-temporary impairment. Increases in expected future cash flows are recognized prospectively over the securities’ estimated remaining terms through the recalculation of their yields. | ||||||||||||||||||||||||||||||||
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 collectibility 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; | |||||||||||||||||||||||||||||||
• | 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 of 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 years ended 2014 and 2013 and changes in period-end unrealized losses, for major security types as of December 31, 2014. | ||||||||||||||||||||||||||||||||
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 years ended 2014 or 2013. The overall improvement in the unrealized losses on these securities as of December 31, 2014 was primarily attributable to narrowing spreads in 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 2014 or 2013. The gross unrealized losses in our FFELP loan-backed securities portfolio as of December 31, 2014 were primarily attributable to the lower spreads on these securities relative to those associated with more current issuances. | ||||||||||||||||||||||||||||||||
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 4.4 years as of December 31, 2014. | ||||||||||||||||||||||||||||||||
Our total exposure to private student loan-backed securities was less than $700 million as of December 31, 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 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. | ||||||||||||||||||||||||||||||||
We recorded other-than-temporary impairment of $1 million and $6 million for the years ended December 31, 2014 and 2013, respectively, on non-U.S. residential mortgage-backed securities in our consolidated statement of income associated with adverse changes in the timing of expected future cash flows from the securities. | ||||||||||||||||||||||||||||||||
In addition, in the year ended December 31, 2013, we recorded other-than-temporary impairment of $6 million on these securities in our consolidated statement of income associated with management's intent to sell the impaired security prior to its recovery in value. | ||||||||||||||||||||||||||||||||
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 5% 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 12. 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 2014 or 2013. The decline in the unrealized losses on these securities as of December 31, 2014 was primarily attributable to the narrowing of spreads and U.S. Treasury rates in 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 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. We recorded $10 million of other-than-temporary impairment on these securities in the year ended December 31, 2014, all associated with expected credit losses. In the year ended December 31, 2013, we recorded $11 million of other than temporary impairment on these securities, all associated with expected credit losses. | ||||||||||||||||||||||||||||||||
***** | ||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||
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 year ended December 31, 2014, management considers the aggregate decline in fair value of the investment securities portfolio and the resulting gross pre-tax unrealized losses of $614 million as of December 31, 2014, related to 1,482 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 | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases | |||||||||||||||||||||||||||
Loans are generally recorded at their principal amount outstanding, net of the allowance for loan losses, unearned income, and any net unamortized deferred loan origination fees. Acquired loans have been initially recorded at fair value based on management’s expectation with respect to future principal and interest collection as of the date of acquisition. Acquired loans are held for investment, and as such their initial fair value is not adjusted subsequent to acquisition. | ||||||||||||||||||||||||||||
Interest revenue related to loans is recognized in our consolidated statement of income using the interest method, or on a basis approximating a level rate of return over the term of the loan. Fees received for providing loan commitments and letters of credit that we anticipate will result in loans typically are deferred and amortized to interest revenue over the term of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to processing fees and other revenue over the commitment period when funding is not known or expected. | ||||||||||||||||||||||||||||
Leveraged-lease investments are reported at the aggregate of lease payments receivable and estimated residual values, net of non-recourse debt and unearned income. Lease residual values are reviewed regularly for other-than-temporary impairment, with valuation adjustments recorded against processing fees and other revenue. Unearned income is recognized to yield a level rate of return on the net investment in the leases. Gains and losses on residual values of leased equipment sold are recorded in processing fees and other revenue. | ||||||||||||||||||||||||||||
The following table presents our recorded investment in loans and leases, by segment and class, as of December 31: | ||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Institutional: | ||||||||||||||||||||||||||||
Investment funds: | ||||||||||||||||||||||||||||
U.S. | $ | 11,388 | $ | 8,695 | ||||||||||||||||||||||||
Non-U.S. | 2,333 | 1,718 | ||||||||||||||||||||||||||
Commercial and financial: | ||||||||||||||||||||||||||||
U.S. | 3,061 | 1,372 | ||||||||||||||||||||||||||
Non-U.S. | 256 | 154 | ||||||||||||||||||||||||||
Purchased receivables: | ||||||||||||||||||||||||||||
U.S. | 124 | 217 | ||||||||||||||||||||||||||
Non-U.S. | 6 | 26 | ||||||||||||||||||||||||||
Lease financing: | ||||||||||||||||||||||||||||
U.S. | 335 | 339 | ||||||||||||||||||||||||||
Non-U.S. | 668 | 756 | ||||||||||||||||||||||||||
Total institutional | 18,171 | 13,277 | ||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
U.S. | 28 | 209 | ||||||||||||||||||||||||||
Total loans and leases | 18,199 | 13,486 | ||||||||||||||||||||||||||
Allowance for loan losses | (38 | ) | (28 | ) | ||||||||||||||||||||||||
Loans and leases, net of allowance for loan losses | $ | 18,161 | $ | 13,458 | ||||||||||||||||||||||||
The components of our net investment in leveraged lease financing, included in the institutional segment in the preceding table, were as follows as of December 31: | ||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Net rental income receivable | $ | 1,284 | $ | 1,404 | ||||||||||||||||||||||||
Estimated residual values | 89 | 110 | ||||||||||||||||||||||||||
Unearned income | (370 | ) | (419 | ) | ||||||||||||||||||||||||
Investment in leveraged lease financing | 1,003 | 1,095 | ||||||||||||||||||||||||||
Less related deferred income tax liabilities | (326 | ) | (359 | ) | ||||||||||||||||||||||||
Net investment in leveraged lease financing | $ | 677 | $ | 736 | ||||||||||||||||||||||||
We segregate our loans and leases into two segments: institutional and commercial real estate, or CRE. Within the institutional and CRE segments, we further segregate the receivables into classes based on their risk characteristics, their initial measurement attributes and the methods we use to monitor and assess credit risk. | ||||||||||||||||||||||||||||
The institutional segment is composed of the following classes: investment funds, commercial-and- financial, purchased receivables and lease financing. The investment funds class includes lending to mutual and other collective investment funds. The commercial-and-financial class includes lending to corporate borrowers, including broker/dealers, as well as purchased loans composed of senior secured bank loans. These senior secured bank loans, which are more fully described below, are carried in connection with our participation in loan syndications in the non-investment-grade lending market. The purchased receivables class represents undivided interests in securitized pools of underlying third-party receivables added in connection with the commercial paper conduit consolidation in 2009. The lease financing class includes our investment in leveraged lease financing. | ||||||||||||||||||||||||||||
Short-duration advances to our clients included in the institutional segment were $3.54 billion and $2.45 billion as of December 31, 2014 and 2013, respectively. These short-duration advances provide liquidity to fund clients in support of their transaction flows associated with securities settlement activities. | ||||||||||||||||||||||||||||
The commercial-and-financial class in the institutional segment presented in the preceding table included approximately $2.07 billion and $724 million of senior secured bank loans as of December 31, 2014 and 2013, respectively. These senior secured bank loans are included in the “speculative” category in the credit-quality-indicator tables presented below. As of December 31, 2014, our allowance for loan losses included approximately $26 million related to these loans. | ||||||||||||||||||||||||||||
The 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. The CRE loans, 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 | |||||||||||||||||||||||||||
December 31, 2014 | Investment | Commercial and Financial | Purchased | Lease | Property Development | Other | Total | |||||||||||||||||||||
Funds | Receivables | Financing | Loans and | |||||||||||||||||||||||||
(In millions) | Leases | |||||||||||||||||||||||||||
Investment grade(1) | $ | 13,304 | $ | 1,011 | $ | 130 | $ | 976 | $ | — | $ | — | $ | 15,421 | ||||||||||||||
Speculative(2) | 417 | 2,306 | — | 27 | — | 28 | 2,778 | |||||||||||||||||||||
Total | $ | 13,721 | $ | 3,317 | $ | 130 | $ | 1,003 | $ | — | $ | 28 | $ | 18,199 | ||||||||||||||
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. | ||||||||||||||||||||||||||||
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. Management considers the ratings to be current as of December 31, 2014. | ||||||||||||||||||||||||||||
The following table presents our recorded investment in loans and leases, disaggregated based on our impairment methodology, as of the dates indicated: | ||||||||||||||||||||||||||||
December 31, 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 | $ | — | $ | — | $ | — | $ | 26 | $ | 180 | $ | 206 | ||||||||||||||||
Collectively evaluated for impairment(1) | 18,171 | 28 | 18,199 | 13,251 | 29 | 13,280 | ||||||||||||||||||||||
Total | $ | 18,171 | $ | 28 | $ | 18,199 | $ | 13,277 | $ | 209 | $ | 13,486 | ||||||||||||||||
(1) For those portfolios where there are a small number of loans each with a large balance, we review each loan annually for indicators of impairment. For those loans where no such indicators are identified, the loans are collectively evaluated for impairment. As of December 31, 2014 and 2013, all of the allowance for loan losses of $38 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 indicated: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
(In millions) | Recorded Investment | Unpaid | Recorded Investment | Unpaid | ||||||||||||||||||||||||
Principal | Principal | |||||||||||||||||||||||||||
Balance(1) | Balance(1) | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
CRE—property development(2) | $ | — | $ | — | $ | 130 | $ | 143 | ||||||||||||||||||||
CRE—property development—acquired credit-impaired | — | 34 | — | 34 | ||||||||||||||||||||||||
CRE—other—acquired credit-impaired | — | 22 | — | 21 | ||||||||||||||||||||||||
Total CRE | $ | — | $ | 56 | $ | 130 | $ | 198 | ||||||||||||||||||||
(1) As of December 31, 2014 and 2013, all of the allowance for loan losses of $38 million and $28 million, respectively, related to institutional loans collectively evaluated for impairment. | ||||||||||||||||||||||||||||
(2) Represents loans that were previously modified in troubled debt restructurings and that were repaid in 2014. | ||||||||||||||||||||||||||||
In certain circumstances, we restructure troubled loans by granting concessions to borrowers experiencing financial difficulty. Once restructured, the loans are generally considered impaired until their maturity, regardless of whether the borrowers perform under the modified terms of the loans. No loans were modified in troubled debt restructurings during the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||||||
We generally place loans on non-accrual status once principal or interest payments are 60 days contractually past due, or earlier if management determines that full collection is not probable. Loans 60 days past due, but considered both well-secured and in the process of collection, may be excluded from non-accrual status. When we place a loan on non-accrual status, the accrual of interest is | ||||||||||||||||||||||||||||
discontinued and previously recorded but unpaid interest is reversed and generally charged against interest revenue. For loans on non-accrual status, revenue is recognized on a cash basis after recovery of principal, if and when interest payments are received. Loans may be removed from non-accrual status when repayment is reasonably assured and performance under the terms of the loan has been demonstrated. | ||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, no institutional loans or leases and no CRE loans were on non-accrual status or 90 days or more contractually past due. | ||||||||||||||||||||||||||||
The allowance for loan losses, recorded as a reduction of loans and leases in our consolidated statement of condition, represents management’s estimate of incurred credit losses in our loan-and-lease portfolio as of the balance sheet date. The allowance is evaluated on a regular basis by management. Factors considered in evaluating the appropriate level of the allowance for both the institutional and commercial real estate segments of our loan-and-lease portfolio include loss experience, the probability of default reflected in our internal risk rating of the counterparty's creditworthiness, current economic conditions and adverse situations that may affect the borrower’s ability to repay, the estimated value of the underlying collateral, if any, the performance of individual credits in relation to contract terms, and other relevant factors. | ||||||||||||||||||||||||||||
Loans are charged off to the allowance for loan losses in the reporting period in which either an event occurs that confirms the existence of a loss on a loan or a portion of a loan is determined to be uncollectible. In addition, any impaired loan that is determined to be collateral-dependent is reduced to an amount equal to the fair value of the collateral less costs to sell. A loan is identified as collateral-dependent when management determines that it is probable that the underlying collateral will be the sole source of repayment. Recoveries are recorded on a cash basis as adjustments to the allowance. | ||||||||||||||||||||||||||||
The reserve for off-balance sheet credit exposures, recorded in accrued expenses and other liabilities in our consolidated statement of condition, represents management’s estimate of probable credit losses in outstanding letters and lines of credit and other credit-enhancement facilities provided to our clients and outstanding as of the balance sheet date. The reserve is evaluated on a regular basis by management. Factors considered in evaluating the appropriate level of this reserve are similar to those considered with respect to the allowance for loan losses. Provisions to maintain the reserve at a level considered by us to be appropriate to absorb estimated incurred credit losses in outstanding facilities are recorded in other expenses in our consolidated statement of income. | ||||||||||||||||||||||||||||
The following tables present activity in the allowance for loan losses for the periods indicated: | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In millions) | Total Loans and Leases | Total Loans and Leases | Total Loans and Leases | |||||||||||||||||||||||||
Allowance for loan losses(1): | ||||||||||||||||||||||||||||
Beginning balance | $ | 28 | $ | 22 | $ | 22 | ||||||||||||||||||||||
Provisions | 10 | 6 | (3 | ) | ||||||||||||||||||||||||
Recoveries | — | — | 3 | |||||||||||||||||||||||||
Ending balance | $ | 38 | $ | 28 | $ | 22 | ||||||||||||||||||||||
(1) As of December 31, 2014, approximately $26 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 $10 million recorded in the year ended December 31, 2014 was composed of a provision of $20 million associated with the senior secured bank loans, as the portfolio continued to grow and become more seasoned, offset by a negative provision of $10 million associated with the pay-down of an unrelated commercial and financial loan with speculative-rated credit quality. The senior secured bank loans are held in connection with our participation in loan syndications in the non-investment-grade lending market. | ||||||||||||||||||||||||||||
The provision of $6 million recorded in the year ended December 31, 2013 resulted from our estimate of credit losses incurred on our portfolio of senior secured bank loans. | ||||||||||||||||||||||||||||
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 | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||||
Goodwill represents the excess of the cost of an acquisition over the fair value of the net tangible and other intangible assets acquired. Other intangible assets represent purchased assets that can be distinguished from goodwill because of contractual rights or because the asset can be exchanged on its own or in combination with a related contract, asset or liability. Goodwill is not amortized, but is subject to annual evaluation for impairment. Other intangible assets, which are also subject to annual evaluation for impairment, are mainly related to client relationships, which are amortized on a straight-line basis over periods ranging from five to twenty years, and core deposit intangible assets, which are amortized over periods ranging from sixteen to twenty-two years, with such amortization recorded in other expenses in our consolidated statement of income. | ||||||||||||||||||||||||
Impairment of goodwill is deemed to exist if the carrying value of a reporting unit, including its allocation of goodwill and other intangible assets, exceeds its estimated fair value. Impairment of other intangible assets is deemed to exist if the balance of the other intangible asset exceeds the cumulative expected net cash inflows related to the asset over its remaining estimated useful life. If these reviews determine that goodwill or other intangible assets are impaired, the value of the goodwill or the other intangible asset is written down through a charge to other expenses in our consolidated statement of income. | ||||||||||||||||||||||||
The following table presents changes in the carrying amount of goodwill during the periods indicated: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
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 | (206 | ) | (4 | ) | (210 | ) | 58 | 1 | 59 | |||||||||||||||
Ending balance | $ | 5,793 | $ | 33 | $ | 5,826 | $ | 5,999 | $ | 37 | $ | 6,036 | ||||||||||||
The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
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 | (213 | ) | (9 | ) | (222 | ) | (205 | ) | (9 | ) | (214 | ) | ||||||||||||
Foreign currency translation and other, net | (110 | ) | (3 | ) | (113 | ) | 34 | 1 | 35 | |||||||||||||||
Ending balance | $ | 1,998 | $ | 27 | $ | 2,025 | $ | 2,321 | $ | 39 | $ | 2,360 | ||||||||||||
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: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
(In millions) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Client relationships | $ | 2,569 | $ | (1,088 | ) | $ | 1,481 | $ | 2,706 | $ | (975 | ) | $ | 1,731 | ||||||||||
Core deposits | 688 | (219 | ) | 469 | 717 | (191 | ) | 526 | ||||||||||||||||
Other | 214 | (139 | ) | 75 | 234 | (131 | ) | 103 | ||||||||||||||||
Total | $ | 3,471 | $ | (1,446 | ) | $ | 2,025 | $ | 3,657 | $ | (1,297 | ) | $ | 2,360 | ||||||||||
Amortization expense related to other intangible assets was $222 million, $214 million and $198 million for the years ended December 31, 2014, 2013 and 2012, respectively. An impairment of approximately $9 million associated with intangible assets was included in amortization expense in 2014. Expected future amortization expense for other intangible assets recorded as of December 31, 2014 is $203 million for 2015, $199 million for 2016, $192 million for 2017, $166 million for 2018 and $151 million for 2019. |
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets [Abstract] | ||||||||
Other Assets | Other Assets | |||||||
The following table presents the components of other assets as of the dates indicated: | ||||||||
(In millions) | December 31, 2014 | December 31, 2013 | ||||||
Collateral deposits, net | $ | 18,134 | $ | 13,706 | ||||
Unrealized gains on derivative financial instruments, net | 7,934 | 5,476 | ||||||
Bank-owned life insurance | 2,402 | 2,343 | ||||||
Investments in joint ventures and other unconsolidated entities | 1,798 | 1,644 | ||||||
Accounts receivable | 513 | 950 | ||||||
Income taxes receivable | 396 | 337 | ||||||
Prepaid expenses | 259 | 286 | ||||||
Receivable for securities settlement | 218 | 195 | ||||||
Deferred tax assets, net of valuation allowance(1) | 214 | 263 | ||||||
Deposits with clearing organizations | 197 | 177 | ||||||
Other(2) | 535 | 613 | ||||||
Total | $ | 32,600 | $ | 25,990 | ||||
(1) | Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction. Gross deferred tax assets and liabilities are presented in note 22. | |||||||
(2) | Includes other real estate owned of approximately $62 million and $59 million as of December 31, 2014 and 2013, respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2014 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits |
As of December 31, 2014, we had $56.42 billion of time deposits outstanding, of which $660 million were non-U.S. and all of which are scheduled to mature in 2015. As of December 31, 2013, we had $2.02 billion of time deposits outstanding, all of which were non-U.S. As of December 31, 2014 and 2013, substantially all U.S. and non-U.S. time deposits were in amounts of $100,000 or more. |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||
Short-Term Borrowings | Short-Term Borrowings | |||||||||||||||||||||||
Our short-term borrowings include securities sold under repurchase agreements, federal funds purchased and other short-term borrowings; other short-term borrowings include borrowings associated with our tax-exempt investment program, more fully described in note 12, and commercial paper issued in connection with our corporate program, under which we can issue up to $3 billion of commercial paper with original maturities of up to 270 days from the date of issuance. Collectively, short-term borrowings had weighted-average interest rates of 0.04% and 0.48% for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
The following tables present information with respect to the amounts outstanding and weighted-average interest rates of the primary components of our short-term borrowings as of and for the years ended December 31: | ||||||||||||||||||||||||
Securities Sold Under | Federal Funds Purchased | |||||||||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Balance as of December 31 | $ | 8,925 | $ | 7,953 | $ | 8,006 | $ | 21 | $ | 19 | $ | 399 | ||||||||||||
Maximum outstanding as of any month-end | 10,955 | 11,538 | 9,306 | 29 | 570 | 1,145 | ||||||||||||||||||
Average outstanding during the year | 8,817 | 8,436 | 7,697 | 20 | 298 | 784 | ||||||||||||||||||
Weighted-average interest rate as of year-end | 0.005 | % | 0.003 | % | 0.06 | % | 0.01 | % | 0.13 | % | 0.13 | % | ||||||||||||
Weighted-average interest rate for the year | — | 0.01 | 0.01 | — | — | 0.09 | ||||||||||||||||||
Tax-Exempt | Corporate Commercial Paper | |||||||||||||||||||||||
Investment Program | Program | |||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Balance as of December 31 | $ | 1,870 | $ | 1,948 | $ | 2,148 | $ | 2,485 | $ | 1,819 | $ | 2,318 | ||||||||||||
Maximum outstanding as of any month-end | 1,938 | 2,135 | 2,274 | 2,485 | 2,535 | 2,503 | ||||||||||||||||||
Average outstanding during the year | 1,903 | 2,030 | 2,214 | 2,136 | 1,632 | 2,382 | ||||||||||||||||||
Weighted-average interest rate as of year-end | 0.06 | % | 0.09 | % | 0.17 | % | 0.16 | % | 0.14 | % | 0.22 | % | ||||||||||||
Weighted-average interest rate for the year | 0.08 | 0.13 | 0.21 | 0.17 | 0.18 | 0.23 | ||||||||||||||||||
The following table presents the components of securities sold under repurchase agreements by underlying collateral as of December 31, 2014: | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Collateralized by securities purchased under resale agreements | $ | 2 | ||||||||||||||||||||||
Collateralized by investment securities | 8,923 | |||||||||||||||||||||||
Total | $ | 8,925 | ||||||||||||||||||||||
Obligations to repurchase securities sold are recorded as a liability in our consolidated statement of condition. U.S. government securities with a fair value of $9.23 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2014. The following table presents information about these U.S. government securities and the related repurchase agreements, including accrued interest, as of December 31, 2014. The table excludes repurchase agreements collateralized by securities purchased under resale agreements. | ||||||||||||||||||||||||
U.S. Government | Repurchase | |||||||||||||||||||||||
Securities Sold | Agreements | |||||||||||||||||||||||
(Dollars in millions) | Amortized | Fair Value | Amortized | Rate | ||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
Overnight maturity | $ | 9,316 | $ | 9,228 | $ | 8,923 | 0.004 | % | ||||||||||||||||
We maintain an agreement with a clearing organization that enables us to net all securities purchased under resale agreements and sold under repurchase agreements with counterparties that are also members of the clearing organization. As a result of this netting, the average balances of securities purchased under resale agreements and securities sold under repurchase agreements were reduced by $28.82 billion for 2014 and by $27.81 billion for 2013. | ||||||||||||||||||||||||
State Street Bank currently maintains a line of credit of CAD $800 million, or approximately $690 million as of December 31, 2014, to support its Canadian securities processing operations. The line of credit has no stated termination date and is cancelable by either party with prior notice. As of December 31, 2014 and 2013, there was no balance outstanding on this line of credit. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||
Long-Term Debt | Long-Term Debt | |||||||
As of December 31, | 2014 | 2013 | ||||||
(In millions) | ||||||||
Statutory business trusts: | ||||||||
Floating-rate subordinated notes due to State Street Capital Trust IV in 2037 | $ | 800 | $ | 800 | ||||
Floating-rate subordinated notes due to State Street Capital Trust I in 2028 | 155 | 155 | ||||||
Parent company and non-banking subsidiary issuances: | ||||||||
3.70% notes due in 2023(1) | 1,043 | 974 | ||||||
2.875% notes due 2016 | 1,005 | 1,010 | ||||||
3.30% notes due 2024(1) | 999 | — | ||||||
3.10% subordinated notes due 2023(1) | 983 | 918 | ||||||
Long-term capital leases | 769 | 788 | ||||||
4.375% notes due 2021 | 730 | 727 | ||||||
4.956% junior subordinated debentures due 2018 | 528 | 537 | ||||||
4.30% notes due 2014 | — | 502 | ||||||
1.35% notes due 2018(1) | 492 | 487 | ||||||
5.375% notes due 2017 | 450 | 450 | ||||||
Floating-rate notes due 2014 | — | 250 | ||||||
7.35% notes due 2026 | 150 | 150 | ||||||
State Street Bank issuances: | ||||||||
Floating-rate extendible notes due 2016 | 900 | 900 | ||||||
5.25% subordinated notes due 2018 | 433 | 442 | ||||||
5.30% subordinated notes due 2016 | 405 | 409 | ||||||
Floating-rate subordinated notes due 2015 | 200 | 200 | ||||||
Total long-term debt | $ | 10,042 | $ | 9,699 | ||||
(1) | We have entered into interest-rate swap agreements, recorded as fair value hedges, to modify our interest expense on these senior and subordinated notes from a fixed rate to a floating rate. As of December 31, 2014, the carrying value of long-term debt associated with these fair value hedges increased $76 million. As of December 31, 2013, the carrying value of long-term debt associated with these fair value hedges decreased $35 million. Refer to note 16 for additional information about fair value hedges. | |||||||
We maintain an effective universal shelf registration that allows for the offering and sale of debt securities, capital securities, common stock, depositary shares and preferred stock, and warrants to purchase such securities, including any shares into which the preferred stock and depositary shares may be convertible, or any combination thereof. | ||||||||
As of December 31, 2014, State Street Bank had Board authority to issue unsecured senior debt securities from time to time, provided that the aggregate principal amount of such unsecured senior debt outstanding at any one time does not exceed $5 billion. As of December 31, 2014, $4.1 billion was available for issuance pursuant to this authority. As of December 31, 2014, State Street Bank also had Board authority to issue an additional $500 million of subordinated debt. | ||||||||
Statutory Business Trusts: | ||||||||
As of December 31, 2014, we had two statutory business trusts, State Street Capital Trusts I and IV, which as of December 31, 2014 had collectively issued $955 million of trust preferred capital securities. Proceeds received by each of the trusts from their capitalization and from their capital securities issuances are invested in junior subordinated debentures issued by the parent company. The junior subordinated debentures are the sole assets of Capital Trusts I and IV. Each of the trusts is wholly-owned by us; however, in conformity with GAAP, we do not record the trusts in our consolidated financial statements. | ||||||||
Payments made by the trusts to holders of the capital securities are dependent on our payments made to the trusts on the junior subordinated debentures. Our fulfillment of these commitments has the effect of providing a full, irrevocable and unconditional guarantee of the trusts’ obligations under the capital securities. While the capital securities issued by the trusts are not recorded in our consolidated statement of condition, the junior subordinated debentures qualify for inclusion in tier 1 regulatory capital under current federal regulatory capital guidelines. Information about restrictions on our ability to obtain funds from our subsidiary banks is provided in note 15. | ||||||||
Interest paid by the parent company on the debentures is recorded in interest expense. Distributions to holders of the capital securities by the trusts are payable from interest payments received on the debentures and are due quarterly by State Street Capital Trusts I and IV, subject to deferral for up to five years under certain conditions. The capital securities are subject to mandatory redemption in whole at the stated maturity upon repayment of the debentures, with an option by us to redeem the debentures at any time. Such optional redemption is subject to federal regulatory approval. | ||||||||
Parent Company and Non-Banking Subsidiary Issuances: | ||||||||
Interest on the 2.875% senior notes and the 4.375% senior notes is payable semi-annually in arrears on March 7 and September 7 of each year. | ||||||||
In December 2014, we issued $1.0 billion of 3.30% senior notes due December 16, 2024. Interest on the senior notes is payable semi-annually in arrears on June 16 and December 16 of each year, beginning on June 16, 2015. | ||||||||
Interest on the 3.70% senior notes is payable semi-annually in arrears on May 20 and November 20 of each year. | ||||||||
Interest on the 3.10% subordinated notes is payable semi-annually in arrears on May 15 and November 15 of each year. The 3.10% subordinated notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines. | ||||||||
As of December 31, 2014 and 2013, long-term capital leases included $336 million and $363 million, respectively, related to our One Lincoln Street headquarters building and related underground parking garage; $241 million and $267 million, respectively, related to an office building in the U.K.; and $191 million and $158 million, respectively, related to obligations associated with the completed construction of the Channel Center, a build-to-suit office building located in Boston, and other premises and equipment. Refer to note 20 for additional information. | ||||||||
Interest on the 4.956% junior subordinated debentures is payable semi-annually in arrears on March 15 and September 15 of each year. The debentures mature on March 15, 2018, and we do not have the right to redeem the debentures prior to maturity other than upon the occurrence of specified events. Such redemption is subject to federal regulatory approval. The junior subordinated debentures qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines. | ||||||||
Interest on the 1.35% senior notes is payable semi-annually in arrears on May 15 and November 15 of each year. | ||||||||
Interest on the 5.375% senior notes is payable semi-annually in arrears on April 30 and October 30 of each year. | ||||||||
Interest on the 7.35% senior notes is payable semi-annually in arrears on June 15 and December 15 of each year. We may not redeem the notes prior to their maturity. | ||||||||
State Street Bank Issuances: | ||||||||
Each of the floating-rate extendible notes, issued in 2012, had an initial maturity date of January 13, 2014; on the 18th day of each month, holders are entitled to extend the maturity date of their notes for successive one-month periods in accordance with defined procedures. In no event may the maturity of any note be extended beyond January 15, 2016, the final maturity date. Beginning on January 15, 2015, State Street Bank may redeem some or all of the notes at 100% of the principal amount of the notes to be redeemed, plus accrued interest to the redemption date, and on February 17, 2015, State Street Bank issued a notice of redemption for 100% of the principal amount of the notes. The redemption will occur on February 26, 2015. | ||||||||
State Street Bank is required to make semi-annual interest payments on the outstanding principal balance of the 5.25% subordinated bank notes on April 15 and October 15 of each year, and the notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines. | ||||||||
State Street Bank is required to make semi-annual interest payments on the outstanding principal balance of the 5.30% subordinated notes on January 15 and July 15 of each year, and quarterly interest payments on the outstanding principal balance of the floating-rate notes on March 8, June 8, September 8 and December 8 of each year. Each of the subordinated notes qualifies for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines. |
Commitments_and_Guarantees
Commitments and Guarantees | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Guarantees | Commitments and Guarantees | |||||||
Commitments: | ||||||||
We had unfunded off-balance sheet commitments to extend credit totaling $24.25 billion and $21.30 billion as of December 31, 2014 and 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 December 31, 2014, approximately 76% 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 comprise 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) | December 31, 2014 | December 31, 2013 | ||||||
Indemnified securities financing | $ | 349,766 | $ | 320,078 | ||||
Stable value protection | 23,409 | 24,906 | ||||||
Asset purchase agreements | 4,107 | 4,685 | ||||||
Standby letters of credit | 4,720 | 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 aggregate 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) | December 31, 2014 | December 31, 2013 | ||||||
Fair value of indemnified securities financing | $ | 349,766 | $ | 320,078 | ||||
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 364,411 | 331,732 | ||||||
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 85,309 | 85,374 | ||||||
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | 90,819 | 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 December 31, 2014 and 2013, we had approximately $15.94 billion and $11.29 billion, respectively, of collateral provided and approximately $6.48 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 16. 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. |
Contingencies
Contingencies | 12 Months Ended | ||||
Dec. 31, 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 December 31, 2014, our aggregate accruals for legal loss contingencies and regulatory matters, net of anticipated insurance recoveries, totaled approximately $224 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 $125 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. Discovery with respect to this matter is expected to be completed in 2015. As of December 31, 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 trades 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 services to and engage in principal foreign exchange trading with 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 indirect foreign exchange trading. We continue to respond to such inquiries and subpoenas. | |||||
We engage in indirect foreign exchange trading with 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 trades with State Street from 1998 onward. The complaints allege that State Street caused class members to pay unfair and unreasonable rates on indirect foreign exchange trades with State Street. The complaints seek unspecified damages, disgorgement of profits, and other equitable relief. Other claims may be asserted in the future, including in response to developments in the actions discussed above or governmental proceedings. | |||||
We expect that plaintiffs will seek to recover their share of all or a portion of the revenue that we have recorded from indirect foreign exchange trades. We cannot predict whether a court, in the event of an adverse resolution, would consider our revenue to be the appropriate measure of damages. | |||||
The following table summarizes our estimated total revenue worldwide from indirect foreign exchange trading for the years ended December 31: | |||||
(In millions) | Revenue from indirect foreign exchange trading | ||||
2008 | $ | 462 | |||
2009 | 369 | ||||
2010 | 336 | ||||
2011 | 331 | ||||
2012 | 248 | ||||
2013 | 285 | ||||
2014 | 246 | ||||
We believe that the amount of our revenue from such trading 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 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 those indirect trades and indicative interbank market rates at the time of settlement of the trade. | |||||
In the third quarter of 2014, we recorded an accrual of $70 million reflecting our intention to seek to resolve some, but not all, of the outstanding and potential claims arising out of our indirect foreign exchange client activities. We increased this accrual to $185 million as of December 31, 2014. We are engaged in discussions with some, but not all, of the governmental agencies and civil litigants discussed above regarding potential settlements of their outstanding or potential claims. There can be no assurance that we will reach a settlement in any of these matters, that the cost of such settlements will not materially exceed our accrued reserve, or that other claims will not be asserted. We do not currently intend to seek to negotiate settlements with respect to all outstanding and potential claims, and our current efforts, even if successful, will not address all of our potential material legal exposure arising out of our indirect foreign exchange client activities. | |||||
Transition Management | |||||
In January 2014, we entered into a settlement with the U.K. Financial Conduct Authority, or FCA, 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 December 31, 2014, we had remaining accruals of approximately $3.0 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. As of December 31, 2014, one action remains pending. As of December 31, 2014, we had $4.3 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. Additional information with respect to our provision for income taxes and tax benefits, including unrecognized tax benefits, is provided in note 22. | |||||
We are presently under audit by a number of tax authorities. The earliest tax year open to examination in jurisdictions where we have material operations is 2009. The Internal Revenue Service, or IRS, completed their audit field procedures for the current audit related to our U.S. income tax returns for the tax years 2010 and 2011. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities |
Asset-Backed Investment Securities: | |
We are involved, in the normal course of our business, with various types of special purpose entities, some of which meet the definition of variable interest entities, or VIEs. We are required by GAAP to consolidate a VIE when we are deemed to be the primary beneficiary. This determination is evaluated periodically as facts and circumstances change. | |
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 VIEs. We are not considered to be the primary beneficiary of these VIEs 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 December 31, 2014 and 2013, we carried investment securities available for sale, composed of securities related to state and political subdivisions, with a fair value of $2.27 billion and $2.33 billion, respectively, and other short-term borrowings of $1.87 billion and $1.95 billion, respectively, in our consolidated statement of condition in connection with these trusts. The interest revenue and interest expense generated by the investments and certificated interests, respectively, are recorded as components of net interest revenue when earned or incurred. | |
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, the assets continue to be recorded in our consolidated financial statements. The trusts had a weighted-average life of approximately 5.9 years as of December 31, 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 $1.91 billion and $674 million, respectively, as of December 31, 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. | |
With respect to our interests in sponsored investment funds that meet the definition of a VIE, a primary beneficiary assessment is performed to determine if our variable interest (or combination of variable interests, including those of related parties) absorbs the majority of the entity’s expected losses, receives a majority of the entity’s expected residual returns, or both. As part of our assessment, we consider all the facts and circumstances regarding the terms and characteristics of the variable interest(s), the design and characteristics of the fund and the other involvements of the enterprise with the fund. Upon consolidation of certain sponsored investment funds, we retain the specialized investment company accounting rules followed by the underlying funds. | |
All of the underlying investments held by such consolidated sponsored investment funds are carried at fair value, with corresponding changes in the investments’ fair values reflected in trading services revenue in our consolidated statement of income. When we no longer control these funds due to a reduced ownership interest or other reasons, the funds are de-consolidated and accounted for under another accounting method if we continue to maintain an investment in the fund. | |
As of December 31, 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 December 31, 2014, the aggregate assets and liabilities of this consolidated sponsored investment fund totaled $65 million and $13 million, respectively. As of December 31, 2013, the fund’s assets consisted solely of $50 million in cash. | |
As of December 31, 2014 our potential maximum total exposure associated with the consolidated sponsored investment fund totaled $52 million and represented the value of our economic ownership interest in the fund. 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 December 31, 2014 and 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 $45 million and $18 million as of December 31, 2014 and 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 | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity | |||||||||||||||||||||||||||
Preferred Stock: | ||||||||||||||||||||||||||||
Preferred Stock, Series E | ||||||||||||||||||||||||||||
In November 2014, we issued 30 million depositary shares, each representing a 1/4,000th ownership interest in a share of State Street’s non-cumulative perpetual preferred stock, Series E, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $25 per depositary share), which we refer to as our Series E preferred stock, in a public offering. The aggregate proceeds from the offering, net of underwriting discounts, commissions and other issuance costs, were approximately $728 million. | ||||||||||||||||||||||||||||
On December 15, 2019, or any dividend payment date thereafter, the Series E 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 E preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to December 15, 2019, upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation with respect to the Series E 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 January 2015, we declared dividends on our Series E preferred stock of $1,833 per share, or approximately $0.46 per depositary share, totaling approximately $14 million, which will be paid in March 2015. | ||||||||||||||||||||||||||||
Preferred Stock, Series D | ||||||||||||||||||||||||||||
In February 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 per share, with a liquidation preference of $100,000 per share (equivalent to $25 per depositary share), which we refer to as our Series D preferred stock, 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 2014, we declared aggregate dividends on our Series D preferred stock of $4,605 per share, or approximately $1.15 per depositary share, totaling approximately $35 million. In January 2015, we declared dividends on our Series D preferred stock of $1,475 per share, or approximately $0.37 per depositary share, totaling approximately $11 million, which will be paid in March 2015. | ||||||||||||||||||||||||||||
Preferred Stock, Series C | ||||||||||||||||||||||||||||
In 2014, we declared aggregate dividends on our Series C preferred stock of $5,252 per share, or approximately $1.32 per depositary share, totaling approximately $26 million. In 2013, we declared aggregate dividends on our Series C preferred stock of $5,250 per share, or approximately $1.31 per depositary share, totaling approximately $26 million. In January 2015, we declared dividends on our Series C preferred stock of $1,313 per share, or approximately $0.33 per depositary share, totaling approximately $7 million, which will be paid in March 2015. | ||||||||||||||||||||||||||||
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 but not 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. | ||||||||||||||||||||||||||||
Dividends on shares of our Series C, Series D and Series E 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 annual rates of 5.25%, 5.90% and 6.00%, respectively. If we issue additional shares of our Series C, Series D or Series E 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, Series D and Series E 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. | ||||||||||||||||||||||||||||
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 2014, we purchased approximately 17.7 million shares of our common stock at an average per-share cost of $69.59 and an aggregate cost of approximately $1.23 billion under the program. As of December 31, 2014, approximately $470 million remained available for purchases of our common stock under the program. Shares acquired under the program which remained unissued as of December 31, 2014 were recorded as treasury stock in our consolidated statement of condition as of December 31, 2014. | ||||||||||||||||||||||||||||
In 2014, we completed a previous Board-authorized common stock purchase program with the purchase of 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. | ||||||||||||||||||||||||||||
In 2014, in the aggregate under both programs, we purchased approximately 23.8 million shares of our common stock at an average per-share cost of $69.48 and an aggregate cost of approximately $1.65 billion. | ||||||||||||||||||||||||||||
In 2014, we declared aggregate common stock dividends of $1.16 per share, totaling approximately $490 million, compared to aggregate common stock dividends of $1.04 per share, totaling approximately $463 million, declared in 2013. | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss): | ||||||||||||||||||||||||||||
The following table presents the after-tax components of AOCI as of December 31: | ||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Net unrealized gains on cash flow hedges | $ | 276 | $ | 161 | $ | 69 | ||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities portfolio | 273 | (56 | ) | 815 | ||||||||||||||||||||||||
Net unrealized gains (losses) related to reclassified available-for-sale securities | 39 | (72 | ) | (110 | ) | |||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities | 312 | (128 | ) | 705 | ||||||||||||||||||||||||
Net unrealized losses on available-for-sale securities designated in fair value hedges | (121 | ) | (97 | ) | (183 | ) | ||||||||||||||||||||||
Other-than-temporary impairment on available-for-sale securities related to factors other than credit | 1 | 4 | (3 | ) | ||||||||||||||||||||||||
Net unrealized losses on hedges of net investments in non-U.S. subsidiaries | (14 | ) | (14 | ) | (14 | ) | ||||||||||||||||||||||
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | (29 | ) | (47 | ) | (65 | ) | ||||||||||||||||||||||
Net unrealized losses on retirement plans | (272 | ) | (203 | ) | (283 | ) | ||||||||||||||||||||||
Foreign currency translation | (660 | ) | 229 | 134 | ||||||||||||||||||||||||
Total | $ | (507 | ) | $ | (95 | ) | $ | 360 | ||||||||||||||||||||
In the year ended December 31, 2014, we realized net gains of $15 million, or $9 million net of related taxes from sales of available-for-sale securities. Unrealized pre-tax losses of $43 million were included in AOCI as of December 31, 2013, net of deferred tax benefits of $17 million, related to these sales. In the year ended December 31, 2013, we realized net gains of $14 million, or $9 million net of related taxes, from sales of available-for-sale securities. Unrealized pre-tax gains of $25 million were included in AOCI as of December 31, 2012, net of deferred taxes of $10 million, related to these sales. | ||||||||||||||||||||||||||||
The following tables present changes in AOCI by component, net of related taxes, for the periods indicated: | ||||||||||||||||||||||||||||
Year Ended December 31, 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 | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 69 | $ | 519 | $ | (14 | ) | $ | (65 | ) | $ | (283 | ) | $ | 134 | $ | 360 | |||||||||||
Other comprehensive income (loss) before reclassifications | 89 | (735 | ) | — | 15 | 60 | 96 | (475 | ) | |||||||||||||||||||
Amounts reclassified into earnings | 3 | (5 | ) | — | 3 | 20 | (1 | ) | 20 | |||||||||||||||||||
Other comprehensive income (loss) | 92 | (740 | ) | — | 18 | 80 | 95 | (455 | ) | |||||||||||||||||||
Balance as of December 31, 2013 | 161 | (221 | ) | (14 | ) | (47 | ) | (203 | ) | 229 | (95 | ) | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | 112 | 422 | — | 17 | — | (889 | ) | (338 | ) | |||||||||||||||||||
Amounts reclassified into earnings | 3 | (9 | ) | — | 1 | (69 | ) | — | (74 | ) | ||||||||||||||||||
Other comprehensive income (loss) | 115 | 413 | — | 18 | (69 | ) | (889 | ) | (412 | ) | ||||||||||||||||||
Balance as of December 31, 2014 | $ | 276 | $ | 192 | $ | (14 | ) | $ | (29 | ) | $ | (272 | ) | $ | (660 | ) | $ | (507 | ) | |||||||||
The following tables present after-tax reclassifications into earnings for the periods indicated: | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In millions) | Amounts Reclassified into Earnings | Affected Line Item in Consolidated Statement of Income | ||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||
Interest-rate contracts, net of related tax benefit of $2 and $2, respectively | $ | 3 | $ | 3 | Net interest revenue | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Net realized gains from sales of available-for-sale securities, net of related taxes of ($6) and ($5), respectively | (9 | ) | (9 | ) | 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 $3 for 2013 | 1 | 3 | Losses reclassified (from) to other comprehensive income | |||||||||||||||||||||||||
Retirement plans: | ||||||||||||||||||||||||||||
Amortization of actuarial losses, net of related taxes of ($50) and tax benefits of $13, respectively | (69 | ) | 20 | 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 | $ | (74 | ) | $ | 20 | |||||||||||||||||||||||
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Equity-Based Compensation | Equity-Based Compensation | ||||||||||||
We record compensation expense for equity-based awards, such as restricted stock, deferred stock and performance awards, based on the closing price of our common stock on the date of grant, adjusted if appropriate based on the award’s eligibility to receive dividends. The fair value of stock options and stock appreciation rights is determined using the Black-Scholes valuation model. | |||||||||||||
Compensation expense related to equity-based awards with service-only conditions and terms that provide for a graded vesting schedule is recognized on a straight-line basis over the required service period for the entire award. Compensation expense related to equity-based awards with performance conditions and terms that provide for a graded vesting schedule is recognized over the requisite service period for each separately vesting tranche of the award, and is based on the probable outcome of the performance conditions at each reporting date. Compensation expense is adjusted for assumptions with respect to the estimated amount of awards that will be forfeited prior to vesting, and for employees who have met certain retirement eligibility criteria. | |||||||||||||
Dividend equivalents for certain equity-based awards are paid on stock units on a current basis prior to vesting and distribution. Compensation expense for common stock awards granted to employees meeting early retirement eligibility criteria is fully expensed and accrued on the grant date. | |||||||||||||
As of December 31, 2014, a cumulative total of 56.9 million shares had been awarded under the 2006 Equity Incentive Plan, the 2006 Plan, compared with cumulative totals of 52.4 million shares and 45.3 million shares as of December 31, 2013 and 2012, respectively. The 2006 Plan allows for shares withheld in payment of the exercise price of an award or in satisfaction of tax withholding requirements, shares forfeited due to employee termination, shares expired under options awards, or shares not delivered when performance conditions have not been met, to be added back to the pool of shares available for awards. As of December 31, 2014, 17.8 million shares had been awarded under the 2006 Plan but not delivered, and have become available for reissue. A total of 60.5 million shares is available for issuance under the 2006 Plan. | |||||||||||||
The exercise price of non-qualified and incentive stock options and stock appreciation rights may not be less than the fair value of such shares on the date of grant. Stock options and stock appreciation rights granted under the 1997 Equity Incentive Plan, the 1997 Plan, and the 2006 Plan, collectively the Plans, | |||||||||||||
generally vest over four years and expire no later than ten years from the date of grant. No common stock options or stock appreciation rights have been granted since 2009. For restricted stock awards granted under the Plans, common stock is issued at the time of grant and recipients have dividend and voting rights. In general, these grants vest over three to four years. No restricted stock awards have been granted since 2010. | |||||||||||||
For deferred stock awards granted under the Plans, no common stock is issued at the time of grant and the stock does not have dividend and voting rights. Generally, these grants vest over one to four years. Performance awards granted are earned over a performance period based on the achievement of defined goals, generally over one to four years. Payment for performance awards is made in shares of our common stock equal to its fair market value per share, based on certain financial ratios, after the conclusion of each performance period. | |||||||||||||
Beginning with 2012, malus-based forfeiture provisions were included in deferred stock awards granted to employees identified as “material risk-takers,” as defined by management. These malus-based forfeiture provisions provide for the reduction or cancellation of unvested deferred compensation, such as deferred stock awards, if it is determined that a material risk-taker made risk-based decisions that exposed State Street to inappropriate risks that resulted in a material unexpected loss at the business-unit, line-of-business or corporate level. | |||||||||||||
Compensation expense related to stock options, stock appreciation rights, restricted stock awards, deferred stock awards and performance awards, which we record as a component of compensation and employee benefits expense in our consolidated statement of income, was $329 million, $355 million and $353 million for the years ended December 31, 2014, 2013 and 2012, respectively. Such expense for 2014, 2013 and 2012 excluded $20 million, $3 million and $26 million, respectively, associated with acceleration of expense in connection with the staff reductions discussed in note 21. This expense was included in the severance-related portion of the associated restructuring charges recorded in each respective year. The aggregate income tax benefit recorded in our consolidated statement of income related to compensation expense recorded as a component of compensation and employee benefits expense was $130 million, $140 million and $139 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
The following table presents information about the Plans as of December 31, 2014, and related activity during the years indicated: | |||||||||||||
Shares | Weighted-Average | Weighted-Average | Total | ||||||||||
(in thousands) | Exercise | Remaining | Intrinsic | ||||||||||
Price | Contractual | Value | |||||||||||
Term | (in millions) | ||||||||||||
(in years) | |||||||||||||
Stock Options and Stock Appreciation Rights: | |||||||||||||
Outstanding as of December 31, 2012 | 5,638 | $ | 57.58 | ||||||||||
Exercised | (2,725 | ) | 45.93 | ||||||||||
Forfeited or expired | (249 | ) | 68.8 | ||||||||||
Outstanding as of December 31, 2013 | 2,664 | 68.45 | |||||||||||
Exercised | (801 | ) | 55.33 | ||||||||||
Forfeited or expired | (2 | ) | 52.78 | ||||||||||
Outstanding as of December 31, 2014 | 1,861 | $ | 74.12 | 1.9 | $ | 11 | |||||||
Exercisable as of December 31, 2014 | 1,861 | $ | 74.12 | 1.9 | $ | 11 | |||||||
The total intrinsic value of options and stock appreciation rights exercised during the years ended December 31, 2014, 2013 and 2012 was $14 million, $42 million and $8 million, respectively. As of December 31, 2014, there was no unrecognized compensation cost related to stock options and stock appreciation rights. | |||||||||||||
The following tables present activity related to other common stock awards during the years indicated: | |||||||||||||
Shares | Weighted-Average | ||||||||||||
(in thousands) | Grant Date Fair | ||||||||||||
Value | |||||||||||||
Restricted Stock Awards: | |||||||||||||
Outstanding as of December 31, 2012 | 2,602 | $ | 43.44 | ||||||||||
Vested | (1,339 | ) | 42.47 | ||||||||||
Forfeited | (18 | ) | 43.98 | ||||||||||
Outstanding as of December 31, 2013 | 1,245 | 44.47 | |||||||||||
Vested | (1,211 | ) | 44.56 | ||||||||||
Forfeited | (3 | ) | 42.57 | ||||||||||
Outstanding as of December 31, 2014 | 31 | $ | 41.27 | ||||||||||
The total fair value of restricted stock awards vested was $54 million, $57 million, and $64 million for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, total unrecognized compensation cost related to restricted stock, net of estimated forfeitures, was $0.1 million, which is expected to be recognized over a weighted-average period of two months. | |||||||||||||
Shares | Weighted-Average | ||||||||||||
(in thousands) | Grant Date Fair | ||||||||||||
Value | |||||||||||||
Deferred Stock Awards: | |||||||||||||
Outstanding as of December 31, 2012 | 14,814 | $ | 39.08 | ||||||||||
Granted | 6,906 | 54.16 | |||||||||||
Vested | (6,332 | ) | 40.97 | ||||||||||
Forfeited | (294 | ) | 44.48 | ||||||||||
Outstanding as of December 31, 2013 | 15,094 | 45.07 | |||||||||||
Granted | 4,282 | 65.4 | |||||||||||
Vested | (6,730 | ) | 46.03 | ||||||||||
Forfeited | (215 | ) | 49.87 | ||||||||||
Outstanding as of December 31, 2014 | 12,431 | $ | 51.47 | ||||||||||
The weighted-average grant date fair value of deferred stock awards granted in 2012 was $38.48 per share. The total fair value of deferred stock awards vested was $310 million, $259 million and $223 million for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, total unrecognized compensation cost related to deferred stock awards, net of estimated forfeitures, was $360 million, which is expected to be recognized over a weighted-average period of 2.3 years. | |||||||||||||
Shares | Weighted-Average | ||||||||||||
(in thousands) | Grant Date Fair | ||||||||||||
Value | |||||||||||||
Performance Awards: | |||||||||||||
Outstanding as of December 31, 2012 | 2,547 | $ | 40.7 | ||||||||||
Granted | 494 | 53.6 | |||||||||||
Forfeited | (4 | ) | 41.62 | ||||||||||
Paid out | (813 | ) | 41.62 | ||||||||||
Outstanding as of December 31, 2013 | 2,224 | 43.24 | |||||||||||
Granted | 437 | 64.56 | |||||||||||
Forfeited | (1 | ) | 53.16 | ||||||||||
Paid out | (1,033 | ) | 42.48 | ||||||||||
Outstanding as of December 31, 2014 | 1,627 | $ | 49.46 | ||||||||||
The weighted-average grant date fair value of performance awards granted in 2012 was $37.78 per share. The total fair value of performance awards paid out was $44 million, $34 million and $28 million for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, total unrecognized compensation cost related to performance awards, net of estimated forfeitures, was $5 million, which is expected to be recognized over a weighted-average period of 2.3 years. | |||||||||||||
We utilize either treasury shares or authorized but unissued shares to satisfy the issuance of common stock under our equity incentive plans. We do not have a specific policy concerning purchases of our common stock to satisfy stock issuances, including exercises of stock options. We have a general policy concerning purchases of our common stock to meet issuances under our employee benefit plans, including option exercises and other corporate purposes. Various factors determine the amount and timing of our purchases of our common stock, including regulatory reviews, our regulatory capital requirements, the number of shares we expect to issue under employee benefit plans, market conditions (including the trading price of our common stock), and legal considerations. These factors can change at any time, and the number of shares of common stock we will purchase or when we will purchase them cannot be assured. |
Regulatory_Capital
Regulatory Capital | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||
Regulatory Capital | Regulatory Capital | ||||||||||||||||||||||||||||
We are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum regulatory capital requirements can initiate certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on our consolidated financial condition. Under current regulatory capital adequacy guidelines, we must meet specified capital requirements that involve quantitative measures of our consolidated assets, liabilities and off-balance sheet exposures calculated in conformity with regulatory accounting practices. Our capital components and their classifications are subject to qualitative judgments by regulators about components, risk weightings and other factors. | |||||||||||||||||||||||||||||
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 began 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) applied in the assessment of our capital adequacy for regulatory purposes. | |||||||||||||||||||||||||||||
As of December 31, 2014, the minimum required regulatory capital ratios are as follows: | |||||||||||||||||||||||||||||
• | common equity tier 1 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 December 31, 2014, State Street and State Street Bank exceeded all regulatory capital adequacy requirements to which they were subject. As of December 31, 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 December 31, 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 Approaches December 31, 2014(1) | Basel III Transitional Provisions December 31, 2014(2) | Basel I December 31, 2013(3) | Basel III Advanced Approaches December 31, 2014(1) | Basel III Transitional Provisions December 31, 2014(2) | Basel I December 31, 2013(3) | |||||||||||||||||||||||
Common shareholders' equity: | |||||||||||||||||||||||||||||
Common stock and related surplus | $ | 10,295 | $ | 10,295 | $ | 10,280 | $ | 10,867 | $ | 10,867 | $ | 10,786 | |||||||||||||||||
Retained earnings | 14,882 | 14,882 | 13,395 | 9,416 | 9,416 | 9,064 | |||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (641 | ) | (641 | ) | 215 | (535 | ) | (535 | ) | 209 | |||||||||||||||||||
Treasury stock, at cost | (5,158 | ) | (5,158 | ) | (3,693 | ) | — | — | — | ||||||||||||||||||||
Total | 19,378 | 19,378 | 20,197 | 19,748 | 19,748 | 20,059 | |||||||||||||||||||||||
Regulatory capital adjustments: | |||||||||||||||||||||||||||||
Goodwill and other intangible assets, net of associated deferred tax liabilities(4) | (5,869 | ) | (5,869 | ) | (7,743 | ) | (5,577 | ) | (5,577 | ) | (7,341 | ) | |||||||||||||||||
Other adjustments | (36 | ) | (36 | ) | — | (128 | ) | (128 | ) | — | |||||||||||||||||||
Common equity tier 1 capital | 13,473 | 13,473 | 12,454 | 14,043 | 14,043 | 12,718 | |||||||||||||||||||||||
Preferred stock | 1,961 | 1,961 | 491 | — | — | — | |||||||||||||||||||||||
Trust preferred capital securities subject to phase-out from tier 1 capital | 475 | 475 | 950 | — | — | — | |||||||||||||||||||||||
Other adjustments | (145 | ) | (145 | ) | — | — | — | — | |||||||||||||||||||||
Tier 1 capital | 15,764 | 15,764 | 13,895 | 14,043 | 14,043 | 12,718 | |||||||||||||||||||||||
Qualifying subordinated long-term debt | 1,618 | 1,618 | 1,918 | 1,634 | 1,634 | 1,936 | |||||||||||||||||||||||
Trust preferred capital securities phased out of tier 1 capital | 475 | 475 | NA | — | — | NA | |||||||||||||||||||||||
Other adjustments | 4 | 4 | (26 | ) | — | — | 45 | ||||||||||||||||||||||
Total capital | $ | 17,861 | $ | 17,861 | $ | 15,787 | $ | 15,677 | $ | 15,677 | $ | 14,699 | |||||||||||||||||
Risk-weighted assets: | |||||||||||||||||||||||||||||
Credit risk | $ | 66,874 | $ | 87,502 | $ | 78,864 | $ | 59,836 | $ | 84,433 | $ | 76,197 | |||||||||||||||||
Operational risk | 35,866 | NA | NA | 35,449 | NA | NA | |||||||||||||||||||||||
Market risk(5) | 5,087 | 2,910 | 1,262 | 5,048 | 2,909 | 1,262 | |||||||||||||||||||||||
Total risk-weighted assets | $ | 107,827 | $ | 90,412 | $ | 80,126 | $ | 100,333 | $ | 87,342 | $ | 77,459 | |||||||||||||||||
Adjusted quarterly average assets | $ | 247,740 | $ | 247,740 | $ | 202,801 | $ | 243,549 | $ | 243,549 | $ | 199,301 | |||||||||||||||||
Capital Ratios: | Minimum Requirements(6) 2014 | Minimum Requirements(7) 2013 | |||||||||||||||||||||||||||
Common equity tier 1 capital | 4 | % | NA | 12.5 | % | 14.9 | % | 15.5 | % | 14 | % | 16.1 | % | 16.4 | % | ||||||||||||||
Tier 1 capital | 5.5 | 4 | % | 14.6 | 17.4 | 17.3 | 14 | 16.1 | 16.4 | ||||||||||||||||||||
Total capital | 8 | 8 | 16.6 | 19.8 | 19.7 | 15.6 | 17.9 | 19 | |||||||||||||||||||||
Tier 1 leverage | 4 | 4 | 6.4 | 6.4 | 6.9 | 5.8 | 5.8 | 6.4 | |||||||||||||||||||||
NA: Not applicable. | |||||||||||||||||||||||||||||
(1) Common equity tier 1 capital, tier 1 capital and total capital ratios as of December 31, 2014 were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Tier 1 leverage ratio as of December 31, 2014 was calculated in conformity with the Basel III final rule. | |||||||||||||||||||||||||||||
(2) Common equity tier 1 capital, tier 1 capital, total capital and tier 1 leverage ratios as of December 31, 2014 were calculated in conformity with the transitional provisions of the Basel III final rule. Specifically, these ratios reflect common equity tier 1, 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) Common equity tier 1 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 December 31, 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) Market risk risk-weighted assets reported in conformity with the Basel III advanced approaches included a credit valuation adjustment, referred to as the CVA, which reflected the risk of potential fair-value adjustments for credit risk reflected in our valuation of over-the-counter derivative contracts. The CVA was not provided for in the final market risk capital rule; however, it was required by the advanced approaches provisions of the Basel III final rule. State Street used the simple CVA approach in conformity with the Basel III advanced approaches. | |||||||||||||||||||||||||||||
(6) Minimum requirements will be phased in up to full implementation beginning on January 1, 2019; minimum requirements listed are as of December 31, 2014. | |||||||||||||||||||||||||||||
(7) Minimum requirements listed, governed by Basel I, were as of December 31, 2013. | |||||||||||||||||||||||||||||
Cash, Dividend, Loan and Other Restrictions: | |||||||||||||||||||||||||||||
In 2014, our banking subsidiaries were required by the Federal Reserve to maintain average aggregate cash balances of approximately $5.72 billion to satisfy reserve requirements. Federal and state banking regulations place certain restrictions on dividends paid by banking subsidiaries to a parent company. For 2015, aggregate dividend payments by State Street Bank to the parent company without prior regulatory approval are limited to approximately $663 million of its undistributed earnings as of December 31, 2014, plus an additional amount equal to its net profits, as defined by the aforementioned banking regulations, for 2015 up to the date of any dividend payment. Currently, the payment of future common stock dividends by the parent company to its shareholders is subject to the review of our capital plan by the Federal Reserve in connection with its Comprehensive Capital Analysis and Review process. | |||||||||||||||||||||||||||||
The Federal Reserve Act requires that extensions of credit by State Street Bank to certain affiliates, including the parent company, be secured by specific collateral, that the extension of credit to any one affiliate be limited to 10% of State Street Bank’s capital and surplus, as defined, and that extensions of credit to all such affiliates be limited to 20% of State Street Bank’s capital and surplus. | |||||||||||||||||||||||||||||
As of December 31, 2014, our consolidated retained earnings included $492 million representing undistributed earnings of unconsolidated entities that are accounted for under the equity method of accounting. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||||
A derivative financial instrument is a financial instrument or other contract which has one or more referenced indices and one or more notional amounts, either no initial net investment or a smaller initial net investment than would be expected for similar types of contracts, and which requires or permits net settlement. | ||||||||||||||||||||||||||||||||||||||||
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 12). We record derivatives in our consolidated statement of condition at their fair value on a recurring basis. | ||||||||||||||||||||||||||||||||||||||||
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 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 December 31, 2014 and 2013, we had recorded approximately $1.79 billion and $2.58 billion, respectively, of cash collateral received from counterparties and approximately $4.79 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 December 31, 2014 totaled approximately $2.54 billion, against which we posted aggregate collateral of approximately $105 million. 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 December 31, 2014 was approximately $2.43 billion. Such accelerated settlement would not affect our consolidated results of operations. | ||||||||||||||||||||||||||||||||||||||||
On the date a derivative contract is entered into, we designate the derivative as: (1) a hedge of the fair value of a recognized fixed-rate asset or liability or of an unrecognized firm commitment (a “fair-value” hedge); (2) a hedge of a forecast transaction or of the variability of cash flows to be received or paid related to a recognized variable-rate asset or liability (a “cash-flow” hedge); (3) a foreign currency fair value or cash flow hedge (a “foreign currency” hedge); (4) a hedge of a net investment in a non-U.S. operation; or (5) a derivative utilized in either our trading activities or in our asset-and-liability management activities that is not designated as a hedge of an asset or liability. | ||||||||||||||||||||||||||||||||||||||||
At both the inception of the hedge and on an ongoing basis, we formally assess and document the effectiveness of a derivative designated as a hedge in offsetting changes in the fair value of hedged items and the likelihood that the derivative will be an effective hedge in future periods. We discontinue hedge accounting prospectively when we determine that the derivative is no longer highly effective in offsetting changes in fair value or cash flows of the underlying risk being hedged, the derivative expires, terminates or is sold, or management discontinues the hedge designation. | ||||||||||||||||||||||||||||||||||||||||
Unrealized gains and losses on foreign exchange and interest-rate contracts are reported at fair value in our consolidated statement of condition as a component of other assets and accrued expenses and other liabilities, respectively, on a gross basis, except where such gains and losses arise from contracts covered by qualifying master netting agreements. | ||||||||||||||||||||||||||||||||||||||||
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 also use foreign currency swap contracts to manage the foreign exchange risk associated with certain foreign currency-denominated liabilities. The foreign exchange swap contracts are entered into for periods generally consistent with foreign currency exposure of the underlying transactions. | ||||||||||||||||||||||||||||||||||||||||
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 10, 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. Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a fair-value hedge, are recorded in processing fees and other revenue, along with the changes in fair value of the hedged asset or liability attributable to the hedged risk. | ||||||||||||||||||||||||||||||||||||||||
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 trusts had a weighted-average life of approximately 5.9 years as of December 31, 2014, compared to 6.5 years as of December 31, 2013. These trusts 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 three senior notes and one subordinated note from fixed rates to floating rates. The senior notes mature in 2018, 2023 and 2024 and pay fixed interest at annual rates of 1.35%, 3.70% and 3.30%, 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 had 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 matured in October 2014 and had a remaining life of approximately 10 months as of December 31, 2013. The security was hedged with an interest-rate swap contract of similar maturity, repricing and other characteristics. The interest-rate swap contract converted 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. | ||||||||||||||||||||||||||||||||||||||||
Changes in the fair value of a derivative that are highly effective, and that are designated and qualify as a foreign currency hedge, are recorded either in processing fees and other revenue or in other comprehensive income, net of taxes, depending on whether the hedge transaction meets the criteria for a fair-value or a cash-flow hedge. If, however, a derivative is used as a hedge of a net investment in a non-U.S. operation, its changes in fair value, to the extent effective as a hedge, are recorded, net of taxes, in the foreign currency translation component of other comprehensive income. Lastly, entire changes in the fair value of derivatives utilized in our trading activities are recorded in trading services revenue, and entire changes in the fair value of derivatives utilized in our asset-and-liability management activities are recorded in processing fees and other revenue. | ||||||||||||||||||||||||||||||||||||||||
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) | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Interest-rate contracts: | ||||||||||||||||||||||||||||||||||||||||
Swap agreements and forwards | $ | 645 | $ | 1,023 | ||||||||||||||||||||||||||||||||||||
Options and caps purchased | 7 | 27 | ||||||||||||||||||||||||||||||||||||||
Options and caps written | 7 | 27 | ||||||||||||||||||||||||||||||||||||||
Futures | 3,939 | 3,282 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||||
Forward, swap and spot | 1,231,344 | 1,124,355 | ||||||||||||||||||||||||||||||||||||||
Options purchased | 2,767 | 1,666 | ||||||||||||||||||||||||||||||||||||||
Options written | 2,404 | 1,423 | ||||||||||||||||||||||||||||||||||||||
Credit derivative contracts: | ||||||||||||||||||||||||||||||||||||||||
Credit swap agreements | 191 | 141 | ||||||||||||||||||||||||||||||||||||||
Commodity and equity contracts: | ||||||||||||||||||||||||||||||||||||||||
Commodity(1) | 26 | 2 | ||||||||||||||||||||||||||||||||||||||
Equity(1) | 2 | 1 | ||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||
Stable value contracts | 23,409 | 24,906 | ||||||||||||||||||||||||||||||||||||||
Deferred value awards(2) | 210 | 42 | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Interest-rate contracts: | ||||||||||||||||||||||||||||||||||||||||
Swap agreements | 6,077 | 5,221 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||||
Forward and swap | 2,705 | 2,783 | ||||||||||||||||||||||||||||||||||||||
(1) Primarily composed of positions held by a consolidated sponsored investment fund, more fully described in note 12. | ||||||||||||||||||||||||||||||||||||||||
(2) Represents grants of deferred value 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: | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014(1) | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Fair | |||||||||||||||||||||||||||||||||||||||
Value | ||||||||||||||||||||||||||||||||||||||||
Hedges | ||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | $ | 2,577 | ||||||||||||||||||||||||||||||||||||||
Long-term debt(2) | 3,500 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 6,077 | ||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Fair | Cash | Total | |||||||||||||||||||||||||||||||||||||
Value | Flow | |||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | |||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | $ | 2,589 | $ | 132 | $ | 2,721 | ||||||||||||||||||||||||||||||||||
Long-term debt(2) | 2,500 | — | 2,500 | |||||||||||||||||||||||||||||||||||||
Total | $ | 5,089 | $ | 132 | $ | 5,221 | ||||||||||||||||||||||||||||||||||
(1) As of December 31, 2014 there were no interest-rate contracts designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||||
(2) As of December 31, 2014, these fair value hedges increased the carrying value of long-term debt presented in our consolidated statement of condition by $76 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: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Contractual | Rate | Contractual | Rate | |||||||||||||||||||||||||||||||||||||
Rates | Including | Rates | Including | |||||||||||||||||||||||||||||||||||||
Impact of Hedges | Impact of Hedges | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 3.44 | % | 2.63 | % | 3.46 | % | 2.75 | % | ||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||
Derivative Assets(1) | ||||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||||
(In millions) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 14,626 | $ | 11,552 | ||||||||||||||||||||||||||||||||||||
Interest-rate contracts | 15 | 29 | ||||||||||||||||||||||||||||||||||||||
Other derivative contracts | 2 | 1 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 14,643 | $ | 11,582 | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 509 | $ | 359 | ||||||||||||||||||||||||||||||||||||
Interest-rate contracts | 62 | 36 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 571 | $ | 395 | ||||||||||||||||||||||||||||||||||||
(1) Derivative assets are included within Other assets in our consolidated statement of condition. | ||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities(1) | ||||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||||
(In millions) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 14,922 | $ | 11,428 | ||||||||||||||||||||||||||||||||||||
Other derivative contracts | 70 | 23 | ||||||||||||||||||||||||||||||||||||||
Interest-rate contracts | 16 | 29 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 15,008 | $ | 11,480 | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Interest-rate contracts | $ | 223 | $ | 302 | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 3 | 43 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 226 | $ | 345 | ||||||||||||||||||||||||||||||||||||
(1) Derivative liabilities are included within other liabilities in our consolidated statement of condition. | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Trading services revenue | $ | 612 | $ | 586 | $ | 576 | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | Processing fees and other revenue | — | — | (2 | ) | |||||||||||||||||||||||||||||||||||
Interest-rate contracts | Trading services revenue | 1 | 2 | (86 | ) | |||||||||||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and other revenue | — | — | 6 | ||||||||||||||||||||||||||||||||||||
Credit derivative contracts | Trading services revenue | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Credit derivative contracts | Processing fees and other revenue | (1 | ) | 1 | — | |||||||||||||||||||||||||||||||||||
Other derivative contracts | Trading services revenue | (2 | ) | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 611 | $ | 589 | $ | 494 | ||||||||||||||||||||||||||||||||||
Location of (Gain) Loss on | Amount of (Gain) Loss on Derivative Recognized | |||||||||||||||||||||||||||||||||||||||
Derivative in Consolidated | in Consolidated Statement of Income | |||||||||||||||||||||||||||||||||||||||
Statement of Income | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Other derivative contracts | Compensation and employee benefits | $ | 106 | $ | 14 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 106 | $ | 14 | $ | — | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Processing fees and | $ | (92 | ) | (183 | ) | 34 | Investment securities | Processing fees and | $ | 92 | $ | 183 | $ | (34 | ) | ||||||||||||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | (44 | ) | 32 | 11 | Available-for-sale securities | Processing fees and | 39 | (30 | ) | (17 | ) | ||||||||||||||||||||||||||||
other revenue | other revenue(1) | |||||||||||||||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | 150 | (192 | ) | 50 | Long-term debt | Processing fees and | (138 | ) | 175 | (45 | ) | ||||||||||||||||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||||||||||||||
Total | $ | 14 | $ | (343 | ) | $ | 95 | $ | (7 | ) | $ | 328 | $ | (96 | ) | |||||||||||||||||||||||||
(1) Represents amounts reclassified out of or into other comprehensive income, or OCI. For the year ended December 31, 2014, $24 million of unrealized losses on available-for-sale securities designated in fair value hedges were recognized in OCI. For the year ended December 31, 2013 and 2012, $86 million and $27 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 | ||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||
Interest-rate contracts | $ | (2 | ) | $ | 9 | $ | 4 | Net interest revenue | $ | (4 | ) | $ | (4 | ) | $ | (5 | ) | Net interest revenue | $ | 3 | $ | 3 | $ | 3 | ||||||||||||||||
Foreign exchange contracts | 126 | 153 | 122 | Net interest revenue | — | — | — | Net interest revenue | 6 | 6 | 6 | |||||||||||||||||||||||||||||
Total | $ | 124 | $ | 162 | $ | 126 | $ | (4 | ) | $ | (4 | ) | $ | (5 | ) | $ | 9 | $ | 9 | $ | 9 | |||||||||||||||||||
Offsetting_Arrangements
Offsetting Arrangements | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013, the fair value of securities received as collateral where we are permitted to transfer or re-pledge the securities totaled $2.60 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 $125 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: | 31-Dec-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 | $ | 15,135 | $ | (6,275 | ) | $ | 8,860 | $ | 11,911 | $ | (4,514 | ) | $ | 7,397 | |||||||||||||||||||
Interest-rate contracts | 77 | (21 | ) | 56 | 65 | (59 | ) | 6 | |||||||||||||||||||||||||
Other derivative contracts | 2 | (1 | ) | 1 | 1 | — | 1 | ||||||||||||||||||||||||||
Cash collateral netting | — | (983 | ) | (983 | ) | — | (1,928 | ) | (1,928 | ) | |||||||||||||||||||||||
Total derivatives | $ | 15,214 | $ | (7,280 | ) | $ | 7,934 | $ | 11,977 | $ | (6,501 | ) | $ | 5,476 | |||||||||||||||||||
Other financial instruments: | |||||||||||||||||||||||||||||||||
Resale agreements and securities borrowing(3) | $ | 47,488 | $ | (29,157 | ) | $ | 18,331 | $ | 48,221 | $ | (30,700 | ) | $ | 17,521 | |||||||||||||||||||
Total derivatives and other financial instruments | $ | 62,702 | $ | (36,437 | ) | $ | 26,265 | $ | 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 $18,331 million as of December 31, 2014 were $2,390 million of resale agreements and $15,941 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 10 for additional information with respect to principal securities finance transactions. | |||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 7,934 | $ | — | $ | (1,490 | ) | $ | 6,444 | $ | 5,476 | $ | — | $ | (181 | ) | $ | 5,295 | |||||||||||||||
Resale agreements and securities borrowing | 18,331 | (128 | ) | (18,157 | ) | 46 | 17,521 | (131 | ) | (14,983 | ) | 2,407 | |||||||||||||||||||||
Total | $ | 26,265 | $ | (128 | ) | $ | (19,647 | ) | $ | 6,490 | $ | 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: | 31-Dec-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 | $ | 14,925 | $ | (6,275 | ) | $ | 8,650 | $ | 11,471 | $ | (4,514 | ) | $ | 6,957 | |||||||||||||||||||
Interest-rate contracts | 239 | (20 | ) | 219 | 331 | (59 | ) | 272 | |||||||||||||||||||||||||
Other derivative contracts | 70 | (1 | ) | 69 | 9 | — | 9 | ||||||||||||||||||||||||||
Cash collateral netting | — | (2,630 | ) | (2,630 | ) | — | (979 | ) | (979 | ) | |||||||||||||||||||||||
Total derivatives | $ | 15,234 | $ | (8,926 | ) | $ | 6,308 | $ | 11,811 | $ | (5,552 | ) | $ | 6,259 | |||||||||||||||||||
Other financial instruments: | |||||||||||||||||||||||||||||||||
Repurchase agreements and securities lending(3) | $ | 44,562 | $ | (29,157 | ) | $ | 15,405 | $ | 45,273 | $ | (30,700 | ) | $ | 14,573 | |||||||||||||||||||
Total derivatives and other financial instruments | $ | 59,796 | $ | (38,083 | ) | $ | 21,713 | $ | 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 $15,405 million as of December 31, 2014 were $8,925 million of repurchase agreements and $6,480 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 10 for additional information with respect to principal securities finance transactions. | |||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 6,308 | $ | — | $ | (19 | ) | $ | 6,289 | $ | 6,259 | $ | — | $ | (6 | ) | $ | 6,253 | |||||||||||||||
Repurchase agreements and securities lending | 15,405 | (128 | ) | (13,872 | ) | 1,405 | 14,573 | (131 | ) | (13,036 | ) | 1,406 | |||||||||||||||||||||
Total | $ | 21,713 | $ | (128 | ) | $ | (13,891 | ) | $ | 7,694 | $ | 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 | 12 Months Ended | |||||||||||
Dec. 31, 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: | ||||||||||||
Twelve Months Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Interest revenue: | ||||||||||||
Deposits with banks | $ | 196 | $ | 125 | $ | 141 | ||||||
Investment securities: | ||||||||||||
U.S. Treasury and federal agencies | 672 | 707 | 799 | |||||||||
State and political subdivisions | 231 | 249 | 214 | |||||||||
Other investments | 1,241 | 1,331 | 1,552 | |||||||||
Securities purchased under resale agreements | 38 | 45 | 51 | |||||||||
Trading account assets | 1 | — | — | |||||||||
Loans and leases | 266 | 253 | 254 | |||||||||
Other interest-earning assets | 7 | 4 | 3 | |||||||||
Total interest revenue | 2,652 | 2,714 | 3,014 | |||||||||
Interest expense: | ||||||||||||
Deposits | 99 | 93 | 166 | |||||||||
Short-term borrowings | 5 | 60 | 73 | |||||||||
Long-term debt | 245 | 232 | 222 | |||||||||
Other interest-bearing liabilities | 43 | 26 | 15 | |||||||||
Total interest expense | 392 | 411 | 476 | |||||||||
Net interest revenue | $ | 2,260 | $ | 2,303 | $ | 2,538 | ||||||
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Employee Benefits |
Defined Benefit Pension and Other Post-Retirement Benefit Plans | |
State Street Bank and certain of its U.S. subsidiaries participate in a non-contributory, tax-qualified defined benefit pension plan. The U.S. defined benefit pension plan was frozen as of December 31, 2007 and no new employees were eligible to participate after that date. State Street has agreed to contribute sufficient amounts as necessary to meet the benefits paid to plan participants and to fund the plan’s service cost, plus interest. U.S. employee account balances earn annual interest credits until the employee’s retirement. Non-U.S. employees participate in local defined benefit plans which are funded as required in each local jurisdiction. In addition to the defined benefit pension plans, we have non-qualified unfunded supplemental retirement plans, referred to as SERPs, that provide certain officers with defined pension benefits in excess of allowable qualified plan limits. State Street Bank and certain of its U.S. subsidiaries also participate in a post-retirement plan that provides health care and insurance benefits for certain retired employees. The total expense for these tax-qualified and non-qualified plans was $32 million, $42 million and $44 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
We recognize the funded status of our defined benefit pension plans and other post-retirement benefit plans, measured as the difference between the fair value of the plan assets and the projected benefit obligation, in the consolidated statement of position. The assets held by the defined benefit pension plans are largely made up of common, collective funds that are liquid and invest principally in U.S. equities and high-quality fixed income investments. The majority of these assets fall within Level 2 of the fair value hierarchy. The benefit obligations associated with our primary U.S. and non-U.S. defined benefit plans, non-qualified unfunded supplemental retirement plans and post-retirement plans were $1.26 billion, $168 million and $120 million, respectively, as of December 31, 2014 and $1.08 billion, $154 million and $108 million, respectively, as of December 31, 2013. As the primary defined benefit plans are frozen, the benefit obligation will only vary over time as a result of changes in market interest rates, the life expectancy of the plan participants and payments made from the plans. The primary U.S. and non-U.S. defined benefit pension plans were underfunded $50 million at December 31, 2014 and overfunded $40 million at December 31, 2013. The non-qualified supplemental retirement plans were underfunded by $168 million and $154 million at December 31, 2014 and 2013, respectively. The other post-retirement benefit plans were underfunded by $120 million and $108 million at December 31, 2014 and 2013, respectively. The funded status is included in other assets (overfunded) and in other liabilities (underfunded). | |
Defined Contribution Retirement Plans | |
We contribute to employer-sponsored U.S. and non-U.S. defined contribution plans. Our contribution to these plans was $147 million for 2014, $134 million for 2013 and $146 million for 2012. |
Occupancy_Expense_and_Informat
Occupancy Expense and Information Systems and Communications Expense | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Occupancy Expense and Information Systems and Communications Expense [Abstract] | ||||||||||||
Occupancy Expense and Information Systems and Communications Expense | Occupancy Expense and Information Systems and Communications Expense | |||||||||||
Occupancy expense and information systems and communications expense include depreciation of buildings, leasehold improvements, computer hardware and software, equipment, and furniture and fixtures. Total depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $417 million, $401 million and $407 million, respectively. | ||||||||||||
We lease 1,025,000 square feet at One Lincoln Street, our headquarters building located in Boston, Massachusetts, and a related underground parking garage, under 20-year, non-cancelable capital leases expiring in September 2023. A portion of the lease payments is offset by subleases for approximately 127,000 square feet of the building. In 2014, we began leasing approximately 500,000 square feet at the Channel Center in Boston, Massachusetts under a 16-year capital lease expiring in December 2029. In addition, we lease approximately 362,000 square feet at 20 Churchill Place, an office building located in the U.K., under a 20-year capital lease expiring in December 2028. As of December 31, 2014 and 2013, an aggregate net book value of $624 million and $646 million, respectively, related to the above-described capital leases was recorded in premises and equipment, with the related liability recorded in long-term debt, in our consolidated statement of condition. | ||||||||||||
Capital lease asset amortization is recorded in occupancy expense in our consolidated statement of income over the respective lease term. Lease payments are recorded as a reduction of the liability, with a portion recorded as imputed interest expense. For the years ended December 31, 2014, 2013 and 2012, interest expense related to these capital lease obligations, reflected in net interest revenue, was $38 million, $40 million and $42 million, respectively. As of December 31, 2014 and 2013, accumulated amortization of capital lease assets was $426 million and $369 million, respectively. | ||||||||||||
We have entered into non-cancelable operating leases for premises and equipment. Nearly all of these leases include renewal options. Costs related to operating leases for office space are recorded in occupancy expense. Costs related to operating leases for equipment are recorded in information systems and communications expense. | ||||||||||||
Total rental expense, net of sublease revenue, amounted to $204 million, $224 million and $227 million for the years ended December 31, 2014, 2013 and 2012, respectively. Total rental expense was reduced by sublease revenue of $6 million for both years ended December 31, 2014, and 2013 and $4 million for the year ended December 31, 2012. | ||||||||||||
The following table presents a summary of future minimum lease payments under non-cancelable capital and operating leases as of December 31, 2014. Aggregate future minimum rental commitments have been reduced by aggregate sublease rental commitments of $55 million for capital leases and $15 million for operating leases. | ||||||||||||
(In millions) | Capital | Operating | Total | |||||||||
Leases | Leases | |||||||||||
2015 | $ | 105 | $ | 179 | $ | 284 | ||||||
2016 | 91 | 141 | 232 | |||||||||
2017 | 82 | 145 | 227 | |||||||||
2018 | 82 | 119 | 201 | |||||||||
2019 | 82 | 86 | 168 | |||||||||
Thereafter | 520 | 265 | 785 | |||||||||
Total minimum lease payments | 962 | $ | 935 | $ | 1,897 | |||||||
Less amount representing interest payments | (248 | ) | ||||||||||
Present value of minimum lease payments | $ | 714 | ||||||||||
Expenses
Expenses | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Other Expenses [Abstract] | ||||||||||||||||
Expenses | Expenses | |||||||||||||||
Severance Costs: | ||||||||||||||||
We recorded $84 million and $11 million of net severance costs in the years ended December 31, 2014 and 2013, respectively. 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: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||
Acquisition costs | $ | 58 | $ | 76 | $ | 26 | ||||||||||
Restructuring charges, net | 75 | 28 | 199 | |||||||||||||
Total acquisition and restructuring costs | $ | 133 | $ | 104 | $ | 225 | ||||||||||
Acquisition Costs | ||||||||||||||||
Acquisition costs recorded in the years ended December 31, 2014, 2013 and 2012 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 related accruals, is provided in the following sections. | ||||||||||||||||
Business Operations and Information Technology Transformation Program | ||||||||||||||||
In November 2010, we announced a global multi-year Business Operations and Information Technology Transformation program which we completed in the fourth quarter of 2014. The program included operational, information technology and targeted cost initiatives, including reductions in both staff and occupancy costs. | ||||||||||||||||
The majority of the annual savings have affected compensation and employee benefits expenses. These savings have been modestly offset by increases in information systems and communications expenses. | ||||||||||||||||
We recorded aggregate restructuring charges of $440 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 $59 million in 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 1,574 additional involuntary terminations. As of December 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 2012 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 | 38 | 21 | — | 59 | ||||||||||||
Additional accruals for 2012 expense control measures | (2 | ) | — | 18 | 16 | |||||||||||
Payments and adjustments | (46 | ) | (46 | ) | (18 | ) | (110 | ) | ||||||||
Balance as of December 31, 2014 | $ | 40 | $ | 24 | $ | 7 | $ | 71 | ||||||||
Other Expenses: | ||||||||||||||||
Other expenses of $751 million in 2014 included a legal accrual of $185 million in connection with management's intention to seek to resolve some, but not all, of the outstanding and potential claims arising out of our indirect FX client activities. These matters are more fully discussed under "Legal and Regulatory Matters" in note 11 to the consolidated financial statements. | ||||||||||||||||
As a result of the 2008 Lehman Brothers bankruptcy, we had various claims against Lehman Brothers entities in bankruptcy proceedings in the U.S. and the U.K. We also had amounts asserted as owed, or return obligations, to Lehman Brothers entities. The various claims and amounts owed arose from transactions that existed at the time Lehman Brothers entered bankruptcy, including prime brokerage arrangements, foreign exchange transactions, securities lending arrangements and repurchase agreements. In 2011, we reached an agreement with certain Lehman Brothers estates in the U.S. to resolve the value of deficiency claims arising out of indemnified repurchase transactions in the U.S., and the bankruptcy court allowed those claims in the amount of $400 million. | ||||||||||||||||
In 2012, we reached an agreement to settle the claims against the Lehman Brothers estate in the U.K. related to the close-out of securities lending and repurchase arrangements. | ||||||||||||||||
In connection with our resolution of the indemnified repurchase and securities lending claims in the U.S. and the U.K., we recognized a credit of approximately $362 million in our consolidated statement of income in 2012. Both certified claims retained as part of the settlement agreements were subsequently sold at their respective fair values, resulting in an additional gain of approximately $10 million, which was also recorded in our consolidated statement of income in 2012. | ||||||||||||||||
In 2014, we received aggregate distributions totaling approximately $21 million from the Lehman Brothers estates, compared to approximately $186 million from the Lehman Brothers estates in 2013. Of the aggregate distributions received in both 2014 and 2013, approximately $11 million and $101 million was applied to reduce remaining Lehman Brothers-related assets, primarily prime brokerage claim-related receivables, recorded in our consolidated statement of condition; the remaining $10 million and $85 million, respectively, was recorded as an aggregate credit to other expenses in our consolidated statement of income. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
We use an asset-and-liability approach to account for income taxes. Our objective is to recognize the amount of taxes payable or refundable for the current year through charges or credits to the current tax provision, and to recognize deferred tax assets and deferred tax liabilities for the future tax consequences resulting from temporary differences between the amounts reported in our consolidated financial statements and their respective tax bases. The measurement of tax assets and liabilities is based on enacted tax laws and applicable tax rates. The effects of a tax position on our consolidated financial statements are recognized when we believe it is more likely than not that the position will be sustained. A deferred-tax-asset valuation allowance is established if it is considered more likely than not that all or a portion of the deferred tax assets will not be realized. Deferred tax assets and deferred tax liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction. | ||||||||||||
The following table presents the components of income tax expense for the years ended December 31: | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 59 | $ | 193 | $ | 148 | ||||||
State | 39 | 47 | 64 | |||||||||
Non-U.S. | 257 | 248 | 262 | |||||||||
Total current expense | 355 | 488 | 474 | |||||||||
Deferred: | ||||||||||||
Federal | 42 | 28 | 267 | |||||||||
State | 11 | 17 | 27 | |||||||||
Non-U.S. | 13 | 17 | (63 | ) | ||||||||
Total deferred expense | 66 | 62 | 231 | |||||||||
Total income tax expense | $ | 421 | $ | 550 | $ | 705 | ||||||
In 2014 we expanded our municipal securities portfolio, increased our investments in alternative energy projects and realized greater benefits from our non-U.S. operations. | ||||||||||||
In 2013, we completed a multi-year tax data enhancement process, the final stages of which identified a reconciliation difference in our deferred tax accounts, and we determined that our deferred tax liabilities were overstated by $50 million and our deferred tax assets were understated by $21 million, which resulted in an out-of-period income tax benefit of $71 million. This income tax benefit is reflected in the table above as a reduction of total deferred income tax expense for 2013. | ||||||||||||
The amount for 2012 presented in the table included income tax expense of $40 million associated with indemnification benefits, recorded as offsets to acquisition costs, for the assumption of income tax liabilities related to the 2010 Intesa acquisition. | ||||||||||||
The amount of income tax expense (benefit) related to net gains (losses) from sales of investment securities was $5 million, $6 million and $22 million in 2014, 2013 and 2012, respectively. Pre-tax income attributable to our operations located outside the U.S. was approximately $1.33 billion, $1.25 billion and $1.11 billion for 2014, 2013 and 2012, respectively. | ||||||||||||
Pre-tax earnings of our non-U.S. subsidiaries are subject to U.S. income tax when effectively repatriated. As of December 31, 2014, we have chosen to indefinitely reinvest approximately $4.2 billion of earnings of certain of our non-U.S. subsidiaries. No provision has been recorded for U.S. income taxes that could be incurred upon repatriation. As of December 31, 2014, if such earnings had been repatriated to the U.S., we would have provided for approximately $876 million of additional income tax expense. | ||||||||||||
The following table presents significant components of our gross deferred tax assets and gross deferred tax liabilities as of December 31: | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Unrealized losses on investment securities, net | $ | — | $ | 421 | ||||||||
Deferred compensation(1) | 168 | 209 | ||||||||||
Defined benefit pension plan | 193 | 97 | ||||||||||
Restructuring charges and other reserves | 160 | 126 | ||||||||||
Foreign currency translation | 56 | — | ||||||||||
Real estate | 9 | 18 | ||||||||||
Other | 68 | 57 | ||||||||||
Total deferred tax assets | 654 | 928 | ||||||||||
Valuation allowance for deferred tax assets | (54 | ) | (33 | ) | ||||||||
Deferred tax assets, net of valuation allowance | $ | 600 | $ | 895 | ||||||||
Deferred tax liabilities: | ||||||||||||
Unrealized gains on securities, net | $ | 5 | $ | — | ||||||||
Leveraged lease financing | 326 | 359 | ||||||||||
Fixed and intangible assets | 1,006 | 1,073 | ||||||||||
Non-U.S. earnings | 167 | 105 | ||||||||||
Foreign currency translation | — | 35 | ||||||||||
Other(2) | 83 | 44 | ||||||||||
Total deferred tax liabilities | $ | 1,587 | $ | 1,616 | ||||||||
(1) Amount as of December 31, 2013 includes an increase of $21 million associated with an out-of-period income tax benefit recorded in 2013. | ||||||||||||
(2) Amount as of December 31, 2013 was adjusted to reflect a decrease of $50 million associated with an out-of-period income tax benefit recorded in 2013. | ||||||||||||
Management considers the valuation allowance adequate to reduce the total deferred tax assets to an aggregate amount that will more likely than not be realized. Management has determined that a valuation allowance is not required for the remaining deferred tax assets because it is more likely than not that there is sufficient taxable income of the appropriate nature within the carryback and carryforward periods to realize these assets. | ||||||||||||
As of December 31, 2014 and 2013, we had deferred tax assets associated with tax credit carryforwards of $2 million and $3 million, respectively, which are presented in the table. The tax credit carryforwards expire in 2033. As of December 31, 2014 and 2013, we had deferred tax assets associated with non-U.S. and state loss carryforwards of $53 million and $50 million, respectively, included in “other” in the table. Of the total loss carryforwards of $53 million as of December 31, 2014, $41 million do not expire, and the remaining $12 million expire through 2033. The loss carryforwards have a valuation allowance of $45 million and $30 million for the years ending December 31, 2014 and 2013. | ||||||||||||
The following table presents a reconciliation of the U.S. statutory income tax rate to our effective tax rate based on income before income tax expense for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Changes from statutory rate: | ||||||||||||
State taxes, net of federal benefit | 1.5 | 1.6 | 1.8 | |||||||||
Tax-exempt income | (5.0 | ) | (3.7 | ) | (2.6 | ) | ||||||
Tax credits | (6.7 | ) | (3.6 | ) | (2.8 | ) | ||||||
Foreign tax differential | (8.5 | ) | (5.9 | ) | (5.5 | ) | ||||||
Out-of-period income tax benefit(1) | — | (2.7 | ) | — | ||||||||
Other, net | 0.9 | (.2 | ) | (.4 | ) | |||||||
Effective tax rate | 17.2 | % | 20.5 | % | 25.5 | % | ||||||
(1) | Excluding the impact of the out-of-period income tax benefit of $71 million described earlier in this note, our effective tax rate for 2013 would have been 23.2%. | |||||||||||
The following table presents activity related to unrecognized tax benefits as of December 31: | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Beginning balance | $ | 158 | $ | 95 | ||||||||
Decrease related to agreements with tax authorities | (9 | ) | (4 | ) | ||||||||
Increase related to tax positions taken during current year | 8 | 10 | ||||||||||
Increase related to tax positions taken during prior year | 6 | 57 | ||||||||||
Ending balance | $ | 163 | $ | 158 | ||||||||
The amount of unrecognized tax benefits that, if recognized, would reduce income tax expense and our effective tax rate was $96 million as of December 31, 2014. Unrecognized tax benefits do not include accrued interest of approximately $9 million and $7 million as of December 31, 2014 and 2013, respectively. | ||||||||||||
We recorded interest and penalties related to income taxes as a component of income tax expense. Income tax expense included related interest and penalties of approximately $3 million for the years ended December 31, 2014 and 2013. | ||||||||||||
It is reasonably possible that the unrecognized tax benefits could decrease by up to $120 million within the next 12 months due to the resolution of an audit, of which $61 million would reduce our income tax expense and our effective tax rate. Management believes that we have sufficient accrued liabilities as of December 31, 2014 for tax exposures and related interest expense. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Common Share | Earnings Per Common Share | |||||||||||
Basic earnings per share, or EPS, is calculated pursuant to the “two-class” method, by dividing net income available to common shareholders by the weighted-average common shares outstanding during the period. Diluted EPS is calculated pursuant to the two-class method, by dividing net income available to common shareholders by the total weighted-average number of common shares outstanding for the period plus the shares representing the dilutive effect of common stock options and other equity-based awards. The effect of common stock options and other equity-based awards is excluded from the calculation of diluted EPS in periods in which their effect would be anti-dilutive. | ||||||||||||
The two-class method requires the allocation of undistributed net income between common and participating shareholders. Net income available to common shareholders, presented separately in our consolidated statement of income, is the basis for the calculation of both basic and diluted EPS. Participating securities are composed of unvested restricted stock and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with common shareholders in undistributed earnings. | ||||||||||||
The following tables present the computation of basic and diluted earnings per common share for the years ended December 31: | ||||||||||||
(Dollars in millions, except per share amounts) | 2014 | 2013 | 2012 | |||||||||
Net income | $ | 2,037 | $ | 2,136 | $ | 2,061 | ||||||
Less: | ||||||||||||
Preferred stock dividends | (61 | ) | (26 | ) | (29 | ) | ||||||
Dividends and undistributed earnings allocated to participating securities(1) | (3 | ) | (8 | ) | (13 | ) | ||||||
Net income available to common shareholders | $ | 1,973 | $ | 2,102 | $ | 2,019 | ||||||
Average common shares outstanding (in thousands): | ||||||||||||
Basic average common shares | 424,223 | 446,245 | 474,458 | |||||||||
Effect of dilutive securities: common stock options and common stock awards | 7,784 | 8,910 | 6,671 | |||||||||
Diluted average common shares | 432,007 | 455,155 | 481,129 | |||||||||
Anti-dilutive securities(2) | 1,498 | 1,855 | 5,619 | |||||||||
Earnings per Common Share: | ||||||||||||
Basic | $ | 4.65 | $ | 4.71 | $ | 4.25 | ||||||
Diluted(3) | 4.57 | 4.62 | 4.2 | |||||||||
(1) Represents 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) Represents 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 | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 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. | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment Servicing provides services for U.S. 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. We provide shareholder services, which include mutual fund and collective investment fund shareholder accounting, through 50%-owned affiliates, Boston Financial Data Services, Inc. and the International Financial Data Services group of companies. | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment Management, through 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. | ||||||||||||||||||||||||||||||||||||||||||||||||
Our investment servicing strategy is to focus on total client relationships and the full integration of our products and services across our client base through cross-selling opportunities. In general, our clients will use a combination of services, depending on their needs, rather than one product or service. For instance, a custody client may purchase securities finance and cash management services from different business units. Products and services that we provide to our clients are parts of an integrated offering to these clients. We price our products and services on the basis of overall client relationships and other factors; as a result, revenue may not necessarily reflect the stand-alone market price of these products and services within the business lines in the same way it would for separate business entities. | ||||||||||||||||||||||||||||||||||||||||||||||||
Generally, approximately 70% to 75% of our consolidated total revenue (fee revenue from investment servicing and investment management, as well as trading services and securities finance activities) is generated by these two business lines. The remaining 25% to 30% is composed of processing fees and other revenue, net interest revenue, which is largely generated by our investment of client deposits, short-term borrowings and long-term debt in a variety of assets, and net gains (losses) related to investment securities. These other revenue types are generally fully allocated to, or reside in, Investment Servicing and Investment Management. | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue and expenses are directly charged or allocated to our lines of business through management information systems. Assets and liabilities are allocated according to policies that support management’s strategic and tactical goals. Capital is allocated based on the relative risks and capital requirements inherent in each business line, along with management judgment. Capital allocations may not be representative of the capital that might be required if these lines of business were separate business entities. | ||||||||||||||||||||||||||||||||||||||||||||||||
The following is a summary of our line-of-business results for the periods indicated. | ||||||||||||||||||||||||||||||||||||||||||||||||
The “Other” column for the year ended December 31, 2014 included net costs $219 million composed of the following - | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Net acquisition and restructuring costs of $133 million; | |||||||||||||||||||||||||||||||||||||||||||||||
• | Net severance costs associated with staffing realignment of $84 million; and | |||||||||||||||||||||||||||||||||||||||||||||||
• | Net provisions for litigation exposure and other costs of $2 million. | |||||||||||||||||||||||||||||||||||||||||||||||
The “Other” column for the year ended December 31, 2013 included net costs of $180 million composed of the following - | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Net acquisition and restructuring costs of $104 million; | |||||||||||||||||||||||||||||||||||||||||||||||
• | Net provisions for litigation exposure and other costs of $65 million; and | |||||||||||||||||||||||||||||||||||||||||||||||
• | Net severance costs associated with staffing realignment of $11 million; and | |||||||||||||||||||||||||||||||||||||||||||||||
The “Other” column for the year ended December 31, 2012 included net losses of $27 million composed of the following - | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Net realized loss from the sale of all of our Greek investment securities of $46 million; | |||||||||||||||||||||||||||||||||||||||||||||||
• | A benefit related to claims associated with the 2008 Lehman Brothers bankruptcy of $362 million; | |||||||||||||||||||||||||||||||||||||||||||||||
• | Net acquisition and restructuring costs of $225 million; and | |||||||||||||||||||||||||||||||||||||||||||||||
• | Net provisions for litigation exposure and other costs of $118 million. | |||||||||||||||||||||||||||||||||||||||||||||||
The amounts in the “Other” columns were not allocated to State Street's business lines. Prior reported results reflect reclassifications, for comparative purposes, related to management changes in methodologies associated with allocations of revenue and expenses to lines-of-business in 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||
Servicing | Management | |||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions, | ||||||||||||||||||||||||||||||||||||||||||||||||
except where otherwise noted) | ||||||||||||||||||||||||||||||||||||||||||||||||
Servicing fees | $ | 5,129 | $ | 4,819 | $ | 4,414 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,129 | $ | 4,819 | $ | 4,414 | ||||||||||||||||||||||||
Management fees | — | — | — | 1,207 | 1,106 | 993 | — | — | — | 1,207 | 1,106 | 993 | ||||||||||||||||||||||||||||||||||||
Trading services | 1,039 | 1,027 | 938 | 45 | 67 | 98 | — | — | — | 1,084 | 1,094 | 1,036 | ||||||||||||||||||||||||||||||||||||
Securities finance | 437 | 359 | 405 | — | — | — | — | — | — | 437 | 359 | 405 | ||||||||||||||||||||||||||||||||||||
Processing fees and other | 179 | 206 | 235 | (5 | ) | 6 | 5 | — | — | — | 174 | 212 | 240 | |||||||||||||||||||||||||||||||||||
Total fee revenue | 6,784 | 6,411 | 5,992 | 1,247 | 1,179 | 1,096 | — | — | — | 8,031 | 7,590 | 7,088 | ||||||||||||||||||||||||||||||||||||
Net interest revenue | 2,188 | 2,221 | 2,464 | 72 | 82 | 74 | — | — | — | 2,260 | 2,303 | 2,538 | ||||||||||||||||||||||||||||||||||||
Gains (losses) related to investment securities, net | 4 | (9 | ) | 69 | — | — | — | — | — | (46 | ) | 4 | (9 | ) | 23 | |||||||||||||||||||||||||||||||||
Total revenue | 8,976 | 8,623 | 8,525 | 1,319 | 1,261 | 1,170 | — | — | (46 | ) | 10,295 | 9,884 | 9,649 | |||||||||||||||||||||||||||||||||||
Provision for loan losses | 10 | 6 | (3 | ) | — | — | — | — | — | — | 10 | 6 | (3 | ) | ||||||||||||||||||||||||||||||||||
Total expenses | 6,648 | 6,190 | 6,058 | 960 | 822 | 847 | 219 | 180 | (19 | ) | 7,827 | 7,192 | 6,886 | |||||||||||||||||||||||||||||||||||
Income before income tax expense | $ | 2,318 | $ | 2,427 | $ | 2,470 | $ | 359 | $ | 439 | $ | 323 | $ | (219 | ) | $ | (180 | ) | $ | (27 | ) | $ | 2,458 | $ | 2,686 | $ | 2,766 | |||||||||||||||||||||
Pre-tax margin | 26 | % | 28 | % | 29 | % | 27 | % | 35 | % | 28 | % | 24 | % | 27 | % | 29 | % | ||||||||||||||||||||||||||||||
Average assets (in billions) | $ | 234.2 | $ | 203.2 | $ | 190.1 | $ | 3.9 | $ | 3.8 | $ | 3.7 | $ | 238.1 | $ | 207 | $ | 193.8 | ||||||||||||||||||||||||||||||
NonUS_Activities
Non-U.S. Activities | 12 Months Ended | |||||||||||
Dec. 31, 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 years ended December 31: | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Total fee revenue | $ | 3,364 | $ | 3,119 | $ | 2,917 | ||||||
Net interest revenue | 1,236 | 1,191 | 953 | |||||||||
Gains (losses) related to investment securities, net | 6 | (11 | ) | (40 | ) | |||||||
Total revenue | 4,606 | 4,299 | 3,830 | |||||||||
Expenses | 3,272 | 3,130 | 3,013 | |||||||||
Income before income taxes | 1,334 | 1,169 | 817 | |||||||||
Income tax expense | 319 | 289 | 204 | |||||||||
Net income | $ | 1,015 | $ | 880 | $ | 613 | ||||||
Gain (losses) related to investment securities, net, for the year ended December 31, 2012 included a loss of $46 million from the sale of all of our Greek investment securities. Non-U.S. revenue for the year ended December 31, 2014 included $1.02 billion in the U.K., primarily from our London operations. | ||||||||||||
The following table presents the significant components of our non-U.S. assets as of December 31, based on the domicile of the underlying counterparties: | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Interest-bearing deposits with banks | $ | 17,382 | $ | 9,584 | ||||||||
Investment securities | 29,060 | 31,522 | ||||||||||
Other assets | 13,577 | 16,778 | ||||||||||
Total non-U.S. assets | $ | 60,019 | $ | 57,884 | ||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event |
On February 20, 2015, we announced an increase from $50 million to $115 million of the fourth-quarter 2014 legal accrual associated with indirect foreign exchange matters that we announced on January 23, 2015, when we initially reported on our results for the fourth-quarter and year-ended December 31, 2014. See our Current Report on Form 8-K dated, and filed with the SEC on, February 20, 2015 for additional information regarding this additional accrual. The effects of the additional accrual are reflected in the financial and other information reported in this Form 10-K. |
Parent_Company_Financial_State
Parent Company Financial Statement | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Parent Company Financial Statement | Parent Company Financial Statements | |||||||||||
The following tables present the financial statements of the parent company without consolidation of its banking and non-banking subsidiaries, as of and for the years ended December 31: | ||||||||||||
STATEMENT OF INCOME - PARENT COMPANY | ||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||
(In millions) | ||||||||||||
Cash dividends from consolidated banking subsidiary | $ | 1,470 | $ | 1,694 | $ | 1,785 | ||||||
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities | 138 | 250 | 68 | |||||||||
Other, net | 63 | 35 | 38 | |||||||||
Total revenue | 1,671 | 1,979 | 1,891 | |||||||||
Interest expense | 193 | 169 | 163 | |||||||||
Other expenses | 55 | 88 | 85 | |||||||||
Total expenses | 248 | 257 | 248 | |||||||||
Income tax benefit | (83 | ) | (84 | ) | (63 | ) | ||||||
Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities | 1,506 | 1,806 | 1,706 | |||||||||
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities: | ||||||||||||
Consolidated banking subsidiary | 375 | 237 | 173 | |||||||||
Consolidated non-banking subsidiaries and unconsolidated entities | 156 | 93 | 182 | |||||||||
Net income | $ | 2,037 | $ | 2,136 | $ | 2,061 | ||||||
STATEMENT OF CONDITION - PARENT COMPANY | ||||||||||||
As of December 31, | 2014 | 2013 | ||||||||||
(In millions) | ||||||||||||
Assets: | ||||||||||||
Interest-bearing deposits with consolidated banking subsidiary | $ | 6,030 | $ | 4,419 | ||||||||
Trading account assets | 279 | 216 | ||||||||||
Investment securities available for sale | 35 | 31 | ||||||||||
Investments in subsidiaries: | ||||||||||||
Consolidated banking subsidiary | 20,123 | 19,985 | ||||||||||
Consolidated non-banking subsidiaries | 2,739 | 2,617 | ||||||||||
Unconsolidated entities | 288 | 272 | ||||||||||
Notes and other receivables from: | ||||||||||||
Consolidated banking subsidiary | 1,526 | 1,528 | ||||||||||
Consolidated non-banking subsidiaries and unconsolidated entities | 331 | 256 | ||||||||||
Other assets | 447 | 327 | ||||||||||
Total assets | $ | 31,798 | $ | 29,651 | ||||||||
Liabilities: | ||||||||||||
Commercial paper | $ | 2,485 | $ | 1,819 | ||||||||
Accrued expenses and other liabilities | 514 | 447 | ||||||||||
Long-term debt | 7,326 | 7,007 | ||||||||||
Total liabilities | 10,325 | 9,273 | ||||||||||
Shareholders’ equity | 21,473 | 20,378 | ||||||||||
Total liabilities and shareholders’ equity | $ | 31,798 | $ | 29,651 | ||||||||
STATEMENT OF CASH FLOWS - PARENT COMPANY | ||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||
(In millions) | ||||||||||||
Net cash provided by (used in) operating activities | $ | 1,767 | $ | 2,296 | $ | 2,706 | ||||||
Investing Activities: | ||||||||||||
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary | (1,610 | ) | (620 | ) | 1,115 | |||||||
Investments in consolidated banking and non-banking subsidiaries | (1,142 | ) | (1,100 | ) | (68 | ) | ||||||
Sale or repayment of investment in consolidated banking and non-banking subsidiaries | 1,011 | 32 | 28 | |||||||||
Business acquisitions | — | — | (2 | ) | ||||||||
Net cash provided by (used in) investing activities | (1,741 | ) | (1,688 | ) | 1,073 | |||||||
Financing Activities: | ||||||||||||
Net decrease in short-term borrowings | — | — | (500 | ) | ||||||||
Net decrease in commercial paper | 667 | (499 | ) | (66 | ) | |||||||
Proceeds from issuance of long-term debt, net of issuance costs | 994 | 2,485 | — | |||||||||
Payments for long-term debt | (750 | ) | — | (1,750 | ) | |||||||
Proceeds from issuance of preferred stock, net of issuance costs | 1,470 | — | 488 | |||||||||
Proceeds from exercises of common stock options | 14 | 121 | 53 | |||||||||
Purchases of common stock | (1,650 | ) | (2,040 | ) | (1,440 | ) | ||||||
Repurchases of common stock for employee tax withholding | (232 | ) | (189 | ) | (101 | ) | ||||||
Payments for cash dividends | (539 | ) | (486 | ) | (463 | ) | ||||||
Net cash provided by (used in) financing activities | (26 | ) | (608 | ) | (3,779 | ) | ||||||
Net change | — | — | — | |||||||||
Cash and due from banks at beginning of year | — | — | — | |||||||||
Cash and due from banks at end of year | $ | — | $ | — | $ | — | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: |
Our consolidated financial statements include the accounts of the parent company and its majority- and wholly-owned and otherwise controlled subsidiaries, including State Street Bank. All material inter-company transactions and balances have been eliminated. Certain previously reported amounts have been reclassified to conform to current-year presentation. | |
We consolidate subsidiaries in which we exercise control. Investments in unconsolidated | |
subsidiaries, recorded in other assets, generally are accounted for under the equity method of accounting if we have the ability to exercise significant influence over the operations of the investee. For investments accounted for under the equity method, our share of income or loss is recorded in processing fees and other revenue in our consolidated statement of income. Investments not meeting the criteria for equity-method treatment are accounted for under the cost method of accounting. | |
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. | |
Foreign Currency Translation | Foreign Currency Translation: |
The assets and liabilities of our operations with functional currencies other than the U.S. dollar are translated at month-end exchange rates, and revenue and expenses are translated at rates that approximate average monthly exchange rates. Gains or losses from the translation of the net assets of subsidiaries with functional currencies other than the U.S. dollar, net of related taxes, are recorded in accumulated other comprehensive income, or AOCI, a component of shareholders’ equity. | |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
For purposes of the consolidated statement of cash flows, cash and cash equivalents are defined as cash and due from banks. | |
Interest-Bearing Deposits With Banks | Interest-Bearing Deposits with Banks: |
Interest-bearing deposits with banks generally consist of highly liquid, short-term investments maintained at the Federal Reserve Bank and other non-U.S. central banks with original maturities at the time of purchase of one month or less. | |
Securities Purchased Under Resale Agreements And Securities Sold Under Repurchase Agreements | Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements: |
Securities purchased under resale agreements and sold under repurchase agreements are treated as collateralized financing transactions, and are recorded in our consolidated statement of condition at the amounts at which the securities will be subsequently resold or repurchased, plus accrued interest. Our policy is to take possession or control of securities underlying resale agreements either directly or through agent banks, allowing borrowers the right of collateral substitution and/or short-notice termination. We revalue these securities daily to determine if additional collateral is necessary from the borrower to protect us against credit exposure. We can use these securities as collateral for repurchase agreements. | |
For securities sold under repurchase agreements collateralized by our investment securities portfolio, the dollar value of the securities remains in investment securities in our consolidated statement of condition. Where a master netting agreement exists or both parties are members of a common clearing organization, resale and repurchase agreements with the same counterparty or clearing house and maturity date are recorded on a net basis. | |
Fee And Net Interest Revenue | Fee and Net Interest Revenue: |
Fees from investment servicing, investment management, securities finance, trading services and certain types of processing fees and other revenue are recorded in our consolidated statement of income based on estimates or specific contractual terms, including mutually agreed changes to terms, as transactions occur or services are rendered, provided that persuasive evidence exists, the price to the client is fixed or determinable and collectibility is reasonably assured. Amounts accrued at period-end are recorded in accrued interest and fees receivable in our consolidated statement of condition. Performance fees generated by our investment management activities are recorded when earned, based on predetermined benchmarks associated with the applicable fund’s performance. | |
Interest revenue on interest-earning assets and interest expense on interest-bearing liabilities are recorded in our consolidated statement of income as components of net interest revenue, and are generally based on the effective yield of the related financial asset or liability. | |
Recent Accounting Developments | Recent Accounting Developments: |
In February 2015, the FASB issued an amendment to GAAP that updates the considerations on whether an entity should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The amendment is effective for State Street beginning on January 1, 2016, and may be applied retrospectively or via a modified retrospective approach. Early adoption is permitted. We are currently assessing the potential impact of this amendment on our consolidated financial statements. | |
In November 2014, the FASB issued an amendment to GAAP that allows, but does not require, an acquired entity to apply pushdown accounting in its stand-alone financial statements upon acquisition by a new parent. The decision to apply pushdown accounting may be made independently for each change-in-control event. The new guidance was effective on November 18, 2014 and can be applied retrospectively. We will assess the need to apply pushdown accounting for future acquisitions on an individual basis, when necessary. | |
In November 2014, the FASB issued an amendment to GAAP that requires entities that issue or invest in hybrid instruments in the form of a share to determine the nature of the host contract by considering all stated and implied substantive terms and features of the hybrid financial instrument, including the potential outcomes of the hybrid financial instrument. Classifying the host contract as equity or debt may result in substantially different answers on whether certain features must be accounted for separately. The new guidance will require a modified retrospective application to all existing hybrid financial instruments in the form of a share, with the option of retrospective application. The amendment is effective for State Street, for the annual and interim period beginning on January 1, 2016. We have not issued and we do not currently hold any hybrid instruments within the scope of this guidance. We will assess its impact in conjunction with new transactions, as applicable. | |
In August 2014, the FASB issued an amendment to GAAP that requires management to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. The amendment is effective for our annual consolidated financial statements as of December 31, 2016 and interim periods thereafter. Our adoption of this amendment will not have a material effect on our consolidated financial statements. | |
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 this amendment will not 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 GAAP related to revenue recognition, 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. We did not have any transactions that qualified as discontinued operations during the periods presented in our consolidated financial statements. | |
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 January 1, 2015, and will not have a material effect on our consolidated financial statements. | |
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 VIEs. We are not considered to be the primary beneficiary of these VIEs 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 December 31, 2014 and 2013, we carried investment securities available for sale, composed of securities related to state and political subdivisions, with a fair value of $2.27 billion and $2.33 billion, respectively, and other short-term borrowings of $1.87 billion and $1.95 billion, respectively, in our consolidated statement of condition in connection with these trusts. The interest revenue and interest expense generated by the investments and certificated interests, respectively, are recorded as components of net interest revenue when earned or incurred. | |
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, the assets continue to be recorded in our consolidated financial statements. The trusts had a weighted-average life of approximately 5.9 years as of December 31, 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 $1.91 billion and $674 million, respectively, as of December 31, 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) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 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 during 2014 or 2013. | |||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||||||||||
as of December 31, 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 | 378 | — | — | 378 | ||||||||||||||||||||||||||||||||||||
Other | 20 | 506 | — | 526 | ||||||||||||||||||||||||||||||||||||
Total trading account assets | 418 | 506 | — | 924 | ||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||||||||||
Direct obligations | 10,056 | 599 | — | 10,655 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 20,714 | — | 20,714 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||
Student loans | — | 12,201 | 259 | 12,460 | ||||||||||||||||||||||||||||||||||||
Credit cards | — | 3,053 | — | 3,053 | ||||||||||||||||||||||||||||||||||||
Sub-prime | — | 951 | — | 951 | ||||||||||||||||||||||||||||||||||||
Other(2) | — | 365 | 3,780 | 4,145 | ||||||||||||||||||||||||||||||||||||
Total asset-backed securities | — | 16,570 | 4,039 | 20,609 | ||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | 9,606 | — | 9,606 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 2,931 | 295 | 3,226 | ||||||||||||||||||||||||||||||||||||
Government securities | — | 3,909 | — | 3,909 | ||||||||||||||||||||||||||||||||||||
Other(3) | — | 5,057 | 371 | 5,428 | ||||||||||||||||||||||||||||||||||||
Total non-U.S. debt securities | — | 21,503 | 666 | 22,169 | ||||||||||||||||||||||||||||||||||||
State and political subdivisions | — | 10,782 | 38 | 10,820 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 4,725 | 614 | 5,339 | ||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 4,100 | 9 | 4,109 | ||||||||||||||||||||||||||||||||||||
U.S. equity securities | — | 39 | — | 39 | ||||||||||||||||||||||||||||||||||||
Non-U.S. equity securities | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||
U.S. money-market mutual funds | — | 449 | — | 449 | ||||||||||||||||||||||||||||||||||||
Non-U.S. money-market mutual funds | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | 10,056 | 79,491 | 5,366 | 94,913 | ||||||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 15,054 | 81 | $ | (7,211 | ) | 7,924 | |||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 77 | — | (68 | ) | 9 | ||||||||||||||||||||||||||||||||||
Other derivative contracts | — | 2 | — | (1 | ) | 1 | ||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 15,133 | 81 | (7,280 | ) | 7,934 | ||||||||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 10,474 | $ | 95,130 | $ | 5,447 | $ | (7,280 | ) | $ | 103,771 | |||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 14,851 | 74 | (8,879 | ) | $ | 6,046 | |||||||||||||||||||||||||||||||||
Interest-rate contracts | — | 239 | — | (46 | ) | 193 | ||||||||||||||||||||||||||||||||||
Other derivative contracts | — | 61 | 9 | (1 | ) | 69 | ||||||||||||||||||||||||||||||||||
Total derivative instruments | — | 15,151 | 83 | (8,926 | ) | 6,308 | ||||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | — | $ | 15,151 | $ | 83 | $ | (8,926 | ) | $ | 6,308 | |||||||||||||||||||||||||||||
(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 $983 million and $2.63 billion, respectively, for cash collateral received from and provided to derivative counterparties. | ||||||||||||||||||||||||||||||||||||||||
(2) As of December 31, 2014 the fair value of other asset-backed securities was composed primarily of $3.8 billion of collateralized loan obligations and approximately $315 million of automobile loan securities. | ||||||||||||||||||||||||||||||||||||||||
(3) As of December 31, 2014 the fair value of other non-U.S. debt securities was composed primarily of $3.3 billion of covered bonds and $1.2 billion of corporate bonds. | ||||||||||||||||||||||||||||||||||||||||
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(2) | — | 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(3) | — | 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. | ||||||||||||||||||||||||||||||||||||||||
(2) As of December 31, 2013, the fair value of other asset-backed securities was composed primarily of $4.5 billion of collateralized loan obligations and approximately $470 million of automobile loan securities. | ||||||||||||||||||||||||||||||||||||||||
(3) As of December 31, 2013, the fair value of other non-U.S. debt securities was composed primarily of $2.3 billion of covered bonds and $1.4 billion of corporate bonds. | ||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present activity related to our level-3 financial assets and liabilities during the years ended December 31, 2014 and 2013, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During the years ended December 31, 2014 and 2013, 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 | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Fair Value as of | Total Realized and | Purchases | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | ||||||||||||||||||||||||||||||||
31-Dec-13 | Unrealized Gains (Losses) | into | out of | 31-Dec-14 | Unrealized | |||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | Gains | ||||||||||||||||||||||||||||||||||||||
(Losses) | ||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
(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 | $ | — | $ | — | $ | 168 | $ | — | $ | (14 | ) | $ | — | $ | (870 | ) | $ | — | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||
Student loans | 423 | 2 | 1 | 24 | (75 | ) | (37 | ) | — | (79 | ) | 259 | ||||||||||||||||||||||||||||
Credit cards | 24 | — | — | — | — | (24 | ) | — | — | — | ||||||||||||||||||||||||||||||
Other | 4,532 | 65 | (28 | ) | 282 | — | (1,071 | ) | — | — | 3,780 | |||||||||||||||||||||||||||||
Total asset-backed securities | 4,979 | 67 | (27 | ) | 306 | (75 | ) | (1,132 | ) | — | (79 | ) | 4,039 | |||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 375 | — | — | — | — | — | — | (375 | ) | — | ||||||||||||||||||||||||||||||
Asset-backed securities | 798 | 6 | (1 | ) | — | — | (272 | ) | 76 | (312 | ) | 295 | ||||||||||||||||||||||||||||
Other | 464 | — | 1 | 55 | (1 | ) | (41 | ) | 85 | (192 | ) | 371 | ||||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,637 | 6 | — | 55 | (1 | ) | (313 | ) | 161 | (879 | ) | 666 | ||||||||||||||||||||||||||||
State and political subdivisions | 43 | 1 | (3 | ) | — | — | (3 | ) | — | — | 38 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | 162 | — | 1 | 633 | (6 | ) | (32 | ) | — | (144 | ) | 614 | ||||||||||||||||||||||||||||
Other U.S. debt securities | 8 | — | 1 | — | — | — | — | — | 9 | |||||||||||||||||||||||||||||||
Total investment securities available for sale | 7,545 | 74 | (28 | ) | 1,162 | (82 | ) | (1,494 | ) | 161 | (1,972 | ) | 5,366 | |||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments, Foreign exchange contracts | 19 | 36 | — | 36 | — | (10 | ) | — | — | 81 | $ | 44 | ||||||||||||||||||||||||||||
Total derivative instruments | 19 | 36 | — | 36 | — | (10 | ) | — | — | 81 | 44 | |||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 7,564 | $ | 110 | $ | (28 | ) | $ | 1,198 | $ | (82 | ) | $ | (1,504 | ) | $ | 161 | $ | (1,972 | ) | $ | 5,447 | $ | 44 | ||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Fair Value as of December 31, | Total Realized and | Purchases | Sales | Settlements | Transfers | Transfers | Fair Value as of | Change in | ||||||||||||||||||||||||||||||||
2012 | Unrealized Gains (Losses) | into | out of | December 31, | Unrealized | |||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | 2013 | Gains | |||||||||||||||||||||||||||||||||||||
(Losses) | ||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
(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 | $ | — | $ | — | $ | 92 | $ | — | $ | (109 | ) | $ | — | $ | (92 | ) | $ | 716 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||
Student loans | 588 | 2 | 12 | 79 | (26 | ) | (31 | ) | — | (201 | ) | 423 | ||||||||||||||||||||||||||||
Credit cards | 67 | — | — | — | — | (43 | ) | — | — | 24 | ||||||||||||||||||||||||||||||
Other | 3,994 | 53 | 9 | 1,721 | (34 | ) | (1,188 | ) | — | (23 | ) | 4,532 | ||||||||||||||||||||||||||||
Total asset-backed securities | 4,649 | 55 | 21 | 1,800 | (60 | ) | (1,262 | ) | — | (224 | ) | 4,979 | ||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 555 | — | (1 | ) | 33 | — | (4 | ) | — | (208 | ) | 375 | ||||||||||||||||||||||||||||
Asset-backed securities | 524 | 5 | 3 | 531 | — | (142 | ) | 160 | (283 | ) | 798 | |||||||||||||||||||||||||||||
Other | 140 | — | 1 | 397 | — | 20 | — | (94 | ) | 464 | ||||||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,219 | 5 | 3 | 961 | — | (126 | ) | 160 | (585 | ) | 1,637 | |||||||||||||||||||||||||||||
State and political subdivisions | 48 | 1 | (2 | ) | — | — | (4 | ) | — | — | 43 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | 117 | 1 | (5 | ) | 218 | — | (39 | ) | 14 | (144 | ) | 162 | ||||||||||||||||||||||||||||
Other U.S. debt securities | 9 | — | (1 | ) | — | — | — | — | — | 8 | ||||||||||||||||||||||||||||||
Total investment securities available for sale | 6,867 | 62 | 16 | 3,071 | (60 | ) | (1,540 | ) | 174 | (1,045 | ) | 7,545 | ||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments, Foreign exchange contracts | 113 | 103 | — | 20 | — | (217 | ) | — | — | 19 | $ | (2 | ) | |||||||||||||||||||||||||||
Total derivative instruments | 113 | 103 | — | 20 | — | (217 | ) | — | — | 19 | (2 | ) | ||||||||||||||||||||||||||||
Total assets carried at fair value | $ | 6,980 | $ | 165 | $ | 16 | $ | 3,091 | $ | (60 | ) | $ | (1,757 | ) | $ | 174 | $ | (1,045 | ) | $ | 7,564 | $ | (2 | ) | ||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Fair Value as of December 31, | Total Realized and | Issuances | Settlements | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
2012 | Unrealized (Gains) Losses | December 31, 2013(1) | Unrealized | |||||||||||||||||||||||||||||||||||||
(Gains) | ||||||||||||||||||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||||||||||||||||||
Related to | ||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | 2013 | ||||||||||||||||||||||||||||||||||||||
in | ||||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 106 | $ | 40 | $ | 18 | $ | (147 | ) | $ | 17 | $ | (1 | ) | ||||||||||||||||||||||||||
Other | 9 | — | — | — | 9 | — | ||||||||||||||||||||||||||||||||||
Total derivative instruments | 115 | 40 | 18 | (147 | ) | 26 | (1 | ) | ||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 115 | $ | 40 | $ | 18 | $ | (147 | ) | $ | 26 | $ | (1 | ) | ||||||||||||||||||||||||||
(1) There were no transfers of liabilities into or out of level 3 during the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
Fair-Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Fair Value as of | Total Realized and | Issuances | Settlements | Fair Value as of | Change in | |||||||||||||||||||||||||||||||||||
31-Dec-13 | Unrealized (Gains) Losses | December 31, 2014(1) | Unrealized | |||||||||||||||||||||||||||||||||||||
(Gains) | ||||||||||||||||||||||||||||||||||||||||
Losses Related to | ||||||||||||||||||||||||||||||||||||||||
Financial | ||||||||||||||||||||||||||||||||||||||||
Instruments | ||||||||||||||||||||||||||||||||||||||||
Held as of | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Recorded | 2014 | ||||||||||||||||||||||||||||||||||||||
in | ||||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 17 | $ | 25 | $ | 39 | $ | (7 | ) | $ | 74 | $ | 35 | |||||||||||||||||||||||||||
Other | 9 | — | — | — | 9 | — | ||||||||||||||||||||||||||||||||||
Total derivative instruments | 26 | 25 | 39 | (7 | ) | 83 | 35 | |||||||||||||||||||||||||||||||||
Total liabilities carried at fair value | $ | 26 | $ | 25 | $ | 39 | $ | (7 | ) | $ | 83 | $ | 35 | |||||||||||||||||||||||||||
(1) There were no transfers of liabilities into or out of level 3 during the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
Level 3 Total Realized And Unrealized Gains And Losses Recorded In Revenue | The following table presents total realized and unrealized gains and losses for our level-3 financial assets and liabilities and where they are presented in our consolidated statement of income for the years indicated: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
Total Realized and | Change in | |||||||||||||||||||||||||||||||||||||||
Unrealized Gains | Unrealized Gains | |||||||||||||||||||||||||||||||||||||||
(Losses) Recorded | (Losses) Related to | |||||||||||||||||||||||||||||||||||||||
in Revenue | Financial | |||||||||||||||||||||||||||||||||||||||
Instruments Held as of | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Fee revenue: | ||||||||||||||||||||||||||||||||||||||||
Trading services | $ | 11 | $ | 63 | $ | 9 | $ | 9 | $ | (1 | ) | $ | 3 | |||||||||||||||||||||||||||
Total fee revenue | 11 | 63 | 9 | 9 | (1 | ) | 3 | |||||||||||||||||||||||||||||||||
Net interest revenue | 74 | 62 | 420 | — | — | — | ||||||||||||||||||||||||||||||||||
Total revenue | $ | 85 | $ | 125 | $ | 429 | $ | 9 | $ | (1 | ) | $ | 3 | |||||||||||||||||||||||||||
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 December 31, 2014 | As of December 31, 2013 | Valuation Technique | Significant | As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Unobservable Input(2) | ||||||||||||||||||||||||||||||||||||||||
Significant unobservable inputs readily available to State Street: | ||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, student loans | $ | — | $ | 13 | Discounted cash flows | Credit spread | — | % | 3.5 | % | ||||||||||||||||||||||||||||||
Asset-backed securities, credit cards | — | 24 | Discounted cash flows | Credit spread | — | 2 | ||||||||||||||||||||||||||||||||||
Asset-backed securities, other | 59 | 92 | Discounted cash flows | Credit spread | 0.2 | 1.5 | ||||||||||||||||||||||||||||||||||
State and political subdivisions | 38 | 43 | Discounted cash flows | Credit spread | 2.1 | 1.7 | ||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | 81 | 19 | Option model | Volatility | 9.1 | 11.4 | ||||||||||||||||||||||||||||||||||
Total | $ | 178 | $ | 191 | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | $ | 74 | $ | 17 | Option model | Volatility | 9 | 11.2 | ||||||||||||||||||||||||||||||||
Derivative instruments, other(1) | 9 | 9 | Discounted cash flows | Participant redemptions | 5.2 | 7.5 | ||||||||||||||||||||||||||||||||||
Total | $ | 83 | $ | 26 | ||||||||||||||||||||||||||||||||||||
(1) Relates to stable value wrap contracts; refer to the sensitivity discussion following the tables presented below, and to note 10. | ||||||||||||||||||||||||||||||||||||||||
(2) Significant changes in these unobservable inputs would result in significant changes in fair value measure. | ||||||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||||
31-Dec-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: | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities, student loans | $ | — | $ | 259 | $ | 259 | ||||||||||||||||||||||||||||||||||
Asset-backed securities, other | 59 | 3,721 | 3,780 | |||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, asset-backed securities | — | 295 | 295 | |||||||||||||||||||||||||||||||||||||
Non-U.S. debt securities, other | — | 371 | 371 | |||||||||||||||||||||||||||||||||||||
State and political subdivisions | 38 | — | 38 | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 614 | 614 | |||||||||||||||||||||||||||||||||||||
Other U.S. debt securities | — | 9 | 9 | |||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | 81 | — | 81 | |||||||||||||||||||||||||||||||||||||
Total | $ | 178 | $ | 5,269 | $ | 5,447 | ||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative instruments, foreign exchange contracts | $ | 74 | $ | — | $ | 74 | ||||||||||||||||||||||||||||||||||
Derivative instruments, other | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||
Total | $ | 83 | $ | — | $ | 83 | ||||||||||||||||||||||||||||||||||
(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 assets and liabilities not 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 | ||||||||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 1,855 | $ | 1,855 | $ | 1,855 | $ | — | $ | — | ||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 93,523 | 93,523 | — | 93,523 | — | |||||||||||||||||||||||||||||||||||
Securities purchased under resale agreements | 2,390 | 2,390 | — | 2,390 | — | |||||||||||||||||||||||||||||||||||
Investment securities held to maturity | 17,723 | 17,842 | — | 17,842 | — | |||||||||||||||||||||||||||||||||||
Net loans (excluding leases) | 17,158 | 17,131 | — | 16,964 | 167 | |||||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 70,490 | $ | 70,490 | $ | — | $ | 70,490 | $ | — | ||||||||||||||||||||||||||||||
Interest-bearing - U.S. | 33,012 | 33,012 | — | 33,012 | — | |||||||||||||||||||||||||||||||||||
Interest-bearing - non-U.S. | 105,538 | 105,538 | — | 105,538 | — | |||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 8,925 | 8,925 | — | 8,925 | — | |||||||||||||||||||||||||||||||||||
Federal funds purchased | 21 | 21 | — | 21 | — | |||||||||||||||||||||||||||||||||||
Other short-term borrowings | 4,381 | 4,381 | — | 4,381 | — | |||||||||||||||||||||||||||||||||||
Long-term debt | 10,042 | 10,229 | — | 9,382 | 847 | |||||||||||||||||||||||||||||||||||
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 | 9,809 | — | 8,956 | 853 | |||||||||||||||||||||||||||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 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: | |||||||||||||||||||||||||||||||
December 31, 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 | $ | 10,573 | $ | 83 | $ | 1 | $ | 10,655 | $ | 702 | $ | 9 | $ | 2 | $ | 709 | ||||||||||||||||
Mortgage-backed securities | 20,648 | 193 | 127 | 20,714 | 23,744 | 211 | 392 | 23,563 | ||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans(1) | 12,478 | 106 | 124 | 12,460 | 14,718 | 92 | 268 | 14,542 | ||||||||||||||||||||||||
Credit cards | 3,077 | 10 | 34 | 3,053 | 8,230 | 21 | 41 | 8,210 | ||||||||||||||||||||||||
Sub-prime | 1,005 | 2 | 56 | 951 | 1,291 | 3 | 91 | 1,203 | ||||||||||||||||||||||||
Other(2) | 4,055 | 100 | 10 | 4,145 | 4,949 | 138 | 23 | 5,064 | ||||||||||||||||||||||||
Total asset-backed securities | 20,615 | 218 | 224 | 20,609 | 29,188 | 254 | 423 | 29,019 | ||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 9,442 | 168 | 4 | 9,606 | 10,808 | 230 | 9 | 11,029 | ||||||||||||||||||||||||
Asset-backed securities | 3,215 | 11 | — | 3,226 | 5,369 | 23 | 2 | 5,390 | ||||||||||||||||||||||||
Government securities | 3,899 | 10 | — | 3,909 | 3,759 | 2 | — | 3,761 | ||||||||||||||||||||||||
Other(3) | 5,383 | 52 | 7 | 5,428 | 4,679 | 59 | 11 | 4,727 | ||||||||||||||||||||||||
Total non-U.S. debt securities | 21,939 | 241 | 11 | 22,169 | 24,615 | 314 | 22 | 24,907 | ||||||||||||||||||||||||
State and political subdivisions | 10,532 | 325 | 37 | 10,820 | 10,301 | 160 | 198 | 10,263 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 5,280 | 71 | 12 | 5,339 | 5,275 | 70 | 76 | 5,269 | ||||||||||||||||||||||||
Other U.S. debt securities | 4,033 | 88 | 12 | 4,109 | 4,876 | 138 | 34 | 4,980 | ||||||||||||||||||||||||
U.S. equity securities | 29 | 10 | — | 39 | 28 | 6 | — | 34 | ||||||||||||||||||||||||
Non-U.S. equity securities | 2 | — | — | 2 | 1 | — | — | 1 | ||||||||||||||||||||||||
U.S. money-market mutual funds | 449 | — | — | 449 | 422 | — | — | 422 | ||||||||||||||||||||||||
Non-U.S. money-market mutual funds | 8 | — | — | 8 | 7 | — | — | 7 | ||||||||||||||||||||||||
Total | $ | 94,108 | $ | 1,229 | $ | 424 | $ | 94,913 | $ | 99,159 | $ | 1,162 | $ | 1,147 | $ | 99,174 | ||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 5,114 | $ | — | $ | 147 | $ | 4,967 | $ | 5,041 | $ | — | $ | 448 | $ | 4,593 | ||||||||||||||||
Mortgage-backed securities | 62 | 4 | — | 66 | 91 | 6 | — | 97 | ||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans(1) | 1,814 | 2 | 4 | 1,812 | 1,627 | — | 10 | 1,617 | ||||||||||||||||||||||||
Credit cards | 897 | 2 | — | 899 | 762 | 1 | — | 763 | ||||||||||||||||||||||||
Other | 577 | 3 | 1 | 579 | 782 | 1 | 2 | 781 | ||||||||||||||||||||||||
Total asset-backed securities | 3,288 | 7 | 5 | 3,290 | 3,171 | 2 | 12 | 3,161 | ||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 3,787 | 177 | 22 | 3,942 | 4,211 | 150 | 48 | 4,313 | ||||||||||||||||||||||||
Asset-backed securities | 2,868 | 14 | 1 | 2,881 | 2,202 | 19 | — | 2,221 | ||||||||||||||||||||||||
Government securities | 154 | — | — | 154 | 2 | — | — | 2 | ||||||||||||||||||||||||
Other | 72 | — | — | 72 | 192 | — | — | 192 | ||||||||||||||||||||||||
Total non-U.S. debt securities | 6,881 | 191 | 23 | 7,049 | 6,607 | 169 | 48 | 6,728 | ||||||||||||||||||||||||
State and political subdivisions | 9 | — | — | 9 | 24 | 1 | — | 25 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 2,369 | 107 | 15 | 2,461 | 2,806 | 176 | 26 | 2,956 | ||||||||||||||||||||||||
Total | $ | 17,723 | $ | 309 | $ | 190 | $ | 17,842 | $ | 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. | ||||||||||||||||||||||||||||||||
(2) As of December 31, 2014 and 2013, the fair value of other asset-backed securities was composed primarily of $3.8 billion and $4.5 billion, respectively, of collateralized loan obligations and approximately $315 million and approximately $470 million, respectively, of automobile loan securities. | ||||||||||||||||||||||||||||||||
(3) As of December 31, 2014 and 2013, the fair value of other non-U.S. debt securities was composed primarily of $3.3 billion and $2.3 billion, respectively, of covered bonds and $1.2 billion and $1.4 billion, respectively, of corporate bonds. | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
December 31, 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 | $ | — | $ | — | $ | 167 | $ | 1 | $ | 167 | $ | 1 | ||||||||||||||||||||
Mortgage-backed securities | 2,569 | 9 | 6,466 | 118 | 9,035 | 127 | ||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 1,473 | 15 | 5,025 | 109 | 6,498 | 124 | ||||||||||||||||||||||||||
Credit cards | 344 | 1 | 1,270 | 33 | 1,614 | 34 | ||||||||||||||||||||||||||
Sub-prime | — | — | 896 | 56 | 896 | 56 | ||||||||||||||||||||||||||
Other | 547 | 1 | 791 | 9 | 1,338 | 10 | ||||||||||||||||||||||||||
Total asset-backed securities | 2,364 | 17 | 7,982 | 207 | 10,346 | 224 | ||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 1,350 | 2 | 170 | 2 | 1,520 | 4 | ||||||||||||||||||||||||||
Other | 581 | 4 | 328 | 3 | 909 | 7 | ||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,931 | 6 | 498 | 5 | 2,429 | 11 | ||||||||||||||||||||||||||
State and political subdivisions | 610 | 3 | 1,315 | 34 | 1,925 | 37 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 731 | 2 | 311 | 10 | 1,042 | 12 | ||||||||||||||||||||||||||
Other U.S. debt securities | 327 | 2 | 244 | 10 | 571 | 12 | ||||||||||||||||||||||||||
Total | $ | 8,532 | $ | 39 | $ | 16,983 | $ | 385 | $ | 25,515 | $ | 424 | ||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | 76 | $ | 1 | $ | 4,891 | $ | 146 | $ | 4,967 | $ | 147 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 780 | 3 | 192 | 1 | 972 | 4 | ||||||||||||||||||||||||||
Other | 124 | 1 | — | — | 124 | 1 | ||||||||||||||||||||||||||
Total asset-backed securities | 904 | 4 | 192 | 1 | 1,096 | 5 | ||||||||||||||||||||||||||
Non-U.S. mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 507 | 3 | 590 | 19 | 1,097 | 22 | ||||||||||||||||||||||||||
Asset-backed securities | 699 | 1 | — | — | 699 | 1 | ||||||||||||||||||||||||||
Total non-U.S. debt securities | 1,206 | 4 | 590 | 19 | 1,796 | 23 | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 422 | 4 | 547 | 11 | 969 | 15 | ||||||||||||||||||||||||||
Total | $ | 2,608 | $ | 13 | $ | 6,220 | $ | 177 | $ | 8,828 | $ | 190 | ||||||||||||||||||||
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 December 31, 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 | $ | — | $ | 6,841 | $ | 3,287 | $ | 527 | ||||||||||||||||||||||||
Mortgage-backed securities | 107 | 2,389 | 4,421 | 13,797 | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 515 | 6,100 | 3,823 | 2,022 | ||||||||||||||||||||||||||||
Credit cards | 381 | 1,562 | 1,110 | — | ||||||||||||||||||||||||||||
Sub-prime | 3 | 13 | 1 | 934 | ||||||||||||||||||||||||||||
Other | 244 | 961 | 1,268 | 1,672 | ||||||||||||||||||||||||||||
Total asset-backed securities | 1,143 | 8,636 | 6,202 | 4,628 | ||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,315 | 3,463 | 576 | 3,252 | ||||||||||||||||||||||||||||
Asset-backed securities | 272 | 2,698 | 166 | 90 | ||||||||||||||||||||||||||||
Government securities | 2,321 | 1,588 | — | — | ||||||||||||||||||||||||||||
Other | 1,757 | 2,801 | 870 | — | ||||||||||||||||||||||||||||
Total non-U.S. debt securities | 6,665 | 10,550 | 1,612 | 3,342 | ||||||||||||||||||||||||||||
State and political subdivisions | 699 | 3,003 | 4,715 | 2,403 | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 227 | 1,149 | 1,072 | 2,891 | ||||||||||||||||||||||||||||
Other U.S. debt securities | 814 | 2,967 | 294 | 34 | ||||||||||||||||||||||||||||
Total | $ | 9,655 | $ | 35,535 | $ | 21,603 | $ | 27,622 | ||||||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agencies: | ||||||||||||||||||||||||||||||||
Direct obligations | $ | — | $ | — | $ | 5,000 | $ | 114 | ||||||||||||||||||||||||
Mortgage-backed securities | 1 | 11 | 12 | 38 | ||||||||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||||||||
Student loans | 6 | 182 | 375 | 1,251 | ||||||||||||||||||||||||||||
Credit cards | — | 375 | 522 | — | ||||||||||||||||||||||||||||
Other | 15 | 367 | 191 | 4 | ||||||||||||||||||||||||||||
Total asset-backed securities | 21 | 924 | 1,088 | 1,255 | ||||||||||||||||||||||||||||
Non-U.S. debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 503 | 1,102 | 157 | 2,025 | ||||||||||||||||||||||||||||
Asset-backed securities | 105 | 2,567 | 196 | — | ||||||||||||||||||||||||||||
Government securities | 154 | — | — | — | ||||||||||||||||||||||||||||
Other | — | 72 | — | — | ||||||||||||||||||||||||||||
Total non-U.S. debt securities | 762 | 3,741 | 353 | 2,025 | ||||||||||||||||||||||||||||
State and political subdivisions | 7 | 2 | — | — | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 574 | 460 | 498 | 837 | ||||||||||||||||||||||||||||
Total | $ | 1,365 | $ | 5,138 | $ | 6,951 | $ | 4,269 | ||||||||||||||||||||||||
Gains and Losses Related to Investment Securities | The following tables present gross realized gains and 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 years ended December 31: | |||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Gross realized gains from sales of available-for-sale securities | $ | 64 | $ | 104 | $ | 101 | ||||||||||||||||||||||||||
Gross realized losses from sales of available-for-sale securities(1) | (49 | ) | (90 | ) | (46 | ) | ||||||||||||||||||||||||||
Net impairment losses: | ||||||||||||||||||||||||||||||||
Gross losses from other-than-temporary impairment | (1 | ) | (21 | ) | (53 | ) | ||||||||||||||||||||||||||
Losses reclassified (from) to other comprehensive income | (10 | ) | (2 | ) | 21 | |||||||||||||||||||||||||||
Net impairment losses(2) | (11 | ) | (23 | ) | (32 | ) | ||||||||||||||||||||||||||
Gains related to investment securities, net | $ | 4 | $ | (9 | ) | $ | 23 | |||||||||||||||||||||||||
(2) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: | ||||||||||||||||||||||||||||||||
Impairment associated with expected credit losses | $ | (10 | ) | $ | (11 | ) | $ | (16 | ) | |||||||||||||||||||||||
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 | ) | (6 | ) | (16 | ) | ||||||||||||||||||||||||||
Net impairment losses | $ | (11 | ) | $ | (23 | ) | $ | (32 | ) | |||||||||||||||||||||||
(1) Amount for the year ended December 31, 2012 represented a pre-tax loss from the sale of all of our Greek investment securities, which had an aggregate carrying value of approximately $91 million. | ||||||||||||||||||||||||||||||||
Schedule of Credit-Related Loss Activity Recognized in Earnings | The following table presents a roll-forward with respect to net impairment losses that have been recognized in income for the years ended December 31: | |||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 122 | $ | 124 | $ | 113 | ||||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||||||
Losses for which other-than-temporary impairment was not previously recognized | — | 14 | 4 | |||||||||||||||||||||||||||||
Losses for which other-than-temporary impairment was previously recognized | 11 | 9 | 28 | |||||||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||||||||
Previously recognized losses related to securities sold or matured | (12 | ) | (25 | ) | (21 | ) | ||||||||||||||||||||||||||
Losses related to securities intended or required to be sold | (6 | ) | — | — | ||||||||||||||||||||||||||||
Balance, end of period | $ | 115 | $ | 122 | $ | 124 | ||||||||||||||||||||||||||
Loans_and_Leases_Tables
Loans and Leases (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 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 December 31: | |||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Institutional: | ||||||||||||||||||||||||||||
Investment funds: | ||||||||||||||||||||||||||||
U.S. | $ | 11,388 | $ | 8,695 | ||||||||||||||||||||||||
Non-U.S. | 2,333 | 1,718 | ||||||||||||||||||||||||||
Commercial and financial: | ||||||||||||||||||||||||||||
U.S. | 3,061 | 1,372 | ||||||||||||||||||||||||||
Non-U.S. | 256 | 154 | ||||||||||||||||||||||||||
Purchased receivables: | ||||||||||||||||||||||||||||
U.S. | 124 | 217 | ||||||||||||||||||||||||||
Non-U.S. | 6 | 26 | ||||||||||||||||||||||||||
Lease financing: | ||||||||||||||||||||||||||||
U.S. | 335 | 339 | ||||||||||||||||||||||||||
Non-U.S. | 668 | 756 | ||||||||||||||||||||||||||
Total institutional | 18,171 | 13,277 | ||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
U.S. | 28 | 209 | ||||||||||||||||||||||||||
Total loans and leases | 18,199 | 13,486 | ||||||||||||||||||||||||||
Allowance for loan losses | (38 | ) | (28 | ) | ||||||||||||||||||||||||
Loans and leases, net of allowance for loan losses | $ | 18,161 | $ | 13,458 | ||||||||||||||||||||||||
Schedule of Components of Leveraged Lease Investments | The components of our net investment in leveraged lease financing, included in the institutional segment in the preceding table, were as follows as of December 31: | |||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||
Net rental income receivable | $ | 1,284 | $ | 1,404 | ||||||||||||||||||||||||
Estimated residual values | 89 | 110 | ||||||||||||||||||||||||||
Unearned income | (370 | ) | (419 | ) | ||||||||||||||||||||||||
Investment in leveraged lease financing | 1,003 | 1,095 | ||||||||||||||||||||||||||
Less related deferred income tax liabilities | (326 | ) | (359 | ) | ||||||||||||||||||||||||
Net investment in leveraged lease financing | $ | 677 | $ | 736 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
December 31, 2014 | Investment | Commercial and Financial | Purchased | Lease | Property Development | Other | Total | |||||||||||||||||||||
Funds | Receivables | Financing | Loans and | |||||||||||||||||||||||||
(In millions) | Leases | |||||||||||||||||||||||||||
Investment grade(1) | $ | 13,304 | $ | 1,011 | $ | 130 | $ | 976 | $ | — | $ | — | $ | 15,421 | ||||||||||||||
Speculative(2) | 417 | 2,306 | — | 27 | — | 28 | 2,778 | |||||||||||||||||||||
Total | $ | 13,721 | $ | 3,317 | $ | 130 | $ | 1,003 | $ | — | $ | 28 | $ | 18,199 | ||||||||||||||
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: | |||||||||||||||||||||||||||
December 31, 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 | $ | — | $ | — | $ | — | $ | 26 | $ | 180 | $ | 206 | ||||||||||||||||
Collectively evaluated for impairment(1) | 18,171 | 28 | 18,199 | 13,251 | 29 | 13,280 | ||||||||||||||||||||||
Total | $ | 18,171 | $ | 28 | $ | 18,199 | $ | 13,277 | $ | 209 | $ | 13,486 | ||||||||||||||||
(1) For those portfolios where there are a small number of loans each with a large balance, we review each loan annually for indicators of impairment. For those loans where no such indicators are identified, the loans are collectively evaluated for impairment. As of December 31, 2014 and 2013, all of the allowance for loan losses of $38 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 indicated: | |||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
(In millions) | Recorded Investment | Unpaid | Recorded Investment | Unpaid | ||||||||||||||||||||||||
Principal | Principal | |||||||||||||||||||||||||||
Balance(1) | Balance(1) | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
CRE—property development(2) | $ | — | $ | — | $ | 130 | $ | 143 | ||||||||||||||||||||
CRE—property development—acquired credit-impaired | — | 34 | — | 34 | ||||||||||||||||||||||||
CRE—other—acquired credit-impaired | — | 22 | — | 21 | ||||||||||||||||||||||||
Total CRE | $ | — | $ | 56 | $ | 130 | $ | 198 | ||||||||||||||||||||
(1) As of December 31, 2014 and 2013, all of the allowance for loan losses of $38 million and $28 million, respectively, related to institutional loans collectively evaluated for impairment. | ||||||||||||||||||||||||||||
(2) Represents loans that were previously modified in troubled debt restructurings and that were repaid in 2014. | ||||||||||||||||||||||||||||
Schedule of Activity in the Allowance for Loan Losses | The following tables present activity in the allowance for loan losses for the periods indicated: | |||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In millions) | Total Loans and Leases | Total Loans and Leases | Total Loans and Leases | |||||||||||||||||||||||||
Allowance for loan losses(1): | ||||||||||||||||||||||||||||
Beginning balance | $ | 28 | $ | 22 | $ | 22 | ||||||||||||||||||||||
Provisions | 10 | 6 | (3 | ) | ||||||||||||||||||||||||
Recoveries | — | — | 3 | |||||||||||||||||||||||||
Ending balance | $ | 38 | $ | 28 | $ | 22 | ||||||||||||||||||||||
(1) As of December 31, 2014, approximately $26 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) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Changes In The Carrying Amount Of Goodwill | Impairment of goodwill is deemed to exist if the carrying value of a reporting unit, including its all | |||||||||||||||||||||||
Changes In The Carrying Amount Of Other Intangible Assets | ocation of goodwill and other intangible assets, exceeds its estimated fair value. Impairment of other intangible assets is | |||||||||||||||||||||||
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: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
(In millions) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Client relationships | $ | 2,569 | $ | (1,088 | ) | $ | 1,481 | $ | 2,706 | $ | (975 | ) | $ | 1,731 | ||||||||||
Core deposits | 688 | (219 | ) | 469 | 717 | (191 | ) | 526 | ||||||||||||||||
Other | 214 | (139 | ) | 75 | 234 | (131 | ) | 103 | ||||||||||||||||
Total | $ | 3,471 | $ | (1,446 | ) | $ | 2,025 | $ | 3,657 | $ | (1,297 | ) | $ | 2,360 | ||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets [Abstract] | ||||||||
Components of Other Assets | The following table presents the components of other assets as of the dates indicated: | |||||||
(In millions) | December 31, 2014 | December 31, 2013 | ||||||
Collateral deposits, net | $ | 18,134 | $ | 13,706 | ||||
Unrealized gains on derivative financial instruments, net | 7,934 | 5,476 | ||||||
Bank-owned life insurance | 2,402 | 2,343 | ||||||
Investments in joint ventures and other unconsolidated entities | 1,798 | 1,644 | ||||||
Accounts receivable | 513 | 950 | ||||||
Income taxes receivable | 396 | 337 | ||||||
Prepaid expenses | 259 | 286 | ||||||
Receivable for securities settlement | 218 | 195 | ||||||
Deferred tax assets, net of valuation allowance(1) | 214 | 263 | ||||||
Deposits with clearing organizations | 197 | 177 | ||||||
Other(2) | 535 | 613 | ||||||
Total | $ | 32,600 | $ | 25,990 | ||||
(1) | Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction. Gross deferred tax assets and liabilities are presented in note 22. | |||||||
(2) | Includes other real estate owned of approximately $62 million and $59 million as of December 31, 2014 and 2013, respectively. |
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Short-term Debt | The following tables present information with respect to the amounts outstanding and weighted-average interest rates of the primary components of our short-term borrowings as of and for the years ended December 31: | |||||||||||||||||||||||
Securities Sold Under | Federal Funds Purchased | |||||||||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Balance as of December 31 | $ | 8,925 | $ | 7,953 | $ | 8,006 | $ | 21 | $ | 19 | $ | 399 | ||||||||||||
Maximum outstanding as of any month-end | 10,955 | 11,538 | 9,306 | 29 | 570 | 1,145 | ||||||||||||||||||
Average outstanding during the year | 8,817 | 8,436 | 7,697 | 20 | 298 | 784 | ||||||||||||||||||
Weighted-average interest rate as of year-end | 0.005 | % | 0.003 | % | 0.06 | % | 0.01 | % | 0.13 | % | 0.13 | % | ||||||||||||
Weighted-average interest rate for the year | — | 0.01 | 0.01 | — | — | 0.09 | ||||||||||||||||||
Tax-Exempt | Corporate Commercial Paper | |||||||||||||||||||||||
Investment Program | Program | |||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Balance as of December 31 | $ | 1,870 | $ | 1,948 | $ | 2,148 | $ | 2,485 | $ | 1,819 | $ | 2,318 | ||||||||||||
Maximum outstanding as of any month-end | 1,938 | 2,135 | 2,274 | 2,485 | 2,535 | 2,503 | ||||||||||||||||||
Average outstanding during the year | 1,903 | 2,030 | 2,214 | 2,136 | 1,632 | 2,382 | ||||||||||||||||||
Weighted-average interest rate as of year-end | 0.06 | % | 0.09 | % | 0.17 | % | 0.16 | % | 0.14 | % | 0.22 | % | ||||||||||||
Weighted-average interest rate for the year | 0.08 | 0.13 | 0.21 | 0.17 | 0.18 | 0.23 | ||||||||||||||||||
The following table presents the components of securities sold under repurchase agreements by underlying collateral as of December 31, 2014: | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Collateralized by securities purchased under resale agreements | $ | 2 | ||||||||||||||||||||||
Collateralized by investment securities | 8,923 | |||||||||||||||||||||||
Total | $ | 8,925 | ||||||||||||||||||||||
The following table presents information about these U.S. government securities and the related repurchase agreements, including accrued interest, as of December 31, 2014. The table excludes repurchase agreements collateralized by securities purchased under resale agreements. | ||||||||||||||||||||||||
U.S. Government | Repurchase | |||||||||||||||||||||||
Securities Sold | Agreements | |||||||||||||||||||||||
(Dollars in millions) | Amortized | Fair Value | Amortized | Rate | ||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
Overnight maturity | $ | 9,316 | $ | 9,228 | $ | 8,923 | 0.004 | % | ||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||
Schedule of Long-term Debt | ||||||||
As of December 31, | 2014 | 2013 | ||||||
(In millions) | ||||||||
Statutory business trusts: | ||||||||
Floating-rate subordinated notes due to State Street Capital Trust IV in 2037 | $ | 800 | $ | 800 | ||||
Floating-rate subordinated notes due to State Street Capital Trust I in 2028 | 155 | 155 | ||||||
Parent company and non-banking subsidiary issuances: | ||||||||
3.70% notes due in 2023(1) | 1,043 | 974 | ||||||
2.875% notes due 2016 | 1,005 | 1,010 | ||||||
3.30% notes due 2024(1) | 999 | — | ||||||
3.10% subordinated notes due 2023(1) | 983 | 918 | ||||||
Long-term capital leases | 769 | 788 | ||||||
4.375% notes due 2021 | 730 | 727 | ||||||
4.956% junior subordinated debentures due 2018 | 528 | 537 | ||||||
4.30% notes due 2014 | — | 502 | ||||||
1.35% notes due 2018(1) | 492 | 487 | ||||||
5.375% notes due 2017 | 450 | 450 | ||||||
Floating-rate notes due 2014 | — | 250 | ||||||
7.35% notes due 2026 | 150 | 150 | ||||||
State Street Bank issuances: | ||||||||
Floating-rate extendible notes due 2016 | 900 | 900 | ||||||
5.25% subordinated notes due 2018 | 433 | 442 | ||||||
5.30% subordinated notes due 2016 | 405 | 409 | ||||||
Floating-rate subordinated notes due 2015 | 200 | 200 | ||||||
Total long-term debt | $ | 10,042 | $ | 9,699 | ||||
(1) | We have entered into interest-rate swap agreements, recorded as fair value hedges, to modify our interest expense on these senior and subordinated notes from a fixed rate to a floating rate. As of December 31, 2014, the carrying value of long-term debt associated with these fair value hedges increased $76 million. As of December 31, 2013, the carrying value of long-term debt associated with these fair value hedges decreased $35 million. Refer to note 16 for additional information about fair value hedges. |
Commitments_and_Guarantees_Tab
Commitments and Guarantees (Tables) | 12 Months Ended | |||||||
Dec. 31, 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) | December 31, 2014 | December 31, 2013 | ||||||
Indemnified securities financing | $ | 349,766 | $ | 320,078 | ||||
Stable value protection | 23,409 | 24,906 | ||||||
Asset purchase agreements | 4,107 | 4,685 | ||||||
Standby letters of credit | 4,720 | 4,612 | ||||||
Schedule of Repurchase Agreements | The following table summarizes the aggregate 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) | December 31, 2014 | December 31, 2013 | ||||||
Fair value of indemnified securities financing | $ | 349,766 | $ | 320,078 | ||||
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 364,411 | 331,732 | ||||||
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 85,309 | 85,374 | ||||||
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | 90,819 | 91,097 | ||||||
Contingencies_Tables
Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 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 for the years ended December 31: | ||||
(In millions) | Revenue from indirect foreign exchange trading | ||||
2008 | $ | 462 | |||
2009 | 369 | ||||
2010 | 336 | ||||
2011 | 331 | ||||
2012 | 248 | ||||
2013 | 285 | ||||
2014 | 246 | ||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the after-tax components of AOCI as of December 31: | |||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Net unrealized gains on cash flow hedges | $ | 276 | $ | 161 | $ | 69 | ||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities portfolio | 273 | (56 | ) | 815 | ||||||||||||||||||||||||
Net unrealized gains (losses) related to reclassified available-for-sale securities | 39 | (72 | ) | (110 | ) | |||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale securities | 312 | (128 | ) | 705 | ||||||||||||||||||||||||
Net unrealized losses on available-for-sale securities designated in fair value hedges | (121 | ) | (97 | ) | (183 | ) | ||||||||||||||||||||||
Other-than-temporary impairment on available-for-sale securities related to factors other than credit | 1 | 4 | (3 | ) | ||||||||||||||||||||||||
Net unrealized losses on hedges of net investments in non-U.S. subsidiaries | (14 | ) | (14 | ) | (14 | ) | ||||||||||||||||||||||
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | (29 | ) | (47 | ) | (65 | ) | ||||||||||||||||||||||
Net unrealized losses on retirement plans | (272 | ) | (203 | ) | (283 | ) | ||||||||||||||||||||||
Foreign currency translation | (660 | ) | 229 | 134 | ||||||||||||||||||||||||
Total | $ | (507 | ) | $ | (95 | ) | $ | 360 | ||||||||||||||||||||
The following tables present changes in AOCI by component, net of related taxes, for the periods indicated: | ||||||||||||||||||||||||||||
Year Ended December 31, 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 | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 69 | $ | 519 | $ | (14 | ) | $ | (65 | ) | $ | (283 | ) | $ | 134 | $ | 360 | |||||||||||
Other comprehensive income (loss) before reclassifications | 89 | (735 | ) | — | 15 | 60 | 96 | (475 | ) | |||||||||||||||||||
Amounts reclassified into earnings | 3 | (5 | ) | — | 3 | 20 | (1 | ) | 20 | |||||||||||||||||||
Other comprehensive income (loss) | 92 | (740 | ) | — | 18 | 80 | 95 | (455 | ) | |||||||||||||||||||
Balance as of December 31, 2013 | 161 | (221 | ) | (14 | ) | (47 | ) | (203 | ) | 229 | (95 | ) | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | 112 | 422 | — | 17 | — | (889 | ) | (338 | ) | |||||||||||||||||||
Amounts reclassified into earnings | 3 | (9 | ) | — | 1 | (69 | ) | — | (74 | ) | ||||||||||||||||||
Other comprehensive income (loss) | 115 | 413 | — | 18 | (69 | ) | (889 | ) | (412 | ) | ||||||||||||||||||
Balance as of December 31, 2014 | $ | 276 | $ | 192 | $ | (14 | ) | $ | (29 | ) | $ | (272 | ) | $ | (660 | ) | $ | (507 | ) | |||||||||
Schedule of Reclassifications Out of AOCI | The following tables present after-tax reclassifications into earnings for the periods indicated: | |||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In millions) | Amounts Reclassified into Earnings | Affected Line Item in Consolidated Statement of Income | ||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||
Interest-rate contracts, net of related tax benefit of $2 and $2, respectively | $ | 3 | $ | 3 | Net interest revenue | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Net realized gains from sales of available-for-sale securities, net of related taxes of ($6) and ($5), respectively | (9 | ) | (9 | ) | 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 $3 for 2013 | 1 | 3 | Losses reclassified (from) to other comprehensive income | |||||||||||||||||||||||||
Retirement plans: | ||||||||||||||||||||||||||||
Amortization of actuarial losses, net of related taxes of ($50) and tax benefits of $13, respectively | (69 | ) | 20 | 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 | $ | (74 | ) | $ | 20 | |||||||||||||||||||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following table presents information about the Plans as of December 31, 2014, and related activity during the years indicated: | ||||||||||||
Shares | Weighted-Average | Weighted-Average | Total | ||||||||||
(in thousands) | Exercise | Remaining | Intrinsic | ||||||||||
Price | Contractual | Value | |||||||||||
Term | (in millions) | ||||||||||||
(in years) | |||||||||||||
Stock Options and Stock Appreciation Rights: | |||||||||||||
Outstanding as of December 31, 2012 | 5,638 | $ | 57.58 | ||||||||||
Exercised | (2,725 | ) | 45.93 | ||||||||||
Forfeited or expired | (249 | ) | 68.8 | ||||||||||
Outstanding as of December 31, 2013 | 2,664 | 68.45 | |||||||||||
Exercised | (801 | ) | 55.33 | ||||||||||
Forfeited or expired | (2 | ) | 52.78 | ||||||||||
Outstanding as of December 31, 2014 | 1,861 | $ | 74.12 | 1.9 | $ | 11 | |||||||
Exercisable as of December 31, 2014 | 1,861 | $ | 74.12 | 1.9 | $ | 11 | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following tables present activity related to other common stock awards during the years indicated: | ||||||||||||
Shares | Weighted-Average | ||||||||||||
(in thousands) | Grant Date Fair | ||||||||||||
Value | |||||||||||||
Restricted Stock Awards: | |||||||||||||
Outstanding as of December 31, 2012 | 2,602 | $ | 43.44 | ||||||||||
Vested | (1,339 | ) | 42.47 | ||||||||||
Forfeited | (18 | ) | 43.98 | ||||||||||
Outstanding as of December 31, 2013 | 1,245 | 44.47 | |||||||||||
Vested | (1,211 | ) | 44.56 | ||||||||||
Forfeited | (3 | ) | 42.57 | ||||||||||
Outstanding as of December 31, 2014 | 31 | $ | 41.27 | ||||||||||
Schedule Of Deferred Stock Awards Activity | |||||||||||||
Shares | Weighted-Average | ||||||||||||
(in thousands) | Grant Date Fair | ||||||||||||
Value | |||||||||||||
Deferred Stock Awards: | |||||||||||||
Outstanding as of December 31, 2012 | 14,814 | $ | 39.08 | ||||||||||
Granted | 6,906 | 54.16 | |||||||||||
Vested | (6,332 | ) | 40.97 | ||||||||||
Forfeited | (294 | ) | 44.48 | ||||||||||
Outstanding as of December 31, 2013 | 15,094 | 45.07 | |||||||||||
Granted | 4,282 | 65.4 | |||||||||||
Vested | (6,730 | ) | 46.03 | ||||||||||
Forfeited | (215 | ) | 49.87 | ||||||||||
Outstanding as of December 31, 2014 | 12,431 | $ | 51.47 | ||||||||||
Share-based Compensation, Performance Shares Award Outstanding Activity | |||||||||||||
Shares | Weighted-Average | ||||||||||||
(in thousands) | Grant Date Fair | ||||||||||||
Value | |||||||||||||
Performance Awards: | |||||||||||||
Outstanding as of December 31, 2012 | 2,547 | $ | 40.7 | ||||||||||
Granted | 494 | 53.6 | |||||||||||
Forfeited | (4 | ) | 41.62 | ||||||||||
Paid out | (813 | ) | 41.62 | ||||||||||
Outstanding as of December 31, 2013 | 2,224 | 43.24 | |||||||||||
Granted | 437 | 64.56 | |||||||||||
Forfeited | (1 | ) | 53.16 | ||||||||||
Paid out | (1,033 | ) | 42.48 | ||||||||||
Outstanding as of December 31, 2014 | 1,627 | $ | 49.46 | ||||||||||
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 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 Approaches December 31, 2014(1) | Basel III Transitional Provisions December 31, 2014(2) | Basel I December 31, 2013(3) | Basel III Advanced Approaches December 31, 2014(1) | Basel III Transitional Provisions December 31, 2014(2) | Basel I December 31, 2013(3) | |||||||||||||||||||||||
Common shareholders' equity: | |||||||||||||||||||||||||||||
Common stock and related surplus | $ | 10,295 | $ | 10,295 | $ | 10,280 | $ | 10,867 | $ | 10,867 | $ | 10,786 | |||||||||||||||||
Retained earnings | 14,882 | 14,882 | 13,395 | 9,416 | 9,416 | 9,064 | |||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (641 | ) | (641 | ) | 215 | (535 | ) | (535 | ) | 209 | |||||||||||||||||||
Treasury stock, at cost | (5,158 | ) | (5,158 | ) | (3,693 | ) | — | — | — | ||||||||||||||||||||
Total | 19,378 | 19,378 | 20,197 | 19,748 | 19,748 | 20,059 | |||||||||||||||||||||||
Regulatory capital adjustments: | |||||||||||||||||||||||||||||
Goodwill and other intangible assets, net of associated deferred tax liabilities(4) | (5,869 | ) | (5,869 | ) | (7,743 | ) | (5,577 | ) | (5,577 | ) | (7,341 | ) | |||||||||||||||||
Other adjustments | (36 | ) | (36 | ) | — | (128 | ) | (128 | ) | — | |||||||||||||||||||
Common equity tier 1 capital | 13,473 | 13,473 | 12,454 | 14,043 | 14,043 | 12,718 | |||||||||||||||||||||||
Preferred stock | 1,961 | 1,961 | 491 | — | — | — | |||||||||||||||||||||||
Trust preferred capital securities subject to phase-out from tier 1 capital | 475 | 475 | 950 | — | — | — | |||||||||||||||||||||||
Other adjustments | (145 | ) | (145 | ) | — | — | — | — | |||||||||||||||||||||
Tier 1 capital | 15,764 | 15,764 | 13,895 | 14,043 | 14,043 | 12,718 | |||||||||||||||||||||||
Qualifying subordinated long-term debt | 1,618 | 1,618 | 1,918 | 1,634 | 1,634 | 1,936 | |||||||||||||||||||||||
Trust preferred capital securities phased out of tier 1 capital | 475 | 475 | NA | — | — | NA | |||||||||||||||||||||||
Other adjustments | 4 | 4 | (26 | ) | — | — | 45 | ||||||||||||||||||||||
Total capital | $ | 17,861 | $ | 17,861 | $ | 15,787 | $ | 15,677 | $ | 15,677 | $ | 14,699 | |||||||||||||||||
Risk-weighted assets: | |||||||||||||||||||||||||||||
Credit risk | $ | 66,874 | $ | 87,502 | $ | 78,864 | $ | 59,836 | $ | 84,433 | $ | 76,197 | |||||||||||||||||
Operational risk | 35,866 | NA | NA | 35,449 | NA | NA | |||||||||||||||||||||||
Market risk(5) | 5,087 | 2,910 | 1,262 | 5,048 | 2,909 | 1,262 | |||||||||||||||||||||||
Total risk-weighted assets | $ | 107,827 | $ | 90,412 | $ | 80,126 | $ | 100,333 | $ | 87,342 | $ | 77,459 | |||||||||||||||||
Adjusted quarterly average assets | $ | 247,740 | $ | 247,740 | $ | 202,801 | $ | 243,549 | $ | 243,549 | $ | 199,301 | |||||||||||||||||
Capital Ratios: | Minimum Requirements(6) 2014 | Minimum Requirements(7) 2013 | |||||||||||||||||||||||||||
Common equity tier 1 capital | 4 | % | NA | 12.5 | % | 14.9 | % | 15.5 | % | 14 | % | 16.1 | % | 16.4 | % | ||||||||||||||
Tier 1 capital | 5.5 | 4 | % | 14.6 | 17.4 | 17.3 | 14 | 16.1 | 16.4 | ||||||||||||||||||||
Total capital | 8 | 8 | 16.6 | 19.8 | 19.7 | 15.6 | 17.9 | 19 | |||||||||||||||||||||
Tier 1 leverage | 4 | 4 | 6.4 | 6.4 | 6.9 | 5.8 | 5.8 | 6.4 | |||||||||||||||||||||
NA: Not applicable. | |||||||||||||||||||||||||||||
(1) Common equity tier 1 capital, tier 1 capital and total capital ratios as of December 31, 2014 were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Tier 1 leverage ratio as of December 31, 2014 was calculated in conformity with the Basel III final rule. | |||||||||||||||||||||||||||||
(2) Common equity tier 1 capital, tier 1 capital, total capital and tier 1 leverage ratios as of December 31, 2014 were calculated in conformity with the transitional provisions of the Basel III final rule. Specifically, these ratios reflect common equity tier 1, 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) Common equity tier 1 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 December 31, 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) Market risk risk-weighted assets reported in conformity with the Basel III advanced approaches included a credit valuation adjustment, referred to as the CVA, which reflected the risk of potential fair-value adjustments for credit risk reflected in our valuation of over-the-counter derivative contracts. The CVA was not provided for in the final market risk capital rule; however, it was required by the advanced approaches provisions of the Basel III final rule. State Street used the simple CVA approach in conformity with the Basel III advanced approaches. | |||||||||||||||||||||||||||||
(6) Minimum requirements will be phased in up to full implementation beginning on January 1, 2019; minimum requirements listed are as of December 31, 2014. | |||||||||||||||||||||||||||||
(7) Minimum requirements listed, governed by Basel I, were as of December 31, 2013. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 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) | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Interest-rate contracts: | ||||||||||||||||||||||||||||||||||||||||
Swap agreements and forwards | $ | 645 | $ | 1,023 | ||||||||||||||||||||||||||||||||||||
Options and caps purchased | 7 | 27 | ||||||||||||||||||||||||||||||||||||||
Options and caps written | 7 | 27 | ||||||||||||||||||||||||||||||||||||||
Futures | 3,939 | 3,282 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||||
Forward, swap and spot | 1,231,344 | 1,124,355 | ||||||||||||||||||||||||||||||||||||||
Options purchased | 2,767 | 1,666 | ||||||||||||||||||||||||||||||||||||||
Options written | 2,404 | 1,423 | ||||||||||||||||||||||||||||||||||||||
Credit derivative contracts: | ||||||||||||||||||||||||||||||||||||||||
Credit swap agreements | 191 | 141 | ||||||||||||||||||||||||||||||||||||||
Commodity and equity contracts: | ||||||||||||||||||||||||||||||||||||||||
Commodity(1) | 26 | 2 | ||||||||||||||||||||||||||||||||||||||
Equity(1) | 2 | 1 | ||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||
Stable value contracts | 23,409 | 24,906 | ||||||||||||||||||||||||||||||||||||||
Deferred value awards(2) | 210 | 42 | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Interest-rate contracts: | ||||||||||||||||||||||||||||||||||||||||
Swap agreements | 6,077 | 5,221 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||||
Forward and swap | 2,705 | 2,783 | ||||||||||||||||||||||||||||||||||||||
(1) Primarily composed of positions held by a consolidated sponsored investment fund, more fully described in note 12. | ||||||||||||||||||||||||||||||||||||||||
(2) Represents grants of deferred value 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: | |||||||||||||||||||||||||||||||||||||||
December 31, 2014(1) | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Fair | |||||||||||||||||||||||||||||||||||||||
Value | ||||||||||||||||||||||||||||||||||||||||
Hedges | ||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | $ | 2,577 | ||||||||||||||||||||||||||||||||||||||
Long-term debt(2) | 3,500 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 6,077 | ||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Fair | Cash | Total | |||||||||||||||||||||||||||||||||||||
Value | Flow | |||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | |||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | $ | 2,589 | $ | 132 | $ | 2,721 | ||||||||||||||||||||||||||||||||||
Long-term debt(2) | 2,500 | — | 2,500 | |||||||||||||||||||||||||||||||||||||
Total | $ | 5,089 | $ | 132 | $ | 5,221 | ||||||||||||||||||||||||||||||||||
(1) As of December 31, 2014 there were no interest-rate contracts designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||||
(2) As of December 31, 2014, these fair value hedges increased the carrying value of long-term debt presented in our consolidated statement of condition by $76 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: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Contractual | Rate | Contractual | Rate | |||||||||||||||||||||||||||||||||||||
Rates | Including | Rates | Including | |||||||||||||||||||||||||||||||||||||
Impact of Hedges | Impact of Hedges | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 3.44 | % | 2.63 | % | 3.46 | % | 2.75 | % | ||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||
Derivative Assets(1) | ||||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||||
(In millions) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 14,626 | $ | 11,552 | ||||||||||||||||||||||||||||||||||||
Interest-rate contracts | 15 | 29 | ||||||||||||||||||||||||||||||||||||||
Other derivative contracts | 2 | 1 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 14,643 | $ | 11,582 | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 509 | $ | 359 | ||||||||||||||||||||||||||||||||||||
Interest-rate contracts | 62 | 36 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 571 | $ | 395 | ||||||||||||||||||||||||||||||||||||
(1) Derivative assets are included within Other assets in our consolidated statement of condition. | ||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities(1) | ||||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||||
(In millions) | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 14,922 | $ | 11,428 | ||||||||||||||||||||||||||||||||||||
Other derivative contracts | 70 | 23 | ||||||||||||||||||||||||||||||||||||||
Interest-rate contracts | 16 | 29 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 15,008 | $ | 11,480 | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Interest-rate contracts | $ | 223 | $ | 302 | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 3 | 43 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 226 | $ | 345 | ||||||||||||||||||||||||||||||||||||
(1) Derivative liabilities are included within other liabilities in our consolidated statement of condition. | ||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Trading services revenue | $ | 612 | $ | 586 | $ | 576 | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | Processing fees and other revenue | — | — | (2 | ) | |||||||||||||||||||||||||||||||||||
Interest-rate contracts | Trading services revenue | 1 | 2 | (86 | ) | |||||||||||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and other revenue | — | — | 6 | ||||||||||||||||||||||||||||||||||||
Credit derivative contracts | Trading services revenue | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Credit derivative contracts | Processing fees and other revenue | (1 | ) | 1 | — | |||||||||||||||||||||||||||||||||||
Other derivative contracts | Trading services revenue | (2 | ) | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 611 | $ | 589 | $ | 494 | ||||||||||||||||||||||||||||||||||
Location of (Gain) Loss on | Amount of (Gain) Loss on Derivative Recognized | |||||||||||||||||||||||||||||||||||||||
Derivative in Consolidated | in Consolidated Statement of Income | |||||||||||||||||||||||||||||||||||||||
Statement of Income | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Other derivative contracts | Compensation and employee benefits | $ | 106 | $ | 14 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 106 | $ | 14 | $ | — | ||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Processing fees and | $ | (92 | ) | (183 | ) | 34 | Investment securities | Processing fees and | $ | 92 | $ | 183 | $ | (34 | ) | ||||||||||||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | (44 | ) | 32 | 11 | Available-for-sale securities | Processing fees and | 39 | (30 | ) | (17 | ) | ||||||||||||||||||||||||||||
other revenue | other revenue(1) | |||||||||||||||||||||||||||||||||||||||
Interest-rate contracts | Processing fees and | 150 | (192 | ) | 50 | Long-term debt | Processing fees and | (138 | ) | 175 | (45 | ) | ||||||||||||||||||||||||||||
other revenue | other revenue | |||||||||||||||||||||||||||||||||||||||
Total | $ | 14 | $ | (343 | ) | $ | 95 | $ | (7 | ) | $ | 328 | $ | (96 | ) | |||||||||||||||||||||||||
(1) Represents amounts reclassified out of or into other comprehensive income, or OCI. For the year ended December 31, 2014, $24 million of unrealized losses on available-for-sale securities designated in fair value hedges were recognized in OCI. For the year ended December 31, 2013 and 2012, $86 million and $27 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 | ||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||
Interest-rate contracts | $ | (2 | ) | $ | 9 | $ | 4 | Net interest revenue | $ | (4 | ) | $ | (4 | ) | $ | (5 | ) | Net interest revenue | $ | 3 | $ | 3 | $ | 3 | ||||||||||||||||
Foreign exchange contracts | 126 | 153 | 122 | Net interest revenue | — | — | — | Net interest revenue | 6 | 6 | 6 | |||||||||||||||||||||||||||||
Total | $ | 124 | $ | 162 | $ | 126 | $ | (4 | ) | $ | (4 | ) | $ | (5 | ) | $ | 9 | $ | 9 | $ | 9 | |||||||||||||||||||
Offsetting_Arrangements_Tables
Offsetting Arrangements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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: | 31-Dec-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 | $ | 15,135 | $ | (6,275 | ) | $ | 8,860 | $ | 11,911 | $ | (4,514 | ) | $ | 7,397 | |||||||||||||||||||
Interest-rate contracts | 77 | (21 | ) | 56 | 65 | (59 | ) | 6 | |||||||||||||||||||||||||
Other derivative contracts | 2 | (1 | ) | 1 | 1 | — | 1 | ||||||||||||||||||||||||||
Cash collateral netting | — | (983 | ) | (983 | ) | — | (1,928 | ) | (1,928 | ) | |||||||||||||||||||||||
Total derivatives | $ | 15,214 | $ | (7,280 | ) | $ | 7,934 | $ | 11,977 | $ | (6,501 | ) | $ | 5,476 | |||||||||||||||||||
Other financial instruments: | |||||||||||||||||||||||||||||||||
Resale agreements and securities borrowing(3) | $ | 47,488 | $ | (29,157 | ) | $ | 18,331 | $ | 48,221 | $ | (30,700 | ) | $ | 17,521 | |||||||||||||||||||
Total derivatives and other financial instruments | $ | 62,702 | $ | (36,437 | ) | $ | 26,265 | $ | 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 $18,331 million as of December 31, 2014 were $2,390 million of resale agreements and $15,941 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 10 for additional information with respect to principal securities finance transactions. | |||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 7,934 | $ | — | $ | (1,490 | ) | $ | 6,444 | $ | 5,476 | $ | — | $ | (181 | ) | $ | 5,295 | |||||||||||||||
Resale agreements and securities borrowing | 18,331 | (128 | ) | (18,157 | ) | 46 | 17,521 | (131 | ) | (14,983 | ) | 2,407 | |||||||||||||||||||||
Total | $ | 26,265 | $ | (128 | ) | $ | (19,647 | ) | $ | 6,490 | $ | 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: | 31-Dec-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 | $ | 14,925 | $ | (6,275 | ) | $ | 8,650 | $ | 11,471 | $ | (4,514 | ) | $ | 6,957 | |||||||||||||||||||
Interest-rate contracts | 239 | (20 | ) | 219 | 331 | (59 | ) | 272 | |||||||||||||||||||||||||
Other derivative contracts | 70 | (1 | ) | 69 | 9 | — | 9 | ||||||||||||||||||||||||||
Cash collateral netting | — | (2,630 | ) | (2,630 | ) | — | (979 | ) | (979 | ) | |||||||||||||||||||||||
Total derivatives | $ | 15,234 | $ | (8,926 | ) | $ | 6,308 | $ | 11,811 | $ | (5,552 | ) | $ | 6,259 | |||||||||||||||||||
Other financial instruments: | |||||||||||||||||||||||||||||||||
Repurchase agreements and securities lending(3) | $ | 44,562 | $ | (29,157 | ) | $ | 15,405 | $ | 45,273 | $ | (30,700 | ) | $ | 14,573 | |||||||||||||||||||
Total derivatives and other financial instruments | $ | 59,796 | $ | (38,083 | ) | $ | 21,713 | $ | 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 $15,405 million as of December 31, 2014 were $8,925 million of repurchase agreements and $6,480 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 10 for additional information with respect to principal securities finance transactions. | |||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 6,308 | $ | — | $ | (19 | ) | $ | 6,289 | $ | 6,259 | $ | — | $ | (6 | ) | $ | 6,253 | |||||||||||||||
Repurchase agreements and securities lending | 15,405 | (128 | ) | (13,872 | ) | 1,405 | 14,573 | (131 | ) | (13,036 | ) | 1,406 | |||||||||||||||||||||
Total | $ | 21,713 | $ | (128 | ) | $ | (13,891 | ) | $ | 7,694 | $ | 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) | 12 Months Ended | |||||||||||
Dec. 31, 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: | |||||||||||
Twelve Months Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Interest revenue: | ||||||||||||
Deposits with banks | $ | 196 | $ | 125 | $ | 141 | ||||||
Investment securities: | ||||||||||||
U.S. Treasury and federal agencies | 672 | 707 | 799 | |||||||||
State and political subdivisions | 231 | 249 | 214 | |||||||||
Other investments | 1,241 | 1,331 | 1,552 | |||||||||
Securities purchased under resale agreements | 38 | 45 | 51 | |||||||||
Trading account assets | 1 | — | — | |||||||||
Loans and leases | 266 | 253 | 254 | |||||||||
Other interest-earning assets | 7 | 4 | 3 | |||||||||
Total interest revenue | 2,652 | 2,714 | 3,014 | |||||||||
Interest expense: | ||||||||||||
Deposits | 99 | 93 | 166 | |||||||||
Short-term borrowings | 5 | 60 | 73 | |||||||||
Long-term debt | 245 | 232 | 222 | |||||||||
Other interest-bearing liabilities | 43 | 26 | 15 | |||||||||
Total interest expense | 392 | 411 | 476 | |||||||||
Net interest revenue | $ | 2,260 | $ | 2,303 | $ | 2,538 | ||||||
Occupancy_Expense_and_Informat1
Occupancy Expense and Information Systems and Communications Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Occupancy Expense and Information Systems and Communications Expense [Abstract] | ||||||||||||
Summary Of Future Minimum Lease Payments Under Non Cancelable Capital And Operating Leases | The following table presents a summary of future minimum lease payments under non-cancelable capital and operating leases as of December 31, 2014. Aggregate future minimum rental commitments have been reduced by aggregate sublease rental commitments of $55 million for capital leases and $15 million for operating leases. | |||||||||||
(In millions) | Capital | Operating | Total | |||||||||
Leases | Leases | |||||||||||
2015 | $ | 105 | $ | 179 | $ | 284 | ||||||
2016 | 91 | 141 | 232 | |||||||||
2017 | 82 | 145 | 227 | |||||||||
2018 | 82 | 119 | 201 | |||||||||
2019 | 82 | 86 | 168 | |||||||||
Thereafter | 520 | 265 | 785 | |||||||||
Total minimum lease payments | 962 | $ | 935 | $ | 1,897 | |||||||
Less amount representing interest payments | (248 | ) | ||||||||||
Present value of minimum lease payments | $ | 714 | ||||||||||
Expenses_Tables
Expenses (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Other Expenses [Abstract] | ||||||||||||||||
Schedule of Acquisition and Restructuring Costs | The following table presents net acquisition and restructuring costs recorded in the periods indicated: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||
Acquisition costs | $ | 58 | $ | 76 | $ | 26 | ||||||||||
Restructuring charges, net | 75 | 28 | 199 | |||||||||||||
Total acquisition and restructuring costs | $ | 133 | $ | 104 | $ | 225 | ||||||||||
Costs Related to Acquisition and Restructuring | 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 2012 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 | 38 | 21 | — | 59 | ||||||||||||
Additional accruals for 2012 expense control measures | (2 | ) | — | 18 | 16 | |||||||||||
Payments and adjustments | (46 | ) | (46 | ) | (18 | ) | (110 | ) | ||||||||
Balance as of December 31, 2014 | $ | 40 | $ | 24 | $ | 7 | $ | 71 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax expense for the years ended December 31: | |||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 59 | $ | 193 | $ | 148 | ||||||
State | 39 | 47 | 64 | |||||||||
Non-U.S. | 257 | 248 | 262 | |||||||||
Total current expense | 355 | 488 | 474 | |||||||||
Deferred: | ||||||||||||
Federal | 42 | 28 | 267 | |||||||||
State | 11 | 17 | 27 | |||||||||
Non-U.S. | 13 | 17 | (63 | ) | ||||||||
Total deferred expense | 66 | 62 | 231 | |||||||||
Total income tax expense | $ | 421 | $ | 550 | $ | 705 | ||||||
Schedule of Deferred Tax Assets and Liabilities | The following table presents significant components of our gross deferred tax assets and gross deferred tax liabilities as of December 31: | |||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Unrealized losses on investment securities, net | $ | — | $ | 421 | ||||||||
Deferred compensation(1) | 168 | 209 | ||||||||||
Defined benefit pension plan | 193 | 97 | ||||||||||
Restructuring charges and other reserves | 160 | 126 | ||||||||||
Foreign currency translation | 56 | — | ||||||||||
Real estate | 9 | 18 | ||||||||||
Other | 68 | 57 | ||||||||||
Total deferred tax assets | 654 | 928 | ||||||||||
Valuation allowance for deferred tax assets | (54 | ) | (33 | ) | ||||||||
Deferred tax assets, net of valuation allowance | $ | 600 | $ | 895 | ||||||||
Deferred tax liabilities: | ||||||||||||
Unrealized gains on securities, net | $ | 5 | $ | — | ||||||||
Leveraged lease financing | 326 | 359 | ||||||||||
Fixed and intangible assets | 1,006 | 1,073 | ||||||||||
Non-U.S. earnings | 167 | 105 | ||||||||||
Foreign currency translation | — | 35 | ||||||||||
Other(2) | 83 | 44 | ||||||||||
Total deferred tax liabilities | $ | 1,587 | $ | 1,616 | ||||||||
(1) Amount as of December 31, 2013 includes an increase of $21 million associated with an out-of-period income tax benefit recorded in 2013. | ||||||||||||
(2) Amount as of December 31, 2013 was adjusted to reflect a decrease of $50 million associated with an out-of-period income tax benefit recorded in 2013. | ||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the U.S. statutory income tax rate to our effective tax rate based on income before income tax expense for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Changes from statutory rate: | ||||||||||||
State taxes, net of federal benefit | 1.5 | 1.6 | 1.8 | |||||||||
Tax-exempt income | (5.0 | ) | (3.7 | ) | (2.6 | ) | ||||||
Tax credits | (6.7 | ) | (3.6 | ) | (2.8 | ) | ||||||
Foreign tax differential | (8.5 | ) | (5.9 | ) | (5.5 | ) | ||||||
Out-of-period income tax benefit(1) | — | (2.7 | ) | — | ||||||||
Other, net | 0.9 | (.2 | ) | (.4 | ) | |||||||
Effective tax rate | 17.2 | % | 20.5 | % | 25.5 | % | ||||||
(1) | Excluding the impact of the out-of-period income tax benefit of $71 million described earlier in this note, our effective tax rate for 2013 would have been 23.2%. | |||||||||||
Summary of Income Tax Contingencies | The following table presents activity related to unrecognized tax benefits as of December 31: | |||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Beginning balance | $ | 158 | $ | 95 | ||||||||
Decrease related to agreements with tax authorities | (9 | ) | (4 | ) | ||||||||
Increase related to tax positions taken during current year | 8 | 10 | ||||||||||
Increase related to tax positions taken during prior year | 6 | 57 | ||||||||||
Ending balance | $ | 163 | $ | 158 | ||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 years ended December 31: | |||||||||||
(Dollars in millions, except per share amounts) | 2014 | 2013 | 2012 | |||||||||
Net income | $ | 2,037 | $ | 2,136 | $ | 2,061 | ||||||
Less: | ||||||||||||
Preferred stock dividends | (61 | ) | (26 | ) | (29 | ) | ||||||
Dividends and undistributed earnings allocated to participating securities(1) | (3 | ) | (8 | ) | (13 | ) | ||||||
Net income available to common shareholders | $ | 1,973 | $ | 2,102 | $ | 2,019 | ||||||
Average common shares outstanding (in thousands): | ||||||||||||
Basic average common shares | 424,223 | 446,245 | 474,458 | |||||||||
Effect of dilutive securities: common stock options and common stock awards | 7,784 | 8,910 | 6,671 | |||||||||
Diluted average common shares | 432,007 | 455,155 | 481,129 | |||||||||
Anti-dilutive securities(2) | 1,498 | 1,855 | 5,619 | |||||||||
Earnings per Common Share: | ||||||||||||
Basic | $ | 4.65 | $ | 4.71 | $ | 4.25 | ||||||
Diluted(3) | 4.57 | 4.62 | 4.2 | |||||||||
(1) Represents 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) Represents 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) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Line of Business Results | ||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||
Servicing | Management | |||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions, | ||||||||||||||||||||||||||||||||||||||||||||||||
except where otherwise noted) | ||||||||||||||||||||||||||||||||||||||||||||||||
Servicing fees | $ | 5,129 | $ | 4,819 | $ | 4,414 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,129 | $ | 4,819 | $ | 4,414 | ||||||||||||||||||||||||
Management fees | — | — | — | 1,207 | 1,106 | 993 | — | — | — | 1,207 | 1,106 | 993 | ||||||||||||||||||||||||||||||||||||
Trading services | 1,039 | 1,027 | 938 | 45 | 67 | 98 | — | — | — | 1,084 | 1,094 | 1,036 | ||||||||||||||||||||||||||||||||||||
Securities finance | 437 | 359 | 405 | — | — | — | — | — | — | 437 | 359 | 405 | ||||||||||||||||||||||||||||||||||||
Processing fees and other | 179 | 206 | 235 | (5 | ) | 6 | 5 | — | — | — | 174 | 212 | 240 | |||||||||||||||||||||||||||||||||||
Total fee revenue | 6,784 | 6,411 | 5,992 | 1,247 | 1,179 | 1,096 | — | — | — | 8,031 | 7,590 | 7,088 | ||||||||||||||||||||||||||||||||||||
Net interest revenue | 2,188 | 2,221 | 2,464 | 72 | 82 | 74 | — | — | — | 2,260 | 2,303 | 2,538 | ||||||||||||||||||||||||||||||||||||
Gains (losses) related to investment securities, net | 4 | (9 | ) | 69 | — | — | — | — | — | (46 | ) | 4 | (9 | ) | 23 | |||||||||||||||||||||||||||||||||
Total revenue | 8,976 | 8,623 | 8,525 | 1,319 | 1,261 | 1,170 | — | — | (46 | ) | 10,295 | 9,884 | 9,649 | |||||||||||||||||||||||||||||||||||
Provision for loan losses | 10 | 6 | (3 | ) | — | — | — | — | — | — | 10 | 6 | (3 | ) | ||||||||||||||||||||||||||||||||||
Total expenses | 6,648 | 6,190 | 6,058 | 960 | 822 | 847 | 219 | 180 | (19 | ) | 7,827 | 7,192 | 6,886 | |||||||||||||||||||||||||||||||||||
Income before income tax expense | $ | 2,318 | $ | 2,427 | $ | 2,470 | $ | 359 | $ | 439 | $ | 323 | $ | (219 | ) | $ | (180 | ) | $ | (27 | ) | $ | 2,458 | $ | 2,686 | $ | 2,766 | |||||||||||||||||||||
Pre-tax margin | 26 | % | 28 | % | 29 | % | 27 | % | 35 | % | 28 | % | 24 | % | 27 | % | 29 | % | ||||||||||||||||||||||||||||||
Average assets (in billions) | $ | 234.2 | $ | 203.2 | $ | 190.1 | $ | 3.9 | $ | 3.8 | $ | 3.7 | $ | 238.1 | $ | 207 | $ | 193.8 | ||||||||||||||||||||||||||||||
NonUS_Activities_Tables
Non-U.S. Activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 years ended December 31: | |||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Total fee revenue | $ | 3,364 | $ | 3,119 | $ | 2,917 | ||||||
Net interest revenue | 1,236 | 1,191 | 953 | |||||||||
Gains (losses) related to investment securities, net | 6 | (11 | ) | (40 | ) | |||||||
Total revenue | 4,606 | 4,299 | 3,830 | |||||||||
Expenses | 3,272 | 3,130 | 3,013 | |||||||||
Income before income taxes | 1,334 | 1,169 | 817 | |||||||||
Income tax expense | 319 | 289 | 204 | |||||||||
Net income | $ | 1,015 | $ | 880 | $ | 613 | ||||||
Summary of Non-U.S. Assets | The following table presents the significant components of our non-U.S. assets as of December 31, based on the domicile of the underlying counterparties: | |||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Interest-bearing deposits with banks | $ | 17,382 | $ | 9,584 | ||||||||
Investment securities | 29,060 | 31,522 | ||||||||||
Other assets | 13,577 | 16,778 | ||||||||||
Total non-U.S. assets | $ | 60,019 | $ | 57,884 | ||||||||
Parent_Company_Financial_State1
Parent Company Financial Statement (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Condensed Financial Information Statement of Income of Parent Company Table | STATEMENT OF INCOME - PARENT COMPANY | |||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||
(In millions) | ||||||||||||
Cash dividends from consolidated banking subsidiary | $ | 1,470 | $ | 1,694 | $ | 1,785 | ||||||
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities | 138 | 250 | 68 | |||||||||
Other, net | 63 | 35 | 38 | |||||||||
Total revenue | 1,671 | 1,979 | 1,891 | |||||||||
Interest expense | 193 | 169 | 163 | |||||||||
Other expenses | 55 | 88 | 85 | |||||||||
Total expenses | 248 | 257 | 248 | |||||||||
Income tax benefit | (83 | ) | (84 | ) | (63 | ) | ||||||
Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities | 1,506 | 1,806 | 1,706 | |||||||||
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities: | ||||||||||||
Consolidated banking subsidiary | 375 | 237 | 173 | |||||||||
Consolidated non-banking subsidiaries and unconsolidated entities | 156 | 93 | 182 | |||||||||
Net income | $ | 2,037 | $ | 2,136 | $ | 2,061 | ||||||
Condensed Financial Information Statement of Condition of Parent Company Table | STATEMENT OF CONDITION - PARENT COMPANY | |||||||||||
As of December 31, | 2014 | 2013 | ||||||||||
(In millions) | ||||||||||||
Assets: | ||||||||||||
Interest-bearing deposits with consolidated banking subsidiary | $ | 6,030 | $ | 4,419 | ||||||||
Trading account assets | 279 | 216 | ||||||||||
Investment securities available for sale | 35 | 31 | ||||||||||
Investments in subsidiaries: | ||||||||||||
Consolidated banking subsidiary | 20,123 | 19,985 | ||||||||||
Consolidated non-banking subsidiaries | 2,739 | 2,617 | ||||||||||
Unconsolidated entities | 288 | 272 | ||||||||||
Notes and other receivables from: | ||||||||||||
Consolidated banking subsidiary | 1,526 | 1,528 | ||||||||||
Consolidated non-banking subsidiaries and unconsolidated entities | 331 | 256 | ||||||||||
Other assets | 447 | 327 | ||||||||||
Total assets | $ | 31,798 | $ | 29,651 | ||||||||
Liabilities: | ||||||||||||
Commercial paper | $ | 2,485 | $ | 1,819 | ||||||||
Accrued expenses and other liabilities | 514 | 447 | ||||||||||
Long-term debt | 7,326 | 7,007 | ||||||||||
Total liabilities | 10,325 | 9,273 | ||||||||||
Shareholders’ equity | 21,473 | 20,378 | ||||||||||
Total liabilities and shareholders’ equity | $ | 31,798 | $ | 29,651 | ||||||||
Condensed Financial Information Statement of Cash Flows of Parent Company Table | STATEMENT OF CASH FLOWS - PARENT COMPANY | |||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||
(In millions) | ||||||||||||
Net cash provided by (used in) operating activities | $ | 1,767 | $ | 2,296 | $ | 2,706 | ||||||
Investing Activities: | ||||||||||||
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary | (1,610 | ) | (620 | ) | 1,115 | |||||||
Investments in consolidated banking and non-banking subsidiaries | (1,142 | ) | (1,100 | ) | (68 | ) | ||||||
Sale or repayment of investment in consolidated banking and non-banking subsidiaries | 1,011 | 32 | 28 | |||||||||
Business acquisitions | — | — | (2 | ) | ||||||||
Net cash provided by (used in) investing activities | (1,741 | ) | (1,688 | ) | 1,073 | |||||||
Financing Activities: | ||||||||||||
Net decrease in short-term borrowings | — | — | (500 | ) | ||||||||
Net decrease in commercial paper | 667 | (499 | ) | (66 | ) | |||||||
Proceeds from issuance of long-term debt, net of issuance costs | 994 | 2,485 | — | |||||||||
Payments for long-term debt | (750 | ) | — | (1,750 | ) | |||||||
Proceeds from issuance of preferred stock, net of issuance costs | 1,470 | — | 488 | |||||||||
Proceeds from exercises of common stock options | 14 | 121 | 53 | |||||||||
Purchases of common stock | (1,650 | ) | (2,040 | ) | (1,440 | ) | ||||||
Repurchases of common stock for employee tax withholding | (232 | ) | (189 | ) | (101 | ) | ||||||
Payments for cash dividends | (539 | ) | (486 | ) | (463 | ) | ||||||
Net cash provided by (used in) financing activities | (26 | ) | (608 | ) | (3,779 | ) | ||||||
Net change | — | — | — | |||||||||
Cash and due from banks at beginning of year | — | — | — | |||||||||
Cash and due from banks at end of year | $ | — | $ | — | $ | — | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended |
Dec. 31, 2014 | |
line_of_business | |
Accounting Policies [Abstract] | |
Number of lines of business | 2 |
Fair_Value_Narrative_Details
Fair Value - Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 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 |
Transfers Into Level 3 | 0 | 0 |
Transfers out of Level 3 | $0 | $0 |
Fair_Value_Schedule_of_Fair_Va
Fair Value - Schedule of Fair Value Measurements on a Recurring Basis (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | $924 | $843 |
Investment securities available for sale | 94,913 | 99,174 |
Reduction in assets from netting and the result of cash collateral deposited with derivative counterparties | 983 | 1,930 |
Reduction in liabilities from netting and the result of cash collateral received from derivative counterparties | 2,630 | 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 | 5,447 | 7,564 |
Liabilities, fair value disclosure | 83 | 26 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 924 | 843 |
Investment securities available for sale | 94,913 | 99,174 |
Derivative Asset, Gross Liability and Obligation to Return Cash, Offset | -7,280 | -6,501 |
Derivative assets | 7,934 | 5,476 |
Other assets | 97 | |
Assets, fair value disclosure | 103,771 | 105,590 |
Derivative Liability, Gross Asset and Right to Reclaim Cash, Offset | -8,926 | -5,552 |
Derivative liabilities | 6,308 | 6,259 |
Other liabilities | 97 | |
Liabilities, fair value disclosure | 6,308 | 6,356 |
Recurring | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Gross Liability and Obligation to Return Cash, Offset | -7,211 | -6,442 |
Derivative assets | 7,924 | 5,469 |
Derivative Liability, Gross Asset and Right to Reclaim Cash, Offset | -8,879 | -5,458 |
Derivative liabilities | 6,046 | 6,013 |
Recurring | Interest-rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Gross Liability and Obligation to Return Cash, Offset | -68 | -59 |
Derivative assets | 9 | 6 |
Derivative Liability, Gross Asset and Right to Reclaim Cash, Offset | -46 | -94 |
Derivative liabilities | 193 | 237 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Gross Liability and Obligation to Return Cash, Offset | -1 | 0 |
Derivative assets | 1 | 1 |
Derivative Liability, Gross Asset and Right to Reclaim Cash, Offset | -1 | 0 |
Derivative liabilities | 69 | 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 | 378 | 399 |
Recurring | Other U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 526 | 424 |
Investment securities available for sale | 4,109 | 4,980 |
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 | 10,655 | 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 | 20,714 | 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 | 20,609 | 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 | 12,460 | 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 | 3,053 | 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 | 951 | 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 | 4,145 | 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 | 22,169 | 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 | 9,606 | 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 | 3,226 | 5,390 |
Recurring | Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,909 | 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 | 5,428 | 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 | 10,820 | 10,263 |
Recurring | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,339 | 5,269 |
Recurring | U.S. equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 39 | 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 | 2 | 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 | 449 | 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 | 8 | 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 | 418 | 486 |
Investment securities available for sale | 10,056 | 0 |
Derivative Asset, Gross Asset | 0 | |
Derivative assets | 0 | |
Other assets | 97 | |
Assets, fair value disclosure | 10,474 | 583 |
Derivative Liability, Gross Liability | 0 | |
Derivative liabilities | 0 | |
Other liabilities | 97 | |
Liabilities, fair value disclosure | 0 | 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 Asset, Gross Asset | 0 | |
Derivative assets | 0 | |
Derivative Liability, Gross Liability | 0 | |
Derivative liabilities | 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 Asset, Gross Asset | 0 | |
Derivative assets | 0 | |
Derivative Liability, Gross Liability | 0 | |
Derivative liabilities | 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 Asset, Gross Asset | 0 | |
Derivative assets | 0 | |
Derivative Liability, Gross Liability | 0 | |
Derivative liabilities | 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 | 378 | 399 |
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 | 20 | 67 |
Investment securities available for sale | 0 | 0 |
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 | 10,056 | 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) | 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) | 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 | 506 | 357 |
Investment securities available for sale | 79,491 | 91,629 |
Derivative Asset, Gross Asset | 15,133 | |
Derivative assets | 11,958 | |
Other assets | 0 | |
Assets, fair value disclosure | 95,130 | 103,944 |
Derivative Liability, Gross Liability | 15,151 | |
Derivative liabilities | 11,785 | |
Other liabilities | 0 | |
Liabilities, fair value disclosure | 15,151 | 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 Asset, Gross Asset | 15,054 | |
Derivative assets | 11,892 | |
Derivative Liability, Gross Liability | 14,851 | |
Derivative liabilities | 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 Asset, Gross Asset | 77 | |
Derivative assets | 65 | |
Derivative Liability, Gross Liability | 239 | |
Derivative liabilities | 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 Asset, Gross Asset | 2 | |
Derivative assets | 1 | |
Derivative Liability, Gross Liability | 61 | |
Derivative liabilities | 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) | Other U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 506 | 357 |
Investment securities available for sale | 4,100 | 4,972 |
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 | 599 | 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 | 20,714 | 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 | 16,570 | 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 | 12,201 | 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 | 3,053 | 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 | 951 | 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 | 365 | 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 | 21,503 | 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 | 9,606 | 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 | 2,931 | 4,592 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,909 | 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 | 5,057 | 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 | 10,782 | 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 | 4,725 | 5,107 |
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 | 39 | 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 | 2 | 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 | 449 | 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 | 8 | 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 | 5,366 | 7,545 |
Derivative Asset, Gross Asset | 81 | |
Derivative assets | 19 | |
Other assets | 0 | |
Assets, fair value disclosure | 5,447 | 7,564 |
Derivative Liability, Gross Liability | 83 | |
Derivative liabilities | 26 | |
Other liabilities | 0 | |
Liabilities, fair value disclosure | 83 | 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 Asset, Gross Asset | 81 | |
Derivative assets | 19 | |
Derivative Liability, Gross Liability | 74 | |
Derivative liabilities | 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 Asset, Gross Asset | 0 | |
Derivative assets | 0 | |
Derivative Liability, Gross Liability | 0 | |
Derivative liabilities | 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 Asset, Gross Asset | 0 | |
Derivative assets | 0 | |
Derivative Liability, Gross Liability | 9 | |
Derivative liabilities | 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) | 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) | 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 | 0 | 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 | 4,039 | 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 | 259 | 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 | 3,780 | 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 | 666 | 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 | 295 | 798 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 | 371 | 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 | 38 | 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 | 614 | 162 |
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 |
Collateralized Loan Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,800 | 4,500 |
Automobile Loan Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 315 | 470 |
Non-U.S. debt securities, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,200 | 1,400 |
Non-US Debt Securities, Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $3,300 | $2,300 |
Fair_Value_Schedule_of_Fair_Va1
Fair Value - Schedule of Fair Value Measurements, Assets, Using Significant Unobservable Inputs (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value as of beginning of period | $7,564 | $6,980 |
Recorded in Revenue, Assets | 110 | 165 |
Recorded in Other Comprehensive Income, Assets | -28 | 16 |
Purchases, Assets | 1,198 | 3,091 |
Sales, Assets | -82 | -60 |
Settlements, Assets | -1,504 | -1,757 |
Transfers into Level 3, Assets | 161 | 174 |
Transfers out of Level 3, Assets | -1,972 | -1,045 |
Fair value as of end of period | 5,447 | 7,564 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of period end | 44 | -2 |
Derivative instruments, assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value as of beginning of period | 19 | 113 |
Recorded in Revenue, Assets | 36 | 103 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 |
Purchases, Assets | 36 | 20 |
Sales, Assets | 0 | 0 |
Settlements, Assets | -10 | -217 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 |
Fair value as of end of period | 81 | 19 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of period end | 44 | -2 |
Foreign exchange contracts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value as of beginning of period | 19 | 113 |
Recorded in Revenue, Assets | 36 | 103 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 |
Purchases, Assets | 36 | 20 |
Sales, Assets | 0 | 0 |
Settlements, Assets | -10 | -217 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 |
Fair value as of end of period | 81 | 19 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of period end | 44 | -2 |
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 | 7,545 | 6,867 |
Recorded in Revenue, Assets | 74 | 62 |
Recorded in Other Comprehensive Income, Assets | -28 | 16 |
Purchases, Assets | 1,162 | 3,071 |
Sales, Assets | -82 | -60 |
Settlements, Assets | -1,494 | -1,540 |
Transfers into Level 3, Assets | 161 | 174 |
Transfers out of Level 3, Assets | -1,972 | -1,045 |
Fair value as of end of period | 5,366 | 7,545 |
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 | 716 | 825 |
Recorded in Revenue, Assets | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 |
Purchases, Assets | 168 | 92 |
Sales, Assets | 0 | 0 |
Settlements, Assets | -14 | -109 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers out of Level 3, Assets | -870 | -92 |
Fair value as of end of period | 0 | 716 |
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 | 4,979 | 4,649 |
Recorded in Revenue, Assets | 67 | 55 |
Recorded in Other Comprehensive Income, Assets | -27 | 21 |
Purchases, Assets | 306 | 1,800 |
Sales, Assets | -75 | -60 |
Settlements, Assets | -1,132 | -1,262 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers out of Level 3, Assets | -79 | -224 |
Fair value as of end of period | 4,039 | 4,979 |
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 | 423 | 588 |
Recorded in Revenue, Assets | 2 | 2 |
Recorded in Other Comprehensive Income, Assets | 1 | 12 |
Purchases, Assets | 24 | 79 |
Sales, Assets | -75 | -26 |
Settlements, Assets | -37 | -31 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers out of Level 3, Assets | -79 | -201 |
Fair value as of end of period | 259 | 423 |
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 | 67 |
Recorded in Revenue, Assets | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 |
Purchases, Assets | 0 | 0 |
Sales, Assets | 0 | 0 |
Settlements, Assets | -24 | -43 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 |
Fair value as of end of period | 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 | 4,532 | 3,994 |
Recorded in Revenue, Assets | 65 | 53 |
Recorded in Other Comprehensive Income, Assets | -28 | 9 |
Purchases, Assets | 282 | 1,721 |
Sales, Assets | 0 | -34 |
Settlements, Assets | -1,071 | -1,188 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers out of Level 3, Assets | 0 | -23 |
Fair value as of end of period | 3,780 | 4,532 |
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 | 1,637 | 1,219 |
Recorded in Revenue, Assets | 6 | 5 |
Recorded in Other Comprehensive Income, Assets | 0 | 3 |
Purchases, Assets | 55 | 961 |
Sales, Assets | -1 | 0 |
Settlements, Assets | -313 | -126 |
Transfers into Level 3, Assets | 161 | 160 |
Transfers out of Level 3, Assets | -879 | -585 |
Fair value as of end of period | 666 | 1,637 |
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 | 375 | 555 |
Recorded in Revenue, Assets | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 0 | -1 |
Purchases, Assets | 0 | 33 |
Sales, Assets | 0 | 0 |
Settlements, Assets | 0 | -4 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers out of Level 3, Assets | -375 | -208 |
Fair value as of end of period | 0 | 375 |
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 | 798 | 524 |
Recorded in Revenue, Assets | 6 | 5 |
Recorded in Other Comprehensive Income, Assets | -1 | 3 |
Purchases, Assets | 0 | 531 |
Sales, Assets | 0 | 0 |
Settlements, Assets | -272 | -142 |
Transfers into Level 3, Assets | 76 | 160 |
Transfers out of Level 3, Assets | -312 | -283 |
Fair value as of end of period | 295 | 798 |
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 | 464 | 140 |
Recorded in Revenue, Assets | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 1 | 1 |
Purchases, Assets | 55 | 397 |
Sales, Assets | -1 | 0 |
Settlements, Assets | -41 | 20 |
Transfers into Level 3, Assets | 85 | 0 |
Transfers out of Level 3, Assets | -192 | -94 |
Fair value as of end of period | 371 | 464 |
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 | 43 | 48 |
Recorded in Revenue, Assets | 1 | 1 |
Recorded in Other Comprehensive Income, Assets | -3 | -2 |
Purchases, Assets | 0 | 0 |
Sales, Assets | 0 | 0 |
Settlements, Assets | -3 | -4 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 |
Fair value as of end of period | 38 | 43 |
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 | 162 | 117 |
Recorded in Revenue, Assets | 0 | 1 |
Recorded in Other Comprehensive Income, Assets | 1 | -5 |
Purchases, Assets | 633 | 218 |
Sales, Assets | -6 | 0 |
Settlements, Assets | -32 | -39 |
Transfers into Level 3, Assets | 0 | 14 |
Transfers out of Level 3, Assets | -144 | -144 |
Fair value as of end of period | 614 | 162 |
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 |
Recorded in Revenue, Assets | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 1 | -1 |
Purchases, Assets | 0 | 0 |
Sales, Assets | 0 | 0 |
Settlements, Assets | 0 | 0 |
Transfers into Level 3, Assets | 0 | 0 |
Transfers out of Level 3, Assets | 0 | 0 |
Fair value as of end of period | $9 | $8 |
Fair_Value_Schedule_of_Fair_Va2
Fair Value - Schedule of Fair Value Measurements, Liabilities, Using Significant Unobservable Inputs (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, beginning balance, Liabilities | $26 | $115 |
Recorded in Revenue, Liabilities | 25 | 40 |
Issuances, Liabilities | -39 | -18 |
Settlements, Liabilities | -7 | -147 |
Fair Value, ending balance, Liabilities | 83 | 26 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | 35 | -1 |
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 | 26 | 115 |
Recorded in Revenue, Liabilities | 25 | 40 |
Issuances, Liabilities | -39 | -18 |
Settlements, Liabilities | -7 | -147 |
Fair Value, ending balance, Liabilities | 83 | 26 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | 35 | -1 |
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 | 17 | 106 |
Recorded in Revenue, Liabilities | 25 | 40 |
Issuances, Liabilities | -39 | -18 |
Settlements, Liabilities | -7 | -147 |
Fair Value, ending balance, Liabilities | 74 | 17 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | 35 | -1 |
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 |
Recorded in Revenue, Liabilities | 0 | 0 |
Issuances, Liabilities | 0 | 0 |
Settlements, Liabilities | 0 | 0 |
Fair Value, ending balance, Liabilities | 9 | 9 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | $0 | $0 |
Fair_Value_Level_3_Total_Reali
Fair Value - Level 3 Total Realized And Unrealized Gains And Losses Recorded In Revenue (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total Revenue [Member] | |||
Realized and Unrealized Gains and Losses [Line Items] | |||
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | $85 | $125 | $429 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | 9 | -1 | 3 |
Trading services | |||
Realized and Unrealized Gains and Losses [Line Items] | |||
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | 11 | 63 | 9 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | 9 | -1 | 3 |
Total fee revenue | |||
Realized and Unrealized Gains and Losses [Line Items] | |||
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | 11 | 63 | 9 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | 9 | -1 | 3 |
Net interest revenue | |||
Realized and Unrealized Gains and Losses [Line Items] | |||
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | 74 | 62 | 420 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | $0 | $0 | $0 |
Fair_Value_Fair_Value_Inputs_A
Fair Value - Fair Value Inputs, Assets and Liabilities, Quantitative Information (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | 94,913 | 99,174 |
Asset-backed securities, student loans | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | 12,460 | 14,542 |
Asset-backed securities, credit cards | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | 3,053 | 8,210 |
Asset-backed securities, other | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | 4,145 | 5,064 |
State and political subdivisions | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | 10,820 | 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 | 5,447 | 7,564 |
Liabilities, fair value disclosure | 83 | 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 | 74 | 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 | 81 | 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 | 259 | 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 | 3,780 | 4,532 |
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 | 38 | 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 | 5.20% | 7.50% |
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 | 0.00% | 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 | 0.20% | 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 | 2.10% | 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 | 9.00% | 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 | 9.10% | 11.40% |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets, fair value disclosure | 178 | 191 |
Liabilities, fair value disclosure | 83 | 26 |
Significant Unobservable Inputs Readily Available | 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 | 74 | 17 |
Derivative instruments, other, liabilities | 9 | 9 |
Significant Unobservable Inputs Readily Available | 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 | 81 | 19 |
Significant Unobservable Inputs Readily Available | 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 | 0 | 13 |
Significant Unobservable Inputs Readily Available | 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 | 0 | 24 |
Significant Unobservable Inputs Readily Available | 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 | 59 | 92 |
Significant Unobservable Inputs Readily Available | 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 | 38 | 43 |
Fair_Value_Schedule_of_Availab
Fair Value - Schedule of Availability of Significant Unobservable Inputs by Balance Sheet Classification (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Investment securities available for sale | $94,913 | $99,174 |
Asset-backed securities, student loans | ||
Assets: | ||
Investment securities available for sale | 12,460 | 14,542 |
Asset-backed securities, credit cards | ||
Assets: | ||
Investment securities available for sale | 3,053 | 8,210 |
Asset-backed securities, other | ||
Assets: | ||
Investment securities available for sale | 4,145 | 5,064 |
Non-U.S. debt securities, mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 9,606 | 11,029 |
Non-U.S. debt securities, asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 3,226 | 5,390 |
Non-U.S. debt securities, other | ||
Assets: | ||
Investment securities available for sale | 5,428 | 4,727 |
State and political subdivisions | ||
Assets: | ||
Investment securities available for sale | 10,820 | 10,263 |
Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 5,339 | 5,269 |
Other U.S. debt securities | ||
Assets: | ||
Investment securities available for sale | 4,109 | 4,980 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Assets: | ||
Assets, fair value disclosure | 5,447 | 7,564 |
Liabilities: | ||
Liabilities, fair value disclosure | 83 | 26 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, liabilities | ||
Liabilities: | ||
Derivative instruments, foreign exchange contracts, liabilities | 74 | 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 | 81 | 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 | 716 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, student loans | ||
Assets: | ||
Investment securities available for sale | 259 | 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 | 3,780 | 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 | 295 | 798 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, other | ||
Assets: | ||
Investment securities available for sale | 371 | 464 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | State and political subdivisions | ||
Assets: | ||
Investment securities available for sale | 38 | 43 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 614 | 162 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other U.S. debt securities | ||
Assets: | ||
Investment securities available for sale | 9 | 8 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Assets: | ||
Assets, fair value disclosure | 178 | 191 |
Liabilities: | ||
Liabilities, fair value disclosure | 83 | 26 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, liabilities | ||
Liabilities: | ||
Derivative instruments, foreign exchange contracts, liabilities | 74 | 17 |
Derivative instruments, other, liabilities | 9 | 9 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, assets | ||
Assets: | ||
Derivative instruments, foreign exchange contracts, assets | 81 | 19 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | U.S. Treasury and federal agencies, mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 0 | |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, student loans | ||
Assets: | ||
Investment securities available for sale | 0 | 13 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, credit cards | ||
Assets: | ||
Investment securities available for sale | 0 | 24 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, other | ||
Assets: | ||
Investment securities available for sale | 59 | 92 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 0 | |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, other | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | State and political subdivisions | ||
Assets: | ||
Investment securities available for sale | 38 | 43 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other U.S. debt securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Assets: | ||
Assets, fair value disclosure | 5,269 | 7,373 |
Liabilities: | ||
Liabilities, fair value disclosure | 0 | 0 |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, liabilities | ||
Liabilities: | ||
Derivative instruments, foreign exchange contracts, liabilities | 0 | 0 |
Derivative instruments, other, liabilities | 0 | 0 |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, assets | ||
Assets: | ||
Derivative instruments, foreign exchange contracts, assets | 0 | 0 |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | U.S. Treasury and federal agencies, mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 716 | |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, student loans | ||
Assets: | ||
Investment securities available for sale | 259 | 410 |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, credit cards | ||
Assets: | ||
Investment securities available for sale | 0 | |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, other | ||
Assets: | ||
Investment securities available for sale | 3,721 | 4,440 |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 375 | |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 295 | 798 |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, other | ||
Assets: | ||
Investment securities available for sale | 371 | 464 |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | State and political subdivisions | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 614 | 162 |
Significant Unobservable Inputs Not Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other U.S. debt securities | ||
Assets: | ||
Investment securities available for sale | $9 | $8 |
Fair_Value_Carrying_Value_and_
Fair Value - Carrying Value and Estimated Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Financial Assets: | ||||
Cash and due from banks | $1,855 | $3,220 | $2,590 | $2,193 |
Interest-bearing deposits with banks | 93,523 | 64,257 | ||
Securities purchased under resale agreements | 2,390 | 6,230 | ||
Investment securities held to maturity, fair value | 17,842 | 17,560 | ||
Net loans (excluding leases) | 17,131 | 12,355 | ||
Financial Liabilities: | ||||
Noninterest-bearing | 70,490 | 65,614 | ||
Interest-bearing—U.S. | 33,012 | 13,392 | ||
Interest-bearing—non-U.S. | 105,538 | 103,262 | ||
Securities sold under repurchase agreements | 8,925 | 7,953 | ||
Federal funds purchased | 21 | 19 | ||
Other short-term borrowings | 4,381 | 3,780 | ||
Long-term debt | 10,229 | 9,809 | ||
Reported Amount | ||||
Financial Assets: | ||||
Cash and due from banks | 1,855 | 3,220 | ||
Interest-bearing deposits with banks | 93,523 | 64,257 | ||
Securities purchased under resale agreements | 2,390 | 6,230 | ||
Investment securities held to maturity, fair value | 17,723 | 17,740 | ||
Net loans (excluding leases) | 17,158 | 12,363 | ||
Financial Liabilities: | ||||
Noninterest-bearing | 70,490 | 65,614 | ||
Interest-bearing—U.S. | 33,012 | 13,392 | ||
Interest-bearing—non-U.S. | 105,538 | 103,262 | ||
Securities sold under repurchase agreements | 8,925 | 7,953 | ||
Federal funds purchased | 21 | 19 | ||
Other short-term borrowings | 4,381 | 3,780 | ||
Long-term debt | 10,042 | 9,699 | ||
Quoted Market Prices in Active Markets (Level 1) | ||||
Financial Assets: | ||||
Cash and due from banks | 1,855 | 3,220 | ||
Interest-bearing deposits with banks | 0 | 0 | ||
Securities purchased under resale agreements | 0 | 0 | ||
Investment securities held to maturity, fair value | 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) | ||||
Financial Assets: | ||||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits with banks | 93,523 | 64,257 | ||
Securities purchased under resale agreements | 2,390 | 6,230 | ||
Investment securities held to maturity, fair value | 17,842 | 17,560 | ||
Net loans (excluding leases) | 16,964 | 11,908 | ||
Financial Liabilities: | ||||
Noninterest-bearing | 70,490 | 65,614 | ||
Interest-bearing—U.S. | 33,012 | 13,392 | ||
Interest-bearing—non-U.S. | 105,538 | 103,262 | ||
Securities sold under repurchase agreements | 8,925 | 7,953 | ||
Federal funds purchased | 21 | 19 | ||
Other short-term borrowings | 4,381 | 3,780 | ||
Long-term debt | 9,382 | 8,956 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||||
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, fair value | 0 | 0 | ||
Net loans (excluding leases) | 167 | 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 | $847 | $853 |
Investment_Securities_Narrativ
Investment Securities - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
security | |||
country | |||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||
Pledged Financial Instruments, Not Separately Reported, Securities | $44,020,000,000 | $46,990,000,000 | |
Other-than-temporary impairment recorded | 11,000,000 | 23,000,000 | 32,000,000 |
Number of peripheral european countries | 4 | ||
Impairment associated with adverse changes in timing of expected future cash flows | 1,000,000 | 6,000,000 | 16,000,000 |
Gross pre-tax unrealized losses on securities | -614,000,000 | ||
Number of available for sale and held to maturity securities in gross pre-tax unrealized loss position | 1,482 | ||
Minimum | |||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||
Percentage change in additional house price declines | 5.00% | ||
Maximum | |||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||
Percentage change in additional house price declines | 15.00% | ||
Agency Securities | |||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||
Other-than-temporary impairment recorded | 0 | 0 | |
Asset-backed securities, student loans | |||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||
Other-than-temporary impairment recorded | 0 | 0 | |
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 | |
Collective credit support, percentage minimum | 100.00% | ||
Average remaining term | 4 years 4 months 9 days | ||
Maximum concentration risk on credit instruments (less than) | 700,000,000 | ||
U.S. Non-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 | 6,000,000 | |
State and political subdivisions | |||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||
Other-than-temporary impairment recorded | 0 | 0 | |
Collateralized mortgage obligations | |||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||
Other-than-temporary impairment recorded | $10,000,000 | $11,000,000 |
Investment_Securities_Schedule
Investment Securities - Schedule of Marketable Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | $94,108 | $99,159 |
Available for sale, gross unrealized gains | 1,229 | 1,162 |
Available for sale, gross unrealized losses | 424 | 1,147 |
Investment securities available for sale | 94,913 | 99,174 |
Held to maturity, amortized cost | 17,723 | 17,740 |
Held to maturity, gross unrealized gains | 309 | 354 |
Held to maturity, gross unrealized losses | 190 | 534 |
Held to maturity, fair value | 17,842 | 17,560 |
Total asset-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 20,615 | 29,188 |
Available for sale, gross unrealized gains | 218 | 254 |
Available for sale, gross unrealized losses | 224 | 423 |
Investment securities available for sale | 20,609 | 29,019 |
Held to maturity, amortized cost | 3,288 | 3,171 |
Held to maturity, gross unrealized gains | 7 | 2 |
Held to maturity, gross unrealized losses | 5 | 12 |
Held to maturity, fair value | 3,290 | 3,161 |
US Treasury and federal agencies, direct obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 10,573 | 702 |
Available for sale, gross unrealized gains | 83 | 9 |
Available for sale, gross unrealized losses | 1 | 2 |
Investment securities available for sale | 10,655 | 709 |
Held to maturity, amortized cost | 5,114 | 5,041 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 147 | 448 |
Held to maturity, fair value | 4,967 | 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 | 20,648 | 23,744 |
Available for sale, gross unrealized gains | 193 | 211 |
Available for sale, gross unrealized losses | 127 | 392 |
Investment securities available for sale | 20,714 | 23,563 |
Held to maturity, amortized cost | 62 | 91 |
Held to maturity, gross unrealized gains | 4 | 6 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 66 | 97 |
Asset-backed securities, student loans | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 12,478 | 14,718 |
Available for sale, gross unrealized gains | 106 | 92 |
Available for sale, gross unrealized losses | 124 | 268 |
Investment securities available for sale | 12,460 | 14,542 |
Held to maturity, amortized cost | 1,814 | 1,627 |
Held to maturity, gross unrealized gains | 2 | 0 |
Held to maturity, gross unrealized losses | 4 | 10 |
Held to maturity, fair value | 1,812 | 1,617 |
Asset-backed securities, credit cards | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 3,077 | 8,230 |
Available for sale, gross unrealized gains | 10 | 21 |
Available for sale, gross unrealized losses | 34 | 41 |
Investment securities available for sale | 3,053 | 8,210 |
Held to maturity, amortized cost | 897 | 762 |
Held to maturity, gross unrealized gains | 2 | 1 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 899 | 763 |
Asset-backed securities, sub-prime | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 1,005 | 1,291 |
Available for sale, gross unrealized gains | 2 | 3 |
Available for sale, gross unrealized losses | 56 | 91 |
Investment securities available for sale | 951 | 1,203 |
Asset-backed securities, other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 4,055 | 4,949 |
Available for sale, gross unrealized gains | 100 | 138 |
Available for sale, gross unrealized losses | 10 | 23 |
Investment securities available for sale | 4,145 | 5,064 |
Held to maturity, amortized cost | 577 | 782 |
Held to maturity, gross unrealized gains | 3 | 1 |
Held to maturity, gross unrealized losses | 1 | 2 |
Held to maturity, fair value | 579 | 781 |
Total non-U.S. debt securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 21,939 | 24,615 |
Available for sale, gross unrealized gains | 241 | 314 |
Available for sale, gross unrealized losses | 11 | 22 |
Investment securities available for sale | 22,169 | 24,907 |
Held to maturity, amortized cost | 6,881 | 6,607 |
Held to maturity, gross unrealized gains | 191 | 169 |
Held to maturity, gross unrealized losses | 23 | 48 |
Held to maturity, fair value | 7,049 | 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 | 9,442 | 10,808 |
Available for sale, gross unrealized gains | 168 | 230 |
Available for sale, gross unrealized losses | 4 | 9 |
Investment securities available for sale | 9,606 | 11,029 |
Held to maturity, amortized cost | 3,787 | 4,211 |
Held to maturity, gross unrealized gains | 177 | 150 |
Held to maturity, gross unrealized losses | 22 | 48 |
Held to maturity, fair value | 3,942 | 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 | 3,215 | 5,369 |
Available for sale, gross unrealized gains | 11 | 23 |
Available for sale, gross unrealized losses | 0 | 2 |
Investment securities available for sale | 3,226 | 5,390 |
Held to maturity, amortized cost | 2,868 | 2,202 |
Held to maturity, gross unrealized gains | 14 | 19 |
Held to maturity, gross unrealized losses | 1 | 0 |
Held to maturity, fair value | 2,881 | 2,221 |
Government securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 3,899 | 3,759 |
Available for sale, gross unrealized gains | 10 | 2 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 3,909 | 3,761 |
Held to maturity, amortized cost | 154 | 2 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 154 | 2 |
Non-U.S. debt securities, other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 5,383 | 4,679 |
Available for sale, gross unrealized gains | 52 | 59 |
Available for sale, gross unrealized losses | 7 | 11 |
Investment securities available for sale | 5,428 | 4,727 |
Held to maturity, amortized cost | 72 | 192 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 72 | 192 |
State and political subdivisions | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 10,532 | 10,301 |
Available for sale, gross unrealized gains | 325 | 160 |
Available for sale, gross unrealized losses | 37 | 198 |
Investment securities available for sale | 10,820 | 10,263 |
Held to maturity, amortized cost | 9 | 24 |
Held to maturity, gross unrealized gains | 0 | 1 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 9 | 25 |
Collateralized mortgage obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 5,280 | 5,275 |
Available for sale, gross unrealized gains | 71 | 70 |
Available for sale, gross unrealized losses | 12 | 76 |
Investment securities available for sale | 5,339 | 5,269 |
Held to maturity, amortized cost | 2,369 | 2,806 |
Held to maturity, gross unrealized gains | 107 | 176 |
Held to maturity, gross unrealized losses | 15 | 26 |
Held to maturity, fair value | 2,461 | 2,956 |
Other U.S. debt securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 4,033 | 4,876 |
Available for sale, gross unrealized gains | 88 | 138 |
Available for sale, gross unrealized losses | 12 | 34 |
Investment securities available for sale | 4,109 | 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 | 10 | 6 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 39 | 34 |
Non-U.S. equity securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 2 | 1 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 2 | 1 |
U.S. money-market mutual funds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 449 | 422 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 449 | 422 |
Non-U.S. money-market mutual funds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 8 | 7 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 8 | 7 |
Collateralized Loan Obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | 3,800 | 4,500 |
Automobile Loan Securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | 315 | 470 |
Non-US Debt Securities, Covered Bonds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | 3,300 | 2,300 |
Non-U.S. debt securities, other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | $1,200 | $1,400 |
Investment_Securities_Schedule1
Investment Securities - Schedule of Gross Pre-Tax Unrealized Losses on Investment Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | $8,532 | $27,220 |
Available for sale, Gross Unrealized Losses Less than 12 months | 39 | 580 |
Available for sale, Fair Value 12 months or longer | 16,983 | 13,764 |
Available for sale, Gross Unrealized Losses 12 months or longer | 385 | 567 |
Available for sale, Fair Value Total | 25,515 | 40,984 |
Available for sale, Gross Unrealized Losses Total | 424 | 1,147 |
Held to maturity, Fair Value Less than 12 months | 2,608 | 7,813 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13 | 480 |
Held to maturity, Fair Value 12 months or longer | 6,220 | 1,068 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 177 | 54 |
Held to maturity, Fair Value Total | 8,828 | 8,881 |
Held to maturity, Gross Unrealized Losses Total | 190 | 534 |
Asset-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 2,364 | 7,540 |
Available for sale, Gross Unrealized Losses Less than 12 months | 17 | 58 |
Available for sale, Fair Value 12 months or longer | 7,982 | 9,002 |
Available for sale, Gross Unrealized Losses 12 months or longer | 207 | 365 |
Available for sale, Fair Value Total | 10,346 | 16,542 |
Available for sale, Gross Unrealized Losses Total | 224 | 423 |
Held to maturity, Fair Value Less than 12 months | 904 | 1,649 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 11 |
Held to maturity, Fair Value 12 months or longer | 192 | 29 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 1 | 1 |
Held to maturity, Fair Value Total | 1,096 | 1,678 |
Held to maturity, Gross Unrealized Losses Total | 5 | 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 | 167 | 113 |
Available for sale, Gross Unrealized Losses 12 months or longer | 1 | 1 |
Available for sale, Fair Value Total | 167 | 295 |
Available for sale, Gross Unrealized Losses Total | 1 | 2 |
Held to maturity, Fair Value Less than 12 months | 76 | 4,571 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 448 |
Held to maturity, Fair Value 12 months or longer | 4,891 | 0 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 146 | 0 |
Held to maturity, Fair Value Total | 4,967 | 4,571 |
Held to maturity, Gross Unrealized Losses Total | 147 | 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 | 2,569 | 10,562 |
Available for sale, Gross Unrealized Losses Less than 12 months | 9 | 316 |
Available for sale, Fair Value 12 months or longer | 6,466 | 2,389 |
Available for sale, Gross Unrealized Losses 12 months or longer | 118 | 76 |
Available for sale, Fair Value Total | 9,035 | 12,951 |
Available for sale, Gross Unrealized Losses Total | 127 | 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 | 1,473 | 1,930 |
Available for sale, Gross Unrealized Losses Less than 12 months | 15 | 16 |
Available for sale, Fair Value 12 months or longer | 5,025 | 7,252 |
Available for sale, Gross Unrealized Losses 12 months or longer | 109 | 252 |
Available for sale, Fair Value Total | 6,498 | 9,182 |
Available for sale, Gross Unrealized Losses Total | 124 | 268 |
Held to maturity, Fair Value Less than 12 months | 780 | 1,352 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | 10 |
Held to maturity, Fair Value 12 months or longer | 192 | 0 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 1 | 0 |
Held to maturity, Fair Value Total | 972 | 1,352 |
Held to maturity, Gross Unrealized Losses Total | 4 | 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 | 344 | 3,714 |
Available for sale, Gross Unrealized Losses Less than 12 months | 1 | 30 |
Available for sale, Fair Value 12 months or longer | 1,270 | 161 |
Available for sale, Gross Unrealized Losses 12 months or longer | 33 | 11 |
Available for sale, Fair Value Total | 1,614 | 3,875 |
Available for sale, Gross Unrealized Losses Total | 34 | 41 |
Held to maturity, Fair Value Less than 12 months | 297 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 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 | 896 | 1,150 |
Available for sale, Gross Unrealized Losses 12 months or longer | 56 | 91 |
Available for sale, Fair Value Total | 896 | 1,150 |
Available for sale, Gross Unrealized Losses Total | 56 | 91 |
Asset-backed securities, other | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 547 | 1,896 |
Available for sale, Gross Unrealized Losses Less than 12 months | 1 | 12 |
Available for sale, Fair Value 12 months or longer | 791 | 439 |
Available for sale, Gross Unrealized Losses 12 months or longer | 9 | 11 |
Available for sale, Fair Value Total | 1,338 | 2,335 |
Available for sale, Gross Unrealized Losses Total | 10 | 23 |
Held to maturity, Fair Value Less than 12 months | 124 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 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 | 124 | |
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 | 1,931 | 3,074 |
Available for sale, Gross Unrealized Losses Less than 12 months | 6 | 12 |
Available for sale, Fair Value 12 months or longer | 498 | 424 |
Available for sale, Gross Unrealized Losses 12 months or longer | 5 | 10 |
Available for sale, Fair Value Total | 2,429 | 3,498 |
Available for sale, Gross Unrealized Losses Total | 11 | 22 |
Held to maturity, Fair Value Less than 12 months | 1,206 | 834 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 3 |
Held to maturity, Fair Value 12 months or longer | 590 | 878 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 19 | 45 |
Held to maturity, Fair Value Total | 1,796 | 1,712 |
Held to maturity, Gross Unrealized Losses Total | 23 | 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 | 1,350 | 868 |
Available for sale, Gross Unrealized Losses Less than 12 months | 2 | 2 |
Available for sale, Fair Value 12 months or longer | 170 | 258 |
Available for sale, Gross Unrealized Losses 12 months or longer | 2 | 7 |
Available for sale, Fair Value Total | 1,520 | 1,126 |
Available for sale, Gross Unrealized Losses Total | 4 | 9 |
Held to maturity, Fair Value Less than 12 months | 507 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | |
Held to maturity, Fair Value 12 months or longer | 590 | |
Held to maturity, Gross Unrealized Losses 12 months or longer | 19 | |
Held to maturity, Fair Value Total | 1,097 | |
Held to maturity, Gross Unrealized Losses Total | 22 | |
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 | 551 | |
Available for sale, Gross Unrealized Losses Less than 12 months | 1 | |
Available for sale, Fair Value 12 months or longer | 16 | |
Available for sale, Gross Unrealized Losses 12 months or longer | 1 | |
Available for sale, Fair Value Total | 567 | |
Available for sale, Gross Unrealized Losses Total | 2 | |
Held to maturity, Fair Value Less than 12 months | 699 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 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 | 699 | |
Held to maturity, Gross Unrealized Losses Total | 1 | |
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 | 581 | 1,655 |
Available for sale, Gross Unrealized Losses Less than 12 months | 4 | 9 |
Available for sale, Fair Value 12 months or longer | 328 | 150 |
Available for sale, Gross Unrealized Losses 12 months or longer | 3 | 2 |
Available for sale, Fair Value Total | 909 | 1,805 |
Available for sale, Gross Unrealized Losses Total | 7 | 11 |
State and political subdivisions | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 610 | 3,242 |
Available for sale, Gross Unrealized Losses Less than 12 months | 3 | 113 |
Available for sale, Fair Value 12 months or longer | 1,315 | 1,268 |
Available for sale, Gross Unrealized Losses 12 months or longer | 34 | 85 |
Available for sale, Fair Value Total | 1,925 | 4,510 |
Available for sale, Gross Unrealized Losses Total | 37 | 198 |
Collateralized mortgage obligations | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 731 | 1,581 |
Available for sale, Gross Unrealized Losses Less than 12 months | 2 | 55 |
Available for sale, Fair Value 12 months or longer | 311 | 510 |
Available for sale, Gross Unrealized Losses 12 months or longer | 10 | 21 |
Available for sale, Fair Value Total | 1,042 | 2,091 |
Available for sale, Gross Unrealized Losses Total | 12 | 76 |
Held to maturity, Fair Value Less than 12 months | 422 | 759 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 18 |
Held to maturity, Fair Value 12 months or longer | 547 | 161 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 11 | 8 |
Held to maturity, Fair Value Total | 969 | 920 |
Held to maturity, Gross Unrealized Losses Total | 15 | 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 | 327 | 1,039 |
Available for sale, Gross Unrealized Losses Less than 12 months | 2 | 25 |
Available for sale, Fair Value 12 months or longer | 244 | 58 |
Available for sale, Gross Unrealized Losses 12 months or longer | 10 | 9 |
Available for sale, Fair Value Total | 571 | 1,097 |
Available for sale, Gross Unrealized Losses Total | $12 | $34 |
Investment_Securities_Schedule2
Investment Securities - Schedule of Contractual Maturities of Debt Securities (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | $9,655 |
Available for sale, 1 to 5 Years | 35,535 |
Available for sale, 6 to 10 Years | 21,603 |
Available for sale, Over 10 Years | 27,622 |
Held to maturity, Under 1 Year | 1,365 |
Held to maturity, 1 to 5 Years | 5,138 |
Held to maturity, 6 to 10 Years | 6,951 |
Held to maturity, Over 10 Years | 4,269 |
Total asset-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 1,143 |
Available for sale, 1 to 5 Years | 8,636 |
Available for sale, 6 to 10 Years | 6,202 |
Available for sale, Over 10 Years | 4,628 |
Held to maturity, Under 1 Year | 21 |
Held to maturity, 1 to 5 Years | 924 |
Held to maturity, 6 to 10 Years | 1,088 |
Held to maturity, Over 10 Years | 1,255 |
US Treasury and federal agencies, direct obligations | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 0 |
Available for sale, 1 to 5 Years | 6,841 |
Available for sale, 6 to 10 Years | 3,287 |
Available for sale, Over 10 Years | 527 |
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 | 114 |
US Treasury and federal agencies, mortgage-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 107 |
Available for sale, 1 to 5 Years | 2,389 |
Available for sale, 6 to 10 Years | 4,421 |
Available for sale, Over 10 Years | 13,797 |
Held to maturity, Under 1 Year | 1 |
Held to maturity, 1 to 5 Years | 11 |
Held to maturity, 6 to 10 Years | 12 |
Held to maturity, Over 10 Years | 38 |
Asset-backed securities, student loans | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 515 |
Available for sale, 1 to 5 Years | 6,100 |
Available for sale, 6 to 10 Years | 3,823 |
Available for sale, Over 10 Years | 2,022 |
Held to maturity, Under 1 Year | 6 |
Held to maturity, 1 to 5 Years | 182 |
Held to maturity, 6 to 10 Years | 375 |
Held to maturity, Over 10 Years | 1,251 |
Asset-backed securities, credit cards | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 381 |
Available for sale, 1 to 5 Years | 1,562 |
Available for sale, 6 to 10 Years | 1,110 |
Available for sale, Over 10 Years | 0 |
Held to maturity, Under 1 Year | 0 |
Held to maturity, 1 to 5 Years | 375 |
Held to maturity, 6 to 10 Years | 522 |
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 | 3 |
Available for sale, 1 to 5 Years | 13 |
Available for sale, 6 to 10 Years | 1 |
Available for sale, Over 10 Years | 934 |
Asset-backed securities, other | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 244 |
Available for sale, 1 to 5 Years | 961 |
Available for sale, 6 to 10 Years | 1,268 |
Available for sale, Over 10 Years | 1,672 |
Held to maturity, Under 1 Year | 15 |
Held to maturity, 1 to 5 Years | 367 |
Held to maturity, 6 to 10 Years | 191 |
Held to maturity, Over 10 Years | 4 |
Total non-U.S. debt securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 6,665 |
Available for sale, 1 to 5 Years | 10,550 |
Available for sale, 6 to 10 Years | 1,612 |
Available for sale, Over 10 Years | 3,342 |
Held to maturity, Under 1 Year | 762 |
Held to maturity, 1 to 5 Years | 3,741 |
Held to maturity, 6 to 10 Years | 353 |
Held to maturity, Over 10 Years | 2,025 |
Non-U.S. debt securities, mortgage-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 2,315 |
Available for sale, 1 to 5 Years | 3,463 |
Available for sale, 6 to 10 Years | 576 |
Available for sale, Over 10 Years | 3,252 |
Held to maturity, Under 1 Year | 503 |
Held to maturity, 1 to 5 Years | 1,102 |
Held to maturity, 6 to 10 Years | 157 |
Held to maturity, Over 10 Years | 2,025 |
Non-U.S. debt securities, asset-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 272 |
Available for sale, 1 to 5 Years | 2,698 |
Available for sale, 6 to 10 Years | 166 |
Available for sale, Over 10 Years | 90 |
Held to maturity, Under 1 Year | 105 |
Held to maturity, 1 to 5 Years | 2,567 |
Held to maturity, 6 to 10 Years | 196 |
Held to maturity, Over 10 Years | 0 |
Government securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 2,321 |
Available for sale, 1 to 5 Years | 1,588 |
Available for sale, 6 to 10 Years | 0 |
Available for sale, Over 10 Years | 0 |
Held to maturity, Under 1 Year | 154 |
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 | 1,757 |
Available for sale, 1 to 5 Years | 2,801 |
Available for sale, 6 to 10 Years | 870 |
Available for sale, Over 10 Years | 0 |
Held to maturity, Under 1 Year | 0 |
Held to maturity, 1 to 5 Years | 72 |
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 | 699 |
Available for sale, 1 to 5 Years | 3,003 |
Available for sale, 6 to 10 Years | 4,715 |
Available for sale, Over 10 Years | 2,403 |
Held to maturity, Under 1 Year | 7 |
Held to maturity, 1 to 5 Years | 2 |
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 | 227 |
Available for sale, 1 to 5 Years | 1,149 |
Available for sale, 6 to 10 Years | 1,072 |
Available for sale, Over 10 Years | 2,891 |
Held to maturity, Under 1 Year | 574 |
Held to maturity, 1 to 5 Years | 460 |
Held to maturity, 6 to 10 Years | 498 |
Held to maturity, Over 10 Years | 837 |
Other U.S. debt securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 814 |
Available for sale, 1 to 5 Years | 2,967 |
Available for sale, 6 to 10 Years | 294 |
Available for sale, Over 10 Years | $34 |
Investment_Securities_Gains_an
Investment Securities - Gains and Losses Related to Investment Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||
Gross realized gains from sales of available-for-sale securities | $64,000,000 | $104,000,000 | $101,000,000 |
Gross realized losses from sales of available-for-sale securities(1) | -49,000,000 | -90,000,000 | -46,000,000 |
Gross losses from other-than-temporary impairment | -1,000,000 | -21,000,000 | -53,000,000 |
Losses reclassified (from) to other comprehensive income | -10,000,000 | -2,000,000 | 21,000,000 |
Gains (losses) related to investment securities, net | 4,000,000 | -9,000,000 | 23,000,000 |
Impairment associated with expected credit losses | -10,000,000 | -11,000,000 | -16,000,000 |
Impairment associated with management's intent to sell impaired securities prior to recovery in value | -6,000,000 | 0 | |
Impairment associated with adverse changes in timing of expected future cash flows | -1,000,000 | -6,000,000 | -16,000,000 |
Net impairment losses | -11,000,000 | -23,000,000 | -32,000,000 |
GREECE | |||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||
Gross realized losses from sales of available-for-sale securities(1) | ($91,000,000) |
Investment_Securities_Schedule3
Investment Securities - Schedule of Credit-Related Loss Activity Recognized In Earnings (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Balance, beginning of period | $122 | $124 | $113 |
Losses for which other-than-temporary impairment was not previously recognized | 0 | 14 | 4 |
Losses for which other-than-temporary impairment was previously recognized | 11 | 9 | 28 |
Previously recognized losses related to securities sold or matured | -12 | -25 | -21 |
Losses related to securities intended or required to be sold | -6 | 0 | 0 |
Balance, end of period | $115 | $122 | $124 |
Loans_and_Leases_Narrative_Det
Loans and Leases - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
loan | loan | ||
Financing Receivable, Recorded Investment [Line Items] | |||
Aggregate short-duration advances | $3,540,000,000 | $2,450,000,000 | |
Loans and leases, allowance for losses | 38,000,000 | 28,000,000 | |
Loans modified in troubled debt restructurings | 0 | 0 | |
Provision for loan losses | 10,000,000 | 6,000,000 | -3,000,000 |
Senior Secured Bank Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases, allowance for losses | 20,000,000 | ||
Institutional | |||
Financing Receivable, Recorded Investment [Line Items] | |||
FinancingReceivableRecordedInvestmentEqualToGreaterThan90Day | 0 | 0 | |
Institutional | Senior Secured Bank Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Commercial and financial | 2,070,000,000 | 724,000,000 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
FinancingReceivableRecordedInvestmentEqualToGreaterThan90Day | 0 | 0 | |
Commercial and Financial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases, allowance for losses | 12,000,000 | ||
Commercial and Financial | Senior Secured Bank Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases, allowance for losses | 26,000,000 | ||
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases, allowance for losses | ($10,000,000) |
Loans_and_Leases_Net_Loans_Det
Loans and Leases - Net Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $18,199 | $13,486 |
Allowance for loan losses | -38 | -28 |
Loans and leases, net of allowance for loan losses | 18,161 | 13,458 |
Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 18,171 | 13,277 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 28 | 209 |
Allowance for loan losses | 10 | |
U.S. | Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment funds | 11,388 | 8,695 |
Commercial and financial | 3,061 | 1,372 |
Purchased receivables | 124 | 217 |
Lease financing | 335 | 339 |
U.S. | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 28 | 209 |
Non-U.S. | Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment funds | 2,333 | 1,718 |
Commercial and financial | 256 | 154 |
Purchased receivables | 6 | 26 |
Lease financing | $668 | $756 |
Loans_and_Leases_Schedule_of_C
Loans and Leases - Schedule of Components of Leveraged Lease Investment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ||
Net rental income receivable | $1,284 | $1,404 |
Estimated residual values | 89 | 110 |
Unearned income | -370 | -419 |
Investment in leveraged lease financing | 1,003 | 1,095 |
Less related deferred income tax liabilities | -326 | -359 |
Net investment in leveraged lease financing | $677 | $736 |
Loans_and_Leases_Recorded_Inve
Loans and Leases - Recorded Investment in Each Class of Total Loans and Leases by Credit Quality Indicator (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $18,199 | $13,486 |
Investment Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 13,721 | 10,413 |
Commercial and Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 3,317 | 1,526 |
Purchased Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 130 | 243 |
Lease Financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,003 | 1,095 |
Property Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | 180 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 28 | 29 |
Investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 15,421 | 12,362 |
Investment grade | Investment Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 13,304 | 10,282 |
Investment grade | Commercial and Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,011 | 740 |
Investment grade | Purchased Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 130 | 243 |
Investment grade | Lease Financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 976 | 1,068 |
Investment grade | Property Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Investment grade | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | 29 |
Speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 2,778 | 1,108 |
Speculative | Investment Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 417 | 131 |
Speculative | Commercial and Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 2,306 | 770 |
Speculative | Purchased Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | 0 |
Speculative | Lease Financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 27 | 27 |
Speculative | Property Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | 180 |
Speculative | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 28 | 0 |
Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 16 | |
Special mention | Investment Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | |
Special mention | Commercial and Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 16 | |
Special mention | Purchased Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | |
Special mention | Lease Financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | |
Special mention | Property Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | |
Special mention | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $0 |
Loans_and_Leases_Schedule_of_A
Loans and Leases - Schedule of Allowance for Loan Losses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | $18,199 | $13,486 |
Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 18,171 | 13,277 |
Amount of loan losses related to institutional loans collectively evaluated for impairment | 38 | 28 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 28 | 209 |
Individually Evaluated for Impairment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 0 | 206 |
Individually Evaluated for Impairment | Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 0 | 26 |
Individually Evaluated for Impairment | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 0 | 180 |
Collectively Evaluated for Impairment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 18,199 | 13,280 |
Collectively Evaluated for Impairment | Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 18,171 | 13,251 |
Collectively Evaluated for Impairment | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | $28 | $29 |
Loans_and_Leases_Impaired_Loan
Loans and Leases - Impaired Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CRE - property development | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with no related allowance | $0 | $130 |
Unpaid principal balance with no related allowance recorded | 0 | 143 |
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 |
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 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with no related allowance | 0 | 130 |
Unpaid principal balance with no related allowance recorded | $56 | $198 |
Loans_and_Leases_Schedule_of_A1
Loans and Leases - Schedule of Activity In The Allowance For Loan Losses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $28 | $22 | $22 |
Provisions | 10 | 6 | -3 |
Recoveries | 0 | 0 | 3 |
Ending balance | $38 | $28 | $22 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Changes In The Carrying Amount Of Goodwill (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Beginning balance | $6,036 | $5,977 |
Foreign currency translation and other, net | -210 | 59 |
Ending balance | 5,826 | 6,036 |
Investment Servicing | ||
Goodwill [Roll Forward] | ||
Beginning balance | 5,999 | 5,941 |
Foreign currency translation and other, net | -206 | 58 |
Ending balance | 5,793 | 5,999 |
Investment Management | ||
Goodwill [Roll Forward] | ||
Beginning balance | 37 | 36 |
Foreign currency translation and other, net | -4 | 1 |
Ending balance | $33 | $37 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Changes In The Carrying Amount Of Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $2,360 | $2,539 | |
Amortization | -222 | -214 | -198 |
Foreign currency translation and other, net | -113 | 35 | |
Ending balance | 2,025 | 2,360 | 2,539 |
Investment Servicing | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | 2,321 | 2,492 | |
Amortization | -213 | -205 | |
Foreign currency translation and other, net | -110 | 34 | |
Ending balance | 1,998 | 2,321 | |
Investment Management | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | 39 | 47 | |
Amortization | -9 | -9 | |
Foreign currency translation and other, net | -3 | 1 | |
Ending balance | $27 | $39 |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $3,471 | $3,657 | |
Accumulated Amortization | -1,446 | -1,297 | |
Net Carrying Amount | 2,025 | 2,360 | 2,539 |
Client relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,569 | 2,706 | |
Accumulated Amortization | -1,088 | -975 | |
Net Carrying Amount | 1,481 | 1,731 | |
Core deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 688 | 717 | |
Accumulated Amortization | -219 | -191 | |
Net Carrying Amount | 469 | 526 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 214 | 234 | |
Accumulated Amortization | -139 | -131 | |
Net Carrying Amount | $75 | $103 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of Intangible Assets (Excluding Goodwill) | $9 |
Amortization Expense 2015 | 203 |
Amortization Expense 2016 | 199 |
Amortization Expense 2017 | 192 |
Amortization Expense 2018 | 166 |
Amortization Expense 2019 | $151 |
Other Intangible Assets | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Other Intangible Assets | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Core deposits | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 16 years |
Core deposits | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 22 years |
Other_Assets_Components_of_Oth
Other Assets - Components of Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Assets [Line Items] | ||
Deferred tax assets, net of valuation allowance(1) | $600 | $895 |
Total | 32,600 | 25,990 |
Real estate acquired through foreclosure | 62 | 59 |
Reported Amount | Other assets | ||
Other Assets [Line Items] | ||
Collateral deposits, net | 18,134 | 13,706 |
Unrealized gains on derivative financial instruments, net | 7,934 | 5,476 |
Bank-owned life insurance | 2,402 | 2,343 |
Investments in joint ventures and other unconsolidated entities | 1,798 | 1,644 |
Accounts receivable | 513 | 950 |
Income taxes receivable | 396 | 337 |
Prepaid expenses | 259 | 286 |
Receivable for securities settlement | 218 | 195 |
Deferred tax assets, net of valuation allowance(1) | 214 | 263 |
Deposits with clearing organizations | 197 | 177 |
Other | 535 | 613 |
Total | $32,600 | $25,990 |
Deposits_Narrative_Details
Deposits - Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Banking and Thrift [Abstract] | ||
Domestic deposits of $100,000 or more | $56,420,000,000 | |
Foreign deposits of $100,000 or more | $660,000,000 | $2,020,000,000 |
ShortTerm_Borrowings_Narrative
Short-Term Borrowings - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
USD ($) | CAD | USD ($) | U.S. Government Securities Sold | |
USD ($) | ||||
Short-term Debt [Line Items] | ||||
Commercial Paper Authorized | $3,000,000,000 | |||
Commercial paper Maturity period | 270 days | |||
Short-term Debt, Weighted Average Interest Rate | 0.04% | 0.48% | ||
Overnight Maturity Fair Value | 9,228,000,000 | |||
Average balances of Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase | 28,820,000,000 | 27,810,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $690,000,000 | 800,000,000 |
ShortTerm_Borrowings_Outstandi
Short-Term Borrowings - Outstanding and weighted-average interest rates of short-term borrowings (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | |||
Weighted-average interest rate as of year-end | 0.04% | 0.48% | |
Securities Sold Under Repurchase Agreements | |||
Short-term Debt [Line Items] | |||
Balance as of December 31 | $8,925 | $7,953 | $8,006 |
Maximum outstanding as of any month-end | 10,955 | 11,538 | 9,306 |
Average outstanding during the year | 8,817 | 8,436 | 7,697 |
Weighted-average interest rate as of year-end | 0.01% | 0.00% | 0.06% |
Weighted-average interest rate for the year | 0.00% | 0.01% | 0.01% |
Federal Funds Purchased | |||
Short-term Debt [Line Items] | |||
Balance as of December 31 | 21 | 19 | 399 |
Maximum outstanding as of any month-end | 29 | 570 | 1,145 |
Average outstanding during the year | 20 | 298 | 784 |
Weighted-average interest rate as of year-end | 0.01% | 0.13% | 0.13% |
Weighted-average interest rate for the year | 0.00% | 0.00% | 0.09% |
Tax-Exempt Investment Program | |||
Short-term Debt [Line Items] | |||
Balance as of December 31 | 1,870 | 1,948 | 2,148 |
Maximum outstanding as of any month-end | 1,938 | 2,135 | 2,274 |
Average outstanding during the year | 1,903 | 2,030 | 2,214 |
Weighted-average interest rate as of year-end | 0.06% | 0.09% | 0.17% |
Weighted-average interest rate for the year | 0.08% | 0.13% | 0.21% |
Corporate Commercial Paper Program | |||
Short-term Debt [Line Items] | |||
Balance as of December 31 | 2,485 | 1,819 | 2,318 |
Maximum outstanding as of any month-end | 2,485 | 2,535 | 2,503 |
Average outstanding during the year | $2,136 | $1,632 | $2,382 |
Weighted-average interest rate as of year-end | 0.16% | 0.14% | 0.22% |
Weighted-average interest rate for the year | 0.17% | 0.18% | 0.23% |
ShortTerm_Borrowings_Component
Short-Term Borrowings - Components of securities sold under repurchase agreements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Collateralized by securities purchased under resale agreements | $2 | |
Collateralized by investment securities | 8,923 | |
Securities sold under repurchase agreements | $8,925 | $7,953 |
ShortTerm_Borrowings_Overnight
Short-Term Borrowings - Overnight maturity (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
U.S. Government Securities Sold | |
Short-term Debt [Line Items] | |
Overnight Maturity Amortized Cost | $9,316 |
Overnight Maturity Fair Value | 9,228 |
Repurchase Agreements | |
Short-term Debt [Line Items] | |
Overnight Maturity Amortized Cost | $8,923 |
Assets Sold under Agreements to Repurchase, Interest Rate | 0.00% |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long Term Debt (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Long-term debt | $10,042 | $9,699 |
Long-term Debt and Capital Lease Obligations | 769 | 788 |
Increase (decrease) in carrying value of long-term debt | 76 | 35 |
Floating-rate subordinated notes due to State Street Capital Trust IV in 2037 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 800 | 800 |
Floating-rate subordinated notes due to State Street Capital Trust I in 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 155 | 155 |
3.70% notes due in 2023(1) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,043 | 974 |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |
2.875% notes due 2016 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,005 | 1,010 |
Debt Instrument, Interest Rate, Stated Percentage | 2.88% | |
3.30% notes due 2024(1) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 999 | 0 |
3.10% subordinated notes due 2023(1) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 983 | 918 |
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |
4.375% notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 730 | 727 |
Debt Instrument, Interest Rate, Stated Percentage | 4.38% | |
4.956% junior subordinated debentures due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 528 | 537 |
Debt Instrument, Interest Rate, Stated Percentage | 4.96% | |
4.30% notes due 2014 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 502 |
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | |
1.35% notes due 2018(1) | ||
Debt Instrument [Line Items] | ||
Long-term debt | 492 | 487 |
Debt Instrument, Interest Rate, Stated Percentage | 1.35% | |
5.375% notes due 2017 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 450 | 450 |
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | |
Floating-rate notes due 2014 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 250 |
7.35% notes due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 150 | 150 |
Debt Instrument, Interest Rate, Stated Percentage | 7.35% | |
Floating-rate extendible notes due 2016 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 900 | 900 |
5.25% subordinated notes due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 433 | 442 |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
5.30% subordinated notes due 2016 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 405 | 409 |
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | |
Floating-rate subordinated notes due 2015 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 200 | 200 |
Fair Value Hedges | ||
Debt Instrument [Line Items] | ||
Increase (decrease) in carrying value of long-term debt | $76 | ($35) |
LongTerm_Debt_Narrative_Detail
Long-Term Debt - Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Bank Notes Authorized | $5,000,000,000 | |
Senior Debt Securities Authorized Under Board Authority | 4,100,000,000 | |
Subordinated Debt Available for Issuance | 500,000,000 | |
Capital Lease Obligations | 624,000,000 | 646,000,000 |
2.875% notes due 2016 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.88% | |
4.375% notes due 2021 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.38% | |
3.70% notes due in 2023(1) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |
1.35% notes due 2018(1) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.35% | |
3.10% subordinated notes due 2023(1) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |
4.956% junior subordinated debentures due 2018 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.96% | |
Subordinated Borrowing, Interest Rate | 4.96% | |
4.30% notes due 2014 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | |
5.375% notes due 2017 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | |
Subordinated Borrowing, Interest Rate | 5.38% | |
7.35% notes due 2026 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.35% | |
Subordinated Borrowing, Interest Rate | 7.35% | |
Floating-rate extendible notes due 2016 | ||
Debt Instrument [Line Items] | ||
Subordinated Borrowing, Due Date | 13-Jan-14 | |
Maximum Maturity Date for Extension Option | 15-Jan-16 | |
Date at Which Optional Redemptions of Debt are Allowable | 15-Jan-15 | |
Debt Instrument, Redemption Price, Percentage | 100.00% | |
5.25% subordinated notes due 2018 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
Subordinated Borrowing, Interest Rate | 5.25% | |
5.30% subordinated notes due 2016 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | |
Subordinated Borrowing, Interest Rate | 5.30% | |
3.30% notes due 2024(1) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 1,000,000,000 | |
3.70% notes due in 2023(1) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |
Senior notes | 1.35% notes due 2018(1) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.35% | |
Subordinated note | 3.30% notes due 2024(1) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | |
Subordinated note | 3.10% subordinated notes due 2023(1) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |
State Street Capital Trusts I And I V | ||
Debt Instrument [Line Items] | ||
Number Of Statutory Business Trusts | 2 | |
Proceeds from Issuance of Trust Preferred Securities | 955,000,000 | |
Building and Parking Garage | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligations | 336,000,000 | 363,000,000 |
Office Building | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligations | 241,000,000 | 267,000,000 |
Construction in Progress | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligations | $191,000,000 | $158,000,000 |
Commitments_and_Guarantees_Nar
Commitments and Guarantees - Narrative (Details) (USD $) | 12 Months Ended | |
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ||
Unfunded commitments to extend credit | $24.25 | $21.30 |
Unfunded commitments to extend credit, short term | 76.00% | |
Unfunded Commitment to Extend Credit, Term | 1 year | |
Percent of fair market value that must be maintained in collateral | 100.00% | |
Cash collateral provided for securities lending | 15.94 | 11.29 |
Accrued expenses and other liabilities | ||
Loss Contingencies [Line Items] | ||
Cash collateral received in connection to securities finance activities | $6.48 | $6.62 |
Commitments_and_Guarantees_Con
Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Indemnified securities financing | $349,766 | $320,078 |
Stable value protection | 23,409 | 24,906 |
Asset purchase agreements | 4,107 | 4,685 |
Standby letters of credit | $4,720 | $4,612 |
Commitments_and_Guarantees_Sch
Commitments and Guarantees - Schedule Of Repurchase Agreements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of indemnified securities financing | $349,766 | $320,078 |
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 364,411 | 331,732 |
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 85,309 | 85,374 |
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | $90,819 | $91,097 |
Contingencies_Narrative_Detail
Contingencies - Narrative (Details) | Aug. 31, 2009 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Aug. 31, 2009 | Dec. 31, 2014 | Jun. 30, 2013 | Oct. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | customer | Transition Management | Transition Management | Transition Management | Transition Management | Transition Management | Securities Finance | Securities Finance | Securities Finance | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Foreign Exchange | Putative Class Action | Investment Servicing |
claim | USD ($) | Legal Reserve | Regulatory Matter | Regulatory Matter | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | claim | USD ($) | ||
USD ($) | USD ($) | GBP (£) | claim | |||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Legal reserves | $224 | $50 | ||||||||||||||||||
Number of suits from related participants of agency securities lending program | 2 | |||||||||||||||||||
Loss contingency, damages sought, value | 125 | |||||||||||||||||||
Realized loss on sales of securities | 11 | |||||||||||||||||||
Litigation reserve | 3 | 10 | 4.3 | |||||||||||||||||
Actual damages asserted by attorney general | 100 | |||||||||||||||||||
Number of pending claims | 2 | 1 | ||||||||||||||||||
Estimated indirect foreign exchange revenue | 246 | 285 | 248 | 331 | 336 | 369 | 462 | |||||||||||||
Loss Contingency, Estimate of Possible Loss | 70 | |||||||||||||||||||
Loss Contingency, Estimate Of Possible Loss, net of tax | 185 | |||||||||||||||||||
Settlement, amount | $37.80 | £ 22.9 | ||||||||||||||||||
Claims settled | 6 |
Variable_Interest_Entities_Nar
Variable Interest Entities - Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Variable Interest Entities [Abstract] | ||
Investment securities related to state and political subdivisions | $2,270,000,000 | $2,330,000,000 |
Variable interest entity, other short-term borrowings | 1,870,000,000 | 1,950,000,000 |
Weighted average life of trusts (in years) | 5 years 10 months 18 days | 6 years 6 months |
Total standby bond-purchase agreement committed to trusts | 1,910,000,000 | |
Total letters of credit committed to trusts | 674,000,000 | |
Standby purchase agreements and letters of credit commitments utilized | 0 | |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 65,000,000 | 50,000,000 |
Liabilities | 13,000,000 | |
Potential maximum loss exposure of unconsolidated funds | 52,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Potential maximum loss exposure of unconsolidated funds | $45,100,000 | $18,000,000 |
Shareholders_Equity_Narrative_
Shareholders' Equity - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2014 | Feb. 28, 2014 | Jan. 31, 2015 | Mar. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Proceeds from issuance of preferred stock | $1,470,000,000 | $0 | $488,000,000 | ||||
Preferred stock cash dividend | 61,000,000 | 26,000,000 | 29,000,000 | ||||
Common stock acquired (shares) | 23,800,000 | ||||||
Common stock dividends | -490,000,000 | -463,000,000 | -456,000,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $69.48 | ||||||
Stock Repurchased During Period, Value | 1,650,000,000 | ||||||
Cash dividends declared (in dollars per share) | $1.16 | $1.04 | $0.96 | ||||
Net gains (losses) from sales of available-for-sale securities | 15,000,000 | 14,000,000 | |||||
Net after tax realized gains (losses) on AFS securities | 9,000,000 | -9,000,000 | |||||
Unrealized pretax gains (losses) on securities included in AOCI | -43,000,000 | 25,000,000 | |||||
Deferred taxes on unrealized pretax gains (losses) on securities included in AOCI | -17,000,000 | 10,000,000 | |||||
March 2014 Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Amount of common stock authorized for repurchase | 1,700,000,000 | ||||||
Common stock acquired (shares) | 17,700,000 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $69.59 | ||||||
Stock Repurchased During Period, Value | 1,230,000,000 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 470,000,000 | ||||||
March 2013 Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Common stock acquired (shares) | 6,100,000 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $69.14 | ||||||
Stock Repurchased During Period, Value | 420,000,000 | ||||||
Depositary Shares | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock issued during period | 30,000,000 | 30,000,000 | |||||
Liquidation preference (in dollars per share) | $25 | ||||||
Proceeds from issuance of preferred stock | 742,000,000 | ||||||
Redemption price (in dollars per share) | $25 | ||||||
Series C Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Depositary shares, ownership interest | 0.03% | ||||||
Liquidation preference (in dollars per share) | $100,000 | ||||||
Preferred Stock, Dividends Per Share, Declared | $5,252 | $5,250 | |||||
Preferred stock cash dividend | 26,000,000 | 26,000,000 | |||||
Redemption price (in dollars per share) | $100,000 | ||||||
Dividend rate | 5.25% | ||||||
Series C Preferred Stock, Depository Share | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $1.32 | $1.31 | |||||
Series D Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Depositary shares, ownership interest | 0.03% | ||||||
Preferred Stock, Dividends Per Share, Declared | $4,605 | ||||||
Preferred stock cash dividend | 35,000,000 | ||||||
Dividend rate | 5.90% | ||||||
Series E Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Proceeds from issuance of preferred stock | 728,000,000 | ||||||
Dividend rate | 6.00% | ||||||
Series D Preferred Stock, Depository Share | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $1.15 | ||||||
Subsequent Event | Series C Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $1,313 | ||||||
Preferred stock cash dividend | 7,000,000 | ||||||
Subsequent Event | Series C Preferred Stock, Depository Share | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $0.33 | ||||||
Subsequent Event | Series D Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $1,475 | ||||||
Preferred stock cash dividend | 11,000,000 | ||||||
Subsequent Event | Series E Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $1,833 | ||||||
Preferred stock cash dividend | 14,000,000 | ||||||
Subsequent Event | Series E Preferred Stock, Depository Share [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $0.46 | ||||||
Subsequent Event | Series D Preferred Stock, Depository Share | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $0.37 | ||||||
Retained Earnings | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred stock cash dividend | 61,000,000 | 26,000,000 | 29,000,000 | ||||
Common stock dividends | ($490,000,000) | ($463,000,000) | ($456,000,000) |
Shareholders_Equity_Schedule_O
Shareholders' Equity - Schedule Of Accumulated Other Comprehensive (Loss) Income (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Stockholders' Equity Note [Abstract] | |||
Net unrealized gains on cash flow hedges | $276 | $161 | $69 |
Net unrealized gains (losses) on available-for-sale securities portfolio | 273 | -56 | 815 |
Net unrealized gains (losses) related to reclassified available-for-sale securities | 39 | -72 | -110 |
Net unrealized gains (losses) on available-for-sale securities | 312 | -128 | 705 |
Net unrealized losses on available-for-sale securities designated in fair value hedges | -121 | -97 | -183 |
Other-than-temporary impairment on available-for-sale securities related to factors other than credit | 1 | 4 | -3 |
Net unrealized losses on hedges of net investments in non-U.S. subsidiaries | -14 | -14 | -14 |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | -29 | -47 | -65 |
Net unrealized losses on retirement plans | -272 | -203 | -283 |
Foreign currency translation | -660 | 229 | 134 |
Total | ($507) | ($95) | $360 |
Shareholders_Equity_Accumulate
Shareholders' Equity - Accumulated Other Comprehensive Income by Component (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | |||
AOCI net of tax, beginning balance | ($95) | $360 | |
Other comprehensive income (loss) | -412 | -455 | 1,019 |
AOCI net of tax, ending balance | -507 | -95 | 360 |
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 | -338 | -475 | |
Amounts reclassified out of AOCI | -74 | 20 | |
Other comprehensive income (loss) | -412 | -455 | |
AOCI net of tax, ending balance | -507 | -95 | |
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 | 112 | 89 | |
Amounts reclassified out of AOCI | 3 | 3 | |
Other comprehensive income (loss) | 115 | 92 | |
AOCI net of tax, ending balance | 276 | 161 | |
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 | 422 | -735 | |
Amounts reclassified out of AOCI | -9 | -5 | |
Other comprehensive income (loss) | 413 | -740 | |
AOCI net of tax, ending balance | 192 | -221 | |
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 | |
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 | 17 | 15 | |
Amounts reclassified out of AOCI | 1 | 3 | |
Other comprehensive income (loss) | 18 | 18 | |
AOCI net of tax, ending balance | -29 | -47 | |
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 | 0 | 60 | |
Amounts reclassified out of AOCI | -69 | 20 | |
Other comprehensive income (loss) | -69 | 80 | |
AOCI net of tax, ending balance | -272 | -203 | |
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 | -889 | 96 | |
Amounts reclassified out of AOCI | 0 | -1 | |
Other comprehensive income (loss) | -889 | 95 | |
AOCI net of tax, ending balance | ($660) | $229 |
Shareholders_Equity_Adjustment
Shareholders' Equity - Adjustments to Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | |||
Net interest revenue | $2,260 | $2,303 | $2,538 |
Net gains (losses) from sales of available-for-sale securities | -15 | -14 | |
Sales of non-U.S. entities, net of related taxes of ($1) | -889 | 95 | 134 |
Total reclassifications out of AOCI | 1,973 | 2,102 | 2,019 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Class of Stock [Line Items] | |||
Total reclassifications out of AOCI | -74 | 20 | |
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 | 3 | 3 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 2 | 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 | -9 | |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments, Tax | -6 | -5 | |
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 on available-for-sale securities related to factors other than credit, net of related tax benefit of $2 | 0 | 4 | |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related tax benefit of $3 for 2013 | 1 | 3 | |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income Loss, Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 0 | 2 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Held-to-maturity Securities, Tax | 0 | 3 | |
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 tax benefits of $3 and $3, respectively | -69 | 20 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | -50 | 13 | |
Foreign Currency Translation | Reclassification out of Accumulated Other Comprehensive Income | |||
Class of Stock [Line Items] | |||
Sales of non-U.S. entities, net of related taxes of ($1) | 0 | -1 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | $0 | ($1) |
EquityBased_Compensation_Narra
Equity-Based Compensation - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued in Period | 56.9 | 52.4 | 45.3 |
Number of Shares Not Delivered Available for Reissue | 17.8 | ||
Number of Shares Available for Grant | 60.5 | ||
Allocated Share-based Compensation Expense | $329 | $355 | $353 |
Expense Associated with Expense Acceleration in Connection with the Restructuring Plan | 20 | 3 | 26 |
Tax Benefit from Compensation Expense | 130 | 140 | 139 |
Exercises in Period, Intrinsic Value | 14 | 42 | 8 |
Stock Options And Stock Appreciation Rights Granted Under1997 And2006 Plans [Member] | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years | ||
Stock Options And Stock Appreciation Rights Granted Under1997 And2006 Plans [Member] | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration Period | 10 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested in Period, Fair Value | 54 | 57 | 64 |
Compensation Cost Not yet Recognized | 0.1 | ||
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 3 years | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years | ||
Deferred Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested in Period, Fair Value | 310 | 259 | 223 |
Compensation Cost Not yet Recognized | 360 | ||
Granted (in USD per share) | $65.40 | $54.16 | $38.48 |
Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | ||
Deferred Stock Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 1 year | ||
Deferred Stock Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested in Period, Fair Value | 44 | 34 | 28 |
Compensation Cost Not yet Recognized | $5 | ||
Granted (in USD per share) | $64.56 | $53.60 | $37.78 |
Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | ||
Performance Shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 1 year | ||
Performance Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years |
EquityBased_Compensation_Stock
Equity-Based Compensation - Stock Options and Stock Appreciation Rights (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Beginning of Period | 2,664 | 5,638 |
Exercised (in shares) | -801 | -2,725 |
Forfeited or Expired (in shares) | -2 | -249 |
Options, End of Period | 1,861 | 2,664 |
Exercisable (in shares) | 1,861 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Price (in USD per share), Beginning of Period | $68.45 | $57.58 |
Exercised (in USD per share) | $55.33 | $45.93 |
Forfeited or Expired (in USD per share) | $52.78 | $68.80 |
Weighted Average Price (in USD per share), End of Period | $74.12 | $68.45 |
Exercisable (in USD per share) | $74.12 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 10 months 24 days | |
Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 10 months 24 days | |
Options, Outstanding, Intrinsic Value | $11 | |
Options, Exercisable, Intrinsic Value | $11 |
EquityBased_Compensation_Restr
Equity-Based Compensation - Restricted Stock Awards (Details) (Restricted Stock, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Equity Instruments Other than Options, Beginning of Period (in shares) | 1,245 | 2,602 |
Vested (in shares) | -1,211 | -1,339 |
Forfeited or Expired (in shares) | -3 | -18 |
Equity Instruments Other than Options, End of Period (in shares) | 31 | 1,245 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted Average Grant Date Fair Value, Beginning of Period (in USD per share) | $44.47 | $43.44 |
Vested (in USD per share) | $44.56 | $42.47 |
Forfeited or Expired (in USD per share) | $42.57 | $43.98 |
Weighted Average Grant Date Fair Value, End of Period (in USD per share) | $41.27 | $44.47 |
EquityBased_Compensation_Defer
Equity-Based Compensation - Deferred Stock Awards (Details) (Deferred Stock Awards, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Equity Instruments Other than Options, Beginning of Period (in shares) | 15,094 | 14,814 | |
Granted (in shares) | -4,282 | -6,906 | |
Vested (in shares) | -6,730 | -6,332 | |
Forfeited or Expired (in shares) | -215 | -294 | |
Equity Instruments Other than Options, End of Period (in shares) | 12,431 | 15,094 | 14,814 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Beginning of Period (in USD per share) | $45.07 | $39.08 | |
Granted (in USD per share) | $65.40 | $54.16 | $38.48 |
Vested (in USD per share) | $46.03 | $40.97 | |
Forfeited or Expired (in USD per share) | $49.87 | $44.48 | |
Weighted Average Grant Date Fair Value, End of Period (in USD per share) | $51.47 | $45.07 | $39.08 |
EquityBased_Compensation_Perfo
Equity-Based Compensation - Performance Awards (Details) (Performance Shares, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Equity Instruments Other than Options, Beginning of Period (in shares) | 2,224 | 2,547 | |
Granted (in shares) | 437 | 494 | |
Forfeited or Expired (in shares) | -1 | -4 | |
Paid out, shares | -1,033 | -813 | |
Equity Instruments Other than Options, End of Period (in shares) | 1,627 | 2,224 | 2,547 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Beginning of Period (in USD per share) | $43.24 | $40.70 | |
Granted (in USD per share) | $64.56 | $53.60 | $37.78 |
Forfeited or Expired (in USD per share) | $53.16 | $41.62 | |
Paid out, weighted-average grant date fair value | $42.48 | $41.62 | |
Weighted Average Grant Date Fair Value, End of Period (in USD per share) | $49.46 | $43.24 | $40.70 |
Regulatory_Capital_Details
Regulatory Capital (Details) (USD $) | Dec. 31, 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 | |
Retained earnings | 14,882 | 13,395 |
Accumulated other comprehensive income (loss) | 215 | |
Treasury Stock Value, Excluding Preferred Shares | -3,693 | |
Total shareholders’ equity | 20,197 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | -7,743 | |
Other adjustments, common tier calculation | 0 | |
Tier one common risk-based capital | 12,454 | |
Preferred stock | 491 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 950 | |
Other adjustments, tier 1 risk based calculation | 0 | |
Tier One Risk Based Capital | 13,895 | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,918 | |
Other adjustments, total capital calculation | -26 | |
Capital | 15,787 | |
Risk-weighted assets - credit risk | 78,864 | |
Risk-weighted assets - market risk | 1,262 | |
Total risk-weighted assets | 80,126 | |
Adjusted Quarterly Average Assets | 202,801 | |
Tier One Common Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | |
Common equity tier 1 capital | 15.50% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 5.50% | 4.00% |
Tier 1 capital | 17.30% | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Total capital | 19.70% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier 1 leverage | 6.90% | |
Basel III Advanced Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | 10,295 | |
Retained earnings | 14,882 | |
Accumulated other comprehensive income (loss) | -641 | |
Treasury Stock Value, Excluding Preferred Shares | -5,158 | |
Total shareholders’ equity | 19,378 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | -5,869 | |
Other adjustments, common tier calculation | -36 | |
Tier one common risk-based capital | 13,473 | |
Preferred stock | 1,961 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 475 | |
Other adjustments, tier 1 risk based calculation | -145 | |
Tier One Risk Based Capital | 15,764 | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,618 | |
Trust preferred capital securities phased out of tier 1 capital | 475 | |
Other adjustments, total capital calculation | 4 | |
Capital | 17,861 | |
Risk-weighted assets - credit risk | 66,874 | |
Risk-weighted assets - operational risk | 35,866 | |
Risk-weighted assets - market risk | 5,087 | |
Total risk-weighted assets | 107,827 | |
Adjusted Quarterly Average Assets | 247,740 | |
Common equity tier 1 capital | 12.50% | |
Tier 1 capital | 14.60% | |
Total capital | 16.60% | |
Tier 1 leverage | 6.40% | |
Basel III Transitional Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | 10,295 | |
Retained earnings | 14,882 | |
Accumulated other comprehensive income (loss) | -641 | |
Treasury Stock Value, Excluding Preferred Shares | -5,158 | |
Total shareholders’ equity | 19,378 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | -5,869 | |
Other adjustments, common tier calculation | -36 | |
Tier one common risk-based capital | 13,473 | |
Preferred stock | 1,961 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 475 | |
Other adjustments, tier 1 risk based calculation | -145 | |
Tier One Risk Based Capital | 15,764 | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,618 | |
Trust preferred capital securities phased out of tier 1 capital | 475 | |
Other adjustments, total capital calculation | 4 | |
Capital | 17,861 | |
Risk-weighted assets - credit risk | 87,502 | |
Risk-weighted assets - market risk | 2,910 | |
Total risk-weighted assets | 90,412 | |
Adjusted Quarterly Average Assets | 247,740 | |
Common equity tier 1 capital | 14.90% | |
Tier 1 capital | 17.40% | |
Total capital | 19.80% | |
Tier 1 leverage | 6.40% | |
State Street Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | 10,786 | |
Retained earnings | 9,064 | |
Accumulated other comprehensive income (loss) | 209 | |
Treasury Stock Value, Excluding Preferred Shares | 0 | |
Total shareholders’ equity | 20,059 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | -7,341 | |
Other adjustments, common tier calculation | 0 | |
Tier one common risk-based capital | 12,718 | |
Preferred stock | 0 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 0 | |
Other adjustments, tier 1 risk based calculation | 0 | |
Tier One Risk Based Capital | 12,718 | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,936 | |
Other adjustments, total capital calculation | 45 | |
Capital | 14,699 | |
Risk-weighted assets - credit risk | 76,197 | |
Risk-weighted assets - market risk | 1,262 | |
Total risk-weighted assets | 77,459 | |
Adjusted Quarterly Average Assets | 199,301 | |
Common equity tier 1 capital | 16.40% | |
Tier 1 capital | 16.40% | |
Total capital | 19.00% | |
Tier 1 leverage | 6.40% | |
State Street Bank | Basel III Advanced Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | 10,867 | |
Retained earnings | 9,416 | |
Accumulated other comprehensive income (loss) | -535 | |
Treasury Stock Value, Excluding Preferred Shares | 0 | |
Total shareholders’ equity | 19,748 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | -5,577 | |
Other adjustments, common tier calculation | -128 | |
Tier one common risk-based capital | 14,043 | |
Preferred stock | 0 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 0 | |
Other adjustments, tier 1 risk based calculation | 0 | |
Tier One Risk Based Capital | 14,043 | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,634 | |
Trust preferred capital securities phased out of tier 1 capital | 0 | |
Other adjustments, total capital calculation | 0 | |
Capital | 15,677 | |
Risk-weighted assets - credit risk | 59,836 | |
Risk-weighted assets - operational risk | 35,449 | |
Risk-weighted assets - market risk | 5,048 | |
Total risk-weighted assets | 100,333 | |
Adjusted Quarterly Average Assets | 243,549 | |
Common equity tier 1 capital | 14.00% | |
Tier 1 capital | 14.00% | |
Total capital | 15.60% | |
Tier 1 leverage | 5.80% | |
State Street Bank | Basel III Transitional Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | 10,867 | |
Retained earnings | 9,416 | |
Accumulated other comprehensive income (loss) | -535 | |
Treasury Stock Value, Excluding Preferred Shares | 0 | |
Total shareholders’ equity | 19,748 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | -5,577 | |
Other adjustments, common tier calculation | -128 | |
Tier one common risk-based capital | 14,043 | |
Preferred stock | 0 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 0 | |
Other adjustments, tier 1 risk based calculation | 0 | |
Tier One Risk Based Capital | 14,043 | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,634 | |
Trust preferred capital securities phased out of tier 1 capital | 0 | |
Other adjustments, total capital calculation | 0 | |
Capital | 15,677 | |
Risk-weighted assets - credit risk | 84,433 | |
Risk-weighted assets - market risk | 2,909 | |
Total risk-weighted assets | 87,342 | |
Adjusted Quarterly Average Assets | $243,549 | |
Common equity tier 1 capital | 16.10% | |
Tier 1 capital | 16.10% | |
Total capital | 17.90% | |
Tier 1 leverage | 5.80% |
Regulatory_Capital_Cash_Divide
Regulatory Capital Cash, Dividend, Loan and Other Restrictions (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Banking and Thrift [Abstract] | |
Average Aggregate Cash Balance Required By Federal Reserve | $5,720,000,000 |
Aggregate Dividend Payments To Parent Company Limit, Without Prior Regulatory Approval | 663,000,000 |
Undistributed Earnings Of Unconsolidated Entities That Are Accounted For Under The Equity Method Of Accounting | $492,000,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | |||
Cash collateral received for derivative instruments | $1,790,000,000 | $2,580,000,000 | |
Cash collateral provided for derivative instruments | 4,790,000,000 | 3,360,000,000 | |
Fair value of derivative liabilities | 15,234,000,000 | 11,811,000,000 | |
Maximum additional amount of payments related to termination events | 105,000,000 | ||
Securities weighted average life (in years) | 5 years 10 months 18 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 | 24,000,000 | -86,000,000 | -27,000,000 |
Fair Value Hedges | 1.35% Senior Note | |||
Derivative [Line Items] | |||
Fixed interest rate | 1.35% | ||
Fair Value Hedges | 3.70% notes due in 2023(1) | |||
Derivative [Line Items] | |||
Fixed interest rate | 3.70% | ||
Fair Value Hedges | 3.30% notes due 2024(1) | |||
Derivative [Line Items] | |||
Fixed interest rate | 3.30% | ||
Cash Flow Hedges | |||
Derivative [Line Items] | |||
Securities weighted average life (in years) | 10 months | ||
Credit swap agreements | |||
Derivative [Line Items] | |||
Fair value of derivative liabilities | 2,540,000,000 | ||
Maximum additional amount of payments related to termination events | $2,430,000,000 | ||
Interest rate swap | Fair Value Hedges | 3.1% Subordinated Note | |||
Derivative [Line Items] | |||
Fixed interest rate | 3.10% | ||
Interest rate swap | Fair Value Hedges | Senior notes | |||
Derivative [Line Items] | |||
Number of securities | 3 | ||
Interest rate swap | Fair Value Hedges | Subordinated note | |||
Derivative [Line Items] | |||
Number of securities | 1 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Schedule of Outstanding Hedges: (Notional Amount) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | $5,221 | |
Other contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 210 | 42 |
Swap agreements and forwards | Interest-rate contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 645 | 1,023 |
Futures | Interest-rate contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 3,939 | 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 | 1,231,344 | 1,124,355 |
Options purchased | Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 2,767 | 1,666 |
Options written | Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 2,404 | 1,423 |
Credit swap agreements | Credit derivative contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 191 | 141 |
Commodity(1) | Futures Contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 26 | 2 |
Equity(1) | Futures Contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 2 | 1 |
Stable value contracts | Other contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 23,409 | 24,906 |
Swap agreements | Interest-rate contracts | Derivatives designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 6,077 | 5,221 |
Forward and swap | Foreign exchange contracts | Derivatives designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 2,705 | 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 | 7 | 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 | $7 | $27 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Notional Amount of Interest Rate Swap Agreements Designated as Fair Value and Cash Flow Hedges (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ||
Total | $5,221 | |
Increase (decrease) in carrying value of long-term debt | 76 | 35 |
Investment securities available for sale | ||
Derivative [Line Items] | ||
Investment securities available for sale | 2,721 | |
Long-term debt | ||
Derivative [Line Items] | ||
Long-term debt | 2,500 | |
Fair Value Hedges | ||
Derivative [Line Items] | ||
Total | 6,077 | 5,089 |
Increase (decrease) in carrying value of long-term debt | 76 | -35 |
Fair Value Hedges | Investment securities available for sale | ||
Derivative [Line Items] | ||
Investment securities available for sale | 2,577 | 2,589 |
Fair Value Hedges | Long-term debt | ||
Derivative [Line Items] | ||
Long-term debt | 3,500 | 2,500 |
Cash Flow Hedges | ||
Derivative [Line Items] | ||
Total | 132 | |
Cash Flow Hedges | Investment securities available for sale | ||
Derivative [Line Items] | ||
Investment securities available for sale | 132 | |
Cash Flow Hedges | Long-term debt | ||
Derivative [Line Items] | ||
Long-term debt | $0 |
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) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Long-term debt | ||
Derivative [Line Items] | ||
Contractual Rates | 3.44% | 3.46% |
Rate Including Impact of Hedges | 2.63% | 2.75% |
Derivative_Financial_Instrumen6
Derivative Financial Instruments - Schedule of The Fair Values of Derivative Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $15,214 | $11,977 |
Fair value of derivative liabilities | 15,234 | 11,811 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 15,135 | 11,911 |
Fair value of derivative liabilities | 14,925 | 11,471 |
Interest-rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 77 | 65 |
Fair value of derivative liabilities | 239 | 331 |
Derivatives not designated as hedging instruments | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 14,643 | 11,582 |
Derivatives not designated as hedging instruments | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 15,008 | 11,480 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 14,626 | 11,552 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 14,922 | 11,428 |
Derivatives not designated as hedging instruments | Interest-rate contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 15 | 29 |
Derivatives not designated as hedging instruments | Interest-rate contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 16 | 29 |
Derivatives not designated as hedging instruments | Other derivative contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 2 | 1 |
Derivatives not designated as hedging instruments | Other derivative contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 70 | 23 |
Derivatives designated as hedging instruments | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 571 | 395 |
Derivatives designated as hedging instruments | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 226 | 345 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 509 | 359 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 3 | 43 |
Derivatives designated as hedging instruments | Interest-rate contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 62 | 36 |
Derivatives designated as hedging instruments | Interest-rate contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $223 | $302 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | $611 | $589 | $494 |
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 | 106 | 14 | 0 |
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 | 612 | 586 | 576 |
Foreign exchange 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 | -2 |
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 | -86 |
Interest-rate 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 | 6 |
Credit derivative 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 | 0 | 0 |
Credit 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 | -1 | 1 | 0 |
Other derivative contracts | Trading services | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | -2 | 0 | 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 | 106 | 14 | 0 |
Fair Value Hedges | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 14 | -343 | 95 |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | -7 | 328 | -96 |
Fair Value Hedges | Foreign exchange contracts | Processing fees and other revenue | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | -92 | -183 | 34 |
Fair Value Hedges | Foreign exchange contracts | Processing fees and other revenue | Investment securities | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | 92 | 183 | -34 |
Fair Value Hedges | Interest-rate contracts | Processing fees and other revenue | Contract one | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | -44 | 32 | 11 |
Fair Value Hedges | Interest-rate contracts | Processing fees and other revenue | Contract two | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 150 | -192 | 50 |
Fair Value Hedges | Interest-rate contracts | Processing fees and other revenue | Long-term debt | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | 39 | -30 | -17 |
Fair Value Hedges | Interest-rate contracts | Processing fees and other revenue | Investment securities available for sale | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | ($138) | $175 | ($45) |
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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | |||
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | $10,295 | $9,884 | $9,649 |
Cash Flow Hedges | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income | 124 | 162 | 126 |
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | -4 | -4 | -5 |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 9 | 9 | 9 |
Interest-rate contracts | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income | -2 | 9 | 4 |
Interest-rate contracts | Net interest revenue | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | -4 | -4 | -5 |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 3 | 3 | 3 |
Foreign exchange contracts | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income | 126 | 153 | 122 |
Foreign exchange contracts | Net interest revenue | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | 0 | 0 | 0 |
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | $6 | $6 | $6 |
Offsetting_Arrangements_Narrat
Offsetting Arrangements - Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Offsetting [Abstract] | ||
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | $2,600,000,000 | $5,640,000,000 |
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged | $125,000,000 | $1,770,000,000 |
Offsetting_Arrangements_Assets
Offsetting Arrangements - Assets With Offsetting Arrangements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | $15,214 | $11,977 |
Derivatives, Gross Amounts Offset in Statement of Condition | -7,280 | -6,501 |
Net Amounts of Assets Presented in Statement of Condition | 7,934 | 5,476 |
Derivative, Collateral, Cash Offset | -983 | -1,928 |
Total Net Derivative Asset | 7,934 | 5,476 |
Resale Agreements and Securities Borrowing, Gross Amounts of Recognized Assets | 47,488 | 48,221 |
Resale Agreements and Securities Borrowing, Gross Amounts Offset in Statement of Condition | -29,157 | -30,700 |
Net Amounts of Assets Presented in Statement of Condition | 18,331 | 17,521 |
Total, Gross Amounts of Recognized Assets | 62,702 | 60,198 |
Total, Gross Amounts Offset in Statement of Condition | -36,437 | -37,201 |
Total, Net Amounts of Assets Presented in Statement of Condition | 26,265 | 22,997 |
Securities purchased under resale agreements | 2,390 | 6,230 |
Securities borrowed subject to master netting arrangements | 15,941 | 11,291 |
Foreign exchange contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 15,135 | 11,911 |
Derivatives, Gross Amounts Offset in Statement of Condition | -6,275 | -4,514 |
Net Amounts of Assets Presented in Statement of Condition | 8,860 | 7,397 |
Interest-rate contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 77 | 65 |
Derivatives, Gross Amounts Offset in Statement of Condition | -21 | -59 |
Net Amounts of Assets Presented in Statement of Condition | 56 | 6 |
Other derivative contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 2 | 1 |
Derivatives, Gross Amounts Offset in Statement of Condition | -1 | 0 |
Net Amounts of Assets Presented in Statement of Condition | $1 | $1 |
Offsetting_Arrangements_Assets1
Offsetting Arrangements - Assets With Enforceable Netting Arrangements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting [Abstract] | ||
Derivative, Net Amount of Assets Presented in Statement of Condition | $7,934 | $5,476 |
Derivatives, Counterparty Netting | 0 | 0 |
Derivatives, Collateral Received | -1,490 | -181 |
Derivatives, Net Amount | 6,444 | 5,295 |
Resale Agreements and Securities Borrowing, Resale Agreements and Securities Borrowing, Net Amount of Assets Presented in Statement of Condition | 18,331 | 17,521 |
Resale Agreements and Securities Borrowing, Counterparty Netting | -128 | -131 |
Resale Agreements and Securities Borrowing, Collateral Received | -18,157 | -14,983 |
Resale Agreements and Securities Borrowing, Net Amount | 46 | 2,407 |
Total, Net Amounts of Assets Presented in Statement of Condition | 26,265 | 22,997 |
Total, Counterparty Netting | -128 | -131 |
Total, Collateral Received | -19,647 | -15,164 |
Total, Net Amount | $6,490 | $7,702 |
Offsetting_Arrangements_Liabil
Offsetting Arrangements - Liabilities With Offsetting Arrangements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $15,234 | $11,811 |
Gross Amounts Offset in Statement of Condition | -8,926 | -5,552 |
Net Amounts of Liabilities Presented in Statement of Condition | 6,308 | 6,259 |
Derivative Collateral, Cash Offset | -2,630 | -979 |
Total Net Derivative Liability | 6,308 | 6,259 |
Gross Amounts of Recognized Liabilities | 44,562 | 45,273 |
Gross Amounts Offset in Statement of Condition | -29,157 | -30,700 |
Net Amounts of Liabilities Presented in Statement of Condition | 15,405 | 14,573 |
Gross Amounts of Recognized Liabilities | 59,796 | 57,084 |
Gross Amounts Offset in Statement of Condition | -38,083 | -36,252 |
Total, Net Amount of Liabilities Presented in Statement of Condition | 21,713 | 20,832 |
Securities sold under repurchase agreements | 8,925 | 7,953 |
Securities Lending, Fair Value, Amount Not Offset Against Collateral | 6,480 | 6,620 |
Interest-rate contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 239 | 331 |
Gross Amounts Offset in Statement of Condition | -20 | -59 |
Net Amounts of Liabilities Presented in Statement of Condition | 219 | 272 |
Foreign exchange contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 14,925 | 11,471 |
Gross Amounts Offset in Statement of Condition | -6,275 | -4,514 |
Net Amounts of Liabilities Presented in Statement of Condition | 8,650 | 6,957 |
Other derivative contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 70 | 9 |
Gross Amounts Offset in Statement of Condition | -1 | 0 |
Net Amounts of Liabilities Presented in Statement of Condition | $69 | $9 |
Offsetting_Arrangements_Liabil1
Offsetting Arrangements - Liabilities With Enforceable Netting Arrangements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting [Abstract] | ||
Derivative, Net Amount of Liabilities Presented in Statement of Condition | $6,308 | $6,259 |
Derivative, Counterparty Netting | 0 | 0 |
Derivative, Collateral Provided | -19 | -6 |
Derivative, Net Amount | 6,289 | 6,253 |
Repurchase Agreements and Securities Lending, Net Amount of Liabilities Presented in Statement of Condition | 15,405 | 14,573 |
Repurchase Agreements and Securities Lending, Counterparty Netting | -128 | -131 |
Repurchase Agreements and Securities Lending, Collateral Provided | -13,872 | -13,036 |
Repurchase Agreements and Securities Lending, Net Amount | 1,405 | 1,406 |
Total, Net Amount of Liabilities Presented in Statement of Condition | 21,713 | 20,832 |
Total, Counterparty Netting | -128 | -131 |
Total, Collateral Provided | -13,891 | -13,042 |
Total, Net Amount | $7,694 | $7,659 |
Net_Interest_Revenue_Component
Net Interest Revenue - Components of Interest Revenue and Interest Expenses (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Interest Revenue [Abstract] | |||
Deposits with banks | $196 | $125 | $141 |
U.S. Treasury and federal agencies | 672 | 707 | 799 |
State and political subdivisions | 231 | 249 | 214 |
Other investments | 1,241 | 1,331 | 1,552 |
Securities purchased under resale agreements | 38 | 45 | 51 |
Interest Income From Trading Account Assets | 1 | 0 | 0 |
Loans and leases | 266 | 253 | 254 |
Other interest-earning assets | 7 | 4 | 3 |
Total interest revenue | 2,652 | 2,714 | 3,014 |
Deposits | 99 | 93 | 166 |
Short-term borrowings | 5 | 60 | 73 |
Long-term debt | 245 | 232 | 222 |
Other interest-bearing liabilities | 43 | 26 | 15 |
Total interest expense | 392 | 411 | 476 |
Net interest revenue | $2,260 | $2,303 | $2,538 |
Employee_Benefits_Narrative_De
Employee Benefits - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit expense | $32 | $42 | $44 |
Contributions by employer | 147 | 134 | 146 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit obligation | 1,260 | 1,080 | |
Defined benefit under/(over) funded status | 50 | -40 | |
Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit obligation | 120 | 108 | |
Defined benefit under/(over) funded status | 120 | 108 | |
SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit obligation | 168 | 154 | |
Defined benefit under/(over) funded status | $168 | $154 |
Occupancy_Expense_and_Informat2
Occupancy Expense and Information Systems and Communications Expense - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
sqft | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Depreciation | $417 | $401 | $407 |
Sublease Building | 127,000 | ||
Leased Area of Office Building, Square Feet | 362,000 | ||
Capital Lease Period | 20 years | ||
Capital Lease Obligations | 624 | 646 | |
Interest Expense, Lessee, Assets under Capital Lease | 38 | 40 | 42 |
Capital Leases, Accumulated Amortization | 426 | 369 | |
Sublease Rentals | 204 | 224 | 227 |
Sublease Revenue | 6 | 6 | 4 |
Capital Leases, Future Minimum Sublease Rentals | 55 | ||
Operating Leases Future Minimum Payments Due Current Decrease | $15 | ||
One Lincoln Street | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Leased Area | 1,025,000 | ||
Noncancelable capital leases expiration | 20 years | ||
Channel Center | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Leased Area | 500,000 | ||
Noncancelable capital leases expiration | 16 years |
Occupancy_Expense_and_Informat3
Occupancy Expense and Information Systems and Communications Expense - Summary of Future Minimum Lease Payments Under Non-Cancelable Capital and Operating Leases (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Occupancy Expense and Information Systems and Communications Expense (Summary of Future Minimum Lease Payments Under Non-Cancelable Capital and Operating Leases) [Abstract] | |
Total Operating and Capital Leases due 2015 | $284 |
Total Operating and Capital Leases due 2016 | 232 |
Total Operating and Capital Leases due 2017 | 227 |
Total Operating and Capital Leases due 2018 | 201 |
Total Operating and Capital Leases due 2019 | 168 |
Total Operating and Capital Leases due thereafter | 785 |
Total Operating and Capital Leases due | 1,897 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating Leases due 2015 | 179 |
Operating Leases due 2016 | 141 |
Operating Leases due 2017 | 145 |
Operating Leases due 2018 | 119 |
Operating Leases due 2019 | 86 |
Operating Leases due thereafter | 265 |
Operating Leases due | 935 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Capital Leases due 2015 | 105 |
Capital Leases due 2016 | 91 |
Capital Leases due 2017 | 82 |
Capital Leases due 2018 | 82 |
Capital Leases due 2019 | 82 |
Capital Leases due thereafter | 520 |
Capital Leases due | 962 |
Capital Leases due, interest payments | -248 |
Capital Leases due, present value | $714 |
Expenses_Narrative_Details
Expenses - Narrative (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Loss Contingencies [Line Items] | |||||
Other expenses | ($751) | ($547) | ($591) | ||
Claims resolution | 0 | 0 | 362 | ||
Business Acquisition [Line Items] | |||||
Severance costs | 84 | 11 | |||
Restructuring charges, net | 75 | 28 | 199 | ||
Business Operations And Information Technology Transformation Program | |||||
Business Acquisition [Line Items] | |||||
Restructuring charges incurred to date | 440 | ||||
Restructuring charges, net | 59 | 25 | 67 | 133 | 156 |
Business Operations And Information Technology Transformation Program | Involuntary Terminations | |||||
Business Acquisition [Line Items] | |||||
Expected number of positions eliminated | 1,574 | 1,400 | |||
Percent of actual number of positions eliminated | 5.00% | ||||
Lehman Entities | |||||
Loss Contingencies [Line Items] | |||||
Other expenses | 10 | 85 | |||
Amount of Claims Filed | 400 | ||||
Claims resolution | 362 | ||||
Additional Gain (Loss) Related to Litigation Settlement | 10 | ||||
Claims Settled | 21 | 186 | |||
Other Assets 1 | $11 | $101 |
Expenses_Costs_Related_To_Acqu
Expenses - Costs Related To Acquisition And Restructuring (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Expenses [Abstract] | |||
Acquisition costs | $58 | $76 | $26 |
Restructuring charges, net | 75 | 28 | 199 |
Total acquisition and restructuring costs | $133 | $104 | $225 |
Expenses_Activity_Related_To_R
Expenses - Activity Related To Restructuring-Related Accruals (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Restructuring Reserve [Roll Forward] | |
Balance as of December 31, 2013 | $106 |
Additional accruals for Business Operations and Information Technology Transformation program | 59 |
Payments and adjustments | -110 |
Balance as of March 31, 2014 | 71 |
2012 Expense Control Measures | |
Restructuring Reserve [Roll Forward] | |
Additional accruals for 2012 expense control measures | 16 |
Employee- Related Costs | |
Restructuring Reserve [Roll Forward] | |
Balance as of December 31, 2013 | 50 |
Additional accruals for Business Operations and Information Technology Transformation program | 38 |
Payments and adjustments | -46 |
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 | -2 |
Real Estate Consolidation | |
Restructuring Reserve [Roll Forward] | |
Balance as of December 31, 2013 | 49 |
Additional accruals for Business Operations and Information Technology Transformation program | 21 |
Payments and adjustments | -46 |
Balance as of March 31, 2014 | 24 |
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 | -18 |
Balance as of March 31, 2014 | 7 |
Asset and Other Write-Offs | 2012 Expense Control Measures | |
Restructuring Reserve [Roll Forward] | |
Additional accruals for 2012 expense control measures | $18 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||
Decrease in Deferred Tax Liability due to Out of Period Income Tax Benefit | $50,000,000 | ||
Increase in Deferred Tax Assets due to Out of Period Income Tax Benefit | 21,000,000 | ||
Tax Data Enhancement, Amount | 71,000,000 | ||
Indemnification Benefit from Income Tax Claim Due to Acquisition | 40,000,000 | ||
Common stock awards and options exercised, related taxes | 72,000,000 | 51,000,000 | -6,000,000 |
Income tax expense related to net gains from sales of investment securities | 5,000,000 | 6,000,000 | 22,000,000 |
Foreign Income (Loss) before Income Taxes | 1,330,000,000 | 1,250,000,000 | 1,110,000,000 |
Retained Earnings, Unappropriated | 4,200,000,000 | ||
Undistributed Earnings of Foreign Subsidiaries | 876,000,000 | ||
Tax Credit Carryforwards | 2,000,000 | 3,000,000 | |
Tax Credit Carryforward Expiration Date | 31-Dec-33 | ||
Operating Loss Carryforwards | 53,000,000 | 50,000,000 | |
Operating Loss Carryforward, Not Expiring | 41,000,000 | ||
Operating Loss Carryforwards, Expiring | 12,000,000 | ||
Operating Loss Carryforwards, Valuation Allowance | 45,000,000 | 30,000,000 | |
Tax positions for which the ultimate deductibility is highly certain but time is uncertain | 96,000,000 | ||
Interest Accrued for Tax Examinations | 9,000,000 | 7,000,000 | |
Interest Expense on Tax Examinations | 3,000,000 | ||
Estimated change in unrecognized tax benefit in the next 12 months | 120,000,000 | ||
Reduction of income tax expense due to change in unrecognized tax benefits in next 12 months | ($61,000,000) | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards Expiration Date | 31-Dec-33 |
Income_Taxes_Schedule_Of_Compo
Income Taxes - Schedule Of Components Of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $59 | $193 | $148 |
State | 39 | 47 | 64 |
Non-U.S. | 257 | 248 | 262 |
Total current expense | 355 | 488 | 474 |
Deferred: | |||
Federal | 42 | 28 | 267 |
State | 11 | 17 | 27 |
Non-U.S. | 13 | 17 | -63 |
Total deferred expense | 66 | 62 | 231 |
Total income tax expense | $421 | $550 | $705 |
Income_Taxes_Schedule_Of_Compo1
Income Taxes - Schedule Of Components Of Deferred Tax Liabilities and Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Deferred tax assets: | ||
Unrealized losses on investment securities, net | $421 | $0 |
Deferred compensation | 209 | 168 |
Defined benefit pension plan | 97 | 193 |
Restructuring charges and other reserves | 126 | 160 |
Deferred Tax Assets, Foreign Currency Translation | 0 | 56 |
Real estate | 18 | 9 |
Other | 57 | 68 |
Total deferred tax assets | 928 | 654 |
Valuation allowance for deferred tax assets | -33 | -54 |
Deferred tax assets, net of valuation allowance | 895 | 600 |
Deferred Tax Liabilities, Unrealized Losses On Available For Sale securities Net | 0 | 5 |
Deferred tax liabilities: | ||
Leveraged lease financing | 359 | 326 |
Fixed and intangible assets | 1,073 | 1,006 |
Non-U.S. earnings | 105 | 167 |
Foreign currency translation | 35 | 0 |
Other | 44 | 83 |
Total deferred tax liabilities | 1,616 | 1,587 |
Increase in Deferred Tax Assets due to Out of Period Income Tax Benefit | 21 | |
Decrease in Deferred Tax Liability due to Out of Period Income Tax Benefit | $50 |
Income_Taxes_Schedule_Of_Recon
Income Taxes - Schedule Of Reconciliation Of The U.S. Statutory Income Tax Rate To The Effective Tax Rate (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 1.50% | 1.60% | 1.80% |
Tax-exempt income | -5.00% | -3.70% | -2.60% |
Tax credits | -6.70% | -3.60% | -2.80% |
Foreign tax differential | -8.50% | -5.90% | -5.50% |
Out-of-period income tax benefit | 0.00% | -2.70% | 0.00% |
Other, net | 0.90% | -0.20% | -0.40% |
Effective tax rate | 17.20% | 20.50% | 25.50% |
Tax Data Enhancement, Amount | $71 | ||
Percent excluding Tax Data Enhancement | 23.20% |
Income_Taxes_Summary_Of_Activi
Income Taxes - Summary Of Activity Related To Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $158 | $95 |
Decrease related to agreements with tax authorities | -9 | -4 |
Increase related to tax positions taken during current year | 8 | 10 |
Increase related to tax positions taken during prior year | 6 | 57 |
Ending balance | $163 | $158 |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Net income | $2,037 | $2,136 | $2,061 |
Preferred stock dividends | -61 | -26 | -29 |
Dividends and undistributed earnings allocated to participating securities(1) | -3 | -8 | -13 |
Net income available to common shareholders | $1,973 | $2,102 | $2,019 |
Basic (in shares) | 424,223 | 446,245 | 474,458 |
Effect of dilutive securities: common stock options and common stock awards | 7,784 | 8,910 | 6,671 |
Diluted average common shares | 432,007 | 455,155 | 481,129 |
Anti-dilutive securities (in shares) | 1,498 | 1,855 | 5,619 |
Earnings per Common Share: | |||
Basic (in dollars per share) | $4.65 | $4.71 | $4.25 |
Diluted (in dollars per share) | $4.57 | $4.62 | $4.20 |
Line_of_Business_Information_S
Line of Business Information - Summary of Line of Business (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Servicing fees | $5,129,000,000 | $4,819,000,000 | $4,414,000,000 |
Management fees | 1,207,000,000 | 1,106,000,000 | 993,000,000 |
Trading services | 1,084,000,000 | 1,094,000,000 | 1,036,000,000 |
Securities finance | 437,000,000 | 359,000,000 | 405,000,000 |
Processing fees and other | 174,000,000 | 212,000,000 | 240,000,000 |
Total fee revenue | 8,031,000,000 | 7,590,000,000 | 7,088,000,000 |
Net interest revenue | 2,260,000,000 | 2,303,000,000 | 2,538,000,000 |
Gains (losses) related to investment securities, net | 4,000,000 | -9,000,000 | 23,000,000 |
Total revenue | 10,295,000,000 | 9,884,000,000 | 9,649,000,000 |
Provision for loan losses | 10,000,000 | 6,000,000 | -3,000,000 |
Total expenses | 7,827,000,000 | 7,192,000,000 | 6,886,000,000 |
Income before income tax expense | 2,458,000,000 | 2,686,000,000 | 2,766,000,000 |
Pre-tax margin | 24.00% | 27.00% | 29.00% |
Average assets (in billions) | 238,100,000,000 | 207,000,000,000 | 193,800,000,000 |
Investment Servicing | |||
Segment Reporting Information [Line Items] | |||
Servicing fees | 5,129,000,000 | 4,819,000,000 | 4,414,000,000 |
Management fees | 0 | 0 | 0 |
Trading services | 1,039,000,000 | 1,027,000,000 | 938,000,000 |
Securities finance | 437,000,000 | 359,000,000 | 405,000,000 |
Processing fees and other | 179,000,000 | 206,000,000 | 235,000,000 |
Total fee revenue | 6,784,000,000 | 6,411,000,000 | 5,992,000,000 |
Net interest revenue | 2,188,000,000 | 2,221,000,000 | 2,464,000,000 |
Gains (losses) related to investment securities, net | 4,000,000 | -9,000,000 | 69,000,000 |
Total revenue | 8,976,000,000 | 8,623,000,000 | 8,525,000,000 |
Provision for loan losses | 10,000,000 | 6,000,000 | -3,000,000 |
Total expenses | 6,648,000,000 | 6,190,000,000 | 6,058,000,000 |
Income before income tax expense | 2,318,000,000 | 2,427,000,000 | 2,470,000,000 |
Pre-tax margin | 26.00% | 28.00% | 29.00% |
Average assets (in billions) | 234,200,000,000 | 203,200,000,000 | 190,100,000,000 |
Investment Management | |||
Segment Reporting Information [Line Items] | |||
Servicing fees | 0 | 0 | 0 |
Management fees | 1,207,000,000 | 1,106,000,000 | 993,000,000 |
Trading services | 45,000,000 | 67,000,000 | 98,000,000 |
Securities finance | 0 | 0 | 0 |
Processing fees and other | -5,000,000 | 6,000,000 | 5,000,000 |
Total fee revenue | 1,247,000,000 | 1,179,000,000 | 1,096,000,000 |
Net interest revenue | 72,000,000 | 82,000,000 | 74,000,000 |
Gains (losses) related to investment securities, net | 0 | 0 | 0 |
Total revenue | 1,319,000,000 | 1,261,000,000 | 1,170,000,000 |
Provision for loan losses | 0 | 0 | 0 |
Total expenses | 960,000,000 | 822,000,000 | 847,000,000 |
Income before income tax expense | 359,000,000 | 439,000,000 | 323,000,000 |
Pre-tax margin | 27.00% | 35.00% | 28.00% |
Average assets (in billions) | 3,900,000,000 | 3,800,000,000 | 3,700,000,000 |
Other | |||
Segment Reporting Information [Line Items] | |||
Servicing fees | 0 | 0 | 0 |
Management fees | 0 | 0 | 0 |
Trading services | 0 | 0 | 0 |
Securities finance | 0 | 0 | 0 |
Processing fees and other | 0 | 0 | 0 |
Total fee revenue | 0 | 0 | 0 |
Net interest revenue | 0 | 0 | 0 |
Gains (losses) related to investment securities, net | 0 | 0 | -46,000,000 |
Total revenue | 0 | 0 | -46,000,000 |
Provision for loan losses | 0 | 0 | 0 |
Total expenses | 219,000,000 | 180,000,000 | -19,000,000 |
Income before income tax expense | ($219,000,000) | ($180,000,000) | ($27,000,000) |
Line_of_Business_Information_N
Line of Business Information - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
line_of_business | |||
Segment Reporting Information [Line Items] | |||
Number of lines of business | 2 | ||
Expenses | $7,827 | $7,192 | $6,886 |
Acquisition and restructuring costs | 133 | 104 | 225 |
Severance costs | 84 | 11 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 2,458 | 2,686 | 2,766 |
Claims resolution | 0 | 0 | -362 |
Marketable Securities, Gain (Loss) | 4 | -9 | 23 |
Other | |||
Segment Reporting Information [Line Items] | |||
Expenses | 219 | 180 | -19 |
Acquisition and restructuring costs | 133 | 225 | |
Severance costs | 84 | 11 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -219 | -180 | -27 |
Provision for litigation exposure and other costs | 2 | 65 | 118 |
Claims resolution | -104 | ||
Marketable Securities, Gain (Loss) | 0 | 0 | -46 |
Minimum | Investment Servicing and Investment Management | |||
Segment Reporting Information [Line Items] | |||
Percentage Of Consolidated Revenues By Segment | 70.00% | ||
Minimum | Other | |||
Segment Reporting Information [Line Items] | |||
Percentage Of Consolidated Revenues By Segment | 25.00% | ||
Maximum | Investment Servicing and Investment Management | |||
Segment Reporting Information [Line Items] | |||
Percentage Of Consolidated Revenues By Segment | 75.00% | ||
Maximum | Other | |||
Segment Reporting Information [Line Items] | |||
Percentage Of Consolidated Revenues By Segment | 30.00% | ||
Lehman Entities | |||
Segment Reporting Information [Line Items] | |||
Claims resolution | ($362) |
NonUS_Activities_Schedule_Of_R
Non-U.S. Activities - Schedule Of Results From Non-U.S. Operations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Total fee revenue | $8,031 | $7,590 | $7,088 |
Net interest revenue | 2,260 | 2,303 | 2,538 |
Gains (losses) related to investment securities, net | 4 | -9 | 23 |
Total revenue | 10,295 | 9,884 | 9,649 |
Expenses | 7,827 | 7,192 | 6,886 |
Income before income tax expense | 2,458 | 2,686 | 2,766 |
Income tax expense | 421 | 550 | 705 |
Net income | 2,037 | 2,136 | 2,061 |
Non- U.S. | |||
Segment Reporting Information [Line Items] | |||
Total fee revenue | 3,364 | 3,119 | 2,917 |
Net interest revenue | 1,236 | 1,191 | 953 |
Gains (losses) related to investment securities, net | 6 | -11 | -40 |
Total revenue | 4,606 | 4,299 | 3,830 |
Expenses | 3,272 | 3,130 | 3,013 |
Income before income tax expense | 1,334 | 1,169 | 817 |
Income tax expense | 319 | 289 | 204 |
Net income | $1,015 | $880 | $613 |
NonUS_Activities_Summary_Of_No
Non-U.S. Activities - Summary Of Non-U.S. Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Interest-bearing deposits with banks | $93,523 | $64,257 |
Other assets | 32,600 | 25,990 |
Total assets | 274,119 | 243,291 |
Non- U.S. | ||
Segment Reporting Information [Line Items] | ||
Interest-bearing deposits with banks | 17,382 | 9,584 |
Investment securities | 29,060 | 31,522 |
Other assets | 13,577 | 16,778 |
Total assets | $60,019 | $57,884 |
NonUS_Activities_Narrative_Det
Non-U.S. Activities - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Gross realized losses from sales of available-for-sale securities | $49 | $90 | $46 |
Revenues | 10,295 | 9,884 | 9,649 |
Non- U.S. | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4,606 | 4,299 | 3,830 |
UNITED KINGDOM | Non- U.S. | |||
Segment Reporting Information [Line Items] | |||
Revenues | $1,020 |
Subsequent_Events_Details
Subsequent Events (Details) (Foreign Exchange, USD $) | Dec. 31, 2014 | Feb. 20, 2015 |
In Millions, unless otherwise specified | ||
Subsequent Event [Line Items] | ||
Legal reserves | $50 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Legal reserves | $115 |
Parent_Company_Financial_State2
Parent Company Financial Statement - Statement of Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Total revenue | $10,295 | $9,884 | $9,649 |
Other expenses | 751 | 547 | 591 |
Total expenses | 7,827 | 7,192 | 6,886 |
Income tax expense | 421 | 550 | 705 |
Net income | 2,037 | 2,136 | 2,061 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends from consolidated banking subsidiary | 1,470 | 1,694 | 1,785 |
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities | 138 | 250 | 68 |
Other, net | 63 | 35 | 38 |
Total revenue | 1,671 | 1,979 | 1,891 |
Interest expense | 193 | 169 | 163 |
Other expenses | 55 | 88 | 85 |
Total expenses | 248 | 257 | 248 |
Income tax expense | -83 | -84 | -63 |
Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities | 1,506 | 1,806 | 1,706 |
Consolidated banking subsidiary | 375 | 237 | 173 |
Consolidated non-banking subsidiaries and unconsolidated entities | 156 | 93 | 182 |
Net income | $2,037 | $2,136 | $2,061 |
Parent_Company_Financial_State3
Parent Company Financial Statement - Statement of Condition (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Interest-bearing deposits with banks | $93,523 | $64,257 | ||
Trading account assets | 924 | 843 | ||
Investment securities available for sale | 94,913 | 99,174 | ||
Other assets | 32,600 | 25,990 | ||
Total assets | 274,119 | 243,291 | ||
Long-term debt | 10,042 | 9,699 | ||
Total liabilities | 252,646 | 222,913 | ||
Total shareholders’ equity | 21,473 | 20,378 | 20,869 | 19,398 |
Total liabilities and shareholders’ equity | 274,119 | 243,291 | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Interest-bearing deposits with banks | 6,030 | 4,419 | ||
Trading account assets | 279 | 216 | ||
Investment securities available for sale | 35 | 31 | ||
Consolidated banking subsidiary | 20,123 | 19,985 | ||
Consolidated non-banking subsidiaries | 2,739 | 2,617 | ||
Unconsolidated entities | 288 | 272 | ||
Consolidated banking subsidiary | 1,526 | 1,528 | ||
Consolidated non-banking subsidiaries and unconsolidated entities | 331 | 256 | ||
Other assets | 447 | 327 | ||
Total assets | 31,798 | 29,651 | ||
Commercial paper | 2,485 | 1,819 | ||
Accrued expenses and other liabilities | 514 | 447 | ||
Long-term debt | 7,326 | 7,007 | ||
Total liabilities | 10,325 | 9,273 | ||
Total shareholders’ equity | 21,473 | 20,378 | ||
Total liabilities and shareholders’ equity | $31,798 | $29,651 |
Parent_Company_Financial_State4
Parent Company Financial Statement - Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | ($561) | ($2,024) | $1,933 |
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary | -29,266 | -13,494 | 8,123 |
Business acquisitions | 0 | 0 | -511 |
Net cash used in investing activities | -28,492 | -14,085 | -4,591 |
Net decrease in short-term borrowings | 1,575 | -1,155 | -1,587 |
Proceeds from issuance of long-term debt, net of issuance costs | 994 | 2,485 | 998 |
Payments for long-term debt | -788 | -134 | -1,781 |
Proceeds from issuance of preferred stock | 1,470 | 0 | 488 |
Proceeds from exercises of common stock options | 14 | 121 | 53 |
Purchases of common stock | -1,650 | -2,040 | -1,440 |
Repurchases of common stock for employee tax withholding | -232 | -189 | -101 |
Payments for cash dividends | -539 | -486 | -463 |
Net cash provided by financing activities | 27,688 | 16,739 | 3,055 |
Net change | -1,365 | 630 | 397 |
Cash and due from banks at beginning of period | 3,220 | 2,590 | 2,193 |
Cash and due from banks at end of period | 1,855 | 3,220 | 2,590 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 1,767 | 2,296 | 2,706 |
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary | -1,610 | -620 | 1,115 |
Investments in consolidated banking and non-banking subsidiaries | -1,142 | -1,100 | -68 |
Sale or repayment of investment in consolidated banking and non-banking subsidiaries | 1,011 | 32 | 28 |
Business acquisitions | 0 | 0 | -2 |
Net cash used in investing activities | -1,741 | -1,688 | 1,073 |
Net decrease in short-term borrowings | 0 | 0 | -500 |
Net decrease in commercial paper | 667 | -499 | -66 |
Proceeds from issuance of long-term debt, net of issuance costs | 994 | 2,485 | 0 |
Payments for long-term debt | -750 | 0 | -1,750 |
Proceeds from issuance of preferred stock | 1,470 | 0 | 488 |
Proceeds from exercises of common stock options | 14 | 121 | 53 |
Purchases of common stock | -1,650 | -2,040 | -1,440 |
Repurchases of common stock for employee tax withholding | -232 | -189 | -101 |
Payments for cash dividends | -539 | -486 | -463 |
Net cash provided by financing activities | -26 | -608 | -3,779 |
Net change | 0 | 0 | 0 |
Cash and due from banks at beginning of period | 0 | 0 | 0 |
Cash and due from banks at end of period | $0 | $0 | $0 |