Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | STATE STREET Corp | |
Entity Central Index Key | 93,751 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 403,486,112 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fee revenue: | ||||
Servicing fees | $ 1,294 | $ 1,302 | $ 3,892 | $ 3,828 |
Management fees | 287 | 316 | 892 | 908 |
Trading services | 294 | 278 | 899 | 791 |
Securities finance | 113 | 99 | 369 | 331 |
Processing fees and other | 120 | 17 | 198 | 117 |
Total fee revenue | 2,108 | 2,012 | 6,250 | 5,975 |
Net interest revenue: | ||||
Interest revenue | 614 | 671 | 1,885 | 1,976 |
Interest expense | 101 | 101 | 291 | 290 |
Net interest revenue | 513 | 570 | 1,594 | 1,686 |
Gains (losses) related to investment securities, net: | ||||
Net gains (losses) from sales of available-for-sale securities | (2) | 0 | (5) | 15 |
Losses from other-than-temporary impairment | 0 | 0 | (1) | (1) |
Losses reclassified (from) to other comprehensive income | 0 | 0 | 0 | (10) |
Gains (losses) related to investment securities, net | (2) | 0 | (6) | 4 |
Total revenue | 2,619 | 2,582 | 7,838 | 7,665 |
Provision for loan losses | 5 | 2 | 11 | 6 |
Expenses: | ||||
Compensation and employee benefits | 1,051 | 953 | 3,122 | 3,088 |
Information systems and communications | 265 | 242 | 761 | 730 |
Transaction processing services | 201 | 199 | 599 | 583 |
Occupancy | 110 | 119 | 332 | 348 |
Acquisition and restructuring costs | 10 | 20 | 19 | 81 |
Professional services | 136 | 97 | 368 | 318 |
Amortization of other intangible assets | 48 | 54 | 147 | 162 |
Other | 141 | 208 | 845 | 460 |
Total expenses | 1,962 | 1,892 | 6,193 | 5,770 |
Income before income tax expense | 652 | 688 | 1,634 | 1,889 |
Income tax expense | 68 | 128 | 219 | 344 |
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | 0 | 1 | 0 |
Net income | 585 | 560 | 1,416 | 1,545 |
Net income available to common shareholders | $ 543 | $ 542 | $ 1,313 | $ 1,500 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 1.34 | $ 1.28 | $ 3.20 | $ 3.52 |
Diluted (in dollars per share) | $ 1.32 | $ 1.26 | $ 3.16 | $ 3.45 |
Average common shares outstanding (in thousands): | ||||
Basic (in shares) | 406,612 | 421,974 | 409,816 | 426,775 |
Diluted (in shares) | 412,167 | 429,736 | 415,772 | 434,510 |
Cash dividends declared (in dollars per share) | $ 0.34 | $ 0.3 | $ 0.98 | $ 0.86 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 585 | $ 560 | $ 1,416 | $ 1,545 |
Other comprehensive income (loss), net of related taxes: | ||||
Foreign currency translation, net of related taxes of $39 and $29, respectively | (145) | (591) | (555) | (518) |
Net unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment and net of related taxes | 37 | (140) | (106) | 425 |
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes | (16) | 14 | (9) | (9) |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related taxes | 4 | 4 | 11 | 16 |
Net unrealized gains (losses) on cash flow hedges, net of related taxes | 26 | 117 | 46 | 56 |
Net unrealized gains (losses) on retirement plans, net of related taxes | 4 | 0 | 19 | 18 |
Other comprehensive income (loss) | (90) | (596) | (594) | (12) |
Total comprehensive income | $ 495 | $ (36) | $ 822 | $ 1,533 |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation, net of related taxes of | $ (51) | $ (75) | $ (76) | $ (38) |
Change in net unrealized losses on available-for-sale securities, net of reclassification adjustment and net of related taxes of | 27 | (94) | (48) | 261 |
Change in net unrealized losses on available-for-sale securities designated in fair value hedges, net of related taxes of | (10) | 10 | (5) | (5) |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related taxes of | 2 | 2 | 6 | 10 |
Change in net unrealized losses on cash flow hedges, net of related taxes of | 17 | 37 | 39 | 34 |
Change in unrealized losses on retirement plans, net of related taxes of | $ 3 | $ 3 | $ 4 | $ (2) |
Consolidated Statement of Condi
Consolidated Statement of Condition - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and due from banks | $ 3,660 | $ 1,855 |
Interest-bearing deposits with banks | 68,361 | 93,523 |
Securities purchased under resale agreements | 9,155 | 2,390 |
Trading account assets | 1,223 | 924 |
Investment securities available for sale | 80,097 | 94,913 |
Investment securities held to maturity (fair value of $17,536 and $17,842) | 17,463 | 17,723 |
Loans and leases (less allowance for losses of $48 and $38) | 19,019 | 18,161 |
Premises and equipment (net of accumulated depreciation of $4,768 and $4,599) | 1,984 | 1,937 |
Accrued interest and fees receivable | 2,271 | 2,242 |
Goodwill | 5,716 | 5,826 |
Other intangible assets | 1,820 | 2,025 |
Other assets | 36,505 | 32,600 |
Total assets | 247,274 | 274,119 |
Deposits: | ||
Noninterest-bearing | 58,426 | 70,490 |
Interest-bearing—U.S. | 30,407 | 33,012 |
Interest-bearing—non-U.S. | 97,534 | 105,538 |
Total deposits | 186,367 | 209,040 |
Securities sold under repurchase agreements | 7,760 | 8,925 |
Federal funds purchased | 25 | 21 |
Other short-term borrowings | 3,761 | 4,381 |
Accrued expenses and other liabilities | 15,804 | 20,237 |
Long-term debt | 12,025 | 10,042 |
Total liabilities | $ 225,742 | $ 252,646 |
Commitments, guarantees and contingencies (notes 7 and 8) | ||
Shareholders’ equity: | ||
Common stock, $1 par: 750,000,000 shares authorized; 503,879,642 and 503,880,120 shares issued | $ 504 | $ 504 |
Surplus | 9,742 | 9,791 |
Retained earnings | 15,795 | 14,882 |
Accumulated other comprehensive income (loss) | (1,101) | (507) |
Treasury stock, at cost (100,086,970 and 88,684,969 shares) | (6,143) | (5,158) |
Total shareholders’ equity | 21,500 | 21,473 |
Non-controlling interest-equity | 32 | 0 |
Total equity | 21,532 | 21,473 |
Total liabilities and equity | 247,274 | 274,119 |
Series C Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, and Series E, 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, Series D, 7,500 shares issued and outstanding, and Series E, 7,500 shares issued and outstanding | 742 | 742 |
Series E Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, and Series E, 7,500 shares issued and outstanding | 728 | 728 |
Series F Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, and Series E, 7,500 shares issued and outstanding | $ 742 | $ 0 |
Consolidated Statement of Cond6
Consolidated Statement of Condition (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Investment securities held to maturity, fair value | $ 17,536 | $ 17,842 |
Loans and leases, allowance for losses | 48 | 38 |
Premises and equipment, accumulated depreciation | $ 4,768 | $ 4,599 |
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) | 503,879,642 | 503,880,120 |
Preferred stock, shares authorized (in shares) | 3,500,000 | 3,500,000 |
Treasury stock, shares (in shares) | 100,086,970 | 88,684,969 |
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 | 7,500 |
Preferred stock, shares outstanding (in shares) | 7,500 | 7,500 |
Series E Preferred Stock | ||
Stockholders' Equity: | ||
Preferred stock, shares issued (in shares) | 7,500 | 7,500 |
Preferred stock, shares outstanding (in shares) | 7,500 | 7,500 |
Series F 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 Chang
Consolidated Statement of Changes In Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | PREFERRED STOCK | COMMON STOCK | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | TREASURY STOCK |
Beginning balance at Dec. 31, 2013 | $ 20,378 | $ 491 | $ 504 | $ 9,776 | $ 13,395 | $ (95) | $ (3,693) |
Beginning balance (shares) at Dec. 31, 2013 | 503,883 | 69,754 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,545 | 1,545 | |||||
Other comprehensive income (loss) | (12) | (12) | |||||
Preferred stock issued | 742 | 742 | |||||
Cash dividends declared: | |||||||
Common stock dividends | (366) | (366) | |||||
Preferred stock cash dividend | (43) | $ (43) | |||||
Common stock acquired | (1,240) | $ (1,240) | |||||
Common stock acquired (shares) | 18,187 | ||||||
Common stock awards and options exercised, including related taxes | 152 | 4 | $ 148 | ||||
Common stock awards and options exercised, including related taxes (shares) | (3) | (3,984) | |||||
Other | 0 | ||||||
Other (shares) | (8) | ||||||
Ending balance (shares) at Sep. 30, 2014 | 503,880 | 83,949 | |||||
Ending balance at Sep. 30, 2014 | 21,156 | 1,233 | $ 504 | 9,780 | $ 14,531 | (107) | $ (4,785) |
Beginning balance at Dec. 31, 2014 | 21,473 | 1,961 | $ 504 | 9,791 | 14,882 | (507) | $ (5,158) |
Beginning balance (shares) at Dec. 31, 2014 | 503,880 | 88,685 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,416 | ||||||
Other comprehensive income (loss) | (594) | (594) | |||||
Preferred stock issued | 742 | 742 | |||||
Cash dividends declared: | |||||||
Common stock dividends | (401) | (401) | |||||
Preferred stock cash dividend | (101) | (101) | |||||
Common stock acquired | (1,170) | $ (1,170) | |||||
Common stock acquired (shares) | 15,552 | ||||||
Common stock awards and options exercised, including related taxes | 140 | (45) | $ 185 | ||||
Common stock awards and options exercised, including related taxes (shares) | (4,148) | ||||||
Other | (5) | (4) | (1) | ||||
Other (shares) | (2) | ||||||
Ending balance (shares) at Sep. 30, 2015 | 503,880 | 100,087 | |||||
Ending balance at Sep. 30, 2015 | $ 21,500 | $ 2,703 | $ 504 | $ 9,742 | $ 15,795 | $ (1,101) | $ (6,143) |
Consolidated Statement of Chan8
Consolidated Statement of Changes In Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (in dollars per share) | $ 0.98 | $ 0.86 |
Common stock awards and options exercised, related taxes | $ 57 | $ 54 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities: | ||
Net income | $ 1,416 | $ 1,545 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred income tax expense | (12) | (17) |
Amortization of other intangible assets | 147 | 162 |
Other non-cash adjustments for depreciation, amortization and accretion, net | 434 | 351 |
Losses (gains) related to investment securities, net | 6 | (4) |
Change in trading account assets, net | (299) | (190) |
Change in accrued interest and fees receivable, net | (29) | (195) |
Change in collateral deposits, net | (8,077) | (3,533) |
Change in unrealized losses (gains) on foreign exchange derivatives, net | 434 | (2,316) |
Change in other assets, net | 697 | 1,563 |
Change in accrued expenses and other liabilities, net | 116 | 1,430 |
Other, net | 385 | 240 |
Net cash provided by (used in) operating activities | (4,782) | (964) |
Investing Activities: | ||
Net decrease (increase) in interest-bearing deposits with banks | 25,162 | (22,689) |
Net (increase) decrease in securities purchased under resale agreements | (6,765) | 3,627 |
Proceeds from sales of available-for-sale securities | 12,417 | 8,205 |
Proceeds from maturities of available-for-sale securities | 20,258 | 28,562 |
Purchases of available-for-sale securities | (19,494) | (35,393) |
Proceeds from maturities of available-for-sale securities | 2,835 | 2,383 |
Purchases of held-to-maturity securities | (2,962) | (3,271) |
Net increase in loans | (837) | (4,927) |
Purchases of equity investments and other long-term assets | (353) | (169) |
Purchases of premises and equipment | (543) | (298) |
Other, net | 75 | 63 |
Net cash used in investing activities | 29,793 | (23,907) |
Financing Activities: | ||
Net (increase) decrease in time deposits | (5,933) | 6,266 |
Net (decrease) increase in all other deposits | (16,740) | 19,434 |
Net (decrease) increase in short-term borrowings | (1,781) | 1,957 |
Proceeds from issuance of long-term debt, net of issuance costs | 2,995 | 0 |
Payments for long-term debt and obligations under capital leases | (914) | (779) |
Proceeds from issuance of preferred stock | 742 | 742 |
Proceeds from exercises of common stock options | 4 | 10 |
Purchases of common stock | (961) | (1,240) |
Excess tax benefit related to stock-based compensation | 60 | 0 |
Repurchases of common stock for employee tax withholding | (189) | (197) |
Payments for cash dividends | (489) | (396) |
Net cash provided by financing activities | (23,206) | 25,797 |
Net increase | 1,805 | 926 |
Cash and due from banks at beginning of period | 1,855 | 3,220 |
Cash and due from banks at end of period | $ 3,660 | $ 4,146 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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. The accompanying Consolidated Financial Statements should be read in conjunction with the financial and risk factor information included in our 2014 Annual Report on Form 10-K ( 2014 Form 10-K), which we previously filed with the Securities and Exchange Commission, or SEC. The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation. Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our consolidated financial statements through the date we filed this Form 10-Q with the SEC. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue, and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates. These accounting estimates reflect the best judgment of management, but actual results could differ. Our consolidated statement of condition as of December 31, 2014 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by GAAP for a complete set of consolidated financial statements. Recent Accounting Developments: In September 2015, the Financial Accounting Standards Board, or the FASB, issued an amendment that requires an acquirer to recognize purchase price adjustments to provisional amounts in the reporting period in which the adjustments are determined , as opposed to being applied retrospectively at the acquisition date. The amendment, which allows for early adoption, is effective for State Street beginning on January 1, 2016. We do not have any significant acquisitions in 2015 that could have a material impact in our consolidated financial statements when this amendment becomes effective in 2016. We will assess its impact in conjunction with new transactions, as applicable. In July 2015, the FASB issued an update to delay the effective date of the new revenue standard by one year. The deferral results in the new revenue standard being effective for State Street beginning on January 1, 2018. In May 2015, the FASB issued an amendment, which makes certain technical corrections to the FASB Accounting Standards Codification that affect a wide variety of topics to clarify the codification, correct unintended application of the guidance, or make minor improvements that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to entities. The amendments that require transition guidance are effective for State Street beginning on January 1, 2016 and all other amendments are effective immediately. Our adoption of this amendment does not have a material impact on our consolidated financial statements. In May 2015, the FASB issued an amendment to GAAP which removes from the fair value hierarchy, investments for which the practical expedient is used to measure fair value at net asset value (NAV). Instead, an entity is required to include those investments as a reconciling line item so that the total fair value amount of investments in the disclosure is consistent with the amount on the balance sheet. The amendment is effective for State Street beginning on January 1, 2016. Our adoption of this amendment is not expected to have a material effect on our consolidated financial statements In April 2015, the FASB issued an amendment to GAAP which will assist entities in evaluating the accounting for fees paid by a customer in a cloud computing arrangement. The amendment, which allows for early adoption, is effective for State Street beginning on January 1, 2016. Our adoption of this amendment is not expected to have a material effect on our consolidated financial statements. In April 2015, the FASB issued an amendment to GAAP that requires debt issuance costs to be presented in the consolidated balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. This amendment, which allows for early adoption, is effective for State Street beginning on January 1, 2016. Our debt issuance costs that are currently classified as deferred credits and have a balance of approximately $39 million as of September 30, 2015 will be reclassified as contra liabilities upon adoption. In August 2015, the FASB issued a related amendment incorporating the SEC staff announcement in the accounting standards codification to clarify that debt issuance costs relating to line of credit arrangements may still be presented as an asset, notwithstanding the April 2015 amendment that requires debt issuance costs relating to recognized debt liabilities to be recognized as contra liabilities. We do not have significant line of credit arrangements or related debt issuance costs and do not expect this amendment to be significant to our consolidated financial statements. In February 2015, the FASB issued an amendment to GAAP that updates the consolidation model used to evaluate whether a legal entity is required to be consolidated. The amendment, which allows for early adoption, is effective for State Street beginning on January 1, 2016, and may be applied retrospectively or via a modified retrospective approach. Based on our current assessment of the amendment, we do not expect our adoption of this amendment to have a material effect on our consolidated financial statements. In February 2015, the FASB issued an amendment to GAAP to remove the concept of "extraordinary items," which are defined as items that are unusual and infrequent in nature. The amendment, which allows for early adoption, is effective for State Street beginning on January 1, 2016. Our adoption of this amendment is not expected to have a material effect on our consolidated financial statements. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
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. For information about our valuation techniques for financial assets and financial liabilities measured at fair value and the fair value hierarchy, refer to note 2 to the consolidated financial statements on pages 130 to 141 of the 2014 Form 10-K. The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated. No transfers of financial assets or liabilities between levels 1 and 2 occurred in the nine months ended September 30, 2015 or the year ended December 31, 2014 . Fair-Value Measurements on a Recurring Basis as of September 30, 2015 (In millions) 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) Impact of Netting (1) Total Net Carrying Value in Consolidated Statement of Condition Assets: Trading account assets: U.S. government securities $ 71 $ — $ — $ 71 Non-U.S. government securities 666 — — 666 Other 14 472 — 486 Total trading account assets 751 472 — 1,223 Investment securities available for sale: U.S. Treasury and federal agencies: Direct obligations 12,817 537 — 13,354 Mortgage-backed securities — 18,829 — 18,829 Asset-backed securities: Student loans — 7,414 230 7,644 Credit cards — 1,504 — 1,504 Sub-prime — 458 — 458 Other (2) — 12 1,943 1,955 Total asset-backed securities — 9,388 2,173 11,561 Non-U.S. debt securities: Mortgage-backed securities — 7,916 — 7,916 Asset-backed securities — 2,921 277 3,198 Government securities — 3,711 — 3,711 Other (3) — 4,739 263 5,002 Total non-U.S. debt securities — 19,287 540 19,827 State and political subdivisions — 9,939 35 9,974 Collateralized mortgage obligations — 3,151 148 3,299 Other U.S. debt securities — 2,898 9 2,907 U.S. equity securities — 37 — 37 Non-U.S. equity securities — 3 — 3 U.S. money-market mutual funds — 298 — 298 Non-U.S. money-market mutual funds — 8 — 8 Total investment securities available for sale 12,817 64,375 2,905 80,097 Other assets: Derivative instruments: Foreign exchange contracts — 10,713 21 $ (5,364 ) 5,370 Interest-rate contracts — 232 — (217 ) 15 Other derivative contracts — 5 — (3 ) 2 Total derivative instruments — 10,950 21 (5,584 ) 5,387 Total assets carried at fair value $ 13,568 $ 75,797 $ 2,926 $ (5,584 ) $ 86,707 Liabilities: Accrued expenses and other liabilities: Trading account liabilities: Non-U.S. government securities $ 94 $ — $ — $ — $ 94 Other — 9 — — 9 Derivative instruments: Foreign exchange contracts — 10,275 22 (6,451 ) 3,846 Interest-rate contracts — 207 — (39 ) 168 Other derivative contracts — 105 — (3 ) 102 Total derivative instruments — 10,587 22 (6,493 ) 4,116 Total liabilities carried at fair value $ 94 $ 10,596 $ 22 $ (6,493 ) $ 4,219 (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 $842 million and $1.75 billion , respectively, for cash collateral received from and provided to derivative counterparties. (2) As of September 30, 2015 the fair value of other asset-backed securities was primarily composed of $1.9 billion of collateralized loan obligations and approximately $12 million of automobile loan securities. (3) As of September 30, 2015 the fair value of other non-U.S. debt securities was primarily composed of $3.3 billion of covered bonds and $763 million of corporate bonds. Fair-Value Measurements on a Recurring Basis as of December 31, 2014 (In millions) 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) Impact of Netting (1) Total Net Carrying Value in Consolidated Statement of 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: Derivatives 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 primarily composed 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 primarily composed of $3.3 billion of covered bonds and $1.2 billion of corporate bonds. The following tables present activity related to our level-3 financial assets and liabilities during the three and nine months ended September 30, 2015 and 2014 , respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. In the three and nine months ended September 30, 2015 and 2014 , transfers out of level 3 were mainly related to certain mortgage- and asset-backed securities, including non-U.S. debt securities, for which fair value was measured using prices for which observable market information became available. Fair-Value Measurements Using Significant Unobservable Inputs Three Months Ended September 30, 2015 Fair Value as of Total Realized and Unrealized Gains (Losses) Purchases Sales Settlements Transfers out of Level 3 Fair Value as of (1) Change in (In millions) Recorded in Revenue Recorded in Other Comprehensive Income Assets: Investment securities available for sale: Asset-backed securities: Student loans $ 234 $ — $ (3 ) $ — $ — $ (1 ) $ — $ 230 Other 2,933 22 (19 ) — (686 ) (307 ) — 1,943 Total asset-backed securities 3,167 22 (22 ) — (686 ) (308 ) — 2,173 Non-U.S. debt securities: Mortgage-backed securities 97 — — — — — (97 ) — Asset-backed securities 193 — (1 ) 168 — (83 ) — 277 Other 264 — (1 ) — — — — 263 Total Non-U.S. equity securities 554 — (2 ) 168 — (83 ) (97 ) 540 State and political subdivisions 36 — (1 ) — — — — 35 Collateralized mortgage obligations 215 — (1 ) — — (17 ) (49 ) 148 Other U.S. debt securities 9 — — — — — — 9 Total investment securities available for sale 3,981 22 (26 ) 168 (686 ) (408 ) (146 ) 2,905 Other assets: Derivative instruments: Foreign exchange contracts 60 (5 ) — 1 — (35 ) — 21 $ — Total derivative instruments 60 (5 ) — 1 — (35 ) — 21 — Other — — — — — — — — — Total assets carried at fair value $ 4,041 $ 17 $ (26 ) $ 169 $ (686 ) $ (443 ) $ (146 ) $ 2,926 $ — Fair-Value Measurements Using Significant Unobservable Inputs Three Months Ended September 30, 2015 Fair Value as of Total Realized and Issuances Settlements Fair Value as of (2) Change in (In millions) Recorded Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 50 $ (3 ) $ 1 $ (26 ) $ 22 $ 1 Total derivative instruments 50 (3 ) 1 (26 ) 22 1 Total liabilities carried at fair value $ 50 $ (3 ) $ 1 $ (26 ) $ 22 $ 1 (1) There were no transfers of assets into level 3 during the three months ended September 30, 2015 . (2) There were no transfers of liabilities into or out of level 3 during the three months ended September 30, 2015 . Fair Value Measurements Using Significant Unobservable Inputs Nine Months Ended September 30, 2015 Fair Value as of Total Realized and Purchases Sales Settlements Transfers Transfers Fair Value as of Change in (In millions) Recorded in Revenue Recorded in Other Comprehensive Income Assets: Investment securities available for sale: Asset-backed securities: Student loans $ 259 $ — $ (2 ) $ — — $ (6 ) $ — $ (21 ) $ 230 Other 3,780 47 (37 ) — (1,106 ) (741 ) — — 1,943 Total asset-backed securities 4,039 47 (39 ) — (1,106 ) (747 ) — (21 ) 2,173 Non-U.S. debt securities: Mortgage-backed securities — — — 43 — — 97 (140 ) — Asset-backed securities 295 1 (1 ) 168 — (169 ) — (17 ) 277 Other 371 — — 111 — (32 ) — (187 ) 263 Total non-U.S. debt securities 666 1 (1 ) 322 — (201 ) 97 (344 ) 540 State and political subdivisions 38 — (2 ) — — (1 ) — — 35 Collateralized mortgage obligations 614 — (2 ) 293 (88 ) (82 ) — (587 ) 148 Other U.S. debt securities 9 — — — — — — — 9 Total investment securities available for sale 5,366 48 (44 ) 615 (1,194 ) (1,031 ) 97 (952 ) 2,905 Other assets: Derivative instruments: Derivative instruments, Foreign exchange contracts 81 49 — 17 — (126 ) — — 21 $ — Total derivative instruments 81 49 — 17 — (126 ) — — 21 — Total assets carried at fair value $ 5,447 $ 97 $ (44 ) $ 632 $ (1,194 ) $ (1,157 ) $ 97 $ (952 ) $ 2,926 $ — Fair-Value Measurements Using Significant Unobservable Inputs Nine Months Ended September 30, 2015 Fair Value as of Total Realized and Issuances Settlements Fair Value as of (1) Change in (In millions) Recorded Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 74 $ 24 $ 19 $ (95 ) $ 22 $ (2 ) Other 9 — — (9 ) — — Total derivative instruments 83 24 19 (104 ) 22 (2 ) Total liabilities carried at fair value $ 83 $ 24 $ 19 $ (104 ) $ 22 $ (2 ) ( 1) There were no transfers of liabilities into or out of level 3 during the nine months ended September 30, 2015 . Fair-Value Measurements Using Significant Unobservable Inputs Three Months Ended September 30, 2014 Fair Value as of June 30, Total Realized and Purchases Sales Settlements Transfers Transfers Fair Value as of Change in (In millions) Recorded in Revenue Recorded in Other Comprehensive Income Assets: Investment securities available for sale: U.S. Treasury and federal agencies, mortgage-backed securities $ 96 $ — $ — $ 168 $ — $ (4 ) $ — $ — $ 260 Asset-backed securities: Student loans 322 (1 ) 24 (74 ) (5 ) — — 266 Other 4,061 18 (8 ) 275 — (402 ) — — 3,944 Total asset-backed securities 4,383 18 (9 ) 299 (74 ) (407 ) — — 4,210 Non-U.S. debt securities: Asset-backed securities 506 2 (1 ) — — (99 ) 76 (60 ) 424 Other 515 — — — — (25 ) — (192 ) 298 Total non-U.S. debt securities 1,021 2 (1 ) — — (124 ) 76 (252 ) 722 State and political subdivisions 41 — — — — — — — 41 Collateralized mortgage obligations 196 — — 125 — (7 ) — (80 ) 234 Other U.S. debt securities 9 — — — — (1 ) — — 8 Total investment securities available for sale 5,746 20 (10 ) 592 (74 ) (543 ) 76 (332 ) 5,475 Other assets: Derivative instruments: Derivative instruments, Foreign exchange contracts 10 44 — 22 — (8 ) — — 68 $ 40 Total derivative instruments 10 44 — 22 — (8 ) — — 68 40 Total assets carried at fair value $ 5,756 $ 64 $ (10 ) $ 614 $ (74 ) $ (551 ) $ 76 $ (332 ) $ 5,543 $ 40 Fair-Value Measurements Using Significant Unobservable Inputs Three Months Ended September 30, 2014 Fair Value as of June 30, Total Realized and Issuances Settlements Fair Value as of (1) Change in (In millions) Recorded Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 10 $ 36 $ 18 $ (5 ) $ 59 $ 35 Other 9 — — — 9 — Total derivative instruments 19 36 18 (5 ) 68 35 Total liabilities carried at fair value $ 19 $ 36 $ 18 $ (5 ) $ 68 $ 35 (1) There were no transfers of liabilities into or out of level 3 in the three months ended September 30, 2014 . Fair-Value Measurements Using Significant Unobservable Inputs Nine Months Ended September 30, 2014 Fair Value as of December 31, Total Realized and Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of Change in (In millions) Recorded in Revenue Recorded in Other Comprehensive Income Assets: Investment securities available for sale: U.S. Treasury and federal agencies, mortgage-backed securities $ 716 $ — $ — $ 168 $ — $ — $ (14 ) $ — $ (610 ) $ 260 Asset-backed securities: Student loans 423 1 2 24 — (74 ) (31 ) — (79 ) 266 Credit cards 24 — — — — — (24 ) — — — Other 4,532 46 (14 ) 282 — — (902 ) — — 3,944 Total asset-backed securities 4,979 47 (12 ) 306 — (74 ) (957 ) — (79 ) 4,210 Non-U.S. debt securities: Mortgage-backed securities 375 — — — — — — — (375 ) — Asset-backed securities 798 5 — — — — (219 ) 76 (236 ) 424 Other 464 — — 55 — (1 ) (28 ) — (192 ) 298 Total non-U.S. debt securities 1,637 5 — 55 — (1 ) (247 ) 76 (803 ) 722 State and political subdivisions 43 1 (1 ) — — — (2 ) — — 41 Collateralized mortgage obligations 162 — 1 205 — (6 ) (20 ) — (108 ) 234 Other U.S. debt securities 8 — — — — — — — — 8 Total investment securities available for sale 7,545 53 (12 ) 734 — (81 ) (1,240 ) 76 (1,600 ) 5,475 Other assets: Derivative instruments: Derivative instruments, Foreign exchange contracts 19 26 — 32 — — (9 ) — — 68 $ 35 Total derivative instruments 19 26 — 32 — — (9 ) — — 68 35 Total assets carried at fair value $ 7,564 $ 79 $ (12 ) $ 766 $ — $ (81 ) $ (1,249 ) $ 76 $ (1,600 ) $ 5,543 $ 35 Fair-Value Measurements Using Significant Unobservable Inputs Nine Months Ended September 30, 2014 Fair Value as of December 31, Total Realized and Issuances Settlements Fair Value as of (1) Change in (In millions) Recorded Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 17 $ 22 $ 28 $ (8 ) $ 59 $ 32 Other 9 — — — 9 — Total derivative instruments 26 22 28 (8 ) 68 32 Total liabilities carried at fair value $ 26 $ 22 $ 28 $ (8 ) $ 68 $ 32 (1) There were no transfers of liabilities into or out of level 3 in the nine months ended September 30, 2014 . 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 periods indicated: Three Months Ended September 30, Nine Months Ended September 30, Total Realized and Change in Total Realized and Change in Unrealized Gains (Losses) Related to Financial instruments Held as of September 30, (In millions) 2015 2014 2015 2014 2015 2014 2015 2014 Fee revenue: Trading services $ (1 ) $ 8 $ (1 ) $ 5 $ 25 $ 4 $ 2 $ 3 Total fee revenue (1 ) 8 (1 ) 5 25 4 2 3 Net interest revenue 21 20 — — 48 53 — — Total revenue $ 20 $ 28 $ (1 ) $ 5 $ 73 $ 57 $ 2 $ 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 September 30, 2015 As of December 31, 2014 Valuation Technique Significant (1) As of September 30, 2015 As of December 31, 2014 Significant unobservable inputs readily available to State Street: Assets: Asset-backed securities, other $ 38 $ 59 Discounted cash flows Credit spread 0.1 % 0.2 % State and political subdivisions 35 38 Discounted cash flows Credit spread 2.3 2.1 Derivative instruments, foreign exchange contracts 21 81 Option model Volatility 10.9 9.1 Total $ 94 $ 178 Liabilities: Derivative instruments, foreign exchange contracts $ 22 $ 74 Option model Volatility 11.8 9.0 Derivative instruments, other (2) — 9 Discounted cash flows Participant redemptions — 5.2 Total $ 22 $ 83 (1) Significant changes in these unobservable inputs would result in significant changes in fair value measure. (2) Relates to stable value wrap contracts; refer to the sensitivity discussion following the tables presented below, and to note 7 . We use internally-developed pricing models to measure the fair value of certain level-3 financial assets and liabilities, which incorporate discounted cash flow and option modeling techniques. Use of these techniques requires the determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the following table. Accordingly, changes in these unobservable inputs may have a significant impact on fair value. 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: September 30, 2015 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 $ — $ 230 $ 230 Asset-backed securities, other 38 1,905 1,943 Non-U.S. debt securities, mortgage-backed securities — — — Non-U.S. debt securities, asset-backed securities — 277 277 Non-U.S. debt securities, other — 263 263 State and political subdivisions 35 — 35 Collateralized mortgage obligations — 148 148 Other U.S. debt securities — 9 9 Derivative instruments, foreign exchange contracts 21 — 21 Total $ 94 $ 2,832 $ 2,926 Liabilities: Derivative instruments, foreign exchange contracts $ 22 $ — $ 22 Total $ 22 $ — $ 22 (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. December 31, 2014 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. 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. 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 September 30, 2015 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 $ 3,660 $ 3,660 $ 3,660 $ — $ — Interest-bearing deposits with banks 68,361 68,361 — 68,361 — Securities purchased under resale agreements 9,155 9,155 — 9,155 — Investment securities held to maturity 17,463 17,536 — 17,536 — Net loans (excluding leases) 18,108 18,081 — 17,925 156 Financial Liabilities: Deposits: Noninterest-bearing $ 58,426 $ 58,426 $ — $ 58,426 $ — Interest-bearing - U.S. 30,407 30,407 — 30,407 — Interest-bearing - non-U.S. 97,534 97,534 — 97,534 — Securities sold under repurchase agreements 7,760 7,760 — 7,760 — Federal funds purchased 25 25 — 25 — Other short-term borrowings 3,761 3,761 — 3,761 — Long-term debt 12,025 11,998 — 11,448 550 Fair-Value Hierarchy December 31, 2014 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 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
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 and reassessed periodically, 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: September 30, 2015 December 31, 2014 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value (In millions) Gains Losses Gains Losses Available for sale: U.S. Treasury and federal agencies: Direct obligations $ 13,156 $ 199 $ 1 $ 13,354 $ 10,573 $ 83 $ 1 $ 10,655 Mortgage-backed securities 18,636 254 61 18,829 20,648 193 127 20,714 Asset-backed securities: Student loans (1) 7,816 20 192 7,644 12,478 106 124 12,460 Credit cards 1,527 4 27 1,504 3,077 10 34 3,053 Sub-prime 485 2 29 458 1,005 2 56 951 Other (2) 1,901 55 1 1,955 4,055 100 10 4,145 Total asset-backed securities 11,729 81 249 11,561 20,615 218 224 20,609 Non-U.S. debt securities: Mortgage-backed securities 7,835 93 12 7,916 9,442 168 4 9,606 Asset-backed securities 3,200 3 5 3,198 3,215 11 — 3,226 Government securities 3,704 7 — 3,711 3,899 10 — 3,909 Other (3) 4,978 34 10 5,002 5,383 52 7 5,428 Total non-U.S. debt securities 19,717 137 27 19,827 21,939 241 11 22,169 State and political subdivisions 9,703 317 46 9,974 10,532 325 37 10,820 Collateralized mortgage obligations 3,267 43 11 3,299 5,280 71 12 5,339 Other U.S. debt securities 2,866 53 12 2,907 4,033 88 12 4,109 U.S. equity securities 32 7 2 37 29 10 — 39 Non-U.S. equity securities 3 — — 3 2 — — 2 U.S. money-market mutual funds 298 — — 298 449 — — 449 Non-U.S. money-market mutual funds 8 — — 8 8 — — 8 Total $ 79,415 $ 1,091 $ 409 $ 80,097 $ 94,108 $ 1,229 $ 424 $ 94,913 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ 7,931 $ 32 $ 71 $ 7,892 $ 5,114 $ — $ 147 $ 4,967 Mortgage-backed securities 46 3 — 49 62 4 — 66 Asset-backed securities: Student loans (1) 1,642 — 36 1,606 1,814 2 4 1,812 Credit cards 897 1 — 898 897 2 — 899 Other 404 2 1 405 577 3 1 579 Total asset-backed securities 2,943 3 37 2,909 3,288 7 5 3,290 Non-U.S. debt securities: Mortgage-backed securities 2,705 122 31 2,796 3,787 177 22 3,942 Asset-backed securities 1,747 5 3 1,749 2,868 14 1 2,881 Government securities 236 — — 236 154 — — 154 Other 67 — — 67 72 — — 72 Total non-U.S. debt securities 4,755 127 34 4,848 6,881 191 23 7,049 State and political subdivisions 2 — — 2 9 — — 9 Collateralized mortgage obligations 1,786 70 20 1,836 2,369 107 15 2,461 Total $ 17,463 $ 235 $ 162 $ 17,536 $ 17,723 $ 309 $ 190 $ 17,842 (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 September 30, 2015 and December 31, 2014 , the fair value of other asset-backed securities was primarily composed of $1.9 billion and $3.8 billion , respectively, of collateralized loan obligations and approximately $12 million and approximately $315 million , respectively, of automobile loan securities. (3) As of both September 30, 2015 and December 31, 2014 , the fair value of other non-U.S. debt securities was primarily composed of $3.3 billion of covered bonds and $763 million and $1.2 billion , as of September 30, 2015 and December 31, 2014 , respectively, of corporate bonds. Aggregate investment securities with carrying values of $22.91 billion and $44.02 billion as of September 30, 2015 and December 31, 2014 , 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 September 30, 2015 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In millions) Available for sale: U.S. Treasury and federal agencies: Direct obligations $ — $ — $ 125 $ 1 $ 125 $ 1 Mortgage-backed securities 1,411 9 3,331 52 4,742 61 Asset-backed securities: Student loans 3,372 64 2,762 128 6,134 192 Credit cards — — 498 27 498 27 Sub-prime — — 419 29 419 29 Other — — 91 1 91 1 Total asset-backed securities 3,372 64 3,770 185 7,142 249 Non-U.S. debt securities: Mortgage-backed securities 2,030 9 197 3 2,227 12 Asset-backed securities 2,016 5 — — 2,016 5 Other 1,208 7 514 3 1,722 10 Total non-U.S. debt securities 5,254 21 711 6 5,965 27 State and political subdivisions 818 7 824 39 1,642 46 Collateralized mortgage obligations 667 5 188 6 855 11 Other U.S. debt securities 255 3 155 9 410 12 U.S. equity securities 5 2 — — 5 2 Total $ 11,782 $ 111 $ 9,104 $ 298 $ 20,886 $ 409 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ 1,990 $ 14 $ 3,048 $ 57 $ 5,038 $ 71 Asset-backed securities: Student loans 1,204 27 385 9 1,589 36 Other — — 34 1 34 1 Total asset-backed securities 1,204 27 419 10 1,623 37 Non-U.S. mortgage-backed securities: Mortgage-backed securities 613 3 480 28 1,093 31 Asset-backed securities 1,142 3 — — 1,142 3 Total non-U.S. debt securities 1,755 6 480 28 2,235 34 Collateralized mortgage obligations 452 5 547 15 999 20 Total $ 5,401 $ 52 $ 4,494 $ 110 $ 9,895 $ 162 Less than 12 months 12 months or longer Total December 31, 2014 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In millions) 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. debt 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 The following table presents contractual maturities of debt investment securities as of September 30, 2015 : (In millions) Under 1 Year 1 to 5 Years 6 to 10 Years Over 10 Years Available for sale: U.S. Treasury and federal agencies: Direct obligations $ 1,403 $ 9,228 $ 2,245 $ 478 Mortgage-backed securities 135 2,268 3,784 12,642 Asset-backed securities: Student loans 335 3,858 2,271 1,180 Credit cards 144 262 1,098 — Sub-prime 6 5 4 443 Other 29 292 758 876 Total asset-backed securities 514 4,417 4,131 2,499 Non-U.S. debt securities: Mortgage-backed securities 1,554 3,134 657 2,571 Asset-backed securities 391 2,475 136 196 Government securities 2,647 1,064 — — Other 1,407 2,927 668 — Total non-U.S. debt securities 5,999 9,600 1,461 2,767 State and political subdivisions 616 2,372 5,075 1,911 Collateralized mortgage obligations 333 215 490 2,261 Other U.S. debt securities 983 1,716 174 34 Total $ 9,983 $ 29,816 $ 17,360 $ 22,592 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ — $ 1,625 $ 6,197 $ 109 Mortgage-backed securities 2 6 7 31 Asset-backed securities: Student loans — 193 313 1,136 Credit cards — 630 267 — Other 60 232 109 3 Total asset-backed securities 60 1,055 689 1,139 Non-U.S. debt securities: Mortgage-backed securities 362 815 100 1,428 Asset-backed securities 276 1,320 151 — Government securities 123 — 113 — Other 23 44 — — Total non-U.S. debt securities 784 2,179 364 1,428 State and political subdivisions 2 — — — Collateralized mortgage obligations 350 143 494 799 Total $ 1,198 $ 5,008 $ 7,751 $ 3,506 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 periods indicated: Three Months Ended September 30, (In millions) 2015 2014 Gross realized gains from sales of available-for-sale securities $ 15 $ 48 Gross realized losses from sales of available-for-sale securities (17 ) (48 ) Net impairment losses: Losses reclassified (from) to other comprehensive income — — Net impairment losses (1) — — Losses related to investment securities, net $ (2 ) $ — (1) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: Impairment associated with expected credit losses $ — $ — Impairment associated with adverse changes in timing of expected future cash flows — — Net impairment losses $ — $ — Nine Months Ended September 30, (In millions) 2015 2014 Gross realized gains from sales of available-for-sale securities $ 57 $ 64 Gross realized losses from sales of available-for-sale securities (62 ) (49 ) Net impairment losses: Gross losses from other-than-temporary impairment (1 ) (1 ) Losses reclassified (from) to other comprehensive income — (10 ) Net impairment losses (1) (1 ) (11 ) Gains (losses) related to investment securities, net $ (6 ) $ 4 (1) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: Impairment associated with expected credit losses $ — $ (10 ) Impairment associated with adverse changes in timing of expected future cash flows (1 ) (1 ) Net impairment losses $ (1 ) $ (11 ) The following table presents a roll-forward with respect to net impairment losses that have been recognized in income for the periods indicated. The beginning balance represents the amount related to credit losses on debt securities held by us at the beginning of the period for which a portion of an other-than-temporary impairment was recognized in other comprehensive income. Additions represent increases to the amount related to the credit loss for which an other-than-temporary impairment was previously recognized. Deductions represent previously recognized losses related to securities sold or matured and losses related to securities intended or required to be sold. Nine Months Ended September 30, (In millions) 2015 2014 Balance, beginning of period (December 31, 2014 and 2013, respectively) $ 115 $ 122 Additions: Losses for which other-than-temporary impairment was previously recognized 1 11 Reductions: Previously recognized losses related to securities sold or matured (22 ) (11 ) Losses related to securities intended or required to be sold — (6 ) Balance, end of period $ 94 $ 116 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. For information about the review of securities for impairment, refer to pages 147 to 150 within note 3 of the 2014 Form 10-K. In the three months ended September 30, 2015 and three months ended September 30, 2014 , no other-than-temporary impairment was recorded. In the nine months ended September 30, 2015 we recorded $1 million of other-than-temporary impairment compared to $11 million in the nine months ended September 30, 2014 : Three and nine months ended September 30, 2015 : • zero and $1 million (non-U.S. mortgage-backed securities), respectively, resulted from adverse changes in the timing of expected future cash flows from the securities. Three and nine months ended September 30, 2014 : • zero and $1 million in non-U.S. residential mortgage-backed securities resulted from adverse changes in the timing of expected future cash flows from the securities. • zero and $10 million (U.S. non-agency commercial mortgage-backed securities), respectively, were both associated with expected credit losses. 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 nine months ended September 30, 2015 , management considers the aggregate decline in fair value of the investment securities portfolio and the resulting gross pre-tax unrealized losses of $571 million as of September 30, 2015 , related to 1,150 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 | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | Loans and Leases 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. For additional information on our loans and leases, including our internal risk-rating system used to assess our risk of credit loss for each loan or lease, refer to note 4 on pages 150 to 154 of the 2014 Form 10-K. The following table presents our recorded investment in loans and leases, by segment and class, as of the dates indicated: (In millions) September 30, 2015 December 31, 2014 Institutional: Investment funds: U.S. $ 11,875 $ 11,388 Non-U.S. 2,144 2,333 Commercial and financial: U.S. 3,328 3,061 Non-U.S. 653 256 Purchased receivables: U.S. 99 124 Non-U.S. — 6 Lease financing: U.S. 337 335 Non-U.S. 580 668 Total institutional 19,016 18,171 Commercial real estate: U.S. 51 28 Total loans and leases 19,067 18,199 Allowance for loan losses (48 ) (38 ) Loans and leases, net of allowance for loan losses $ 19,019 $ 18,161 Short-duration advances to our clients included in the institutional segment were $4.56 billion and $3.54 billion as of September 30, 2015 and December 31, 2014 , 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 $2.93 billion and $2.07 billion of senior secured bank loans as of September 30, 2015 and December 31, 2014 , respectively. These senior secured bank loans are included in the “speculative” category in the credit-quality-indicator tables presented below. As of September 30, 2015 and December 31, 2014 , our allowance for loan losses included approximately $37 million and $26 million , respectively, related to these loans. 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 September 30, 2015 Investment Funds Commercial and Financial Purchased Receivables Lease Financing Property Development Other Total Loans and Leases (In millions) Investment grade (1) $ 13,683 $ 1,001 $ 99 $ 890 $ — $ 28 $ 15,701 Speculative (2) 336 2,955 — 27 23 — 3,341 Special mention (3) — 25 — — — — 25 Total $ 14,019 $ 3,981 $ 99 $ 917 $ 23 $ 28 $ 19,067 Institutional Commercial Real Estate December 31, 2014 Investment Funds Commercial and Financial Purchased Receivables Lease Financing Property Development Other Total Loans and Leases (In millions) 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 (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. The following table presents our recorded investment in loans and leases, disaggregated based on our impairment methodology, as of the dates indicated: September 30, 2015 December 31, 2014 (In millions) Institutional Commercial Real Estate Total Loans and Leases Institutional Commercial Real Estate Total Loans and Leases Loans and leases: Collectively evaluated for impairment (1) $ 19,016 $ 51 $ 19,067 $ 18,171 $ 28 $ 18,199 Total $ 19,016 $ 51 $ 19,067 $ 18,171 $ 28 $ 18,199 (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 September 30, 2015 and December 31, 2014 , all of the allowance for loan losses of $48 million and $38 million , respectively, related to institutional loans collectively evaluated for impairment. The following table presents information related to our recorded investment in impaired loans and leases as of the dates indicated: September 30, 2015 December 31, 2014 (In millions) Recorded Investment Unpaid Principal Balance (1) Recorded Investment Unpaid Principal Balance (1) With no related allowance recorded: CRE—property development—acquired credit-impaired $ — $ 34 $ — $ 34 CRE—other—acquired credit-impaired — 22 — 22 Total CRE $ — $ 56 $ — $ 56 (1) As of September 30, 2015 and December 31, 2014 , all of the allowance for loan losses of $48 million and $38 million , respectively, related to institutional and CRE loans collectively evaluated for impairment. 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 in the nine months ended September 30, 2015 and the year ended December 31, 2014 . As of September 30, 2015 and December 31, 2014 , no institutional loans or leases and no CRE loans were on non-accrual status or 90 days or more contractually past due. The following table presents activity in the allowance for loan losses for the periods indicated: Three Months Ended September 30, 2015 2014 (In millions) Total Loans and Leases Total Loans and Leases Allowance for loan losses (1) : Beginning balance $ 43 $ 32 Provisions 5 2 Ending balance $ 48 $ 34 Nine Months Ended September 30, 2015 2014 (In millions) Total Loans and Leases Total Loans and Leases Allowance for loan losses (1) : Beginning balance $ 37 $ 28 Provisions 11 6 Ending balance $ 48 $ 34 (1) As of September 30, 2015 , approximately $37 million of our allowance for loan losses was related to senior secured bank loans included in the institutional segment; the remaining $11 million was related to other commercial-and-financial loans in the institutional segment. The provision of $11 million recorded in the nine months ended September 30, 2015 included a provision of $5 million , recorded in the three months ended September 30, 2015 , as a result of our exposure to certain senior secured bank loans to non-investment grade borrowers, which we purchased in connection with our participation in loan syndications in the non-investment-grade lending market. Loans and leases are reviewed on a regular basis, and any provisions for loan losses that are recorded reflect management's estimate of the amount necessary to maintain the allowance for loan losses at a level considered appropriate to absorb estimated incurred losses in the loan-and-lease portfolio. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table presents changes in the carrying amount of goodwill during the periods indicated: Nine Months Ended September 30, 2015 2014 (In millions) Investment Servicing Investment Management Total Investment Servicing Investment Management Total Goodwill: Beginning balance $ 5,793 $ 33 $ 5,826 $ 5,999 $ 37 $ 6,036 Foreign currency translation (108 ) (2 ) (110 ) (134 ) (3 ) (137 ) Ending balance $ 5,685 $ 31 $ 5,716 $ 5,865 $ 34 $ 5,899 The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: Nine Months Ended September 30, 2015 2014 (In millions) Investment Servicing Investment Management Total Investment Servicing Investment Management Total Other intangible assets: Beginning balance $ 1,998 $ 27 $ 2,025 $ 2,321 $ 39 $ 2,360 Amortization (141 ) (6 ) (147 ) (155 ) (7 ) (162 ) Foreign currency translation and other, net (56 ) (2 ) (58 ) (75 ) (2 ) (77 ) Ending balance $ 1,801 $ 19 $ 1,820 $ 2,091 $ 30 $ 2,121 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: September 30, 2015 December 31, 2014 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 2,503 $ (1,175 ) $ 1,328 $ 2,569 $ (1,088 ) $ 1,481 Core deposits 672 (239 ) 433 688 (219 ) 469 Other 157 (98 ) 59 214 (139 ) 75 Total $ 3,332 $ (1,512 ) $ 1,820 $ 3,471 $ (1,446 ) $ 2,025 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2015 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The following table presents the components of other assets as of the dates indicated: (In millions) September 30, 2015 December 31, 2014 Collateral deposits, net $ 23,041 $ 18,134 Unrealized gains on derivative financial instruments, net 5,387 7,934 Bank-owned life insurance 3,057 2,402 Investments in joint ventures and other unconsolidated entities 2,047 1,798 Accounts receivable 1,225 513 Receivable for securities settlement 414 218 Prepaid expenses 309 259 Income taxes receivable 199 396 Deferred tax assets, net of valuation allowance 187 214 Deposits with clearing organizations 135 197 Other (1) 504 535 Total $ 36,505 $ 32,600 (1) Includes other real estate owned of approximately zero and $62 million as of September 30, 2015 and December 31, 2014 , respectively. |
Commitments and Guarantees
Commitments and Guarantees | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Guarantees | Commitments and Guarantees For additional information regarding our commitments and guarantees, refer to note 10 on pages 159 to 160 of the 2014 Form 10-K. Commitments: We had unfunded off-balance sheet commitments to extend credit totaling $22.28 billion and $24.43 billion as of September 30, 2015 and December 31, 2014 , respectively. The potential losses associated with these commitments equal the gross contractual amounts, and do not consider the value of any collateral. As of September 30, 2015 , 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, asset purchase agreements, and standby letters of credit. The following table, which presents the aggregate gross contractual amounts of our off-balance sheet guarantees as of the dates indicated, does not consider the value of any collateral, which may mitigate any potential loss. Amounts presented do not reflect participations to independent third parties. (In millions) September 30, 2015 December 31, 2014 Indemnified securities financing $ 330,821 $ 349,766 Stable value protection 23,588 23,409 Asset purchase agreements 4,322 4,107 Standby letters of credit 4,769 4,720 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. 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) September 30, 2015 December 31, 2014 Fair value of indemnified securities financing $ 330,821 $ 349,766 Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 341,789 364,411 Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 78,407 85,309 Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements 82,582 90,819 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 September 30, 2015 and December 31, 2014 , we had approximately $21.21 billion and $15.94 billion , respectively, of collateral provided and approximately $3.35 billion and $6.48 billion , respectively, of collateral received from clients in connection with our participation in principal securities finance transactions. Stable Value Protection In the normal course of our business, we offer products that provide book-value protection, primarily to plan participants in stable value funds managed by non-affiliated investment managers of post-retirement defined contribution benefit plans, particularly 401(k) plans. The book-value protection is provided on portfolios of intermediate investment grade fixed-income securities, and is intended to provide safety and stable growth of principal invested. The protection is intended to cover any shortfall in the event that a significant number of plan participants withdraw funds when book value exceeds market value and the liquidation of the assets is not sufficient to redeem the participants. The investment parameters of the underlying portfolios, combined with structural protections, are designed to provide cushion and guard against payments even under extreme stress scenarios. These contingencies are individually accounted for as derivative financial instruments. The notional amounts of the stable value contracts are presented as “derivatives not designated as hedging instruments” in the table of aggregate notional amounts of derivative financial instruments provided in note 12 . We have not made a payment under these contingencies that we consider material to our consolidated financial condition, and management believes that the probability of payment under these contingencies in the future, that we would consider material to our consolidated financial condition, is remote. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 , our aggregate accruals for legal loss contingencies and regulatory matters totaled approximately $605 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 more than $125 million , plus prejudgment interest and other enhanced damages, an amount that plaintiffs attribute to alleged deficiencies in the methodology that State Street used to construct the in-kind distribution and alleged errors in the pricing of the securities that plaintiffs received on or about August 2009. While management does not believe that such difference is an appropriate measure of damages, we have been informed that the participants liquidated these securities in June 2013, and we estimate the loss on those sales to be approximately $11 million . As of September 30, 2015 , 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 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. If these matters were to proceed to trial, we expect that plaintiffs would 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 periods indicated: (In millions) Revenue from indirect foreign exchange trading Twelve Months Ended December 31, 2008 $ 462 Twelve Months Ended December 31, 2009 369 Twelve Months Ended December 31, 2010 336 Twelve Months Ended December 31, 2011 331 Twelve Months Ended December 31, 2012 248 Twelve Months Ended December 31, 2013 285 Twelve Months Ended December 31, 2014 246 Nine Months Ended September 30, 2015 216 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. As of September 30, 2015 , we have accrued a total of $585 million associated with indirect foreign exchange business. This accrual reflects the current status of our ongoing efforts to seek to resolve the outstanding claims asserted in the United States against us by federal governmental entities and U.S. civil litigants with regard to our indirect foreign exchange business. Although we believe these recorded legal accruals will address the financial demands associated with these claims, significant non-financial terms remain outstanding. In addition, there can be no assurance that other claims will not be asserted in the future. Consequently, there can be no assurance that we will enter into these settlements, that the cost of any settlements or other resolutions of any such matters will not materially exceed our accruals or that other, potentially material, claims relating to our indirect foreign exchange business will not be asserted against us. An adverse outcome with respect to one or more claims, whether or not currently asserted, relating to our indirect foreign exchange business could have a material adverse effect on our reputation, on our consolidated results of operations for the period in which the adverse outcome occurs (or an accrual is determined to be required), or on our consolidated financial condition. 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 September 30, 2015 , we had remaining accruals of approximately $2.5 million for indemnification costs associated with this matter. Public Retirement Plans On June 18, 2015, State Street announced that the enforcement staff of the U.S. Securities and Exchange Commission had provided it with a “Wells” notice. The notice relates to an SEC investigation into our solicitation of asset servicing business for public retirement plans during a period ending in 2011. The investigation includes our use of consultants and lobbyists and, in at least one instance, political contributions by one of our consultants during and after a public bidding process. The Wells notice informs State Street that the SEC staff intends to ask the Commission for permission to bring a civil enforcement action that would allege violations of the securities laws (i.e., Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder). State Street has submitted its response to the SEC staff’s position. We are also in discussions with the staff concerning possible bases for bringing this matter to a close. Federal Reserve/Massachusetts Division of Banks Written Agreement On June 1, 2015, State Street entered into a written agreement with the Federal Reserve and the Massachusetts Division of Banks relating to deficiencies identified in its compliance programs with the requirements of the Bank Secrecy Act, anti-money laundering (AML) regulations and US economic sanctions regulations promulgated by the Office of Foreign Assets Control (OFAC). As part of this enforcement action, State Street is required to, among other things, implement improvements to our compliance programs and to retain an independent firm to conduct a review of account and transaction activity covering a prior three-month period to evaluate whether any suspicious activity not previously reported should have been identified and reported in accordance with applicable regulatory requirements. If deficiencies in our historical reporting are identified as a result of the transaction review or if we fail to comply with the terms of the written agreement, we may become subject to fines and other regulatory sanctions, which may have a material adverse effect on us. Income Taxes: In determining our provision for income taxes, we make certain judgments and interpretations with respect to tax laws in jurisdictions in which we have business operations. Because of the complex nature of these laws, in the normal course of our business, we are subject to challenges from U.S. and non-U.S. income tax authorities regarding the amount of income taxes due. These challenges may result in adjustments to the timing or amount of taxable income or deductions or the allocation of taxable income among tax jurisdictions. We recognize a tax benefit when it is more likely than not that our position will result in a tax deduction or credit. Unrecognized tax benefits have decreased from approximately $163 million as of December 31, 2014 to $52 million as of September 30, 2015 due to the approval of a tax refund. 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. Management believes that we have sufficiently accrued liabilities as of September 30, 2015 for tax exposures. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities For additional information on our variable interest entities, or VIEs, refer to note 12 on pages 162 to 164 of the 2014 Form 10-K. 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. As of September 30, 2015 and December 31, 2014 , we carried investment securities available for sale, composed of securities related to state and political subdivisions, with a fair value of $2.15 billion and $2.27 billion , respectively, and other short-term borrowings of $1.79 billion and $1.87 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. The trusts had a weighted-average life of approximately 5.4 years as of September 30, 2015 , compared to approximately 5.9 years as of December 31, 2014 . 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 $1.79 billion and $598 million , respectively, as of September 30, 2015 , none of which was utilized as of that date. Interests in Sponsored Investment Funds: As of September 30, 2015 , the aggregate assets and liabilities of our consolidated sponsored investment funds totaled $497 million and $403 million , respectively. As of December 31, 2014 , the aggregate assets and liabilities of our consolidated sponsored investment funds totaled $65 million and $13 million , respectively. As of September 30, 2015 , our potential maximum total exposure associated with the consolidated sponsored investment funds totaled $62 million and represented the value of our economic ownership interest in the fund. As of September 30, 2015 and December 31, 2014 , 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 $86 million and $45 million as of September 30, 2015 and December 31, 2014 , 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. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Shareholders' Equity Preferred Stock: Preferred Stock, Series F In May 2015, we issued 750 thousand depositary shares, each representing a 1/100th ownership interest in a share of State Street’s fixed-to-floating-rate non-cumulative perpetual preferred stock, Series F, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds from the offering, net of underwriting discounts, commissions and other issuance costs, were approximately $742 million . On September 15, 2020 , or any dividend payment date thereafter, the Series F 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 $1,000 per depositary share) plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series F preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to September 15, 2020 , upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation with respect to the Series F preferred stock, at a redemption price equal to $100,000 per share (equivalent to $1,000 per depositary share) plus any declared and unpaid dividends, without accumulation of any undeclared dividends. In the three months ended September 30, 2015 , we declared dividends on our Series F preferred stock of $1,663 per share, or approximately $16.63 per depositary share, totaling approximately $12 million . We did not declare a dividend on the Series F preferred stock in the first six months of 2015. Preferred Stock, Series E In the three months ended September 30, 2015 , we declared dividends on our Series E preferred stock of $1,500 per share, or approximately $0.38 per depositary share, totaling approximately $11 million . In the nine months ended September 30, 2015 , we declared dividends on our Series E preferred stock of $4,833 per share, or approximately $1.22 per depositary share, totaling approximately $36 million . We did not declare a dividend on the Series E preferred stock in the first nine months of September 30, 2014 . Preferred Stock, Series D In the three months ended September 30, 2015 , we declared aggregate dividends on our Series D preferred stock of $1,475 per share, or approximately $0.37 per depositary share, totaling approximately $11 million . In the nine months ended September 30, 2015 , we declared aggregate dividends on our Series D preferred stock of $4,425 per share, or approximately $1.11 per depositary share, totaling approximately $33 million . In the three months ended September 30, 2014 , we declared aggregate dividends on our Series D preferred stock of $1,475 per share, or approximately $0.37 per depositary share, totaling approximately $11 million . In the nine months ended September 30, 2014 , we declared aggregate dividends on our Series D preferred stock of $3,130 per share, or approximately $0.78 per depositary share, totaling approximately $23 million . Preferred Stock, Series C In the three months ended September 30, 2015 , we declared aggregate dividends on our Series C preferred stock of $1,313 per share, or approximately $0.33 per depositary share, totaling approximately $7 million . In the nine months ended September 30, 2015 , we declared aggregate dividends on our Series C preferred stock of $3,939 per share, or approximately $0.99 per depositary share, totaling approximately $20 million . In the three months ended September 30, 2014 , we declared aggregate dividends on our Series C preferred stock of $1,313 per share, or approximately $0.33 per depositary share, totaling approximately $7 million . In the nine months ended September 30, 2014 , we declared aggregate dividends on our Series C preferred stock of $3,939 per share, or approximately $0.99 per depositary share, totaling approximately $20 million . Common Stock: In March 2015 our Board of Directors, or Board, approved a common stock purchase program authorizing the purchase of up to $1.8 billion of our common stock through June 30, 2016. In the three months ended September 30, 2015 , we purchased approximately 4.8 million shares of our common stock at an average per-share cost of $72.43 and an aggregate cost of approximately $350 million under this program. In the nine months ended September 30, 2015 , we purchased approximately 9.3 million shares of our common stock at an average per-share cost of $75.47 and an aggregate cost of approximately $700 million under this program. In the three months ended March 31, 2015 , we purchased approximately 6.3 million shares of our common stock at an average per-share cost of $74.88 and an aggregate cost of approximately $470 million under a previous program approved by the Board in March 2014. As of March 31, 2015 , no shares remained available for purchases of our common stock under the program. Under both programs, in the nine months ended September 30, 2015 , we purchased in the aggregate approximately 15.6 million shares of our common stock at an average per-share cost of $75.23 and an aggregate cost of $1,170 million . Shares acquired under the programs which remained unissued as of September 30, 2015 were recorded as treasury stock in our consolidated statement of condition as of September 30, 2015 . In the three months ended September 30, 2015 , we declared aggregate common stock dividends of $0.34 per share, totaling approximately $138 million . In the three months ended September 30, 2014 , we declared aggregate common stock dividends of $0.30 per share, totaling approximately $126 million . In the nine months ended September 30, 2015 , we declared aggregate common stock dividends of $0.98 per share, totaling approximately $401 million , compared to aggregate common stock dividends of $0.86 per share, totaling approximately $366 million , declared in the nine months ended September 30, 2014 . Accumulated Other Comprehensive Income (Loss): The following table presents the after-tax components of AOCI as of the dates indicated: (In millions) September 30, 2015 December 31, 2014 Net unrealized gains on cash flow hedges $ 322 $ 276 Net unrealized gains (losses) on available-for-sale securities portfolio 180 273 Net unrealized gains (losses) related to reclassified available-for-sale securities 26 39 Net unrealized gains (losses) on available-for-sale securities 206 312 Net unrealized losses on available-for-sale securities designated in fair value hedges (129 ) (121 ) Other-than-temporary impairment on available-for-sale securities related to factors other than credit — 1 Net unrealized losses on hedges of net investments in non-U.S. subsidiaries (14 ) (14 ) Other-than-temporary impairment on held-to-maturity securities related to factors other than credit (18 ) (29 ) Net unrealized losses on retirement plans (253 ) (272 ) Foreign currency translation (1,215 ) (660 ) Total $ (1,101 ) $ (507 ) The following tables present changes in AOCI by component, net of related taxes, for the periods indicated: Nine Months Ended September 30, 2015 (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, 2014 $ 276 $ 192 $ (14 ) $ (29 ) $ (272 ) $ (660 ) $ (507 ) Other comprehensive income (loss) before reclassifications 44 (112 ) — 12 — (555 ) (611 ) Amounts reclassified into earnings 2 (3 ) — (1 ) 19 — 17 Other comprehensive income (loss) 46 (115 ) — 11 19 (555 ) (594 ) Balance as of September 30, 2015 $ 322 $ 77 $ (14 ) $ (18 ) $ (253 ) $ (1,215 ) $ (1,101 ) Nine Months Ended September 30, 2014 (In millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available-for-Sale Securities Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries Other-Than-Temporary Impairment on Held-to-Maturity Securities Net Unrealized Losses on Retirement Plans Foreign Currency Translation Total Balance as of December 31, 2013 $ 161 $ (221 ) $ (14 ) $ (47 ) $ (203 ) $ 229 $ (95 ) Other comprehensive income (loss) before reclassifications 54 425 — 15 (1 ) (518 ) (25 ) Amounts reclassified into earnings 2 (9 ) — 1 19 — 13 Other comprehensive income (loss) 56 416 — 16 18 (518 ) (12 ) Balance as of September 30, 2014 $ 217 $ 195 $ (14 ) $ (31 ) $ (185 ) $ (289 ) $ (107 ) The following table presents after-tax reclassifications into earnings for the periods indicated: Three Months Ended September 30, 2015 2014 (In millions) Amounts Reclassified into Earnings Affected Line Item in Consolidated Statement of Income Cash flow hedges: Interest-rate contracts $ 1 $ 1 Net interest revenue Available-for-sale securities: Net realized gains from sales of available-for-sale securities (1 ) — Net gains (losses) from sales of available-for-sale securities Retirement plans: Amortization of actuarial losses, net of related taxes of ($3) and tax benefit of $3, respectively 4 2 Compensation and employee benefits expenses Total reclassifications out of AOCI $ 4 $ 3 Nine Months Ended September 30, 2015 2014 (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 $1 and $1, respectively $ 2 $ 2 Net interest revenue Available-for-sale securities: Net realized gains from sales of available-for-sale securities, net of related tax benefit of $1 and related taxes of ($6), respectively (3 ) (9 ) Net gains (losses) from sales of available-for-sale securities Held-to-maturity securities: Other-than-temporary impairment on held-to-maturity securities related to factors other than credit (1 ) 1 Losses reclassified (from) to other comprehensive income Retirement plans: Amortization of actuarial losses, net of related taxes of ($4) and ($2), respectively 19 19 Compensation and employee benefits expenses Total reclassifications out of AOCI $ 17 $ 13 |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2015 | |
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. For additional information on regulatory capital, and the requirements to which we are subject, refer to note 15, Regulatory Capital on pages 170 to 173 in the 2014 Form 10-K. 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, 2015, we are required to calculate our risk-based capital ratios using both the advanced approaches and the standardized approach. As a result, from January 1, 2015 going forward, our risk-based capital ratios for regulatory assessment purposes will be the lower of each ratio calculated under the standardized approach and the advanced approaches. 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 September 30, 2015 , State Street and State Street Bank exceeded all regulatory capital adequacy requirements to which they were subject. As of September 30, 2015 , 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 September 30, 2015 that have changed the capital categorization of State Street Bank. The following table presents the regulatory capital structure, total risk-weighted assets, related regulatory capital ratios and the minimum required 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 September 30, 2015 (1) Basel III Standardized Approach September 30, 2015 (2) Basel III Advanced Approaches December 31, 2014 (1) Basel III Transitional Approach December 31, 2014 (3) Basel III Advanced Approaches September 30, 2015 (1) Basel III Standardized Approach September 30, 2015 (2) Basel III Advanced Approaches December 31, 2014 (1) Basel III Transitional Approach December 31, 2014 (3) Common shareholders' equity: Common stock and related surplus $ 10,246 $ 10,246 $ 10,295 $ 10,295 $ 10,924 $ 10,924 $ 10,867 $ 10,867 Retained earnings 15,795 15,795 14,882 14,882 10,886 10,886 9,416 9,416 Accumulated other comprehensive income (loss) (1,177 ) (1,177 ) (641 ) (641 ) (1,011 ) (1,011 ) (535 ) (535 ) Treasury stock, at cost (6,143 ) (6,143 ) (5,158 ) (5,158 ) — — — — Total 18,721 18,721 19,378 19,378 20,799 20,799 19,748 19,748 Regulatory capital adjustments: Goodwill and other intangible assets, net of associated deferred tax liabilities (4) (5,987 ) (5,987 ) (5,869 ) (5,869 ) (5,687 ) (5,687 ) (5,577 ) (5,577 ) Other adjustments (62 ) (62 ) (36 ) (36 ) (92 ) (92 ) (128 ) (128 ) Common equity tier 1 capital 12,672 12,672 13,473 13,473 15,020 15,020 14,043 14,043 Preferred stock 2,703 2,703 1,961 1,961 — — — — Trust preferred capital securities subject to phase-out from tier 1 capital 237 237 475 475 — — — — Other adjustments (94 ) (94 ) (145 ) (145 ) — — — — Tier 1 capital 15,518 15,518 15,764 15,764 15,020 15,020 14,043 14,043 Qualifying subordinated long-term debt 1,438 1,438 1,618 1,618 1,452 1,452 1,634 1,634 Trust preferred capital securities phased out of tier 1 capital 713 713 475 475 — — — — ALLL and other 12 69 — — 9 69 — — Other adjustments 2 2 4 4 — — — — Total capital $ 17,683 $ 17,740 $ 17,861 $ 17,861 $ 16,481 $ 16,541 $ 15,677 $ 15,677 Risk-weighted assets: Credit risk $ 55,914 $ 103,004 $ 66,874 $ 87,502 $ 50,936 $ 97,803 $ 59,836 $ 84,433 Operational risk 44,014 NA 35,866 NA 43,413 NA 35,449 NA Market risk (5) 4,437 2,761 5,087 2,910 4,397 2,761 5,048 2,909 Total risk-weighted assets $ 104,365 $ 105,765 $ 107,827 $ 90,412 $ 98,746 $ 100,564 $ 100,333 $ 87,342 Adjusted quarterly average assets $ 244,553 $ 244,553 $ 247,740 $ 247,740 $ 239,610 $ 239,610 $ 243,549 $ 243,549 Capital Ratios: Minimum Requirements (6) 2015 Minimum Requirements (7) 2014 Common equity tier 1 capital 4.5 % 4.0 % 12.1 % 12.0 % 12.5 % 14.9 % 15.2 % 14.9 % 14.0 % 16.1 % Tier 1 capital 6.0 5.5 14.9 14.7 14.6 17.4 15.2 14.9 14.0 16.1 Total capital 8.0 8.0 16.9 16.8 16.6 19.8 16.7 16.4 15.6 17.9 Tier 1 leverage 4.0 4.0 6.3 6.3 6.4 6.4 6.3 6.3 5.8 5.8 NA: Not applicable. (1) Common equity tier 1 capital, tier 1 capital and total capital ratios as of September 30, 2015 and December 31, 2014 were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Tier 1 leverage ratio as of September 30, 2015 and December 31, 2014 were calculated in conformity with the Basel III final rule. (2) Common equity tier 1 capital, tier 1 capital and total capital ratios as of September 30, 2015 were calculated in conformity with the standardized approach provisions of the Basel III final rule. Tier 1 leverage ratio as of September 30, 2015 was calculated in conformity with the Basel III final rule. (3) 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. (4) Amounts for State Street and State Street Bank as of September 30, 2015 consisted of goodwill, net of associated deferred tax liabilities, and 40% of other intangible assets, net of associated deferred tax liabilities. Amounts for State Street and State Street Bank as of December 31, 2014 consisted of goodwill, net of deferred tax liabilities and 20% of other intangible assets, net of associated deferred tax liabilities. Intangible assets, net of associated deferred tax liabilities is 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, or 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 September 30, 2015 . (7) Minimum requirements will be phased in up to full implementation beginning on January 1, 2019; minimum requirements listed are as of December 31, 2014 . |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We use derivative financial instruments to support our clients' needs and to manage our interest-rate and currency risk. In undertaking these activities, we assume positions in both the foreign exchange and interest-rate markets by buying and selling cash instruments and using derivative financial instruments, including foreign exchange forward contracts, foreign exchange and interest-rate options and interest-rate swaps, interest-rate forward contracts and interest-rate futures. For information on our derivative instruments, including the related accounting policies, refer to note 16 on pages 173 to 179 in the 2014 Form 10-K. Derivative financial instruments are also subject to credit and counterparty risk, which we manage by performing credit reviews, maintaining individual counterparty limits, entering into netting arrangements and requiring the receipt of collateral. 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 September 30, 2015 and December 31, 2014 , we had recorded approximately $1.45 billion and $1.79 billion , respectively, of cash collateral received from counterparties and approximately $2.50 billion and $4.79 billion , respectively, of cash collateral provided to counterparties in connection with derivative financial instruments in our consolidated statement of condition. Certain of our derivative assets and liabilities as of September 30, 2015 and December 31, 2014 are subject to master netting agreements with our derivative counterparties. Certain of these agreements contain credit risk-related contingent features in which the counterparty has the right to declare us 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 September 30, 2015 totaled approximately $1.41 billion , against which we had $14 million underlying collateral, due to timing differences with respect to the market-to market valuation of the collateral. If our 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 September 30, 2015 was approximately $1.39 billion . Such accelerated settlement would not affect our consolidated results of operations. Derivatives Not Designated as Hedging Instruments: In connection with our trading activities, we use derivative financial instruments in our role as a financial intermediary and as both a manager and servicer of financial assets, in order to accommodate our clients' investment and risk management needs. In addition, we use derivative financial instruments for risk management purposes as economic hedges, which are not formally designated as accounting hedges, in order to contribute to our overall corporate earnings and liquidity. These activities are designed to generate trading services revenue and to manage volatility in our net interest revenue. The level of market risk that we assume is a function of our overall objectives and liquidity needs, our clients' requirements and market volatility. Refer to pages 174 to 175 within note 16 in the 2014 Form 10-K for information on derivatives not designated as hedging instruments. 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 and foreign currency 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. We use forward and swap foreign exchange contracts to hedge foreign exchange exposure to various foreign currencies with respect to certain assets and liabilities. Our hedging relationships are formally designated, and qualify for hedge accounting, as fair value or cash flow hedges. Refer to pages 175 to 179 within note 16 in the 2014 Form 10-K for information on derivatives designated as hedging instruments. Fair Value Hedges 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 5.4 years as of September 30, 2015 , compared to 5.9 years as of December 31, 2014 . We have entered into interest-rate swap agreements to modify our interest expense on seven senior notes and two subordinated notes from fixed rates to floating rates. The senior notes mature in 2017 , 2018 , 2020 , 2021 , 2023 , 2024 and 2025 and pay fixed interest at annual rates of 5.38% , 1.35% , 2.55% , 4.38% , 3.70% , 3.30% and 3.55% , respectively. The subordinated notes mature in 2018 and 2023 and pay fixed interest at annual rates of 4.96% and 3.10% , respectively. 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. 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. Cash Flow Hedges 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. 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) September 30, December 31, Derivatives not designated as hedging instruments: Interest-rate contracts: Swap agreements and forwards $ 360 $ 645 Options and caps purchased 1 7 Options and caps written 1 7 Futures 16,078 3,939 Foreign exchange contracts: Forward, swap and spot 1,345,774 1,231,344 Options purchased 989 2,767 Options written 938 2,404 Credit derivative contracts: Credit swap agreements 37 191 Commodity and equity contracts: Commodity (1) 138 26 Equity (1) 53 2 Other: Stable value contracts 23,588 23,409 Deferred value awards (2) 351 210 Derivatives designated as hedging instruments: Interest-rate contracts: Swap agreements 9,407 6,077 Foreign exchange contracts: Forward and swap 13,052 2,705 (1) Primarily composed of positions held by a consolidated sponsored investment fund, more fully described in note 9 . (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: September 30, 2015 (1) (In millions) Fair Value Hedges Investment securities available for sale $ 1,707 Long-term debt (2) 7,700 Total $ 9,407 December 31, 2014 (In millions) Fair Investment securities available for sale $ 2,577 Long-term debt (2) 3,500 Total $ 6,077 (1) As of September 30, 2015 there were no interest-rate contracts designated as cash flow hedges. (2) As of September 30, 2015 , these fair value hedges increased the carrying value of long-term debt presented in our consolidated statement of condition by $217 million . As of December 31, 2014 , these fair value hedges decreased the carrying value of long-term debt presented in our consolidated statement of condition by $76 million . The following tables present the contractual and weighted-average interest rates for long-term debt, which include the effects of the fair value hedges presented in the table above, for the periods indicated: Three Months Ended September 30, 2015 2014 Contractual Rates Rate Including Impact of Hedges Contractual Rates Rate Including Impact of Hedges Long-term debt 3.59 % 2.35 % 3.44 % 2.64 % Nine Months Ended September 30, 2015 2014 Contractual Rates Rate Including Impact of Hedges Contractual Rates Rate Including Impact of Hedges Long-term debt 3.60 % 2.51 % 3.45 % 2.66 % 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) September 30, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 10,102 $ 14,626 Interest-rate contracts 3 15 Other derivative contracts 5 2 Total $ 10,110 $ 14,643 Derivatives designated as hedging instruments: Foreign exchange contracts $ 632 $ 509 Interest-rate contracts 229 62 Total $ 861 $ 571 (1) Derivative assets are included within other assets in our consolidated statement of condition. Derivative Liabilities (1) Fair Value (In millions) September 30, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 10,269 $ 14,922 Other derivative contracts 105 70 Interest-rate contracts 2 16 Total $ 10,376 $ 15,008 Derivatives designated as hedging instruments: Interest-rate contracts $ 205 $ 223 Foreign exchange contracts 28 3 Total $ 233 $ 226 (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 Derivative in Consolidated Statement of Income Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2015 2014 2015 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts Trading services revenue $ 177 $ 163 $ 546 $ 441 Interest-rate contracts Trading services revenue — 1 (1 ) — Credit derivative contracts Processing fees and other revenue — — — (1 ) Other derivative contracts Trading services revenue (1 ) 1 1 1 Total $ 176 $ 165 $ 546 $ 441 Location of (Gain) Loss on Derivative in Consolidated Statement of Income Amount of (Gain) Loss on Derivative Recognized in Consolidated Statement of Income Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2015 2014 2015 2014 Derivatives not designated as hedging instruments: Other derivative contracts Compensation and employee benefits $ 28 $ 18 $ 121 $ 89 Total $ 28 $ 18 $ 121 $ 89 Location of Gain (Loss) on Derivative in Consolidated Statement of Income Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Hedged Item in Fair Value Hedging Relationship Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income (In millions) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Derivatives designated as fair value hedges: Foreign exchange contracts Processing fees and $ (80 ) $ (132 ) Investment securities Processing fees and $ 80 $ 132 Foreign exchange contracts Processing fees and other revenue (13 ) 102 FX deposit Processing fees and other revenue 13 (102 ) Interest-rate contracts Processing fees and other revenue (25 ) (13 ) Available-for-sale securities Processing fees and other revenue (1) 26 14 Interest-rate contracts Processing fees and 182 165 Long-term debt Processing fees and (176 ) (159 ) Total $ 64 $ 122 $ (57 ) $ (115 ) Location of Gain (Loss) on Derivative in Consolidated Statement of Income Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Hedged Item in Fair Value Hedging Relationship Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income (In millions) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Derivatives designated as fair value hedges: Foreign exchange contracts Processing fees and $ (82 ) $ (22 ) Investment securities Processing fees and $ 82 $ 22 Interest-rate contracts Processing fees and other revenue 24 (17 ) Available-for-sale securities Processing fees and other revenue (1) (23 ) 15 Interest-rate contracts Processing fees and (8 ) 88 Long-term debt Processing fees and 9 (80 ) Total $ (66 ) $ 49 $ 68 $ (43 ) (1) Represents amounts reclassified out of or into other comprehensive income, or OCI. For the three and nine months ended September 30, 2015 , $16 million and $9 million , respectively, of unrealized losses on available-for-sale securities designated in fair value hedges were recognized in OCI. For the three and nine months ended September 30, 2014 , $14 million and $9 million , respectively, of unrealized gains and losses, respectively, 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 (Loss) on Derivative Recognized in Other Comprehensive Income Location of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income Location of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income (In millions) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Derivatives designated as cash flow hedges: Interest-rate contracts $ — $ — Net interest revenue $ (1 ) $ (3 ) Net interest revenue $ — $ — Foreign exchange contracts 40 81 Net interest revenue — — Net interest revenue 2 6 Total $ 40 $ 81 $ (1 ) $ (3 ) $ 2 $ 6 Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income Location of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income Location of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income (In millions) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Derivatives designated as cash flow hedges: Interest-rate contracts $ (1 ) $ (3 ) Net interest revenue $ (1 ) $ (3 ) Net interest revenue $ 1 $ 3 Foreign exchange contracts 92 28 Net interest revenue — — Net interest revenue 2 4 Total $ 91 $ 25 $ (1 ) $ (3 ) $ 3 $ 7 |
Offsetting Arrangements
Offsetting Arrangements | 9 Months Ended |
Sep. 30, 2015 | |
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. Refer to note 17 on pages 179 to 181 in the 2014 Form 10-K for information on offsetting arrangements and our related accounting policy. As of September 30, 2015 and December 31, 2014 , the fair value of securities received as collateral where we are permitted to transfer or re-pledge the securities totaled $8.56 billion and $2.60 billion , respectively, and the fair value of the portion that had been transferred or re-pledged as of the same date was $6.54 billion and $125 million , 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: September 30, 2015 December 31, 2014 (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 $ 10,734 $ (4,729 ) $ 6,005 $ 15,135 $ (6,275 ) $ 8,860 Interest-rate contracts 232 (9 ) 223 77 (21 ) 56 Equity derivative contracts 1 (1 ) — — — — Other derivative contracts 4 (3 ) 1 2 (1 ) 1 Cash collateral netting — (842 ) (842 ) — (983 ) (983 ) Total derivatives $ 10,971 $ (5,584 ) $ 5,387 $ 15,214 $ (7,280 ) $ 7,934 Other financial instruments: Resale agreements and securities borrowing (3) $ 67,065 $ (36,705 ) $ 30,360 $ 47,488 $ (29,157 ) $ 18,331 Total derivatives and other financial instruments $ 78,036 $ (42,289 ) $ 35,747 $ 62,702 $ (36,437 ) $ 26,265 (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 $30,360 million as of September 30, 2015 were $9,155 million of resale agreements and $21,205 million of collateral provided related to securities borrowing. 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. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. September 30, 2015 December 31, 2014 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 $ 5,387 $ — $ (410 ) $ 4,977 $ 7,934 $ — $ (1,490 ) $ 6,444 Resale agreements and securities borrowing 30,360 (48 ) (29,780 ) 532 18,331 (128 ) (18,157 ) 46 Total $ 35,747 $ (48 ) $ (30,190 ) $ 5,509 $ 26,265 $ (128 ) $ (19,647 ) $ 6,490 (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: September 30, 2015 December 31, 2014 (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 $ 10,297 $ (4,729 ) $ 5,568 $ 14,925 $ (6,275 ) $ 8,650 Interest-rate contracts 207 (9 ) 198 239 (20 ) 219 Equity derivative contracts 1 (1 ) — — — — Other derivative contracts 104 (3 ) 101 70 (1 ) 69 Cash collateral netting — (1,751 ) (1,751 ) — (2,630 ) (2,630 ) Total derivatives $ 10,609 $ (6,493 ) $ 4,116 $ 15,234 $ (8,926 ) $ 6,308 Other financial instruments: Repurchase agreements and securities lending (3) $ 48,002 $ (36,705 ) $ 11,297 $ 44,562 $ (29,157 ) $ 15,405 Total derivatives and other financial instruments $ 58,611 $ (43,198 ) $ 15,413 $ 59,796 $ (38,083 ) $ 21,713 (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 $11,297 million as of September 30, 2015 were $7,760 million of repurchase agreements and $3,537 million of collateral received related to securities lending. 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. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. September 30, 2015 December 31, 2014 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 $ 4,116 $ — $ (58 ) $ 4,058 $ 6,308 $ — $ (19 ) $ 6,289 Repurchase agreements and securities lending 11,297 (48 ) (9,053 ) 2,196 15,405 (128 ) (13,872 ) 1,405 Total $ 15,413 $ (48 ) $ (9,111 ) $ 6,254 $ 21,713 $ (128 ) $ (13,891 ) $ 7,694 (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 securities transferred under repurchase and reverse repurchase agreements typically are U.S. Treasury, agency and agency mortgage-backed securities. In our principal securities borrowing and lending arrangements, the securities transferred in exchange for the collateral are predominantly equity securities and some corporate debt securities. The fair value of the securities transferred may increase in value to an amount greater than the amount received under our repurchase and securities lending arrangements, which exposes the Company with counterparty risk. We require the review of the price of the underlying securities in relation to the carrying value of the repurchase agreements and securities lending arrangements on a daily basis and when appropriate, adjust the cash or security to be obtained or returned to counterparties that is reflective of the required collateral levels. The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements as of September 30, 2015 : September 30, 2015 Remaining Contractual Maturity of the Agreements (In millions) Overnight and Continuous Up to 30 days 30 – 90 days Total Repurchase agreements US Treasury and agency securities $ 39,883 $ — $ — $ 39,883 Non-US sovereign debt — 178 — 178 Total $ 39,883 $ 178 $ — $ 40,061 Securities lending transactions Equity securities 7,435 — 506 7,941 Total $ 7,435 $ — $ 506 $ 7,941 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 47,318 $ 178 $ 506 $ 48,002 |
Net Interest Revenue
Net Interest Revenue | 9 Months Ended |
Sep. 30, 2015 | |
Net Interest Revenue [Abstract] | |
Net Interest Revenue | Net Interest Revenue The following table presents the components of interest revenue and interest expense, and related net interest revenue, for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2015 2014 2015 2014 Interest revenue: Deposits with banks $ 53 $ 53 $ 161 $ 138 Investment securities: U.S. Treasury and federal agencies 178 165 537 493 State and political subdivisions 57 58 173 173 Other investments 227 320 733 957 Securities purchased under resale agreements 18 9 45 27 Loans and leases 79 64 229 183 Other interest-earning assets 2 2 7 5 Total interest revenue 614 671 1,885 1,976 Interest expense: Deposits 28 33 67 66 Short-term borrowings 1 — 5 4 Long-term debt 62 60 185 186 Other interest-bearing liabilities 10 8 34 34 Total interest expense 101 101 291 290 Net interest revenue $ 513 $ 570 $ 1,594 $ 1,686 |
Expenses
Expenses | 9 Months Ended |
Sep. 30, 2015 | |
Other Expenses [Abstract] | |
Expenses | Expenses Acquisition and Restructuring Costs: The following table presents net acquisition and restructuring costs recorded in the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2015 2014 2015 2014 Acquisition costs $ 7 $ 12 $ 15 $ 48 Restructuring charges, net 3 8 4 33 Total acquisition and restructuring costs $ 10 $ 20 $ 19 $ 81 Acquisition Costs Acquisition costs recorded in the three and nine months ended September 30, 2015 and 2014 were related to previously disclosed acquisitions. Restructuring Charges In the nine months ended September 30, 2015 , we recorded net restructuring charges of $4 million compared to $33 million in the nine months ended September 30, 2014 . The amounts recorded mainly related to our recently completed Business Operations and Information Technology Transformation program. Aggregate Restructuring-Related Accrual Activity The following table presents aggregate activity associated with accruals that resulted from the charges associated with the recently completed Business Operations and Information Technology Transformation program: (In millions) Employee- Related Costs Real Estate Consolidation Asset and Other Write-Offs Total Balance as of December 31, 2014 $ 40 $ 24 $ 7 $ 71 Additional accruals for Business Operations and Information Technology Transformation program (4 ) (4 ) — (8 ) Additional accruals for 2012 expense control measures — — 11 11 Payments and adjustments (21 ) (8 ) (13 ) (42 ) Balance as of September 30, 2015 $ 15 $ 12 $ 5 $ 32 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
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 the common stock in undistributed earnings. The following tables present the computation of basic and diluted earnings per common share for the periods indicated: Three Months Ended September 30, (Dollars in millions, except per share amounts) 2015 2014 Net income $ 585 $ 560 Less: Preferred stock dividends (42 ) (18 ) Dividends and undistributed earnings allocated to participating securities (1) — — Net income available to common shareholders $ 543 $ 542 Average common shares outstanding (in thousands): Basic average common shares 406,612 421,974 Effect of dilutive securities: common stock options and common stock awards 5,555 7,762 Diluted average common shares 412,167 429,736 Anti-dilutive securities (2) 619 876 Earnings per Common Share: Basic $ 1.34 $ 1.28 Diluted (3) 1.32 1.26 Nine Months Ended September 30, (Dollars in millions, except per share amounts) 2015 2014 Net income $ 1,416 $ 1,545 Less: Preferred stock dividends (102 ) (43 ) Dividends and undistributed earnings allocated to participating securities (1) (1 ) (2 ) Net income available to common shareholders $ 1,313 $ 1,500 Average common shares outstanding (in thousands): Basic average common shares 409,816 426,775 Effect of dilutive securities: common stock options and common stock awards 5,956 7,735 Diluted average common shares 415,772 434,510 Anti-dilutive securities (2) 675 1,502 Earnings per Common Share: Basic $ 3.20 $ 3.52 Diluted (3) 3.16 3.45 (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 | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Line of Business Information | Line of Business Information We have two lines of business: Investment Servicing and Investment Management. The results of operations for these lines of business are not necessarily comparable with those of other companies, including companies in the financial services industry. Information about our two lines of business, as well as revenues, expenses and capital allocation methodologies associated with them, is provided in note 24 to the consolidated financial statements included in the 2014 Form 10-K. The following is a summary of our line-of-business results for the periods indicated. The “Other” column represents costs incurred that are not allocated to a specific line of business, including certain severance and restructuring costs, acquisition costs and certain provisions for legal contingencies. Three Months Ended September 30, Investment Servicing Investment Management Other Total 2015 2014 2015 2014 2015 2014 2015 2014 (Dollars in millions, except where otherwise noted) Servicing fees $ 1,294 $ 1,302 $ — $ — $ — $ — $ 1,294 $ 1,302 Management fees — — 287 316 — — 287 316 Trading services 283 266 11 12 — — 294 278 Securities finance 113 99 — — — — 113 99 Processing fees and other 131 25 (11 ) (8 ) — — 120 17 Total fee revenue 1,821 1,692 287 320 — — 2,108 2,012 Net interest revenue 514 566 (1 ) 4 — — 513 570 Gains (losses) related to investment securities, net (2 ) — — — — — (2 ) — Total revenue 2,333 2,258 286 324 — — 2,619 2,582 Provision for loan losses 5 2 — — — — 5 2 Total expenses 1,673 1,642 204 236 85 14 1,962 1,892 Income before income tax expense $ 655 $ 614 $ 82 $ 88 $ (85 ) $ (14 ) $ 652 $ 688 Pre-tax margin 28 % 27 % 29 % 27 % 25 % 27 % Nine Months Ended September 30, Investment Servicing Investment Management Other Total 2015 2014 2015 2014 2015 2014 2015 2014 (Dollars in millions, except where otherwise noted) Servicing fees $ 3,892 $ 3,828 $ — $ — $ — $ — $ 3,892 $ 3,828 Management fees — — 892 908 — — 892 908 Trading services 869 756 30 35 — — 899 791 Securities finance 369 331 — — — — 369 331 Processing fees and other 212 122 (14 ) (5 ) — — 198 117 Total fee revenue 5,342 5,037 908 938 — — 6,250 5,975 Net interest revenue 1,593 1,675 1 11 — — 1,594 1,686 Gains (losses) related to investment securities, net (6 ) 4 — — — — (6 ) 4 Total revenue 6,929 6,716 909 949 — — 7,838 7,665 Provision for loan losses 11 6 — — — — 11 6 Total expenses 5,389 4,907 711 706 93 157 6,193 5,770 Income before income tax expense $ 1,529 $ 1,803 $ 198 $ 243 $ (93 ) $ (157 ) $ 1,634 $ 1,889 Pre-tax margin 22 % 27 % 22 % 26 % 21 % 25 % |
Non-U.S. Activities
Non-U.S. Activities | 9 Months Ended |
Sep. 30, 2015 | |
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, assumptions 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. Management periodically reviews and updates its processes for quantifying the financial results and assets related to our non-U.S. activities. The following table presents our U.S. and non-U.S. financial results for the periods indicated. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 (In millions) Non-U.S. U.S. Total Non-U.S. U.S. Total Total revenue $ 1,173 $ 1,446 $ 2,619 $ 1,181 $ 1,401 $ 2,582 Income before income taxes 341 311 652 385 303 688 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 (In millions) Non-U.S. U.S. Total Non-U.S. U.S. Total Total revenue $ 3,470 $ 4,368 7,838 $ 3,454 $ 4,211 $ 7,665 Income before income taxes 1,033 601 1,634 987 902 1,889 Non-U.S assets were $63.3 billion and $57.9 billion as of September 30, 2015 and 2014 , respectively. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accounting and financial reporting policies of State Street Corporation conform to U.S. generally accepted accounting principles, referred to as GAAP. State Street Corporation, the parent company, is a financial holding company headquartered in Boston, Massachusetts. Unless otherwise indicated or unless the context requires otherwise, all references in these notes to consolidated financial statements to “State Street,” “we,” “us,” “our” or similar references mean State Street Corporation and its subsidiaries on a consolidated basis. Our principal banking subsidiary is State Street Bank and Trust Company, or State Street Bank. The accompanying Consolidated Financial Statements should be read in conjunction with the financial and risk factor information included in our 2014 Annual Report on Form 10-K ( 2014 Form 10-K), which we previously filed with the Securities and Exchange Commission, or SEC. The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation. Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our consolidated financial statements through the date we filed this Form 10-Q with the SEC. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue, and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates. These accounting estimates reflect the best judgment of management, but actual results could differ. Our consolidated statement of condition as of December 31, 2014 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by GAAP for a complete set of consolidated financial statements. |
Recent Accounting Developments | Recent Accounting Developments: In September 2015, the Financial Accounting Standards Board, or the FASB, issued an amendment that requires an acquirer to recognize purchase price adjustments to provisional amounts in the reporting period in which the adjustments are determined , as opposed to being applied retrospectively at the acquisition date. The amendment, which allows for early adoption, is effective for State Street beginning on January 1, 2016. We do not have any significant acquisitions in 2015 that could have a material impact in our consolidated financial statements when this amendment becomes effective in 2016. We will assess its impact in conjunction with new transactions, as applicable. In July 2015, the FASB issued an update to delay the effective date of the new revenue standard by one year. The deferral results in the new revenue standard being effective for State Street beginning on January 1, 2018. In May 2015, the FASB issued an amendment, which makes certain technical corrections to the FASB Accounting Standards Codification that affect a wide variety of topics to clarify the codification, correct unintended application of the guidance, or make minor improvements that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to entities. The amendments that require transition guidance are effective for State Street beginning on January 1, 2016 and all other amendments are effective immediately. Our adoption of this amendment does not have a material impact on our consolidated financial statements. In May 2015, the FASB issued an amendment to GAAP which removes from the fair value hierarchy, investments for which the practical expedient is used to measure fair value at net asset value (NAV). Instead, an entity is required to include those investments as a reconciling line item so that the total fair value amount of investments in the disclosure is consistent with the amount on the balance sheet. The amendment is effective for State Street beginning on January 1, 2016. Our adoption of this amendment is not expected to have a material effect on our consolidated financial statements In April 2015, the FASB issued an amendment to GAAP which will assist entities in evaluating the accounting for fees paid by a customer in a cloud computing arrangement. The amendment, which allows for early adoption, is effective for State Street beginning on January 1, 2016. Our adoption of this amendment is not expected to have a material effect on our consolidated financial statements. In April 2015, the FASB issued an amendment to GAAP that requires debt issuance costs to be presented in the consolidated balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. This amendment, which allows for early adoption, is effective for State Street beginning on January 1, 2016. Our debt issuance costs that are currently classified as deferred credits and have a balance of approximately $39 million as of September 30, 2015 will be reclassified as contra liabilities upon adoption. In August 2015, the FASB issued a related amendment incorporating the SEC staff announcement in the accounting standards codification to clarify that debt issuance costs relating to line of credit arrangements may still be presented as an asset, notwithstanding the April 2015 amendment that requires debt issuance costs relating to recognized debt liabilities to be recognized as contra liabilities. We do not have significant line of credit arrangements or related debt issuance costs and do not expect this amendment to be significant to our consolidated financial statements. In February 2015, the FASB issued an amendment to GAAP that updates the consolidation model used to evaluate whether a legal entity is required to be consolidated. The amendment, which allows for early adoption, is effective for State Street beginning on January 1, 2016, and may be applied retrospectively or via a modified retrospective approach. Based on our current assessment of the amendment, we do not expect our adoption of this amendment to have a material effect on our consolidated financial statements. In February 2015, the FASB issued an amendment to GAAP to remove the concept of "extraordinary items," which are defined as items that are unusual and infrequent in nature. The amendment, which allows for early adoption, is effective for State Street beginning on January 1, 2016. Our adoption of this amendment is not expected to have a material effect on our consolidated financial statements. |
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. As of September 30, 2015 and December 31, 2014 , we carried investment securities available for sale, composed of securities related to state and political subdivisions, with a fair value of $2.15 billion and $2.27 billion , respectively, and other short-term borrowings of $1.79 billion and $1.87 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. The trusts had a weighted-average life of approximately 5.4 years as of September 30, 2015 , compared to approximately 5.9 years as of December 31, 2014 . 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 $1.79 billion and $598 million , respectively, as of September 30, 2015 , none of which was utilized as of that date. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated. No transfers of financial assets or liabilities between levels 1 and 2 occurred in the nine months ended September 30, 2015 or the year ended December 31, 2014 . Fair-Value Measurements on a Recurring Basis as of September 30, 2015 (In millions) 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) Impact of Netting (1) Total Net Carrying Value in Consolidated Statement of Condition Assets: Trading account assets: U.S. government securities $ 71 $ — $ — $ 71 Non-U.S. government securities 666 — — 666 Other 14 472 — 486 Total trading account assets 751 472 — 1,223 Investment securities available for sale: U.S. Treasury and federal agencies: Direct obligations 12,817 537 — 13,354 Mortgage-backed securities — 18,829 — 18,829 Asset-backed securities: Student loans — 7,414 230 7,644 Credit cards — 1,504 — 1,504 Sub-prime — 458 — 458 Other (2) — 12 1,943 1,955 Total asset-backed securities — 9,388 2,173 11,561 Non-U.S. debt securities: Mortgage-backed securities — 7,916 — 7,916 Asset-backed securities — 2,921 277 3,198 Government securities — 3,711 — 3,711 Other (3) — 4,739 263 5,002 Total non-U.S. debt securities — 19,287 540 19,827 State and political subdivisions — 9,939 35 9,974 Collateralized mortgage obligations — 3,151 148 3,299 Other U.S. debt securities — 2,898 9 2,907 U.S. equity securities — 37 — 37 Non-U.S. equity securities — 3 — 3 U.S. money-market mutual funds — 298 — 298 Non-U.S. money-market mutual funds — 8 — 8 Total investment securities available for sale 12,817 64,375 2,905 80,097 Other assets: Derivative instruments: Foreign exchange contracts — 10,713 21 $ (5,364 ) 5,370 Interest-rate contracts — 232 — (217 ) 15 Other derivative contracts — 5 — (3 ) 2 Total derivative instruments — 10,950 21 (5,584 ) 5,387 Total assets carried at fair value $ 13,568 $ 75,797 $ 2,926 $ (5,584 ) $ 86,707 Liabilities: Accrued expenses and other liabilities: Trading account liabilities: Non-U.S. government securities $ 94 $ — $ — $ — $ 94 Other — 9 — — 9 Derivative instruments: Foreign exchange contracts — 10,275 22 (6,451 ) 3,846 Interest-rate contracts — 207 — (39 ) 168 Other derivative contracts — 105 — (3 ) 102 Total derivative instruments — 10,587 22 (6,493 ) 4,116 Total liabilities carried at fair value $ 94 $ 10,596 $ 22 $ (6,493 ) $ 4,219 (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 $842 million and $1.75 billion , respectively, for cash collateral received from and provided to derivative counterparties. (2) As of September 30, 2015 the fair value of other asset-backed securities was primarily composed of $1.9 billion of collateralized loan obligations and approximately $12 million of automobile loan securities. (3) As of September 30, 2015 the fair value of other non-U.S. debt securities was primarily composed of $3.3 billion of covered bonds and $763 million of corporate bonds. Fair-Value Measurements on a Recurring Basis as of December 31, 2014 (In millions) 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) Impact of Netting (1) Total Net Carrying Value in Consolidated Statement of 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: Derivatives 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 primarily composed 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 primarily composed of $3.3 billion of covered bonds and $1.2 billion of corporate bonds. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Fair Value Measurements Using Significant Unobservable Inputs Nine Months Ended September 30, 2015 Fair Value as of Total Realized and Purchases Sales Settlements Transfers Transfers Fair Value as of Change in (In millions) Recorded in Revenue Recorded in Other Comprehensive Income Assets: Investment securities available for sale: Asset-backed securities: Student loans $ 259 $ — $ (2 ) $ — — $ (6 ) $ — $ (21 ) $ 230 Other 3,780 47 (37 ) — (1,106 ) (741 ) — — 1,943 Total asset-backed securities 4,039 47 (39 ) — (1,106 ) (747 ) — (21 ) 2,173 Non-U.S. debt securities: Mortgage-backed securities — — — 43 — — 97 (140 ) — Asset-backed securities 295 1 (1 ) 168 — (169 ) — (17 ) 277 Other 371 — — 111 — (32 ) — (187 ) 263 Total non-U.S. debt securities 666 1 (1 ) 322 — (201 ) 97 (344 ) 540 State and political subdivisions 38 — (2 ) — — (1 ) — — 35 Collateralized mortgage obligations 614 — (2 ) 293 (88 ) (82 ) — (587 ) 148 Other U.S. debt securities 9 — — — — — — — 9 Total investment securities available for sale 5,366 48 (44 ) 615 (1,194 ) (1,031 ) 97 (952 ) 2,905 Other assets: Derivative instruments: Derivative instruments, Foreign exchange contracts 81 49 — 17 — (126 ) — — 21 $ — Total derivative instruments 81 49 — 17 — (126 ) — — 21 — Total assets carried at fair value $ 5,447 $ 97 $ (44 ) $ 632 $ (1,194 ) $ (1,157 ) $ 97 $ (952 ) $ 2,926 $ — Fair-Value Measurements Using Significant Unobservable Inputs Three Months Ended September 30, 2014 Fair Value as of June 30, Total Realized and Purchases Sales Settlements Transfers Transfers Fair Value as of Change in (In millions) Recorded in Revenue Recorded in Other Comprehensive Income Assets: Investment securities available for sale: U.S. Treasury and federal agencies, mortgage-backed securities $ 96 $ — $ — $ 168 $ — $ (4 ) $ — $ — $ 260 Asset-backed securities: Student loans 322 (1 ) 24 (74 ) (5 ) — — 266 Other 4,061 18 (8 ) 275 — (402 ) — — 3,944 Total asset-backed securities 4,383 18 (9 ) 299 (74 ) (407 ) — — 4,210 Non-U.S. debt securities: Asset-backed securities 506 2 (1 ) — — (99 ) 76 (60 ) 424 Other 515 — — — — (25 ) — (192 ) 298 Total non-U.S. debt securities 1,021 2 (1 ) — — (124 ) 76 (252 ) 722 State and political subdivisions 41 — — — — — — — 41 Collateralized mortgage obligations 196 — — 125 — (7 ) — (80 ) 234 Other U.S. debt securities 9 — — — — (1 ) — — 8 Total investment securities available for sale 5,746 20 (10 ) 592 (74 ) (543 ) 76 (332 ) 5,475 Other assets: Derivative instruments: Derivative instruments, Foreign exchange contracts 10 44 — 22 — (8 ) — — 68 $ 40 Total derivative instruments 10 44 — 22 — (8 ) — — 68 40 Total assets carried at fair value $ 5,756 $ 64 $ (10 ) $ 614 $ (74 ) $ (551 ) $ 76 $ (332 ) $ 5,543 $ 40 Fair-Value Measurements Using Significant Unobservable Inputs Nine Months Ended September 30, 2014 Fair Value as of December 31, Total Realized and Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of Change in (In millions) Recorded in Revenue Recorded in Other Comprehensive Income Assets: Investment securities available for sale: U.S. Treasury and federal agencies, mortgage-backed securities $ 716 $ — $ — $ 168 $ — $ — $ (14 ) $ — $ (610 ) $ 260 Asset-backed securities: Student loans 423 1 2 24 — (74 ) (31 ) — (79 ) 266 Credit cards 24 — — — — — (24 ) — — — Other 4,532 46 (14 ) 282 — — (902 ) — — 3,944 Total asset-backed securities 4,979 47 (12 ) 306 — (74 ) (957 ) — (79 ) 4,210 Non-U.S. debt securities: Mortgage-backed securities 375 — — — — — — — (375 ) — Asset-backed securities 798 5 — — — — (219 ) 76 (236 ) 424 Other 464 — — 55 — (1 ) (28 ) — (192 ) 298 Total non-U.S. debt securities 1,637 5 — 55 — (1 ) (247 ) 76 (803 ) 722 State and political subdivisions 43 1 (1 ) — — — (2 ) — — 41 Collateralized mortgage obligations 162 — 1 205 — (6 ) (20 ) — (108 ) 234 Other U.S. debt securities 8 — — — — — — — — 8 Total investment securities available for sale 7,545 53 (12 ) 734 — (81 ) (1,240 ) 76 (1,600 ) 5,475 Other assets: Derivative instruments: Derivative instruments, Foreign exchange contracts 19 26 — 32 — — (9 ) — — 68 $ 35 Total derivative instruments 19 26 — 32 — — (9 ) — — 68 35 Total assets carried at fair value $ 7,564 $ 79 $ (12 ) $ 766 $ — $ (81 ) $ (1,249 ) $ 76 $ (1,600 ) $ 5,543 $ 35 The following tables present activity related to our level-3 financial assets and liabilities during the three and nine months ended September 30, 2015 and 2014 , respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. In the three and nine months ended September 30, 2015 and 2014 , transfers out of level 3 were mainly related to certain mortgage- and asset-backed securities, including non-U.S. debt securities, for which fair value was measured using prices for which observable market information became available. Fair-Value Measurements Using Significant Unobservable Inputs Three Months Ended September 30, 2015 Fair Value as of Total Realized and Unrealized Gains (Losses) Purchases Sales Settlements Transfers out of Level 3 Fair Value as of (1) Change in (In millions) Recorded in Revenue Recorded in Other Comprehensive Income Assets: Investment securities available for sale: Asset-backed securities: Student loans $ 234 $ — $ (3 ) $ — $ — $ (1 ) $ — $ 230 Other 2,933 22 (19 ) — (686 ) (307 ) — 1,943 Total asset-backed securities 3,167 22 (22 ) — (686 ) (308 ) — 2,173 Non-U.S. debt securities: Mortgage-backed securities 97 — — — — — (97 ) — Asset-backed securities 193 — (1 ) 168 — (83 ) — 277 Other 264 — (1 ) — — — — 263 Total Non-U.S. equity securities 554 — (2 ) 168 — (83 ) (97 ) 540 State and political subdivisions 36 — (1 ) — — — — 35 Collateralized mortgage obligations 215 — (1 ) — — (17 ) (49 ) 148 Other U.S. debt securities 9 — — — — — — 9 Total investment securities available for sale 3,981 22 (26 ) 168 (686 ) (408 ) (146 ) 2,905 Other assets: Derivative instruments: Foreign exchange contracts 60 (5 ) — 1 — (35 ) — 21 $ — Total derivative instruments 60 (5 ) — 1 — (35 ) — 21 — Other — — — — — — — — — Total assets carried at fair value $ 4,041 $ 17 $ (26 ) $ 169 $ (686 ) $ (443 ) $ (146 ) $ 2,926 $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Fair-Value Measurements Using Significant Unobservable Inputs Three Months Ended September 30, 2015 Fair Value as of Total Realized and Issuances Settlements Fair Value as of (2) Change in (In millions) Recorded Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 50 $ (3 ) $ 1 $ (26 ) $ 22 $ 1 Total derivative instruments 50 (3 ) 1 (26 ) 22 1 Total liabilities carried at fair value $ 50 $ (3 ) $ 1 $ (26 ) $ 22 $ 1 (1) There were no transfers of assets into level 3 during the three months ended September 30, 2015 . (2) There were no transfers of liabilities into or out of level 3 during the three months ended September 30, 2015 . Fair-Value Measurements Using Significant Unobservable Inputs Nine Months Ended September 30, 2015 Fair Value as of Total Realized and Issuances Settlements Fair Value as of (1) Change in (In millions) Recorded Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 74 $ 24 $ 19 $ (95 ) $ 22 $ (2 ) Other 9 — — (9 ) — — Total derivative instruments 83 24 19 (104 ) 22 (2 ) Total liabilities carried at fair value $ 83 $ 24 $ 19 $ (104 ) $ 22 $ (2 ) ( 1) There were no transfers of liabilities into or out of level 3 during the nine months ended September 30, 2015 . Fair-Value Measurements Using Significant Unobservable Inputs Nine Months Ended September 30, 2014 Fair Value as of December 31, Total Realized and Issuances Settlements Fair Value as of (1) Change in (In millions) Recorded Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 17 $ 22 $ 28 $ (8 ) $ 59 $ 32 Other 9 — — — 9 — Total derivative instruments 26 22 28 (8 ) 68 32 Total liabilities carried at fair value $ 26 $ 22 $ 28 $ (8 ) $ 68 $ 32 (1) There were no transfers of liabilities into or out of level 3 in the nine months ended September 30, 2014 . Fair-Value Measurements Using Significant Unobservable Inputs Three Months Ended September 30, 2014 Fair Value as of June 30, Total Realized and Issuances Settlements Fair Value as of (1) Change in (In millions) Recorded Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 10 $ 36 $ 18 $ (5 ) $ 59 $ 35 Other 9 — — — 9 — Total derivative instruments 19 36 18 (5 ) 68 35 Total liabilities carried at fair value $ 19 $ 36 $ 18 $ (5 ) $ 68 $ 35 (1) There were no transfers of liabilities into or out of level 3 in the three months ended September 30, 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 periods indicated: Three Months Ended September 30, Nine Months Ended September 30, Total Realized and Change in Total Realized and Change in Unrealized Gains (Losses) Related to Financial instruments Held as of September 30, (In millions) 2015 2014 2015 2014 2015 2014 2015 2014 Fee revenue: Trading services $ (1 ) $ 8 $ (1 ) $ 5 $ 25 $ 4 $ 2 $ 3 Total fee revenue (1 ) 8 (1 ) 5 25 4 2 3 Net interest revenue 21 20 — — 48 53 — — Total revenue $ 20 $ 28 $ (1 ) $ 5 $ 73 $ 57 $ 2 $ 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 September 30, 2015 As of December 31, 2014 Valuation Technique Significant (1) As of September 30, 2015 As of December 31, 2014 Significant unobservable inputs readily available to State Street: Assets: Asset-backed securities, other $ 38 $ 59 Discounted cash flows Credit spread 0.1 % 0.2 % State and political subdivisions 35 38 Discounted cash flows Credit spread 2.3 2.1 Derivative instruments, foreign exchange contracts 21 81 Option model Volatility 10.9 9.1 Total $ 94 $ 178 Liabilities: Derivative instruments, foreign exchange contracts $ 22 $ 74 Option model Volatility 11.8 9.0 Derivative instruments, other (2) — 9 Discounted cash flows Participant redemptions — 5.2 Total $ 22 $ 83 (1) Significant changes in these unobservable inputs would result in significant changes in fair value measure. (2) Relates to stable value wrap contracts; refer to the sensitivity discussion following the tables presented below, and to note 7 . |
Schedule of Availability of Significant Unobservable Inputs by Balance Sheet Classification | The following tables present information with respect to the composition of our level-3 financial assets and liabilities, by availability of significant unobservable inputs, as of the dates indicated: September 30, 2015 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 $ — $ 230 $ 230 Asset-backed securities, other 38 1,905 1,943 Non-U.S. debt securities, mortgage-backed securities — — — Non-U.S. debt securities, asset-backed securities — 277 277 Non-U.S. debt securities, other — 263 263 State and political subdivisions 35 — 35 Collateralized mortgage obligations — 148 148 Other U.S. debt securities — 9 9 Derivative instruments, foreign exchange contracts 21 — 21 Total $ 94 $ 2,832 $ 2,926 Liabilities: Derivative instruments, foreign exchange contracts $ 22 $ — $ 22 Total $ 22 $ — $ 22 (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. December 31, 2014 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. |
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 September 30, 2015 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 $ 3,660 $ 3,660 $ 3,660 $ — $ — Interest-bearing deposits with banks 68,361 68,361 — 68,361 — Securities purchased under resale agreements 9,155 9,155 — 9,155 — Investment securities held to maturity 17,463 17,536 — 17,536 — Net loans (excluding leases) 18,108 18,081 — 17,925 156 Financial Liabilities: Deposits: Noninterest-bearing $ 58,426 $ 58,426 $ — $ 58,426 $ — Interest-bearing - U.S. 30,407 30,407 — 30,407 — Interest-bearing - non-U.S. 97,534 97,534 — 97,534 — Securities sold under repurchase agreements 7,760 7,760 — 7,760 — Federal funds purchased 25 25 — 25 — Other short-term borrowings 3,761 3,761 — 3,761 — Long-term debt 12,025 11,998 — 11,448 550 Fair-Value Hierarchy December 31, 2014 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 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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: September 30, 2015 December 31, 2014 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value (In millions) Gains Losses Gains Losses Available for sale: U.S. Treasury and federal agencies: Direct obligations $ 13,156 $ 199 $ 1 $ 13,354 $ 10,573 $ 83 $ 1 $ 10,655 Mortgage-backed securities 18,636 254 61 18,829 20,648 193 127 20,714 Asset-backed securities: Student loans (1) 7,816 20 192 7,644 12,478 106 124 12,460 Credit cards 1,527 4 27 1,504 3,077 10 34 3,053 Sub-prime 485 2 29 458 1,005 2 56 951 Other (2) 1,901 55 1 1,955 4,055 100 10 4,145 Total asset-backed securities 11,729 81 249 11,561 20,615 218 224 20,609 Non-U.S. debt securities: Mortgage-backed securities 7,835 93 12 7,916 9,442 168 4 9,606 Asset-backed securities 3,200 3 5 3,198 3,215 11 — 3,226 Government securities 3,704 7 — 3,711 3,899 10 — 3,909 Other (3) 4,978 34 10 5,002 5,383 52 7 5,428 Total non-U.S. debt securities 19,717 137 27 19,827 21,939 241 11 22,169 State and political subdivisions 9,703 317 46 9,974 10,532 325 37 10,820 Collateralized mortgage obligations 3,267 43 11 3,299 5,280 71 12 5,339 Other U.S. debt securities 2,866 53 12 2,907 4,033 88 12 4,109 U.S. equity securities 32 7 2 37 29 10 — 39 Non-U.S. equity securities 3 — — 3 2 — — 2 U.S. money-market mutual funds 298 — — 298 449 — — 449 Non-U.S. money-market mutual funds 8 — — 8 8 — — 8 Total $ 79,415 $ 1,091 $ 409 $ 80,097 $ 94,108 $ 1,229 $ 424 $ 94,913 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ 7,931 $ 32 $ 71 $ 7,892 $ 5,114 $ — $ 147 $ 4,967 Mortgage-backed securities 46 3 — 49 62 4 — 66 Asset-backed securities: Student loans (1) 1,642 — 36 1,606 1,814 2 4 1,812 Credit cards 897 1 — 898 897 2 — 899 Other 404 2 1 405 577 3 1 579 Total asset-backed securities 2,943 3 37 2,909 3,288 7 5 3,290 Non-U.S. debt securities: Mortgage-backed securities 2,705 122 31 2,796 3,787 177 22 3,942 Asset-backed securities 1,747 5 3 1,749 2,868 14 1 2,881 Government securities 236 — — 236 154 — — 154 Other 67 — — 67 72 — — 72 Total non-U.S. debt securities 4,755 127 34 4,848 6,881 191 23 7,049 State and political subdivisions 2 — — 2 9 — — 9 Collateralized mortgage obligations 1,786 70 20 1,836 2,369 107 15 2,461 Total $ 17,463 $ 235 $ 162 $ 17,536 $ 17,723 $ 309 $ 190 $ 17,842 (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 September 30, 2015 and December 31, 2014 , the fair value of other asset-backed securities was primarily composed of $1.9 billion and $3.8 billion , respectively, of collateralized loan obligations and approximately $12 million and approximately $315 million , respectively, of automobile loan securities. (3) As of both September 30, 2015 and December 31, 2014 , the fair value of other non-U.S. debt securities was primarily composed of $3.3 billion of covered bonds and $763 million and $1.2 billion , as of September 30, 2015 and December 31, 2014 , 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 September 30, 2015 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In millions) Available for sale: U.S. Treasury and federal agencies: Direct obligations $ — $ — $ 125 $ 1 $ 125 $ 1 Mortgage-backed securities 1,411 9 3,331 52 4,742 61 Asset-backed securities: Student loans 3,372 64 2,762 128 6,134 192 Credit cards — — 498 27 498 27 Sub-prime — — 419 29 419 29 Other — — 91 1 91 1 Total asset-backed securities 3,372 64 3,770 185 7,142 249 Non-U.S. debt securities: Mortgage-backed securities 2,030 9 197 3 2,227 12 Asset-backed securities 2,016 5 — — 2,016 5 Other 1,208 7 514 3 1,722 10 Total non-U.S. debt securities 5,254 21 711 6 5,965 27 State and political subdivisions 818 7 824 39 1,642 46 Collateralized mortgage obligations 667 5 188 6 855 11 Other U.S. debt securities 255 3 155 9 410 12 U.S. equity securities 5 2 — — 5 2 Total $ 11,782 $ 111 $ 9,104 $ 298 $ 20,886 $ 409 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ 1,990 $ 14 $ 3,048 $ 57 $ 5,038 $ 71 Asset-backed securities: Student loans 1,204 27 385 9 1,589 36 Other — — 34 1 34 1 Total asset-backed securities 1,204 27 419 10 1,623 37 Non-U.S. mortgage-backed securities: Mortgage-backed securities 613 3 480 28 1,093 31 Asset-backed securities 1,142 3 — — 1,142 3 Total non-U.S. debt securities 1,755 6 480 28 2,235 34 Collateralized mortgage obligations 452 5 547 15 999 20 Total $ 5,401 $ 52 $ 4,494 $ 110 $ 9,895 $ 162 Less than 12 months 12 months or longer Total December 31, 2014 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In millions) 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. debt 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 |
Investments Classified by Contractual Maturity Date | The following table presents contractual maturities of debt investment securities as of September 30, 2015 : (In millions) Under 1 Year 1 to 5 Years 6 to 10 Years Over 10 Years Available for sale: U.S. Treasury and federal agencies: Direct obligations $ 1,403 $ 9,228 $ 2,245 $ 478 Mortgage-backed securities 135 2,268 3,784 12,642 Asset-backed securities: Student loans 335 3,858 2,271 1,180 Credit cards 144 262 1,098 — Sub-prime 6 5 4 443 Other 29 292 758 876 Total asset-backed securities 514 4,417 4,131 2,499 Non-U.S. debt securities: Mortgage-backed securities 1,554 3,134 657 2,571 Asset-backed securities 391 2,475 136 196 Government securities 2,647 1,064 — — Other 1,407 2,927 668 — Total non-U.S. debt securities 5,999 9,600 1,461 2,767 State and political subdivisions 616 2,372 5,075 1,911 Collateralized mortgage obligations 333 215 490 2,261 Other U.S. debt securities 983 1,716 174 34 Total $ 9,983 $ 29,816 $ 17,360 $ 22,592 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ — $ 1,625 $ 6,197 $ 109 Mortgage-backed securities 2 6 7 31 Asset-backed securities: Student loans — 193 313 1,136 Credit cards — 630 267 — Other 60 232 109 3 Total asset-backed securities 60 1,055 689 1,139 Non-U.S. debt securities: Mortgage-backed securities 362 815 100 1,428 Asset-backed securities 276 1,320 151 — Government securities 123 — 113 — Other 23 44 — — Total non-U.S. debt securities 784 2,179 364 1,428 State and political subdivisions 2 — — — Collateralized mortgage obligations 350 143 494 799 Total $ 1,198 $ 5,008 $ 7,751 $ 3,506 |
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 periods indicated: Three Months Ended September 30, (In millions) 2015 2014 Gross realized gains from sales of available-for-sale securities $ 15 $ 48 Gross realized losses from sales of available-for-sale securities (17 ) (48 ) Net impairment losses: Losses reclassified (from) to other comprehensive income — — Net impairment losses (1) — — Losses related to investment securities, net $ (2 ) $ — (1) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: Impairment associated with expected credit losses $ — $ — Impairment associated with adverse changes in timing of expected future cash flows — — Net impairment losses $ — $ — Nine Months Ended September 30, (In millions) 2015 2014 Gross realized gains from sales of available-for-sale securities $ 57 $ 64 Gross realized losses from sales of available-for-sale securities (62 ) (49 ) Net impairment losses: Gross losses from other-than-temporary impairment (1 ) (1 ) Losses reclassified (from) to other comprehensive income — (10 ) Net impairment losses (1) (1 ) (11 ) Gains (losses) related to investment securities, net $ (6 ) $ 4 (1) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: Impairment associated with expected credit losses $ — $ (10 ) Impairment associated with adverse changes in timing of expected future cash flows (1 ) (1 ) Net impairment losses $ (1 ) $ (11 ) |
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 periods indicated. The beginning balance represents the amount related to credit losses on debt securities held by us at the beginning of the period for which a portion of an other-than-temporary impairment was recognized in other comprehensive income. Additions represent increases to the amount related to the credit loss for which an other-than-temporary impairment was previously recognized. Deductions represent previously recognized losses related to securities sold or matured and losses related to securities intended or required to be sold. Nine Months Ended September 30, (In millions) 2015 2014 Balance, beginning of period (December 31, 2014 and 2013, respectively) $ 115 $ 122 Additions: Losses for which other-than-temporary impairment was previously recognized 1 11 Reductions: Previously recognized losses related to securities sold or matured (22 ) (11 ) Losses related to securities intended or required to be sold — (6 ) Balance, end of period $ 94 $ 116 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Net Loans | The following table presents our recorded investment in loans and leases, by segment and class, as of the dates indicated: (In millions) September 30, 2015 December 31, 2014 Institutional: Investment funds: U.S. $ 11,875 $ 11,388 Non-U.S. 2,144 2,333 Commercial and financial: U.S. 3,328 3,061 Non-U.S. 653 256 Purchased receivables: U.S. 99 124 Non-U.S. — 6 Lease financing: U.S. 337 335 Non-U.S. 580 668 Total institutional 19,016 18,171 Commercial real estate: U.S. 51 28 Total loans and leases 19,067 18,199 Allowance for loan losses (48 ) (38 ) Loans and leases, net of allowance for loan losses $ 19,019 $ 18,161 |
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 September 30, 2015 Investment Funds Commercial and Financial Purchased Receivables Lease Financing Property Development Other Total Loans and Leases (In millions) Investment grade (1) $ 13,683 $ 1,001 $ 99 $ 890 $ — $ 28 $ 15,701 Speculative (2) 336 2,955 — 27 23 — 3,341 Special mention (3) — 25 — — — — 25 Total $ 14,019 $ 3,981 $ 99 $ 917 $ 23 $ 28 $ 19,067 Institutional Commercial Real Estate December 31, 2014 Investment Funds Commercial and Financial Purchased Receivables Lease Financing Property Development Other Total Loans and Leases (In millions) 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 (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: September 30, 2015 December 31, 2014 (In millions) Institutional Commercial Real Estate Total Loans and Leases Institutional Commercial Real Estate Total Loans and Leases Loans and leases: Collectively evaluated for impairment (1) $ 19,016 $ 51 $ 19,067 $ 18,171 $ 28 $ 18,199 Total $ 19,016 $ 51 $ 19,067 $ 18,171 $ 28 $ 18,199 (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 September 30, 2015 and December 31, 2014 , all of the allowance for loan losses of $48 million and $38 million , respectively, related to institutional loans collectively evaluated for impairment. |
Impaired Loans | The following table presents information related to our recorded investment in impaired loans and leases as of the dates indicated: September 30, 2015 December 31, 2014 (In millions) Recorded Investment Unpaid Principal Balance (1) Recorded Investment Unpaid Principal Balance (1) With no related allowance recorded: CRE—property development—acquired credit-impaired $ — $ 34 $ — $ 34 CRE—other—acquired credit-impaired — 22 — 22 Total CRE $ — $ 56 $ — $ 56 (1) As of September 30, 2015 and December 31, 2014 , all of the allowance for loan losses of $48 million and $38 million , respectively, related to institutional and CRE loans collectively evaluated for impairment. |
Schedule of Activity in the Allowance for Loan Losses | The following table presents activity in the allowance for loan losses for the periods indicated: Three Months Ended September 30, 2015 2014 (In millions) Total Loans and Leases Total Loans and Leases Allowance for loan losses (1) : Beginning balance $ 43 $ 32 Provisions 5 2 Ending balance $ 48 $ 34 Nine Months Ended September 30, 2015 2014 (In millions) Total Loans and Leases Total Loans and Leases Allowance for loan losses (1) : Beginning balance $ 37 $ 28 Provisions 11 6 Ending balance $ 48 $ 34 (1) As of September 30, 2015 , approximately $37 million of our allowance for loan losses was related to senior secured bank loans included in the institutional segment; the remaining $11 million was related to other commercial-and-financial loans in the institutional segment. |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In The Carrying Amount Of Goodwill | The following table presents changes in the carrying amount of goodwill during the periods indicated: Nine Months Ended September 30, 2015 2014 (In millions) Investment Servicing Investment Management Total Investment Servicing Investment Management Total Goodwill: Beginning balance $ 5,793 $ 33 $ 5,826 $ 5,999 $ 37 $ 6,036 Foreign currency translation (108 ) (2 ) (110 ) (134 ) (3 ) (137 ) Ending balance $ 5,685 $ 31 $ 5,716 $ 5,865 $ 34 $ 5,899 |
Changes In The Carrying Amount Of Other Intangible Assets | The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: Nine Months Ended September 30, 2015 2014 (In millions) Investment Servicing Investment Management Total Investment Servicing Investment Management Total Other intangible assets: Beginning balance $ 1,998 $ 27 $ 2,025 $ 2,321 $ 39 $ 2,360 Amortization (141 ) (6 ) (147 ) (155 ) (7 ) (162 ) Foreign currency translation and other, net (56 ) (2 ) (58 ) (75 ) (2 ) (77 ) Ending balance $ 1,801 $ 19 $ 1,820 $ 2,091 $ 30 $ 2,121 |
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: September 30, 2015 December 31, 2014 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 2,503 $ (1,175 ) $ 1,328 $ 2,569 $ (1,088 ) $ 1,481 Core deposits 672 (239 ) 433 688 (219 ) 469 Other 157 (98 ) 59 214 (139 ) 75 Total $ 3,332 $ (1,512 ) $ 1,820 $ 3,471 $ (1,446 ) $ 2,025 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Assets [Abstract] | |
Components of Other Assets | The following table presents the components of other assets as of the dates indicated: (In millions) September 30, 2015 December 31, 2014 Collateral deposits, net $ 23,041 $ 18,134 Unrealized gains on derivative financial instruments, net 5,387 7,934 Bank-owned life insurance 3,057 2,402 Investments in joint ventures and other unconsolidated entities 2,047 1,798 Accounts receivable 1,225 513 Receivable for securities settlement 414 218 Prepaid expenses 309 259 Income taxes receivable 199 396 Deferred tax assets, net of valuation allowance 187 214 Deposits with clearing organizations 135 197 Other (1) 504 535 Total $ 36,505 $ 32,600 (1) Includes other real estate owned of approximately zero and $62 million as of September 30, 2015 and December 31, 2014 , respectively. |
Commitments and Guarantees (Tab
Commitments and Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | The following table, which presents the aggregate gross contractual amounts of our off-balance sheet guarantees as of the dates indicated, does not consider the value of any collateral, which may mitigate any potential loss. Amounts presented do not reflect participations to independent third parties. (In millions) September 30, 2015 December 31, 2014 Indemnified securities financing $ 330,821 $ 349,766 Stable value protection 23,588 23,409 Asset purchase agreements 4,322 4,107 Standby letters of credit 4,769 4,720 |
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) September 30, 2015 December 31, 2014 Fair value of indemnified securities financing $ 330,821 $ 349,766 Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 341,789 364,411 Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 78,407 85,309 Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements 82,582 90,819 |
Contingencies (Tables)
Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 periods indicated: (In millions) Revenue from indirect foreign exchange trading Twelve Months Ended December 31, 2008 $ 462 Twelve Months Ended December 31, 2009 369 Twelve Months Ended December 31, 2010 336 Twelve Months Ended December 31, 2011 331 Twelve Months Ended December 31, 2012 248 Twelve Months Ended December 31, 2013 285 Twelve Months Ended December 31, 2014 246 Nine Months Ended September 30, 2015 216 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the after-tax components of AOCI as of the dates indicated: (In millions) September 30, 2015 December 31, 2014 Net unrealized gains on cash flow hedges $ 322 $ 276 Net unrealized gains (losses) on available-for-sale securities portfolio 180 273 Net unrealized gains (losses) related to reclassified available-for-sale securities 26 39 Net unrealized gains (losses) on available-for-sale securities 206 312 Net unrealized losses on available-for-sale securities designated in fair value hedges (129 ) (121 ) Other-than-temporary impairment on available-for-sale securities related to factors other than credit — 1 Net unrealized losses on hedges of net investments in non-U.S. subsidiaries (14 ) (14 ) Other-than-temporary impairment on held-to-maturity securities related to factors other than credit (18 ) (29 ) Net unrealized losses on retirement plans (253 ) (272 ) Foreign currency translation (1,215 ) (660 ) Total $ (1,101 ) $ (507 ) The following tables present changes in AOCI by component, net of related taxes, for the periods indicated: Nine Months Ended September 30, 2015 (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, 2014 $ 276 $ 192 $ (14 ) $ (29 ) $ (272 ) $ (660 ) $ (507 ) Other comprehensive income (loss) before reclassifications 44 (112 ) — 12 — (555 ) (611 ) Amounts reclassified into earnings 2 (3 ) — (1 ) 19 — 17 Other comprehensive income (loss) 46 (115 ) — 11 19 (555 ) (594 ) Balance as of September 30, 2015 $ 322 $ 77 $ (14 ) $ (18 ) $ (253 ) $ (1,215 ) $ (1,101 ) Nine Months Ended September 30, 2014 (In millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available-for-Sale Securities Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries Other-Than-Temporary Impairment on Held-to-Maturity Securities Net Unrealized Losses on Retirement Plans Foreign Currency Translation Total Balance as of December 31, 2013 $ 161 $ (221 ) $ (14 ) $ (47 ) $ (203 ) $ 229 $ (95 ) Other comprehensive income (loss) before reclassifications 54 425 — 15 (1 ) (518 ) (25 ) Amounts reclassified into earnings 2 (9 ) — 1 19 — 13 Other comprehensive income (loss) 56 416 — 16 18 (518 ) (12 ) Balance as of September 30, 2014 $ 217 $ 195 $ (14 ) $ (31 ) $ (185 ) $ (289 ) $ (107 ) |
Schedule of Reclassifications Out of AOCI | The following table presents after-tax reclassifications into earnings for the periods indicated: Three Months Ended September 30, 2015 2014 (In millions) Amounts Reclassified into Earnings Affected Line Item in Consolidated Statement of Income Cash flow hedges: Interest-rate contracts $ 1 $ 1 Net interest revenue Available-for-sale securities: Net realized gains from sales of available-for-sale securities (1 ) — Net gains (losses) from sales of available-for-sale securities Retirement plans: Amortization of actuarial losses, net of related taxes of ($3) and tax benefit of $3, respectively 4 2 Compensation and employee benefits expenses Total reclassifications out of AOCI $ 4 $ 3 Nine Months Ended September 30, 2015 2014 (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 $1 and $1, respectively $ 2 $ 2 Net interest revenue Available-for-sale securities: Net realized gains from sales of available-for-sale securities, net of related tax benefit of $1 and related taxes of ($6), respectively (3 ) (9 ) Net gains (losses) from sales of available-for-sale securities Held-to-maturity securities: Other-than-temporary impairment on held-to-maturity securities related to factors other than credit (1 ) 1 Losses reclassified (from) to other comprehensive income Retirement plans: Amortization of actuarial losses, net of related taxes of ($4) and ($2), respectively 19 19 Compensation and employee benefits expenses Total reclassifications out of AOCI $ 17 $ 13 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Regulatory Capital | The following table presents the regulatory capital structure, total risk-weighted assets, related regulatory capital ratios and the minimum required 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 September 30, 2015 (1) Basel III Standardized Approach September 30, 2015 (2) Basel III Advanced Approaches December 31, 2014 (1) Basel III Transitional Approach December 31, 2014 (3) Basel III Advanced Approaches September 30, 2015 (1) Basel III Standardized Approach September 30, 2015 (2) Basel III Advanced Approaches December 31, 2014 (1) Basel III Transitional Approach December 31, 2014 (3) Common shareholders' equity: Common stock and related surplus $ 10,246 $ 10,246 $ 10,295 $ 10,295 $ 10,924 $ 10,924 $ 10,867 $ 10,867 Retained earnings 15,795 15,795 14,882 14,882 10,886 10,886 9,416 9,416 Accumulated other comprehensive income (loss) (1,177 ) (1,177 ) (641 ) (641 ) (1,011 ) (1,011 ) (535 ) (535 ) Treasury stock, at cost (6,143 ) (6,143 ) (5,158 ) (5,158 ) — — — — Total 18,721 18,721 19,378 19,378 20,799 20,799 19,748 19,748 Regulatory capital adjustments: Goodwill and other intangible assets, net of associated deferred tax liabilities (4) (5,987 ) (5,987 ) (5,869 ) (5,869 ) (5,687 ) (5,687 ) (5,577 ) (5,577 ) Other adjustments (62 ) (62 ) (36 ) (36 ) (92 ) (92 ) (128 ) (128 ) Common equity tier 1 capital 12,672 12,672 13,473 13,473 15,020 15,020 14,043 14,043 Preferred stock 2,703 2,703 1,961 1,961 — — — — Trust preferred capital securities subject to phase-out from tier 1 capital 237 237 475 475 — — — — Other adjustments (94 ) (94 ) (145 ) (145 ) — — — — Tier 1 capital 15,518 15,518 15,764 15,764 15,020 15,020 14,043 14,043 Qualifying subordinated long-term debt 1,438 1,438 1,618 1,618 1,452 1,452 1,634 1,634 Trust preferred capital securities phased out of tier 1 capital 713 713 475 475 — — — — ALLL and other 12 69 — — 9 69 — — Other adjustments 2 2 4 4 — — — — Total capital $ 17,683 $ 17,740 $ 17,861 $ 17,861 $ 16,481 $ 16,541 $ 15,677 $ 15,677 Risk-weighted assets: Credit risk $ 55,914 $ 103,004 $ 66,874 $ 87,502 $ 50,936 $ 97,803 $ 59,836 $ 84,433 Operational risk 44,014 NA 35,866 NA 43,413 NA 35,449 NA Market risk (5) 4,437 2,761 5,087 2,910 4,397 2,761 5,048 2,909 Total risk-weighted assets $ 104,365 $ 105,765 $ 107,827 $ 90,412 $ 98,746 $ 100,564 $ 100,333 $ 87,342 Adjusted quarterly average assets $ 244,553 $ 244,553 $ 247,740 $ 247,740 $ 239,610 $ 239,610 $ 243,549 $ 243,549 Capital Ratios: Minimum Requirements (6) 2015 Minimum Requirements (7) 2014 Common equity tier 1 capital 4.5 % 4.0 % 12.1 % 12.0 % 12.5 % 14.9 % 15.2 % 14.9 % 14.0 % 16.1 % Tier 1 capital 6.0 5.5 14.9 14.7 14.6 17.4 15.2 14.9 14.0 16.1 Total capital 8.0 8.0 16.9 16.8 16.6 19.8 16.7 16.4 15.6 17.9 Tier 1 leverage 4.0 4.0 6.3 6.3 6.4 6.4 6.3 6.3 5.8 5.8 NA: Not applicable. (1) Common equity tier 1 capital, tier 1 capital and total capital ratios as of September 30, 2015 and December 31, 2014 were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Tier 1 leverage ratio as of September 30, 2015 and December 31, 2014 were calculated in conformity with the Basel III final rule. (2) Common equity tier 1 capital, tier 1 capital and total capital ratios as of September 30, 2015 were calculated in conformity with the standardized approach provisions of the Basel III final rule. Tier 1 leverage ratio as of September 30, 2015 was calculated in conformity with the Basel III final rule. (3) 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. (4) Amounts for State Street and State Street Bank as of September 30, 2015 consisted of goodwill, net of associated deferred tax liabilities, and 40% of other intangible assets, net of associated deferred tax liabilities. Amounts for State Street and State Street Bank as of December 31, 2014 consisted of goodwill, net of deferred tax liabilities and 20% of other intangible assets, net of associated deferred tax liabilities. Intangible assets, net of associated deferred tax liabilities is 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, or 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 September 30, 2015 . (7) Minimum requirements will be phased in up to full implementation beginning on January 1, 2019; minimum requirements listed are as of December 31, 2014 . |
Derivative Financial Instrume38
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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) September 30, December 31, Derivatives not designated as hedging instruments: Interest-rate contracts: Swap agreements and forwards $ 360 $ 645 Options and caps purchased 1 7 Options and caps written 1 7 Futures 16,078 3,939 Foreign exchange contracts: Forward, swap and spot 1,345,774 1,231,344 Options purchased 989 2,767 Options written 938 2,404 Credit derivative contracts: Credit swap agreements 37 191 Commodity and equity contracts: Commodity (1) 138 26 Equity (1) 53 2 Other: Stable value contracts 23,588 23,409 Deferred value awards (2) 351 210 Derivatives designated as hedging instruments: Interest-rate contracts: Swap agreements 9,407 6,077 Foreign exchange contracts: Forward and swap 13,052 2,705 (1) Primarily composed of positions held by a consolidated sponsored investment fund, more fully described in note 9 . (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: September 30, 2015 (1) (In millions) Fair Value Hedges Investment securities available for sale $ 1,707 Long-term debt (2) 7,700 Total $ 9,407 December 31, 2014 (In millions) Fair Investment securities available for sale $ 2,577 Long-term debt (2) 3,500 Total $ 6,077 (1) As of September 30, 2015 there were no interest-rate contracts designated as cash flow hedges. (2) As of September 30, 2015 , these fair value hedges increased the carrying value of long-term debt presented in our consolidated statement of condition by $217 million . As of December 31, 2014 , these fair value hedges decreased the carrying value of long-term debt presented in our consolidated statement of condition by $76 million . |
Contractual and Weighted-Average Interest Rates, Which Include the Effects of Hedges Related to Financial Instruments | The following tables present the contractual and weighted-average interest rates for long-term debt, which include the effects of the fair value hedges presented in the table above, for the periods indicated: Three Months Ended September 30, 2015 2014 Contractual Rates Rate Including Impact of Hedges Contractual Rates Rate Including Impact of Hedges Long-term debt 3.59 % 2.35 % 3.44 % 2.64 % Nine Months Ended September 30, 2015 2014 Contractual Rates Rate Including Impact of Hedges Contractual Rates Rate Including Impact of Hedges Long-term debt 3.60 % 2.51 % 3.45 % 2.66 % |
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) September 30, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 10,102 $ 14,626 Interest-rate contracts 3 15 Other derivative contracts 5 2 Total $ 10,110 $ 14,643 Derivatives designated as hedging instruments: Foreign exchange contracts $ 632 $ 509 Interest-rate contracts 229 62 Total $ 861 $ 571 (1) Derivative assets are included within other assets in our consolidated statement of condition. Derivative Liabilities (1) Fair Value (In millions) September 30, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 10,269 $ 14,922 Other derivative contracts 105 70 Interest-rate contracts 2 16 Total $ 10,376 $ 15,008 Derivatives designated as hedging instruments: Interest-rate contracts $ 205 $ 223 Foreign exchange contracts 28 3 Total $ 233 $ 226 (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 Derivative in Consolidated Statement of Income Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2015 2014 2015 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts Trading services revenue $ 177 $ 163 $ 546 $ 441 Interest-rate contracts Trading services revenue — 1 (1 ) — Credit derivative contracts Processing fees and other revenue — — — (1 ) Other derivative contracts Trading services revenue (1 ) 1 1 1 Total $ 176 $ 165 $ 546 $ 441 Location of (Gain) Loss on Derivative in Consolidated Statement of Income Amount of (Gain) Loss on Derivative Recognized in Consolidated Statement of Income Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2015 2014 2015 2014 Derivatives not designated as hedging instruments: Other derivative contracts Compensation and employee benefits $ 28 $ 18 $ 121 $ 89 Total $ 28 $ 18 $ 121 $ 89 |
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 (Loss) on Derivative Recognized in Consolidated Statement of Income Hedged Item in Fair Value Hedging Relationship Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income (In millions) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Derivatives designated as fair value hedges: Foreign exchange contracts Processing fees and $ (80 ) $ (132 ) Investment securities Processing fees and $ 80 $ 132 Foreign exchange contracts Processing fees and other revenue (13 ) 102 FX deposit Processing fees and other revenue 13 (102 ) Interest-rate contracts Processing fees and other revenue (25 ) (13 ) Available-for-sale securities Processing fees and other revenue (1) 26 14 Interest-rate contracts Processing fees and 182 165 Long-term debt Processing fees and (176 ) (159 ) Total $ 64 $ 122 $ (57 ) $ (115 ) Location of Gain (Loss) on Derivative in Consolidated Statement of Income Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Hedged Item in Fair Value Hedging Relationship Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income (In millions) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Derivatives designated as fair value hedges: Foreign exchange contracts Processing fees and $ (82 ) $ (22 ) Investment securities Processing fees and $ 82 $ 22 Interest-rate contracts Processing fees and other revenue 24 (17 ) Available-for-sale securities Processing fees and other revenue (1) (23 ) 15 Interest-rate contracts Processing fees and (8 ) 88 Long-term debt Processing fees and 9 (80 ) Total $ (66 ) $ 49 $ 68 $ (43 ) (1) Represents amounts reclassified out of or into other comprehensive income, or OCI. For the three and nine months ended September 30, 2015 , $16 million and $9 million , respectively, of unrealized losses on available-for-sale securities designated in fair value hedges were recognized in OCI. For the three and nine months ended September 30, 2014 , $14 million and $9 million , respectively, of unrealized gains and losses, respectively, 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 (Loss) on Derivative Recognized in Other Comprehensive Income Location of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income Location of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income (In millions) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Derivatives designated as cash flow hedges: Interest-rate contracts $ — $ — Net interest revenue $ (1 ) $ (3 ) Net interest revenue $ — $ — Foreign exchange contracts 40 81 Net interest revenue — — Net interest revenue 2 6 Total $ 40 $ 81 $ (1 ) $ (3 ) $ 2 $ 6 Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income Location of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income Location of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income (In millions) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Derivatives designated as cash flow hedges: Interest-rate contracts $ (1 ) $ (3 ) Net interest revenue $ (1 ) $ (3 ) Net interest revenue $ 1 $ 3 Foreign exchange contracts 92 28 Net interest revenue — — Net interest revenue 2 4 Total $ 91 $ 25 $ (1 ) $ (3 ) $ 3 $ 7 |
Offsetting Arrangements (Tables
Offsetting Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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: September 30, 2015 December 31, 2014 (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 $ 10,734 $ (4,729 ) $ 6,005 $ 15,135 $ (6,275 ) $ 8,860 Interest-rate contracts 232 (9 ) 223 77 (21 ) 56 Equity derivative contracts 1 (1 ) — — — — Other derivative contracts 4 (3 ) 1 2 (1 ) 1 Cash collateral netting — (842 ) (842 ) — (983 ) (983 ) Total derivatives $ 10,971 $ (5,584 ) $ 5,387 $ 15,214 $ (7,280 ) $ 7,934 Other financial instruments: Resale agreements and securities borrowing (3) $ 67,065 $ (36,705 ) $ 30,360 $ 47,488 $ (29,157 ) $ 18,331 Total derivatives and other financial instruments $ 78,036 $ (42,289 ) $ 35,747 $ 62,702 $ (36,437 ) $ 26,265 (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 $30,360 million as of September 30, 2015 were $9,155 million of resale agreements and $21,205 million of collateral provided related to securities borrowing. 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. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. September 30, 2015 December 31, 2014 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 $ 5,387 $ — $ (410 ) $ 4,977 $ 7,934 $ — $ (1,490 ) $ 6,444 Resale agreements and securities borrowing 30,360 (48 ) (29,780 ) 532 18,331 (128 ) (18,157 ) 46 Total $ 35,747 $ (48 ) $ (30,190 ) $ 5,509 $ 26,265 $ (128 ) $ (19,647 ) $ 6,490 (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: September 30, 2015 December 31, 2014 (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 $ 10,297 $ (4,729 ) $ 5,568 $ 14,925 $ (6,275 ) $ 8,650 Interest-rate contracts 207 (9 ) 198 239 (20 ) 219 Equity derivative contracts 1 (1 ) — — — — Other derivative contracts 104 (3 ) 101 70 (1 ) 69 Cash collateral netting — (1,751 ) (1,751 ) — (2,630 ) (2,630 ) Total derivatives $ 10,609 $ (6,493 ) $ 4,116 $ 15,234 $ (8,926 ) $ 6,308 Other financial instruments: Repurchase agreements and securities lending (3) $ 48,002 $ (36,705 ) $ 11,297 $ 44,562 $ (29,157 ) $ 15,405 Total derivatives and other financial instruments $ 58,611 $ (43,198 ) $ 15,413 $ 59,796 $ (38,083 ) $ 21,713 (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 $11,297 million as of September 30, 2015 were $7,760 million of repurchase agreements and $3,537 million of collateral received related to securities lending. 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. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to note 7 for additional information with respect to principal securities finance transactions. September 30, 2015 December 31, 2014 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 $ 4,116 $ — $ (58 ) $ 4,058 $ 6,308 $ — $ (19 ) $ 6,289 Repurchase agreements and securities lending 11,297 (48 ) (9,053 ) 2,196 15,405 (128 ) (13,872 ) 1,405 Total $ 15,413 $ (48 ) $ (9,111 ) $ 6,254 $ 21,713 $ (128 ) $ (13,891 ) $ 7,694 (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. |
Securities Sold and Securities Loaned Under Repurchase Agreements | The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements as of September 30, 2015 : September 30, 2015 Remaining Contractual Maturity of the Agreements (In millions) Overnight and Continuous Up to 30 days 30 – 90 days Total Repurchase agreements US Treasury and agency securities $ 39,883 $ — $ — $ 39,883 Non-US sovereign debt — 178 — 178 Total $ 39,883 $ 178 $ — $ 40,061 Securities lending transactions Equity securities 7,435 — 506 7,941 Total $ 7,435 $ — $ 506 $ 7,941 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 47,318 $ 178 $ 506 $ 48,002 |
Net Interest Revenue (Tables)
Net Interest Revenue (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Net Interest Revenue [Abstract] | |
Components of Interest Revenue and Interest Expense | The following table presents the components of interest revenue and interest expense, and related net interest revenue, for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2015 2014 2015 2014 Interest revenue: Deposits with banks $ 53 $ 53 $ 161 $ 138 Investment securities: U.S. Treasury and federal agencies 178 165 537 493 State and political subdivisions 57 58 173 173 Other investments 227 320 733 957 Securities purchased under resale agreements 18 9 45 27 Loans and leases 79 64 229 183 Other interest-earning assets 2 2 7 5 Total interest revenue 614 671 1,885 1,976 Interest expense: Deposits 28 33 67 66 Short-term borrowings 1 — 5 4 Long-term debt 62 60 185 186 Other interest-bearing liabilities 10 8 34 34 Total interest expense 101 101 291 290 Net interest revenue $ 513 $ 570 $ 1,594 $ 1,686 |
Expenses (Tables)
Expenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Expenses [Abstract] | |
Schedule of Acquisition and Restructuring Costs | The following table presents aggregate activity associated with accruals that resulted from the charges associated with the recently completed Business Operations and Information Technology Transformation program: (In millions) Employee- Related Costs Real Estate Consolidation Asset and Other Write-Offs Total Balance as of December 31, 2014 $ 40 $ 24 $ 7 $ 71 Additional accruals for Business Operations and Information Technology Transformation program (4 ) (4 ) — (8 ) Additional accruals for 2012 expense control measures — — 11 11 Payments and adjustments (21 ) (8 ) (13 ) (42 ) Balance as of September 30, 2015 $ 15 $ 12 $ 5 $ 32 The following table presents net acquisition and restructuring costs recorded in the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2015 2014 2015 2014 Acquisition costs $ 7 $ 12 $ 15 $ 48 Restructuring charges, net 3 8 4 33 Total acquisition and restructuring costs $ 10 $ 20 $ 19 $ 81 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following tables present the computation of basic and diluted earnings per common share for the periods indicated: Three Months Ended September 30, (Dollars in millions, except per share amounts) 2015 2014 Net income $ 585 $ 560 Less: Preferred stock dividends (42 ) (18 ) Dividends and undistributed earnings allocated to participating securities (1) — — Net income available to common shareholders $ 543 $ 542 Average common shares outstanding (in thousands): Basic average common shares 406,612 421,974 Effect of dilutive securities: common stock options and common stock awards 5,555 7,762 Diluted average common shares 412,167 429,736 Anti-dilutive securities (2) 619 876 Earnings per Common Share: Basic $ 1.34 $ 1.28 Diluted (3) 1.32 1.26 Nine Months Ended September 30, (Dollars in millions, except per share amounts) 2015 2014 Net income $ 1,416 $ 1,545 Less: Preferred stock dividends (102 ) (43 ) Dividends and undistributed earnings allocated to participating securities (1) (1 ) (2 ) Net income available to common shareholders $ 1,313 $ 1,500 Average common shares outstanding (in thousands): Basic average common shares 409,816 426,775 Effect of dilutive securities: common stock options and common stock awards 5,956 7,735 Diluted average common shares 415,772 434,510 Anti-dilutive securities (2) 675 1,502 Earnings per Common Share: Basic $ 3.20 $ 3.52 Diluted (3) 3.16 3.45 (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) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Summary of Line of Business Results | The following is a summary of our line-of-business results for the periods indicated. The “Other” column represents costs incurred that are not allocated to a specific line of business, including certain severance and restructuring costs, acquisition costs and certain provisions for legal contingencies. Three Months Ended September 30, Investment Servicing Investment Management Other Total 2015 2014 2015 2014 2015 2014 2015 2014 (Dollars in millions, except where otherwise noted) Servicing fees $ 1,294 $ 1,302 $ — $ — $ — $ — $ 1,294 $ 1,302 Management fees — — 287 316 — — 287 316 Trading services 283 266 11 12 — — 294 278 Securities finance 113 99 — — — — 113 99 Processing fees and other 131 25 (11 ) (8 ) — — 120 17 Total fee revenue 1,821 1,692 287 320 — — 2,108 2,012 Net interest revenue 514 566 (1 ) 4 — — 513 570 Gains (losses) related to investment securities, net (2 ) — — — — — (2 ) — Total revenue 2,333 2,258 286 324 — — 2,619 2,582 Provision for loan losses 5 2 — — — — 5 2 Total expenses 1,673 1,642 204 236 85 14 1,962 1,892 Income before income tax expense $ 655 $ 614 $ 82 $ 88 $ (85 ) $ (14 ) $ 652 $ 688 Pre-tax margin 28 % 27 % 29 % 27 % 25 % 27 % Nine Months Ended September 30, Investment Servicing Investment Management Other Total 2015 2014 2015 2014 2015 2014 2015 2014 (Dollars in millions, except where otherwise noted) Servicing fees $ 3,892 $ 3,828 $ — $ — $ — $ — $ 3,892 $ 3,828 Management fees — — 892 908 — — 892 908 Trading services 869 756 30 35 — — 899 791 Securities finance 369 331 — — — — 369 331 Processing fees and other 212 122 (14 ) (5 ) — — 198 117 Total fee revenue 5,342 5,037 908 938 — — 6,250 5,975 Net interest revenue 1,593 1,675 1 11 — — 1,594 1,686 Gains (losses) related to investment securities, net (6 ) 4 — — — — (6 ) 4 Total revenue 6,929 6,716 909 949 — — 7,838 7,665 Provision for loan losses 11 6 — — — — 11 6 Total expenses 5,389 4,907 711 706 93 157 6,193 5,770 Income before income tax expense $ 1,529 $ 1,803 $ 198 $ 243 $ (93 ) $ (157 ) $ 1,634 $ 1,889 Pre-tax margin 22 % 27 % 22 % 26 % 21 % 25 % |
Non-U.S. Activities (Tables)
Non-U.S. Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Results from Non-U.S. Operations | The following table presents our U.S. and non-U.S. financial results for the periods indicated. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 (In millions) Non-U.S. U.S. Total Non-U.S. U.S. Total Total revenue $ 1,173 $ 1,446 $ 2,619 $ 1,181 $ 1,401 $ 2,582 Income before income taxes 341 311 652 385 303 688 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 (In millions) Non-U.S. U.S. Total Non-U.S. U.S. Total Total revenue $ 3,470 $ 4,368 7,838 $ 3,454 $ 4,211 $ 7,665 Income before income taxes 1,033 601 1,634 987 902 1,889 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Accounting Policies [Abstract] | |
Debt Issuance Cost | $ 39 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
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 |
Liabilities, transfers into level 3 | 0 | 0 |
Liabilities, transfers out of level 3 | $ 0 | $ 0 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | $ 1,223 | $ 924 | |
Investment securities available for sale | 80,097 | 94,913 | |
Reduction in assets from netting and the result of cash collateral deposited with derivative counterparties | 842 | $ 983 | |
Reduction in liabilities from netting and the result of cash collateral received from derivative counterparties | 1,750 | $ 2,630 | |
Collateralized Loan Obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 1,900 | 3,800 | |
Automobile Loan Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 12 | 315 | |
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 | 3,300 | |
Non-U.S. debt securities, other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 763 | 1,200 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 1,223 | 924 | |
Investment securities available for sale | 80,097 | 94,913 | |
Derivative Asset, Gross Liability and Obligation to Return Cash, Offset | (5,584) | (7,280) | |
Derivative assets | 5,387 | 7,934 | |
Assets, fair value disclosure | 86,707 | 103,771 | |
Derivative Liability, Gross Asset and Right to Reclaim Cash, Offset | (6,493) | (8,926) | |
Derivative liabilities | 4,116 | 6,308 | |
Total liabilities carried at fair value | 4,219 | 6,308 | |
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 | (5,364) | (7,211) | |
Derivative assets | 5,370 | 7,924 | |
Derivative Liability, Gross Asset and Right to Reclaim Cash, Offset | (6,451) | (8,879) | |
Derivative liabilities | 3,846 | 6,046 | |
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 | (217) | (68) | |
Derivative assets | 15 | 9 | |
Derivative Liability, Gross Asset and Right to Reclaim Cash, Offset | (39) | (46) | |
Derivative liabilities | 168 | 193 | |
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 | (3) | (1) | |
Derivative assets | 2 | 1 | |
Derivative Liability, Gross Asset and Right to Reclaim Cash, Offset | (3) | (1) | |
Derivative liabilities | 102 | 69 | |
Recurring | U.S. government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 71 | 20 | |
Recurring | Non-U.S. government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 666 | 378 | |
Trading liabilities | 94 | ||
Recurring | Other U.S. debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 486 | 526 | |
Investment securities available for sale | 2,907 | 4,109 | |
Trading liabilities | 9 | ||
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 | 13,354 | 10,655 | |
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 | 18,829 | 20,714 | |
Recurring | Total asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 11,561 | 20,609 | |
Recurring | Asset-backed securities, student loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 7,644 | 12,460 | |
Recurring | Asset-backed securities, credit cards | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 1,504 | 3,053 | |
Recurring | Asset-backed securities, sub-prime | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 458 | 951 | |
Recurring | Asset-backed securities, other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 1,955 | 4,145 | |
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 | 19,827 | 22,169 | |
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 | 7,916 | 9,606 | |
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 | 3,198 | 3,226 | |
Recurring | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 3,711 | 3,909 | |
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 | 5,002 | 5,428 | |
Recurring | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 9,974 | 10,820 | |
Recurring | Collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 3,299 | 5,339 | |
Recurring | U.S. equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 37 | 39 | |
Recurring | Non-U.S. equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 3 | 2 | |
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 | 298 | 449 | |
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 | 8 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 751 | 418 | |
Investment securities available for sale | 12,817 | 10,056 | |
Derivative Asset, Gross Asset | 0 | 0 | |
Assets, fair value disclosure | 13,568 | 10,474 | |
Derivative Liability, Gross Liability | 0 | 0 | |
Total liabilities carried at fair value | 94 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross Asset | 0 | 0 | |
Derivative Liability, Gross Liability | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Interest-rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross Asset | 0 | 0 | |
Derivative Liability, Gross Liability | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross Asset | 0 | 0 | |
Derivative Liability, Gross Liability | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | U.S. government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 71 | 20 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 666 | 378 | |
Trading liabilities | 94 | ||
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other U.S. debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 14 | 20 | |
Investment securities available for sale | 0 | 0 | |
Trading liabilities | 0 | ||
Quoted Market Prices in Active Markets (Level 1) | 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 | 12,817 | 10,056 | |
Quoted Market Prices in Active Markets (Level 1) | 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 | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | 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 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | 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 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | 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 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Asset-backed securities, other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | 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 | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | 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 | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | 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 | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | 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 | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | U.S. equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | 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 | |
Quoted Market Prices in Active Markets (Level 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 | 0 | 0 | |
Quoted Market Prices in Active Markets (Level 1) | 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 | 0 | 0 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 472 | 506 | |
Investment securities available for sale | 64,375 | 79,491 | |
Derivative Asset, Gross Asset | 10,950 | 15,133 | |
Assets, fair value disclosure | 75,797 | 95,130 | |
Derivative Liability, Gross Liability | 10,587 | 15,151 | |
Total liabilities carried at fair value | 10,596 | 15,151 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross Asset | 10,713 | 15,054 | |
Derivative Liability, Gross Liability | 10,275 | 14,851 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Interest-rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross Asset | 232 | 77 | |
Derivative Liability, Gross Liability | 207 | 239 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross Asset | 5 | 2 | |
Derivative Liability, Gross Liability | 105 | 61 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | U.S. government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 0 | 0 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-U.S. government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 0 | 0 | |
Trading liabilities | 0 | ||
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other U.S. debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 472 | 506 | |
Investment securities available for sale | 2,898 | 4,100 | |
Trading liabilities | 9 | ||
Pricing Methods with Significant Observable Market Inputs (Level 2) | 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 | 537 | 599 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | 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 | 18,829 | 20,714 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Total asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 9,388 | 16,570 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Asset-backed securities, student loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 7,414 | 12,201 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Asset-backed securities, credit cards | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 1,504 | 3,053 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Asset-backed securities, sub-prime | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 458 | 951 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Asset-backed securities, other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 12 | 365 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | 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 | 19,287 | 21,503 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | 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 | 7,916 | 9,606 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | 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 | 2,921 | 2,931 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 3,711 | 3,909 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | 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 | 4,739 | 5,057 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 9,939 | 10,782 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 3,151 | 4,725 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | U.S. equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 37 | 39 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-U.S. equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 3 | 2 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | 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 | 298 | 449 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | 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 | 8 | |
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 | 2,926 | 5,447 | |
Total liabilities carried at fair value | 22 | 83 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 0 | 0 | |
Investment securities available for sale | 2,905 | 5,366 | |
Derivative Asset, Gross Asset | 21 | 81 | |
Assets, fair value disclosure | 2,926 | 5,447 | |
Derivative Liability, Gross Liability | 22 | 83 | |
Total liabilities carried at fair value | 22 | 83 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross Asset | 21 | 81 | |
Derivative Liability, Gross Liability | 22 | 74 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Interest-rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross Asset | 0 | 0 | |
Derivative Liability, Gross Liability | 0 | 0 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross Asset | 0 | 0 | |
Derivative Liability, Gross Liability | 0 | 9 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | U.S. government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 0 | 0 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account assets | 0 | 0 | |
Trading liabilities | 0 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | 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 | 9 | |
Trading liabilities | 0 | ||
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 | 0 | 0 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 | 0 | 0 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 2,173 | 4,039 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, student loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 230 | 259 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | 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 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | 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 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 1,943 | 3,780 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 | 540 | 666 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 | 0 | 0 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 | 277 | 295 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 0 | 0 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 | 263 | 371 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 35 | 38 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Collateralized mortgage obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 148 | 614 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | U.S. equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available for sale | 0 | 0 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | 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 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 | 0 | 0 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 | $ 0 | $ 0 |
Fair Value - Schedule of Fair48
Fair Value - Schedule of Fair Value Measurements, Assets, Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value as of beginning of period | $ 4,041 | $ 5,756 | $ 5,447 | $ 7,564 |
Recorded in Revenue, Assets | 17 | 64 | 97 | 79 |
Recorded in Other Comprehensive Income, Assets | (26) | (10) | (44) | (12) |
Purchases, Assets | 169 | 614 | 632 | 766 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | (686) | (74) | (1,194) | (81) |
Settlements, Assets | (443) | (551) | (1,157) | (1,249) |
Transfers into Level 3, Assets | 76 | 97 | 76 | |
Transfers out of Level 3, Assets | (146) | (332) | (952) | (1,600) |
Fair value as of end of period | 2,926 | 5,543 | 2,926 | 5,543 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of period end | 0 | 40 | 0 | 35 |
Derivative instruments, assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value as of beginning of period | 60 | 10 | 81 | 19 |
Recorded in Revenue, Assets | (5) | 44 | 49 | 26 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 | 0 | 0 |
Purchases, Assets | 1 | 22 | 17 | 32 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | (35) | (8) | (126) | (9) |
Transfers into Level 3, Assets | 0 | 0 | 0 | |
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 |
Fair value as of end of period | 21 | 68 | 21 | 68 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of period end | 0 | 40 | 0 | 35 |
Foreign exchange contracts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value as of beginning of period | 60 | 10 | 81 | 19 |
Recorded in Revenue, Assets | (5) | 44 | 49 | 26 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 | 0 | 0 |
Purchases, Assets | 1 | 22 | 17 | 32 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | (35) | (8) | (126) | (9) |
Transfers into Level 3, Assets | 0 | 0 | 0 | |
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 |
Fair value as of end of period | 21 | 68 | 21 | 68 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of period end | 0 | 40 | 0 | 35 |
Other Assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value as of beginning of period | 0 | |||
Recorded in Revenue, Assets | 0 | |||
Recorded in Other Comprehensive Income, Assets | 0 | |||
Purchases, Assets | 0 | |||
Sales, Assets | 0 | |||
Settlements, Assets | 0 | |||
Transfers out of Level 3, Assets | 0 | |||
Fair value as of end of period | 0 | 0 | ||
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of period end | 0 | |||
Investment securities available for sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value as of beginning of period | 3,981 | 5,746 | 5,366 | 7,545 |
Recorded in Revenue, Assets | 22 | 20 | 48 | 53 |
Recorded in Other Comprehensive Income, Assets | (26) | (10) | (44) | (12) |
Purchases, Assets | 168 | 592 | 615 | 734 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | (686) | (74) | (1,194) | (81) |
Settlements, Assets | (408) | (543) | (1,031) | (1,240) |
Transfers into Level 3, Assets | 76 | 97 | 76 | |
Transfers out of Level 3, Assets | (146) | (332) | (952) | (1,600) |
Fair value as of end of period | 2,905 | 5,475 | 2,905 | 5,475 |
Investment securities available for sale | 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 | 96 | 716 | ||
Recorded in Revenue, Assets | 0 | 0 | ||
Recorded in Other Comprehensive Income, Assets | 0 | 0 | ||
Purchases, Assets | 168 | 168 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | 0 | ||
Settlements, Assets | (4) | (14) | ||
Transfers into Level 3, Assets | 0 | 0 | ||
Transfers out of Level 3, Assets | 0 | (610) | ||
Fair value as of end of period | 260 | 260 | ||
Investment securities available for sale | Total asset-backed securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value as of beginning of period | 3,167 | 4,383 | 4,039 | 4,979 |
Recorded in Revenue, Assets | 22 | 18 | 47 | 47 |
Recorded in Other Comprehensive Income, Assets | (22) | (9) | (39) | (12) |
Purchases, Assets | 0 | 299 | 0 | 306 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | (686) | (74) | (1,106) | (74) |
Settlements, Assets | (308) | (407) | (747) | (957) |
Transfers into Level 3, Assets | 0 | 0 | 0 | |
Transfers out of Level 3, Assets | 0 | 0 | (21) | (79) |
Fair value as of end of period | 2,173 | 4,210 | 2,173 | 4,210 |
Investment securities available for sale | 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 | 234 | $ 322 | 259 | 423 |
Recorded in Revenue, Assets | 0 | 0 | 1 | |
Recorded in Other Comprehensive Income, Assets | (3) | $ (1) | (2) | 2 |
Purchases, Assets | 0 | 24 | 0 | 24 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | (74) | 0 | (74) |
Settlements, Assets | (1) | (5) | (6) | (31) |
Transfers into Level 3, Assets | 0 | 0 | 0 | |
Transfers out of Level 3, Assets | 0 | 0 | (21) | (79) |
Fair value as of end of period | 230 | 266 | 230 | 266 |
Investment securities available for sale | 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 | |||
Recorded in Revenue, Assets | 0 | |||
Recorded in Other Comprehensive Income, Assets | 0 | |||
Purchases, Assets | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | |||
Settlements, Assets | (24) | |||
Transfers into Level 3, Assets | 0 | |||
Transfers out of Level 3, Assets | 0 | |||
Fair value as of end of period | 0 | 0 | ||
Investment securities available for sale | Asset-backed securities, other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value as of beginning of period | 2,933 | 4,061 | 3,780 | 4,532 |
Recorded in Revenue, Assets | 22 | 18 | 47 | 46 |
Recorded in Other Comprehensive Income, Assets | (19) | (8) | (37) | (14) |
Purchases, Assets | 0 | 275 | 0 | 282 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | (686) | 0 | (1,106) | 0 |
Settlements, Assets | (307) | (402) | (741) | (902) |
Transfers into Level 3, Assets | 0 | 0 | 0 | |
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 |
Fair value as of end of period | 1,943 | 3,944 | 1,943 | 3,944 |
Investment securities available for sale | 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 | 554 | 1,021 | 666 | 1,637 |
Recorded in Revenue, Assets | 0 | 2 | 1 | 5 |
Recorded in Other Comprehensive Income, Assets | (2) | (1) | (1) | 0 |
Purchases, Assets | 168 | 0 | 322 | 55 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | 0 | 0 | (1) |
Settlements, Assets | (83) | (124) | (201) | (247) |
Transfers into Level 3, Assets | 76 | 97 | 76 | |
Transfers out of Level 3, Assets | (97) | (252) | (344) | (803) |
Fair value as of end of period | 540 | 722 | 540 | 722 |
Investment securities available for sale | 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 | 97 | 0 | 375 | |
Recorded in Revenue, Assets | 0 | 0 | 0 | |
Recorded in Other Comprehensive Income, Assets | 0 | 0 | 0 | |
Purchases, Assets | 0 | 43 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | 0 | 0 | |
Settlements, Assets | 0 | 0 | 0 | |
Transfers into Level 3, Assets | 97 | 0 | ||
Transfers out of Level 3, Assets | (97) | (140) | (375) | |
Fair value as of end of period | 0 | 0 | 0 | 0 |
Investment securities available for sale | 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 | 193 | 506 | 295 | 798 |
Recorded in Revenue, Assets | 0 | 2 | 1 | 5 |
Recorded in Other Comprehensive Income, Assets | (1) | (1) | (1) | 0 |
Purchases, Assets | 168 | 0 | 168 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | (83) | (99) | (169) | (219) |
Transfers into Level 3, Assets | 76 | 0 | 76 | |
Transfers out of Level 3, Assets | 0 | (60) | (17) | (236) |
Fair value as of end of period | 277 | 424 | 277 | 424 |
Investment securities available for sale | 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 | 264 | 515 | 371 | 464 |
Recorded in Revenue, Assets | 0 | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | (1) | 0 | 0 | 0 |
Purchases, Assets | 0 | 0 | 111 | 55 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | 0 | 0 | (1) |
Settlements, Assets | 0 | (25) | (32) | (28) |
Transfers into Level 3, Assets | 0 | 0 | 0 | |
Transfers out of Level 3, Assets | 0 | (192) | (187) | (192) |
Fair value as of end of period | 263 | 298 | 263 | 298 |
Investment securities available for sale | State and political subdivisions | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value as of beginning of period | 36 | 41 | 38 | 43 |
Recorded in Revenue, Assets | 0 | 0 | 0 | 1 |
Recorded in Other Comprehensive Income, Assets | (1) | 0 | (2) | (1) |
Purchases, Assets | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | 0 | 0 | (1) | (2) |
Transfers into Level 3, Assets | 0 | 0 | 0 | |
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 |
Fair value as of end of period | 35 | 41 | 35 | 41 |
Investment securities available for sale | Collateralized mortgage obligations | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value as of beginning of period | 215 | 196 | 614 | 162 |
Recorded in Revenue, Assets | 0 | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | (1) | 0 | (2) | 1 |
Purchases, Assets | 0 | 125 | 293 | 205 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | 0 | (88) | (6) |
Settlements, Assets | (17) | (7) | (82) | (20) |
Transfers into Level 3, Assets | 0 | 0 | 0 | |
Transfers out of Level 3, Assets | (49) | (80) | (587) | (108) |
Fair value as of end of period | 148 | 234 | 148 | 234 |
Investment securities available for sale | 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 | 9 | 9 | 9 | 8 |
Recorded in Revenue, Assets | 0 | 0 | 0 | 0 |
Recorded in Other Comprehensive Income, Assets | 0 | 0 | 0 | 0 |
Purchases, Assets | 0 | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 0 | |||
Sales, Assets | 0 | 0 | 0 | 0 |
Settlements, Assets | 0 | (1) | 0 | 0 |
Transfers into Level 3, Assets | 0 | 0 | 0 | |
Transfers out of Level 3, Assets | 0 | 0 | 0 | 0 |
Fair value as of end of period | $ 9 | $ 8 | $ 9 | $ 8 |
Fair Value - Schedule of Fair49
Fair Value - Schedule of Fair Value Measurements, Liabilities, Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning balance, Liabilities | $ 50 | $ 19 | $ 83 | $ 26 |
Recorded in Revenue, Liabilities | (3) | 36 | 24 | 22 |
Issuances, Liabilities | (1) | (18) | (19) | (28) |
Settlements, Liabilities | (26) | (5) | (104) | (8) |
Fair Value, ending balance, Liabilities | 22 | 68 | 22 | 68 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | 1 | 35 | (2) | 32 |
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 | 50 | 19 | 83 | 26 |
Recorded in Revenue, Liabilities | (3) | 36 | 24 | 22 |
Issuances, Liabilities | (1) | (18) | (19) | (28) |
Settlements, Liabilities | (26) | (5) | (104) | (8) |
Fair Value, ending balance, Liabilities | 22 | 68 | 22 | 68 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | 1 | 35 | (2) | 32 |
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 | 50 | 10 | 74 | 17 |
Recorded in Revenue, Liabilities | (3) | 36 | 24 | 22 |
Issuances, Liabilities | (1) | (18) | (19) | (28) |
Settlements, Liabilities | (26) | (5) | (95) | (8) |
Fair Value, ending balance, Liabilities | 22 | 59 | 22 | 59 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | 1 | 35 | (2) | 32 |
Other | Accrued expenses and other liabilities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning balance, Liabilities | 9 | 9 | 9 | |
Recorded in Revenue, Liabilities | 0 | 0 | 0 | |
Issuances, Liabilities | 0 | 0 | 0 | |
Settlements, Liabilities | 0 | (9) | 0 | |
Fair Value, ending balance, Liabilities | $ 0 | 9 | 0 | 9 |
Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of end of period | $ 0 | $ 0 | $ 0 |
Fair Value - Level 3 Total Real
Fair Value - Level 3 Total Realized And Unrealized Gains And Losses Recorded In Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Total Revenue [Member] | ||||
Realized and Unrealized Gains and Losses [Line Items] | ||||
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | $ 20 | $ 28 | $ 73 | $ 57 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | (1) | 5 | 2 | 3 |
Trading services | ||||
Realized and Unrealized Gains and Losses [Line Items] | ||||
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | (1) | 8 | 25 | 4 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | (1) | 5 | 2 | 3 |
Total Fee Revenue [Member] | ||||
Realized and Unrealized Gains and Losses [Line Items] | ||||
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | (1) | 8 | 25 | 4 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | (1) | 5 | 2 | 3 |
Interest Income [Member] | ||||
Realized and Unrealized Gains and Losses [Line Items] | ||||
Total Realized and Unrealized Gains (Losses) Recorded in Revenue | 21 | 20 | 48 | 53 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value - Fair Value Inputs,
Fair Value - Fair Value Inputs, Assets and Liabilities, Quantitative Information (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | $ 80,097 | $ 94,913 |
Asset-backed securities, other | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | 1,955 | 4,145 |
State and political subdivisions | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | 9,974 | 10,820 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets, fair value disclosure | 2,926 | 5,447 |
Liabilities, fair value disclosure | 22 | 83 |
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 | 22 | 74 |
Derivative instruments, other, liabilities | 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 | 21 | 81 |
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 | 1,943 | 3,780 |
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 | $ 35 | $ 38 |
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 | 0.00% | 5.20% |
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 | 0.10% | 0.20% |
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 | 2.30% | 2.10% |
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 | 11.80% | 9.00% |
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 | 10.90% | 9.10% |
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 | $ 94 | $ 178 |
Liabilities, fair value disclosure | 22 | 83 |
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 | 22 | 74 |
Derivative instruments, other, liabilities | 0 | 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 | 21 | 81 |
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 | 38 | 59 |
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 | $ 35 | $ 38 |
Fair Value - Schedule of Availa
Fair Value - Schedule of Availability of Significant Unobservable Inputs by Balance Sheet Classification (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Investment securities available for sale | $ 80,097 | $ 94,913 |
Asset-backed securities, student loans | ||
Assets: | ||
Investment securities available for sale | 7,644 | 12,460 |
Asset-backed securities, other | ||
Assets: | ||
Investment securities available for sale | 1,955 | 4,145 |
Non-U.S. debt securities, mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 7,916 | 9,606 |
Non-U.S. debt securities, asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 3,198 | 3,226 |
Non-U.S. debt securities, other | ||
Assets: | ||
Investment securities available for sale | 5,002 | 5,428 |
State and political subdivisions | ||
Assets: | ||
Investment securities available for sale | 9,974 | 10,820 |
Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 3,299 | 5,339 |
Other U.S. debt securities | ||
Assets: | ||
Investment securities available for sale | 2,907 | 4,109 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Assets: | ||
Assets, fair value disclosure | 2,926 | 5,447 |
Liabilities: | ||
Liabilities, fair value disclosure | 22 | 83 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, liabilities | ||
Liabilities: | ||
Derivative instruments, foreign exchange contracts, liabilities | 22 | 74 |
Derivative instruments, other, liabilities | 9 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, assets | ||
Assets: | ||
Derivative instruments, foreign exchange contracts, assets | 21 | 81 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, student loans | ||
Assets: | ||
Investment securities available for sale | 230 | 259 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, other | ||
Assets: | ||
Investment securities available for sale | 1,943 | 3,780 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 0 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 277 | 295 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, other | ||
Assets: | ||
Investment securities available for sale | 263 | 371 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | State and political subdivisions | ||
Assets: | ||
Investment securities available for sale | 35 | 38 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 148 | 614 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other U.S. debt securities | ||
Assets: | ||
Investment securities available for sale | 9 | 9 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Assets: | ||
Assets, fair value disclosure | 94 | 178 |
Liabilities: | ||
Liabilities, fair value disclosure | 22 | 83 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, liabilities | ||
Liabilities: | ||
Derivative instruments, foreign exchange contracts, liabilities | 22 | 74 |
Derivative instruments, other, liabilities | 0 | 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 | 21 | 81 |
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 | 0 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, other | ||
Assets: | ||
Investment securities available for sale | 38 | 59 |
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 | 35 | 38 |
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 | 2,832 | 5,269 |
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 | |
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) | Asset-backed securities, student loans | ||
Assets: | ||
Investment securities available for sale | 230 | 259 |
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 | 1,905 | 3,721 |
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 | 0 | |
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 | 277 | 295 |
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 | 263 | 371 |
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 | 148 | 614 |
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 | $ 9 |
Fair Value - Carrying Value and
Fair Value - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Financial Assets: | ||||
Cash and due from banks | $ 3,660 | $ 1,855 | $ 4,146 | $ 3,220 |
Interest-bearing deposits with banks | 68,361 | 93,523 | ||
Securities purchased under resale agreements | 9,155 | 2,390 | ||
Investment securities held to maturity, fair value | 17,536 | 17,842 | ||
Net loans (excluding leases) | 18,081 | 17,131 | ||
Financial Liabilities: | ||||
Noninterest-bearing | 58,426 | 70,490 | ||
Interest-bearing—U.S. | 30,407 | 33,012 | ||
Interest-bearing—non-U.S. | 97,534 | 105,538 | ||
Securities sold under repurchase agreements | 7,760 | 8,925 | ||
Federal funds purchased | 25 | 21 | ||
Other short-term borrowings | 3,761 | 4,381 | ||
Long-term debt | 11,998 | 10,229 | ||
Reported Amount | ||||
Financial Assets: | ||||
Cash and due from banks | 3,660 | 1,855 | ||
Interest-bearing deposits with banks | 68,361 | 93,523 | ||
Securities purchased under resale agreements | 9,155 | 2,390 | ||
Investment securities held to maturity, fair value | 17,463 | 17,723 | ||
Net loans (excluding leases) | 18,108 | 17,158 | ||
Financial Liabilities: | ||||
Noninterest-bearing | 58,426 | 70,490 | ||
Interest-bearing—U.S. | 30,407 | 33,012 | ||
Interest-bearing—non-U.S. | 97,534 | 105,538 | ||
Securities sold under repurchase agreements | 7,760 | 8,925 | ||
Federal funds purchased | 25 | 21 | ||
Other short-term borrowings | 3,761 | 4,381 | ||
Long-term debt | 12,025 | 10,042 | ||
Quoted Market Prices in Active Markets (Level 1) | ||||
Financial Assets: | ||||
Cash and due from banks | 3,660 | 1,855 | ||
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 | 68,361 | 93,523 | ||
Securities purchased under resale agreements | 9,155 | 2,390 | ||
Investment securities held to maturity, fair value | 17,536 | 17,842 | ||
Net loans (excluding leases) | 17,925 | 16,964 | ||
Financial Liabilities: | ||||
Noninterest-bearing | 58,426 | 70,490 | ||
Interest-bearing—U.S. | 30,407 | 33,012 | ||
Interest-bearing—non-U.S. | 97,534 | 105,538 | ||
Securities sold under repurchase agreements | 7,760 | 8,925 | ||
Federal funds purchased | 25 | 21 | ||
Other short-term borrowings | 3,761 | 4,381 | ||
Long-term debt | 11,448 | 9,382 | ||
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) | 156 | 167 | ||
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 | $ 550 | $ 847 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||||
Pledged Financial Instruments, Not Separately Reported, Securities | $ 22,910 | $ 22,910 | $ 44,020 | ||
Other-than-temporary impairment recorded | 0 | $ 0 | 1 | $ 11 | |
Impairment associated with adverse changes in timing of expected future cash flows | 0 | 0 | 1 | 1 | |
Impairment associated with expected credit losses | $ 0 | $ 0 | 0 | $ 10 | |
Gross pre-tax unrealized losses on securities | $ 571 | ||||
Number of available for sale and held to maturity securities in gross pre-tax unrealized loss position | security | 1,150 |
Investment Securities - Schedul
Investment Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | $ 79,415 | $ 94,108 |
Available for sale, gross unrealized gains | 1,091 | 1,229 |
Available for sale, gross unrealized losses | 409 | 424 |
Investment securities available for sale | 80,097 | 94,913 |
Held to maturity, amortized cost | 17,463 | 17,723 |
Held to maturity, gross unrealized gains | 235 | 309 |
Held to maturity, gross unrealized losses | 162 | 190 |
Held to maturity, fair value | 17,536 | 17,842 |
Total asset-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 11,729 | 20,615 |
Available for sale, gross unrealized gains | 81 | 218 |
Available for sale, gross unrealized losses | 249 | 224 |
Investment securities available for sale | 11,561 | 20,609 |
Held to maturity, amortized cost | 2,943 | 3,288 |
Held to maturity, gross unrealized gains | 3 | 7 |
Held to maturity, gross unrealized losses | 37 | 5 |
Held to maturity, fair value | 2,909 | 3,290 |
US Treasury and federal agencies, direct obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 13,156 | 10,573 |
Available for sale, gross unrealized gains | 199 | 83 |
Available for sale, gross unrealized losses | 1 | 1 |
Investment securities available for sale | 13,354 | 10,655 |
Held to maturity, amortized cost | 7,931 | 5,114 |
Held to maturity, gross unrealized gains | 32 | 0 |
Held to maturity, gross unrealized losses | 71 | 147 |
Held to maturity, fair value | 7,892 | 4,967 |
US Treasury and federal agencies, mortgage-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 18,636 | 20,648 |
Available for sale, gross unrealized gains | 254 | 193 |
Available for sale, gross unrealized losses | 61 | 127 |
Investment securities available for sale | 18,829 | 20,714 |
Held to maturity, amortized cost | 46 | 62 |
Held to maturity, gross unrealized gains | 3 | 4 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 49 | 66 |
Asset-backed securities, student loans | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 7,816 | 12,478 |
Available for sale, gross unrealized gains | 20 | 106 |
Available for sale, gross unrealized losses | 192 | 124 |
Investment securities available for sale | 7,644 | 12,460 |
Held to maturity, amortized cost | 1,642 | 1,814 |
Held to maturity, gross unrealized gains | 0 | 2 |
Held to maturity, gross unrealized losses | 36 | 4 |
Held to maturity, fair value | 1,606 | 1,812 |
Asset-backed securities, credit cards | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 1,527 | 3,077 |
Available for sale, gross unrealized gains | 4 | 10 |
Available for sale, gross unrealized losses | 27 | 34 |
Investment securities available for sale | 1,504 | 3,053 |
Held to maturity, amortized cost | 897 | 897 |
Held to maturity, gross unrealized gains | 1 | 2 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 898 | 899 |
Asset-backed securities, sub-prime | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 485 | 1,005 |
Available for sale, gross unrealized gains | 2 | 2 |
Available for sale, gross unrealized losses | 29 | 56 |
Investment securities available for sale | 458 | 951 |
Asset-backed securities, other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 1,901 | 4,055 |
Available for sale, gross unrealized gains | 55 | 100 |
Available for sale, gross unrealized losses | 1 | 10 |
Investment securities available for sale | 1,955 | 4,145 |
Held to maturity, amortized cost | 404 | 577 |
Held to maturity, gross unrealized gains | 2 | 3 |
Held to maturity, gross unrealized losses | 1 | 1 |
Held to maturity, fair value | 405 | 579 |
Total non-U.S. debt securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 19,717 | 21,939 |
Available for sale, gross unrealized gains | 137 | 241 |
Available for sale, gross unrealized losses | 27 | 11 |
Investment securities available for sale | 19,827 | 22,169 |
Held to maturity, amortized cost | 4,755 | 6,881 |
Held to maturity, gross unrealized gains | 127 | 191 |
Held to maturity, gross unrealized losses | 34 | 23 |
Held to maturity, fair value | 4,848 | 7,049 |
Non-U.S. debt securities, mortgage-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 7,835 | 9,442 |
Available for sale, gross unrealized gains | 93 | 168 |
Available for sale, gross unrealized losses | 12 | 4 |
Investment securities available for sale | 7,916 | 9,606 |
Held to maturity, amortized cost | 2,705 | 3,787 |
Held to maturity, gross unrealized gains | 122 | 177 |
Held to maturity, gross unrealized losses | 31 | 22 |
Held to maturity, fair value | 2,796 | 3,942 |
Non-U.S. debt securities, asset-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 3,200 | 3,215 |
Available for sale, gross unrealized gains | 3 | 11 |
Available for sale, gross unrealized losses | 5 | 0 |
Investment securities available for sale | 3,198 | 3,226 |
Held to maturity, amortized cost | 1,747 | 2,868 |
Held to maturity, gross unrealized gains | 5 | 14 |
Held to maturity, gross unrealized losses | 3 | 1 |
Held to maturity, fair value | 1,749 | 2,881 |
Government securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 3,704 | 3,899 |
Available for sale, gross unrealized gains | 7 | 10 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 3,711 | 3,909 |
Held to maturity, amortized cost | 236 | 154 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 236 | 154 |
Non-U.S. debt securities, other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 4,978 | 5,383 |
Available for sale, gross unrealized gains | 34 | 52 |
Available for sale, gross unrealized losses | 10 | 7 |
Investment securities available for sale | 5,002 | 5,428 |
Held to maturity, amortized cost | 67 | 72 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 67 | 72 |
State and political subdivisions | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 9,703 | 10,532 |
Available for sale, gross unrealized gains | 317 | 325 |
Available for sale, gross unrealized losses | 46 | 37 |
Investment securities available for sale | 9,974 | 10,820 |
Held to maturity, amortized cost | 2 | 9 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 2 | 9 |
Collateralized mortgage obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 3,267 | 5,280 |
Available for sale, gross unrealized gains | 43 | 71 |
Available for sale, gross unrealized losses | 11 | 12 |
Investment securities available for sale | 3,299 | 5,339 |
Held to maturity, amortized cost | 1,786 | 2,369 |
Held to maturity, gross unrealized gains | 70 | 107 |
Held to maturity, gross unrealized losses | 20 | 15 |
Held to maturity, fair value | 1,836 | 2,461 |
Other U.S. debt securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 2,866 | 4,033 |
Available for sale, gross unrealized gains | 53 | 88 |
Available for sale, gross unrealized losses | 12 | 12 |
Investment securities available for sale | 2,907 | 4,109 |
U.S. equity securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 32 | 29 |
Available for sale, gross unrealized gains | 7 | 10 |
Available for sale, gross unrealized losses | 2 | 0 |
Investment securities available for sale | 37 | 39 |
Non-U.S. equity securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 3 | 2 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 3 | 2 |
U.S. money-market mutual funds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 298 | 449 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 298 | 449 |
Non-U.S. money-market mutual funds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 8 | 8 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | $ 8 | 8 |
Federal Family Education Loan Program | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Federal government credit support guarantee, percentage minimum | 97.00% | |
Collateralized Loan Obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | $ 1,900 | 3,800 |
Automobile Loan Securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | 12 | 315 |
Non-US Debt Securities, Covered Bonds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | 3,300 | 3,300 |
Non-U.S. debt securities, other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | $ 763 | $ 1,200 |
Investment Securities - Sched56
Investment Securities - Schedule of Gross Pre-Tax Unrealized Losses on Investment Securities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | $ 11,782 | $ 8,532 |
Available for sale, Gross Unrealized Losses Less than 12 months | 111 | 39 |
Available for sale, Fair Value 12 months or longer | 9,104 | 16,983 |
Available for sale, Gross Unrealized Losses 12 months or longer | 298 | 385 |
Available for sale, Fair Value Total | 20,886 | 25,515 |
Available for sale, Gross Unrealized Losses Total | 409 | 424 |
Held to maturity, Fair Value Less than 12 months | 5,401 | 2,608 |
Held-to-maturity, Gross, Less than 12 Months | 52 | 13 |
Held to maturity, Fair Value 12 months or longer | 4,494 | 6,220 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 110 | 177 |
Held to maturity, Fair Value Total | 9,895 | 8,828 |
Held to maturity, Gross Unrealized Losses Total | 162 | 190 |
Asset-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 3,372 | 2,364 |
Available for sale, Gross Unrealized Losses Less than 12 months | 64 | 17 |
Available for sale, Fair Value 12 months or longer | 3,770 | 7,982 |
Available for sale, Gross Unrealized Losses 12 months or longer | 185 | 207 |
Available for sale, Fair Value Total | 7,142 | 10,346 |
Available for sale, Gross Unrealized Losses Total | 249 | 224 |
Held to maturity, Fair Value Less than 12 months | 1,204 | 904 |
Held-to-maturity, Gross, Less than 12 Months | 27 | 4 |
Held to maturity, Fair Value 12 months or longer | 419 | 192 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 10 | 1 |
Held to maturity, Fair Value Total | 1,623 | 1,096 |
Held to maturity, Gross Unrealized Losses Total | 37 | 5 |
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 | 0 |
Available for sale, Gross Unrealized Losses Less than 12 months | 0 | 0 |
Available for sale, Fair Value 12 months or longer | 125 | 167 |
Available for sale, Gross Unrealized Losses 12 months or longer | 1 | 1 |
Available for sale, Fair Value Total | 125 | 167 |
Available for sale, Gross Unrealized Losses Total | 1 | 1 |
Held to maturity, Fair Value Less than 12 months | 1,990 | 76 |
Held-to-maturity, Gross, Less than 12 Months | 14 | 1 |
Held to maturity, Fair Value 12 months or longer | 3,048 | 4,891 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 57 | 146 |
Held to maturity, Fair Value Total | 5,038 | 4,967 |
Held to maturity, Gross Unrealized Losses Total | 71 | 147 |
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 | 1,411 | 2,569 |
Available for sale, Gross Unrealized Losses Less than 12 months | 9 | 9 |
Available for sale, Fair Value 12 months or longer | 3,331 | 6,466 |
Available for sale, Gross Unrealized Losses 12 months or longer | 52 | 118 |
Available for sale, Fair Value Total | 4,742 | 9,035 |
Available for sale, Gross Unrealized Losses Total | 61 | 127 |
Asset-backed securities, student loans | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 3,372 | 1,473 |
Available for sale, Gross Unrealized Losses Less than 12 months | 64 | 15 |
Available for sale, Fair Value 12 months or longer | 2,762 | 5,025 |
Available for sale, Gross Unrealized Losses 12 months or longer | 128 | 109 |
Available for sale, Fair Value Total | 6,134 | 6,498 |
Available for sale, Gross Unrealized Losses Total | 192 | 124 |
Held to maturity, Fair Value Less than 12 months | 1,204 | 780 |
Held-to-maturity, Gross, Less than 12 Months | 27 | 3 |
Held to maturity, Fair Value 12 months or longer | 385 | 192 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 9 | 1 |
Held to maturity, Fair Value Total | 1,589 | 972 |
Held to maturity, Gross Unrealized Losses Total | 36 | 4 |
Asset-backed securities, credit cards | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 0 | 344 |
Available for sale, Gross Unrealized Losses Less than 12 months | 0 | 1 |
Available for sale, Fair Value 12 months or longer | 498 | 1,270 |
Available for sale, Gross Unrealized Losses 12 months or longer | 27 | 33 |
Available for sale, Fair Value Total | 498 | 1,614 |
Available for sale, Gross Unrealized Losses Total | 27 | 34 |
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 | 419 | 896 |
Available for sale, Gross Unrealized Losses 12 months or longer | 29 | 56 |
Available for sale, Fair Value Total | 419 | 896 |
Available for sale, Gross Unrealized Losses Total | 29 | 56 |
Asset-backed securities, other | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 0 | 547 |
Available for sale, Gross Unrealized Losses Less than 12 months | 0 | 1 |
Available for sale, Fair Value 12 months or longer | 91 | 791 |
Available for sale, Gross Unrealized Losses 12 months or longer | 1 | 9 |
Available for sale, Fair Value Total | 91 | 1,338 |
Available for sale, Gross Unrealized Losses Total | 1 | 10 |
Held to maturity, Fair Value Less than 12 months | 0 | 124 |
Held-to-maturity, Gross, Less than 12 Months | 0 | 1 |
Held to maturity, Fair Value 12 months or longer | 34 | 0 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 1 | 0 |
Held to maturity, Fair Value Total | 34 | 124 |
Held to maturity, Gross Unrealized Losses Total | 1 | 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 | 5,254 | 1,931 |
Available for sale, Gross Unrealized Losses Less than 12 months | 21 | 6 |
Available for sale, Fair Value 12 months or longer | 711 | 498 |
Available for sale, Gross Unrealized Losses 12 months or longer | 6 | 5 |
Available for sale, Fair Value Total | 5,965 | 2,429 |
Available for sale, Gross Unrealized Losses Total | 27 | 11 |
Held to maturity, Fair Value Less than 12 months | 1,755 | 1,206 |
Held-to-maturity, Gross, Less than 12 Months | 6 | 4 |
Held to maturity, Fair Value 12 months or longer | 480 | 590 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 28 | 19 |
Held to maturity, Fair Value Total | 2,235 | 1,796 |
Held to maturity, Gross Unrealized Losses Total | 34 | 23 |
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 | 2,030 | 1,350 |
Available for sale, Gross Unrealized Losses Less than 12 months | 9 | 2 |
Available for sale, Fair Value 12 months or longer | 197 | 170 |
Available for sale, Gross Unrealized Losses 12 months or longer | 3 | 2 |
Available for sale, Fair Value Total | 2,227 | 1,520 |
Available for sale, Gross Unrealized Losses Total | 12 | 4 |
Held to maturity, Fair Value Less than 12 months | 613 | 507 |
Held-to-maturity, Gross, Less than 12 Months | 3 | 3 |
Held to maturity, Fair Value 12 months or longer | 480 | 590 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 28 | 19 |
Held to maturity, Fair Value Total | 1,093 | 1,097 |
Held to maturity, Gross Unrealized Losses Total | 31 | 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 | 2,016 | |
Available for sale, Gross Unrealized Losses Less than 12 months | 5 | |
Available for sale, Fair Value 12 months or longer | 0 | |
Available for sale, Gross Unrealized Losses 12 months or longer | 0 | |
Available for sale, Fair Value Total | 2,016 | |
Available for sale, Gross Unrealized Losses Total | 5 | |
Held to maturity, Fair Value Less than 12 months | 1,142 | 699 |
Held-to-maturity, Gross, Less than 12 Months | 3 | 1 |
Held to maturity, Fair Value 12 months or longer | 0 | 0 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 0 | 0 |
Held to maturity, Fair Value Total | 1,142 | 699 |
Held to maturity, Gross Unrealized Losses Total | 3 | 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 | 1,208 | 581 |
Available for sale, Gross Unrealized Losses Less than 12 months | 7 | 4 |
Available for sale, Fair Value 12 months or longer | 514 | 328 |
Available for sale, Gross Unrealized Losses 12 months or longer | 3 | 3 |
Available for sale, Fair Value Total | 1,722 | 909 |
Available for sale, Gross Unrealized Losses Total | 10 | 7 |
State and political subdivisions | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 818 | 610 |
Available for sale, Gross Unrealized Losses Less than 12 months | 7 | 3 |
Available for sale, Fair Value 12 months or longer | 824 | 1,315 |
Available for sale, Gross Unrealized Losses 12 months or longer | 39 | 34 |
Available for sale, Fair Value Total | 1,642 | 1,925 |
Available for sale, Gross Unrealized Losses Total | 46 | 37 |
Collateralized mortgage obligations | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 667 | 731 |
Available for sale, Gross Unrealized Losses Less than 12 months | 5 | 2 |
Available for sale, Fair Value 12 months or longer | 188 | 311 |
Available for sale, Gross Unrealized Losses 12 months or longer | 6 | 10 |
Available for sale, Fair Value Total | 855 | 1,042 |
Available for sale, Gross Unrealized Losses Total | 11 | 12 |
Held to maturity, Fair Value Less than 12 months | 452 | 422 |
Held-to-maturity, Gross, Less than 12 Months | 5 | 4 |
Held to maturity, Fair Value 12 months or longer | 547 | 547 |
Held to maturity, Gross Unrealized Losses 12 months or longer | 15 | 11 |
Held to maturity, Fair Value Total | 999 | 969 |
Held to maturity, Gross Unrealized Losses Total | 20 | 15 |
Other U.S. debt securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 255 | 327 |
Available for sale, Gross Unrealized Losses Less than 12 months | 3 | 2 |
Available for sale, Fair Value 12 months or longer | 155 | 244 |
Available for sale, Gross Unrealized Losses 12 months or longer | 9 | 10 |
Available for sale, Fair Value Total | 410 | 571 |
Available for sale, Gross Unrealized Losses Total | 12 | $ 12 |
U.S. equity securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, Fair Value Less than 12 months | 5 | |
Available for sale, Gross Unrealized Losses Less than 12 months | 2 | |
Available for sale, Fair Value 12 months or longer | 0 | |
Available for sale, Gross Unrealized Losses 12 months or longer | 0 | |
Available for sale, Fair Value Total | 5 | |
Available for sale, Gross Unrealized Losses Total | $ 2 |
Investment Securities - Sched57
Investment Securities - Schedule of Contractual Maturities of Debt Securities (Details) $ in Millions | Sep. 30, 2015USD ($) |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | $ 9,983 |
Available for sale, 1 to 5 Years | 29,816 |
Available for sale, 6 to 10 Years | 17,360 |
Available for sale, Over 10 Years | 22,592 |
Held to maturity, Under 1 Year | 1,198 |
Held to maturity, 1 to 5 Years | 5,008 |
Held to maturity, 6 to 10 Years | 7,751 |
Held to maturity, Over 10 Years | 3,506 |
Total asset-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 514 |
Available for sale, 1 to 5 Years | 4,417 |
Available for sale, 6 to 10 Years | 4,131 |
Available for sale, Over 10 Years | 2,499 |
Held to maturity, Under 1 Year | 60 |
Held to maturity, 1 to 5 Years | 1,055 |
Held to maturity, 6 to 10 Years | 689 |
Held to maturity, Over 10 Years | 1,139 |
US Treasury and federal agencies, direct obligations | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 1,403 |
Available for sale, 1 to 5 Years | 9,228 |
Available for sale, 6 to 10 Years | 2,245 |
Available for sale, Over 10 Years | 478 |
Held to maturity, Under 1 Year | 0 |
Held to maturity, 1 to 5 Years | 1,625 |
Held to maturity, 6 to 10 Years | 6,197 |
Held to maturity, Over 10 Years | 109 |
US Treasury and federal agencies, mortgage-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 135 |
Available for sale, 1 to 5 Years | 2,268 |
Available for sale, 6 to 10 Years | 3,784 |
Available for sale, Over 10 Years | 12,642 |
Held to maturity, Under 1 Year | 2 |
Held to maturity, 1 to 5 Years | 6 |
Held to maturity, 6 to 10 Years | 7 |
Held to maturity, Over 10 Years | 31 |
Asset-backed securities, student loans | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 335 |
Available for sale, 1 to 5 Years | 3,858 |
Available for sale, 6 to 10 Years | 2,271 |
Available for sale, Over 10 Years | 1,180 |
Held to maturity, Under 1 Year | 0 |
Held to maturity, 1 to 5 Years | 193 |
Held to maturity, 6 to 10 Years | 313 |
Held to maturity, Over 10 Years | 1,136 |
Asset-backed securities, credit cards | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 144 |
Available for sale, 1 to 5 Years | 262 |
Available for sale, 6 to 10 Years | 1,098 |
Available for sale, Over 10 Years | 0 |
Held to maturity, Under 1 Year | 0 |
Held to maturity, 1 to 5 Years | 630 |
Held to maturity, 6 to 10 Years | 267 |
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 | 6 |
Available for sale, 1 to 5 Years | 5 |
Available for sale, 6 to 10 Years | 4 |
Available for sale, Over 10 Years | 443 |
Asset-backed securities, other | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 29 |
Available for sale, 1 to 5 Years | 292 |
Available for sale, 6 to 10 Years | 758 |
Available for sale, Over 10 Years | 876 |
Held to maturity, Under 1 Year | 60 |
Held to maturity, 1 to 5 Years | 232 |
Held to maturity, 6 to 10 Years | 109 |
Held to maturity, Over 10 Years | 3 |
Total non-U.S. debt securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 5,999 |
Available for sale, 1 to 5 Years | 9,600 |
Available for sale, 6 to 10 Years | 1,461 |
Available for sale, Over 10 Years | 2,767 |
Held to maturity, Under 1 Year | 784 |
Held to maturity, 1 to 5 Years | 2,179 |
Held to maturity, 6 to 10 Years | 364 |
Held to maturity, Over 10 Years | 1,428 |
Non-U.S. debt securities, mortgage-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 1,554 |
Available for sale, 1 to 5 Years | 3,134 |
Available for sale, 6 to 10 Years | 657 |
Available for sale, Over 10 Years | 2,571 |
Held to maturity, Under 1 Year | 362 |
Held to maturity, 1 to 5 Years | 815 |
Held to maturity, 6 to 10 Years | 100 |
Held to maturity, Over 10 Years | 1,428 |
Non-U.S. debt securities, asset-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 391 |
Available for sale, 1 to 5 Years | 2,475 |
Available for sale, 6 to 10 Years | 136 |
Available for sale, Over 10 Years | 196 |
Held to maturity, Under 1 Year | 276 |
Held to maturity, 1 to 5 Years | 1,320 |
Held to maturity, 6 to 10 Years | 151 |
Held to maturity, Over 10 Years | 0 |
Government securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 2,647 |
Available for sale, 1 to 5 Years | 1,064 |
Available for sale, 6 to 10 Years | 0 |
Available for sale, Over 10 Years | 0 |
Held to maturity, Under 1 Year | 123 |
Held to maturity, 1 to 5 Years | 0 |
Held to maturity, 6 to 10 Years | 113 |
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 | 1,407 |
Available for sale, 1 to 5 Years | 2,927 |
Available for sale, 6 to 10 Years | 668 |
Available for sale, Over 10 Years | 0 |
Held to maturity, Under 1 Year | 23 |
Held to maturity, 1 to 5 Years | 44 |
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 | 616 |
Available for sale, 1 to 5 Years | 2,372 |
Available for sale, 6 to 10 Years | 5,075 |
Available for sale, Over 10 Years | 1,911 |
Held to maturity, Under 1 Year | 2 |
Held to maturity, 1 to 5 Years | 0 |
Held to maturity, 6 to 10 Years | 0 |
Held to maturity, Over 10 Years | 0 |
Collateralized mortgage obligations | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 333 |
Available for sale, 1 to 5 Years | 215 |
Available for sale, 6 to 10 Years | 490 |
Available for sale, Over 10 Years | 2,261 |
Held to maturity, Under 1 Year | 350 |
Held to maturity, 1 to 5 Years | 143 |
Held to maturity, 6 to 10 Years | 494 |
Held to maturity, Over 10 Years | 799 |
Other U.S. debt securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, Under 1 Year | 983 |
Available for sale, 1 to 5 Years | 1,716 |
Available for sale, 6 to 10 Years | 174 |
Available for sale, Over 10 Years | $ 34 |
Investment Securities - Gains a
Investment Securities - Gains and Losses Related to Investment Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross realized gains from sales of available-for-sale securities | $ 15 | $ 48 | $ 57 | $ 64 |
Gross realized losses from sales of available-for-sale securities | (17) | (48) | (62) | (49) |
Gross losses from other-than-temporary impairment | 0 | 0 | (1) | (1) |
Losses reclassified (from) to other comprehensive income | 0 | 0 | 0 | (10) |
Gains (losses) related to investment securities, net | (2) | 0 | (6) | 4 |
Impairment associated with expected credit losses | 0 | 0 | 0 | (10) |
Impairment associated with adverse changes in timing of expected future cash flows | 0 | 0 | (1) | (1) |
Net impairment losses | $ 0 | $ 0 | $ (1) | $ (11) |
Investment Securities - Sched59
Investment Securities - Schedule of Credit-Related Loss Activity Recognized In Earnings (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance, beginning of period (December 31, 2014 and 2013, respectively) | $ 115 | $ 122 |
Losses for which other-than-temporary impairment was previously recognized | 1 | 11 |
Previously recognized losses related to securities sold or matured | (22) | (11) |
Losses related to securities intended or required to be sold | 0 | (6) |
Balance, end of period | $ 94 | $ 116 |
Loans and Leases - Narrative (D
Loans and Leases - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)loan | |
Financing Receivable, Recorded Investment [Line Items] | |||||
Aggregate short-duration advances | $ 4,560 | $ 4,560 | $ 3,540 | ||
Loans and leases, allowance for losses | 48 | $ 48 | $ 38 | ||
Loans modified in troubled debt restructurings | loan | 0 | 0 | |||
Provision for loan losses | 5 | $ 2 | $ 11 | $ 6 | |
Commercial and Financial | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans and leases, allowance for losses | 11 | 11 | |||
Commercial and Financial | Senior Secured Bank Loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans and leases, allowance for losses | 37 | $ 37 | $ 26 | ||
Institutional | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans more than 90 days past due | loan | 0 | 0 | |||
Provision for loan losses | 5 | $ 2 | $ 11 | $ 6 | |
Institutional | Senior Secured Bank Loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Commercial and financial | $ 2,930 | $ 2,930 | $ 2,070 | ||
Commercial Real Estate | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans more than 90 days past due | loan | 0 | 0 |
Loans and Leases - Net Loans (D
Loans and Leases - Net Loans (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 19,067 | $ 18,199 |
Allowance for loan losses | (48) | (38) |
Loans and leases, net of allowance for loan losses | 19,019 | 18,161 |
Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 19,016 | 18,171 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 51 | 28 |
U.S. | Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment funds | 11,875 | 11,388 |
Commercial and financial | 3,328 | 3,061 |
Purchased receivables | 99 | 124 |
Lease financing | 337 | 335 |
U.S. | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 51 | 28 |
Non- U.S. | Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment funds | 2,144 | 2,333 |
Commercial and financial | 653 | 256 |
Purchased receivables | 0 | 6 |
Lease financing | $ 580 | $ 668 |
Loans and Leases - Recorded Inv
Loans and Leases - Recorded Investment in Each Class of Total Loans and Leases by Credit Quality Indicator (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 19,067 | $ 18,199 |
Investment Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 14,019 | 13,721 |
Commercial and Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 3,981 | 3,317 |
Purchased Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 99 | 130 |
Lease Financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 917 | 1,003 |
Property Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 23 | 0 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 28 | 28 |
Investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 15,701 | 15,421 |
Investment grade | Investment Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 13,683 | 13,304 |
Investment grade | Commercial and Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,001 | 1,011 |
Investment grade | Purchased Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 99 | 130 |
Investment grade | Lease Financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 890 | 976 |
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 | 28 | 0 |
Speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 3,341 | 2,778 |
Speculative | Investment Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 336 | 417 |
Speculative | Commercial and Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 2,955 | 2,306 |
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 | 23 | 0 |
Speculative | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 0 | $ 28 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 25 | |
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 | 25 | |
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
Loans and Leases - Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | $ 19,067 | $ 18,199 |
Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 19,016 | 18,171 |
Amount of loan losses related to institutional loans collectively evaluated for impairment | 48 | 38 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 51 | 28 |
Collectively Evaluated for Impairment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 19,067 | 18,199 |
Collectively Evaluated for Impairment | Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | 19,016 | 18,171 |
Collectively Evaluated for Impairment | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Evaluated for Impairment | $ 51 | $ 28 |
Loans and Leases - Impaired Loa
Loans and Leases - Impaired Loans (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
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 | 22 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with no related allowance | 0 | 0 |
Unpaid principal balance with no related allowance recorded | 56 | 56 |
Institutional | ||
Financing Receivable, Impaired [Line Items] | ||
Amount of loan losses related to institutional loans collectively evaluated for impairment | $ 48 | $ 38 |
Loans and Leases - Schedule o65
Loans and Leases - Schedule of Activity In The Allowance For Loan Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Provision for loan losses | $ 5 | $ 2 | $ 11 | $ 6 | |
Loans and leases, allowance for losses | 48 | 48 | $ 38 | ||
Institutional | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 43 | 32 | 37 | 28 | |
Provision for loan losses | 5 | 2 | 11 | 6 | |
Ending balance | 48 | $ 34 | 48 | $ 34 | |
Commercial and Financial | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and leases, allowance for losses | 11 | 11 | |||
Commercial and Financial | Senior Secured Bank Loans | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Loans and leases, allowance for losses | $ 37 | $ 37 | $ 26 |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets - Changes In The Carrying Amount Of Goodwill (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 5,826 | $ 6,036 |
Foreign currency translation | (110) | (137) |
Ending balance | 5,716 | 5,899 |
Investment Servicing | ||
Goodwill [Roll Forward] | ||
Beginning balance | 5,793 | 5,999 |
Foreign currency translation | (108) | (134) |
Ending balance | 5,685 | 5,865 |
Investment Management | ||
Goodwill [Roll Forward] | ||
Beginning balance | 33 | 37 |
Foreign currency translation | (2) | (3) |
Ending balance | $ 31 | $ 34 |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets - Changes In The Carrying Amount Of Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning balance | $ 2,025 | $ 2,360 | ||
Amortization | $ (48) | $ (54) | (147) | (162) |
Foreign currency translation and other, net | (58) | (77) | ||
Ending balance | 1,820 | 2,121 | 1,820 | 2,121 |
Investment Servicing | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning balance | 1,998 | 2,321 | ||
Amortization | (141) | (155) | ||
Foreign currency translation and other, net | (56) | (75) | ||
Ending balance | 1,801 | 2,091 | 1,801 | 2,091 |
Investment Management | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning balance | 27 | 39 | ||
Amortization | (6) | (7) | ||
Foreign currency translation and other, net | (2) | (2) | ||
Ending balance | $ 19 | $ 30 | $ 19 | $ 30 |
Goodwill and Other Intangible68
Goodwill and Other Intangible Assets - Gross Carrying Amount, Accumulated Amortization And Net Carrying Amount Of Other Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | $ 3,332 | $ 3,471 | ||
Accumulated Amortization | (1,512) | (1,446) | ||
Net Carrying Amount | 1,820 | 2,025 | $ 2,121 | $ 2,360 |
Client relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 2,503 | 2,569 | ||
Accumulated Amortization | (1,175) | (1,088) | ||
Net Carrying Amount | 1,328 | 1,481 | ||
Core deposits | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 672 | 688 | ||
Accumulated Amortization | (239) | (219) | ||
Net Carrying Amount | 433 | 469 | ||
Other | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 157 | 214 | ||
Accumulated Amortization | (98) | (139) | ||
Net Carrying Amount | $ 59 | $ 75 |
Other Assets - Components of Ot
Other Assets - Components of Other Assets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Other Assets [Line Items] | ||
Total | $ 36,505 | $ 32,600 |
Real estate acquired through foreclosure | 0 | 62 |
Reported Amount | Other Assets | ||
Other Assets [Line Items] | ||
Collateral deposits, net | 23,041 | 18,134 |
Unrealized gains on derivative financial instruments, net | 5,387 | 7,934 |
Bank-owned life insurance | 3,057 | 2,402 |
Investments in joint ventures and other unconsolidated entities | 2,047 | 1,798 |
Accounts receivable | 1,225 | 513 |
Receivable for securities settlement | 414 | 218 |
Prepaid expenses | 309 | 259 |
Income taxes receivable | 199 | 396 |
Deferred tax assets, net of valuation allowance | 187 | 214 |
Deposits with clearing organizations | 135 | 197 |
Other | 504 | 535 |
Total | $ 36,505 | $ 32,600 |
Commitments and Guarantees - Na
Commitments and Guarantees - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Unfunded commitments to extend credit | $ 22,280 | $ 24,430 |
Unfunded commitments to extend credit, short term | 76.00% | |
Unfunded Commitment to Extend Credit, Term | 1 year | |
Cash collateral provided for securities lending | $ 21,210 | 15,940 |
Accrued expenses and other liabilities | ||
Loss Contingencies [Line Items] | ||
Cash collateral received in connection to securities finance activities | $ 3,350 | $ 6,480 |
Commitments and Guarantees - Co
Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Indemnified securities financing | $ 330,821 | $ 349,766 |
Stable value protection | 23,588 | 23,409 |
Asset purchase agreements | 4,322 | 4,107 |
Standby letters of credit | $ 4,769 | $ 4,720 |
Commitments and Guarantees - Sc
Commitments and Guarantees - Schedule Of Repurchase Agreements (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of indemnified securities financing | $ 330,821 | $ 349,766 |
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 341,789 | 364,411 |
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 78,407 | 85,309 |
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | $ 82,582 | $ 90,819 |
Contingencies - Legal and Regul
Contingencies - Legal and Regulatory Matters Narrative (Details) £ in Millions, $ in Millions | Aug. 31, 2009USD ($)cases | Jan. 31, 2014USD ($)claim | Jan. 31, 2014GBP (£)claim | Oct. 31, 2009USD ($) | Sep. 30, 2015USD ($)claim |
Loss Contingencies [Line Items] | |||||
Number of lawsuits from related participants of agency securities lending program | cases | 2 | ||||
Securities Finance | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, damages sought, value | $ 125 | ||||
Litigation reserve | $ 11 | ||||
Realized loss on sales of securities | 10 | ||||
Foreign Exchange | |||||
Loss Contingencies [Line Items] | |||||
Actual damages asserted by attorney general | $ 100 | ||||
Loss Contingency, Estimate of Possible Loss | $ 585 | ||||
Putative Class Action | |||||
Loss Contingencies [Line Items] | |||||
Number of pending claims | claim | 2 | ||||
Transition Management | |||||
Loss Contingencies [Line Items] | |||||
Litigation reserve | $ 2.5 | ||||
Claims settled | claim | 6 | 6 | |||
Legal Reserve | Transition Management | |||||
Loss Contingencies [Line Items] | |||||
Legal reserves | $ 605 | ||||
Regulatory Matter | Transition Management | |||||
Loss Contingencies [Line Items] | |||||
Settlement, amount | $ 37.8 | £ 22.9 |
Contingencies - Schedule of Est
Contingencies - Schedule of Estimated Indirect Foreign Exchange Revenue (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | |
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Estimated indirect foreign exchange revenue | $ 216 | $ 246 | $ 285 | $ 248 | $ 331 | $ 336 | $ 369 | $ 462 |
Contingencies - Tax Contingenci
Contingencies - Tax Contingencies Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits | $ 52 | $ 163 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Variable Interest Entities [Abstract] | ||
Investment securities related to state and political subdivisions | $ 2,150,000,000 | $ 2,270,000,000 |
Variable interest entity, other short-term borrowings | $ 1,790,000,000 | $ 1,870,000,000 |
Weighted average life of trusts (in years) | 5 years 4 months 24 days | 5 years 10 months 18 days |
Total standby bond-purchase agreement committed to trusts | $ 1,790,000,000 | |
Total letters of credit committed to trusts | 598,000,000 | |
Standby purchase agreements and letters of credit commitments utilized | 0 | |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 497,000,000 | $ 65,000,000 |
Liabilities | 403,000,000 | 13,000,000 |
Potential maximum loss exposure of unconsolidated funds | 62,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Potential maximum loss exposure of unconsolidated funds | $ 86,000,000 | $ 45,000,000 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
May. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Proceeds from issuance of preferred stock | $ 742 | $ 742 | |||||
Preferred stock cash dividend | $ 101 | $ 43 | |||||
Stock Repurchased During Period, Shares | 15,600,000 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ 75.23 | ||||||
Stock Repurchased During Period, Value | $ 1,170 | ||||||
Cash dividends declared (in dollars per share) | $ 0.34 | $ 0.3 | $ 0.98 | $ 0.86 | |||
Common stock dividends | $ (401) | $ (366) | |||||
Retained Earnings | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred stock cash dividend | 101 | 43 | |||||
Common stock dividends | $ (138) | $ (126) | $ (401) | $ (366) | |||
March 2015 Share Repurchase | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Amount of common stock authorized for repurchase | $ 1,800 | ||||||
Stock Repurchased During Period, Shares | 4,800,000 | 9,300,000 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 72.43 | $ 75.47 | |||||
Stock Repurchased During Period, Value | $ 350 | $ 700 | |||||
March 2014 Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock Repurchased During Period, Shares | 6,300,000 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ 74.88 | ||||||
Stock Repurchased During Period, Value | $ 470 | ||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 0 | ||||||
Series F Preferred Stock, Depository Share | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 750,000 | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||
Preferred Stock, Dividends Per Share, Declared | $ 16.63 | ||||||
Ownership Interest in Preferred Stock | 0.01 | ||||||
Series F Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Liquidation Preference Per Share | $ 100,000 | ||||||
Proceeds from issuance of preferred stock | $ 742 | ||||||
Preferred Stock, Dividends Per Share, Declared | $ 0 | $ 1,663 | |||||
Preferred stock cash dividend | $ 12 | ||||||
Series E Preferred Stock, Depository Share | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $ 0.38 | $ 1.22 | |||||
Series E Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,500 | $ 4,833 | |||||
Preferred stock cash dividend | $ 11 | $ 36 | |||||
Series D Preferred Stock, Depository Share | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $ 0.37 | $ 0.37 | $ 1.11 | $ 0.78 | |||
Series D Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,475 | $ 1,475 | $ 4,425 | $ 3,130 | |||
Preferred stock cash dividend | $ 11 | $ 11 | $ 33 | $ 23 | |||
Series C Preferred Stock, Depository Share | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $ 0.33 | $ 0.33 | $ 0.99 | $ 0.99 | |||
Series C Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,313 | $ 1,313 | $ 3,939 | $ 3,939 | |||
Preferred stock cash dividend | $ 7 | $ 7 | $ 20 | $ 20 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule Of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Stockholders' Equity Note [Abstract] | ||
Net unrealized gains on cash flow hedges | $ 322 | $ 276 |
Net unrealized gains (losses) on available-for-sale securities portfolio | 180 | 273 |
Net unrealized gains (losses) related to reclassified available-for-sale securities | 26 | 39 |
Net unrealized gains (losses) on available-for-sale securities | 206 | 312 |
Net unrealized losses on available-for-sale securities designated in fair value hedges | (129) | (121) |
Other-than-temporary impairment on available-for-sale securities related to factors other than credit | 0 | 1 |
Net unrealized losses on hedges of net investments in non-U.S. subsidiaries | (14) | (14) |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | (18) | (29) |
Net unrealized losses on retirement plans | (253) | (272) |
Foreign currency translation | (1,215) | (660) |
Total | $ (1,101) | $ (507) |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||||
AOCI net of tax, beginning balance | $ (507) | |||
Other comprehensive income (loss) | $ (90) | $ (596) | (594) | $ (12) |
AOCI net of tax, ending balance | (1,101) | (1,101) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||||
AOCI net of tax, beginning balance | (507) | (95) | ||
Other comprehensive income (loss) before reclassifications | (611) | (25) | ||
Amounts reclassified out of AOCI | 17 | 13 | ||
Other comprehensive income (loss) | (594) | (12) | ||
AOCI net of tax, ending balance | (1,101) | (107) | (1,101) | (107) |
Net Unrealized Gains (Losses) on Cash Flow Hedges | ||||
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||||
AOCI net of tax, beginning balance | 276 | 161 | ||
Other comprehensive income (loss) before reclassifications | 44 | 54 | ||
Amounts reclassified out of AOCI | 2 | 2 | ||
Other comprehensive income (loss) | 46 | 56 | ||
AOCI net of tax, ending balance | 322 | 217 | 322 | 217 |
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 | 192 | (221) | ||
Other comprehensive income (loss) before reclassifications | (112) | 425 | ||
Amounts reclassified out of AOCI | (3) | (9) | ||
Other comprehensive income (loss) | (115) | 416 | ||
AOCI net of tax, ending balance | 77 | 195 | 77 | 195 |
Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries | ||||
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||||
AOCI net of tax, beginning balance | (14) | (14) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified out of AOCI | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 0 | ||
AOCI net of tax, ending balance | (14) | (14) | (14) | (14) |
Other-Than-Temporary Impairment on Held-to-Maturity Securities | ||||
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||||
AOCI net of tax, beginning balance | (29) | (47) | ||
Other comprehensive income (loss) before reclassifications | 12 | 15 | ||
Amounts reclassified out of AOCI | (1) | 1 | ||
Other comprehensive income (loss) | 11 | 16 | ||
AOCI net of tax, ending balance | (18) | (31) | (18) | (31) |
Net Unrealized Losses on Retirement Plans | ||||
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||||
AOCI net of tax, beginning balance | (272) | (203) | ||
Other comprehensive income (loss) before reclassifications | 0 | (1) | ||
Amounts reclassified out of AOCI | 19 | 19 | ||
Other comprehensive income (loss) | 19 | 18 | ||
AOCI net of tax, ending balance | (253) | (185) | (253) | (185) |
Foreign Currency Translation | ||||
Changes in Accumulated Other Comprehensive Income by Component [Roll Forward] | ||||
AOCI net of tax, beginning balance | (660) | 229 | ||
Other comprehensive income (loss) before reclassifications | (555) | (518) | ||
Amounts reclassified out of AOCI | 0 | 0 | ||
Other comprehensive income (loss) | (555) | (518) | ||
AOCI net of tax, ending balance | $ (1,215) | $ (289) | $ (1,215) | $ (289) |
Stockholders' Equity - Adjustme
Stockholders' Equity - Adjustments to Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Class of Stock [Line Items] | ||||
Net interest revenue | $ 513 | $ 570 | $ 1,594 | $ 1,686 |
Total reclassifications out of AOCI | 543 | 542 | 1,313 | 1,500 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Class of Stock [Line Items] | ||||
Total reclassifications out of AOCI | 4 | 3 | 17 | 13 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||
Class of Stock [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 0 | 0 | 1 | 1 |
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 | (1) | 0 | (3) | (9) |
Gain (Loss) on Investments, Excluding OTTI, Tax | 0 | 0 | 1 | (6) |
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 held-to-maturity securities related to factors other than credit | (1) | 1 | ||
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 | 4 | 2 | 19 | 19 |
OCI reclassification adjustment, pension and other postretirement benefit plans, tax | (3) | 3 | (4) | (2) |
Interest-rate contracts | Net Unrealized Gains (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||
Class of Stock [Line Items] | ||||
Net interest revenue | $ 1 | $ 1 | $ 2 | $ 2 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Retained earnings | $ 15,795 | $ 14,882 |
Tier One Common Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.00% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 5.50% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Basel III Advanced Approaches | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,246 | $ 10,295 |
Retained earnings | 15,795 | 14,882 |
Accumulated other comprehensive income (loss) | (1,177) | (641) |
Treasury Stock Value, Excluding Preferred Shares | (6,143) | (5,158) |
Total shareholders’ equity | 18,721 | 19,378 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (5,987) | (5,869) |
Other adjustments, common tier calculation | (62) | (36) |
Tier one common risk-based capital | 12,672 | 13,473 |
Preferred stock | 2,703 | 1,961 |
Trust preferred capital securities subject to phase-out from tier 1 capital | 237 | 475 |
Other adjustments, tier 1 risk based calculation | (94) | (145) |
Tier One Risk Based Capital | 15,518 | 15,764 |
Total Capital Qualifying Subordinated Long-Term Debt | 1,438 | 1,618 |
Trust preferred capital securities phased out of tier 1 capital | 713 | 475 |
Total Capital ALLL & Other | 12 | 0 |
Other adjustments, total capital calculation | 2 | 4 |
Capital | 17,683 | 17,861 |
Risk-weighted assets - credit risk | 55,914 | 66,874 |
Risk-weighted assets - operational risk | 44,014 | 35,866 |
Risk-weighted assets - market risk | 4,437 | 5,087 |
Total risk-weighted assets | 104,365 | 107,827 |
Adjusted Quarterly Average Assets | $ 244,553 | $ 247,740 |
Value-at-risk | 12.10% | 12.50% |
Stressed value-at-risk | 14.90% | 14.60% |
Correlation valuation adjustment | 16.90% | 16.60% |
Tier One Leverage Capital to Average Assets | 6.30% | 6.40% |
Basel III Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,246 | |
Retained earnings | 15,795 | |
Accumulated other comprehensive income (loss) | (1,177) | |
Treasury Stock Value, Excluding Preferred Shares | (6,143) | |
Total shareholders’ equity | 18,721 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (5,987) | |
Other adjustments, common tier calculation | (62) | |
Tier one common risk-based capital | 12,672 | |
Preferred stock | 2,703 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 237 | |
Other adjustments, tier 1 risk based calculation | (94) | |
Tier One Risk Based Capital | 15,518 | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,438 | |
Trust preferred capital securities phased out of tier 1 capital | 713 | |
Total Capital ALLL & Other | 69 | $ 0 |
Other adjustments, total capital calculation | 2 | |
Capital | 17,740 | |
Risk-weighted assets - credit risk | 103,004 | |
Risk-weighted assets - market risk | 2,761 | |
Total risk-weighted assets | 105,765 | |
Adjusted Quarterly Average Assets | $ 244,553 | |
Value-at-risk | 12.00% | |
Stressed value-at-risk | 14.70% | |
Correlation valuation adjustment | 16.80% | |
Tier One Leverage Capital to Average Assets | 6.30% | |
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 | |
Value-at-risk | 14.90% | |
Stressed value-at-risk | 17.40% | |
Correlation valuation adjustment | 19.80% | |
Tier One Leverage Capital to Average Assets | 6.40% | |
State Street Bank | Basel III Advanced Approaches | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,924 | $ 10,867 |
Retained earnings | 10,886 | 9,416 |
Accumulated other comprehensive income (loss) | (1,011) | (535) |
Treasury Stock Value, Excluding Preferred Shares | 0 | 0 |
Total shareholders’ equity | 20,799 | 19,748 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (5,687) | (5,577) |
Other adjustments, common tier calculation | (92) | (128) |
Tier one common risk-based capital | 15,020 | 14,043 |
Preferred stock | 0 | 0 |
Trust preferred capital securities subject to phase-out from tier 1 capital | 0 | 0 |
Other adjustments, tier 1 risk based calculation | 0 | 0 |
Tier One Risk Based Capital | 15,020 | 14,043 |
Total Capital Qualifying Subordinated Long-Term Debt | 1,452 | 1,634 |
Trust preferred capital securities phased out of tier 1 capital | 0 | 0 |
Total Capital ALLL & Other | 9 | 0 |
Other adjustments, total capital calculation | 0 | 0 |
Capital | 16,481 | 15,677 |
Risk-weighted assets - credit risk | 50,936 | 59,836 |
Risk-weighted assets - operational risk | 43,413 | 35,449 |
Risk-weighted assets - market risk | 4,397 | 5,048 |
Total risk-weighted assets | 98,746 | 100,333 |
Adjusted Quarterly Average Assets | $ 239,610 | $ 243,549 |
Value-at-risk | 15.20% | 14.00% |
Stressed value-at-risk | 15.20% | 14.00% |
Correlation valuation adjustment | 16.70% | 15.60% |
Tier One Leverage Capital to Average Assets | 6.30% | 5.80% |
State Street Bank | Basel III Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,924 | |
Retained earnings | 10,886 | |
Accumulated other comprehensive income (loss) | (1,011) | |
Treasury Stock Value, Excluding Preferred Shares | 0 | |
Total shareholders’ equity | 20,799 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (5,687) | |
Other adjustments, common tier calculation | (92) | |
Tier one common risk-based capital | 15,020 | |
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 | 15,020 | |
Total Capital Qualifying Subordinated Long-Term Debt | 1,452 | |
Trust preferred capital securities phased out of tier 1 capital | 0 | |
Total Capital ALLL & Other | 69 | |
Other adjustments, total capital calculation | 0 | |
Capital | 16,541 | |
Risk-weighted assets - credit risk | 97,803 | |
Risk-weighted assets - market risk | 2,761 | |
Total risk-weighted assets | 100,564 | |
Adjusted Quarterly Average Assets | $ 239,610 | |
Value-at-risk | 14.90% | |
Stressed value-at-risk | 14.90% | |
Correlation valuation adjustment | 16.40% | |
Tier One Leverage Capital to Average Assets | 6.30% | |
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 | |
Total Capital ALLL & Other | 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 | |
Value-at-risk | 16.10% | |
Stressed value-at-risk | 16.10% | |
Correlation valuation adjustment | 17.90% | |
Tier One Leverage Capital to Average Assets | 5.80% |
Derivative Financial Instrume82
Derivative Financial Instruments - Narrative (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)security | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | ||
Cash collateral received for derivative instruments | $ 1,450 | $ 1,790 |
Cash collateral provided for derivative instruments | 2,500 | 4,790 |
Fair value of derivative liabilities | 10,609 | $ 15,234 |
Collateral Already Posted, Aggregate Fair Value | $ 14 | |
Securities weighted average life (in years) | 5 years 4 months 24 days | 5 years 10 months 18 days |
Credit swap agreements | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | $ 1,410 | |
Maximum additional amount of payments related to termination events | $ 1,390 | |
Interest rate swap | Fair Value Hedges | 5.38% senior note due 2017 | ||
Derivative [Line Items] | ||
Fixed interest rate | 5.38% | |
Interest rate swap | Fair Value Hedges | 1.35% senior note due 2018 | ||
Derivative [Line Items] | ||
Fixed interest rate | 1.35% | |
Interest rate swap | Fair Value Hedges | 2.55% note due 2020 | ||
Derivative [Line Items] | ||
Fixed interest rate | 2.55% | |
Interest rate swap | Fair Value Hedges | 4.38% note due 2021 | ||
Derivative [Line Items] | ||
Fixed interest rate | 4.38% | |
Interest rate swap | Fair Value Hedges | 3.70% senior note due 2023 | ||
Derivative [Line Items] | ||
Fixed interest rate | 3.70% | |
Interest rate swap | Fair Value Hedges | 3.30% senior note due 2024 | ||
Derivative [Line Items] | ||
Fixed interest rate | 3.30% | |
Interest rate swap | Fair Value Hedges | 3.55% Notes Due 2025 | ||
Derivative [Line Items] | ||
Fixed interest rate | 3.55% | |
Interest rate swap | Fair Value Hedges | 4.96% subordinated note due 2018 | ||
Derivative [Line Items] | ||
Fixed interest rate | 4.956% | |
Interest rate swap | Fair Value Hedges | 3.10% subordinated note due 2023 | ||
Derivative [Line Items] | ||
Fixed interest rate | 3.10% | |
Interest rate swap | Fair Value Hedges | Senior notes | ||
Derivative [Line Items] | ||
Number of securities | security | 7 | |
Interest rate swap | Fair Value Hedges | Subordinated note | ||
Derivative [Line Items] | ||
Number of securities | security | 2 |
Derivative Financial Instrume83
Derivative Financial Instruments - Schedule of Outstanding Hedges: (Notional Amount) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Other contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | $ 351 | $ 210 |
Swap agreements and forwards | Interest-rate contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 360 | 645 |
Futures | Interest-rate contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 16,078 | 3,939 |
Forward, swap and spot | Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 1,345,774 | 1,231,344 |
Options purchased | Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 989 | 2,767 |
Options written | Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 938 | 2,404 |
Credit swap agreements | Credit derivative contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 37 | 191 |
Commodity(1) | Futures Contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 138 | 26 |
Equity(1) | Futures Contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 53 | 2 |
Stable value contracts | Other contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 23,588 | 23,409 |
Swap agreements | Interest-rate contracts | Derivatives designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 9,407 | 6,077 |
Forward and swap | Foreign exchange contracts | Derivatives designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 13,052 | 2,705 |
Long | Options and caps purchased | Interest-rate contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 1 | 7 |
Short | Options and caps purchased | Interest-rate contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | $ 1 | $ 7 |
Derivative Financial Instrume84
Derivative Financial Instruments - Notional Amount of Interest Rate Swap Agreements Designated as Fair Value and Cash Flow Hedges (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Increase (decrease) in carrying value of long-term debt | $ 217 | $ (76) |
Fair Value Hedges | ||
Derivative [Line Items] | ||
Total | 9,407 | 6,077 |
Fair Value Hedges | Investment securities available for sale | ||
Derivative [Line Items] | ||
Investment securities available for sale | 1,707 | 2,577 |
Fair Value Hedges | Long-term debt | ||
Derivative [Line Items] | ||
Long-term debt | $ 7,700 | $ 3,500 |
Derivative Financial Instrume85
Derivative Financial Instruments - Contractual and Weighted-Average Interest Rates, Which Include the Effects of Hedges Related to Financial Instruments (Details) - Long-term debt | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative [Line Items] | ||||
Contractual Rates | 3.59% | 3.44% | 3.60% | 3.45% |
Rate Including Impact of Hedges | 2.35% | 2.64% | 2.51% | 2.66% |
Derivative Financial Instrume86
Derivative Financial Instruments - Schedule of The Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 10,971 | $ 15,214 |
Fair value of derivative liabilities | 10,609 | 15,234 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 10,734 | 15,135 |
Fair value of derivative liabilities | 10,297 | 14,925 |
Interest-rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 232 | 77 |
Fair value of derivative liabilities | 207 | 239 |
Derivatives not designated as hedging instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 10,110 | 14,643 |
Derivatives not designated as hedging instruments | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 10,376 | 15,008 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 10,102 | 14,626 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 10,269 | 14,922 |
Derivatives not designated as hedging instruments | Interest-rate contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 3 | 15 |
Derivatives not designated as hedging instruments | Interest-rate contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 2 | 16 |
Derivatives not designated as hedging instruments | Other derivative contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 5 | 2 |
Derivatives not designated as hedging instruments | Other derivative contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 105 | 70 |
Derivatives designated as hedging instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 861 | 571 |
Derivatives designated as hedging instruments | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 233 | 226 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 632 | 509 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 28 | 3 |
Derivatives designated as hedging instruments | Interest-rate contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 229 | 62 |
Derivatives designated as hedging instruments | Interest-rate contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 205 | $ 223 |
Derivative Financial Instrume87
Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Income (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | $ 176 | $ 165 | $ 546 | $ 441 |
Foreign exchange contracts | Trading services | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 177 | 163 | 546 | 441 |
Interest-rate contracts | Trading services | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 0 | 1 | (1) | 0 |
Credit derivative contracts | Processing Fees And Other Revenue | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 0 | 0 | 0 | (1) |
Other Derivative Contracts | Trading services | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | (1) | 1 | 1 | 1 |
Other Derivative Contracts | Compensation and Employee Benefits | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | $ 28 | $ 18 | $ 121 | $ 89 |
Derivative Financial Instrume88
Derivative Financial Instruments - Schedule of Differences Between the Gains (Losses) on the Derivative and The Gains (Losses) on the Hedged Item (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative [Line Items] | ||||
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | $ 2,619 | $ 2,582 | $ 7,838 | $ 7,665 |
Other Comprehensive Income (Loss), Change in Unrealized Gain Loss on AFS Securities Designated as Fair Value Hedges, Net of Related Taxes | 16 | (14) | 9 | 9 |
Derivatives designated as hedging instruments | Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 64 | (66) | 122 | 49 |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | (57) | 68 | (115) | (43) |
Derivatives designated as hedging instruments | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 2 | 3 | 6 | 7 |
Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income | 40 | 91 | 81 | 25 |
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | (1) | (1) | (3) | (3) |
Derivatives designated as hedging instruments | Foreign exchange contracts | Net interest revenue | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 2 | 2 | 6 | 4 |
Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income | 40 | 92 | 81 | 28 |
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | 0 | 0 | 0 | 0 |
Derivatives designated as hedging instruments | Interest-rate contracts | Net interest revenue | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 0 | 1 | 0 | 3 |
Amount of Gain (Loss) on Derivative Recognized in Other Comprehensive Income | 0 | (1) | 0 | (3) |
Amount of Gain (Loss) Reclassified from OCI to Consolidated Statement of Income | (1) | (1) | (3) | (3) |
Investment securities available for sale | Derivatives designated as hedging instruments | Foreign exchange contracts | Processing Fees And Other Revenue | Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | (80) | (82) | (132) | (22) |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 80 | 82 | 132 | 22 |
Investment securities available for sale | Derivatives designated as hedging instruments | Interest-rate contracts | Processing Fees And Other Revenue | Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | (25) | 24 | (13) | (17) |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 26 | (23) | 14 | 15 |
Deposits | Derivatives designated as hedging instruments | Foreign exchange contracts | Processing Fees And Other Revenue | Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | (13) | 102 | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 13 | (102) | ||
Long-term debt | Derivatives designated as hedging instruments | Interest-rate contracts | Processing Fees And Other Revenue | Fair Value Hedges | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 182 | (8) | 165 | 88 |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (176) | $ 9 | $ (159) | $ (80) |
Offsetting Arrangements - Narra
Offsetting Arrangements - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Fair Value of Securities Received as Collateral that Can be Resold or Repledged | $ 8,560 | $ 2,600 |
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged | $ 6,540 | $ 125 |
Offsetting Arrangements - Asset
Offsetting Arrangements - Assets With Offsetting Arrangements (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | $ 10,971 | $ 15,214 |
Derivatives, Gross Amounts Offset in Statement of Condition | (5,584) | (7,280) |
Net Amounts of Assets Presented in Statement of Condition | 5,387 | 7,934 |
Derivative, Collateral, Cash Offset | (842) | (983) |
Total Net Derivative Asset | 5,387 | 7,934 |
Resale Agreements and Securities Borrowing, Gross Amounts of Recognized Assets | 67,065 | 47,488 |
Resale Agreements and Securities Borrowing, Gross Amounts Offset in Statement of Condition | (36,705) | (29,157) |
Net Amounts of Assets Presented in Statement of Condition | 30,360 | 18,331 |
Total, Gross Amounts of Recognized Assets | 78,036 | 62,702 |
Total, Gross Amounts Offset in Statement of Condition | (42,289) | (36,437) |
Total, Net Amounts of Assets Presented in Statement of Condition | 35,747 | 26,265 |
Securities purchased under resale agreements | 9,155 | 2,390 |
Securities borrowed subject to master netting arrangements | 21,205 | 15,941 |
Foreign exchange contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 10,734 | 15,135 |
Derivatives, Gross Amounts Offset in Statement of Condition | (4,729) | (6,275) |
Net Amounts of Assets Presented in Statement of Condition | 6,005 | 8,860 |
Interest-rate contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 232 | 77 |
Derivatives, Gross Amounts Offset in Statement of Condition | (9) | (21) |
Net Amounts of Assets Presented in Statement of Condition | 223 | 56 |
Equity Derivative Contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 1 | 0 |
Derivatives, Gross Amounts Offset in Statement of Condition | (1) | 0 |
Net Amounts of Assets Presented in Statement of Condition | 0 | 0 |
Other Derivative Contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 4 | 2 |
Derivatives, Gross Amounts Offset in Statement of Condition | (3) | (1) |
Net Amounts of Assets Presented in Statement of Condition | $ 1 | $ 1 |
Offsetting Arrangements - Ass91
Offsetting Arrangements - Assets With Enforceable Netting Arrangements (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Derivative, Net Amount of Assets Presented in Statement of Condition | $ 5,387 | $ 7,934 |
Derivatives, Counterparty Netting | 0 | 0 |
Derivatives, Collateral Received | (410) | (1,490) |
Derivatives, Net Amount | 4,977 | 6,444 |
Resale Agreements and Securities Borrowing, Resale Agreements and Securities Borrowing, Net Amount of Assets Presented in Statement of Condition | 30,360 | 18,331 |
Resale Agreements and Securities Borrowing, Counterparty Netting | (48) | (128) |
Resale Agreements and Securities Borrowing, Collateral Received | (29,780) | (18,157) |
Resale Agreements and Securities Borrowing, Net Amount | 532 | 46 |
Total, Net Amounts of Assets Presented in Statement of Condition | 35,747 | 26,265 |
Total, Counterparty Netting | (48) | (128) |
Total, Collateral Received | (30,190) | (19,647) |
Total, Net Amount | $ 5,509 | $ 6,490 |
Offsetting Arrangements - Liabi
Offsetting Arrangements - Liabilities With Offsetting Arrangements (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 10,609 | $ 15,234 |
Gross Amounts Offset in Statement of Condition | (6,493) | (8,926) |
Net Amounts of Liabilities Presented in Statement of Condition | 4,116 | 6,308 |
Derivative Collateral, Cash Offset | (1,751) | (2,630) |
Total Net Derivative Liability | 4,116 | 6,308 |
Gross Amounts of Recognized Liabilities | 48,002 | 44,562 |
Gross Amounts Offset in Statement of Condition | (36,705) | (29,157) |
Net Amounts of Liabilities Presented in Statement of Condition | 11,297 | 15,405 |
Gross Amounts of Recognized Liabilities | 58,611 | 59,796 |
Gross Amounts Offset in Statement of Condition | (43,198) | (38,083) |
Total, Net Amount of Liabilities Presented in Statement of Condition | 15,413 | 21,713 |
Securities sold under repurchase agreements | 7,760 | 8,925 |
Securities Lending, Fair Value, Amount Not Offset Against Collateral | 3,537 | 6,480 |
Foreign exchange contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 10,297 | 14,925 |
Gross Amounts Offset in Statement of Condition | (4,729) | (6,275) |
Net Amounts of Liabilities Presented in Statement of Condition | 5,568 | 8,650 |
Interest-rate contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 207 | 239 |
Gross Amounts Offset in Statement of Condition | (9) | (20) |
Net Amounts of Liabilities Presented in Statement of Condition | 198 | 219 |
Equity Derivative Contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 1 | 0 |
Gross Amounts Offset in Statement of Condition | (1) | 0 |
Net Amounts of Liabilities Presented in Statement of Condition | 0 | 0 |
Other Derivative Contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 104 | 70 |
Gross Amounts Offset in Statement of Condition | (3) | (1) |
Net Amounts of Liabilities Presented in Statement of Condition | $ 101 | $ 69 |
Offsetting Arrangements - Lia93
Offsetting Arrangements - Liabilities With Enforceable Netting Arrangements (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Derivative, Net Amount of Liabilities Presented in Statement of Condition | $ 4,116 | $ 6,308 |
Derivative, Counterparty Netting | 0 | 0 |
Derivative, Collateral Provided | (58) | (19) |
Derivative, Net Amount | 4,058 | 6,289 |
Repurchase Agreements and Securities Lending, Net Amount of Liabilities Presented in Statement of Condition | 11,297 | 15,405 |
Repurchase Agreements and Securities Lending, Counterparty Netting | (48) | (128) |
Repurchase Agreements and Securities Lending, Collateral Provided | (9,053) | (13,872) |
Repurchase Agreements and Securities Lending, Net Amount | 2,196 | 1,405 |
Total, Net Amount of Liabilities Presented in Statement of Condition | 15,413 | 21,713 |
Total, Counterparty Netting | (48) | (128) |
Total, Collateral Provided | (9,111) | (13,891) |
Total, Net Amount | $ 6,254 | $ 7,694 |
Offsetting Arrangements - Repo,
Offsetting Arrangements - Repo, Sec Lending Transactions Maturity By Category (Details) $ in Millions | Sep. 30, 2015USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | $ 40,061 |
Securities Loaned, Gross | 7,941 |
Securities Sold and Securities Loaned Under Agreements to Repurchase, Gross | 48,002 |
Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 39,883 |
Securities Loaned, Gross | 7,435 |
Securities Sold and Securities Loaned Under Agreements to Repurchase, Gross | 47,318 |
Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 178 |
Securities Loaned, Gross | 0 |
Securities Sold and Securities Loaned Under Agreements to Repurchase, Gross | 178 |
30 – 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 0 |
Securities Loaned, Gross | 506 |
Securities Sold and Securities Loaned Under Agreements to Repurchase, Gross | 506 |
US Treasury and agency securities | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 39,883 |
US Treasury and agency securities | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 39,883 |
US Treasury and agency securities | Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 0 |
US Treasury and agency securities | 30 – 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 0 |
Non-US sovereign debt | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 178 |
Non-US sovereign debt | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 0 |
Non-US sovereign debt | Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 178 |
Non-US sovereign debt | 30 – 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Sold under Agreements to Repurchase, Gross | 0 |
U.S. equity securities | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Loaned, Gross | 7,941 |
U.S. equity securities | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Loaned, Gross | 7,435 |
U.S. equity securities | Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Loaned, Gross | 0 |
U.S. equity securities | 30 – 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities Loaned, Gross | $ 506 |
Net Interest Revenue - Componen
Net Interest Revenue - Components of Interest Revenue and Interest Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Interest Revenue [Abstract] | ||||
Deposits with banks | $ 53 | $ 53 | $ 161 | $ 138 |
U.S. Treasury and federal agencies | 178 | 165 | 537 | 493 |
State and political subdivisions | 57 | 58 | 173 | 173 |
Other investments | 227 | 320 | 733 | 957 |
Securities purchased under resale agreements | 18 | 9 | 45 | 27 |
Loans and leases | 79 | 64 | 229 | 183 |
Other interest-earning assets | 2 | 2 | 7 | 5 |
Total interest revenue | 614 | 671 | 1,885 | 1,976 |
Deposits | 28 | 33 | 67 | 66 |
Short-term borrowings | 1 | 0 | 5 | 4 |
Long-term debt | 62 | 60 | 185 | 186 |
Other interest-bearing liabilities | 10 | 8 | 34 | 34 |
Total interest expense | 101 | 101 | 291 | 290 |
Net interest revenue | $ 513 | $ 570 | $ 1,594 | $ 1,686 |
Expenses - Narrative (Details)
Expenses - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Expenses [Abstract] | ||||
Restructuring charges, net | $ 3 | $ 8 | $ 4 | $ 33 |
Expenses - Costs Related To Acq
Expenses - Costs Related To Acquisition And Restructuring (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Expenses [Abstract] | ||||
Acquisition costs | $ 7 | $ 12 | $ 15 | $ 48 |
Restructuring charges, net | 3 | 8 | 4 | 33 |
Total acquisition and restructuring costs | $ 10 | $ 20 | $ 19 | $ 81 |
Expenses - Activity Related To
Expenses - Activity Related To Restructuring-Related Accruals (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance as of December 31, 2014 | $ 71 |
Additional accruals for Business Operations and Information Technology Transformation program | (8) |
Payments and adjustments | (42) |
Balance as of September 30, 2015 | 32 |
2012 Expense Control Measures | |
Restructuring Reserve [Roll Forward] | |
Additional accruals for 2012 expense control measures | 11 |
Employee- Related Costs | |
Restructuring Reserve [Roll Forward] | |
Balance as of December 31, 2014 | 40 |
Additional accruals for Business Operations and Information Technology Transformation program | (4) |
Payments and adjustments | (21) |
Balance as of September 30, 2015 | 15 |
Employee- Related Costs | 2012 Expense Control Measures | |
Restructuring Reserve [Roll Forward] | |
Additional accruals for 2012 expense control measures | 0 |
Real Estate Consolidation | |
Restructuring Reserve [Roll Forward] | |
Balance as of December 31, 2014 | 24 |
Additional accruals for Business Operations and Information Technology Transformation program | (4) |
Payments and adjustments | (8) |
Balance as of September 30, 2015 | 12 |
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, 2014 | 7 |
Additional accruals for Business Operations and Information Technology Transformation program | 0 |
Payments and adjustments | (13) |
Balance as of September 30, 2015 | 5 |
Asset and Other Write-Offs | 2012 Expense Control Measures | |
Restructuring Reserve [Roll Forward] | |
Additional accruals for 2012 expense control measures | $ 11 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 585 | $ 560 | $ 1,416 | $ 1,545 |
Preferred stock dividends | (42) | (18) | (102) | (43) |
Dividends and undistributed earnings allocated to participating securities(1) | 0 | 0 | (1) | (2) |
Net income available to common shareholders | $ 543 | $ 542 | $ 1,313 | $ 1,500 |
Basic (in shares) | 406,612 | 421,974 | 409,816 | 426,775 |
Effect of dilutive securities: common stock options and common stock awards | 5,555 | 7,762 | 5,956 | 7,735 |
Diluted average common shares | 412,167 | 429,736 | 415,772 | 434,510 |
Anti-dilutive securities (in shares) | 619 | 876 | 675 | 1,502 |
Earnings per Common Share: | ||||
Basic (in dollars per share) | $ 1.34 | $ 1.28 | $ 3.20 | $ 3.52 |
Diluted (in dollars per share) | $ 1.32 | $ 1.26 | $ 3.16 | $ 3.45 |
Line of Business Information -
Line of Business Information - Summary of Line of Business (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 1,294 | $ 1,302 | $ 3,892 | $ 3,828 |
Management fees | 287 | 316 | 892 | 908 |
Trading services | 294 | 278 | 899 | 791 |
Securities finance | 113 | 99 | 369 | 331 |
Processing fees and other | 120 | 17 | 198 | 117 |
Total fee revenue | 2,108 | 2,012 | 6,250 | 5,975 |
Net interest revenue | 513 | 570 | 1,594 | 1,686 |
Gains (losses) related to investment securities, net | (2) | 0 | (6) | 4 |
Total revenue | 2,619 | 2,582 | 7,838 | 7,665 |
Provision for loan losses | 5 | 2 | 11 | 6 |
Total expenses | 1,962 | 1,892 | 6,193 | 5,770 |
Income before income tax expense | $ 652 | $ 688 | $ 1,634 | $ 1,889 |
Pre-tax margin | 25.00% | 27.00% | 21.00% | 25.00% |
Investment Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 1,294 | $ 1,302 | $ 3,892 | $ 3,828 |
Management fees | 0 | 0 | 0 | 0 |
Trading services | 283 | 266 | 869 | 756 |
Securities finance | 113 | 99 | 369 | 331 |
Processing fees and other | 131 | 25 | 212 | 122 |
Total fee revenue | 1,821 | 1,692 | 5,342 | 5,037 |
Net interest revenue | 514 | 566 | 1,593 | 1,675 |
Gains (losses) related to investment securities, net | (2) | 0 | (6) | 4 |
Total revenue | 2,333 | 2,258 | 6,929 | 6,716 |
Provision for loan losses | 5 | 2 | 11 | 6 |
Total expenses | 1,673 | 1,642 | 5,389 | 4,907 |
Income before income tax expense | $ 655 | $ 614 | $ 1,529 | $ 1,803 |
Pre-tax margin | 28.00% | 27.00% | 22.00% | 27.00% |
Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 0 | $ 0 | $ 0 | $ 0 |
Management fees | 287 | 316 | 892 | 908 |
Trading services | 11 | 12 | 30 | 35 |
Securities finance | 0 | 0 | 0 | 0 |
Processing fees and other | (11) | (8) | (14) | (5) |
Total fee revenue | 287 | 320 | 908 | 938 |
Net interest revenue | (1) | 4 | 1 | 11 |
Gains (losses) related to investment securities, net | 0 | 0 | 0 | 0 |
Total revenue | 286 | 324 | 909 | 949 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Total expenses | 204 | 236 | 711 | 706 |
Income before income tax expense | $ 82 | $ 88 | $ 198 | $ 243 |
Pre-tax margin | 29.00% | 27.00% | 22.00% | 26.00% |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 0 | $ 0 | $ 0 | $ 0 |
Management fees | 0 | 0 | 0 | 0 |
Trading services | 0 | 0 | 0 | 0 |
Securities finance | 0 | 0 | 0 | 0 |
Processing fees and other | 0 | 0 | 0 | 0 |
Total fee revenue | 0 | 0 | 0 | 0 |
Net interest revenue | 0 | 0 | 0 | 0 |
Gains (losses) related to investment securities, net | 0 | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Total expenses | 85 | 14 | 93 | 157 |
Income before income tax expense | $ (85) | $ (14) | $ (93) | $ (157) |
Line of Business Information101
Line of Business Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2015line_of_business | |
Segment Reporting [Abstract] | |
Number of lines of business | 2 |
Non-U.S. Activities - Schedule
Non-U.S. Activities - Schedule Of Results From Non-U.S. Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 2,619 | $ 2,582 | $ 7,838 | $ 7,665 |
Income before income taxes | 652 | 688 | 1,634 | 1,889 |
Net income | 585 | 560 | 1,416 | 1,545 |
Non- U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,173 | 1,181 | 3,470 | 3,454 |
Income before income taxes | 341 | 385 | 1,033 | 987 |
U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,446 | 1,401 | 4,368 | 4,211 |
Income before income taxes | $ 311 | $ 303 | $ 601 | $ 902 |
Non-U.S. Activities - Narrative
Non-U.S. Activities - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Assets | $ 247,274 | $ 274,119 |
Non- U.S. | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 63,300 | $ 57,900 |