Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 400,017,186 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 31,210 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fee revenue: | |||
Servicing fees | $ 5,153 | $ 5,108 | $ 4,799 |
Management fees | 1,174 | 1,207 | 1,106 |
Trading services | 1,146 | 1,084 | 1,094 |
Securities finance | 496 | 437 | 359 |
Processing fees and other | 309 | 174 | 212 |
Total fee revenue | 8,278 | 8,010 | 7,570 |
Net interest revenue: | |||
Interest revenue | 2,488 | 2,652 | 2,714 |
Interest expense | 400 | 392 | 411 |
Net interest revenue | 2,088 | 2,260 | 2,303 |
Gains (losses) related to investment securities, net: | |||
Net gains (losses) from sales of available-for-sale securities | (5) | 15 | 14 |
Losses from other-than-temporary impairment | (1) | (1) | (21) |
Losses reclassified (from) to other comprehensive income | 0 | (10) | (2) |
Gains (losses) related to investment securities, net | (6) | 4 | (9) |
Total revenue | 10,360 | 10,274 | 9,864 |
Provision for loan losses | 12 | 10 | 6 |
Expenses: | |||
Compensation and employee benefits | 4,061 | 4,060 | 3,800 |
Information systems and communications | 1,022 | 976 | 935 |
Transaction processing services | 793 | 784 | 733 |
Occupancy | 444 | 461 | 467 |
Acquisition and restructuring costs | 25 | 133 | 104 |
Professional services | 490 | 440 | 392 |
Amortization of other intangible assets | 197 | 222 | 214 |
Other | 1,018 | 751 | 547 |
Total expenses | 8,050 | 7,827 | 7,192 |
Income before income tax expense | 2,298 | 2,437 | 2,666 |
Income tax expense | 318 | 415 | 616 |
Net income | 1,980 | 2,022 | 2,050 |
Net income available to common shareholders | $ 1,848 | $ 1,958 | $ 2,016 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 4.53 | $ 4.62 | $ 4.52 |
Diluted (in dollars per share) | $ 4.47 | $ 4.53 | $ 4.43 |
Average common shares outstanding (in thousands): | |||
Basic (in shares) | 407,856 | 424,223 | 446,245 |
Diluted (in shares) | 413,638 | 432,007 | 455,155 |
Cash dividends declared (USD per share) | $ 1.32 | $ 1.16 | $ 1.04 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,980 | $ 2,022 | $ 2,050 |
Other comprehensive income (loss), net of related taxes: | |||
Foreign currency translation, net of related taxes of ($101), ($94) and ($20), respectively | (735) | (889) | 95 |
Net unrealized gains (losses) on available-for-sale securities, net of related taxes of ($195), ($269) and ($521), respectively | (331) | 437 | (826) |
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes of $5, ($15) and $56, respectively | 12 | (24) | 86 |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related taxes of $8, $12 and $11, respectively | 13 | 18 | 18 |
Net unrealized gains (losses) on cash flow hedges, net of related taxes of $24, $74 and $62, respectively | 17 | 115 | 92 |
Net unrealized gains on retirement plans, net of related taxes of $51, ($50) and $71, respectively | 89 | (69) | 80 |
Other comprehensive income (loss) | (935) | (412) | (455) |
Total comprehensive income | $ 1,045 | $ 1,610 | $ 1,595 |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation, net of related taxes of | $ (101) | $ (94) | $ (20) |
Change in net unrealized losses on available-for-sale securities, net of reclassification adjustment and net of related taxes of | (195) | (269) | (521) |
Change in net unrealized losses on available-for-sale securities designated in fair value hedges, net of related taxes of | 5 | (15) | 56 |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related taxes of | 8 | 12 | 11 |
Change in net unrealized losses on cash flow hedges, net of related taxes of | 24 | 74 | 62 |
Change in unrealized losses on retirement plans, net of related taxes of | $ 51 | $ (50) | $ 71 |
Consolidated Statement of Condi
Consolidated Statement of Condition - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and due from banks | $ 1,207 | $ 1,855 |
Interest-bearing deposits with banks | 75,338 | 93,523 |
Securities purchased under resale agreements | 3,404 | 2,390 |
Trading account assets | 849 | 924 |
Investment securities available for sale | 70,070 | 94,913 |
Investment securities held to maturity (fair value of $29,798 and $17,842) | 29,952 | 17,723 |
Loans and leases (less allowance for losses of $46 and $38) | 18,753 | 18,161 |
Premises and equipment (net of accumulated depreciation of $4,820 and $4,599) | 1,894 | 1,937 |
Accrued interest and fees receivable | 2,346 | 2,242 |
Goodwill | 5,671 | 5,826 |
Other intangible assets | 1,768 | 2,025 |
Other assets | 33,940 | 32,600 |
Total assets | 245,192 | 274,119 |
Deposits: | ||
Noninterest-bearing | 65,800 | 70,490 |
Interest-bearing—U.S. | 29,958 | 33,012 |
Interest-bearing—non-U.S. | 95,869 | 105,538 |
Total deposits | 191,627 | 209,040 |
Securities sold under repurchase agreements | 4,499 | 8,925 |
Federal funds purchased | 6 | 21 |
Other short-term borrowings | 1,748 | 4,381 |
Accrued expenses and other liabilities | 14,643 | 20,382 |
Long-term debt | 11,534 | 10,042 |
Total liabilities | $ 224,057 | $ 252,791 |
Commitments, guarantees and contingencies | ||
Shareholders’ equity: | ||
Common stock, $1 par: 750,000,000 shares authorized; 503,879,642 and 503,880,120 shares issued | $ 504 | $ 504 |
Surplus | 9,746 | 9,791 |
Retained earnings | 16,049 | 14,737 |
Accumulated other comprehensive income (loss) | (1,442) | (507) |
Treasury stock, at cost (104,227,647 and 88,684,969 shares) | (6,457) | (5,158) |
Total shareholders’ equity | 21,103 | 21,328 |
Non-controlling interest-equity | 32 | 0 |
Total equity | 21,135 | 21,328 |
Total liabilities and equity | 245,192 | 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, Series E, 7,500 shares issued and outstanding and Series F, 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, Series E, 7,500 shares issued and outstanding and Series F, 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, Series E, 7,500 shares issued and outstanding and Series F, 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, Series E, 7,500 shares issued and outstanding and Series F, 7,500 shares issued and outstanding | $ 742 | $ 0 |
Consolidated Statement of Cond6
Consolidated Statement of Condition (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Investment securities held to maturity, fair value | $ 29,798 | $ 17,842 |
Loans and leases, allowance for losses | 46 | 38 |
Premises and equipment, accumulated depreciation | $ 4,820 | $ 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, no par value | ||
Preferred stock, shares authorized (in shares) | 3,500,000 | 3,500,000 |
Treasury stock, shares (in shares) | 104,227,647 | 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, 2012 | $ 20,825 | $ 489 | $ 504 | $ 9,667 | $ 11,707 | $ 360 | $ (1,902) |
Beginning balance (shares) at Dec. 31, 2012 | 503,900 | 45,238 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,050 | 2,050 | |||||
Other comprehensive income (loss) | (455) | (455) | |||||
Accretion of issuance costs | 0 | 2 | (2) | ||||
Cash dividends declared: | |||||||
Common stock dividends | (463) | (463) | |||||
Preferred stock cash dividend | (26) | ||||||
Common stock acquired | (2,040) | $ (2,040) | |||||
Common stock acquired (shares) | 31,237 | ||||||
Common stock awards and options exercised, including related taxes | 362 | 113 | $ 249 | ||||
Common stock awards and options exercised, including related taxes (shares) | (17) | (6,709) | |||||
Other | (5) | (4) | (1) | ||||
Other (shares) | (12) | ||||||
Ending balance (shares) at Dec. 31, 2013 | 503,883 | 69,754 | |||||
Ending balance at Dec. 31, 2013 | 20,248 | 491 | $ 504 | 9,776 | 13,265 | (95) | $ (3,693) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,022 | 2,022 | |||||
Other comprehensive income (loss) | (412) | (412) | |||||
Preferred stock issued | 1,470 | 1,470 | |||||
Cash dividends declared: | |||||||
Common stock dividends | (490) | (490) | |||||
Preferred stock cash dividend | (61) | (61) | |||||
Common stock acquired | (1,650) | $ (1,650) | |||||
Common stock acquired (shares) | 23,749 | ||||||
Common stock awards and options exercised, including related taxes | 202 | 17 | $ 185 | ||||
Common stock awards and options exercised, including related taxes (shares) | (3) | (4,805) | |||||
Other | (1) | (2) | 1 | ||||
Other (shares) | (13) | ||||||
Ending balance (shares) at Dec. 31, 2014 | 503,880 | 88,685 | |||||
Ending balance at Dec. 31, 2014 | 21,328 | 1,961 | $ 504 | 9,791 | 14,737 | (507) | $ (5,158) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,980 | 1,980 | |||||
Other comprehensive income (loss) | (935) | (935) | |||||
Preferred stock issued | 742 | 742 | |||||
Cash dividends declared: | |||||||
Common stock dividends | (536) | (536) | |||||
Preferred stock cash dividend | (130) | (130) | |||||
Common stock acquired | (1,520) | $ (1,520) | |||||
Common stock acquired (shares) | 20,521 | ||||||
Common stock awards and options exercised, including related taxes | 180 | (41) | $ 221 | ||||
Common stock awards and options exercised, including related taxes (shares) | (4,976) | ||||||
Other | (6) | (4) | (2) | ||||
Other (shares) | (2) | ||||||
Ending balance (shares) at Dec. 31, 2015 | 503,880 | 104,228 | |||||
Ending balance at Dec. 31, 2015 | $ 21,103 | $ 2,703 | $ 504 | $ 9,746 | $ 16,049 | $ (1,442) | $ (6,457) |
Consolidated Statement of Chan8
Consolidated Statement of Changes In Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared (USD per share) | $ 1.32 | $ 1.16 | $ 1.04 |
Common stock awards and options exercised, related taxes | $ 70 | $ 72 | $ 51 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net income | $ 1,980 | $ 2,022 | $ 2,050 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Deferred income tax (benefit) expense | (168) | 60 | 128 |
Amortization of other intangible assets | 197 | 222 | 214 |
Other non-cash adjustments for depreciation, amortization and accretion, net | 596 | 477 | 461 |
Losses (gains) related to investment securities, net | 6 | (4) | 9 |
Change in trading account assets, net | 75 | (81) | (206) |
Change in accrued interest and fees receivable, net | (104) | (119) | (153) |
Change in collateral deposits, net | (6,662) | (4,362) | (4,046) |
Change in unrealized losses (gains) on foreign exchange derivatives, net | 982 | (2,042) | (128) |
Change in other assets, net | 1,164 | 3,612 | (819) |
Change in accrued expenses and other liabilities, net | (48) | (635) | 133 |
Other, net | 579 | 289 | 333 |
Net cash used in operating activities | (1,403) | (561) | (2,024) |
Investing Activities: | |||
Net decrease (increase) in interest-bearing deposits with banks | 18,185 | (29,266) | (13,494) |
Net (increase) decrease in securities purchased under resale agreements | (1,014) | 3,840 | (1,214) |
Proceeds from sales of available for sale securities | 12,309 | 9,766 | 10,261 |
Proceeds from maturities of available for sale securities | 28,025 | 36,120 | 37,529 |
Purchases of available for sale securities | (25,397) | (43,146) | (39,097) |
Proceeds from maturities of available for sale securities | 3,842 | 3,217 | 2,080 |
Purchases of held to maturity securities | (9,398) | (3,778) | (8,415) |
Net increase in loans | (561) | (4,785) | (1,214) |
Purchases of equity investments and other long-term assets | (366) | (182) | (272) |
Purchases of premises and equipment, net | (703) | (427) | (388) |
Other, net | 73 | 149 | 139 |
Net cash provided by (used in) investing activities | 24,995 | (28,492) | (14,085) |
Financing Activities: | |||
Net (decrease) increase in time deposits | (9,878) | 54,404 | (14,507) |
Net (decrease) increase in all other deposits | (7,535) | (27,632) | 32,594 |
Net (decrease) increase in other short-term borrowings | (7,074) | 1,575 | (1,155) |
Proceeds from issuance of long-term debt, net of issuance costs | 2,983 | 994 | 2,485 |
Payments for long-term debt and obligations under capital leases | (1,155) | (788) | (134) |
Proceeds from issuance of preferred stock | 742 | 1,470 | 0 |
Proceeds from exercises of common stock options | 4 | 14 | 121 |
Purchases of common stock | (1,520) | (1,650) | (2,040) |
Excess tax benefit related to stock-based compensation | 70 | 72 | 50 |
Repurchases of common stock for employee tax withholding | (222) | (232) | (189) |
Payments for cash dividends | (655) | (539) | (486) |
Net cash (used in) provided by financing activities | (24,240) | 27,688 | 16,739 |
Net (decrease) increase | (648) | (1,365) | 630 |
Cash and due from banks at beginning of period | 1,855 | 3,220 | 2,590 |
Cash and due from banks at end of period | 1,207 | 1,855 | 3,220 |
Supplemental disclosure: | |||
Interest paid | 385 | 398 | 416 |
Income taxes paid, net | $ 211 | $ 358 | $ 406 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation: The accounting and financial reporting policies of State Street Corporation conform to U.S. 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. We have two lines of business: Investment Servicing provides services for mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations and endowments worldwide. Products include custody; product- and participant-level accounting; daily pricing and administration; master trust and master custody; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; and performance, risk and compliance analytics to support institutional investors. Investment Management , through SSGA, provides a broad array of investment management, investment research and investment advisory services to corporations, public funds and other sophisticated investors. SSGA offers active and passive asset management strategies across equity, fixed-income and cash asset classes. Products are distributed directly and through intermediaries using a variety of investment vehicles, including ETFs, such as the SPDR ® ETF brand. Consolidation: Our consolidated financial statements include the accounts of the parent company and its majority- and wholly-owned and otherwise controlled subsidiaries, including State Street Bank. All material inter-company transactions and balances have been eliminated. Certain previously reported amounts have been reclassified to conform to current-year presentation. We consolidate subsidiaries in which we exercise control. Investments in unconsolidated subsidiaries, recorded in other assets, generally are accounted for under the equity method of accounting if we have the ability to exercise significant influence over the operations of the investee. For investments accounted for under the equity method, our share of income or loss is recorded in processing fees and other revenue in our consolidated statement of income. Investments not meeting the criteria for equity-method treatment are accounted for under the cost method of accounting. Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue, and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates. Foreign Currency Translation: The assets and liabilities of our operations with functional currencies other than the U.S. dollar are translated at month-end exchange rates, and revenue and expenses are translated at rates that approximate average monthly exchange rates. Gains or losses from the translation of the net assets of subsidiaries with functional currencies other than the U.S. dollar, net of related taxes, are recorded in AOCI, a component of shareholders’ equity. Cash and Cash Equivalents: For purposes of the consolidated statement of cash flows, cash and cash equivalents are defined as cash and due from banks. Interest-Bearing Deposits with Banks: Interest-bearing deposits with banks generally consist of highly liquid, short-term investments maintained at the Federal Reserve Bank and other non-U.S. central banks with original maturities at the time of purchase of one month or less. Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements: Securities purchased under resale agreements and sold under repurchase agreements are treated as collateralized financing transactions, and are recorded in our consolidated statement of condition at the amounts at which the securities will be subsequently resold or repurchased, plus accrued interest. Our policy is to take possession or control of securities underlying resale agreements either directly or through agent banks, allowing borrowers the right of collateral substitution and/or short-notice termination. We revalue these securities daily to determine if additional collateral is necessary from the borrower to protect us against credit exposure. We can use these securities as collateral for repurchase agreements. For securities sold under repurchase agreements collateralized by our investment securities portfolio, the dollar value of the securities remains in investment securities in our consolidated statement of condition. Where a master netting agreement exists or both parties are members of a common clearing organization, resale and repurchase agreements with the same counterparty or clearing house and maturity date are recorded on a net basis. Fee and Net Interest Revenue: Fees from investment servicing, investment management, securities finance, trading services and certain types of processing fees and other revenue are recorded in our consolidated statement of income based on estimates or specific contractual terms, including mutually agreed changes to terms, as transactions occur or services are rendered, provided that persuasive evidence exists, the price to the client is fixed or determinable and collectability is reasonably assured. Amounts accrued at period-end are recorded in accrued interest and fees receivable in our consolidated statement of condition. Performance fees generated by our investment management activities are recorded when earned, based on predetermined benchmarks associated with the applicable fund’s performance. Interest revenue on interest-earning assets and interest expense on interest-bearing liabilities are recorded in our consolidated statement of income as components of net interest revenue, and are generally based on the effective yield of the related financial asset or liability. Other Significant Policies: The following table identifies our other significant accounting policies and the note and page where a detailed description of each policy can be found. Fair Value Note 2 Page Investment Securities Note 3 Page Loans and Leases Note 4 Page Goodwill and Other Intangible Assets Note 5 Page Derivative Financial Instruments Note 10 Page Offsetting Arrangements Note 11 Page Contingencies Note 13 Page Variable Interest Entities Note 14 Page Regulatory Capital Note 16 Page Equity-Based Compensation Note 18 Page Income Taxes Note 22 Page Earnings Per Common Share Note 23 Page Recent Accounting Developments: In January 2016, the FASB issued an amendment that changes the accounting for equity securities. Under the revised standard, all equity securities will be measured at fair value through earnings with certain exceptions, including investments accounted for under the equity method of accounting. In addition, the FASB clarified guidance related to valuation allowance assessments when recognizing deferred tax assets on unrealized losses on available-for-sale debt securities. The amendments are effective for State Street beginning January 1, 2018. We are currently assessing the potential impact of these amendments on our consolidated financial statements . In September 2015 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 did not have any significant acquisitions in 2015 that could have a material impact on future consolidated financial statements. We will assess the amendment's 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 relates to the FASB standard issued in May 2014, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard permits the use of either retrospective or cumulative effect transition method. The deferral results in the new revenue standard being effective for State Street beginning on January 1, 2018. We are evaluating the effect on the consolidated financial statements and related disclosures. In May 2015, the FASB issued an amendment that 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. 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 will not have a material impact on our consolidated financial statements. In May 2015, the FASB issued an amendment to U.S. GAAP which removes from the fair value hierarchy, investments for which the practical expedient is used to measure fair value at 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 and is required to be applied retrospectively. The adoption of this amendment will have no impact on our consolidated financial statements. In April 2015, the FASB issued an amendment to U.S. 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 U.S. 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 have a balance of approximately $37 million as of December 31, 2015 and will be reclassified as contra liabilities upon adoption. In August 2015, the FASB issued a related amendment 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. Our adoption of this amendment will not have a material effect on our consolidated financial statements. In February 2015, the FASB issued an amendment to U.S. GAAP that updates the consolidation model used to evaluate whether a legal entity is required to be consolidated. The amendment is effective for State Street beginning on January 1, 2016, and may be applied retrospectively or via a modified retrospective approach. The amendment eliminated the indefinite deferral of Accounting Standard Update 2010-10 “Amendments for Certain Investment Funds” for asset management funds with characteristics of an investment company and also eliminated the presumption that a general partner should consolidate a limited partnership. The amendment also changed the consolidation analysis for fee arrangements that meet certain requirements and for related party relationships. Certain money market funds are excluded from the scope of the amendment. Based on our assessment of the amendment, our adoption of this amendment will not have a material effect on our consolidated financial statements. In February 2015, the FASB issued an amendment to U.S. 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 will not have a material effect on our consolidated financial statements. Revisions of Previously-Issued Financial Statements: During the fourth quarter of fiscal year 2015, we identified and corrected errors reported in prior periods and assessed the materiality of the errors. The errors arose from a review into the manner in which we invoiced certain expenses to certain of our asset servicing clients, primarily in the U.S., during an 18 -year period going back to 1998. As a result of this review, we determined that we had incorrectly invoiced clients in the aggregate amount of approximately $240 million . We determined that the errors were immaterial to each of the prior reporting periods affected, however we concluded that correcting the errors cumulatively in fiscal year 2015 would materially misstate our consolidated statement of income for the year ended December 31, 2015. Accordingly, our financial results for all prior periods presented herein have been revised to correct the errors. Additionally, we have corrected for a previously disclosed an immaterial out-of-period adjustment that had been included in our 2013 tax expense and related to prior periods. The cumulative effect of the errors has been reflected in the beginning retained earnings balance as of January 1, 2013 in the amount of $44 million in the consolidated statement of changes in shareholders' equity. The table below shows the effect of the errors on our consolidated statement of income and our consolidated statement of condition for the periods presented. Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions, except per share amounts) Previously Reported Correction Revised Previously Reported Correction Revised Servicing fee revenue $ 5,129 $ (21 ) $ 5,108 $ 4,819 $ (20 ) $ 4,799 Total revenue 10,295 (21 ) 10,274 9,884 (20 ) 9,864 Income before income tax expense 2,458 (21 ) 2,437 2,686 (20 ) 2,666 Income tax expense 421 (6 ) 415 550 66 616 Net income 2,037 (15 ) 2,022 2,136 (86 ) 2,050 Earnings per share: Basic $ 4.65 $ (0.03 ) $ 4.62 $ 4.71 $ (0.19 ) $ 4.52 Diluted 4.57 (0.04 ) 4.53 4.62 (0.19 ) 4.43 December 31, 2014 (In millions, except per share amounts) Previously Reported Correction Revised Total assets $ 274,119 $ — $ 274,119 Total liabilities 252,646 145 252,791 Retained earnings 14,882 (145 ) 14,737 Total equity 21,473 (145 ) 21,328 Total liabilities and shareholders' equity 274,119 — 274,119 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair-Value Measurements: We carry trading account assets, AFS investment securities 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 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 U.S. 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 U.S. GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to valuation methods using significant unobservable inputs (level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest-level input that is significant to the fair-value measurement. Management's assessment of the significance of a particular input to the overall fair-value measurement of a financial asset or liability requires judgment, and considers factors specific to that asset or liability. The three levels of the valuation hierarchy are described below. Level 1. Financial assets and liabilities with values based on unadjusted quoted prices for identical assets or liabilities in an active market. Our level-1 financial assets and liabilities primarily include positions in U.S. government securities and highly liquid U.S. and non-U.S. government fixed-income securities carried in trading account assets. We may carry U.S. government securities in our available-for-sale portfolio in connection with our asset-and-liability management activities. Our level-1 financial assets also include active exchange-traded equity securities and non-cash collateral received from counterparties in connection with our enhanced custody business. Level 2. Financial assets and liabilities with values based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level-2 inputs include the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets; • Pricing models whose inputs are observable for substantially the full term of the asset or liability; and • Pricing models whose inputs are derived principally from, or corroborated by, observable market information through correlation or other means for substantially the full term of the asset or liability. Our level-2 financial assets and liabilities primarily include non-U.S. debt securities carried in trading account assets and various types of fixed-income investment securities available-for-sale, as well as various types of foreign exchange and interest-rate derivative instruments. Fair value for our investment securities available-for-sale categorized in level 2 is measured primarily using information obtained from independent third parties. This third-party information is subject to review by management as part of a validation process, which includes obtaining an understanding of the underlying assumptions and the level of market participant information used to support those assumptions. In addition, management compares significant assumptions used by third parties to available market information. Such information may include known trades or, to the extent that trading activity is limited, comparisons to market research information pertaining to credit expectations, execution prices and the timing of cash flows, and where information is available, back-testing. Derivative instruments categorized in level 2 predominantly represent foreign exchange contracts used in our trading activities, for which fair value is measured using discounted cash-flow techniques, with inputs consisting of observable spot and forward points, as well as observable interest-rate curves. With respect to derivative instruments, we evaluate the impact on valuation of the credit risk of our counterparties and our own credit risk. We consider factors such as the likelihood of default by us and our counterparties, our current and potential future net exposures and remaining maturities in determining the fair value. Valuation adjustments associated with derivative instruments were not material to those instruments for the years ended December 31, 2015, 2014 and 2013 . Level 3. Financial assets and liabilities with values based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall measurement of fair value. These inputs reflect management's judgment about the assumptions that a market participant would use in pricing the financial asset or liability, and are based on the best available information, some of which is internally developed. The following provides a more detailed discussion of our financial assets and liabilities that we may categorize in level 3 and the related valuation methodology. • The fair value of our investment securities categorized in level 3 is measured using information obtained from third-party sources, typically non-binding broker or dealer quotes, or through the use of internally-developed pricing models. Management has evaluated its methodologies used to measure fair value, but has considered the level of observable market information to be insufficient to categorize the securities in level 2. • The fair value of foreign exchange contracts, primarily options, is measured using an option-pricing model. Because of a limited number of observable transactions, certain model inputs are not observable, such as implied volatility surface, but are derived from observable market information. Our level-3 financial assets and liabilities are similar in structure and profile to our level-1 and level-2 financial instruments, but they trade in less liquid markets, and the measurement of their fair value is inherently more difficult. As of December 31, 2015 , on a gross basis, we categorized in level 3 approximately 3% of our financial assets carried at fair value on a recurring basis. As of the same date and on the same basis, the percentage of our financial liabilities categorized in level 3 to our financial liabilities carried at fair value on a recurring basis was de minimis. The fair value of investment securities categorized in level 3 that was measured using non-binding quotes and internally-developed pricing-model inputs was approximately 98% and 2% , respectively, of the total fair value of our investment securities categorized in level 3 as of December 31, 2015 . The process used to measure the fair value of our level-3 financial assets and liabilities is overseen by a valuation group within Corporate Finance, separate from the business units that manage the assets and liabilities. This function, which develops and manages the valuation process, reports to State Street's Valuation Committee. The Valuation Committee comprises senior management from separate business units, Enterprise Risk Management, a corporate risk oversight group, and Corporate Finance, and oversees adherence to State Street's valuation policies. The valuation group performs validation of the pricing information obtained from third-party sources in order to evaluate reasonableness and consistency with market experience in similar asset classes. Monthly analyses include a review of price changes relative to overall trends, credit analysis and other relevant procedures (discussed below). In addition, prices for level-3 securities carried in our investment portfolio are tested on a sample basis based on unexpected pricing movements. These sample prices are then corroborated through price recalculations, when applicable, using available market information, which is obtained separately from third-party pricing sources. The recalculated prices are compared to market-research information pertaining to credit expectations, execution prices and the timing of cash flows, and where information is available, back-testing. If a difference is identified and it is determined that there is a significant impact requiring an adjustment, the adjustment is presented to the Valuation Committee for review and consideration. Validation is also performed on fair-value measurements determined using internally-developed pricing models. The pricing models are subject to validation through our Model Assessment Committee, a corporate risk oversight committee that provides technical support and input to the Valuation Committee. This validation process incorporates a review of a diverse set of model and trade parameters across a broad range of values in order to evaluate the model's suitability for valuation of a particular financial instrument type, as well as the model's accuracy in reflecting the characteristics of the related financial asset or liability and its significant risks. Inputs and assumptions, including any price-valuation adjustments, are developed by the business units and separately reviewed by the valuation group. Model valuations are compared to available market information including appropriate proxy instruments and other benchmarks to highlight abnormalities for further investigation. Measuring fair value requires the exercise of management judgment. The level of subjectivity and the degree of management judgment required is more significant for financial instruments whose fair value is measured using inputs that are not observable. The areas requiring significant judgment are identified, documented and reported to the Valuation Committee as part of the valuation control framework. We believe that our valuation methods are appropriate; however, the use of different methodologies or assumptions, particularly as they apply to level-3 financial assets and liabilities, could materially affect our fair-value measurements as of the reporting date. The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated. No transfers of financial assets or liabilities between levels 1 and 2 occurred during 2015 or 2014 . Fair-Value Measurements on a Recurring Basis as of December 31, 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 $ 32 $ — $ — $ 32 Non-U.S. government securities 479 — — 479 Other 10 328 — 338 Total trading account assets 521 328 — 849 AFS Investment securities: U.S. Treasury and federal agencies: Direct obligations 5,206 512 — 5,718 Mortgage-backed securities — 18,165 — 18,165 Asset-backed securities: Student loans — 6,987 189 7,176 Credit cards — 1,341 — 1,341 Sub-prime — 419 — 419 Other (2) — — 1,764 1,764 Total asset-backed securities — 8,747 1,953 10,700 Non-U.S. debt securities: Mortgage-backed securities — 7,071 — 7,071 Asset-backed securities — 3,093 174 3,267 Government securities — 4,355 — 4,355 Other (3) — 4,579 255 4,834 Total non-U.S. debt securities — 19,098 429 19,527 State and political subdivisions — 9,713 33 9,746 Collateralized mortgage obligations — 2,948 39 2,987 Other U.S. debt securities — 2,614 10 2,624 U.S. equity securities — 39 — 39 Non-U.S. equity securities — 3 — 3 U.S. money-market mutual funds — 542 — 542 Non-U.S. money-market mutual funds — 19 — 19 Total investment securities available for sale 5,206 62,400 2,464 70,070 Other assets: Derivative instruments: Foreign exchange contracts — 11,311 5 $ (6,562 ) 4,754 Interest-rate contracts — 135 — (115 ) 20 Other derivative contracts — 5 — (2 ) 3 Total derivative instruments — 11,451 5 (6,679 ) 4,777 Other 2 — — — 2 Total assets carried at fair value $ 5,729 $ 74,179 $ 2,469 $ (6,679 ) $ 75,698 Liabilities: Accrued expenses and other liabilities: Trading account liabilities: U.S. government securities $ 5 $ — $ — $ — $ 5 Non-U.S. government securities 76 — — — 76 Other 5 13 — — 18 Derivative instruments: Foreign exchange contracts — 10,863 5 (6,995 ) 3,873 Interest-rate contracts — 182 — (24 ) 158 Other derivative contracts — 103 — (2 ) 101 Total derivative instruments — 11,148 5 (7,021 ) 4,132 Other 2 — — — 2 Total liabilities carried at fair value $ 88 $ 11,161 $ 5 $ (7,021 ) $ 4,233 (1) R epresents 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 $776 million and $1.12 billion , respectively, for cash collateral received from and provided to derivative counterparties. (2) As of December 31, 2015 the fair value of other asset-backed securities was primarily composed of $1.76 billion of collateralized loan obligations. (3) As of December 31, 2015 the fair value of other non-U.S. debt securities was primarily composed of $3.18 billion of covered bonds and $613 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 AFS Investment securities: 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 years ended December 31 , 2015 and 2014 , respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During the years ended December 31 , 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 Year Ended December 31, 2015 Fair Value as of Total Realized and Purchases Sales Settlements Transfers Transfers Fair Value as of (1) Change in (In millions) Recorded in Revenue Recorded in Other Comprehensive Income Assets: AFS Investment securities: Asset-backed securities: Student loans $ 259 $ 1 $ (4 ) $ — — $ (6 ) $ — $ (61 ) $ 189 Other 3,780 53 (50 ) — (1,105 ) (914 ) — — 1,764 Total asset-backed securities 4,039 54 (54 ) — (1,105 ) (920 ) — (61 ) 1,953 Non-U.S. debt securities: Mortgage-backed securities — — — 43 — — 97 (140 ) — Asset-backed securities 295 2 (1 ) 249 — (190 ) 4 (185 ) 174 Other 371 — (1 ) 111 — (39 ) — (187 ) 255 Total non-U.S. debt securities 666 2 (2 ) 403 — (229 ) 101 (512 ) 429 State and political subdivisions 38 1 (3 ) — — (3 ) — — 33 Collateralized mortgage obligations 614 (1 ) (2 ) 294 (88 ) (105 ) — (673 ) 39 Other U.S. debt securities 9 — — — — — 10 (9 ) 10 Total investment securities available for sale 5,366 56 (61 ) 697 (1,193 ) (1,257 ) 111 (1,255 ) 2,464 Other assets: Derivative instruments: Derivative instruments, Foreign exchange contracts 81 48 — 9 — (133 ) — — 5 $ (4 ) Total derivative instruments 81 48 — 9 — (133 ) — — 5 (4 ) Total assets carried at fair value $ 5,447 $ 104 $ (61 ) $ 706 $ (1,193 ) $ (1,390 ) $ 111 $ (1,255 ) $ 2,469 $ (4 ) Fair-Value Measurements Using Significant Unobservable Inputs Year Ended December 31, 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 $ 23 $ 12 $ (104 ) $ 5 $ (7 ) Other 9 — — (9 ) — — Total derivative instruments 83 23 12 (113 ) 5 (7 ) Total liabilities carried at fair value $ 83 $ 23 $ 12 $ (113 ) $ 5 $ (7 ) (1) There were no transfers of liabilities into or out of level 3 during the year ended December 31, 2015 . Fair-Value Measurements Using Significant Unobservable Inputs Twelve Months Ended December 31, 2014 Fair Value as of December 31, 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 $ 716 $ — $ — $ 168 $ — $ (14 ) $ — $ (870 ) $ — Asset-backed securities: Student loans 423 2 1 24 (75 ) (37 ) — (79 ) 259 Credit cards 24 — — — — (24 ) — — — Other 4,532 65 (28 ) 282 — (1,071 ) — — 3,780 Total asset-backed securities 4,979 67 (27 ) 306 (75 ) (1,132 ) — (79 ) 4,039 Non-U.S. debt securities: Mortgage-backed securities 375 — — — — — — (375 ) — Asset-backed securities 798 6 (1 ) — — (272 ) 76 (312 ) 295 Other 464 — 1 55 (1 ) (41 ) 85 (192 ) 371 Total non-U.S. debt securities 1,637 6 — 55 (1 ) (313 ) 161 (879 ) 666 State and political subdivisions 43 1 (3 ) — — (3 ) — — 38 Collateralized mortgage obligations 162 — 1 633 (6 ) (32 ) — (144 ) 614 Other U.S. debt securities 8 — 1 — — — — — 9 Total investment securities available for sale 7,545 74 (28 ) 1,162 (82 ) (1,494 ) 161 (1,972 ) 5,366 Other assets: Derivative instruments: Derivative instruments, Foreign exchange contracts (1) 19 36 — 36 — (10 ) — — 81 $ 44 Total derivative instruments 19 36 — 36 — (10 ) — — 81 44 Total assets carried at fair value $ 7,564 $ 110 $ (28 ) $ 1,198 $ (82 ) $ (1,504 ) $ 161 $ (1,972 ) $ 5,447 $ 44 Fair-Value Measurements Using Significant Unobservable Inputs Twelve Months Ended December 31, 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 (2) $ 17 $ 25 $ 39 $ (7 ) $ 74 $ 35 Other 9 — — — 9 — Total derivative instruments 26 25 39 (7 ) 83 35 Total liabilities carried at fair value $ 26 $ 25 $ 39 $ (7 ) $ 83 $ 35 (1) There were no transfers of liabilities into or out of level 3 during the year ended December 31, 2014 . The following table presents total realized and unrealized gains and losses for our level-3 financial assets and liabilities and where they are presented in our consolidated statement of income for the years indicated: Twelve Months Ended December 31, Total Realized and Change in Unrealized Gains (Losses) Related to Financial instruments Held as of December 31, (In millions) 2015 2014 2013 2015 2014 2013 Fee revenue: Trading services $ 25 $ 11 $ 63 $ 3 $ 9 $ (1 ) Total fee revenue 25 11 63 3 9 (1 ) Net interest revenue 56 74 62 — — — Total revenue $ 81 $ 85 $ 125 $ 3 $ 9 $ (1 ) The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level-3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level-3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker or dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer. Quantitative Information about Level-3 Fair-Value Measurements Fair Value Weighted-Average (Dollars in millions) As of December 31, 2015 As of December 31, 2014 Valuation Technique Significant (1) As of December 31, 2015 As of December 31, 2014 Significant unobservable inputs readily available to State Street: Assets: Asset-backed securities, other $ 28 $ 59 Discounted cash flows Credit spread 0.1 % 0.2 % State and political subdivisions 33 38 Discounted cash flows Credit spread 2.2 2.1 Derivative instruments, foreign exchange contracts 5 81 Option model Volatility 9.3 9.1 Total $ 66 $ 178 Liabilities: Derivative instruments, foreign exchange contracts $ 5 $ 74 Option model Volatility 9.2 9.0 Derivative instruments, other (2) — 9 Discounted cash flows Participant redemptions — 5.2 Total $ 5 $ 83 (1) Significant chan ges in these unobservable inputs would result in significant changes in fair value measure. (2) Relates to stable value wrap c ontracts; refer to the sensitivity discussion following the tables presented below, and to Note 12 . 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: December 31, 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 $ — $ 189 $ 189 Asset-backed securities, other 28 1,736 1,764 Non-U.S. debt securities, asset-backed securities — 174 174 Non-U.S. debt securities, other — 255 255 State and political subdivisions 33 — 33 Collateralized mortgage obligations — 39 39 Other U.S. debt securities — 10 10 Derivative instruments, foreign exchange contracts 5 — 5 Total $ 66 $ 2,403 $ 2,469 Liabilities: Derivative instruments, foreign exchange contracts $ 5 $ — $ 5 Total $ 5 $ — $ 5 (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 fina ncial assets and liabilities is provided above in a separate table. (2) Fair value for these financial assets is measured using non-binding broker or dealer quotes. We use internally-developed pricing models that incorporate discounted cash flow and option model techniques to measure the fair value of certain level-3 financial assets and liabilities. Use of these techniques requires the determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the preceding table. Accordingly, changes in these unobservable inputs may have a significant impact on fair value. Certain of these unobservable inputs will, in isolation, have a directionally consistent impact on the fair value of the instrument for a given change in that input. Alternatively, the fair value of the instrument may move in an opposite direction for a given change in another input. Where multiple inputs are used within the valuation technique of an asset or liability, a change in one input in a certain direction may be offset by an opposite change in another input, resulting in a potentially muted impact on the overall fair value of that particular instrument. Additionally, a change in one unobservable input may result in a change to another unobservable input (that is, changes in certain inputs are interrelated to one another), which may counteract or magnify the fair-value impact. Fair Value Estimates: Estimates of fair value for financial instruments not carried at fair value on a recurring basis in our consolidated statement of condition are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information. Disclosure of fair-value estimates is not required by U.S. GAAP for certain items, such as lease financing, equity-method investments, obligations for pension and other post-retirement plans, premises and equipment, other intangible assets and income-tax assets and liabilities. Accordingly, aggregate fair-value estimates presented do not purport to represent, and should not be considered representative of, our underlying “market” or franchise value. In addition, because of potential differences in methodologies and assumptions used to estimate fair values, our estimates of fair value should not be compared to those of other financial institutions. We use the following methods to estimate the fair values of our financial instruments: • For financial instruments that have quoted market prices, those quoted prices are used to estimate fair value. • For financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, we assume that the fair value of these instruments approximates their reported value, after taking into consideration any applicable credit risk. • For financial instruments for which no quoted market prices are available, fair value is estimated using information obtained from independent third parties, or by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. The generally short duration of certain of our assets and liabilities results in a significant number of financial instruments for which fair value equals or closely approximates the amount recorded in our consolidated statement of condition. These financial instruments are reported in the following captions in our consolidated statement of condition: cash and due from banks; interest-bearing deposits with banks; securities purchased under resale agreements; accrued interest and fees receivable; deposits; securities sold under repurchase agreements; federal funds purchased; and other short-term borrowings. In addition, due to the relatively short duration of certain of our net loans (excluding leases), we consider fair value for these loans to approximate their reported value. The fair value of other types of loans, such as senior secured bank loans, commercial real estate loans, purchased receivables and municipal loans is estimated using information obtained from independent third parties or by discounting expected future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings for the same remaining maturities. Commitments to lend have no reported value because their terms are at prevailing market rates. The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value on a recurring basis, as they would be categorized within the fair-value hierarchy, as of the dates indicated. Fair-Value Hierarchy December 31, 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 $ 1,207 $ 1,207 $ 1,207 $ — $ — Interest-bearing deposits with banks 75,338 75,338 — 75,338 — Securities purchased under resale agreements 3,404 3,404 — 3,404 — Investment securities held to maturity 29,952 29,798 — 29,798 — Net loans (excluding leases) (1) 17,838 17,792 — 17,667 125 Financial Liabilities: Deposits: Noninterest-bearing $ 65,800 $ 65,800 $ — $ 65,800 $ — Interest-bearing - U.S. 29,958 29,958 — 29,958 — Interest-bearing - non-U.S. 95,869 95,869 — 95,869 — Securities sold under repurchase agreements 4,499 4,499 — 4,499 — Federal funds purchased 6 6 — 6 — Other short-term borrowings 1,748 1,748 — 1,748 — Long-term debt 11,534 11,604 — 11,215 389 (1) Includes $14 million of loans classified as held-for-sale that were measured at fair value on a non-recurring basis as of December 31, 2015 . 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 | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities held by us are classified as either trading, AFS , or HTM 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. AFS investment securities are those securities that we intend to hold for an indefinite period of time. AFS investment 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. HTM securities 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 AFS are carried at fair value, and after-tax net unrealized gains and losses are recorded in AOCI. Gains or losses realized on sales of AFS investment 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. HTM investment securities are carried at cost, adjusted for amortization of premiums and accretion of discounts. The following table presents the amortized cost and fair value, and associated unrealized gains and losses, of investment securities as of the dates indicated: December 31, 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 $ 5,717 $ 6 $ 5 $ 5,718 $ 10,573 $ 83 $ 1 $ 10,655 Mortgage-backed securities 18,168 131 134 18,165 20,648 193 127 20,714 Asset-backed securities: Student loans (1) 7,358 16 198 7,176 12,478 106 124 12,460 Credit cards 1,378 — 37 1,341 3,077 10 34 3,053 Sub-prime 448 2 31 419 1,005 2 56 951 Other (2) 1,724 43 3 1,764 4,055 100 10 4,145 Total asset-backed securities 10,908 61 269 10,700 20,615 218 224 20,609 Non-U.S. debt securities: Mortgage-backed securities 7,010 72 11 7,071 9,442 168 4 9,606 Asset-backed securities 3,272 2 7 3,267 3,215 11 — 3,226 Government securities 4,348 7 — 4,355 3,899 10 — 3,909 Other (3) 4,817 29 12 4,834 5,383 52 7 5,428 Total non-U.S. debt securities 19,447 110 30 19,527 21,939 241 11 22,169 State and political subdivisions 9,402 371 27 9,746 10,532 325 37 10,820 Collateralized mortgage obligations 2,993 16 22 2,987 5,280 71 12 5,339 Other U.S. debt securities 2,611 31 18 2,624 4,033 88 12 4,109 U.S. equity securities 33 9 3 39 29 10 — 39 Non-U.S. equity securities 3 — — 3 2 — — 2 U.S. money-market mutual funds 542 — — 542 449 — — 449 Non-U.S. money-market mutual funds 19 — — 19 8 — — 8 Total $ 69,843 $ 735 $ 508 $ 70,070 $ 94,108 $ 1,229 $ 424 $ 94,913 Held to maturity (4) : U.S. Treasury and federal agencies: Direct obligations $ 20,878 $ 2 $ 217 $ 20,663 $ 5,114 $ — $ 147 $ 4,967 Mortgage-backed securities 610 2 8 604 62 4 — 66 Asset-backed securities: Student loans (1) 1,592 — 47 1,545 1,814 2 4 1,812 Credit cards 897 — 1 896 897 2 — 899 Other 366 2 1 367 577 3 1 579 Total asset-backed securities 2,855 2 49 2,808 3,288 7 5 3,290 Non-U.S. debt securities: Mortgage-backed securities 2,202 109 26 2,285 3,787 177 22 3,942 Asset-backed securities 1,415 4 3 1,416 2,868 14 1 2,881 Government securities 239 — 1 238 154 — — 154 Other 65 — — 65 72 — — 72 Total non-U.S. debt securities 3,921 113 30 4,004 6,881 191 23 7,049 State and political subdivisions 1 — — 1 9 — — 9 Collateralized mortgage obligations 1,687 60 29 1,718 2,369 107 15 2,461 Total $ 29,952 $ 179 $ 333 $ 29,798 $ 17,723 $ 309 $ 190 $ 17,842 (1) Primarily composed of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans. (2) As of December 31, 2015 and 2014 , the fair value of other ABS was primarily composed of $1.76 billion and $3.8 billion , respectively, of collateralized loan obligations and approximately zero and $315 million , respectively, of automobile loan securities. (3) As of December 31, 2015 and December 31, 2014 , the fair value of other non-U.S. debt securities was primarily composed of $3.18 billion and $3.3 billion of covered bonds and $613 million and $1.2 billion , as of December 31, 2015 and December 31, 2014 , respectively, of corporate bonds. (4) At amortized cost or fair value on the date of transfer from AFS . Aggregate investment securities with carrying values of $34.18 billion and $44.02 billion as of December 31, 2015 and 2014 , respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law. In the fourth quarter of 2015 , $7.1 billion of U.S. Treasuries previously classified as AFS were transferred to HTM, reflecting our intent to hold these securities until their maturity. These securities were transferred at fair value, which included a net unrealized gain of $89 million within accumulated other comprehensive loss which will be accreted into interest income over the life of the transferred security. The following tables present the aggregate fair values of investment securities that have been in a continuous unrealized loss position for less than 12 months , and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated: Less than 12 months 12 months or longer Total December 31, 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 $ 3,123 $ 4 $ 121 $ 1 $ 3,244 $ 5 Mortgage-backed securities 5,729 48 3,166 86 8,895 134 Asset-backed securities: Student loans 2,841 54 3,217 144 6,058 198 Credit cards 838 7 490 30 1,328 37 Sub-prime 7 — 387 31 394 31 Other 720 3 43 — 763 3 Total asset-backed securities 4,406 64 4,137 205 8,543 269 Non-U.S. debt securities: Mortgage-backed securities 1,457 7 437 4 1,894 11 Asset-backed securities 2,190 7 22 — 2,212 7 Government securities 1,691 — — — 1,691 — Other 1,548 5 527 7 2,075 12 Total non-U.S. debt securities 6,886 19 986 11 7,872 30 State and political subdivisions 206 1 658 26 864 27 Collateralized mortgage obligations 1,511 14 217 8 1,728 22 Other U.S. debt securities 475 9 178 9 653 18 U.S. equity securities — — 5 3 5 3 Total $ 22,336 $ 159 $ 9,468 $ 349 $ 31,804 $ 508 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ 16,370 $ 120 $ 3,005 $ 97 $ 19,375 $ 217 Mortgage-backed 560 8 — — 560 8 Asset-backed securities: Student loans 896 25 615 22 1,511 47 Credit cards 636 1 — — 636 1 Other 102 — 31 1 133 1 Total asset-backed securities 1,634 26 646 23 2,280 49 Non-U.S. mortgage-backed securities: Mortgage-backed securities 338 2 524 24 862 26 Asset-backed securities 1,015 3 69 — 1,084 3 Government securities 128 1 — — 128 1 Other — — 43 — 43 — Total non-U.S. debt securities 1,481 6 636 24 2,117 30 Collateralized mortgage obligations 634 9 537 20 1,171 29 Total $ 20,679 $ 169 $ 4,824 $ 164 $ 25,503 $ 333 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 by carrying amount as of December 31, 2015 : Under 1 Year 1 to 5 Years 6 to 10 Years Over 10 Years Total (In millions) Available for sale: U.S. Treasury and federal agencies: Direct obligations $ 2,000 $ 3,223 $ 40 $ 455 $ 5,718 Mortgage-backed securities 78 2,501 3,858 11,728 18,165 Asset-backed securities: Student loans 339 3,702 2,054 1,081 7,176 Credit cards 2 259 1,080 — 1,341 Sub-prime 1 5 3 410 419 Other 19 220 1,260 265 1,764 Total asset-backed securities 361 4,186 4,397 1,756 10,700 Non-U.S. debt securities: Mortgage-backed securities 1,103 3,375 648 1,945 7,071 Asset-backed securities 485 2,394 220 168 3,267 Government securities 2,736 1,619 — — 4,355 Other 1,410 2,886 538 — 4,834 Total non-U.S. debt securities 5,734 10,274 1,406 2,113 19,527 State and political subdivisions 542 2,450 5,001 1,753 9,746 Collateralized mortgage obligations 350 80 472 2,085 2,987 Other U.S. debt securities 948 1,500 142 34 2,624 Total $ 10,013 $ 24,214 $ 15,316 $ 19,924 $ 69,467 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ — $ 11,348 $ 9,440 $ 90 $ 20,878 Mortgage-backed securities 1 12 — 597 610 Asset-backed securities: Student loans — 193 304 1,095 1,592 Credit cards — 680 217 — 897 Other 60 227 76 3 366 Total asset-backed securities 60 1,100 597 1,098 2,855 Non-U.S. debt securities: Mortgage-backed securities 435 507 95 1,165 2,202 Asset-backed securities 201 1,067 147 — 1,415 Government securities 129 110 — — 239 Other 22 43 — — 65 Total non-U.S. debt securities 787 1,727 242 1,165 3,921 State and political subdivisions 1 — — — 1 Collateralized mortgage obligations 251 142 489 805 1,687 Total $ 1,100 $ 14,329 $ 10,768 $ 3,755 $ 29,952 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 AFS investment securities, and the components of net impairment losses included in net gains and losses related to investment securities, for the years ended December 31 : (In millions) 2015 2014 2013 Gross realized gains from sales of AFS investment securities $ 57 $ 64 $ 104 Gross realized losses from sales of AFS investment securities (62 ) (49 ) (90 ) Net impairment losses: Gross losses from OTTI (1 ) (1 ) (21 ) Losses reclassified (from) to other comprehensive income — (10 ) (2 ) Net impairment losses (1) (1 ) (11 ) (23 ) Gains (losses) related to investment securities, net $ (6 ) $ 4 $ (9 ) (1) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: Impairment associated with expected credit losses $ — $ (10 ) $ (11 ) Impairment associated with management's intent to sell impaired securities prior to recovery in value — — (6 ) Impairment associated with adverse changes in timing of expected future cash flows (1 ) (1 ) (6 ) Net impairment losses $ (1 ) $ (11 ) $ (23 ) The following table presents a roll-forward with respect to net impairment losses that have been recognized in income for the periods indicated. Twelve Months Ended December 31, (In millions) 2015 2014 2013 Balance, beginning of period $ 115 $ 122 $ 124 Additions: Losses for which OTTI was not previously recognized 1 — 14 Losses for which OTTI was previously recognized — 11 9 Deductions: Previously recognized losses related to securities sold or matured (24 ) (12 ) (25 ) Losses related to securities intended or required to be sold — (6 ) — Balance, end of period $ 92 $ 115 $ 122 Interest revenue related to debt securities is recognized in our consolidated statement of income using the effective 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 OTTI exists. Impairment exists when the current fair value of an individual security is below its amortized cost basis. When the decline in the security's fair value is deemed to be other than temporary, the loss is recorded in our consolidated statement of income. In addition, for AFS and HTM debt securities, impairment is recorded in our consolidated statement of income when management intends to sell (or may be required to sell) the securities before they recover in value, or when management expects the present value of cash flows expected to be collected from the securities to be less than the amortized cost of the impaired security (a credit loss). Our review of impaired securities generally includes: • the identification and evaluation of securities that have indications of potential OTTI, such as issuer-specific concerns, including deteriorating financial condition or bankruptcy; • the analysis of expected future cash flows of securities, based on quantitative and qualitative factors; • the analysis of the collectability of those future cash flows, including information about past events, current conditions, and reasonable and supportable forecasts; • the analysis of the underlying collateral for mortgage- and asset-backed securities; • the analysis of individual impaired securities, including consideration of the length of time the security has been in an unrealized loss position, the anticipated recovery period, and the magnitude of the overall price decline; • evaluation of factors or triggers that could cause individual securities to be deemed OTTI and those that would not support OTTI; and • documentation of the results of these analyses. Factors considered in determining whether impairment is other than temporary include: • certain macroeconomic drivers; • certain industry-specific drivers; • the length of time the security has been impaired; • the severity of the impairment; • the cause of the impairment and the financial condition and near-term prospects of the issuer; • activity in the market with respect to the issuer's securities, which may indicate adverse credit conditions; and • our intention not to sell, and the likelihood that we will not be required to sell, the security for a period of time sufficient to allow for its recovery in value. Substantially all of our investment securities portfolio is composed of debt securities. A critical component of our assessment of OTTI of these debt securities is the identification of credit-impaired securities for which management does not expect to receive cash flows sufficient to recover the entire amortized cost basis of the security. Debt securities that are not deemed to be credit-impaired are subject to additional management analysis to assess whether management intends to sell, or, more likely than not, would be required to sell, the security before the expected recovery of its amortized cost basis. The following provides a description of our process for the identification and assessment of OTTI, as well as information about OTTI recorded in 2015 and 2014 and changes in period-end unrealized losses, for major security types as of December 31, 2015 . U.S. Agency Securities Our portfolio of U.S. agency direct obligations and mortgage-backed securities receives the implicit or explicit backing of the U.S. government in conjunction with specified financial support of the U.S. Treasury. We recorded no OTTI on these securities in 2015 , 2014 or 2013. The overall increase in the unrealized losses on these securities as of December 31, 2015 was primarily attributable to interest rate increases in 2015 . Asset-Backed Securities - Student Loans Asset-backed securities collateralized by student loans are primarily composed of securities collateralized by FFELP loans. FFELP loans benefit from a federal government guarantee of at least 97% of defaulted principal and accrued interest, with additional credit support provided in the form of over-collateralization, subordination and excess spread, which collectively total in excess of 100% . Accordingly, the vast majority of FFELP loan-backed securities are protected from traditional consumer credit risk. We recorded no OTTI on these securities in 2015 , 2014 or 2013. The gross unrealized losses in our FFELP loan-backed securities portfolio as of December 31, 2015 were primarily attributable to the widening FFELP spreads during the year as some rating agencies are reviewing the FFELP market for bonds with cash flows that might extend past their legal final maturities. Our assessment of OTTI of these securities considers, among many other factors, the strength of the U.S. government guarantee, the performance of the underlying collateral, and the remaining average term of the FFELP loan-backed securities portfolio, which was approximately 4.3 years as of December 31, 2015 . Our total exposure to private student loan-backed securities was less than $300 million as of December 31, 2015 . Our assessment of OTTI of private student loan-backed securities considers, among other factors, the impact of high unemployment rates on the collateral performance of private student loans. We recorded no OTTI on these securities in 2015 , 2014 or 2013. Non-U.S. Mortgage- and Asset-Backed Securities Non-U.S. mortgage- and asset-backed securities are primarily composed of U.K., Australian and Dutch securities collateralized by residential mortgages and German securities collateralized by automobile loans and leases. Our assessment of impairment with respect to these securities considers the location of the underlying collateral, collateral enhancement and structural features, expected credit losses under base-case and stressed conditions and the macroeconomic outlook for the country in which the collateral is located, including housing prices and unemployment. Where appropriate, any potential loss after consideration of the above-referenced factors is further evaluated to determine whether any OTTI exists. We recorded OTTI of $1 million , $ 1 million , and $6 million for the years ended December 31, 2015 , 2014 and 2013, respectively, on non-U.S. residential mortgage-backed securities in our consolidated statement of income associated with adverse changes in the timing of expected future cash flows from the securities. In addition, in the year ended December 31, 2013, we recorded OTTI of $6 million on these securities in our consolidated statement of income associated with management's intent to sell the impaired security prior to its recovery in value. Our assessment of OTTI of these securities takes into account government intervention in the corresponding mortgage markets and assumes a conservative baseline macroeconomic environment for this region, factoring in slower economic growth and continued government austerity measures. Our baseline view assumes a recessionary period characterized by high unemployment and by additional housing price declines of between 3% and 17% across these four countries. Our evaluation of OTTI in our base case does not assume a disorderly sovereign-debt restructuring or a break-up of the Eurozone. In addition, we perform stress testing and sensitivity analysis in order to understand the impact of more severe assumptions on potential OTTI. State and Political Subdivisions and Other U.S. Debt Securities Our municipal securities portfolio primarily includes securities issued by U.S. states and their municipalities. A portion of this portfolio is held in connection with our tax-exempt investment program, more fully described in Note 14 . Our portfolio of other U.S. debt securities is primarily composed of securities issued by U.S. corporations. Our assessment of OTTI of these portfolios considers, among other factors, adverse conditions specifically related to the industry, geographic area or financial condition of the issuer; the structure of the security, including collateral, if any, and payment schedule; rating agency changes to the security's credit rating; the volatility of the fair value changes; and our intent and ability to hold the security until its recovery in value. If the impairment of the security is credit-related, we estimate the future cash flows from the security, tailored to the security and considering the above-described factors, and any resulting impairment deemed to be other-than-temporary is recorded in our consolidated statement of income. We recorded no OTTI on these securities in 2015 , 2014 or 2013. The decline in the unrealized losses on these securities as of December 31, 2015 was primarily attributable to the narrowing of spreads and U.S. Treasury rates in 2015 . U.S. Non-Agency Residential Mortgage-Backed Securities We assess OTTI of our portfolio of U.S. non-agency residential mortgage-backed securities using cash flow models, tailored for each security, that estimate the future cash flows from the underlying mortgages, using the security-specific collateral and transaction structure. Estimates of future cash flows are subject to management judgment. The future cash flows and performance of our portfolio of U.S. non-agency residential mortgage-backed securities are a function of a number of factors, including, but not limited to, the condition of the U.S. economy, the condition of the U.S. residential mortgage markets, and the level of loan defaults, prepayments and loss severities. Management's estimates of future losses for each security also consider the underwriting and historical performance of each specific security, the underlying collateral type, vintage, borrower profile, third-party guarantees, current levels of subordination, geography and other factors. We recorded no OTTI on these securities in 2015 , 2014 or 2013. U.S. Non-Agency Commercial Mortgage-Backed Securities With respect to our portfolio of U.S. non-agency commercial mortgage-backed securities, OTTI is assessed by considering a number of factors, including, but not limited to, the condition of the U.S. economy and the condition of the U.S. commercial real estate market, as well as capitalization rates. Management estimates of future losses for each security also consider the underlying collateral type, property location, vintage, debt-service coverage ratios, expected property income, servicer advances and estimated property values, as well as current levels of subordination. We recorded no OTTI on these securities in 2015 . In 2014 and 2013 , we recorded $10 million and $11 million , respectively, of OTTI on these securities, all associated with expected credit losses. The estimates, assumptions and other risk factors utilized in our assessment of impairment as described above are used by management to identify securities which are subject to further analysis of potential credit losses. Additional analyses are performed using more stressful assumptions to further evaluate the sensitivity of losses relative to the above-described factors. However, since the assumptions are based on the unique characteristics of each security, management uses a range of estimates for prepayment speeds, default, and loss severity forecasts that reflect the collateral profile of the securities within each asset class. In addition, in measuring expected credit losses, the individual characteristics of each security are examined to determine whether any additional factors would increase or mitigate the expected loss. Once losses are determined, the timing of the loss will also affect the ultimate OTTI, since the loss is ultimately subject to a discount commensurate with the purchase yield of the security. After a review of the investment portfolio, taking into consideration current economic conditions, adverse situations that might affect our ability to fully collect principal and interest, the timing of future payments, the credit quality and performance of the collateral underlying mortgage- and asset-backed securities and other relevant factors, and excluding OTTI recorded in 2015 , management considers the aggregate decline in fair value of the investment securities portfolio and the resulting gross pre-tax unrealized losses of $841 million related to 1,289 securities as of December 31, 2015 to be temporary, and not the result of any material changes in the credit characteristics of the securities. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | Loans and Leases Loans are generally recorded at their principal amount outstanding, net of the allowance for loan losses, unearned income, and any net unamortized deferred loan origination fees. Acquired loans have been initially recorded at fair value based on management’s expectation with respect to future principal and interest collection as of the date of acquisition. Acquired loans are held for investment, and as such their initial fair value is not adjusted subsequent to acquisition. Loans that are classified as held-for-sale are measured at lower of cost or fair value on an individual basis. Interest revenue related to loans is recognized in our consolidated statement of income using the interest method, or on a basis approximating a level rate of return over the term of the loan. Fees received for providing loan commitments and letters of credit that we anticipate will result in loans typically are deferred and amortized to interest revenue over the term of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to processing fees and other revenue over the commitment period when funding is not known or expected. Leveraged-lease investments are reported at the aggregate of lease payments receivable and estimated residual values, net of non-recourse debt and unearned income. Lease residual values are reviewed regularly for other-than-temporary impairment, with valuation adjustments recorded against processing fees and other revenue. Unearned income is recognized to yield a level rate of return on the net investment in the leases. Gains and losses on residual values of leased equipment sold are recorded in processing fees and other revenue. The following table presents our recorded investment in loans and leases, by segment and class, as of the dates indicated: (In millions) December 31, 2015 December 31, 2014 Institutional: Investment funds: U.S. $ 11,136 $ 11,388 Non-U.S. 1,678 2,333 Commercial and financial: U.S. 4,671 3,061 Non-U.S. 278 256 Purchased receivables: U.S. 93 124 Non-U.S. — 6 Lease financing: U.S. 337 335 Non-U.S. 578 668 Total institutional 18,771 18,171 Commercial real estate: U.S. 28 28 Total loans and leases 18,799 18,199 Allowance for loan losses (46 ) (38 ) Loans and leases, net of allowance for loan losses $ 18,753 $ 18,161 The components of our net investment in leveraged lease financing, included in the institutional segment in the preceding table, were as follows as of December 31 : (In millions) 2015 2014 Net rental income receivable $ 1,159 $ 1,284 Estimated residual values 89 89 Unearned income (333 ) (370 ) Investment in leveraged lease financing 915 1,003 Less: related deferred income tax liabilities (334 ) (326 ) Net investment in leveraged lease financing $ 581 $ 677 We segregate our loans and leases into two segments: institutional and CRE. Within the institutional and CRE segments, we further segregate the receivables into classes based on their risk characteristics, their initial measurement attributes and the methods we use to monitor and assess credit risk. The institutional segment is composed of the following classes: investment funds, commercial-and- financial, purchased receivables and lease financing. The investment funds class includes lending to mutual and other collective investment funds. The commercial-and-financial class includes lending to corporate borrowers, including broker/dealers, as well as purchased senior secured bank loans. These senior secured bank loans, which are more fully described below, are carried in connection with our participation in loan syndications in the non-investment-grade lending market. The purchased receivables class represents undivided interests in securitized pools of underlying third-party receivables added in connection with the commercial paper conduit consolidation in 2009. The lease financing class includes our investment in leveraged lease financing. Short-duration advances to our clients included in the institutional segment were $2.62 billion and $3.54 billion as of December 31, 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 $3.14 billion and $2.07 billion of senior secured bank loans as of December 31, 2015 and 2014 , respectively. These senior secured bank loans are included in the “speculative” category in the credit-quality-indicator tables presented below. As of December 31, 2015 and December 31, 2014 , our allowance for loan losses included approximately $35 million and $26 million , respectively, related to these loans. The CRE segment comprises the loans acquired in 2008 pursuant to indemnified repurchase agreements with an affiliate of Lehman as a result of the Lehman Brothers bankruptcy. The CRE loans, primarily collateralized by direct and indirect interests in commercial real estate, were recorded at their then-current fair value based on management’s expectations with respect to future cash flows from the loans using appropriate market discount rates as of the date of acquisition. These cash flow estimates are updated quarterly to reflect changes in management’s expectations, which consider market conditions and other factors. The following tables present our recorded investment in each class of loans and leases by credit quality indicator as of the dates indicated: Institutional December 31, 2015 Investment Funds Commercial and Financial Purchased Receivables Lease Financing Commercial Real Estate Total Loans and Leases (In millions) Investment grade (1) $ 12,415 $ 1,780 $ 93 $ 888 $ 28 $ 15,204 Speculative (2) 399 3,138 — 27 — 3,564 Special mention (3) — 31 — — — 31 Total $ 12,814 $ 4,949 $ 93 $ 915 $ 28 $ 18,799 Institutional December 31, 2014 Investment Funds Commercial and Financial Purchased Receivables Lease Financing Commercial Real Estate 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. We use an internal risk-rating system to assess our risk of credit loss for each loan or lease. This risk-rating process incorporates the use of risk-rating tools in conjunction with management judgment. Qualitative and quantitative inputs are captured in a systematic manner, and following a formal review and approval process, an internal credit rating based on our credit scale is assigned. In assessing the risk rating assigned to each individual loan or lease, among the factors considered are the borrower's debt capacity, collateral coverage, payment history and delinquency experience, financial flexibility and earnings strength, the expected amounts and sources of repayment, the level and nature of contingencies, if any, and the industry and geography in which the borrower operates. These factors are based on an evaluation of historical and current information, and involve subjective assessment and interpretation. Credit counterparties are evaluated and risk-rated on an individual basis at least annually. Management considers the ratings to be current as of December 31, 2015 . The following table presents our recorded investment in loans and leases, disaggregated based on our impairment methodology, as of the dates indicated: December 31, 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) $ 18,771 $ 28 $ 18,799 $ 18,171 $ 28 $ 18,199 Total $ 18,771 $ 28 $ 18,799 $ 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 December 31, 2015 and December 31, 2014 , all of the allowance for loan losses of $46 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: December 31, 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 December 31, 2015 and December 31, 2014 , all of the allowance for loan losses of $46 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 during the years ended December 31, 2015 and 2014 . We generally place loans on non-accrual status once principal or interest payments are 60 days contractually past due, or earlier if management determines that full collection is not probable. Loans 60 days past due, but considered both well-secured and in the process of collection, may be excluded from non-accrual status. When we place a loan on non-accrual status, the accrual of interest is discontinued and previously recorded but unpaid interest is reversed and generally charged against interest revenue. For loans on non-accrual status, revenue is recognized on a cash basis after recovery of principal, if and when interest payments are received. Loans may be removed from non-accrual status when repayment is reasonably assured and performance under the terms of the loan has been demonstrated. As of December 31, 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 allowance for loan losses, recorded as a reduction of loans and leases in our consolidated statement of condition, represents management’s estimate of incurred credit losses in our loan-and-lease portfolio as of the balance sheet date. The allowance is evaluated on a regular basis by management. Factors considered in evaluating the appropriate level of the allowance for both the institutional and commercial real estate segments of our loan-and-lease portfolio include loss experience, the probability of default reflected in our internal risk rating of the counterparty's creditworthiness, current economic conditions and adverse situations that may affect the borrower’s ability to repay, the estimated value of the underlying collateral, if any, the performance of individual credits in relation to contract terms, and other relevant factors. Loans are charged off to the allowance for loan losses in the reporting period in which either an event occurs that confirms the existence of a loss on a loan or a portion of a loan is determined to be uncollectible. In addition, any impaired loan that is determined to be collateral-dependent is reduced to an amount equal to the fair value of the collateral less costs to sell. A loan is identified as collateral-dependent when management determines that it is probable that the underlying collateral will be the sole source of repayment. Recoveries are recorded on a cash basis as adjustments to the allowance. The reserve for off-balance sheet credit exposures, recorded in accrued expenses and other liabilities in our consolidated statement of condition, represents management’s estimate of probable credit losses in outstanding letters and lines of credit and other credit-enhancement facilities provided to our clients and outstanding as of the balance sheet date. The reserve is evaluated on a regular basis by management. Factors considered in evaluating the appropriate level of this reserve are similar to those considered with respect to the allowance for loan losses. Provisions to maintain the reserve at a level considered by us to be appropriate to absorb estimated incurred credit losses in outstanding facilities are recorded in other expenses in our consolidated statement of income. The following table presents activity in the allowance for loan losses for the periods indicated: Years Ended December 31, 2015 2014 2013 (In millions) Total Loans and Leases Total Loans and Leases Total Loans and Leases Allowance for loan losses (1)(2) : Beginning balance $ 38 $ 28 $ 22 Provision for loan losses 12 10 6 Charge-offs (4 ) — — Ending balance $ 46 $ 38 $ 28 (1) As of December 31, 2015 , approximately $35 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. (2) There were no recoveries in any of the years ended December 31, 2015, 2014 or 2013. The provision of $12 million and the charge-offs of $4 million recorded in the year ended December 31, 2015 were a result of 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. The provision of $10 million recorded in the year ended December 31, 2014 and $6 million recorded in the year ended December 31, 2013 primarily resulted from our estimate of credit losses incurred on our portfolio of senior secured bank loans. Loans and leases are reviewed on a regular basis, and any provisions for loan losses that are recorded reflect management's estimate of the amount necessary to maintain the allowance for loan losses at a level considered appropriate to absorb estimated incurred losses in the loan-and-lease portfolio. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net tangible and other intangible assets acquired. Other intangible assets represent purchased assets that can be distinguished from goodwill because of contractual rights or because the asset can be exchanged on its own or in combination with a related contract, asset or liability. Goodwill is not amortized, but is subject to annual evaluation for impairment. Other intangible assets, which are also subject to annual evaluation for impairment, are mainly related to client relationships, which are amortized on a straight-line basis over periods ranging from five to twenty years, and core deposit intangible assets, which are amortized over periods ranging from sixteen to twenty-two years, with such amortization recorded in other expenses in our consolidated statement of income. Impairment of goodwill is deemed to exist if the carrying value of a reporting unit, including its allocation of goodwill and other intangible assets, exceeds its estimated fair value. Impairment of other intangible assets is deemed to exist if the balance of the other intangible asset exceeds the cumulative expected net cash inflows related to the asset over its remaining estimated useful life. If these reviews determine that goodwill or other intangible assets are impaired, the value of the goodwill or the other intangible asset is written down through a charge to other expenses in our consolidated statement of income. The following table presents changes in the carrying amount of goodwill during the periods indicated: Years Ended December 31, 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 (152 ) (3 ) (155 ) (206 ) (4 ) (210 ) Ending balance $ 5,641 $ 30 $ 5,671 $ 5,793 $ 33 $ 5,826 The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: Years Ended December 31, 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 Acquisitions 16 — 16 — — — Amortization (187 ) (10 ) (197 ) (213 ) (9 ) (222 ) Foreign currency translation and other, net (74 ) (2 ) (76 ) (110 ) (3 ) (113 ) Ending balance $ 1,753 $ 15 $ 1,768 $ 1,998 $ 27 $ 2,025 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: Years Ended December 31, 2015 2014 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Client relationships $ 2,486 $ (1,198 ) $ 1,288 $ 2,569 $ (1,088 ) $ 1,481 Core deposits 667 (246 ) 421 688 (219 ) 469 Other 147 (88 ) 59 214 (139 ) 75 Total $ 3,300 $ (1,532 ) $ 1,768 $ 3,471 $ (1,446 ) $ 2,025 Amortization expense related to other intangible assets was $197 million , $222 million and $214 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. An impairment of approximately $9 million associated with intangible assets was included in amortization expense in 2014 . Expected future amortization expense for other intangible assets recorded as of December 31, 2015 is as follows: Year Ending December 31, (In millions) 2016 $ 193 2017 186 2018 162 2019 148 2020 145 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The following table presents the components of other assets as of the dates indicated: (In millions) December 31, 2015 December 31, 2014 Collateral deposits, net $ 21,465 $ 18,134 Derivative instruments, net 4,777 7,934 Bank-owned life insurance 3,078 2,402 Investments in joint ventures and other unconsolidated entities 2,034 1,798 Accounts receivable 1,018 513 Receivable for securities settlement 311 218 Prepaid expenses 284 259 Deferred tax assets, net of valuation allowance (1) 182 214 Income taxes receivable 154 396 Deposits with clearing organizations 127 197 Other 510 535 Total $ 33,940 $ 32,600 (1) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction. Gross deferred tax assets and liabilities are presented in Note 22 . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits As of December 31, 2015 , we had $46.55 billion of time deposits outstanding, of which $127 million were non-U.S. and all of which are scheduled to mature in 2016. As of December 31, 2014 , we had $56.42 billion of time deposits outstanding, of which $660 million were non-U.S. As of December 31, 2015 and 2014 , substantially all U.S. and non-U.S. time deposits were in amounts of $100,000 or more. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings Our short-term borrowings include securities sold under repurchase agreements, federal funds purchased and other short-term borrowings; other short-term borrowings include borrowings associated with our tax-exempt investment program, more fully described in Note 14 . State Street phased-out its commercial paper program prior to December 31, 2015 consistent with the objectives of its 2015 recovery and resolution plan developed pursuant to the requirements of the Dodd-Frank Act. Collectively, short-term borrowings had weighted-average interest rates of 0.05% and 0.04% for the years ended December 31, 2015 and 2014 , respectively. The following tables present information with respect to the amounts outstanding and weighted-average interest rates of the primary components of our short-term borrowings as of and for the years ended December 31 : Securities Sold Under Repurchase Agreements Federal Funds Purchased (Dollars in millions) 2015 2014 2013 2015 2014 2013 Balance as of December 31 $ 4,499 $ 8,925 $ 7,953 $ 6 $ 21 $ 19 Maximum outstanding as of any month-end 10,977 10,955 11,538 29 29 570 Average outstanding during the year 8,875 8,817 8,436 21 20 298 Weighted-average interest rate as of year-end .020 % .005 % .003 % .03 % .01 % .13 % Weighted-average interest rate for the year .01 .00 .01 .01 .00 .00 Tax-Exempt Investment Program Corporate Commercial Paper Program (Dollars in millions) 2015 2014 2013 2015 2014 2013 Balance as of December 31 $ 1,748 $ 1,870 $ 1,948 $ — $ 2,485 $ 1,819 Maximum outstanding as of any month-end 1,865 1,938 2,135 2,919 2,485 2,535 Average outstanding during the year 1,807 1,903 2,030 1,897 2,136 1,632 Weighted-average interest rate as of year-end .03 % .06 % .09 % .00 % .16 % .14 % Weighted-average interest rate for the year .06 .08 .13 .26 .17 .18 The following table presents the components of securities sold under repurchase agreements by underlying collateral as of December 31, 2015 : (In millions) Collateralized by securities purchased under resale agreements $ 202 Collateralized by investment securities 4,195 Collateralized by trading account assets 102 Total $ 4,499 Obligations to repurchase securities sold are recorded as a liability in our consolidated statement of condition. U.S. government securities with a fair value of $4.28 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2015 . The following table presents information about these U.S. government securities and the carrying value of the related repurchase agreements, including accrued interest, as of December 31, 2015 . The table excludes repurchase agreements collateralized by securities purchased under resale agreements and collateralized by trading account assets. U.S. Government Securities Sold Repurchase Agreements (In millions) Amortized Cost Fair Value Amortized Cost Overnight maturity $ 4,348 $ 4,284 $ 4,195 We maintain an agreement with a clearing organization that enables us to net all securities purchased under resale agreements and sold under repurchase agreements with counterparties that are also members of the clearing organization. As a result of this netting, the average balances of securities purchased under resale agreements and securities sold under repurchase agreements were reduced by $30.30 billion for 2015 and $28.82 billion for 2014 . State Street Bank currently maintains a line of credit of CAD 1.40 billion , or approximately $1.09 billion as of December 31, 2015 , to support its Canadian securities processing operations. The line of credit has no stated termination date and is cancelable by either party with prior notice. As of December 31, 2015 and 2014 , there was no balance outstanding on this line of credit. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Long-Term Debt As of December 31, 2015 2014 (In millions) Statutory business trusts: Floating-rate subordinated notes due to State Street Capital Trust IV in 2037 $ 800 $ 800 Floating-rate subordinated notes due to State Street Capital Trust I in 2028 155 155 Parent company and non-banking subsidiary issuances: 3.55% notes due 2025 (1) 1,307 — 2.55% notes due 2020 (1) 1,199 — 3.70% notes due in 2023 (1) 1,050 1,043 3.30% notes due 2024 (1) 1,013 999 2.875% notes due 2016 1,001 1,005 3.10% subordinated notes due 2023 (1) 997 983 4.375% notes due 2021 (1) 740 730 4.956% junior subordinated debentures due 2018 (1) 519 528 Floating-rate notes due 2020 500 — 1.35% notes due 2018 (1) 496 492 5.375% notes due 2017 (1) 449 450 Long-term capital leases 334 769 7.35% notes due 2026 150 150 State Street Bank issuances: Floating-rate extendible notes due 2016 — 900 5.25% subordinated notes due 2018 424 433 5.30% subordinated notes due 2016 400 405 Floating-rate subordinated notes due 2015 — 200 Total long-term debt $ 11,534 $ 10,042 (1) We have entered into interest-rate swap agreements, recorded as fair value hedges, to modify our interest expense on these senior and subordinated notes from a fixed rate to a floating rate. As of December 31, 2015 , the carrying value of long-term debt associated with these fair value hedges increased $105 million . As of December 31, 2014 , the carrying value of long-term debt associated with these fair value hedges increased $76 million . Refer to Note 10 for additional information about fair value hedges. We maintain an effective universal shelf registration that allows for the offering and sale of debt securities, capital securities, common stock, depositary shares and preferred stock, and warrants to purchase such securities, including any shares into which the preferred stock and depositary shares may be convertible, or any combination thereof. As of December 31, 2015 , State Street Bank had Board authority to issue unsecured senior debt securities from time to time, provided that the aggregate principal amount of such unsecured senior debt outstanding at any one time does not exceed $5 billion . As of December 31, 2015 , $5 billion was available for issuance pursuant to this authority. As of December 31, 2015 , State Street Bank also had Board authority to issue an additional $500 million of subordinated debt. In February 2015 State Street Bank called all $900 million of floating-rate extendible notes. Statutory Business Trusts: As of December 31, 2015 , we had two statutory business trusts, State Street Capital Trusts I and IV, which as of December 31, 2015 had collectively issued $955 million of trust preferred capital securities. Proceeds received by each of the trusts from their capitalization and from their capital securities issuances are invested in junior subordinated debentures issued by the parent company. The junior subordinated debentures are the sole assets of Capital Trusts I and IV. Each of the trusts is wholly-owned by us; however, in conformity with U.S. GAAP, we do not record the trusts in our consolidated financial statements. Payments made by the trusts to holders of the capital securities are dependent on our payments made to the trusts on the junior subordinated debentures. Our fulfillment of these commitments has the effect of providing a full, irrevocable and unconditional guarantee of the trusts’ obligations under the capital securities. While the capital securities issued by the trusts are not recorded in our consolidated statement of condition, a portion of the junior subordinated debentures qualify for inclusion in tier 1 regulatory capital with the remainder qualifying for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines. Information about restrictions on our ability to obtain funds from our subsidiary banks is provided in Note 16 . Interest paid by the parent company on the debentures is recorded in interest expense. Distributions to holders of the capital securities by the trusts are payable from interest payments received on the debentures and are due quarterly by State Street Capital Trusts I and IV, subject to deferral for up to five years under certain conditions. The capital securities are subject to mandatory redemption in whole at the stated maturity upon repayment of the debentures, with an option by us to redeem the debentures at any time. Such optional redemption is subject to federal regulatory approval. Parent Company and Non-Banking Subsidiary Issuances: Interest on the 2.875% senior notes and the 4.375% senior notes is payable semi-annually in arrears on March 7 and September 7 of each year. In August 2015, we issued $1.2 billion of 2.55% senior notes due August 18, 2020, $1.3 billion of 3.55% senior notes due August 18, 2025 and $500 million of floating-rate notes due August 18, 2020. Interest on the 2.55% and 3.55% senior notes is payable semi-annually in arrears on February 18 and August 18 of each year beginning February 18, 2016. Interest on the floating-rate notes is payable quarterly in arrears on February 18, May 18, August 18 and November 18 of each year beginning November 18, 2015. Interest on the 3.30% senior notes is payable semi-annually in arrears on June 16 and December 16 of each year. Interest on the 3.70% senior notes is payable semi-annually in arrears on May 20 and November 20 of each year. Interest on the 3.10% subordinated notes is payable semi-annually in arrears on May 15 and November 15 of each year. The 3.10% subordinated notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines. As of December 31, 2015 and 2014 , long-term capital leases included $308 million and $336 million , respectively, related to our One Lincoln Street headquarters building and related underground parking garage. Long-term capital leases as of December 31 2014 also included $241 million , related to an office building in the U.K.; and $191 million , related to obligations associated with the completed construction of the Channel Center, a build-to-suit office building located in Boston, and other premises and equipment. During 2015, we entered into amended lease agreements for our Channel Center property located in Boston, MA and our Churchill Place property located in the U.K. As a result of such amendments, these properties no longer qualify as capital leases and are classified and accounted for as operating leases. Refer to Note 20 for additional information. Interest on the 4.956% junior subordinated debentures is payable semi-annually in arrears on March 15 and September 15 of each year. The debentures mature on March 15, 2018 , and we do not have the right to redeem the debentures prior to maturity other than upon the occurrence of specified events. Such redemption is subject to federal regulatory approval. The junior subordinated debentures qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines. Interest on the 1.35% senior notes is payable semi-annually in arrears on May 15 and November 15 of each year. Interest on the 5.375% senior notes is payable semi-annually in arrears on April 30 and October 30 of each year. Interest on the 7.35% senior notes is payable semi-annually in arrears on June 15 and December 15 of each year. We may not redeem the notes prior to their maturity. State Street Bank Issuances: State Street Bank is required to make semi-annual interest payments on the outstanding principal balance of the 5.25% subordinated bank notes on April 15 and October 15 of each year, and the notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines. State Street Bank is required to make semi-annual interest payments on the outstanding principal balance of the 5.30% subordinated notes on January 15 and July 15 of each year, and the subordinated notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments A derivative financial instrument is a financial instrument or other contract which has one or more referenced indices and one or more notional amounts, either no initial net investment or a smaller initial net investment than would be expected for similar types of contracts, and which requires or permits net settlement. We use derivative financial instruments to support our clients' needs and to manage our interest-rate and currency risk. In undertaking these activities, we assume positions in both the foreign exchange and interest-rate markets by buying and selling cash instruments and using derivative financial instruments, including foreign exchange forward contracts, foreign exchange and interest-rate options and interest-rate swaps, interest-rate forward contracts and interest-rate futures. Our derivative positions include derivative contracts held by a consolidated sponsored investment fund (refer to Note 14 ). We record derivatives in our consolidated statement of condition at their fair value on a recurring basis. Interest-rate contracts involve an agreement with a counterparty to exchange cash flows based on the movement of an underlying interest-rate index. An interest-rate swap agreement involves the exchange of a series of interest payments, at either a fixed or variable rate, based on the notional amount without the exchange of the underlying principal amount. An interest-rate option contract provides the purchaser, for a premium, the right, but not the obligation, to receive an interest rate based upon a predetermined notional amount during a specified period. An interest-rate futures contract is a commitment to buy or sell, at a future date, a financial instrument at a contracted price; it may be settled in cash or through the delivery of the contracted instrument. Foreign exchange contracts involve an agreement to exchange one currency for another currency at an agreed-upon rate and settlement date. Foreign exchange contracts generally consist of foreign exchange forward and spot contracts, option contracts and cross-currency swaps. Future cash requirements, if any, related to foreign exchange contracts are represented by the gross amount of currencies to be exchanged under each contract unless we and the counterparty have agreed to pay or to receive the net contractual settlement amount on the settlement date. Derivative financial instruments involve the management of interest-rate and foreign currency risk, and involve, to varying degrees, market risk and credit and counterparty risk (risk related to repayment). Market risk is defined by U.S. banking regulators as the risk of loss that could result from broad market movements, such as changes in the general level of interest rates, credit spreads, foreign exchange rates or commodity prices. We use a variety of risk management tools and methodologies to measure, monitor and manage the market risk associated with our trading activities, which include our use of derivative financial instruments. One such risk-management measure is Value-at-Risk, or VaR. VaR is an estimate of potential loss for a given period within a stated statistical confidence interval. We use a risk-measurement system to measure VaR daily. We have adopted standards for measuring VaR, and we maintain regulatory capital for market risk in accordance with currently applicable regulatory market risk requirements. Derivative financial instruments are also subject to credit and counterparty risk, which is defined as the risk of financial loss if a borrower or counterparty is either unable or unwilling to repay borrowings or settle a transaction in accordance with the underlying contractual terms. We manage credit and counterparty risk by performing credit reviews, maintaining individual counterparty limits, entering into netting arrangements and requiring the receipt of collateral. Collateral requirements are determined after a review of the creditworthiness of each counterparty, and these requirements are monitored and adjusted daily. Collateral is generally held in the form of cash or highly liquid U.S. government securities. We may be required to provide collateral to the counterparty in connection with our entry into derivative financial instruments. Cash collateral received from and provided to counterparties in connection with derivative financial instruments is recorded in accrued expenses and other liabilities and other assets, respectively, in our consolidated statement of condition. As of December 31, 2015 and 2014 , we had recorded approximately $1.40 billion and $1.79 billion , respectively, of cash collateral received from counterparties and approximately $1.65 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 December 31, 2015 and 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 December 31, 2015 and 2014 totaled approximately $1.05 billion and $2.54 billion , respectively, against which we provided $32 million and $105 million , respectively, of underlying 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 December 31, 2015 and 2014 was approximately $1.02 billion and $2.43 billion , respectively. Such accelerated settlement would be at fair value and therefore not affect our consolidated results of operations. On the date a derivative contract is entered into, we designate the derivative as: (1) a hedge of the fair value of a recognized fixed-rate asset or liability or of an unrecognized firm commitment (a “fair-value” hedge); (2) a hedge of a forecast transaction or of the variability of cash flows to be received or paid related to a recognized variable-rate asset or liability (a “cash-flow” hedge); (3) a foreign currency fair value or cash flow hedge (a “foreign currency” hedge); (4) a hedge of a net investment in a non-U.S. operation; or (5) a derivative utilized in either our trading activities or in our asset-and-liability management activities that is not designated as a hedge of an asset or liability. At both the inception of the hedge and on an ongoing basis, we formally assess and document the effectiveness of a derivative designated in a hedging relationship and the likelihood that the derivative will be an effective hedge in future periods. We discontinue hedge accounting prospectively when we determine that the derivative is no longer highly effective in offsetting changes in fair value or cash flows of the underlying risk being hedged, the derivative expires, terminates or is sold, or management discontinues the hedge designation. Unrealized gains and losses on foreign exchange and interest-rate contracts are reported at fair value in our consolidated statement of condition as a component of other assets and accrued expenses and other liabilities, respectively, on a gross basis, except where such gains and losses arise from contracts covered by qualifying master netting agreements. Derivatives Not Designated as Hedging Instruments: In connection with our trading activities, we use derivative financial instruments in our role as a financial intermediary and as both a manager and servicer of financial assets, in order to accommodate our clients' investment and risk management needs. In addition, we use derivative financial instruments for risk management purposes as economic hedges, which are not formally designated as accounting hedges, in order to contribute to our overall corporate earnings and liquidity. These activities are designed to generate trading services revenue and to manage volatility in our net interest revenue. The level of market risk that we assume is a function of our overall objectives and liquidity needs, our clients' requirements and market volatility. With respect to cross-border investing, our clients often enter into foreign exchange forward contracts to convert currency for international investments and to manage the currency risk in their international investment portfolios. As an active participant in the foreign exchange markets, we provide foreign exchange forward contracts and options in support of these client needs, and also act as a dealer in the currency markets. As part of our trading activities, we assume positions in both the foreign exchange and interest-rate markets by buying and selling cash instruments and using derivative financial instruments, including foreign exchange forward contracts, foreign exchange and interest-rate options and interest-rate swaps, interest-rate forward contracts, and interest-rate futures. In the aggregate, we seek to match positions closely with the objective of minimizing related currency and interest-rate risk. We also use foreign currency swap contracts to manage the foreign exchange risk associated with certain foreign currency-denominated liabilities. The foreign exchange swap contracts are entered into for periods generally consistent with foreign currency exposure of the underlying transactions. We offer products that provide book-value protection primarily to plan participants in stable value funds managed by non-affiliated investment managers of post-retirement defined contribution benefit plans, particularly 401(k) plans. We account for the associated contingencies, more fully described in Note 12 , individually as derivative financial instruments. These contracts are valued quarterly and unrealized losses, if any, are recorded in other expenses in our consolidated statement of income. In 2014 and 2015 , we granted deferred cash awards to certain of our employees as part of our employee incentive compensation plans. We account for these awards as derivative financial instruments, as the underlying referenced shares are not equity instruments of State Street. The fair value of these derivatives is referenced to the value of units in State Street-sponsored investment funds or funds sponsored by other unrelated entities. We re-measure these derivatives to fair value quarterly, and record the change in value in compensation and employee benefits expenses in our consolidated statement of income. Derivatives Designated as Hedging Instruments: In connection with our asset-and-liability management activities, we use derivative financial instruments to manage our interest-rate risk 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 foreign exchange forward and swap 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. Fair Value Hedges Derivatives designated as fair value hedges are utilized to mitigate the risk of changes in the fair values of recognized assets and liabilities. Differences between the gains and losses on fair value hedges and the gains and losses on the asset or liability attributable to the hedged risk represent hedge ineffectiveness. We use interest-rate or foreign exchange contracts in this manner to manage our exposure to changes in the fair value of hedged items caused by changes in interest rates or foreign exchange rates. Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a fair-value hedge, are recorded in processing fees and other revenue, along with the changes in fair value of the hedged asset or liability attributable to the hedged risk. We have entered into interest-rate swap agreements to modify our interest revenue from certain available-for-sale investment securities from a fixed rate to a floating rate. The hedged AFS investment securities included hedged trusts that had a weighted-average life of approximately 5.4 years as of December 31, 2015 , compared to 5.9 years as of December 31, 2014 . These trusts are hedged with interest-rate swap contracts of similar maturity, repricing frequency and fixed-rate coupons. The interest-rate swap contracts convert the interest revenue from a fixed rate to a floating rate indexed to LIBOR, thereby mitigating our exposure to fluctuations in the fair value of the securities attributable to changes in the benchmark interest rate. We have entered into interest-rate swap agreements to modify our interest expense on 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. The interest-rate swap contracts convert the fixed-rate coupons to floating rates indexed to LIBOR, thereby mitigating our exposure to fluctuations in the fair values of the senior and subordinated notes stemming from changes in the benchmark interest rates. We have entered into foreign exchange swap contracts to hedge the change in fair value attributable to foreign exchange movements in our foreign currency denominated investment securities and deposits. 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 and deposits attributable to changes in foreign exchange rates. Generally, no ineffectiveness is recorded in earnings, since the notional amount of the hedging instruments is aligned with the carrying value of the hedged securities and deposits. The forward points on the hedging instruments are considered to be a hedging cost, and accordingly are excluded from the evaluation of hedge effectiveness and recorded in net interest revenue. Cash Flow Hedges Derivatives categorized as cash flow hedges are utilized to offset the variability of cash flows to be received from or paid on a floating-rate asset or liability. Ineffectiveness of cash flow hedges is defined as the extent to which the changes in fair value of the derivative exceed the changes in the present value of the forecasted cash flows attributable to the forecasted transaction. We have entered into foreign exchange contracts to hedge the change in cash flows attributable to foreign exchange movements in foreign currency denominated investment securities. These foreign exchange contracts convert the foreign currency risk to U.S. dollars, thereby mitigating our exposure to fluctuations in the cash flows of the securities attributable to changes in foreign exchange rates. Generally, no ineffectiveness is recorded in earnings, since the critical terms of the hedging instruments and the hedged securities are aligned. Changes in the fair value of a derivative that are highly effective, and that are designated and qualify as a foreign currency hedge, are recorded either in processing fees and other revenue or in other comprehensive income, net of taxes, depending on whether the hedge transaction meets the criteria for a fair-value or a cash-flow hedge. If, however, a derivative is used as a hedge of a net investment in a non-U.S. operation, its changes in fair value, to the extent effective as a hedge, are recorded, net of taxes, in the foreign currency translation component of other comprehensive income. Lastly, entire changes in the fair value of derivatives utilized in our trading activities are recorded in trading services revenue, and entire changes in the fair value of derivatives utilized in our asset-and-liability management activities are recorded in processing fees and other revenue. The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments entered into in connection with our trading and asset-and-liability management activities as of the dates indicated: (In millions) December 31, December 31, Derivatives not designated as hedging instruments: Interest-rate contracts: Swap agreements and forwards $ 336 $ 645 Options and caps purchased — 7 Options and caps written — 7 Futures 2,621 3,939 Foreign exchange contracts: Forward, swap and spot 1,274,277 1,231,344 Options purchased 403 2,767 Options written 404 2,404 Credit derivative contracts: Credit swap agreements 141 191 Commodity and equity contracts: Commodity (1) 113 26 Equity (1) 87 2 Other: Stable value contracts 24,583 23,409 Deferred value awards (2) 320 210 Derivatives designated as hedging instruments: Interest-rate contracts: Swap agreements 9,398 6,077 Foreign exchange contracts: Forward and swap 4,515 2,705 (1) Primarily composed of positions held by a consolidated sponsored investment fund, more fully described in Note 14 . (2) Represents grants of deferred value awards to employees; refer to discussion in this note under "Derivatives Not Designated as Hedging Instruments." In connection with our asset-and-liability management activities, we have entered into interest-rate contracts designated as fair value and cash flow hedges to manage our interest-rate risk. The following table presents the aggregate notional amounts of these interest-rate contracts and the related assets or liabilities being hedged as of the dates indicated: December 31, 2015 (1) (In millions) Fair Value Hedges Investment securities available for sale $ 1,698 Long-term debt (2) 7,700 Total $ 9,398 December 31, 2014 (1) (In millions) Fair Investment securities available for sale $ 2,577 Long-term debt (2) 3,500 Total $ 6,077 (1) As of December 31, 2015 and December 31, 2014 there were no interest-rate contracts designated as cash flow hedges. (2) As of December 31, 2015 , these fair value hedges increased the carrying value of long-term debt presented in our consolidated statement of condition by $105 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 . Notional amounts of derivative financial instruments are not recorded in the consolidated statement of condition. They are provided here as an indication of the volume of our derivative activity and do not represent a measure of our potential gains or losses. The notional amounts are not required to be exchanged for most of our derivative contracts and they generally serve as a reference to calculate the fair values of the derivatives. The following tables present the contractual and weighted-average interest rates for long-term debt, which include the effects of the fair value hedges presented in the table above, for the periods indicated: Years Ended December 31, 2015 2014 Contractual Rate Contractual Rate Long-term debt 3.57 % 2.42 % 3.44 % 2.63 % The following tables present the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is disclosed in Note 2 . Derivative Assets (1) Fair Value (In millions) December 31, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 10,799 $ 14,626 Interest-rate contracts 2 15 Other derivative contracts 5 2 Total $ 10,806 $ 14,643 Derivatives designated as hedging instruments: Foreign exchange contracts $ 517 $ 509 Interest-rate contracts 133 62 Total $ 650 $ 571 (1) Derivative assets are included within other assets in our consolidated statement of condition. Derivative Liabilities (1) Fair Value (In millions) December 31, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 10,795 $ 14,922 Other derivative contracts 103 70 Interest-rate contracts 2 16 Total $ 10,900 $ 15,008 Derivatives designated as hedging instruments: Interest-rate contracts $ 180 $ 223 Foreign exchange contracts 73 3 Total $ 253 $ 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 Years Ended December 31, (In millions) 2015 2014 2013 Derivatives not designated as hedging instruments: Foreign exchange contracts Trading services revenue $ 686 $ 612 $ 586 Interest-rate contracts Trading services revenue (2 ) 1 2 Credit derivative contracts Trading services revenue (1 ) 1 — Credit derivative contracts Processing fees and other revenue — (1 ) 1 Other derivative contracts Trading services revenue 8 (2 ) — Total $ 691 $ 611 $ 589 Location of (Gain) Loss on Derivative in Consolidated Statement of Income Amount of (Gain) Loss on Derivative Recognized in Consolidated Statement of Income Years Ended December 31, (In millions) 2015 2014 2013 Derivatives not designated as hedging instruments: Other derivative contracts Compensation and employee benefits $ 149 $ 106 14 Total $ 149 $ 106 $ 14 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 Years Ended December 31, Years Ended December 31, (In millions) 2015 2014 2013 2015 2014 2013 Derivatives designated as fair value hedges: Foreign exchange contracts Processing fees and $ (101 ) $ (92 ) (183 ) Investment securities Processing fees and $ 101 $ 92 $ 183 Foreign exchange contracts Processing fees and other revenue (241 ) — — FX deposit Processing fees and other revenue 241 — — Interest-rate contracts Processing fees and other revenue 16 (44 ) 32 Available-for-sale securities Processing fees and other revenue (1) (17 ) 39 (30 ) Interest-rate contracts Processing fees and 61 150 (192 ) Long-term debt Processing fees and (54 ) (138 ) 175 Total $ (265 ) $ 14 $ (343 ) $ 271 $ (7 ) $ 328 (1) Represents amounts reclassified out of or into OCI. For the year ended December 31, 2015 , $12 million of unrealized gains on AFS investment securities designated in fair value hedges were recognized in OCI. For the years ended December 31 , 2014 and 2013 , $24 million and $86 million , respectively, of unrealized losses and gains, respectively, on AFS investment 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 Years Ended December 31, Years Ended December 31, Years Ended December 31, (In millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Derivatives designated as cash flow hedges: Interest-rate contracts $ — $ (2 ) $ 9 Net interest revenue $ (4 ) $ (4 ) $ (4 ) Net interest revenue $ — $ 3 $ 3 Foreign exchange contracts 55 126 153 Net interest revenue — — — Net interest revenue 10 6 6 Total $ 55 $ 124 $ 162 $ (4 ) $ (4 ) $ (4 ) $ 10 $ 9 $ 9 |
Offsetting Arrangements
Offsetting Arrangements | 12 Months Ended |
Dec. 31, 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. Certain of our derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange which contain enforceable netting provisions. In certain cases, we may have cross-product netting arrangements which allow for netting and set-off of a variety of types of derivatives with a single counterparty. A derivative netting arrangement creates an enforceable right of set-off that becomes effective, and effects the realization or settlement of individual financial assets and liabilities, only following a specified event of default. Collateral requirements associated with our derivative contracts are determined after a review of the creditworthiness of each counterparty, and the requirements are monitored and adjusted daily, typically based on net exposure by counterparty. Collateral is generally in the form of cash or highly liquid U.S. government securities. In connection with secured financing transactions, we enter into netting agreements and other collateral arrangements with counterparties, which provide for the right to liquidate collateral in the event of default. Collateral is generally required in the form of cash, equity securities or fixed-income securities. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract. In order for an arrangement to be eligible for netting, we must have a reasonable basis to conclude that such netting arrangements are legally enforceable. The analysis of the legal enforceability of an arrangement differs by jurisdiction, depending on the laws of that jurisdiction. In many jurisdictions, specific legislation exists that provides for the enforceability in bankruptcy of close-out netting under a netting agreement, typically by way of specific exception from more general prohibitions on the exercise of creditor rights. When we have a basis to conclude that a legally enforceable netting arrangement exists between us and the derivative counterparty and the relevant transaction is the type of transaction that is recorded in our consolidated statement of condition, we offset derivative assets and liabilities, and the related collateral received and provided, in our consolidated statement of condition. We also offset assets and liabilities related to secured financing transactions with the same counterparty or clearinghouse which have the same maturity date and are settled in the normal course of business on a net basis. Collateral that we receive in the form of securities in connection with secured financing transactions and derivative contracts can be transferred or re-pledged as collateral in many instances to enter into repurchase agreements or securities finance or derivative transactions. The securities collateral received in connection with our securities finance activities is recorded at fair value in other assets in our consolidated statement of condition, with a related liability to return the collateral, if we have the right to transfer or re-pledge the collateral. As of December 31, 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 $3.05 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 $262 million 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: December 31, 2015 December 31, 2014 (In millions) Gross Amounts of Recognized Assets (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Assets Presented in Statement of Condition Gross Amounts of Recognized Assets (1) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Assets Presented in Statement of Condition Derivatives: Foreign exchange contracts $ 11,316 $ (5,896 ) $ 5,420 $ 15,135 $ (6,275 ) $ 8,860 Interest-rate contracts 135 (5 ) 130 77 (21 ) 56 Equity derivative contracts 1 — 1 — — — Other derivative contracts 4 (2 ) 2 2 (1 ) 1 Cash collateral netting — (776 ) (776 ) — (983 ) (983 ) Total derivatives $ 11,456 $ (6,679 ) $ 4,777 $ 15,214 $ (7,280 ) $ 7,934 Other financial instruments: Resale agreements and securities borrowing (4) $ 62,522 $ (38,997 ) $ 23,525 $ 47,488 $ (29,157 ) $ 18,331 Total derivatives and other financial instruments $ 73,978 $ (45,676 ) $ 28,302 $ 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) Derivative amounts are carried at fair value and securities financing amounts are carried at amortized cost, except for securities collateral which are also carried at fair value. Refer to Note 1 and Note 2 for additional information on the measurement basis of these instruments. (3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition. (4) Included in the $23,525 million as of December 31, 2015 were $3,404 million of resale agreements and $20,121 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 12 for additional information with respect to principal securities finance transactions. December 31, 2015 December 31, 2014 Gross Amounts Not Offset in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Net Amount of Assets Presented in Statement of Condition Counterparty Netting Cash and Securities Received (1) Net Amount (2) Net Amount of Assets Presented in Statement of Condition Counterparty Netting Collateral Received (1) Net Amount (2) Derivatives $ 4,777 $ — $ (405 ) $ 4,372 $ 7,934 $ — $ (1,490 ) $ 6,444 Resale agreements and securities borrowing 23,525 (63 ) (22,812 ) 650 18,331 (128 ) (18,157 ) 46 Total $ 28,302 $ (63 ) $ (23,217 ) $ 5,022 $ 26,265 $ (128 ) $ (19,647 ) $ 6,490 ( 1) Includes securities in connection with our securities borrowing transactions. (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: December 31, 2015 December 31, 2014 (In millions) Gross Amounts of Recognized Liabilities (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Liabilities Presented in Statement of Condition Gross Amounts of Recognized Liabilities (1) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Liabilities Presented in Statement of Condition Derivatives: Foreign exchange contracts $ 10,868 $ (5,896 ) $ 4,972 $ 14,925 $ (6,275 ) $ 8,650 Interest-rate contracts 182 (5 ) 177 239 (20 ) 219 Other derivative contracts 103 (2 ) 101 70 (1 ) 69 Cash collateral netting — (1,118 ) (1,118 ) — (2,630 ) (2,630 ) Total derivatives $ 11,153 $ (7,021 ) $ 4,132 $ 15,234 $ (8,926 ) $ 6,308 Other financial instruments: Repurchase agreements and securities lending (4) $ 46,766 $ (38,997 ) $ 7,769 $ 44,562 $ (29,157 ) $ 15,405 Total derivatives and other financial instruments $ 57,919 $ (46,018 ) $ 11,901 $ 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) Derivative amounts are carried at fair value and securities financing amounts are carried at amortized cost, except for securities collateral which are also carried at fair value. Refer to Note 1 and Note 2 for additional information on the measurement basis of these instruments. (3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition. (4) Included in the $7,769 million as of December 31, 2015 were $4,499 million of repurchase agreements and $3,270 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 liabilit ies, respectively, in our consolidated statement of condition. Refer to Note 12 for additional information with respect to principal securities finance transactions. December 31, 2015 December 31, 2014 Gross Amounts Not Offset in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Net Amount of Liabilities Presented in Statement of Condition Counterparty Netting Cash and Securities Provided (1) Net Amount (2) Net Amount of Liabilities Presented in Statement of Condition Counterparty Netting Collateral Provided (1) Net Amount (2) Derivatives $ 4,132 $ — $ (64 ) $ 4,068 $ 6,308 $ — $ (19 ) $ 6,289 Repurchase agreements and securities lending 7,769 (63 ) (5,287 ) 2,419 15,405 (128 ) (13,872 ) 1,405 Total $ 11,901 $ (63 ) $ (5,351 ) $ 6,487 $ 21,713 $ (128 ) $ (13,891 ) $ 7,694 ( 1) Includes securities provided in connection with our securities lending transactions. (2) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. The securities transferred under resale and 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 December 31, 2015 : Remaining Contractual Maturity of the Agreements (In millions) Overnight and Continuous Up to 30 days 30 – 90 days Total Repurchase agreements: U.S. Treasury and agency securities $ 37,157 $ 5 $ — $ 37,162 Non-U.S. sovereign debt — 97 — 97 Total 37,157 102 — 37,259 Securities lending transactions: Corporate debt securities 1 — — 1 Equity securities 8,502 — 1,002 9,504 Non-U.S. sovereign debt 2 — — 2 Total 8,505 — 1,002 9,507 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 45,662 $ 102 $ 1,002 $ 46,766 |
Commitments and Guarantees
Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Guarantees | Commitments and Guarantees Commitments: We had unfunded off-balance sheet commitments to extend credit generally through lines of credit and short-duration advance facilities totaling $22.58 billion and $24.25 billion as of December 31, 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 December 31, 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) December 31, 2015 December 31, 2014 Indemnified securities financing $ 320,436 $ 349,766 Stable value protection 24,583 23,409 Asset purchase agreements 3,990 4,107 Standby letters of credit 4,700 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. We require the borrowers to maintain collateral in an amount in excess of 100% of the fair market value of the securities borrowed. Securities on loan and the collateral are revalued daily to determine if additional collateral is necessary or if excess collateral is required to be returned to the borrower. Collateral received in connection with our securities lending services is held by us as agent and is not recorded in our consolidated statement of condition. The cash collateral held by us as agent is invested on behalf of our clients. In certain cases, the cash collateral is invested in third-party repurchase agreements, for which we indemnify the client against loss of the principal invested. We require the counterparty to the indemnified repurchase agreement to provide collateral in an amount in excess of 100% of the amount of the repurchase agreement. In our role as agent, the indemnified repurchase agreements and the related collateral held by us are not recorded in our consolidated statement of condition. The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated: (In millions) December 31, 2015 December 31, 2014 Fair value of indemnified securities financing $ 320,436 $ 349,766 Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 335,420 364,411 Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 63,055 85,309 Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements 67,016 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 December 31, 2015 and December 31, 2014 , we had approximately $20.12 billion and $15.94 billion , respectively, of collateral provided and approximately $3.27 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 10 . We have not made a payment under these contingencies that we consider material to our consolidated financial condition, and management believes that the probability of payment under these contingencies in the future, that we would consider material to our consolidated financial condition, is remote. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 2015 , our aggregate accruals for legal loss contingencies and regulatory matters totaled approximately $612 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. 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. 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. 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 years ended December 31: (In millions) Revenue from indirect foreign exchange trading 2008 $ 462 2009 369 2010 336 2011 331 2012 248 2013 285 2014 246 2015 $ 280 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 December 31, 2015 , we have accrued a total of $565 million associated with our 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 this recorded legal accrual 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 December 31, 2015 , we had remaining accruals of approximately $2.0 million for indemnification costs associated with this matter. 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 U.S. economic sanctions regulations promulgated by 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. Additional information with respect to our provision for income taxes and tax benefits, including unrecognized tax benefits, is provided in Note 22 . The Internal Revenue Service is currently reviewing our U.S. income tax returns for the tax years 2012 and 2013. 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 December 31, 2015 for tax exposures. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities We are involved, in the normal course of our business, with various types of special purpose entities, some of which meet the definition of VIE s. We are required by U.S. GAAP to consolidate a VIE when we are deemed to be the primary beneficiary. This determination is evaluated periodically as facts and circumstances change. Asset-Backed Investment Securities: We invest in various forms of asset-backed securities, which we carry in our investment securities portfolio. These asset-backed securities meet the U.S. GAAP definition of asset securitization entities, which are considered to be VIEs. We are not considered to be the primary beneficiary of these VIEs since we do not have control over their activities. Additional information about our asset-backed securities is provided in Note 3 . Tax-Exempt Investment Program: In the normal course of our business, we structure and sell certificated interests in pools of tax-exempt investment-grade assets, principally to our mutual fund clients. We structure these pools as partnership trusts, and the assets and liabilities of the trusts are recorded in our consolidated statement of condition as AFS investment securities and other short-term borrowings. As of December 31, 2015 and 2014 , we carried AFS investment securities, composed of securities related to state and political subdivisions, with a fair value of $2.10 billion and $2.27 billion , respectively, and other short-term borrowings of $1.75 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. We transfer assets to the trusts from our investment securities portfolio at adjusted book value, and the trusts finance the acquisition of these assets by selling certificated interests issued by the trusts to third-party investors and to State Street as residual holder. These transfers do not meet the de-recognition criteria defined by U.S. GAAP , and therefore, the assets continue to be recorded in our consolidated financial statements. The trusts had a weighted-average life of approximately 5.4 years as of December 31, 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 $1.75 billion and $569 million , respectively, as of December 31, 2015 , none of which was utilized as of that date. In the event that our obligations under these agreements are triggered, no material impact to our consolidated results of operations or financial condition is expected to occur, because the securities are already recorded at fair value in our consolidated statement of condition. In addition, neither creditors nor third-party investors in the trusts have any recourse to State Street’s general credit. Interests in Sponsored Investment Funds: In the normal course of business, we manage various types of sponsored investment funds through SSGA. The services we provide to these sponsored investment funds generate management fee revenue. From time to time, we may invest cash in the funds, which we refer to as seed capital, in order for the funds to establish a performance history for newly-launched strategies. With respect to our interests in sponsored investment funds that meet the definition of a VIE, a primary beneficiary assessment is performed to determine if our variable interest (or combination of variable interests, including those of related parties) absorbs the majority of the entity’s expected losses, receives a majority of the entity’s expected residual returns, or both. As part of our assessment, we consider all the facts and circumstances regarding the terms and characteristics of the variable interest(s), the design and characteristics of the fund and the other involvements of the enterprise with the fund. Upon consolidation of certain sponsored investment funds, we retain the specialized investment company accounting rules followed by the underlying funds. All of the underlying investments held by such consolidated sponsored investment funds are carried at fair value, with corresponding changes in the investments’ fair values reflected in trading services revenue in our consolidated statement of income. When we no longer control these funds due to a reduced ownership interest or other reasons, the funds are de-consolidated and accounted for under another accounting method if we continue to maintain an investment in the fund. As of December 31, 2015 , the aggregate assets and liabilities of our consolidated sponsored investment funds totaled $321 million and $228 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 December 31, 2015 , our potential maximum total exposure associated with the consolidated sponsored investment funds totaled $61 million and represented the value of our economic ownership interest in the fund. We expect any financial losses that we realize over time from these seed investments to be limited to the actual fair value of the amount invested in the consolidated fund, which is based on the fair value of the underlying investment securities held by the funds. However, in the event of a fund wind-down, gross gains and losses of the fund may be recognized for financial accounting purposes in different periods during the time the fund is consolidated but not wholly owned. Although we expect the actual economic loss to be limited to the amount invested, our losses in any period could exceed the value of our economic interests in the fund and could exceed the value of our initial seed capital investment. Our conclusion to consolidate a sponsored investment fund may vary from period to period, most commonly as a result of fluctuation in our ownership interest as a result of changes in the number of fund shares held by either us or by third parties. Given that the funds follow specialized investment company accounting rules which prescribe fair value, a de-consolidation generally would not result in gains or losses for us. The net assets of any consolidated fund are solely available to settle the liabilities of the fund and to settle any investors’ ownership redemption requests, including any seed capital invested in the fund by State Street. We are not contractually required to provide financial or any other support to any of our sponsored investment funds. In addition, neither creditors nor equity investors in the sponsored investment funds have any recourse to State Street’s general credit. As of December 31, 2015 and 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 $75 million and $45 million as of December 31, 2015 and 2014 , respectively, and represented the carrying value of our seed capital investment, which is recorded in either AFS investment securities 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 | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders' Equity Preferred Stock: The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding: Issuance Date Depositary Shares Issued Ownership Interest per Depositary Share Liquidation Preference Per Share Liquidation Preference Per Depositary Share Net Proceeds of Offering (in millions) Redemption Date (1) Preferred Stock: (2) Series C August 2012 20,000,000 1/4,000th $ 100,000 $ 25 $ 488 September 15, 2017 Series D February 2014 30,000,000 1/4,000th 100,000 25 742 March 15, 2024 Series E November 2014 30,000,000 1/4,000th 100,000 25 728 December 15, 2019 Series F May 2015 750,000 1/100th 100,000 1,000 742 September 15, 2020 (1) On the redemption date, or any dividend declaration date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. (2) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicted: Years Ended December 31, 2015 2014 Dividends Declared Dividends Declared per Depositary Share Total (in millions) Dividends Declared Dividends Declared per Depositary Share Total (in millions) Preferred Stock: Series C $ 5,250 $ 1.32 $ 26 $ 5,252 $ 1.32 $ 26 Series D 5,900 1.48 44 4,605 1.15 35 Series E 6,333 1.60 48 — — — Series F 1,663 16.63 12 — — — Total $ 130 $ 61 In January 2016, we declared dividends on our Series C, D, E, and F preferred stock of approximately $1,313, $1,475, $1,500 and $2,625, respectively, per share, or approximately $0.33, $0.37, $0.38 and $26.5, respectively, per depositary share. These dividends total approximately $7 million, $11 million, $11 million and $20 million on our Series C, D, E, and F preferred stock, respectively, which will be paid in March 2016. Common Stock: In March 2015 our Board approved a common stock purchase program authorizing the purchase of up to $1.8 billion of our common stock through June 30, 2016 , (the 2015 Program). In March 2014, the Board approved the previous program (the 2014 Program) that authorized stock purchases through March 2015. The table below presents the activities under each program during the year ended December 31, 2015 . Year Ended December 31, 2015 Amount Authorized (in billions) Shares Purchased (in millions) Average Cost per Share Total Purchased (in millions) Amount Remaining Under the Program (in millions) 2015 Program $ 1.8 14.2 $ 73.72 $ 1,050 $ 780 2014 Program 1.7 6.3 74.88 470 — Total 20.5 $ 74.07 $ 1,520 The table below presents the dividends declared on common stock for the periods indicated: Years Ended December 31, Dividends Declared per Share Total (in millions) Dividends Declared per Share Total (in millions) 2015 2014 Common Stock $ 1.32 $ 536 $ 1.16 $ 490 Accumulated Other Comprehensive Income (Loss): The following table presents the after-tax components of AOCI as of December 31 : (In millions) 2015 2014 2013 Net unrealized gains on cash flow hedges $ 293 $ 276 $ 161 Net unrealized gains (losses) on available-for-sale securities portfolio 9 273 (56 ) Net unrealized gains (losses) related to reclassified available-for-sale securities (28 ) 39 (72 ) Net unrealized gains (losses) on available-for-sale securities (19 ) 312 (128 ) Net unrealized losses on available-for-sale securities designated in fair value hedges (109 ) (121 ) (97 ) Other-than-temporary impairment on available-for-sale securities related to factors other than credit — 1 4 Net unrealized losses on hedges of net investments in non-U.S. subsidiaries (14 ) (14 ) (14 ) Other-than-temporary impairment on held-to-maturity securities related to factors other than credit (16 ) (29 ) (47 ) Net unrealized losses on retirement plans (183 ) (272 ) (203 ) Foreign currency translation (1,394 ) (660 ) 229 Total $ (1,442 ) $ (507 ) $ (95 ) The following tables present changes in AOCI by component, net of related taxes, for the periods indicated: (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 112 422 — 17 — (889 ) (338 ) Amounts reclassified into (out of) earnings 3 (9 ) — 1 (69 ) — (74 ) Other comprehensive income (loss) 115 413 — 18 (69 ) (889 ) (412 ) Balance as of December 31, 2014 $ 276 $ 192 $ (14 ) $ (29 ) $ (272 ) $ (660 ) $ (507 ) Other comprehensive income (loss) before reclassifications 20 (314 ) — 15 1 (734 ) (1,012 ) Amounts reclassified into (out of) earnings (3 ) (6 ) — (2 ) 88 — 77 Other comprehensive income (loss) 17 (320 ) — 13 89 (734 ) (935 ) Balance as of December 31, 2015 $ 293 $ (128 ) $ (14 ) $ (16 ) $ (183 ) $ (1,394 ) $ (1,442 ) The following table presents after-tax reclassifications into earnings for the periods indicated: Twelve Months Ended December 31, 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 $2 and $2, respectively $ (3 ) $ 3 Net interest revenue Available-for-sale securities: Net realized gains from sales of available-for-sale securities, net of related tax benefit of $1 and related taxes of ($6), respectively (6 ) (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 (2 ) 1 Losses reclassified (from) to other comprehensive income Retirement plans: Amortization of actuarial losses, net of related taxes of ($51) and ($50), respectively 88 (69 ) Compensation and employee benefits expenses Total reclassifications out of AOCI $ 77 $ (74 ) |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 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. As required by the Dodd-Frank Act, 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 were 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 are 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 December 31, 2015 , State Street and State Street Bank exceeded all regulatory capital adequacy requirements to which they were subject. As of December 31, 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. 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 December 31, 2015 (1) Basel III Standardized Approach December 31, 2015 (2) Basel III Advanced Approaches December 31, 2014 (1) Basel III Transitional Approach December 31, 2014 (3) Basel III Advanced Approaches December 31, 2015 (1) Basel III Standardized Approach December 31, 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 $ 10,250 $ 10,250 $ 10,295 $ 10,295 $ 10,938 $ 10,938 $ 10,867 $ 10,867 Retained earnings 16,049 16,049 14,737 14,737 10,655 10,655 9,270 9,270 Accumulated other comprehensive income (loss) (1,422 ) (1,422 ) (642 ) (642 ) (1,230 ) (1,230 ) (536 ) (536 ) Treasury stock, at cost (6,457 ) (6,457 ) (5,158 ) (5,158 ) — — — — Total 18,420 18,420 19,232 19,232 20,363 20,363 19,601 19,601 Regulatory capital adjustments: Goodwill and other intangible assets, net of associated deferred tax liabilities (4) (5,927 ) (5,927 ) (5,869 ) (5,869 ) (5,631 ) (5,631 ) (5,577 ) (5,577 ) Other adjustments (60 ) (60 ) (36 ) (36 ) (85 ) (85 ) (128 ) (128 ) Common equity tier 1 capital 12,433 12,433 13,327 13,327 14,647 14,647 13,896 13,896 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 (109 ) (109 ) (145 ) (145 ) — — — — Tier 1 capital 15,264 15,264 15,618 15,618 14,647 14,647 13,896 13,896 Qualifying subordinated long-term debt 1,358 1,358 1,618 1,618 1,371 1,371 1,634 1,634 Trust preferred capital securities phased out of tier 1 capital 713 713 475 475 — — — — ALLL and other 12 66 — — 8 66 — — Other adjustments 2 2 4 4 — — — — Total capital $ 17,349 $ 17,403 $ 17,715 $ 17,715 $ 16,026 $ 16,084 $ 15,530 $ 15,530 Risk-weighted assets: Credit risk $ 51,733 $ 93,515 $ 66,874 $ 87,502 $ 47,677 $ 89,164 $ 59,836 $ 84,433 Operational risk 43,882 NA 35,866 NA 43,324 NA 35,449 NA Market risk (5) 3,937 2,378 5,087 2,910 3,939 2,378 5,048 2,909 Total risk-weighted assets $ 99,552 $ 95,893 $ 107,827 $ 90,412 $ 94,940 $ 91,542 $ 100,333 $ 87,342 Adjusted quarterly average assets $ 221,880 $ 221,880 $ 247,740 $ 247,740 $ 217,358 $ 217,358 $ 243,549 $ 243,549 Capital Ratios: Minimum Requirements (6) 2015 Minimum Requirements (7) 2014 Common equity tier 1 capital 4.5 % 4.0 % 12.5 % 13.0 % 12.4 % 14.7 % 15.4 % 16.0 % 13.8 % 15.9 % Tier 1 capital 6.0 5.5 15.3 15.9 14.5 17.3 15.4 16.0 13.8 15.9 Total capital 8.0 8.0 17.4 18.1 16.4 19.6 16.9 17.6 15.5 17.8 Tier 1 leverage 4.0 4.0 6.9 6.9 6.3 6.3 6.7 6.7 5.7 5.7 NA: Not applicable. (1) Common equity tier 1 capital, tier 1 capital and total capital ratios as of December 31, 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 December 31, 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 December 31, 2015 were calculated in conformity with the standardized approach provisions of the Basel III final rule. Tier 1 leverage ratio as of December 31, 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 December 31, 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 CVA which reflected the risk of potential fair-value adjustments for credit risk reflected in our valuation of over-the-counter derivative contracts. The CVA was not provided for in the final market risk capital rule; however, it was required by the advanced approaches provisions of the Basel III final rule. State Street used the simple CVA approach in conformity with the Basel III advanced approaches. (6) Minimum requirements will be phased in up to full implementation beginning on January 1, 2019; minimum requirements listed are as of December 31, 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 . |
Net Interest Revenue
Net Interest Revenue | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Net Interest Revenue | Net Interest Revenue The following table presents the components of interest revenue and interest expense, and related net interest revenue, for the periods indicated: Twelve Months Ended December 31, (In millions) 2015 2014 2013 Interest revenue: Deposits with banks $ 208 $ 196 $ 125 Investment securities: U.S. Treasury and federal agencies 735 672 707 State and political subdivisions 227 231 249 Other investments 934 1,241 1,331 Securities purchased under resale agreements 62 38 45 Loans and leases 311 266 253 Other interest-earning assets 11 8 4 Total interest revenue 2,488 2,652 2,714 Interest expense: Deposits 97 99 93 Short-term borrowings 7 5 60 Long-term debt 250 245 232 Other interest-bearing liabilities 46 43 26 Total interest expense 400 392 411 Net interest revenue $ 2,088 $ 2,260 $ 2,303 |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation We record compensation expense for equity-based awards, such as restricted stock, deferred stock and performance awards, based on the closing price of our common stock on the date of grant, adjusted if appropriate based on the award’s eligibility to receive dividends. The fair value of stock options and stock appreciation rights is determined using the Black-Scholes valuation model. Compensation expense related to equity-based awards with service-only conditions and terms that provide for a graded vesting schedule is recognized on a straight-line basis over the required service period for the entire award. Compensation expense related to equity-based awards with performance conditions and terms that provide for a graded vesting schedule is recognized over the requisite service period for each separately vesting tranche of the award, and is based on the probable outcome of the performance conditions at each reporting date. Compensation expense is adjusted for assumptions with respect to the estimated amount of awards that will be forfeited prior to vesting, and for employees who have met certain retirement eligibility criteria. Compensation expense for common stock awards granted to employees meeting early retirement eligibility criteria is fully expensed and accrued on the grant date. Dividend equivalents for certain equity-based awards are paid on stock units on a current basis prior to vesting and distribution. As of December 31, 2015 , a cumulative total of 60.9 million shares had been awarded under the 2006 Equity Incentive Plan, or 2006 Plan, compared with cumulative totals of 56.9 million shares and 52.4 million shares as of December 31, 2014 and 2013 , respectively. The 2006 Plan allows for shares withheld in payment of the exercise price of an award or in satisfaction of tax withholding requirements, shares forfeited due to employee termination, shares expired under options awards, or shares not delivered when performance conditions have not been met, to be added back to the pool of shares available for awards. As of December 31, 2015 , 21.1 million shares had been awarded under the 2006 Plan but not delivered, and have become available for reissue. A total of 20.8 million shares is available for issuance under the 2006 Plan. The exercise price of non-qualified and incentive stock options and stock appreciation rights may not be less than the fair value of such shares on the date of grant. Stock options and stock appreciation rights granted under the 1997 Equity Incentive Plan, or 1997 Plan, and the 2006 Plan, collectively the Plans, generally vest over four years and expire no later than ten years from the date of grant. No common stock options or stock appreciation rights have been granted since 2009. For restricted stock awards granted under the Plans, common stock is issued at the time of grant and recipients have dividend and voting rights. In general, these grants vest over three to four years. As of December 31, 2015 there are no outstanding stock options or restricted stock awards. For deferred stock awards granted under the Plans, no common stock is issued at the time of grant and the stock does not have dividend and voting rights. Generally, these grants vest over one to four years. Performance awards granted are earned over a performance period based on the achievement of defined goals, generally over one to four years. Payment for performance awards is made in shares of our common stock equal to its fair market value per share, based on certain financial ratios, after the conclusion of each performance period. Beginning with 2012, malus-based forfeiture provisions were included in deferred stock awards granted to employees identified as “material risk-takers,” as defined by management. These malus-based forfeiture provisions provide for the reduction or cancellation of unvested deferred compensation, such as deferred stock awards, if it is determined that a material risk-taker made risk-based decisions that exposed State Street to inappropriate risks that resulted in a material unexpected loss at the business-unit, line-of-business or corporate level. Compensation expense related to stock options, stock appreciation rights, restricted stock awards, deferred stock awards and performance awards, which we record as a component of compensation and employee benefits expense in our consolidated statement of income, was $319 million , $329 million and $355 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Such expense for 2015 , 2014 and 2013 excluded $10 million , $20 million and $3 million , respectively, associated with acceleration of expense in connection with targeted staff reductions. This expense was included in the severance-related portion of the associated restructuring charges recorded in each respective year. The following table presents information about the Plans as of December 31, 2015 , and related activity during the years indicated: Shares (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Stock Options and Stock Appreciation Rights: Outstanding as of December 31, 2013 2,664 $ 68.45 Exercised (801 ) 55.33 Forfeited or expired (2 ) 52.78 Outstanding as of December 31, 2014 1,861 74.12 Exercised (398 ) 62.63 Forfeited or expired (257 ) 81.71 Outstanding and exercisable as of December 31, 2015 (1) 1,206 $ 76.29 1.6 (1) Consists of zero shares subject to stock options and 1,206 stock appreciation rights. The total intrinsic value of options and stock appreciation rights exercised during the years ended December 31, 2015 , 2014 and 2013 was $5 million , $14 million and $42 million , respectively. As of December 31, 2015 , there was no unrecognized compensation cost related to stock options and stock appreciation rights. The following tables present activity related to other common stock awards during the years indicated: Shares (in thousands) Weighted-Average Grant Date Fair Value Restricted Stock Awards: Outstanding as of December 31, 2013 1,245 $ 44.47 Vested (1,211 ) 44.56 Forfeited (3 ) 42.57 Outstanding as of December 31, 2014 31 41.27 Vested (31 ) 41.22 Forfeited — — Outstanding as of December 31, 2015 — $ — The total fair value of restricted stock awards vested for the years ended December 31, 2015 , 2014 and 2013 , based on the weighted average grant date fair value in each respective year, was $1 million , $54 million , and $57 million , respectively. As of December 31, 2015 , all awards had vested. Shares (in thousands) Weighted-Average Grant Date Fair Value Deferred Stock Awards: Outstanding as of December 31, 2013 15,094 $ 45.07 Granted 4,282 65.40 Vested (6,730 ) 46.03 Forfeited (215 ) 49.87 Outstanding as of December 31, 2014 12,431 51.47 Granted 3,461 72.98 Vested (6,910 ) 49.17 Forfeited (246 ) 59.22 Outstanding as of December 31, 2015 8,736 $ 61.59 The total fair value of deferred stock awards vested for the years ended December 31, 2015 , 2014 and 2013 , based on the weighted average grant date fair value in each respective year, was $340 million , $310 million and $259 million , respectively. As of December 31, 2015 , total unrecognized compensation cost related to deferred stock awards, net of estimated forfeitures, was $301 million , which is expected to be recognized over a weighted-average period of 2.4 years. Shares (in thousands) Weighted-Average Grant Date Fair Value Performance Awards: Outstanding as of December 31, 2013 2,224 $ 43.24 Granted 437 64.56 Forfeited (1 ) 53.16 Paid out (1,033 ) 42.48 Outstanding as of December 31, 2014 1,627 49.46 Granted 400 72.24 Forfeited (1 ) 41.02 Paid out (861 ) 45.09 Outstanding as of December 31, 2015 1,165 $ 60.45 The total fair value of performance awards paid out for the years ended December 31, 2015 , 2014 and 2013 , based on the weighted average grant date fair value in each respective year, was $39 million , $44 million and $34 million , respectively. As of December 31, 2015 , total unrecognized compensation cost related to performance awards, net of estimated forfeitures, was $3 million , which is expected to be recognized over a weighted-average period of 1.8 years. We utilize either treasury shares or authorized but unissued shares to satisfy the issuance of common stock under our equity incentive plans. We do not have a specific policy concerning purchases of our common stock to satisfy stock issuances, including exercises of stock options. We have a general policy concerning purchases of our common stock to meet issuances under our employee benefit plans, including option exercises and other corporate purposes. Various factors determine the amount and timing of our purchases of our common stock, including regulatory reviews, our regulatory capital requirements, the number of shares we expect to issue under employee benefit plans, market conditions (including the trading price of our common stock), and legal considerations. These factors can change at any time, and the number of shares of common stock we will purchase or when we will purchase them cannot be assured. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Employee Benefits Defined Benefit Pension and Other Post-Retirement Benefit Plans: State Street Bank and certain of its U.S. subsidiaries participate in a non-contributory, tax-qualified defined benefit pension plan. The U.S. defined benefit pension plan was frozen as of December 31, 2007 and no new employees were eligible to participate after that date. State Street has agreed to contribute sufficient amounts as necessary to meet the benefits paid to plan participants and to fund the plan’s service cost, plus interest. U.S. employee account balances earn annual interest credits until the employee’s retirement. Non-U.S. employees participate in local defined benefit plans which are funded as required in each local jurisdiction. In addition to the defined benefit pension plans, we have non-qualified unfunded SERP s that provide certain officers with defined pension benefits in excess of allowable qualified plan limits. State Street Bank and certain of its U.S. subsidiaries also participate in a post-retirement plan that provides health care and insurance benefits for certain retired employees. The total expense for these tax-qualified and non-qualified plans was $46 million , $32 million and $42 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. We recognize the funded status of our defined benefit pension plans and other post-retirement benefit plans, measured as the difference between the fair value of the plan assets and the projected benefit obligation, in the consolidated statement of position. The assets held by the defined benefit pension plans are largely made up of common, collective funds that are liquid and invest principally in U.S. equities and high-quality fixed income investments. The majority of these assets fall within Level 2 of the fair value hierarchy. The benefit obligations associated with our primary U.S. and non-U.S. defined benefit plans, non-qualified unfunded supplemental retirement plans and post-retirement plans were $1.18 billion , $155 million and $30 million , respectively, as of December 31, 2015 and $1.26 billion , $168 million and $120 million , respectively, as of December 31, 2014 . As the primary defined benefit plans are frozen, the benefit obligation will only vary over time as a result of changes in market interest rates, the life expectancy of the plan participants and payments made from the plans. The primary U.S. and non-U.S. defined benefit pension plans were underfunded by $16 million and $50 million as of December 31, 2015 and 2014 , respectively. The non-qualified supplemental retirement plans were underfunded by $155 million and $168 million as of December 31, 2015 and 2014 , respectively. The other post-retirement benefit plans were underfunded by $30 million and $120 million as of December 31, 2015 and 2014 , respectively. The underfunded status is included in other liabilities. Defined Contribution Retirement Plans: We contribute to employer-sponsored U.S. and non-U.S. defined contribution plans. Our contribution to these plans was $130 million for 2015 , $147 million for 2014 and $134 million for 2013 . |
Occupancy Expense and Informati
Occupancy Expense and Information Systems and Communications Expense | 12 Months Ended |
Dec. 31, 2015 | |
Occupancy Expense and Information Systems and Communications Expense [Abstract] | |
Occupancy Expense and Information Systems and Communications Expense | Occupancy Expense and Information Systems and Communications Expense Occupancy expense and information systems and communications expense include depreciation of buildings, leasehold improvements, computer hardware and software, equipment, and furniture and fixtures. Total depreciation expense for 2015 , 2014 and 2013 was $443 million , $417 million and $401 million , respectively. We lease 1,025,000 square feet at One Lincoln Street, our headquarters building located in Boston, Massachusetts, and a related underground parking garage, under 20 -year, non-cancelable capital leases expiring in September 2023 . A portion of the lease payments is offset by subleases for approximately 127,000 square feet of the building. As of December 31, 2015 and 2014 , an aggregate net book value of $231 million and $624 million , respectively, related to the above-described capital leases was recorded in premises and equipment, with the related liability recorded in long-term debt, in our consolidated statement of condition. During 2015, we entered into amended lease agreements for our Channel Center property located in Boston, MA and our Churchill Place property located in the U.K. As a result of such amendments, these properties no longer qualify as capital leases and are classified and accounted for as operating leases. Capital lease asset amortization is recorded in occupancy expense on a straight-line basis in our consolidated statement of income over the respective lease term. Lease payments are recorded as a reduction of the liability, with a portion recorded as imputed interest expense. For the years ended December 31, 2015 , 2014 and 2013 , interest expense related to these capital lease obligations, reflected in net interest revenue, was $32 million , $38 million and $40 million , respectively. As of December 31, 2015 and 2014 , accumulated amortization of capital lease assets was $334 million and $426 million , respectively. We have entered into non-cancelable operating leases for premises and equipment. Nearly all of these leases include renewal options. Costs related to operating leases for office space are recorded in occupancy expense. Costs related to operating leases for equipment are recorded in information systems and communications expense. Both are recorded on a straight-line basis. Total rental expense net of sublease revenue for the years ended December 31, 2015 , 2014 and 2013 amounted to $190 million , $204 million and $224 million , respectively. Total rental expense was reduced by sublease revenue of $4 million in 2015 , and $6 million in both 2014 and 2013 . The following table presents a summary of future minimum lease payments under non-cancelable capital and operating leases as of December 31, 2015 . Aggregate future minimum rental commitments have been reduced by aggregate sublease rental commitments of $48 million for capital leases and $20 million for operating leases. (In millions) Capital Leases Operating Leases Total 2016 $ 58 $ 198 $ 256 2017 57 199 256 2018 53 163 216 2019 46 128 174 2020 45 114 159 Thereafter 125 498 623 Total minimum lease payments 384 $ 1,300 $ 1,684 Less amount representing interest payments (98 ) Present value of minimum lease payments $ 286 Expenses The following table presents the components of other expenses for the years ended December 31: (In millions) 2015 2014 2013 Litigation $ 422 $ 173 $ (17 ) Insurance 126 80 80 Regulatory fees and assessments 115 74 72 Securities processing 79 68 52 Other 276 356 360 Total Other expenses $ 1,018 $ 751 $ 547 |
Expenses
Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Other Expenses [Abstract] | |
Expenses | Occupancy Expense and Information Systems and Communications Expense Occupancy expense and information systems and communications expense include depreciation of buildings, leasehold improvements, computer hardware and software, equipment, and furniture and fixtures. Total depreciation expense for 2015 , 2014 and 2013 was $443 million , $417 million and $401 million , respectively. We lease 1,025,000 square feet at One Lincoln Street, our headquarters building located in Boston, Massachusetts, and a related underground parking garage, under 20 -year, non-cancelable capital leases expiring in September 2023 . A portion of the lease payments is offset by subleases for approximately 127,000 square feet of the building. As of December 31, 2015 and 2014 , an aggregate net book value of $231 million and $624 million , respectively, related to the above-described capital leases was recorded in premises and equipment, with the related liability recorded in long-term debt, in our consolidated statement of condition. During 2015, we entered into amended lease agreements for our Channel Center property located in Boston, MA and our Churchill Place property located in the U.K. As a result of such amendments, these properties no longer qualify as capital leases and are classified and accounted for as operating leases. Capital lease asset amortization is recorded in occupancy expense on a straight-line basis in our consolidated statement of income over the respective lease term. Lease payments are recorded as a reduction of the liability, with a portion recorded as imputed interest expense. For the years ended December 31, 2015 , 2014 and 2013 , interest expense related to these capital lease obligations, reflected in net interest revenue, was $32 million , $38 million and $40 million , respectively. As of December 31, 2015 and 2014 , accumulated amortization of capital lease assets was $334 million and $426 million , respectively. We have entered into non-cancelable operating leases for premises and equipment. Nearly all of these leases include renewal options. Costs related to operating leases for office space are recorded in occupancy expense. Costs related to operating leases for equipment are recorded in information systems and communications expense. Both are recorded on a straight-line basis. Total rental expense net of sublease revenue for the years ended December 31, 2015 , 2014 and 2013 amounted to $190 million , $204 million and $224 million , respectively. Total rental expense was reduced by sublease revenue of $4 million in 2015 , and $6 million in both 2014 and 2013 . The following table presents a summary of future minimum lease payments under non-cancelable capital and operating leases as of December 31, 2015 . Aggregate future minimum rental commitments have been reduced by aggregate sublease rental commitments of $48 million for capital leases and $20 million for operating leases. (In millions) Capital Leases Operating Leases Total 2016 $ 58 $ 198 $ 256 2017 57 199 256 2018 53 163 216 2019 46 128 174 2020 45 114 159 Thereafter 125 498 623 Total minimum lease payments 384 $ 1,300 $ 1,684 Less amount representing interest payments (98 ) Present value of minimum lease payments $ 286 Expenses The following table presents the components of other expenses for the years ended December 31: (In millions) 2015 2014 2013 Litigation $ 422 $ 173 $ (17 ) Insurance 126 80 80 Regulatory fees and assessments 115 74 72 Securities processing 79 68 52 Other 276 356 360 Total Other expenses $ 1,018 $ 751 $ 547 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We use an asset-and-liability approach to account for income taxes. Our objective is to recognize the amount of taxes payable or refundable for the current year through charges or credits to the current tax provision, and to recognize deferred tax assets and liabilities for future tax consequences of temporary differences between amounts reported in our consolidated financial statements and their respective tax bases. The measurement of tax assets and liabilities is based on enacted tax laws and applicable tax rates. The effects of a tax position on our consolidated financial statements are recognized when we believe it is more likely than not that the position will be sustained. A valuation allowance is established if it is considered more likely than not that all or a portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction. The following table presents the components of income tax expense for the years ended December 31 : (In millions) 2015 2014 2013 Current: Federal $ 52 $ 59 $ 193 State 92 39 47 Non-U.S. 342 257 248 Total current expense 486 355 488 Deferred: Federal (39 ) 38 95 State 40 10 31 Non-U.S. (169 ) 12 2 Total deferred (benefit) expense (168 ) 60 128 Total income tax expense $ 318 $ 415 $ 616 In 2015 we recognized benefits associated with the reduction of an Italian deferred tax liability and the approval of a tax refund for prior years, partially offset by a change in New York tax law. In 2014 we expanded our municipal securities portfolio, increased our investments in alternative energy projects and realized greater benefits from our non-U.S. operations. The amount of income tax expense (benefit) related to net gains (losses) from sales of investment securities was $(3) million , $5 million and $6 million in 2015 , 2014 and 2013 , respectively. Pre-tax income attributable to our operations located outside the U.S. was approximately $1.30 billion , $1.33 billion and $1.25 billion for 2015 , 2014 and 2013 , respectively. Pre-tax earnings of our non-U.S. subsidiaries are subject to U.S. income tax when effectively repatriated. As of December 31, 2015 , we have chosen to indefinitely reinvest approximately $4.9 billion of earnings of certain of our non-U.S. subsidiaries. No provision has been recorded for U.S. income taxes that could be incurred upon repatriation. As of December 31, 2015 , if such earnings had been repatriated to the U.S., we would have provided for approximately $1.1 billion of additional income tax expense. The following table presents significant components of our gross deferred tax assets and gross deferred tax liabilities as of December 31 : (In millions) 2015 2014 Deferred tax assets: Unrealized losses on investment securities, net $ 57 $ — Deferred compensation 167 168 Defined benefit pension plan 143 193 Restructuring charges and other reserves 363 237 Foreign currency translation 155 56 Real estate 20 9 Other 32 68 Total deferred tax assets 937 731 Valuation allowance for deferred tax assets (27 ) (54 ) Deferred tax assets, net of valuation allowance $ 910 $ 677 Deferred tax liabilities: Unrealized gains on securities, net $ — $ 5 Leveraged lease financing 334 326 Fixed and intangible assets 804 1,006 Non-U.S. earnings 265 167 Other 121 83 Total deferred tax liabilities $ 1,524 $ 1,587 Management considers the valuation allowance adequate to reduce the total deferred tax assets to an aggregate amount that will more likely than not be realized. Management has determined that a valuation allowance is not required for the remaining deferred tax assets because it is more likely than not that there is sufficient taxable income of the appropriate nature within the carryback and carryforward periods to realize these assets. As of December 31, 2015 and 2014 , we had deferred tax assets associated with tax credit carryforwards of $2 million in each year. The tax credit carryforwards do not expire. As of December 31, 2015 and 2014 , we had deferred tax assets associated with non-U.S. and state loss carryforwards of $26 million and $53 million , respectively, included in “other” in the table above. Of the total loss carryforwards of $26 million as of December 31, 2015 , $19 million do not expire, and the remaining $7 million expire through 2034 . The loss carryforwards have a valuation allowance of $22 million and $45 million for 2015 and 2014 . The following table presents a reconciliation of the U.S. statutory income tax rate to our effective tax rate based on income before income tax expense for the years ended December 31 : 2015 2014 2013 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Changes from statutory rate: State taxes, net of federal benefit 4.2 1.5 1.6 Tax-exempt income (5.6 ) (5.1 ) (3.7 ) Tax credits (9.4 ) (6.8 ) (3.6 ) Foreign tax differential (9.6 ) (8.5 ) (5.9 ) Tax Refund (2.8 ) — — Litigation Expense 2.7 1.3 — Other, net (0.7 ) (0.3 ) (0.3 ) Effective tax rate 13.8 % 17.1 % 23.1 % The following table presents activity related to unrecognized tax benefits as of December 31 : (In millions) 2015 2014 Beginning balance $ 163 $ 158 Decrease related to agreements with tax authorities (122 ) (9 ) Increase related to tax positions taken during current year 8 8 Increase related to tax positions taken during prior year 14 6 Ending balance $ 63 $ 163 The amount of unrecognized tax benefits that, if recognized, would reduce income tax expense and our effective tax rate was $55 million as of December 31, 2015 . Unrecognized tax benefits do not include accrued interest of approximately $3 million and $9 million as of December 31, 2015 and 2014 . It is reasonably possible that the unrecognized tax benefits could decrease by up to $7 million within the next 12 months due to the resolution of an audit, which would not reduce our income tax expense and our effective tax rate. Management believes that we have sufficient accrued liabilities as of December 31, 2015 for tax exposures and related interest expense. We recorded interest and penalties related to income taxes as a component of income tax expense. Income tax expense included related interest and penalties of approximately $5 million and $3 million for 2015 and 2014 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic 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, unvested and fully vested SERP shares 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 years ended December 31 : (Dollars in millions, except per share amounts) 2015 2014 2013 Net income $ 1,980 $ 2,022 $ 2,050 Less: Preferred stock dividends (130 ) (61 ) (26 ) Dividends and undistributed earnings allocated to participating securities (1) (2 ) (3 ) (8 ) Net income available to common shareholders $ 1,848 $ 1,958 $ 2,016 Average common shares outstanding (in thousands): Basic average common shares 407,856 424,223 446,245 Effect of dilutive securities: common stock options and common stock awards 5,782 7,784 8,910 Diluted average common shares 413,638 432,007 455,155 Anti-dilutive securities (2) 661 1,498 1,855 Earnings per Common Share: Basic $ 4.53 $ 4.62 $ 4.52 Diluted (3) 4.47 4.53 4.43 (1) Represents the portion of net income available to common equity allocated to participating securities, composed of fully vested deferred director stock, unvested and fully vested SERP shares and unvested restricted stock that contain non-forfeitable rights to dividends during the vesting period on a basis equivalent to dividends paid to common shareholders. (2) Represents common stock options and other equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. (3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method. |
Line of Business Information
Line of Business Information | 12 Months Ended |
Dec. 31, 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. Investment Servicing provides services for U.S. mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations and endowments worldwide. Products include custody; product- and participant-level accounting; daily pricing and administration; master trust and master custody; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; and performance, risk and compliance analytics to support institutional investors. We provide shareholder services, which include mutual fund and collective investment fund shareholder accounting, through 50% -owned affiliates, Boston Financial Data Services, Inc. and the International Financial Data Services group of companies. Investment Management, through SSGA, provides a broad array of investment management, investment research and investment advisory services to corporations, public funds and other sophisticated investors. SSGA offers active and passive asset management strategies across equity, fixed-income and cash asset classes. Products are distributed directly and through intermediaries using a variety of investment vehicles, including ETFs such as the SPDR ® ETF brand. Our investment servicing strategy is to focus on total client relationships and the full integration of our products and services across our client base through cross-selling opportunities. In general, our clients will use a combination of services, depending on their needs, rather than one product or service. For instance, a custody client may purchase securities finance and cash management services from different business units. Products and services that we provide to our clients are parts of an integrated offering to these clients. We price our products and services on the basis of overall client relationships and other factors; as a result, revenue may not necessarily reflect the stand-alone market price of these products and services within the business lines in the same way it would for separate business entities. Generally, approximately 75% of our consolidated total revenue (fee revenue from investment servicing and investment management, as well as trading services and securities finance activities) is generated by these two business lines. The remaining 25% is composed of processing fees and other revenue, net interest revenue, which is largely generated by our investment of client deposits, short-term borrowings and long-term debt in a variety of assets, and net gains (losses) related to investment securities. These other revenue types are generally fully allocated to, or reside in, Investment Servicing and Investment Management. Revenue and expenses are directly charged or allocated to our lines of business through management information systems. Assets and liabilities are allocated according to policies that support management’s strategic and tactical goals. Capital is allocated based on the relative risks and capital requirements inherent in each business line, along with management judgment. Capital allocations may not be representative of the capital that might be required if these lines of business were separate business entities. The following is a summary of our line-of-business results for the periods indicated. The “Other” column for the year ended December 31, 2015 included net costs $98 million composed of the following - • Net acquisition and restructuring costs of $25 million ; and • Net severance costs associated with staffing realignment of $73 million . The “Other” column for the year ended December 31, 2014 included net costs $219 million composed of the following - • Net acquisition and restructuring costs of $133 million ; • Net severance costs associated with staffing realignment of $84 million ; and • Net provisions for litigation exposure and other costs of $2 million . The “Other” column for the year ended December 31, 2013 included net costs of $180 million composed of the following - • Net acquisition and restructuring costs of $104 million ; • Net provisions for litigation exposure and other costs of $65 million ; and • Net severance costs associated with staffing realignment of $11 million . The amounts in the “Other” columns were not allocated to State Street's business lines. Prior reported results reflect reclassifications, for comparative purposes, related to management changes in methodologies associated with allocations of revenue and expenses to lines-of-business in 2015 . Years Ended December 31, Investment Servicing Investment Management Other Total 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 (Dollars in millions, except where otherwise noted) Servicing fees $ 5,153 $ 5,108 $ 4,799 $ — $ — $ — $ — $ — $ — $ 5,153 $ 5,108 $ 4,799 Management fees — — — 1,174 1,207 1,106 — — — 1,174 1,207 1,106 Trading services 1,108 1,039 1,027 38 45 67 — — — 1,146 1,084 1,094 Securities finance 496 437 359 — — — — — — 496 437 359 Processing fees and other 325 179 206 (16 ) (5 ) 6 — — — 309 174 212 Total fee revenue 7,082 6,763 6,391 1,196 1,247 1,179 — — — 8,278 8,010 7,570 Net interest revenue 2,086 2,245 2,278 2 15 25 — — — 2,088 2,260 2,303 Gains (losses) related to investment securities, net (6 ) 4 (9 ) — — — — — — (6 ) 4 (9 ) Total revenue 9,162 9,012 8,660 1,198 1,262 1,204 — — — 10,360 10,274 9,864 Provision for loan losses 12 10 6 — — — — — — 12 10 6 Total expenses 6,990 6,648 6,190 962 960 822 98 219 180 8,050 7,827 7,192 Income before income tax expense $ 2,160 $ 2,354 $ 2,464 $ 236 $ 302 $ 382 $ (98 ) $ (219 ) $ (180 ) $ 2,298 $ 2,437 $ 2,666 Pre-tax margin 24 % 26 % 28 % 20 % 24 % 32 % 22 % 24 % 27 % Average assets (in billions) $ 246.6 $ 234.2 $ 203.2 $ 3.9 $ 3.9 $ 3.8 $ 250.5 $ 238.1 $ 207.0 |
Non-U.S. Activities
Non-U.S. Activities | 12 Months Ended |
Dec. 31, 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. During 2015, management updated its processes for quantifying the financial results related to our non-U.S. activities. Results for the years ended December 31, 2014 and 2013 have not been revised to reflect the change due to a lack of comparable underlying data. Non-U.S. revenue for the years ended December 31, 2015, 2014 and 2013 included $938 million , $1.02 billion and $903 million , respectively, in the U.K., primarily from our London operations. The following table presents our U.S. and non-U.S. financial results for the years ended December 31 : 2015 2014 2013 (In millions) Non-U.S. U.S. Total Non-U.S. U.S. Total Non-U.S. U.S. Total Total revenue $ 4,428 $ 5,932 $ 10,360 $ 4,644 $ 5,630 $ 10,274 $ 4,299 $ 5,565 $ 9,864 Income before income taxes 1,193 1,105 2,298 1,343 1,094 2,437 1,169 1,497 2,666 Non-U.S. assets were $78.1 billion and $60.0 billion as of December 31, 2015 and 2014 , respectively. |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Financial Statements | Parent Company Financial Statements The following tables present the financial statements of the parent company without consolidation of its banking and non-banking subsidiaries, as of and for the years indicated: STATEMENT OF INCOME - PARENT COMPANY Years Ended December 31, 2015 2014 2013 (In millions) Cash dividends from consolidated banking subsidiary $ 585 $ 1,470 $ 1,694 Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities 171 138 250 Other, net 73 63 35 Total revenue 829 1,671 1,979 Interest expense 209 193 169 Other expenses 310 55 88 Total expenses 519 248 257 Income tax benefit (186 ) (83 ) (84 ) Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities 496 1,506 1,806 Equity in undistributed income of consolidated subsidiaries and unconsolidated entities: Consolidated banking subsidiary 1,384 360 151 Consolidated non-banking subsidiaries and unconsolidated entities 100 156 93 Net income $ 1,980 $ 2,022 $ 2,050 STATEMENT OF CONDITION - PARENT COMPANY As of December 31, 2015 2014 (In millions) Assets: Interest-bearing deposits with consolidated banking subsidiary $ 5,735 $ 6,030 Trading account assets 308 279 Investment securities available for sale 35 35 Investments in subsidiaries: Consolidated banking subsidiary 20,584 19,978 Consolidated non-banking subsidiaries 2,816 2,739 Unconsolidated entities 315 288 Notes and other receivables from: Consolidated banking subsidiary 1,558 1,526 Consolidated non-banking subsidiaries and unconsolidated entities 275 331 Other assets 515 447 Total assets $ 32,141 $ 31,653 Liabilities: Commercial paper $ — $ 2,485 Accrued expenses and other liabilities 643 514 Long-term debt 10,363 7,326 Total liabilities 11,006 10,325 Shareholders’ equity 21,135 21,328 Total liabilities and shareholders’ equity $ 32,141 $ 31,653 STATEMENT OF CASH FLOWS - PARENT COMPANY Years Ended December 31, 2015 2014 2013 (In millions) Net cash provided by operating activities $ 926 $ 1,767 $ 2,296 Investing Activities: Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary 295 (1,610 ) (620 ) Investments in consolidated banking and non-banking subsidiaries (7,959 ) (1,142 ) (1,100 ) Sale or repayment of investment in consolidated banking and non-banking subsidiaries 7,891 1,011 32 Net cash provided by (used in) investing activities 227 (1,741 ) (1,688 ) Financing Activities: Net increase (decrease) in commercial paper (2,485 ) 667 (499 ) Proceeds from issuance of long-term debt, net of issuance costs 2,983 994 2,485 Payments for long-term debt — (750 ) — Proceeds from issuance of preferred stock, net of issuance costs 742 1,470 — Proceeds from exercises of common stock options 4 14 121 Purchases of common stock (1,520 ) (1,650 ) (2,040 ) Repurchases of common stock for employee tax withholding (222 ) (232 ) (189 ) Payments for cash dividends (655 ) (539 ) (486 ) Net cash used in financing activities (1,153 ) (26 ) (608 ) Net change — — — Cash and due from banks at beginning of year — — — Cash and due from banks at end of year $ — $ — $ — |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation: Our consolidated financial statements include the accounts of the parent company and its majority- and wholly-owned and otherwise controlled subsidiaries, including State Street Bank. All material inter-company transactions and balances have been eliminated. Certain previously reported amounts have been reclassified to conform to current-year presentation. We consolidate subsidiaries in which we exercise control. Investments in unconsolidated subsidiaries, recorded in other assets, generally are accounted for under the equity method of accounting if we have the ability to exercise significant influence over the operations of the investee. For investments accounted for under the equity method, our share of income or loss is recorded in processing fees and other revenue in our consolidated statement of income. Investments not meeting the criteria for equity-method treatment are accounted for under the cost method of accounting. |
Use of Estimates | Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue, and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation: The assets and liabilities of our operations with functional currencies other than the U.S. dollar are translated at month-end exchange rates, and revenue and expenses are translated at rates that approximate average monthly exchange rates. Gains or losses from the translation of the net assets of subsidiaries with functional currencies other than the U.S. dollar, net of related taxes, are recorded in AOCI, a component of shareholders’ equity. |
Cash and Cash Equivalents | Cash and Cash Equivalents: For purposes of the consolidated statement of cash flows, cash and cash equivalents are defined as cash and due from banks. |
Interest-Bearing Deposits With Banks | Interest-Bearing Deposits with Banks: Interest-bearing deposits with banks generally consist of highly liquid, short-term investments maintained at the Federal Reserve Bank and other non-U.S. central banks with original maturities at the time of purchase of one month or less. |
Securities Purchased Under Resale Agreements And Securities Sold Under Repurchase Agreements | Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements: Securities purchased under resale agreements and sold under repurchase agreements are treated as collateralized financing transactions, and are recorded in our consolidated statement of condition at the amounts at which the securities will be subsequently resold or repurchased, plus accrued interest. Our policy is to take possession or control of securities underlying resale agreements either directly or through agent banks, allowing borrowers the right of collateral substitution and/or short-notice termination. We revalue these securities daily to determine if additional collateral is necessary from the borrower to protect us against credit exposure. We can use these securities as collateral for repurchase agreements. For securities sold under repurchase agreements collateralized by our investment securities portfolio, the dollar value of the securities remains in investment securities in our consolidated statement of condition. Where a master netting agreement exists or both parties are members of a common clearing organization, resale and repurchase agreements with the same counterparty or clearing house and maturity date are recorded on a net basis. |
Fee And Net Interest Revenue | Fee and Net Interest Revenue: Fees from investment servicing, investment management, securities finance, trading services and certain types of processing fees and other revenue are recorded in our consolidated statement of income based on estimates or specific contractual terms, including mutually agreed changes to terms, as transactions occur or services are rendered, provided that persuasive evidence exists, the price to the client is fixed or determinable and collectability is reasonably assured. Amounts accrued at period-end are recorded in accrued interest and fees receivable in our consolidated statement of condition. Performance fees generated by our investment management activities are recorded when earned, based on predetermined benchmarks associated with the applicable fund’s performance. Interest revenue on interest-earning assets and interest expense on interest-bearing liabilities are recorded in our consolidated statement of income as components of net interest revenue, and are generally based on the effective yield of the related financial asset or liability. |
Recent Accounting Developments | Recent Accounting Developments: In January 2016, the FASB issued an amendment that changes the accounting for equity securities. Under the revised standard, all equity securities will be measured at fair value through earnings with certain exceptions, including investments accounted for under the equity method of accounting. In addition, the FASB clarified guidance related to valuation allowance assessments when recognizing deferred tax assets on unrealized losses on available-for-sale debt securities. The amendments are effective for State Street beginning January 1, 2018. We are currently assessing the potential impact of these amendments on our consolidated financial statements . In September 2015 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 did not have any significant acquisitions in 2015 that could have a material impact on future consolidated financial statements. We will assess the amendment's 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 relates to the FASB standard issued in May 2014, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard permits the use of either retrospective or cumulative effect transition method. The deferral results in the new revenue standard being effective for State Street beginning on January 1, 2018. We are evaluating the effect on the consolidated financial statements and related disclosures. In May 2015, the FASB issued an amendment that 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. 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 will not have a material impact on our consolidated financial statements. In May 2015, the FASB issued an amendment to U.S. GAAP which removes from the fair value hierarchy, investments for which the practical expedient is used to measure fair value at 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 and is required to be applied retrospectively. The adoption of this amendment will have no impact on our consolidated financial statements. In April 2015, the FASB issued an amendment to U.S. 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 U.S. 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 have a balance of approximately $37 million as of December 31, 2015 and will be reclassified as contra liabilities upon adoption. In August 2015, the FASB issued a related amendment 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. Our adoption of this amendment will not have a material effect on our consolidated financial statements. In February 2015, the FASB issued an amendment to U.S. GAAP that updates the consolidation model used to evaluate whether a legal entity is required to be consolidated. The amendment is effective for State Street beginning on January 1, 2016, and may be applied retrospectively or via a modified retrospective approach. The amendment eliminated the indefinite deferral of Accounting Standard Update 2010-10 “Amendments for Certain Investment Funds” for asset management funds with characteristics of an investment company and also eliminated the presumption that a general partner should consolidate a limited partnership. The amendment also changed the consolidation analysis for fee arrangements that meet certain requirements and for related party relationships. Certain money market funds are excluded from the scope of the amendment. Based on our assessment of the amendment, our adoption of this amendment will not have a material effect on our consolidated financial statements. In February 2015, the FASB issued an amendment to U.S. 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 will not have a material effect on our consolidated financial statements. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Prior Period Adjustments | The table below shows the effect of the errors on our consolidated statement of income and our consolidated statement of condition for the periods presented. Year Ended December 31, 2014 Year Ended December 31, 2013 (In millions, except per share amounts) Previously Reported Correction Revised Previously Reported Correction Revised Servicing fee revenue $ 5,129 $ (21 ) $ 5,108 $ 4,819 $ (20 ) $ 4,799 Total revenue 10,295 (21 ) 10,274 9,884 (20 ) 9,864 Income before income tax expense 2,458 (21 ) 2,437 2,686 (20 ) 2,666 Income tax expense 421 (6 ) 415 550 66 616 Net income 2,037 (15 ) 2,022 2,136 (86 ) 2,050 Earnings per share: Basic $ 4.65 $ (0.03 ) $ 4.62 $ 4.71 $ (0.19 ) $ 4.52 Diluted 4.57 (0.04 ) 4.53 4.62 (0.19 ) 4.43 December 31, 2014 (In millions, except per share amounts) Previously Reported Correction Revised Total assets $ 274,119 $ — $ 274,119 Total liabilities 252,646 145 252,791 Retained earnings 14,882 (145 ) 14,737 Total equity 21,473 (145 ) 21,328 Total liabilities and shareholders' equity 274,119 — 274,119 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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 during 2015 or 2014 . Fair-Value Measurements on a Recurring Basis as of December 31, 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 $ 32 $ — $ — $ 32 Non-U.S. government securities 479 — — 479 Other 10 328 — 338 Total trading account assets 521 328 — 849 AFS Investment securities: U.S. Treasury and federal agencies: Direct obligations 5,206 512 — 5,718 Mortgage-backed securities — 18,165 — 18,165 Asset-backed securities: Student loans — 6,987 189 7,176 Credit cards — 1,341 — 1,341 Sub-prime — 419 — 419 Other (2) — — 1,764 1,764 Total asset-backed securities — 8,747 1,953 10,700 Non-U.S. debt securities: Mortgage-backed securities — 7,071 — 7,071 Asset-backed securities — 3,093 174 3,267 Government securities — 4,355 — 4,355 Other (3) — 4,579 255 4,834 Total non-U.S. debt securities — 19,098 429 19,527 State and political subdivisions — 9,713 33 9,746 Collateralized mortgage obligations — 2,948 39 2,987 Other U.S. debt securities — 2,614 10 2,624 U.S. equity securities — 39 — 39 Non-U.S. equity securities — 3 — 3 U.S. money-market mutual funds — 542 — 542 Non-U.S. money-market mutual funds — 19 — 19 Total investment securities available for sale 5,206 62,400 2,464 70,070 Other assets: Derivative instruments: Foreign exchange contracts — 11,311 5 $ (6,562 ) 4,754 Interest-rate contracts — 135 — (115 ) 20 Other derivative contracts — 5 — (2 ) 3 Total derivative instruments — 11,451 5 (6,679 ) 4,777 Other 2 — — — 2 Total assets carried at fair value $ 5,729 $ 74,179 $ 2,469 $ (6,679 ) $ 75,698 Liabilities: Accrued expenses and other liabilities: Trading account liabilities: U.S. government securities $ 5 $ — $ — $ — $ 5 Non-U.S. government securities 76 — — — 76 Other 5 13 — — 18 Derivative instruments: Foreign exchange contracts — 10,863 5 (6,995 ) 3,873 Interest-rate contracts — 182 — (24 ) 158 Other derivative contracts — 103 — (2 ) 101 Total derivative instruments — 11,148 5 (7,021 ) 4,132 Other 2 — — — 2 Total liabilities carried at fair value $ 88 $ 11,161 $ 5 $ (7,021 ) $ 4,233 (1) R epresents 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 $776 million and $1.12 billion , respectively, for cash collateral received from and provided to derivative counterparties. (2) As of December 31, 2015 the fair value of other asset-backed securities was primarily composed of $1.76 billion of collateralized loan obligations. (3) As of December 31, 2015 the fair value of other non-U.S. debt securities was primarily composed of $3.18 billion of covered bonds and $613 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 AFS Investment securities: 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 Twelve Months Ended December 31, 2014 Fair Value as of December 31, 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 $ 716 $ — $ — $ 168 $ — $ (14 ) $ — $ (870 ) $ — Asset-backed securities: Student loans 423 2 1 24 (75 ) (37 ) — (79 ) 259 Credit cards 24 — — — — (24 ) — — — Other 4,532 65 (28 ) 282 — (1,071 ) — — 3,780 Total asset-backed securities 4,979 67 (27 ) 306 (75 ) (1,132 ) — (79 ) 4,039 Non-U.S. debt securities: Mortgage-backed securities 375 — — — — — — (375 ) — Asset-backed securities 798 6 (1 ) — — (272 ) 76 (312 ) 295 Other 464 — 1 55 (1 ) (41 ) 85 (192 ) 371 Total non-U.S. debt securities 1,637 6 — 55 (1 ) (313 ) 161 (879 ) 666 State and political subdivisions 43 1 (3 ) — — (3 ) — — 38 Collateralized mortgage obligations 162 — 1 633 (6 ) (32 ) — (144 ) 614 Other U.S. debt securities 8 — 1 — — — — — 9 Total investment securities available for sale 7,545 74 (28 ) 1,162 (82 ) (1,494 ) 161 (1,972 ) 5,366 Other assets: Derivative instruments: Derivative instruments, Foreign exchange contracts (1) 19 36 — 36 — (10 ) — — 81 $ 44 Total derivative instruments 19 36 — 36 — (10 ) — — 81 44 Total assets carried at fair value $ 7,564 $ 110 $ (28 ) $ 1,198 $ (82 ) $ (1,504 ) $ 161 $ (1,972 ) $ 5,447 $ 44 The following tables present activity related to our level-3 financial assets and liabilities during the years ended December 31 , 2015 and 2014 , respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During the years ended December 31 , 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 Year Ended December 31, 2015 Fair Value as of Total Realized and Purchases Sales Settlements Transfers Transfers Fair Value as of (1) Change in (In millions) Recorded in Revenue Recorded in Other Comprehensive Income Assets: AFS Investment securities: Asset-backed securities: Student loans $ 259 $ 1 $ (4 ) $ — — $ (6 ) $ — $ (61 ) $ 189 Other 3,780 53 (50 ) — (1,105 ) (914 ) — — 1,764 Total asset-backed securities 4,039 54 (54 ) — (1,105 ) (920 ) — (61 ) 1,953 Non-U.S. debt securities: Mortgage-backed securities — — — 43 — — 97 (140 ) — Asset-backed securities 295 2 (1 ) 249 — (190 ) 4 (185 ) 174 Other 371 — (1 ) 111 — (39 ) — (187 ) 255 Total non-U.S. debt securities 666 2 (2 ) 403 — (229 ) 101 (512 ) 429 State and political subdivisions 38 1 (3 ) — — (3 ) — — 33 Collateralized mortgage obligations 614 (1 ) (2 ) 294 (88 ) (105 ) — (673 ) 39 Other U.S. debt securities 9 — — — — — 10 (9 ) 10 Total investment securities available for sale 5,366 56 (61 ) 697 (1,193 ) (1,257 ) 111 (1,255 ) 2,464 Other assets: Derivative instruments: Derivative instruments, Foreign exchange contracts 81 48 — 9 — (133 ) — — 5 $ (4 ) Total derivative instruments 81 48 — 9 — (133 ) — — 5 (4 ) Total assets carried at fair value $ 5,447 $ 104 $ (61 ) $ 706 $ (1,193 ) $ (1,390 ) $ 111 $ (1,255 ) $ 2,469 $ (4 ) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Fair-Value Measurements Using Significant Unobservable Inputs Year Ended December 31, 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 $ 23 $ 12 $ (104 ) $ 5 $ (7 ) Other 9 — — (9 ) — — Total derivative instruments 83 23 12 (113 ) 5 (7 ) Total liabilities carried at fair value $ 83 $ 23 $ 12 $ (113 ) $ 5 $ (7 ) (1) There were no transfers of liabilities into or out of level 3 during the year ended December 31, 2015 . Fair-Value Measurements Using Significant Unobservable Inputs Twelve Months Ended December 31, 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 (2) $ 17 $ 25 $ 39 $ (7 ) $ 74 $ 35 Other 9 — — — 9 — Total derivative instruments 26 25 39 (7 ) 83 35 Total liabilities carried at fair value $ 26 $ 25 $ 39 $ (7 ) $ 83 $ 35 (1) There were no transfers of liabilities into or out of level 3 during the year ended December 31, 2014 . |
Level 3 Total Realized And Unrealized Gains And Losses Recorded In Revenue | The following table presents total realized and unrealized gains and losses for our level-3 financial assets and liabilities and where they are presented in our consolidated statement of income for the years indicated: Twelve Months Ended December 31, Total Realized and Change in Unrealized Gains (Losses) Related to Financial instruments Held as of December 31, (In millions) 2015 2014 2013 2015 2014 2013 Fee revenue: Trading services $ 25 $ 11 $ 63 $ 3 $ 9 $ (1 ) Total fee revenue 25 11 63 3 9 (1 ) Net interest revenue 56 74 62 — — — Total revenue $ 81 $ 85 $ 125 $ 3 $ 9 $ (1 ) |
Fair Value Inputs, Assets and Liabilities, Quantitative Information | The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level-3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level-3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker or dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer. Quantitative Information about Level-3 Fair-Value Measurements Fair Value Weighted-Average (Dollars in millions) As of December 31, 2015 As of December 31, 2014 Valuation Technique Significant (1) As of December 31, 2015 As of December 31, 2014 Significant unobservable inputs readily available to State Street: Assets: Asset-backed securities, other $ 28 $ 59 Discounted cash flows Credit spread 0.1 % 0.2 % State and political subdivisions 33 38 Discounted cash flows Credit spread 2.2 2.1 Derivative instruments, foreign exchange contracts 5 81 Option model Volatility 9.3 9.1 Total $ 66 $ 178 Liabilities: Derivative instruments, foreign exchange contracts $ 5 $ 74 Option model Volatility 9.2 9.0 Derivative instruments, other (2) — 9 Discounted cash flows Participant redemptions — 5.2 Total $ 5 $ 83 (1) Significant chan ges in these unobservable inputs would result in significant changes in fair value measure. (2) Relates to stable value wrap c ontracts; refer to the sensitivity discussion following the tables presented below, and to Note 12 . |
Fair Value Inputs, Liabilities, Quantitative Information | The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level-3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level-3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker or dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer. Quantitative Information about Level-3 Fair-Value Measurements Fair Value Weighted-Average (Dollars in millions) As of December 31, 2015 As of December 31, 2014 Valuation Technique Significant (1) As of December 31, 2015 As of December 31, 2014 Significant unobservable inputs readily available to State Street: Assets: Asset-backed securities, other $ 28 $ 59 Discounted cash flows Credit spread 0.1 % 0.2 % State and political subdivisions 33 38 Discounted cash flows Credit spread 2.2 2.1 Derivative instruments, foreign exchange contracts 5 81 Option model Volatility 9.3 9.1 Total $ 66 $ 178 Liabilities: Derivative instruments, foreign exchange contracts $ 5 $ 74 Option model Volatility 9.2 9.0 Derivative instruments, other (2) — 9 Discounted cash flows Participant redemptions — 5.2 Total $ 5 $ 83 (1) Significant chan ges in these unobservable inputs would result in significant changes in fair value measure. (2) Relates to stable value wrap c ontracts; refer to the sensitivity discussion following the tables presented below, and to Note 12 . |
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: December 31, 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 $ — $ 189 $ 189 Asset-backed securities, other 28 1,736 1,764 Non-U.S. debt securities, asset-backed securities — 174 174 Non-U.S. debt securities, other — 255 255 State and political subdivisions 33 — 33 Collateralized mortgage obligations — 39 39 Other U.S. debt securities — 10 10 Derivative instruments, foreign exchange contracts 5 — 5 Total $ 66 $ 2,403 $ 2,469 Liabilities: Derivative instruments, foreign exchange contracts $ 5 $ — $ 5 Total $ 5 $ — $ 5 (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 fina ncial 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 December 31, 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 $ 1,207 $ 1,207 $ 1,207 $ — $ — Interest-bearing deposits with banks 75,338 75,338 — 75,338 — Securities purchased under resale agreements 3,404 3,404 — 3,404 — Investment securities held to maturity 29,952 29,798 — 29,798 — Net loans (excluding leases) (1) 17,838 17,792 — 17,667 125 Financial Liabilities: Deposits: Noninterest-bearing $ 65,800 $ 65,800 $ — $ 65,800 $ — Interest-bearing - U.S. 29,958 29,958 — 29,958 — Interest-bearing - non-U.S. 95,869 95,869 — 95,869 — Securities sold under repurchase agreements 4,499 4,499 — 4,499 — Federal funds purchased 6 6 — 6 — Other short-term borrowings 1,748 1,748 — 1,748 — Long-term debt 11,534 11,604 — 11,215 389 (1) Includes $14 million of loans classified as held-for-sale that were measured at fair value on a non-recurring basis as of December 31, 2015 . 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) | 12 Months Ended |
Dec. 31, 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: December 31, 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 $ 5,717 $ 6 $ 5 $ 5,718 $ 10,573 $ 83 $ 1 $ 10,655 Mortgage-backed securities 18,168 131 134 18,165 20,648 193 127 20,714 Asset-backed securities: Student loans (1) 7,358 16 198 7,176 12,478 106 124 12,460 Credit cards 1,378 — 37 1,341 3,077 10 34 3,053 Sub-prime 448 2 31 419 1,005 2 56 951 Other (2) 1,724 43 3 1,764 4,055 100 10 4,145 Total asset-backed securities 10,908 61 269 10,700 20,615 218 224 20,609 Non-U.S. debt securities: Mortgage-backed securities 7,010 72 11 7,071 9,442 168 4 9,606 Asset-backed securities 3,272 2 7 3,267 3,215 11 — 3,226 Government securities 4,348 7 — 4,355 3,899 10 — 3,909 Other (3) 4,817 29 12 4,834 5,383 52 7 5,428 Total non-U.S. debt securities 19,447 110 30 19,527 21,939 241 11 22,169 State and political subdivisions 9,402 371 27 9,746 10,532 325 37 10,820 Collateralized mortgage obligations 2,993 16 22 2,987 5,280 71 12 5,339 Other U.S. debt securities 2,611 31 18 2,624 4,033 88 12 4,109 U.S. equity securities 33 9 3 39 29 10 — 39 Non-U.S. equity securities 3 — — 3 2 — — 2 U.S. money-market mutual funds 542 — — 542 449 — — 449 Non-U.S. money-market mutual funds 19 — — 19 8 — — 8 Total $ 69,843 $ 735 $ 508 $ 70,070 $ 94,108 $ 1,229 $ 424 $ 94,913 Held to maturity (4) : U.S. Treasury and federal agencies: Direct obligations $ 20,878 $ 2 $ 217 $ 20,663 $ 5,114 $ — $ 147 $ 4,967 Mortgage-backed securities 610 2 8 604 62 4 — 66 Asset-backed securities: Student loans (1) 1,592 — 47 1,545 1,814 2 4 1,812 Credit cards 897 — 1 896 897 2 — 899 Other 366 2 1 367 577 3 1 579 Total asset-backed securities 2,855 2 49 2,808 3,288 7 5 3,290 Non-U.S. debt securities: Mortgage-backed securities 2,202 109 26 2,285 3,787 177 22 3,942 Asset-backed securities 1,415 4 3 1,416 2,868 14 1 2,881 Government securities 239 — 1 238 154 — — 154 Other 65 — — 65 72 — — 72 Total non-U.S. debt securities 3,921 113 30 4,004 6,881 191 23 7,049 State and political subdivisions 1 — — 1 9 — — 9 Collateralized mortgage obligations 1,687 60 29 1,718 2,369 107 15 2,461 Total $ 29,952 $ 179 $ 333 $ 29,798 $ 17,723 $ 309 $ 190 $ 17,842 (1) Primarily composed of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans. (2) As of December 31, 2015 and 2014 , the fair value of other ABS was primarily composed of $1.76 billion and $3.8 billion , respectively, of collateralized loan obligations and approximately zero and $315 million , respectively, of automobile loan securities. (3) As of December 31, 2015 and December 31, 2014 , the fair value of other non-U.S. debt securities was primarily composed of $3.18 billion and $3.3 billion of covered bonds and $613 million and $1.2 billion , as of December 31, 2015 and December 31, 2014 , respectively, of corporate bonds. (4) At amortized cost or fair value on the date of transfer from AFS . |
Schedule of Gross Pre-tax Unrealized Losses on Investment Securities | The following tables present the aggregate fair values of investment securities that have been in a continuous unrealized loss position for less than 12 months , and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated: Less than 12 months 12 months or longer Total December 31, 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 $ 3,123 $ 4 $ 121 $ 1 $ 3,244 $ 5 Mortgage-backed securities 5,729 48 3,166 86 8,895 134 Asset-backed securities: Student loans 2,841 54 3,217 144 6,058 198 Credit cards 838 7 490 30 1,328 37 Sub-prime 7 — 387 31 394 31 Other 720 3 43 — 763 3 Total asset-backed securities 4,406 64 4,137 205 8,543 269 Non-U.S. debt securities: Mortgage-backed securities 1,457 7 437 4 1,894 11 Asset-backed securities 2,190 7 22 — 2,212 7 Government securities 1,691 — — — 1,691 — Other 1,548 5 527 7 2,075 12 Total non-U.S. debt securities 6,886 19 986 11 7,872 30 State and political subdivisions 206 1 658 26 864 27 Collateralized mortgage obligations 1,511 14 217 8 1,728 22 Other U.S. debt securities 475 9 178 9 653 18 U.S. equity securities — — 5 3 5 3 Total $ 22,336 $ 159 $ 9,468 $ 349 $ 31,804 $ 508 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ 16,370 $ 120 $ 3,005 $ 97 $ 19,375 $ 217 Mortgage-backed 560 8 — — 560 8 Asset-backed securities: Student loans 896 25 615 22 1,511 47 Credit cards 636 1 — — 636 1 Other 102 — 31 1 133 1 Total asset-backed securities 1,634 26 646 23 2,280 49 Non-U.S. mortgage-backed securities: Mortgage-backed securities 338 2 524 24 862 26 Asset-backed securities 1,015 3 69 — 1,084 3 Government securities 128 1 — — 128 1 Other — — 43 — 43 — Total non-U.S. debt securities 1,481 6 636 24 2,117 30 Collateralized mortgage obligations 634 9 537 20 1,171 29 Total $ 20,679 $ 169 $ 4,824 $ 164 $ 25,503 $ 333 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 by carrying amount as of December 31, 2015 : Under 1 Year 1 to 5 Years 6 to 10 Years Over 10 Years Total (In millions) Available for sale: U.S. Treasury and federal agencies: Direct obligations $ 2,000 $ 3,223 $ 40 $ 455 $ 5,718 Mortgage-backed securities 78 2,501 3,858 11,728 18,165 Asset-backed securities: Student loans 339 3,702 2,054 1,081 7,176 Credit cards 2 259 1,080 — 1,341 Sub-prime 1 5 3 410 419 Other 19 220 1,260 265 1,764 Total asset-backed securities 361 4,186 4,397 1,756 10,700 Non-U.S. debt securities: Mortgage-backed securities 1,103 3,375 648 1,945 7,071 Asset-backed securities 485 2,394 220 168 3,267 Government securities 2,736 1,619 — — 4,355 Other 1,410 2,886 538 — 4,834 Total non-U.S. debt securities 5,734 10,274 1,406 2,113 19,527 State and political subdivisions 542 2,450 5,001 1,753 9,746 Collateralized mortgage obligations 350 80 472 2,085 2,987 Other U.S. debt securities 948 1,500 142 34 2,624 Total $ 10,013 $ 24,214 $ 15,316 $ 19,924 $ 69,467 Held to maturity: U.S. Treasury and federal agencies: Direct obligations $ — $ 11,348 $ 9,440 $ 90 $ 20,878 Mortgage-backed securities 1 12 — 597 610 Asset-backed securities: Student loans — 193 304 1,095 1,592 Credit cards — 680 217 — 897 Other 60 227 76 3 366 Total asset-backed securities 60 1,100 597 1,098 2,855 Non-U.S. debt securities: Mortgage-backed securities 435 507 95 1,165 2,202 Asset-backed securities 201 1,067 147 — 1,415 Government securities 129 110 — — 239 Other 22 43 — — 65 Total non-U.S. debt securities 787 1,727 242 1,165 3,921 State and political subdivisions 1 — — — 1 Collateralized mortgage obligations 251 142 489 805 1,687 Total $ 1,100 $ 14,329 $ 10,768 $ 3,755 $ 29,952 |
Gains and Losses Related to Investment Securities | The following tables present gross realized gains and losses from sales of AFS investment securities, and the components of net impairment losses included in net gains and losses related to investment securities, for the years ended December 31 : (In millions) 2015 2014 2013 Gross realized gains from sales of AFS investment securities $ 57 $ 64 $ 104 Gross realized losses from sales of AFS investment securities (62 ) (49 ) (90 ) Net impairment losses: Gross losses from OTTI (1 ) (1 ) (21 ) Losses reclassified (from) to other comprehensive income — (10 ) (2 ) Net impairment losses (1) (1 ) (11 ) (23 ) Gains (losses) related to investment securities, net $ (6 ) $ 4 $ (9 ) (1) Net impairment losses, recognized in our consolidated statement of income, were composed of the following: Impairment associated with expected credit losses $ — $ (10 ) $ (11 ) Impairment associated with management's intent to sell impaired securities prior to recovery in value — — (6 ) Impairment associated with adverse changes in timing of expected future cash flows (1 ) (1 ) (6 ) Net impairment losses $ (1 ) $ (11 ) $ (23 ) |
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. Twelve Months Ended December 31, (In millions) 2015 2014 2013 Balance, beginning of period $ 115 $ 122 $ 124 Additions: Losses for which OTTI was not previously recognized 1 — 14 Losses for which OTTI was previously recognized — 11 9 Deductions: Previously recognized losses related to securities sold or matured (24 ) (12 ) (25 ) Losses related to securities intended or required to be sold — (6 ) — Balance, end of period $ 92 $ 115 $ 122 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 2015 December 31, 2014 Institutional: Investment funds: U.S. $ 11,136 $ 11,388 Non-U.S. 1,678 2,333 Commercial and financial: U.S. 4,671 3,061 Non-U.S. 278 256 Purchased receivables: U.S. 93 124 Non-U.S. — 6 Lease financing: U.S. 337 335 Non-U.S. 578 668 Total institutional 18,771 18,171 Commercial real estate: U.S. 28 28 Total loans and leases 18,799 18,199 Allowance for loan losses (46 ) (38 ) Loans and leases, net of allowance for loan losses $ 18,753 $ 18,161 |
Components of Leveraged Lease Investments | (In millions) December 31, 2015 December 31, 2014 Institutional: Investment funds: U.S. $ 11,136 $ 11,388 Non-U.S. 1,678 2,333 Commercial and financial: U.S. 4,671 3,061 Non-U.S. 278 256 Purchased receivables: U.S. 93 124 Non-U.S. — 6 Lease financing: U.S. 337 335 Non-U.S. 578 668 Total institutional 18,771 18,171 Commercial real estate: U.S. 28 28 Total loans and leases 18,799 18,199 Allowance for loan losses (46 ) (38 ) Loans and leases, net of allowance for loan losses $ 18,753 $ 18,161 The components of our net investment in leveraged lease financing, included in the institutional segment in the preceding table, were as follows as of December 31 : (In millions) 2015 2014 Net rental income receivable $ 1,159 $ 1,284 Estimated residual values 89 89 Unearned income (333 ) (370 ) Investment in leveraged lease financing 915 1,003 Less: related deferred income tax liabilities (334 ) (326 ) Net investment in leveraged lease financing $ 581 $ 677 |
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 December 31, 2015 Investment Funds Commercial and Financial Purchased Receivables Lease Financing Commercial Real Estate Total Loans and Leases (In millions) Investment grade (1) $ 12,415 $ 1,780 $ 93 $ 888 $ 28 $ 15,204 Speculative (2) 399 3,138 — 27 — 3,564 Special mention (3) — 31 — — — 31 Total $ 12,814 $ 4,949 $ 93 $ 915 $ 28 $ 18,799 Institutional December 31, 2014 Investment Funds Commercial and Financial Purchased Receivables Lease Financing Commercial Real Estate 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: December 31, 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) $ 18,771 $ 28 $ 18,799 $ 18,171 $ 28 $ 18,199 Total $ 18,771 $ 28 $ 18,799 $ 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 December 31, 2015 and December 31, 2014 , all of the allowance for loan losses of $46 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: December 31, 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 December 31, 2015 and December 31, 2014 , all of the allowance for loan losses of $46 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: Years Ended December 31, 2015 2014 2013 (In millions) Total Loans and Leases Total Loans and Leases Total Loans and Leases Allowance for loan losses (1)(2) : Beginning balance $ 38 $ 28 $ 22 Provision for loan losses 12 10 6 Charge-offs (4 ) — — Ending balance $ 46 $ 38 $ 28 (1) As of December 31, 2015 , approximately $35 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. (2) There were no recoveries in any of the years ended December 31, 2015, 2014 or 2013. |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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: Years Ended December 31, 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 (152 ) (3 ) (155 ) (206 ) (4 ) (210 ) Ending balance $ 5,641 $ 30 $ 5,671 $ 5,793 $ 33 $ 5,826 |
Schedule of Finite-Lived Intangible Assets | The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: Years Ended December 31, 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 Acquisitions 16 — 16 — — — Amortization (187 ) (10 ) (197 ) (213 ) (9 ) (222 ) Foreign currency translation and other, net (74 ) (2 ) (76 ) (110 ) (3 ) (113 ) Ending balance $ 1,753 $ 15 $ 1,768 $ 1,998 $ 27 $ 2,025 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: Years Ended December 31, 2015 2014 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Client relationships $ 2,486 $ (1,198 ) $ 1,288 $ 2,569 $ (1,088 ) $ 1,481 Core deposits 667 (246 ) 421 688 (219 ) 469 Other 147 (88 ) 59 214 (139 ) 75 Total $ 3,300 $ (1,532 ) $ 1,768 $ 3,471 $ (1,446 ) $ 2,025 |
Schedule of Future Amortization Expense | Expected future amortization expense for other intangible assets recorded as of December 31, 2015 is as follows: Year Ending December 31, (In millions) 2016 $ 193 2017 186 2018 162 2019 148 2020 145 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Components of Other Assets | The following table presents the components of other assets as of the dates indicated: (In millions) December 31, 2015 December 31, 2014 Collateral deposits, net $ 21,465 $ 18,134 Derivative instruments, net 4,777 7,934 Bank-owned life insurance 3,078 2,402 Investments in joint ventures and other unconsolidated entities 2,034 1,798 Accounts receivable 1,018 513 Receivable for securities settlement 311 218 Prepaid expenses 284 259 Deferred tax assets, net of valuation allowance (1) 182 214 Income taxes receivable 154 396 Deposits with clearing organizations 127 197 Other 510 535 Total $ 33,940 $ 32,600 (1) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction. Gross deferred tax assets and liabilities are presented in Note 22 . |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The table excludes repurchase agreements collateralized by securities purchased under resale agreements and collateralized by trading account assets. U.S. Government Securities Sold Repurchase Agreements (In millions) Amortized Cost Fair Value Amortized Cost Overnight maturity $ 4,348 $ 4,284 $ 4,195 The following tables present information with respect to the amounts outstanding and weighted-average interest rates of the primary components of our short-term borrowings as of and for the years ended December 31 : Securities Sold Under Repurchase Agreements Federal Funds Purchased (Dollars in millions) 2015 2014 2013 2015 2014 2013 Balance as of December 31 $ 4,499 $ 8,925 $ 7,953 $ 6 $ 21 $ 19 Maximum outstanding as of any month-end 10,977 10,955 11,538 29 29 570 Average outstanding during the year 8,875 8,817 8,436 21 20 298 Weighted-average interest rate as of year-end .020 % .005 % .003 % .03 % .01 % .13 % Weighted-average interest rate for the year .01 .00 .01 .01 .00 .00 Tax-Exempt Investment Program Corporate Commercial Paper Program (Dollars in millions) 2015 2014 2013 2015 2014 2013 Balance as of December 31 $ 1,748 $ 1,870 $ 1,948 $ — $ 2,485 $ 1,819 Maximum outstanding as of any month-end 1,865 1,938 2,135 2,919 2,485 2,535 Average outstanding during the year 1,807 1,903 2,030 1,897 2,136 1,632 Weighted-average interest rate as of year-end .03 % .06 % .09 % .00 % .16 % .14 % Weighted-average interest rate for the year .06 .08 .13 .26 .17 .18 The following table presents the components of securities sold under repurchase agreements by underlying collateral as of December 31, 2015 : (In millions) Collateralized by securities purchased under resale agreements $ 202 Collateralized by investment securities 4,195 Collateralized by trading account assets 102 Total $ 4,499 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt | As of December 31, 2015 2014 (In millions) Statutory business trusts: Floating-rate subordinated notes due to State Street Capital Trust IV in 2037 $ 800 $ 800 Floating-rate subordinated notes due to State Street Capital Trust I in 2028 155 155 Parent company and non-banking subsidiary issuances: 3.55% notes due 2025 (1) 1,307 — 2.55% notes due 2020 (1) 1,199 — 3.70% notes due in 2023 (1) 1,050 1,043 3.30% notes due 2024 (1) 1,013 999 2.875% notes due 2016 1,001 1,005 3.10% subordinated notes due 2023 (1) 997 983 4.375% notes due 2021 (1) 740 730 4.956% junior subordinated debentures due 2018 (1) 519 528 Floating-rate notes due 2020 500 — 1.35% notes due 2018 (1) 496 492 5.375% notes due 2017 (1) 449 450 Long-term capital leases 334 769 7.35% notes due 2026 150 150 State Street Bank issuances: Floating-rate extendible notes due 2016 — 900 5.25% subordinated notes due 2018 424 433 5.30% subordinated notes due 2016 400 405 Floating-rate subordinated notes due 2015 — 200 Total long-term debt $ 11,534 $ 10,042 (1) We have entered into interest-rate swap agreements, recorded as fair value hedges, to modify our interest expense on these senior and subordinated notes from a fixed rate to a floating rate. As of December 31, 2015 , the carrying value of long-term debt associated with these fair value hedges increased $105 million . As of December 31, 2014 , the carrying value of long-term debt associated with these fair value hedges increased $76 million . Refer to Note 10 for additional information about fair value hedges. |
Derivative Financial Instrume45
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, December 31, Derivatives not designated as hedging instruments: Interest-rate contracts: Swap agreements and forwards $ 336 $ 645 Options and caps purchased — 7 Options and caps written — 7 Futures 2,621 3,939 Foreign exchange contracts: Forward, swap and spot 1,274,277 1,231,344 Options purchased 403 2,767 Options written 404 2,404 Credit derivative contracts: Credit swap agreements 141 191 Commodity and equity contracts: Commodity (1) 113 26 Equity (1) 87 2 Other: Stable value contracts 24,583 23,409 Deferred value awards (2) 320 210 Derivatives designated as hedging instruments: Interest-rate contracts: Swap agreements 9,398 6,077 Foreign exchange contracts: Forward and swap 4,515 2,705 (1) Primarily composed of positions held by a consolidated sponsored investment fund, more fully described in Note 14 . (2) Represents grants of deferred value awards to employees; refer to discussion in this note under "Derivatives Not Designated as Hedging Instruments." |
Notional Amount of Interest Rate Swap Agreements Designated as Fair Value and Cash Flow Hedges | The following table presents the aggregate notional amounts of these interest-rate contracts and the related assets or liabilities being hedged as of the dates indicated: December 31, 2015 (1) (In millions) Fair Value Hedges Investment securities available for sale $ 1,698 Long-term debt (2) 7,700 Total $ 9,398 December 31, 2014 (1) (In millions) Fair Investment securities available for sale $ 2,577 Long-term debt (2) 3,500 Total $ 6,077 (1) As of December 31, 2015 and December 31, 2014 there were no interest-rate contracts designated as cash flow hedges. (2) As of December 31, 2015 , these fair value hedges increased the carrying value of long-term debt presented in our consolidated statement of condition by $105 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: Years Ended December 31, 2015 2014 Contractual Rate Contractual Rate Long-term debt 3.57 % 2.42 % 3.44 % 2.63 % |
Schedule of the Fair Values of Derivative Financial Instruments | The following tables present the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is disclosed in Note 2 . Derivative Assets (1) Fair Value (In millions) December 31, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 10,799 $ 14,626 Interest-rate contracts 2 15 Other derivative contracts 5 2 Total $ 10,806 $ 14,643 Derivatives designated as hedging instruments: Foreign exchange contracts $ 517 $ 509 Interest-rate contracts 133 62 Total $ 650 $ 571 (1) Derivative assets are included within other assets in our consolidated statement of condition. Derivative Liabilities (1) Fair Value (In millions) December 31, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 10,795 $ 14,922 Other derivative contracts 103 70 Interest-rate contracts 2 16 Total $ 10,900 $ 15,008 Derivatives designated as hedging instruments: Interest-rate contracts $ 180 $ 223 Foreign exchange contracts 73 3 Total $ 253 $ 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 Years Ended December 31, (In millions) 2015 2014 2013 Derivatives not designated as hedging instruments: Foreign exchange contracts Trading services revenue $ 686 $ 612 $ 586 Interest-rate contracts Trading services revenue (2 ) 1 2 Credit derivative contracts Trading services revenue (1 ) 1 — Credit derivative contracts Processing fees and other revenue — (1 ) 1 Other derivative contracts Trading services revenue 8 (2 ) — Total $ 691 $ 611 $ 589 Location of (Gain) Loss on Derivative in Consolidated Statement of Income Amount of (Gain) Loss on Derivative Recognized in Consolidated Statement of Income Years Ended December 31, (In millions) 2015 2014 2013 Derivatives not designated as hedging instruments: Other derivative contracts Compensation and employee benefits $ 149 $ 106 14 Total $ 149 $ 106 $ 14 |
Schedule of Differences Between the Gains (Losses) on the Derivative and the Gains (Losses) on the Hedged Item | Location of Gain (Loss) on Derivative in Consolidated Statement of Income Amount of Gain (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 Years Ended December 31, Years Ended December 31, (In millions) 2015 2014 2013 2015 2014 2013 Derivatives designated as fair value hedges: Foreign exchange contracts Processing fees and $ (101 ) $ (92 ) (183 ) Investment securities Processing fees and $ 101 $ 92 $ 183 Foreign exchange contracts Processing fees and other revenue (241 ) — — FX deposit Processing fees and other revenue 241 — — Interest-rate contracts Processing fees and other revenue 16 (44 ) 32 Available-for-sale securities Processing fees and other revenue (1) (17 ) 39 (30 ) Interest-rate contracts Processing fees and 61 150 (192 ) Long-term debt Processing fees and (54 ) (138 ) 175 Total $ (265 ) $ 14 $ (343 ) $ 271 $ (7 ) $ 328 (1) Represents amounts reclassified out of or into OCI. For the year ended December 31, 2015 , $12 million of unrealized gains on AFS investment securities designated in fair value hedges were recognized in OCI. For the years ended December 31 , 2014 and 2013 , $24 million and $86 million , respectively, of unrealized losses and gains, respectively, on AFS investment 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 Years Ended December 31, Years Ended December 31, Years Ended December 31, (In millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Derivatives designated as cash flow hedges: Interest-rate contracts $ — $ (2 ) $ 9 Net interest revenue $ (4 ) $ (4 ) $ (4 ) Net interest revenue $ — $ 3 $ 3 Foreign exchange contracts 55 126 153 Net interest revenue — — — Net interest revenue 10 6 6 Total $ 55 $ 124 $ 162 $ (4 ) $ (4 ) $ (4 ) $ 10 $ 9 $ 9 |
Offsetting Arrangements (Tables
Offsetting Arrangements (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 (In millions) Gross Amounts of Recognized Assets (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Assets Presented in Statement of Condition Gross Amounts of Recognized Assets (1) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Assets Presented in Statement of Condition Derivatives: Foreign exchange contracts $ 11,316 $ (5,896 ) $ 5,420 $ 15,135 $ (6,275 ) $ 8,860 Interest-rate contracts 135 (5 ) 130 77 (21 ) 56 Equity derivative contracts 1 — 1 — — — Other derivative contracts 4 (2 ) 2 2 (1 ) 1 Cash collateral netting — (776 ) (776 ) — (983 ) (983 ) Total derivatives $ 11,456 $ (6,679 ) $ 4,777 $ 15,214 $ (7,280 ) $ 7,934 Other financial instruments: Resale agreements and securities borrowing (4) $ 62,522 $ (38,997 ) $ 23,525 $ 47,488 $ (29,157 ) $ 18,331 Total derivatives and other financial instruments $ 73,978 $ (45,676 ) $ 28,302 $ 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) Derivative amounts are carried at fair value and securities financing amounts are carried at amortized cost, except for securities collateral which are also carried at fair value. Refer to Note 1 and Note 2 for additional information on the measurement basis of these instruments. (3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition. (4) Included in the $23,525 million as of December 31, 2015 were $3,404 million of resale agreements and $20,121 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 12 for additional information with respect to principal securities finance transactions. December 31, 2015 December 31, 2014 Gross Amounts Not Offset in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Net Amount of Assets Presented in Statement of Condition Counterparty Netting Cash and Securities Received (1) Net Amount (2) Net Amount of Assets Presented in Statement of Condition Counterparty Netting Collateral Received (1) Net Amount (2) Derivatives $ 4,777 $ — $ (405 ) $ 4,372 $ 7,934 $ — $ (1,490 ) $ 6,444 Resale agreements and securities borrowing 23,525 (63 ) (22,812 ) 650 18,331 (128 ) (18,157 ) 46 Total $ 28,302 $ (63 ) $ (23,217 ) $ 5,022 $ 26,265 $ (128 ) $ (19,647 ) $ 6,490 ( 1) Includes securities in connection with our securities borrowing transactions. (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: December 31, 2015 December 31, 2014 (In millions) Gross Amounts of Recognized Liabilities (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Liabilities Presented in Statement of Condition Gross Amounts of Recognized Liabilities (1) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Liabilities Presented in Statement of Condition Derivatives: Foreign exchange contracts $ 10,868 $ (5,896 ) $ 4,972 $ 14,925 $ (6,275 ) $ 8,650 Interest-rate contracts 182 (5 ) 177 239 (20 ) 219 Other derivative contracts 103 (2 ) 101 70 (1 ) 69 Cash collateral netting — (1,118 ) (1,118 ) — (2,630 ) (2,630 ) Total derivatives $ 11,153 $ (7,021 ) $ 4,132 $ 15,234 $ (8,926 ) $ 6,308 Other financial instruments: Repurchase agreements and securities lending (4) $ 46,766 $ (38,997 ) $ 7,769 $ 44,562 $ (29,157 ) $ 15,405 Total derivatives and other financial instruments $ 57,919 $ (46,018 ) $ 11,901 $ 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) Derivative amounts are carried at fair value and securities financing amounts are carried at amortized cost, except for securities collateral which are also carried at fair value. Refer to Note 1 and Note 2 for additional information on the measurement basis of these instruments. (3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition. (4) Included in the $7,769 million as of December 31, 2015 were $4,499 million of repurchase agreements and $3,270 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 liabilit ies, respectively, in our consolidated statement of condition. Refer to Note 12 for additional information with respect to principal securities finance transactions. December 31, 2015 December 31, 2014 Gross Amounts Not Offset in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Net Amount of Liabilities Presented in Statement of Condition Counterparty Netting Cash and Securities Provided (1) Net Amount (2) Net Amount of Liabilities Presented in Statement of Condition Counterparty Netting Collateral Provided (1) Net Amount (2) Derivatives $ 4,132 $ — $ (64 ) $ 4,068 $ 6,308 $ — $ (19 ) $ 6,289 Repurchase agreements and securities lending 7,769 (63 ) (5,287 ) 2,419 15,405 (128 ) (13,872 ) 1,405 Total $ 11,901 $ (63 ) $ (5,351 ) $ 6,487 $ 21,713 $ (128 ) $ (13,891 ) $ 7,694 ( 1) Includes securities provided in connection with our securities lending transactions. (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 December 31, 2015 : Remaining Contractual Maturity of the Agreements (In millions) Overnight and Continuous Up to 30 days 30 – 90 days Total Repurchase agreements: U.S. Treasury and agency securities $ 37,157 $ 5 $ — $ 37,162 Non-U.S. sovereign debt — 97 — 97 Total 37,157 102 — 37,259 Securities lending transactions: Corporate debt securities 1 — — 1 Equity securities 8,502 — 1,002 9,504 Non-U.S. sovereign debt 2 — — 2 Total 8,505 — 1,002 9,507 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 45,662 $ 102 $ 1,002 $ 46,766 |
Commitments and Guarantees (Tab
Commitments and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 2015 December 31, 2014 Indemnified securities financing $ 320,436 $ 349,766 Stable value protection 24,583 23,409 Asset purchase agreements 3,990 4,107 Standby letters of credit 4,700 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) December 31, 2015 December 31, 2014 Fair value of indemnified securities financing $ 320,436 $ 349,766 Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 335,420 364,411 Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 63,055 85,309 Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements 67,016 90,819 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31: (In millions) Revenue from indirect foreign exchange trading 2008 $ 462 2009 369 2010 336 2011 331 2012 248 2013 285 2014 246 2015 $ 280 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Preferred Shares | The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding: Issuance Date Depositary Shares Issued Ownership Interest per Depositary Share Liquidation Preference Per Share Liquidation Preference Per Depositary Share Net Proceeds of Offering (in millions) Redemption Date (1) Preferred Stock: (2) Series C August 2012 20,000,000 1/4,000th $ 100,000 $ 25 $ 488 September 15, 2017 Series D February 2014 30,000,000 1/4,000th 100,000 25 742 March 15, 2024 Series E November 2014 30,000,000 1/4,000th 100,000 25 728 December 15, 2019 Series F May 2015 750,000 1/100th 100,000 1,000 742 September 15, 2020 (1) On the redemption date, or any dividend declaration date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. (2) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. |
Dividends Declared | The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicted: Years Ended December 31, 2015 2014 Dividends Declared Dividends Declared per Depositary Share Total (in millions) Dividends Declared Dividends Declared per Depositary Share Total (in millions) Preferred Stock: Series C $ 5,250 $ 1.32 $ 26 $ 5,252 $ 1.32 $ 26 Series D 5,900 1.48 44 4,605 1.15 35 Series E 6,333 1.60 48 — — — Series F 1,663 16.63 12 — — — Total $ 130 $ 61 The table below presents the dividends declared on common stock for the periods indicated: Years Ended December 31, Dividends Declared per Share Total (in millions) Dividends Declared per Share Total (in millions) 2015 2014 Common Stock $ 1.32 $ 536 $ 1.16 $ 490 |
Stock Repurchase Program | The table below presents the activities under each program during the year ended December 31, 2015 . Year Ended December 31, 2015 Amount Authorized (in billions) Shares Purchased (in millions) Average Cost per Share Total Purchased (in millions) Amount Remaining Under the Program (in millions) 2015 Program $ 1.8 14.2 $ 73.72 $ 1,050 $ 780 2014 Program 1.7 6.3 74.88 470 — Total 20.5 $ 74.07 $ 1,520 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the after-tax components of AOCI as of December 31 : (In millions) 2015 2014 2013 Net unrealized gains on cash flow hedges $ 293 $ 276 $ 161 Net unrealized gains (losses) on available-for-sale securities portfolio 9 273 (56 ) Net unrealized gains (losses) related to reclassified available-for-sale securities (28 ) 39 (72 ) Net unrealized gains (losses) on available-for-sale securities (19 ) 312 (128 ) Net unrealized losses on available-for-sale securities designated in fair value hedges (109 ) (121 ) (97 ) Other-than-temporary impairment on available-for-sale securities related to factors other than credit — 1 4 Net unrealized losses on hedges of net investments in non-U.S. subsidiaries (14 ) (14 ) (14 ) Other-than-temporary impairment on held-to-maturity securities related to factors other than credit (16 ) (29 ) (47 ) Net unrealized losses on retirement plans (183 ) (272 ) (203 ) Foreign currency translation (1,394 ) (660 ) 229 Total $ (1,442 ) $ (507 ) $ (95 ) The following tables present changes in AOCI by component, net of related taxes, for the periods indicated: (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 112 422 — 17 — (889 ) (338 ) Amounts reclassified into (out of) earnings 3 (9 ) — 1 (69 ) — (74 ) Other comprehensive income (loss) 115 413 — 18 (69 ) (889 ) (412 ) Balance as of December 31, 2014 $ 276 $ 192 $ (14 ) $ (29 ) $ (272 ) $ (660 ) $ (507 ) Other comprehensive income (loss) before reclassifications 20 (314 ) — 15 1 (734 ) (1,012 ) Amounts reclassified into (out of) earnings (3 ) (6 ) — (2 ) 88 — 77 Other comprehensive income (loss) 17 (320 ) — 13 89 (734 ) (935 ) Balance as of December 31, 2015 $ 293 $ (128 ) $ (14 ) $ (16 ) $ (183 ) $ (1,394 ) $ (1,442 ) |
Schedule of Reclassifications Out of AOCI | The following table presents after-tax reclassifications into earnings for the periods indicated: Twelve Months Ended December 31, 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 $2 and $2, respectively $ (3 ) $ 3 Net interest revenue Available-for-sale securities: Net realized gains from sales of available-for-sale securities, net of related tax benefit of $1 and related taxes of ($6), respectively (6 ) (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 (2 ) 1 Losses reclassified (from) to other comprehensive income Retirement plans: Amortization of actuarial losses, net of related taxes of ($51) and ($50), respectively 88 (69 ) Compensation and employee benefits expenses Total reclassifications out of AOCI $ 77 $ (74 ) |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 (1) Basel III Standardized Approach December 31, 2015 (2) Basel III Advanced Approaches December 31, 2014 (1) Basel III Transitional Approach December 31, 2014 (3) Basel III Advanced Approaches December 31, 2015 (1) Basel III Standardized Approach December 31, 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 $ 10,250 $ 10,250 $ 10,295 $ 10,295 $ 10,938 $ 10,938 $ 10,867 $ 10,867 Retained earnings 16,049 16,049 14,737 14,737 10,655 10,655 9,270 9,270 Accumulated other comprehensive income (loss) (1,422 ) (1,422 ) (642 ) (642 ) (1,230 ) (1,230 ) (536 ) (536 ) Treasury stock, at cost (6,457 ) (6,457 ) (5,158 ) (5,158 ) — — — — Total 18,420 18,420 19,232 19,232 20,363 20,363 19,601 19,601 Regulatory capital adjustments: Goodwill and other intangible assets, net of associated deferred tax liabilities (4) (5,927 ) (5,927 ) (5,869 ) (5,869 ) (5,631 ) (5,631 ) (5,577 ) (5,577 ) Other adjustments (60 ) (60 ) (36 ) (36 ) (85 ) (85 ) (128 ) (128 ) Common equity tier 1 capital 12,433 12,433 13,327 13,327 14,647 14,647 13,896 13,896 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 (109 ) (109 ) (145 ) (145 ) — — — — Tier 1 capital 15,264 15,264 15,618 15,618 14,647 14,647 13,896 13,896 Qualifying subordinated long-term debt 1,358 1,358 1,618 1,618 1,371 1,371 1,634 1,634 Trust preferred capital securities phased out of tier 1 capital 713 713 475 475 — — — — ALLL and other 12 66 — — 8 66 — — Other adjustments 2 2 4 4 — — — — Total capital $ 17,349 $ 17,403 $ 17,715 $ 17,715 $ 16,026 $ 16,084 $ 15,530 $ 15,530 Risk-weighted assets: Credit risk $ 51,733 $ 93,515 $ 66,874 $ 87,502 $ 47,677 $ 89,164 $ 59,836 $ 84,433 Operational risk 43,882 NA 35,866 NA 43,324 NA 35,449 NA Market risk (5) 3,937 2,378 5,087 2,910 3,939 2,378 5,048 2,909 Total risk-weighted assets $ 99,552 $ 95,893 $ 107,827 $ 90,412 $ 94,940 $ 91,542 $ 100,333 $ 87,342 Adjusted quarterly average assets $ 221,880 $ 221,880 $ 247,740 $ 247,740 $ 217,358 $ 217,358 $ 243,549 $ 243,549 Capital Ratios: Minimum Requirements (6) 2015 Minimum Requirements (7) 2014 Common equity tier 1 capital 4.5 % 4.0 % 12.5 % 13.0 % 12.4 % 14.7 % 15.4 % 16.0 % 13.8 % 15.9 % Tier 1 capital 6.0 5.5 15.3 15.9 14.5 17.3 15.4 16.0 13.8 15.9 Total capital 8.0 8.0 17.4 18.1 16.4 19.6 16.9 17.6 15.5 17.8 Tier 1 leverage 4.0 4.0 6.9 6.9 6.3 6.3 6.7 6.7 5.7 5.7 NA: Not applicable. (1) Common equity tier 1 capital, tier 1 capital and total capital ratios as of December 31, 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 December 31, 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 December 31, 2015 were calculated in conformity with the standardized approach provisions of the Basel III final rule. Tier 1 leverage ratio as of December 31, 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 December 31, 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 CVA which reflected the risk of potential fair-value adjustments for credit risk reflected in our valuation of over-the-counter derivative contracts. The CVA was not provided for in the final market risk capital rule; however, it was required by the advanced approaches provisions of the Basel III final rule. State Street used the simple CVA approach in conformity with the Basel III advanced approaches. (6) Minimum requirements will be phased in up to full implementation beginning on January 1, 2019; minimum requirements listed are as of December 31, 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 . |
Net Interest Revenue (Tables)
Net Interest Revenue (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Components of Interest Revenue and Interest Expense | The following table presents the components of interest revenue and interest expense, and related net interest revenue, for the periods indicated: Twelve Months Ended December 31, (In millions) 2015 2014 2013 Interest revenue: Deposits with banks $ 208 $ 196 $ 125 Investment securities: U.S. Treasury and federal agencies 735 672 707 State and political subdivisions 227 231 249 Other investments 934 1,241 1,331 Securities purchased under resale agreements 62 38 45 Loans and leases 311 266 253 Other interest-earning assets 11 8 4 Total interest revenue 2,488 2,652 2,714 Interest expense: Deposits 97 99 93 Short-term borrowings 7 5 60 Long-term debt 250 245 232 Other interest-bearing liabilities 46 43 26 Total interest expense 400 392 411 Net interest revenue $ 2,088 $ 2,260 $ 2,303 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Options and Stock Appreciation Rights | The following table presents information about the Plans as of December 31, 2015 , and related activity during the years indicated: Shares (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Stock Options and Stock Appreciation Rights: Outstanding as of December 31, 2013 2,664 $ 68.45 Exercised (801 ) 55.33 Forfeited or expired (2 ) 52.78 Outstanding as of December 31, 2014 1,861 74.12 Exercised (398 ) 62.63 Forfeited or expired (257 ) 81.71 Outstanding and exercisable as of December 31, 2015 (1) 1,206 $ 76.29 1.6 |
Schedule of Restricted Stock Awards | The following tables present activity related to other common stock awards during the years indicated: Shares (in thousands) Weighted-Average Grant Date Fair Value Restricted Stock Awards: Outstanding as of December 31, 2013 1,245 $ 44.47 Vested (1,211 ) 44.56 Forfeited (3 ) 42.57 Outstanding as of December 31, 2014 31 41.27 Vested (31 ) 41.22 Forfeited — — Outstanding as of December 31, 2015 — $ — |
Schedule of Deferred Stock Awards | Shares (in thousands) Weighted-Average Grant Date Fair Value Deferred Stock Awards: Outstanding as of December 31, 2013 15,094 $ 45.07 Granted 4,282 65.40 Vested (6,730 ) 46.03 Forfeited (215 ) 49.87 Outstanding as of December 31, 2014 12,431 51.47 Granted 3,461 72.98 Vested (6,910 ) 49.17 Forfeited (246 ) 59.22 Outstanding as of December 31, 2015 8,736 $ 61.59 |
Schedule of Performance Awards | Shares (in thousands) Weighted-Average Grant Date Fair Value Performance Awards: Outstanding as of December 31, 2013 2,224 $ 43.24 Granted 437 64.56 Forfeited (1 ) 53.16 Paid out (1,033 ) 42.48 Outstanding as of December 31, 2014 1,627 49.46 Granted 400 72.24 Forfeited (1 ) 41.02 Paid out (861 ) 45.09 Outstanding as of December 31, 2015 1,165 $ 60.45 |
Occupancy Expense and Informa53
Occupancy Expense and Information Systems and Communications Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Occupancy Expense and Information Systems and Communications Expense [Abstract] | |
Summary of Future Minimum Lease Payments Under Non Cancelable Capital and Operating Leases | The following table presents a summary of future minimum lease payments under non-cancelable capital and operating leases as of December 31, 2015 . Aggregate future minimum rental commitments have been reduced by aggregate sublease rental commitments of $48 million for capital leases and $20 million for operating leases. (In millions) Capital Leases Operating Leases Total 2016 $ 58 $ 198 $ 256 2017 57 199 256 2018 53 163 216 2019 46 128 174 2020 45 114 159 Thereafter 125 498 623 Total minimum lease payments 384 $ 1,300 $ 1,684 Less amount representing interest payments (98 ) Present value of minimum lease payments $ 286 |
Expenses (Tables)
Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Expenses [Abstract] | |
Schedule of Expenses | The following table presents the components of other expenses for the years ended December 31: (In millions) 2015 2014 2013 Litigation $ 422 $ 173 $ (17 ) Insurance 126 80 80 Regulatory fees and assessments 115 74 72 Securities processing 79 68 52 Other 276 356 360 Total Other expenses $ 1,018 $ 751 $ 547 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax expense for the years ended December 31 : (In millions) 2015 2014 2013 Current: Federal $ 52 $ 59 $ 193 State 92 39 47 Non-U.S. 342 257 248 Total current expense 486 355 488 Deferred: Federal (39 ) 38 95 State 40 10 31 Non-U.S. (169 ) 12 2 Total deferred (benefit) expense (168 ) 60 128 Total income tax expense $ 318 $ 415 $ 616 |
Schedule of Deferred Tax Assets and Liabilities | The following table presents significant components of our gross deferred tax assets and gross deferred tax liabilities as of December 31 : (In millions) 2015 2014 Deferred tax assets: Unrealized losses on investment securities, net $ 57 $ — Deferred compensation 167 168 Defined benefit pension plan 143 193 Restructuring charges and other reserves 363 237 Foreign currency translation 155 56 Real estate 20 9 Other 32 68 Total deferred tax assets 937 731 Valuation allowance for deferred tax assets (27 ) (54 ) Deferred tax assets, net of valuation allowance $ 910 $ 677 Deferred tax liabilities: Unrealized gains on securities, net $ — $ 5 Leveraged lease financing 334 326 Fixed and intangible assets 804 1,006 Non-U.S. earnings 265 167 Other 121 83 Total deferred tax liabilities $ 1,524 $ 1,587 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the U.S. statutory income tax rate to our effective tax rate based on income before income tax expense for the years ended December 31 : 2015 2014 2013 U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Changes from statutory rate: State taxes, net of federal benefit 4.2 1.5 1.6 Tax-exempt income (5.6 ) (5.1 ) (3.7 ) Tax credits (9.4 ) (6.8 ) (3.6 ) Foreign tax differential (9.6 ) (8.5 ) (5.9 ) Tax Refund (2.8 ) — — Litigation Expense 2.7 1.3 — Other, net (0.7 ) (0.3 ) (0.3 ) Effective tax rate 13.8 % 17.1 % 23.1 % |
Summary of Income Tax Contingencies | The following table presents activity related to unrecognized tax benefits as of December 31 : (In millions) 2015 2014 Beginning balance $ 163 $ 158 Decrease related to agreements with tax authorities (122 ) (9 ) Increase related to tax positions taken during current year 8 8 Increase related to tax positions taken during prior year 14 6 Ending balance $ 63 $ 163 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31 : (Dollars in millions, except per share amounts) 2015 2014 2013 Net income $ 1,980 $ 2,022 $ 2,050 Less: Preferred stock dividends (130 ) (61 ) (26 ) Dividends and undistributed earnings allocated to participating securities (1) (2 ) (3 ) (8 ) Net income available to common shareholders $ 1,848 $ 1,958 $ 2,016 Average common shares outstanding (in thousands): Basic average common shares 407,856 424,223 446,245 Effect of dilutive securities: common stock options and common stock awards 5,782 7,784 8,910 Diluted average common shares 413,638 432,007 455,155 Anti-dilutive securities (2) 661 1,498 1,855 Earnings per Common Share: Basic $ 4.53 $ 4.62 $ 4.52 Diluted (3) 4.47 4.53 4.43 (1) Represents the portion of net income available to common equity allocated to participating securities, composed of fully vested deferred director stock, unvested and fully vested SERP shares and unvested restricted stock that contain non-forfeitable rights to dividends during the vesting period on a basis equivalent to dividends paid to common shareholders. (2) Represents common stock options and other equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. (3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method. |
Line of Business Information (T
Line of Business Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Summary of Line of Business Results | Years Ended December 31, Investment Servicing Investment Management Other Total 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 (Dollars in millions, except where otherwise noted) Servicing fees $ 5,153 $ 5,108 $ 4,799 $ — $ — $ — $ — $ — $ — $ 5,153 $ 5,108 $ 4,799 Management fees — — — 1,174 1,207 1,106 — — — 1,174 1,207 1,106 Trading services 1,108 1,039 1,027 38 45 67 — — — 1,146 1,084 1,094 Securities finance 496 437 359 — — — — — — 496 437 359 Processing fees and other 325 179 206 (16 ) (5 ) 6 — — — 309 174 212 Total fee revenue 7,082 6,763 6,391 1,196 1,247 1,179 — — — 8,278 8,010 7,570 Net interest revenue 2,086 2,245 2,278 2 15 25 — — — 2,088 2,260 2,303 Gains (losses) related to investment securities, net (6 ) 4 (9 ) — — — — — — (6 ) 4 (9 ) Total revenue 9,162 9,012 8,660 1,198 1,262 1,204 — — — 10,360 10,274 9,864 Provision for loan losses 12 10 6 — — — — — — 12 10 6 Total expenses 6,990 6,648 6,190 962 960 822 98 219 180 8,050 7,827 7,192 Income before income tax expense $ 2,160 $ 2,354 $ 2,464 $ 236 $ 302 $ 382 $ (98 ) $ (219 ) $ (180 ) $ 2,298 $ 2,437 $ 2,666 Pre-tax margin 24 % 26 % 28 % 20 % 24 % 32 % 22 % 24 % 27 % Average assets (in billions) $ 246.6 $ 234.2 $ 203.2 $ 3.9 $ 3.9 $ 3.8 $ 250.5 $ 238.1 $ 207.0 |
Non-U.S. Activities (Tables)
Non-U.S. Activities (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31 : 2015 2014 2013 (In millions) Non-U.S. U.S. Total Non-U.S. U.S. Total Non-U.S. U.S. Total Total revenue $ 4,428 $ 5,932 $ 10,360 $ 4,644 $ 5,630 $ 10,274 $ 4,299 $ 5,565 $ 9,864 Income before income taxes 1,193 1,105 2,298 1,343 1,094 2,437 1,169 1,497 2,666 |
Parent Company Financial Stat59
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information Statement of Income of Parent Company | The following tables present the financial statements of the parent company without consolidation of its banking and non-banking subsidiaries, as of and for the years indicated: STATEMENT OF INCOME - PARENT COMPANY Years Ended December 31, 2015 2014 2013 (In millions) Cash dividends from consolidated banking subsidiary $ 585 $ 1,470 $ 1,694 Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities 171 138 250 Other, net 73 63 35 Total revenue 829 1,671 1,979 Interest expense 209 193 169 Other expenses 310 55 88 Total expenses 519 248 257 Income tax benefit (186 ) (83 ) (84 ) Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities 496 1,506 1,806 Equity in undistributed income of consolidated subsidiaries and unconsolidated entities: Consolidated banking subsidiary 1,384 360 151 Consolidated non-banking subsidiaries and unconsolidated entities 100 156 93 Net income $ 1,980 $ 2,022 $ 2,050 |
Condensed Financial Information Statement of Condition of Parent Company | STATEMENT OF CONDITION - PARENT COMPANY As of December 31, 2015 2014 (In millions) Assets: Interest-bearing deposits with consolidated banking subsidiary $ 5,735 $ 6,030 Trading account assets 308 279 Investment securities available for sale 35 35 Investments in subsidiaries: Consolidated banking subsidiary 20,584 19,978 Consolidated non-banking subsidiaries 2,816 2,739 Unconsolidated entities 315 288 Notes and other receivables from: Consolidated banking subsidiary 1,558 1,526 Consolidated non-banking subsidiaries and unconsolidated entities 275 331 Other assets 515 447 Total assets $ 32,141 $ 31,653 Liabilities: Commercial paper $ — $ 2,485 Accrued expenses and other liabilities 643 514 Long-term debt 10,363 7,326 Total liabilities 11,006 10,325 Shareholders’ equity 21,135 21,328 Total liabilities and shareholders’ equity $ 32,141 $ 31,653 |
Condensed Financial Information Statement of Cash Flows of Parent Company | STATEMENT OF CASH FLOWS - PARENT COMPANY Years Ended December 31, 2015 2014 2013 (In millions) Net cash provided by operating activities $ 926 $ 1,767 $ 2,296 Investing Activities: Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary 295 (1,610 ) (620 ) Investments in consolidated banking and non-banking subsidiaries (7,959 ) (1,142 ) (1,100 ) Sale or repayment of investment in consolidated banking and non-banking subsidiaries 7,891 1,011 32 Net cash provided by (used in) investing activities 227 (1,741 ) (1,688 ) Financing Activities: Net increase (decrease) in commercial paper (2,485 ) 667 (499 ) Proceeds from issuance of long-term debt, net of issuance costs 2,983 994 2,485 Payments for long-term debt — (750 ) — Proceeds from issuance of preferred stock, net of issuance costs 742 1,470 — Proceeds from exercises of common stock options 4 14 121 Purchases of common stock (1,520 ) (1,650 ) (2,040 ) Repurchases of common stock for employee tax withholding (222 ) (232 ) (189 ) Payments for cash dividends (655 ) (539 ) (486 ) Net cash used in financing activities (1,153 ) (26 ) (608 ) Net change — — — Cash and due from banks at beginning of year — — — Cash and due from banks at end of year $ — $ — $ — |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)line_of_business | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Accounting Policies [Abstract] | ||||
Number of lines of business | line_of_business | 2 | |||
Debt issuance cost | $ 37 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholders’ equity | (21,103) | $ (21,328) | $ (20,248) | $ (20,825) |
Retained Earnings | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholders’ equity | $ (16,049) | $ (14,737) | $ (13,265) | (11,707) |
Cumulative Adjustment for Incorrect Revenue Recognition | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Recognition period | 18 years | |||
Cumulative amount of revenue recognized | $ 240 | |||
Correction | Cumulative Adjustment for Incorrect Revenue Recognition | Retained Earnings | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholders’ equity | $ 44 |
Summary of Significant Accoun61
Summary of Significant Accounting Policies - Income Statement (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Servicing fees | $ 5,153 | $ 5,108 | $ 4,799 |
Total revenue | 10,360 | 10,274 | 9,864 |
Income before income taxes | 2,298 | 2,437 | 2,666 |
Income tax expense | 318 | 415 | 616 |
Net income | $ 1,980 | $ 2,022 | $ 2,050 |
Basic (in dollars per share) | $ 4.53 | $ 4.62 | $ 4.52 |
Diluted (in dollars per share) | $ 4.47 | $ 4.53 | $ 4.43 |
Previously Reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Servicing fees | $ 5,129 | $ 4,819 | |
Total revenue | 10,295 | 9,884 | |
Income before income taxes | 2,458 | 2,686 | |
Income tax expense | 421 | 550 | |
Net income | $ 2,037 | $ 2,136 | |
Basic (in dollars per share) | $ 4.65 | $ 4.71 | |
Diluted (in dollars per share) | $ 4.57 | $ 4.62 | |
Correction | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Servicing fees | $ (21) | $ (20) | |
Total revenue | (21) | (20) | |
Income before income taxes | (21) | (20) | |
Income tax expense | (6) | 66 | |
Net income | $ (15) | $ (86) | |
Basic (in dollars per share) | $ (0.03) | $ (0.19) | |
Diluted (in dollars per share) | $ (0.04) | $ (0.19) |
Summary of Significant Accoun62
Summary of Significant Accounting Policies - Balance sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Assets | $ 245,192 | $ 274,119 |
Liabilities | 224,057 | 252,791 |
Retained earnings | 16,049 | 14,737 |
Total equity | 21,135 | 21,328 |
Total liabilities and equity | $ 245,192 | 274,119 |
Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Assets | 274,119 | |
Liabilities | 252,646 | |
Retained earnings | 14,882 | |
Total equity | 21,473 | |
Total liabilities and equity | 274,119 | |
Correction | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Assets | 0 | |
Liabilities | 145 | |
Retained earnings | (145) | |
Total equity | (145) | |
Total liabilities and equity | $ 0 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Percent of total financial assets | 3.00% | |
Percent of level 3 priced using non-binding broker quotes | 98.00% | |
Percent of level 3 priced using internal model pricing | 2.00% | |
Assets, level 1 to level 2 transfers | $ 0 | $ 0 |
Assets, level 2 to level 1 transfers | 0 | 0 |
Liabilities, level 1 to level 2 transfers | 0 | 0 |
Liabilities, level 2 to level 1 transfers | 0 | 0 |
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 ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | $ 849,000,000 | $ 924,000,000 |
Investment securities available for sale | 70,070,000,000 | 94,913,000,000 |
Reduction in assets from netting and the result of cash collateral deposited with derivative counterparties | 776,000,000 | 983,000,000 |
Reduction in liabilities from netting and the result of cash collateral received from derivative counterparties | 1,120,000,000 | 2,630,000,000 |
Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,760,000,000 | 3,800,000,000 |
Automobile loan securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 315,000,000 |
Non-US debt securities, covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,180,000,000 | 3,300,000,000 |
Non-U.S. debt securities, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 613,000,000 | 1,200,000,000 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 849,000,000 | 924,000,000 |
Investment securities available for sale | 70,070,000,000 | 94,913,000,000 |
Derivative asset, gross liability and obligation to return cash, offset | (6,679,000,000) | (7,280,000,000) |
Derivative assets | 4,777,000,000 | 7,934,000,000 |
Other assets | 2,000,000 | |
Assets, fair value disclosure | 75,698,000,000 | 103,771,000,000 |
Derivative liability, gross asset and obligation to return cash, offset | (7,021,000,000) | (8,926,000,000) |
Derivative liabilities | 4,132,000,000 | 6,308,000,000 |
Other liabilities | 2,000,000 | |
Total | 4,233,000,000 | 6,308,000,000 |
Recurring | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading liabilities | 5,000,000 | |
Recurring | Other U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading liabilities | 18,000,000 | |
Recurring | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading liabilities | 76,000,000 | |
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 | (6,562,000,000) | (7,211,000,000) |
Derivative assets | 4,754,000,000 | 7,924,000,000 |
Derivative liability, gross asset and obligation to return cash, offset | (6,995,000,000) | (8,879,000,000) |
Derivative liabilities | 3,873,000,000 | 6,046,000,000 |
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 | (115,000,000) | (68,000,000) |
Derivative assets | 20,000,000 | 9,000,000 |
Derivative liability, gross asset and obligation to return cash, offset | (24,000,000) | (46,000,000) |
Derivative liabilities | 158,000,000 | 193,000,000 |
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 | (2,000,000) | (1,000,000) |
Derivative assets | 3,000,000 | 1,000,000 |
Derivative liability, gross asset and obligation to return cash, offset | (2,000,000) | (1,000,000) |
Derivative liabilities | 101,000,000 | 69,000,000 |
Recurring | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 32,000,000 | 20,000,000 |
Recurring | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 479,000,000 | 378,000,000 |
Recurring | Other U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 338,000,000 | 526,000,000 |
Investment securities available for sale | 2,624,000,000 | 4,109,000,000 |
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 | 5,718,000,000 | 10,655,000,000 |
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 | 18,165,000,000 | 20,714,000,000 |
Recurring | Asset-backed securities, student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 7,176,000,000 | 12,460,000,000 |
Recurring | Asset-backed securities, credit cards | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,341,000,000 | 3,053,000,000 |
Recurring | Asset-backed securities, sub-prime | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 419,000,000 | 951,000,000 |
Recurring | Asset-backed securities, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,764,000,000 | 4,145,000,000 |
Recurring | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 10,700,000,000 | 20,609,000,000 |
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 | 7,071,000,000 | 9,606,000,000 |
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 | 3,267,000,000 | 3,226,000,000 |
Recurring | Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,355,000,000 | 3,909,000,000 |
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 | 4,834,000,000 | 5,428,000,000 |
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 | 19,527,000,000 | 22,169,000,000 |
Recurring | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 9,746,000,000 | 10,820,000,000 |
Recurring | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,987,000,000 | 5,339,000,000 |
Recurring | U.S. equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 39,000,000 | 39,000,000 |
Recurring | Non-U.S. equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,000,000 | 2,000,000 |
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 | 542,000,000 | 449,000,000 |
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 | 19,000,000 | 8,000,000 |
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 | 521,000,000 | 418,000,000 |
Investment securities available for sale | 5,206,000,000 | 10,056,000,000 |
Derivative asset | 0 | 0 |
Other assets | 2,000,000 | |
Assets, fair value disclosure | 5,729,000,000 | 10,474,000,000 |
Derivative liability | 0 | 0 |
Other liabilities | 2,000,000 | |
Total | 88,000,000 | 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 liabilities | 5,000,000 | |
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 liabilities | 5,000,000 | |
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 liabilities | 76,000,000 | |
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 | 0 | 0 |
Derivative 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 | 0 | 0 |
Derivative 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 | 0 | 0 |
Derivative 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 | 32,000,000 | 20,000,000 |
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 | 479,000,000 | 378,000,000 |
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 | 10,000,000 | 20,000,000 |
Investment securities available for sale | 0 | 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 | 5,206,000,000 | 10,056,000,000 |
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 | 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 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 | 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 | 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 | 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 | 328,000,000 | 506,000,000 |
Investment securities available for sale | 62,400,000,000 | 79,491,000,000 |
Derivative asset | 11,451,000,000 | 15,133,000,000 |
Other assets | 0 | |
Assets, fair value disclosure | 74,179,000,000 | 95,130,000,000 |
Derivative liability | 11,148,000,000 | 15,151,000,000 |
Other liabilities | 0 | |
Total | 11,161,000,000 | 15,151,000,000 |
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 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 liabilities | 13,000,000 | |
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 liabilities | 0 | |
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 | 11,311,000,000 | 15,054,000,000 |
Derivative liability | 10,863,000,000 | 14,851,000,000 |
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 | 135,000,000 | 77,000,000 |
Derivative liability | 182,000,000 | 239,000,000 |
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 | 5,000,000 | 2,000,000 |
Derivative liability | 103,000,000 | 61,000,000 |
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 |
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 | 328,000,000 | 506,000,000 |
Investment securities available for sale | 2,614,000,000 | 4,100,000,000 |
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 | 512,000,000 | 599,000,000 |
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 | 18,165,000,000 | 20,714,000,000 |
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 | 6,987,000,000 | 12,201,000,000 |
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 | 1,341,000,000 | 3,053,000,000 |
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 | 419,000,000 | 951,000,000 |
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 | 0 | 365,000,000 |
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 | 8,747,000,000 | 16,570,000,000 |
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 | 7,071,000,000 | 9,606,000,000 |
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 | 3,093,000,000 | 2,931,000,000 |
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 | 4,355,000,000 | 3,909,000,000 |
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 | 4,579,000,000 | 5,057,000,000 |
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 | 19,098,000,000 | 21,503,000,000 |
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 | 9,713,000,000 | 10,782,000,000 |
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 | 2,948,000,000 | 4,725,000,000 |
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 | 39,000,000 | 39,000,000 |
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 | 3,000,000 | 2,000,000 |
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 | 542,000,000 | 449,000,000 |
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 | 19,000,000 | 8,000,000 |
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 | 2,469,000,000 | 5,447,000,000 |
Total | 5,000,000 | 83,000,000 |
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 | 2,464,000,000 | 5,366,000,000 |
Derivative asset | 5,000,000 | 81,000,000 |
Other assets | 0 | |
Assets, fair value disclosure | 2,469,000,000 | 5,447,000,000 |
Derivative liability | 5,000,000 | 83,000,000 |
Other liabilities | 0 | |
Total | 5,000,000 | 83,000,000 |
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 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 liabilities | 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 liabilities | 0 | |
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 | 5,000,000 | 81,000,000 |
Derivative liability | 5,000,000 | 74,000,000 |
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 | 0 | 0 |
Derivative 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 | 0 | 0 |
Derivative liability | 0 | 9,000,000 |
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 |
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 | 10,000,000 | 9,000,000 |
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 | Asset-backed securities, student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 189,000,000 | 259,000,000 |
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 | 1,764,000,000 | 3,780,000,000 |
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 | 1,953,000,000 | 4,039,000,000 |
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 | 174,000,000 | 295,000,000 |
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 | 255,000,000 | 371,000,000 |
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 | 429,000,000 | 666,000,000 |
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 | 33,000,000 | 38,000,000 |
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 | 39,000,000 | 614,000,000 |
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 Fair65
Fair Value - Schedule of Fair Value Measurements, Assets, Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | $ 70,070 | $ 94,913 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 5,447 | 7,564 |
Total realized and unrealized gain (losses) recorded in revenue | 104 | 110 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (61) | (28) |
Purchases | 706 | 1,198 |
Sales | (1,193) | (82) |
Settlements | (1,390) | (1,504) |
Transfers into Level 3 | 111 | 161 |
Transfers out of Level 3 | (1,255) | (1,972) |
Fair value, end of period | 2,469 | 5,447 |
Change in unrealized gains (losses) related to financial instruments held | (4) | 44 |
Derivative instruments, assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 81 | 19 |
Total realized and unrealized gain (losses) recorded in revenue | 48 | 36 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | 0 |
Purchases | 9 | 36 |
Sales | 0 | 0 |
Settlements | (133) | (10) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair value, end of period | 5 | 81 |
Change in unrealized gains (losses) related to financial instruments held | (4) | 44 |
Foreign exchange contracts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 81 | 19 |
Total realized and unrealized gain (losses) recorded in revenue | 48 | 36 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | 0 |
Purchases | 9 | 36 |
Sales | 0 | 0 |
Settlements | (133) | (10) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair value, end of period | 5 | 81 |
Change in unrealized gains (losses) related to financial instruments held | (4) | 44 |
Investment securities available for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 5,366 | 7,545 |
Total realized and unrealized gain (losses) recorded in revenue | 56 | 74 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (61) | (28) |
Purchases | 697 | 1,162 |
Sales | (1,193) | (82) |
Settlements | (1,257) | (1,494) |
Transfers into Level 3 | 111 | 161 |
Transfers out of Level 3 | (1,255) | (1,972) |
Fair value, end of period | 2,464 | 5,366 |
US Treasury and federal agencies, mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 0 | 716 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | |
Purchases | 168 | |
Sales | 0 | |
Settlements | (14) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | (870) | |
Fair value, end of period | 0 | |
Asset-backed securities, student loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 259 | 423 |
Total realized and unrealized gain (losses) recorded in revenue | 1 | 2 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (4) | 1 |
Purchases | 0 | 24 |
Sales | 0 | (75) |
Settlements | (6) | (37) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (61) | (79) |
Fair value, end of period | 189 | 259 |
Asset-backed securities, credit cards | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 0 | 24 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | (24) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair value, end of period | 0 | |
Asset-backed securities, other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 3,780 | 4,532 |
Total realized and unrealized gain (losses) recorded in revenue | 53 | 65 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (50) | (28) |
Purchases | 0 | 282 |
Sales | (1,105) | 0 |
Settlements | (914) | (1,071) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair value, end of period | 1,764 | 3,780 |
Total asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 4,039 | 4,979 |
Total realized and unrealized gain (losses) recorded in revenue | 54 | 67 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (54) | (27) |
Purchases | 0 | 306 |
Sales | (1,105) | (75) |
Settlements | (920) | (1,132) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (61) | (79) |
Fair value, end of period | 1,953 | 4,039 |
Non-U.S. debt securities, mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 0 | 375 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | 0 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | 0 |
Purchases | 43 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 97 | 0 |
Transfers out of Level 3 | (140) | (375) |
Fair value, end of period | 0 | 0 |
Non-U.S. debt securities, asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 295 | 798 |
Total realized and unrealized gain (losses) recorded in revenue | 2 | 6 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (1) | (1) |
Purchases | 249 | 0 |
Sales | 0 | 0 |
Settlements | (190) | (272) |
Transfers into Level 3 | 4 | 76 |
Transfers out of Level 3 | (185) | (312) |
Fair value, end of period | 174 | 295 |
Non-U.S. debt securities, other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 371 | 464 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | 0 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (1) | 1 |
Purchases | 111 | 55 |
Sales | 0 | (1) |
Settlements | (39) | (41) |
Transfers into Level 3 | 0 | 85 |
Transfers out of Level 3 | (187) | (192) |
Fair value, end of period | 255 | 371 |
Total non-U.S. debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 666 | 1,637 |
Total realized and unrealized gain (losses) recorded in revenue | 2 | 6 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (2) | 0 |
Purchases | 403 | 55 |
Sales | 0 | (1) |
Settlements | (229) | (313) |
Transfers into Level 3 | 101 | 161 |
Transfers out of Level 3 | (512) | (879) |
Fair value, end of period | 429 | 666 |
State and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 38 | 43 |
Total realized and unrealized gain (losses) recorded in revenue | 1 | 1 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (3) | (3) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | (3) | (3) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair value, end of period | 33 | 38 |
Collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 614 | 162 |
Total realized and unrealized gain (losses) recorded in revenue | (1) | 0 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (2) | 1 |
Purchases | 294 | 633 |
Sales | (88) | (6) |
Settlements | (105) | (32) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (673) | (144) |
Fair value, end of period | 39 | 614 |
Other U.S. debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 9 | 8 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | 0 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | 1 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 10 | 0 |
Transfers out of Level 3 | (9) | 0 |
Fair value, end of period | 10 | 9 |
Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 70,070 | 94,913 |
Recurring | US Treasury and federal agencies, mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 18,165 | 20,714 |
Recurring | Asset-backed securities, student loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 7,176 | 12,460 |
Recurring | Asset-backed securities, credit cards | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 1,341 | 3,053 |
Recurring | Asset-backed securities, other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 1,764 | 4,145 |
Recurring | Total asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 10,700 | 20,609 |
Recurring | Non-U.S. debt securities, mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 7,071 | 9,606 |
Recurring | Non-U.S. debt securities, asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 3,267 | 3,226 |
Recurring | Non-U.S. debt securities, other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 4,834 | 5,428 |
Recurring | Total non-U.S. debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 19,527 | 22,169 |
Recurring | State and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 9,746 | 10,820 |
Recurring | Collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 2,987 | 5,339 |
Recurring | Other U.S. debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 2,624 | 4,109 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 2,464 | 5,366 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | US Treasury and federal agencies, mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, student loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 189 | 259 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, credit cards | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [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 Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 1,764 | 3,780 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 1,953 | 4,039 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. debt securities, mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [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 Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 174 | 295 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. debt securities, other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 255 | 371 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total non-U.S. debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 429 | 666 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | State and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 33 | 38 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 39 | 614 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other U.S. debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | $ 10 | $ 9 |
Fair Value - Schedule of Fair66
Fair Value - Schedule of Fair Value Measurements, Liabilities, Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | $ 83 | $ 26 |
Total realized and unrealized (gains) losses recorded in revenue | 23 | 25 |
Issuances | (12) | (39) |
Settlements | (113) | (7) |
Fair value, end of period | 5 | 83 |
Change in unrealized (gains) losses related to financial instruments held | (7) | 35 |
Derivative instruments, liabilities | Accrued expenses and other liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 83 | 26 |
Total realized and unrealized (gains) losses recorded in revenue | 23 | 25 |
Issuances | (12) | (39) |
Settlements | (113) | (7) |
Fair value, end of period | 5 | 83 |
Change in unrealized (gains) losses related to financial instruments held | (7) | 35 |
Foreign exchange contracts | Accrued expenses and other liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 74 | 17 |
Total realized and unrealized (gains) losses recorded in revenue | 23 | 25 |
Issuances | (12) | (39) |
Settlements | (104) | (7) |
Fair value, end of period | 5 | 74 |
Change in unrealized (gains) losses related to financial instruments held | (7) | 35 |
Other | Accrued expenses and other liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 9 | 9 |
Total realized and unrealized (gains) losses recorded in revenue | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (9) | 0 |
Fair value, end of period | 0 | 9 |
Change in unrealized (gains) losses related to financial instruments held | $ 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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total revenue | |||
Realized and Unrealized Gains and Losses [Line Items] | |||
Total realized and unrealized gains (losses) recorded in revenue | $ 81 | $ 85 | $ 125 |
Change in unrealized gains (losses) related to financial instruments held | 3 | 9 | (1) |
Trading services | |||
Realized and Unrealized Gains and Losses [Line Items] | |||
Total realized and unrealized gains (losses) recorded in revenue | 25 | 11 | 63 |
Change in unrealized gains (losses) related to financial instruments held | 3 | 9 | (1) |
Total fee revenue | |||
Realized and Unrealized Gains and Losses [Line Items] | |||
Total realized and unrealized gains (losses) recorded in revenue | 25 | 11 | 63 |
Change in unrealized gains (losses) related to financial instruments held | 3 | 9 | (1) |
Net interest revenue | |||
Realized and Unrealized Gains and Losses [Line Items] | |||
Total realized and unrealized gains (losses) recorded in revenue | 56 | 74 | 62 |
Change in unrealized gains (losses) related to financial instruments held | $ 0 | $ 0 | $ 0 |
Fair Value - Fair Value Inputs,
Fair Value - Fair Value Inputs, Assets and Liabilities, Quantitative Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | $ 70,070 | $ 94,913 |
Asset-backed securities, other | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | 1,764 | 4,145 |
State and political subdivisions | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Investment securities available for sale | 9,746 | 10,820 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Total | 2,469 | 5,447 |
Total | 5 | 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 | 5 | 74 |
Derivative instruments, other | 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 | 5 | 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 | 1,764 | 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 | $ 33 | $ 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 | 2.20% | 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 | 9.20% | 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 | 9.30% | 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] | ||
Total | $ 66 | $ 178 |
Total | 5 | 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 | 5 | 74 |
Derivative instruments, other | 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 | 5 | 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 | 28 | 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 | $ 33 | $ 38 |
Fair Value - Schedule of Availa
Fair Value - Schedule of Availability of Significant Unobservable Inputs by Balance Sheet Classification (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Investment securities available for sale | $ 70,070 | $ 94,913 |
Asset-backed securities, student loans | ||
Assets: | ||
Investment securities available for sale | 7,176 | 12,460 |
Asset-backed securities, other | ||
Assets: | ||
Investment securities available for sale | 1,764 | 4,145 |
Non-U.S. debt securities, mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 7,071 | 9,606 |
Non-U.S. debt securities, asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 3,267 | 3,226 |
Non-U.S. debt securities, other | ||
Assets: | ||
Investment securities available for sale | 4,834 | 5,428 |
State and political subdivisions | ||
Assets: | ||
Investment securities available for sale | 9,746 | 10,820 |
Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 2,987 | 5,339 |
Other U.S. debt securities | ||
Assets: | ||
Investment securities available for sale | 2,624 | 4,109 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Assets: | ||
Total | 2,469 | 5,447 |
Liabilities: | ||
Total | 5 | 83 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, liabilities | ||
Liabilities: | ||
Derivative instruments, foreign exchange contracts | 5 | 74 |
Derivative instruments, other | 9 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, assets | ||
Assets: | ||
Derivative instruments, foreign exchange contracts | 5 | 81 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, student loans | ||
Assets: | ||
Investment securities available for sale | 189 | 259 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities, other | ||
Assets: | ||
Investment securities available for sale | 1,764 | 3,780 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 174 | 295 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. debt securities, other | ||
Assets: | ||
Investment securities available for sale | 255 | 371 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | State and political subdivisions | ||
Assets: | ||
Investment securities available for sale | 33 | 38 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 39 | 614 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other U.S. debt securities | ||
Assets: | ||
Investment securities available for sale | 10 | 9 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Assets: | ||
Total | 66 | 178 |
Liabilities: | ||
Total | 5 | 83 |
Significant Unobservable Inputs Readily Available | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Derivative instruments, liabilities | ||
Liabilities: | ||
Derivative instruments, foreign exchange contracts | 5 | 74 |
Derivative instruments, other | 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 | 5 | 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 | 28 | 59 |
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 | 33 | 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: | ||
Total | 2,403 | 5,269 |
Liabilities: | ||
Total | 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 | 0 | 0 |
Derivative instruments, other | 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 | 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 | 189 | 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 | 1,736 | 3,721 |
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 | 174 | 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 | 255 | 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 | 39 | 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 | $ 10 | $ 9 |
Fair Value - Carrying Value and
Fair Value - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Assets: | ||||
Cash and due from banks | $ 1,207 | $ 1,855 | $ 3,220 | $ 2,590 |
Interest-bearing deposits with banks | 75,338 | 93,523 | ||
Securities purchased under resale agreements | 3,404 | 2,390 | ||
Held to maturity, fair value | 29,798 | 17,842 | ||
Financial Liabilities: | ||||
Noninterest-bearing | 65,800 | 70,490 | ||
Interest-bearing—U.S. | 29,958 | 33,012 | ||
Interest-bearing—non-U.S. | 95,869 | 105,538 | ||
Securities sold under repurchase agreements | 4,499 | 8,925 | ||
Federal funds purchased | 6 | 21 | ||
Other short-term borrowings | 1,748 | 4,381 | ||
Reported Value Measurement | ||||
Financial Assets: | ||||
Cash and due from banks | 1,207 | 1,855 | ||
Interest-bearing deposits with banks | 75,338 | 93,523 | ||
Securities purchased under resale agreements | 3,404 | 2,390 | ||
Held to maturity, fair value | 29,952 | 17,723 | ||
Net loans (excluding leases) | 17,838 | 17,158 | ||
Financial Liabilities: | ||||
Noninterest-bearing | 65,800 | 70,490 | ||
Interest-bearing—U.S. | 29,958 | 33,012 | ||
Interest-bearing—non-U.S. | 95,869 | 105,538 | ||
Securities sold under repurchase agreements | 4,499 | 8,925 | ||
Federal funds purchased | 6 | 21 | ||
Other short-term borrowings | 1,748 | 4,381 | ||
Long-term debt | 11,534 | 10,042 | ||
Estimate of Fair Value Measurement | ||||
Financial Assets: | ||||
Cash and due from banks | 1,207 | 1,855 | ||
Interest-bearing deposits with banks | 75,338 | 93,523 | ||
Securities purchased under resale agreements | 3,404 | 2,390 | ||
Held to maturity, fair value | 29,798 | 17,842 | ||
Net loans (excluding leases) | 17,792 | 17,131 | ||
Financial Liabilities: | ||||
Noninterest-bearing | 65,800 | 70,490 | ||
Interest-bearing—U.S. | 29,958 | 33,012 | ||
Interest-bearing—non-U.S. | 95,869 | 105,538 | ||
Securities sold under repurchase agreements | 4,499 | 8,925 | ||
Federal funds purchased | 6 | 21 | ||
Other short-term borrowings | 1,748 | 4,381 | ||
Long-term debt | 11,604 | 10,229 | ||
Estimate of Fair Value Measurement | Quoted Market Prices in Active Markets (Level 1) | ||||
Financial Assets: | ||||
Cash and due from banks | 1,207 | 1,855 | ||
Interest-bearing deposits with banks | 0 | 0 | ||
Securities purchased under resale agreements | 0 | 0 | ||
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 | ||
Estimate of Fair Value Measurement | Pricing Methods with Significant Observable Market Inputs (Level 2) | ||||
Financial Assets: | ||||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits with banks | 75,338 | 93,523 | ||
Securities purchased under resale agreements | 3,404 | 2,390 | ||
Held to maturity, fair value | 29,798 | 17,842 | ||
Net loans (excluding leases) | 17,667 | 16,964 | ||
Financial Liabilities: | ||||
Noninterest-bearing | 65,800 | 70,490 | ||
Interest-bearing—U.S. | 29,958 | 33,012 | ||
Interest-bearing—non-U.S. | 95,869 | 105,538 | ||
Securities sold under repurchase agreements | 4,499 | 8,925 | ||
Federal funds purchased | 6 | 21 | ||
Other short-term borrowings | 1,748 | 4,381 | ||
Long-term debt | 11,215 | 9,382 | ||
Estimate of Fair Value Measurement | 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 | ||
Held to maturity, fair value | 0 | 0 | ||
Net loans (excluding leases) | 125 | 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 | 389 | $ 847 | ||
Fair Value, Measurements, Nonrecurring | Estimate of Fair Value Measurement | ||||
Financial Assets: | ||||
Net loans (excluding leases) | $ 14 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)country | Dec. 31, 2015USD ($)securitycountry | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||||
Pledged securities not separately reported | $ 34,180,000,000 | $ 34,180,000,000 | $ 44,020,000,000 | |
AFS transferred to HTM at carrying value | 7,100,000,000 | 7,100,000,000 | ||
Unrealized gain (loss) on AFS transferred to HTM | $ 89,000,000 | |||
Schedule of Available-for-sale Securities [Line Items] | ||||
OTTI on investments | 1,000,000 | 11,000,000 | $ 23,000,000 | |
Impairment associated with adverse changes in timing of expected future cash flows | $ 1,000,000 | 1,000,000 | 6,000,000 | |
Peripheral European countries | country | 4 | 4 | ||
Unrealized gain (loss), excluding OTTI | $ (841,000,000) | |||
Number of securities in loss position | security | 1,289 | |||
Minimum | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Additional house price declines, percent | 3.00% | |||
Maximum | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Additional house price declines, percent | 17.00% | |||
Agency Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
OTTI on investments | $ 0 | 0 | 0 | |
Federal family education loan program | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Federal government credit support guarantee, percentage minimum | 97.00% | |||
Collective credit support minimum percent | 100.00% | |||
Average term on asset backed securities | 4 years 3 months 18 days | |||
OTTI on investments | $ 0 | 0 | 0 | |
Asset-backed securities, student loans | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Less than maximum credit exposure | 300,000,000 | |||
OTTI on investments | 0 | 0 | 0 | |
Non-U.S. debt securities, mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
OTTI on investments | 1,000,000 | 1,000,000 | 6,000,000 | |
Impairment associated with adverse changes in timing of expected future cash flows | 6,000,000 | |||
State and political subdivisions | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
OTTI on investments | 0 | 0 | 0 | |
U.S. Non-Agency Residential Mortgage-Backed Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
OTTI on investments | 0 | 0 | 0 | |
Collateralized mortgage obligations | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
OTTI on investments | $ 0 | $ 10,000,000 | $ 11,000,000 |
Investment Securities - Schedul
Investment Securities - Schedule of Marketable Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | $ 69,843,000,000 | $ 94,108,000,000 |
Available for sale, gross unrealized gains | 735,000,000 | 1,229,000,000 |
Available for sale, gross unrealized losses | 508,000,000 | 424,000,000 |
Investment securities available for sale | 70,070,000,000 | 94,913,000,000 |
Held to maturity, amortized cost | 29,952,000,000 | 17,723,000,000 |
Held to maturity, gross unrealized gains | 179,000,000 | 309,000,000 |
Held to maturity, gross unrealized losses | 333,000,000 | 190,000,000 |
Held to maturity, fair value | 29,798,000,000 | 17,842,000,000 |
US Treasury and federal agencies, direct obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 5,717,000,000 | 10,573,000,000 |
Available for sale, gross unrealized gains | 6,000,000 | 83,000,000 |
Available for sale, gross unrealized losses | 5,000,000 | 1,000,000 |
Investment securities available for sale | 5,718,000,000 | 10,655,000,000 |
Held to maturity, amortized cost | 20,878,000,000 | 5,114,000,000 |
Held to maturity, gross unrealized gains | 2,000,000 | 0 |
Held to maturity, gross unrealized losses | 217,000,000 | 147,000,000 |
Held to maturity, fair value | 20,663,000,000 | 4,967,000,000 |
US Treasury and federal agencies, mortgage-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 18,168,000,000 | 20,648,000,000 |
Available for sale, gross unrealized gains | 131,000,000 | 193,000,000 |
Available for sale, gross unrealized losses | 134,000,000 | 127,000,000 |
Investment securities available for sale | 18,165,000,000 | 20,714,000,000 |
Held to maturity, amortized cost | 610,000,000 | 62,000,000 |
Held to maturity, gross unrealized gains | 2,000,000 | 4,000,000 |
Held to maturity, gross unrealized losses | 8,000,000 | 0 |
Held to maturity, fair value | 604,000,000 | 66,000,000 |
Asset-backed securities, student loans | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 7,358,000,000 | 12,478,000,000 |
Available for sale, gross unrealized gains | 16,000,000 | 106,000,000 |
Available for sale, gross unrealized losses | 198,000,000 | 124,000,000 |
Investment securities available for sale | 7,176,000,000 | 12,460,000,000 |
Held to maturity, amortized cost | 1,592,000,000 | 1,814,000,000 |
Held to maturity, gross unrealized gains | 0 | 2,000,000 |
Held to maturity, gross unrealized losses | 47,000,000 | 4,000,000 |
Held to maturity, fair value | 1,545,000,000 | 1,812,000,000 |
Asset-backed securities, credit cards | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 1,378,000,000 | 3,077,000,000 |
Available for sale, gross unrealized gains | 0 | 10,000,000 |
Available for sale, gross unrealized losses | 37,000,000 | 34,000,000 |
Investment securities available for sale | 1,341,000,000 | 3,053,000,000 |
Held to maturity, amortized cost | 897,000,000 | 897,000,000 |
Held to maturity, gross unrealized gains | 0 | 2,000,000 |
Held to maturity, gross unrealized losses | 1,000,000 | 0 |
Held to maturity, fair value | 896,000,000 | 899,000,000 |
Asset-backed securities, sub-prime | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 448,000,000 | 1,005,000,000 |
Available for sale, gross unrealized gains | 2,000,000 | 2,000,000 |
Available for sale, gross unrealized losses | 31,000,000 | 56,000,000 |
Investment securities available for sale | 419,000,000 | 951,000,000 |
Asset-backed securities, other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 1,724,000,000 | 4,055,000,000 |
Available for sale, gross unrealized gains | 43,000,000 | 100,000,000 |
Available for sale, gross unrealized losses | 3,000,000 | 10,000,000 |
Investment securities available for sale | 1,764,000,000 | 4,145,000,000 |
Held to maturity, amortized cost | 366,000,000 | 577,000,000 |
Held to maturity, gross unrealized gains | 2,000,000 | 3,000,000 |
Held to maturity, gross unrealized losses | 1,000,000 | 1,000,000 |
Held to maturity, fair value | 367,000,000 | 579,000,000 |
Total asset-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 10,908,000,000 | 20,615,000,000 |
Available for sale, gross unrealized gains | 61,000,000 | 218,000,000 |
Available for sale, gross unrealized losses | 269,000,000 | 224,000,000 |
Investment securities available for sale | 10,700,000,000 | 20,609,000,000 |
Held to maturity, amortized cost | 2,855,000,000 | 3,288,000,000 |
Held to maturity, gross unrealized gains | 2,000,000 | 7,000,000 |
Held to maturity, gross unrealized losses | 49,000,000 | 5,000,000 |
Held to maturity, fair value | 2,808,000,000 | 3,290,000,000 |
Non-U.S. debt securities, mortgage-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 7,010,000,000 | 9,442,000,000 |
Available for sale, gross unrealized gains | 72,000,000 | 168,000,000 |
Available for sale, gross unrealized losses | 11,000,000 | 4,000,000 |
Investment securities available for sale | 7,071,000,000 | 9,606,000,000 |
Held to maturity, amortized cost | 2,202,000,000 | 3,787,000,000 |
Held to maturity, gross unrealized gains | 109,000,000 | 177,000,000 |
Held to maturity, gross unrealized losses | 26,000,000 | 22,000,000 |
Held to maturity, fair value | 2,285,000,000 | 3,942,000,000 |
Non-U.S. debt securities, asset-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 3,272,000,000 | 3,215,000,000 |
Available for sale, gross unrealized gains | 2,000,000 | 11,000,000 |
Available for sale, gross unrealized losses | 7,000,000 | 0 |
Investment securities available for sale | 3,267,000,000 | 3,226,000,000 |
Held to maturity, amortized cost | 1,415,000,000 | 2,868,000,000 |
Held to maturity, gross unrealized gains | 4,000,000 | 14,000,000 |
Held to maturity, gross unrealized losses | 3,000,000 | 1,000,000 |
Held to maturity, fair value | 1,416,000,000 | 2,881,000,000 |
Government securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 4,348,000,000 | 3,899,000,000 |
Available for sale, gross unrealized gains | 7,000,000 | 10,000,000 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 4,355,000,000 | 3,909,000,000 |
Held to maturity, amortized cost | 239,000,000 | 154,000,000 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 1,000,000 | 0 |
Held to maturity, fair value | 238,000,000 | 154,000,000 |
Non-U.S. debt securities, other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 4,817,000,000 | 5,383,000,000 |
Available for sale, gross unrealized gains | 29,000,000 | 52,000,000 |
Available for sale, gross unrealized losses | 12,000,000 | 7,000,000 |
Investment securities available for sale | 4,834,000,000 | 5,428,000,000 |
Held to maturity, amortized cost | 65,000,000 | 72,000,000 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 65,000,000 | 72,000,000 |
Total non-U.S. debt securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 19,447,000,000 | 21,939,000,000 |
Available for sale, gross unrealized gains | 110,000,000 | 241,000,000 |
Available for sale, gross unrealized losses | 30,000,000 | 11,000,000 |
Investment securities available for sale | 19,527,000,000 | 22,169,000,000 |
Held to maturity, amortized cost | 3,921,000,000 | 6,881,000,000 |
Held to maturity, gross unrealized gains | 113,000,000 | 191,000,000 |
Held to maturity, gross unrealized losses | 30,000,000 | 23,000,000 |
Held to maturity, fair value | 4,004,000,000 | 7,049,000,000 |
State and political subdivisions | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 9,402,000,000 | 10,532,000,000 |
Available for sale, gross unrealized gains | 371,000,000 | 325,000,000 |
Available for sale, gross unrealized losses | 27,000,000 | 37,000,000 |
Investment securities available for sale | 9,746,000,000 | 10,820,000,000 |
Held to maturity, amortized cost | 1,000,000 | 9,000,000 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held to maturity, fair value | 1,000,000 | 9,000,000 |
Collateralized mortgage obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 2,993,000,000 | 5,280,000,000 |
Available for sale, gross unrealized gains | 16,000,000 | 71,000,000 |
Available for sale, gross unrealized losses | 22,000,000 | 12,000,000 |
Investment securities available for sale | 2,987,000,000 | 5,339,000,000 |
Held to maturity, amortized cost | 1,687,000,000 | 2,369,000,000 |
Held to maturity, gross unrealized gains | 60,000,000 | 107,000,000 |
Held to maturity, gross unrealized losses | 29,000,000 | 15,000,000 |
Held to maturity, fair value | 1,718,000,000 | 2,461,000,000 |
Other U.S. debt securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 2,611,000,000 | 4,033,000,000 |
Available for sale, gross unrealized gains | 31,000,000 | 88,000,000 |
Available for sale, gross unrealized losses | 18,000,000 | 12,000,000 |
Investment securities available for sale | 2,624,000,000 | 4,109,000,000 |
U.S. equity securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 33,000,000 | 29,000,000 |
Available for sale, gross unrealized gains | 9,000,000 | 10,000,000 |
Available for sale, gross unrealized losses | 3,000,000 | 0 |
Investment securities available for sale | 39,000,000 | 39,000,000 |
Non-U.S. equity securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 3,000,000 | 2,000,000 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 3,000,000 | 2,000,000 |
U.S. money-market mutual funds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 542,000,000 | 449,000,000 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | 542,000,000 | 449,000,000 |
Non-U.S. money-market mutual funds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 19,000,000 | 8,000,000 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale | $ 19,000,000 | 8,000,000 |
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 | $ 1,760,000,000 | 3,800,000,000 |
Automobile loan securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | 0 | 315,000,000 |
Non-US debt securities, covered bonds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | 3,180,000,000 | 3,300,000,000 |
Non-U.S. debt securities, other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities available for sale | $ 613,000,000 | $ 1,200,000,000 |
Investment Securities - Sched73
Investment Securities - Schedule of Gross Pre-Tax Unrealized Losses on Investment Securities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | $ 22,336 | $ 8,532 |
Available for sale, gross unrealized losses less than 12 months | 159 | 39 |
Available for sale, fair value 12 months or longer | 9,468 | 16,983 |
Available for sale, gross unrealized losses 12 months or longer | 349 | 385 |
Available for sale, fair value total | 31,804 | 25,515 |
Available for sale, gross unrealized losses total | 508 | 424 |
Held to maturity, fair value less than 12 months | 20,679 | 2,608 |
Held-to-maturity, gross, less than 12 months | 169 | 13 |
Held to maturity, fair value 12 months or longer | 4,824 | 6,220 |
Held to maturity, gross unrealized losses 12 months or longer | 164 | 177 |
Held to maturity, fair value total | 25,503 | 8,828 |
Held to maturity, gross unrealized losses total | 333 | 190 |
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 | 3,123 | 0 |
Available for sale, gross unrealized losses less than 12 months | 4 | 0 |
Available for sale, fair value 12 months or longer | 121 | 167 |
Available for sale, gross unrealized losses 12 months or longer | 1 | 1 |
Available for sale, fair value total | 3,244 | 167 |
Available for sale, gross unrealized losses total | 5 | 1 |
Held to maturity, fair value less than 12 months | 16,370 | 76 |
Held-to-maturity, gross, less than 12 months | 120 | 1 |
Held to maturity, fair value 12 months or longer | 3,005 | 4,891 |
Held to maturity, gross unrealized losses 12 months or longer | 97 | 146 |
Held to maturity, fair value total | 19,375 | 4,967 |
Held to maturity, gross unrealized losses total | 217 | 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 | 5,729 | 2,569 |
Available for sale, gross unrealized losses less than 12 months | 48 | 9 |
Available for sale, fair value 12 months or longer | 3,166 | 6,466 |
Available for sale, gross unrealized losses 12 months or longer | 86 | 118 |
Available for sale, fair value total | 8,895 | 9,035 |
Available for sale, gross unrealized losses total | 134 | 127 |
Held to maturity, fair value less than 12 months | 560 | |
Held-to-maturity, gross, less than 12 months | 8 | |
Held to maturity, fair value 12 months or longer | 0 | |
Held to maturity, gross unrealized losses 12 months or longer | 0 | |
Held to maturity, fair value total | 560 | |
Held to maturity, gross unrealized losses total | 8 | |
Asset-backed securities, student loans | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 2,841 | 1,473 |
Available for sale, gross unrealized losses less than 12 months | 54 | 15 |
Available for sale, fair value 12 months or longer | 3,217 | 5,025 |
Available for sale, gross unrealized losses 12 months or longer | 144 | 109 |
Available for sale, fair value total | 6,058 | 6,498 |
Available for sale, gross unrealized losses total | 198 | 124 |
Held to maturity, fair value less than 12 months | 896 | 780 |
Held-to-maturity, gross, less than 12 months | 25 | 3 |
Held to maturity, fair value 12 months or longer | 615 | 192 |
Held to maturity, gross unrealized losses 12 months or longer | 22 | 1 |
Held to maturity, fair value total | 1,511 | 972 |
Held to maturity, gross unrealized losses total | 47 | 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 | 838 | 344 |
Available for sale, gross unrealized losses less than 12 months | 7 | 1 |
Available for sale, fair value 12 months or longer | 490 | 1,270 |
Available for sale, gross unrealized losses 12 months or longer | 30 | 33 |
Available for sale, fair value total | 1,328 | 1,614 |
Available for sale, gross unrealized losses total | 37 | 34 |
Held to maturity, fair value less than 12 months | 636 | |
Held-to-maturity, gross, less than 12 months | 1 | |
Held to maturity, fair value 12 months or longer | 0 | |
Held to maturity, gross unrealized losses 12 months or longer | 0 | |
Held to maturity, fair value total | 636 | |
Held to maturity, gross unrealized losses total | 1 | |
Asset-backed securities, sub-prime | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 7 | 0 |
Available for sale, gross unrealized losses less than 12 months | 0 | 0 |
Available for sale, fair value 12 months or longer | 387 | 896 |
Available for sale, gross unrealized losses 12 months or longer | 31 | 56 |
Available for sale, fair value total | 394 | 896 |
Available for sale, gross unrealized losses total | 31 | 56 |
Asset-backed securities, other | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 720 | 547 |
Available for sale, gross unrealized losses less than 12 months | 3 | 1 |
Available for sale, fair value 12 months or longer | 43 | 791 |
Available for sale, gross unrealized losses 12 months or longer | 0 | 9 |
Available for sale, fair value total | 763 | 1,338 |
Available for sale, gross unrealized losses total | 3 | 10 |
Held to maturity, fair value less than 12 months | 102 | 124 |
Held-to-maturity, gross, less than 12 months | 0 | 1 |
Held to maturity, fair value 12 months or longer | 31 | 0 |
Held to maturity, gross unrealized losses 12 months or longer | 1 | 0 |
Held to maturity, fair value total | 133 | 124 |
Held to maturity, gross unrealized losses total | 1 | 1 |
Asset-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 4,406 | 2,364 |
Available for sale, gross unrealized losses less than 12 months | 64 | 17 |
Available for sale, fair value 12 months or longer | 4,137 | 7,982 |
Available for sale, gross unrealized losses 12 months or longer | 205 | 207 |
Available for sale, fair value total | 8,543 | 10,346 |
Available for sale, gross unrealized losses total | 269 | 224 |
Held to maturity, fair value less than 12 months | 1,634 | 904 |
Held-to-maturity, gross, less than 12 months | 26 | 4 |
Held to maturity, fair value 12 months or longer | 646 | 192 |
Held to maturity, gross unrealized losses 12 months or longer | 23 | 1 |
Held to maturity, fair value total | 2,280 | 1,096 |
Held to maturity, gross unrealized losses total | 49 | 5 |
Non-U.S. debt securities, mortgage-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 1,457 | 1,350 |
Available for sale, gross unrealized losses less than 12 months | 7 | 2 |
Available for sale, fair value 12 months or longer | 437 | 170 |
Available for sale, gross unrealized losses 12 months or longer | 4 | 2 |
Available for sale, fair value total | 1,894 | 1,520 |
Available for sale, gross unrealized losses total | 11 | 4 |
Held to maturity, fair value less than 12 months | 338 | 507 |
Held-to-maturity, gross, less than 12 months | 2 | 3 |
Held to maturity, fair value 12 months or longer | 524 | 590 |
Held to maturity, gross unrealized losses 12 months or longer | 24 | 19 |
Held to maturity, fair value total | 862 | 1,097 |
Held to maturity, gross unrealized losses total | 26 | 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 | 2,190 | |
Available for sale, gross unrealized losses less than 12 months | 7 | |
Available for sale, fair value 12 months or longer | 22 | |
Available for sale, gross unrealized losses 12 months or longer | 0 | |
Available for sale, fair value total | 2,212 | |
Available for sale, gross unrealized losses total | 7 | |
Held to maturity, fair value less than 12 months | 1,015 | 699 |
Held-to-maturity, gross, less than 12 months | 3 | 1 |
Held to maturity, fair value 12 months or longer | 69 | 0 |
Held to maturity, gross unrealized losses 12 months or longer | 0 | 0 |
Held to maturity, fair value total | 1,084 | 699 |
Held to maturity, gross unrealized losses total | 3 | 1 |
Government securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 1,691 | |
Available for sale, gross unrealized losses less than 12 months | 0 | |
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 | 1,691 | |
Available for sale, gross unrealized losses total | 0 | |
Held to maturity, fair value less than 12 months | 128 | |
Held-to-maturity, gross, less than 12 months | 1 | |
Held to maturity, fair value 12 months or longer | 0 | |
Held to maturity, gross unrealized losses 12 months or longer | 0 | |
Held to maturity, fair value total | 128 | |
Held to maturity, gross unrealized losses total | 1 | |
Non-U.S. debt securities, other | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 1,548 | 581 |
Available for sale, gross unrealized losses less than 12 months | 5 | 4 |
Available for sale, fair value 12 months or longer | 527 | 328 |
Available for sale, gross unrealized losses 12 months or longer | 7 | 3 |
Available for sale, fair value total | 2,075 | 909 |
Available for sale, gross unrealized losses total | 12 | 7 |
Held to maturity, fair value less than 12 months | 0 | |
Held-to-maturity, gross, less than 12 months | 0 | |
Held to maturity, fair value 12 months or longer | 43 | |
Held to maturity, gross unrealized losses 12 months or longer | 0 | |
Held to maturity, fair value total | 43 | |
Held to maturity, gross unrealized losses total | 0 | |
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 | 6,886 | 1,931 |
Available for sale, gross unrealized losses less than 12 months | 19 | 6 |
Available for sale, fair value 12 months or longer | 986 | 498 |
Available for sale, gross unrealized losses 12 months or longer | 11 | 5 |
Available for sale, fair value total | 7,872 | 2,429 |
Available for sale, gross unrealized losses total | 30 | 11 |
Held to maturity, fair value less than 12 months | 1,481 | 1,206 |
Held-to-maturity, gross, less than 12 months | 6 | 4 |
Held to maturity, fair value 12 months or longer | 636 | 590 |
Held to maturity, gross unrealized losses 12 months or longer | 24 | 19 |
Held to maturity, fair value total | 2,117 | 1,796 |
Held to maturity, gross unrealized losses total | 30 | 23 |
State and political subdivisions | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 206 | 610 |
Available for sale, gross unrealized losses less than 12 months | 1 | 3 |
Available for sale, fair value 12 months or longer | 658 | 1,315 |
Available for sale, gross unrealized losses 12 months or longer | 26 | 34 |
Available for sale, fair value total | 864 | 1,925 |
Available for sale, gross unrealized losses total | 27 | 37 |
Collateralized mortgage obligations | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 1,511 | 731 |
Available for sale, gross unrealized losses less than 12 months | 14 | 2 |
Available for sale, fair value 12 months or longer | 217 | 311 |
Available for sale, gross unrealized losses 12 months or longer | 8 | 10 |
Available for sale, fair value total | 1,728 | 1,042 |
Available for sale, gross unrealized losses total | 22 | 12 |
Held to maturity, fair value less than 12 months | 634 | 422 |
Held-to-maturity, gross, less than 12 months | 9 | 4 |
Held to maturity, fair value 12 months or longer | 537 | 547 |
Held to maturity, gross unrealized losses 12 months or longer | 20 | 11 |
Held to maturity, fair value total | 1,171 | 969 |
Held to maturity, gross unrealized losses total | 29 | 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 | 475 | 327 |
Available for sale, gross unrealized losses less than 12 months | 9 | 2 |
Available for sale, fair value 12 months or longer | 178 | 244 |
Available for sale, gross unrealized losses 12 months or longer | 9 | 10 |
Available for sale, fair value total | 653 | 571 |
Available for sale, gross unrealized losses total | 18 | $ 12 |
U.S. equity securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 0 | |
Available for sale, gross unrealized losses less than 12 months | 0 | |
Available for sale, fair value 12 months or longer | 5 | |
Available for sale, gross unrealized losses 12 months or longer | 3 | |
Available for sale, fair value total | 5 | |
Available for sale, gross unrealized losses total | $ 3 |
Investment Securities - Sched74
Investment Securities - Schedule of Contractual Maturities of Debt Securities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | $ 10,013 | |
Available for sale, 1 to 5 Years | 24,214 | |
Available for sale, 6 to 10 Years | 15,316 | |
Available for sale, over 10 Years | 19,924 | |
Available-for-sale, fair value | 69,467 | |
Held to maturity, under 1 Year | 1,100 | |
Held to maturity, 1 to 5 Years | 14,329 | |
Held to maturity, 6 to 10 Years | 10,768 | |
Held to maturity, over 10 Years | 3,755 | |
Held to maturity, amortized cost | 29,952 | $ 17,723 |
US Treasury and federal agencies, direct obligations | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 2,000 | |
Available for sale, 1 to 5 Years | 3,223 | |
Available for sale, 6 to 10 Years | 40 | |
Available for sale, over 10 Years | 455 | |
Available-for-sale, fair value | 5,718 | |
Held to maturity, under 1 Year | 0 | |
Held to maturity, 1 to 5 Years | 11,348 | |
Held to maturity, 6 to 10 Years | 9,440 | |
Held to maturity, over 10 Years | 90 | |
Held to maturity, amortized cost | 20,878 | 5,114 |
US Treasury and federal agencies, mortgage-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 78 | |
Available for sale, 1 to 5 Years | 2,501 | |
Available for sale, 6 to 10 Years | 3,858 | |
Available for sale, over 10 Years | 11,728 | |
Available-for-sale, fair value | 18,165 | |
Held to maturity, under 1 Year | 1 | |
Held to maturity, 1 to 5 Years | 12 | |
Held to maturity, 6 to 10 Years | 0 | |
Held to maturity, over 10 Years | 597 | |
Held to maturity, amortized cost | 610 | 62 |
Asset-backed securities, student loans | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 339 | |
Available for sale, 1 to 5 Years | 3,702 | |
Available for sale, 6 to 10 Years | 2,054 | |
Available for sale, over 10 Years | 1,081 | |
Available-for-sale, fair value | 7,176 | |
Held to maturity, under 1 Year | 0 | |
Held to maturity, 1 to 5 Years | 193 | |
Held to maturity, 6 to 10 Years | 304 | |
Held to maturity, over 10 Years | 1,095 | |
Held to maturity, amortized cost | 1,592 | 1,814 |
Asset-backed securities, credit cards | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 2 | |
Available for sale, 1 to 5 Years | 259 | |
Available for sale, 6 to 10 Years | 1,080 | |
Available for sale, over 10 Years | 0 | |
Available-for-sale, fair value | 1,341 | |
Held to maturity, under 1 Year | 0 | |
Held to maturity, 1 to 5 Years | 680 | |
Held to maturity, 6 to 10 Years | 217 | |
Held to maturity, over 10 Years | 0 | |
Held to maturity, amortized cost | 897 | 897 |
Asset-backed securities, sub-prime | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 1 | |
Available for sale, 1 to 5 Years | 5 | |
Available for sale, 6 to 10 Years | 3 | |
Available for sale, over 10 Years | 410 | |
Available-for-sale, fair value | 419 | |
Asset-backed securities, other | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 19 | |
Available for sale, 1 to 5 Years | 220 | |
Available for sale, 6 to 10 Years | 1,260 | |
Available for sale, over 10 Years | 265 | |
Available-for-sale, fair value | 1,764 | |
Held to maturity, under 1 Year | 60 | |
Held to maturity, 1 to 5 Years | 227 | |
Held to maturity, 6 to 10 Years | 76 | |
Held to maturity, over 10 Years | 3 | |
Held to maturity, amortized cost | 366 | 577 |
Total asset-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 361 | |
Available for sale, 1 to 5 Years | 4,186 | |
Available for sale, 6 to 10 Years | 4,397 | |
Available for sale, over 10 Years | 1,756 | |
Available-for-sale, fair value | 10,700 | |
Held to maturity, under 1 Year | 60 | |
Held to maturity, 1 to 5 Years | 1,100 | |
Held to maturity, 6 to 10 Years | 597 | |
Held to maturity, over 10 Years | 1,098 | |
Held to maturity, amortized cost | 2,855 | 3,288 |
Non-U.S. debt securities, mortgage-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 1,103 | |
Available for sale, 1 to 5 Years | 3,375 | |
Available for sale, 6 to 10 Years | 648 | |
Available for sale, over 10 Years | 1,945 | |
Available-for-sale, fair value | 7,071 | |
Held to maturity, under 1 Year | 435 | |
Held to maturity, 1 to 5 Years | 507 | |
Held to maturity, 6 to 10 Years | 95 | |
Held to maturity, over 10 Years | 1,165 | |
Held to maturity, amortized cost | 2,202 | 3,787 |
Non-U.S. debt securities, asset-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 485 | |
Available for sale, 1 to 5 Years | 2,394 | |
Available for sale, 6 to 10 Years | 220 | |
Available for sale, over 10 Years | 168 | |
Available-for-sale, fair value | 3,267 | |
Held to maturity, under 1 Year | 201 | |
Held to maturity, 1 to 5 Years | 1,067 | |
Held to maturity, 6 to 10 Years | 147 | |
Held to maturity, over 10 Years | 0 | |
Held to maturity, amortized cost | 1,415 | 2,868 |
Government securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 2,736 | |
Available for sale, 1 to 5 Years | 1,619 | |
Available for sale, 6 to 10 Years | 0 | |
Available for sale, over 10 Years | 0 | |
Available-for-sale, fair value | 4,355 | |
Held to maturity, under 1 Year | 129 | |
Held to maturity, 1 to 5 Years | 110 | |
Held to maturity, 6 to 10 Years | 0 | |
Held to maturity, over 10 Years | 0 | |
Held to maturity, amortized cost | 239 | 154 |
Non-U.S. debt securities, other | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 1,410 | |
Available for sale, 1 to 5 Years | 2,886 | |
Available for sale, 6 to 10 Years | 538 | |
Available for sale, over 10 Years | 0 | |
Available-for-sale, fair value | 4,834 | |
Held to maturity, under 1 Year | 22 | |
Held to maturity, 1 to 5 Years | 43 | |
Held to maturity, 6 to 10 Years | 0 | |
Held to maturity, over 10 Years | 0 | |
Held to maturity, amortized cost | 65 | 72 |
Total non-U.S. debt securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 5,734 | |
Available for sale, 1 to 5 Years | 10,274 | |
Available for sale, 6 to 10 Years | 1,406 | |
Available for sale, over 10 Years | 2,113 | |
Available-for-sale, fair value | 19,527 | |
Held to maturity, under 1 Year | 787 | |
Held to maturity, 1 to 5 Years | 1,727 | |
Held to maturity, 6 to 10 Years | 242 | |
Held to maturity, over 10 Years | 1,165 | |
Held to maturity, amortized cost | 3,921 | 6,881 |
State and political subdivisions | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 542 | |
Available for sale, 1 to 5 Years | 2,450 | |
Available for sale, 6 to 10 Years | 5,001 | |
Available for sale, over 10 Years | 1,753 | |
Available-for-sale, fair value | 9,746 | |
Held to maturity, under 1 Year | 1 | |
Held to maturity, 1 to 5 Years | 0 | |
Held to maturity, 6 to 10 Years | 0 | |
Held to maturity, over 10 Years | 0 | |
Held to maturity, amortized cost | 1 | 9 |
Collateralized mortgage obligations | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 350 | |
Available for sale, 1 to 5 Years | 80 | |
Available for sale, 6 to 10 Years | 472 | |
Available for sale, over 10 Years | 2,085 | |
Available-for-sale, fair value | 2,987 | |
Held to maturity, under 1 Year | 251 | |
Held to maturity, 1 to 5 Years | 142 | |
Held to maturity, 6 to 10 Years | 489 | |
Held to maturity, over 10 Years | 805 | |
Held to maturity, amortized cost | 1,687 | $ 2,369 |
Other U.S. debt securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 Year | 948 | |
Available for sale, 1 to 5 Years | 1,500 | |
Available for sale, 6 to 10 Years | 142 | |
Available for sale, over 10 Years | 34 | |
Available-for-sale, fair value | $ 2,624 |
Investment Securities - Gains a
Investment Securities - Gains and Losses Related to Investment Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains from sales of AFS investment securities | $ 57 | $ 64 | $ 104 |
Gross realized losses from sales of AFS investment securities | (62) | (49) | (90) |
Gross losses from OTTI | (1) | (1) | (21) |
Losses reclassified (from) to other comprehensive income | 0 | (10) | (2) |
Gains (losses) related to investment securities, net | (6) | 4 | (9) |
Impairment associated with expected credit losses | 0 | (10) | (11) |
Impairment associated with management's intent to sell impaired securities prior to recovery in value | 0 | 0 | (6) |
Impairment associated with adverse changes in timing of expected future cash flows | (1) | (1) | (6) |
Net impairment losses | $ (1) | $ (11) | $ (23) |
Investment Securities - Sched76
Investment Securities - Schedule of Credit-Related Loss Activity Recognized In Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Balance, beginning of period | $ 115 | $ 122 | $ 124 |
Losses for which OTTI was not previously recognized | 1 | 0 | 14 |
Losses for which OTTI was previously recognized | 0 | 11 | 9 |
Previously recognized losses related to securities sold or matured | (24) | (12) | (25) |
Losses related to securities intended or required to be sold | 0 | (6) | 0 |
Balance, end of period | $ 92 | $ 115 | $ 122 |
Loans and Leases - Narrative (D
Loans and Leases - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)loanloan_segment | Dec. 31, 2014USD ($)loan | Dec. 31, 2013USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | |||
Number of Loan Segments | loan_segment | 2 | ||
Aggregate short-duration advances | $ 2,620 | $ 3,540 | |
Loans and leases, allowance for losses | $ 46 | $ 38 | |
Loans modified in troubled debt restructurings | loan | 0 | 0 | |
Number of consecutive days past due for non-accrual status | 60 days | ||
Provision for loan losses | $ 12 | $ 10 | $ 6 |
Charge-offs | (4) | 0 | $ 0 |
Commercial and Financial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases, allowance for losses | 11 | ||
Commercial and Financial | Senior Secured Bank Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases, allowance for losses | $ 35 | $ 26 | |
Institutional | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans more than 90 days past due | loan | 0 | 0 | |
Institutional | Senior Secured Bank Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Commercial and financial | $ 3,140 | $ 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 18,799 | $ 18,199 |
Allowance for loan losses | (46) | (38) |
Loans and leases, net of allowance for loan losses | 18,753 | 18,161 |
Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 18,771 | 18,171 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 28 | 28 |
U.S. | Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment funds | 11,136 | 11,388 |
Commercial and financial | 4,671 | 3,061 |
Purchased receivables | 93 | 124 |
Lease financing | 337 | 335 |
U.S. | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate | 28 | 28 |
Non-U.S. | Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment funds | 1,678 | 2,333 |
Commercial and financial | 278 | 256 |
Purchased receivables | 0 | 6 |
Lease financing | $ 578 | $ 668 |
Loans and Leases - Schedule of
Loans and Leases - Schedule of Investment in Leveraged Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable Disclosure [Abstract] | ||
Net rental income receivable | $ 1,159 | $ 1,284 |
Estimated residual values | 89 | 89 |
Unearned income | (333) | (370) |
Investment in leveraged lease financing | 915 | 1,003 |
Less related deferred income tax liabilities | (334) | (326) |
Net investment in leveraged lease financing | $ 581 | $ 677 |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 18,799 | $ 18,199 |
Investment Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 12,814 | 13,721 |
Commercial and Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 4,949 | 3,317 |
Purchased Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 93 | 130 |
Lease Financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 915 | 1,003 |
Commercial Real Estate | ||
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 | 15,204 | 15,421 |
Investment grade | Investment Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 12,415 | 13,304 |
Investment grade | Commercial and Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 1,780 | 1,011 |
Investment grade | Purchased Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 93 | 130 |
Investment grade | Lease Financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 888 | 976 |
Investment grade | Commercial Real Estate | ||
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 | 3,564 | 2,778 |
Speculative | Investment Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 399 | 417 |
Speculative | Commercial and Financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 3,138 | 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 | Commercial Real Estate | ||
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 | 31 | |
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 | 31 | |
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 | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 0 |
Loans and Leases - Schedule o81
Loans and Leases - Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 18,799 | $ 18,199 |
Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 18,771 | 18,171 |
Amount of loan losses related to institutional loans collectively evaluated for impairment | 46 | 38 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 28 | 28 |
Collectively Evaluated for Impairment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 18,799 | 18,199 |
Collectively Evaluated for Impairment | Institutional | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 18,771 | 18,171 |
Collectively Evaluated for Impairment | Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 28 | $ 28 |
Loans and Leases - Impaired Loa
Loans and Leases - Impaired Loans (Details) - USD ($) $ in Millions | Dec. 31, 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 | $ 46 | $ 38 |
Loans and Leases - Schedule o83
Loans and Leases - Schedule of Activity In The Allowance For Loan Losses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 38,000,000 | $ 28,000,000 | $ 22,000,000 |
Provision for loan losses | 12,000,000 | 10,000,000 | 6,000,000 |
Charge-offs | (4,000,000) | 0 | 0 |
Ending balance | 46,000,000 | 38,000,000 | 28,000,000 |
Loans and leases, allowance for losses | 46,000,000 | 38,000,000 | |
Recoveries | 0 | 0 | $ 0 |
Commercial and Financial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans and leases, allowance for losses | 11,000,000 | ||
Commercial and Financial | Senior Secured Bank Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans and leases, allowance for losses | $ 35,000,000 | $ 26,000,000 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Changes In The Carrying Amount Of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 5,826 | $ 6,036 |
Foreign currency translation | (155) | (210) |
Ending balance | 5,671 | 5,826 |
Investment Servicing | ||
Goodwill [Roll Forward] | ||
Beginning balance | 5,793 | 5,999 |
Foreign currency translation | (152) | (206) |
Ending balance | 5,641 | 5,793 |
Investment Management | ||
Goodwill [Roll Forward] | ||
Beginning balance | 33 | 37 |
Foreign currency translation | (3) | (4) |
Ending balance | $ 30 | $ 33 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets - Changes In The Carrying Amount Of Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 2,025 | $ 2,360 | |
Acquisitions | 16 | 0 | |
Amortization | (197) | (222) | $ (214) |
Foreign currency translation and other, net | (76) | (113) | |
Ending balance | 1,768 | 2,025 | 2,360 |
Investment Servicing | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | 1,998 | 2,321 | |
Acquisitions | 16 | 0 | |
Amortization | (187) | (213) | |
Foreign currency translation and other, net | (74) | (110) | |
Ending balance | 1,753 | 1,998 | 2,321 |
Investment Management | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | 27 | 39 | |
Acquisitions | 0 | 0 | |
Amortization | (10) | (9) | |
Foreign currency translation and other, net | (2) | (3) | |
Ending balance | $ 15 | $ 27 | $ 39 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets - Gross Carrying Amount, Accumulated Amortization And Net Carrying Amount Of Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 3,300 | $ 3,471 | |
Accumulated Amortization | (1,532) | (1,446) | |
Net Carrying Amount | 1,768 | 2,025 | $ 2,360 |
Client relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,486 | 2,569 | |
Accumulated Amortization | (1,198) | (1,088) | |
Net Carrying Amount | 1,288 | 1,481 | |
Core deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 667 | 688 | |
Accumulated Amortization | (246) | (219) | |
Net Carrying Amount | 421 | 469 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 147 | 214 | |
Accumulated Amortization | (88) | (139) | |
Net Carrying Amount | $ 59 | $ 75 |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Millions | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 193 |
2,017 | 186 |
2,018 | 162 |
2,019 | 148 |
2,020 | $ 145 |
Goodwill and Other Intangible88
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of other intangible assets | $ 197 | $ 222 | $ 214 |
Impairment of intangible assets, excluding goodwill | $ 9 | ||
Other | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 5 years | ||
Other | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 20 years | ||
Core deposits | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 16 years | ||
Core deposits | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 22 years |
Other Assets - Components of Ot
Other Assets - Components of Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Collateral deposits, net | $ 21,465 | $ 18,134 |
Derivative instruments, net | 4,777 | 7,934 |
Bank-owned life insurance | 3,078 | 2,402 |
Investments in joint ventures and other unconsolidated entities | 2,034 | 1,798 |
Accounts receivable | 1,018 | 513 |
Receivable for securities settlement | 311 | 218 |
Prepaid expenses | 284 | 259 |
Deferred tax assets, net of valuation allowance | 182 | 214 |
Income taxes receivable | 154 | 396 |
Deposits with clearing organizations | 127 | 197 |
Other | 510 | 535 |
Total | $ 33,940 | $ 32,600 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Domestic deposits of $100,000 or more | $ 46,550 | $ 56,420 |
Foreign deposits of $100,000 or more | $ 127 | $ 660 |
Short-Term Borrowings - Narrati
Short-Term Borrowings - Narrative (Details) | Dec. 31, 2015USD ($) | Dec. 31, 2015CAD | Dec. 31, 2014USD ($) |
Short-term Debt [Line Items] | |||
Weighted-average interest rate as of year-end | 0.05% | 0.05% | 0.04% |
Average balance of securities purchased under agreement to resell and securities sold under agreement to repurchase | $ 30,300,000,000 | $ 28,820,000,000 | |
Maximum borrowing on line of credit | 1,090,000,000 | CAD 1,400,000,000 | |
Balance on line of credit | 0 | $ 0 | |
U.S. Government Securities Sold | |||
Short-term Debt [Line Items] | |||
Fair value of overnight maturity | $ 4,284,000,000 |
Short-Term Borrowings - Outstan
Short-Term Borrowings - Outstanding and weighted-average interest rates of short-term borrowings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-term Debt [Line Items] | |||
Weighted-average interest rate as of year-end | 0.05% | 0.04% | |
Securities Sold Under Repurchase Agreements | |||
Short-term Debt [Line Items] | |||
Balance as of December 31 | $ 4,499 | $ 8,925 | $ 7,953 |
Maximum outstanding as of any month-end | 10,977 | 10,955 | 11,538 |
Average outstanding during the year | $ 8,875 | $ 8,817 | $ 8,436 |
Weighted-average interest rate as of year-end | 0.02% | 0.005% | 0.003% |
Weighted-average interest rate for the year | 0.01% | 0.00% | 0.01% |
Federal Funds Purchased | |||
Short-term Debt [Line Items] | |||
Balance as of December 31 | $ 6 | $ 21 | $ 19 |
Maximum outstanding as of any month-end | 29 | 29 | 570 |
Average outstanding during the year | $ 21 | $ 20 | $ 298 |
Weighted-average interest rate as of year-end | 0.03% | 0.01% | 0.13% |
Weighted-average interest rate for the year | 0.01% | 0.00% | 0.00% |
Tax-Exempt Investment Program | |||
Short-term Debt [Line Items] | |||
Balance as of December 31 | $ 1,748 | $ 1,870 | $ 1,948 |
Maximum outstanding as of any month-end | 1,865 | 1,938 | 2,135 |
Average outstanding during the year | $ 1,807 | $ 1,903 | $ 2,030 |
Weighted-average interest rate as of year-end | 0.03% | 0.06% | 0.09% |
Weighted-average interest rate for the year | 0.06% | 0.08% | 0.13% |
Corporate Commercial Paper Program | |||
Short-term Debt [Line Items] | |||
Balance as of December 31 | $ 0 | $ 2,485 | $ 1,819 |
Maximum outstanding as of any month-end | 2,919 | 2,485 | 2,535 |
Average outstanding during the year | $ 1,897 | $ 2,136 | $ 1,632 |
Weighted-average interest rate as of year-end | 0.00% | 0.16% | 0.14% |
Weighted-average interest rate for the year | 0.26% | 0.17% | 0.18% |
Short-Term Borrowings - Compone
Short-Term Borrowings - Components of securities sold under repurchase agreements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Collateralized by securities purchased under resale agreements | $ 202 | |
Collateralized by investment securities | 4,195 | |
Collateralized by trading account assets | 102 | |
Total | $ 4,499 | $ 8,925 |
Short-Term Borrowings - Overnig
Short-Term Borrowings - Overnight maturity (Details) $ in Millions | Dec. 31, 2015USD ($) |
U.S. Government Securities Sold | |
Short-term Debt [Line Items] | |
Amortized cost of overnight maturity | $ 4,348 |
Fair value of overnight maturity | 4,284 |
Repurchase Agreements | |
Short-term Debt [Line Items] | |
Amortized cost of overnight maturity | $ 4,195 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2015 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 11,534 | $ 10,042 | |
Fair Value Hedges | |||
Debt Instrument [Line Items] | |||
Increase (decrease) in carrying value of long-term debt | 105 | 76 | |
Floating-rate notes due 2020 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 500 | 0 | |
Subordinated note | Floating-rate subordinated notes due to State Street Capital Trust IV in 2037 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 800 | 800 | |
Subordinated note | Floating-rate subordinated notes due to State Street Capital Trust I in 2028 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 155 | 155 | |
Subordinated note | 3.10% subordinated notes due 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 997 | 983 | |
Interest rate on debt | 3.10% | ||
Subordinated note | Floating-rate extendible notes due 2016 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | 900 | |
Subordinated note | 5.25% subordinated notes due 2018 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 424 | 433 | |
Interest rate on debt | 5.25% | ||
Subordinated note | 5.30% subordinated notes due 2016 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 400 | 405 | |
Interest rate on debt | 5.30% | ||
Subordinated note | Floating-rate subordinated notes due 2015 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | 200 | |
Senior notes | 3.55% notes due 2025 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,307 | 0 | |
Interest rate on debt | 3.55% | 3.55% | |
Senior notes | 2.55% notes due 2020 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,199 | 0 | |
Interest rate on debt | 2.55% | 2.55% | |
Senior notes | 3.70% notes due in 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,050 | 1,043 | |
Interest rate on debt | 3.70% | ||
Senior notes | 3.30% notes due 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,013 | 999 | |
Interest rate on debt | 3.30% | ||
Senior notes | 2.875% notes due 2016 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,001 | 1,005 | |
Interest rate on debt | 2.875% | ||
Senior notes | 4.375% notes due 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 740 | 730 | |
Interest rate on debt | 4.375% | ||
Senior notes | 1.35% notes due 2018 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 496 | 492 | |
Interest rate on debt | 1.35% | ||
Senior notes | 5.375% notes due 2017 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 449 | 450 | |
Interest rate on debt | 5.375% | ||
Senior notes | 7.35% notes due 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 150 | 150 | |
Interest rate on debt | 7.35% | ||
Junior Subordinated Debt | 4.956% junior subordinated debentures due 2018 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 519 | 528 | |
Interest rate on debt | 4.956% | ||
Capital Lease Obligations | |||
Debt Instrument [Line Items] | |||
Long-term capital leases | $ 334 | $ 769 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2015USD ($) | Dec. 31, 2015USD ($)trust | Aug. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||||
Bank notes authorized | $ 5,000,000,000 | |||
Senior debt authorized by BOD | 5,000,000,000 | |||
Subordinated debt available for issuance | 500,000,000 | |||
Capital lease obligation | 231,000,000 | $ 624,000,000 | ||
Building and Parking Garage | ||||
Debt Instrument [Line Items] | ||||
Capital lease obligation | $ 308,000,000 | 336,000,000 | ||
Office Building | ||||
Debt Instrument [Line Items] | ||||
Capital lease obligation | 241,000,000 | |||
Construction in Progress | ||||
Debt Instrument [Line Items] | ||||
Capital lease obligation | $ 191,000,000 | |||
Floating-rate notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Face amount on debt issued | $ 500,000,000 | |||
Senior notes | 2.875% notes due 2016 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 2.875% | |||
Senior notes | 4.375% notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 4.375% | |||
Senior notes | 2.55% notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 2.55% | 2.55% | ||
Face amount on debt issued | $ 1,200,000,000 | |||
Senior notes | 3.55% notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 3.55% | 3.55% | ||
Face amount on debt issued | $ 1,300,000,000 | |||
Senior notes | 3.30% notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 3.30% | |||
Senior notes | 3.70% notes due in 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 3.70% | |||
Senior notes | 1.35% notes due 2018 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 1.35% | |||
Senior notes | 5.375% notes due 2017 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 5.375% | |||
Senior notes | 7.35% notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 7.35% | |||
Subordinated note | 3.10% subordinated notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 3.10% | |||
Subordinated note | Floating-rate extendible notes due 2016 | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 900,000,000 | |||
Subordinated note | 5.25% subordinated notes due 2018 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 5.25% | |||
Subordinated note | 5.30% subordinated notes due 2016 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 5.30% | |||
Junior Subordinated Debt | 4.956% junior subordinated debentures due 2018 | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt | 4.956% | |||
State Street Capital Trusts I And I V | ||||
Debt Instrument [Line Items] | ||||
Number of statutory business trusts | trust | 2 | |||
Junior subordinated debenture owed to unconsolidated subsidiary trust | $ 955,000,000 |
Derivative Financial Instrume97
Derivative Financial Instruments - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | ||
Cash collateral received for derivative instruments | $ 1,400 | $ 1,790 |
Cash collateral provided for derivative instruments | 1,650 | 4,790 |
Fair value of derivative liabilities | 11,153 | 15,234 |
Fair value of collateral posted | $ 32 | $ 105 |
Securities weighted average life | 5 years 4 months 10 days | 5 years 10 months 18 days |
Credit swap agreements | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | $ 1,050 | $ 2,540 |
Maximum additional amount of payments related to termination events | $ 1,020 | $ 2,430 |
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% notes 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% notes due in 2023 | ||
Derivative [Line Items] | ||
Fixed interest rate | 3.70% | |
Interest rate swap | Fair Value Hedges | 3.30% notes 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 Instrume98
Derivative Financial Instruments - Schedule of Outstanding Hedges: (Notional Amount) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | $ 320 | $ 210 |
Swap agreements and forwards | Interest-rate contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 336 | 645 |
Futures | Interest-rate contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 2,621 | 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 | 1,274,277 | 1,231,344 |
Options purchased | Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 403 | 2,767 |
Options written | Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 404 | 2,404 |
Credit swap agreements | Credit derivative contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 141 | 191 |
Commodity | Futures Contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 113 | 26 |
Equity | Futures Contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 87 | 2 |
Stable value contracts | Other contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 24,583 | 23,409 |
Swap agreements | Interest-rate contracts | Derivatives designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 9,398 | 6,077 |
Forward and swap | Foreign exchange contracts | Derivatives designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivatives | 4,515 | 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 | 0 | 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 | $ 0 | $ 7 |
Derivative Financial Instrume99
Derivative Financial Instruments - Notional Amount of Interest Rate Swap Agreements Designated as Fair Value and Cash Flow Hedges (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Fair Value Hedges | ||
Derivative [Line Items] | ||
Total | $ 9,398 | $ 6,077 |
Increase (decrease) in carrying value of long-term debt | 105 | 76 |
Fair Value Hedges | Investment securities available for sale | ||
Derivative [Line Items] | ||
Investment securities available for sale | 1,698 | 2,577 |
Fair Value Hedges | Long-term debt | ||
Derivative [Line Items] | ||
Long-term debt | $ 7,700 | $ 3,500 |
Interest-rate contracts | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Number of securities | contract | 0 | 0 |
Derivative Financial Instrum100
Derivative Financial Instruments - Contractual and Weighted-Average Interest Rates, Which Include the Effects of Hedges Related to Financial Instruments (Details) - Long-term debt | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Contractual rates | 3.57% | 3.44% |
Rate including impact of hedges | 2.42% | 2.63% |
Derivative Financial Instrum101
Derivative Financial Instruments - Schedule of The Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 11,456 | $ 15,214 |
Fair value of derivative liabilities | 11,153 | 15,234 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 11,316 | 15,135 |
Fair value of derivative liabilities | 10,868 | 14,925 |
Interest-rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 135 | 77 |
Fair value of derivative liabilities | 182 | 239 |
Derivatives not designated as hedging instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 10,806 | 14,643 |
Derivatives not designated as hedging instruments | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 10,900 | 15,008 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 10,799 | 14,626 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 10,795 | 14,922 |
Derivatives not designated as hedging instruments | Interest-rate contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 2 | 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 | 103 | 70 |
Derivatives designated as hedging instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 650 | 571 |
Derivatives designated as hedging instruments | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 253 | 226 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 517 | 509 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 73 | 3 |
Derivatives designated as hedging instruments | Interest-rate contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 133 | 62 |
Derivatives designated as hedging instruments | Interest-rate contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 180 | $ 223 |
Derivative Financial Instrum102
Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | $ 691 | $ 611 | $ 589 |
Compensation and employee benefits | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | 149 | 106 | 14 |
Foreign exchange contracts | Trading services | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | 686 | 612 | 586 |
Interest-rate contracts | Trading services | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | (2) | 1 | 2 |
Credit derivative contracts | Trading services | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | (1) | 1 | 0 |
Credit derivative contracts | Processing fees and other revenue | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | 0 | (1) | 1 |
Other derivative contracts | Trading services | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | 8 | (2) | 0 |
Other derivative contracts | Compensation and employee benefits | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | 149 | 106 | 14 |
Fair Value Hedges | Derivatives designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | (265) | 14 | (343) |
Gain (loss) on fair value hedges recognized in earnings | 271 | (7) | 328 |
Fair Value Hedges | Investment securities available for sale | Foreign exchange contracts | Processing fees and other revenue | Derivatives designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | (101) | (92) | (183) |
Gain (loss) on fair value hedges recognized in earnings | 101 | 92 | 183 |
Fair Value Hedges | Investment securities available for sale | Interest-rate contracts | Processing fees and other revenue | Derivatives designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | 16 | (44) | 32 |
Gain (loss) on fair value hedges recognized in earnings | (17) | 39 | (30) |
Fair Value Hedges | Deposits | Foreign exchange contracts | Processing fees and other revenue | Derivatives designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | (241) | 0 | 0 |
Gain (loss) on fair value hedges recognized in earnings | 241 | 0 | 0 |
Fair Value Hedges | Long-term debt | Interest-rate contracts | Processing fees and other revenue | Derivatives designated as hedging instruments | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | 61 | 150 | (192) |
Gain (loss) on fair value hedges recognized in earnings | $ (54) | $ (138) | $ 175 |
Derivative Financial Instrum103
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes | $ (12) | $ 24 | $ (86) |
Derivatives designated as hedging instruments | Fair Value Hedges | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | (265) | 14 | (343) |
Gain (loss) on fair value hedges recognized in earnings | 271 | (7) | 328 |
Derivatives designated as hedging instruments | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Amount of gain (loss) on derivative recognized in income | 10 | 9 | 9 |
Gain (loss) on derivative recognized in OCI | 55 | 124 | 162 |
Gain (loss) on hedges reclassified to income | (4) | (4) | (4) |
Derivatives designated as hedging instruments | Foreign exchange contracts | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Gain (loss) on derivative recognized in OCI | 55 | 126 | 153 |
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 income | 10 | 6 | 6 |
Gain (loss) on hedges reclassified to income | 0 | 0 | 0 |
Derivatives designated as hedging instruments | Interest-rate contracts | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Gain (loss) on derivative recognized in OCI | 0 | (2) | 9 |
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 income | 0 | 3 | 3 |
Gain (loss) on hedges reclassified to income | (4) | (4) | (4) |
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 income | (101) | (92) | (183) |
Gain (loss) on fair value hedges recognized in earnings | 101 | 92 | 183 |
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 income | 16 | (44) | 32 |
Gain (loss) on fair value hedges recognized in earnings | (17) | 39 | (30) |
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 income | (241) | 0 | 0 |
Gain (loss) on fair value hedges recognized in earnings | 241 | 0 | 0 |
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 income | 61 | 150 | (192) |
Gain (loss) on fair value hedges recognized in earnings | $ (54) | $ (138) | $ 175 |
Offsetting Arrangements - Narra
Offsetting Arrangements - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Fair Value of securities received as collateral that can be resold or repledged | $ 3,050 | $ 2,600 |
Fair Value of securities received as collateral that have been resold or repledged | $ 262 | $ 125 |
Offsetting Arrangements - Asset
Offsetting Arrangements - Assets With Offsetting Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Derivatives, gross amounts of recognized assets | $ 11,456 | $ 15,214 |
Derivatives, gross amounts offset in statement of condition | (6,679) | (7,280) |
Net Amounts of Assets Presented in Statement of Condition | 4,777 | 7,934 |
Derivative, collateral, cash offset | (776) | (983) |
Total net derivative asset | 4,777 | 7,934 |
Resale agreements and securities borrowing, gross amounts of recognized assets | 62,522 | 47,488 |
Resale agreements and securities borrowing, gross amounts offset in statement of condition | (38,997) | (29,157) |
Net Amounts of Assets Presented in Statement of Condition | 23,525 | 18,331 |
Total, gross amounts of recognized assets | 73,978 | 62,702 |
Total, gross amounts offset in statement of condition | (45,676) | (36,437) |
Total, net amounts of assets presented in statement of condition | 28,302 | 26,265 |
Securities purchased under resale agreements | 3,404 | 2,390 |
Securities borrowed subject to master netting arrangements | 20,121 | 15,941 |
Foreign exchange contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, gross amounts of recognized assets | 11,316 | 15,135 |
Derivatives, gross amounts offset in statement of condition | (5,896) | (6,275) |
Net Amounts of Assets Presented in Statement of Condition | 5,420 | 8,860 |
Interest-rate contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, gross amounts of recognized assets | 135 | 77 |
Derivatives, gross amounts offset in statement of condition | (5) | (21) |
Net Amounts of Assets Presented in Statement of Condition | 130 | 56 |
Equity derivative contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, gross amounts of recognized assets | 1 | 0 |
Derivatives, gross amounts offset in statement of condition | 0 | 0 |
Net Amounts of Assets Presented in Statement of Condition | 1 | 0 |
Other derivative contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, gross amounts of recognized assets | 4 | 2 |
Derivatives, gross amounts offset in statement of condition | (2) | (1) |
Net Amounts of Assets Presented in Statement of Condition | $ 2 | $ 1 |
Offsetting Arrangements - As106
Offsetting Arrangements - Assets With Enforceable Netting Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Derivative, net amount of assets presented in statement of condition | $ 4,777 | $ 7,934 |
Derivatives, counterparty netting | 0 | 0 |
Derivatives, collateral received | (405) | (1,490) |
Derivatives, net amount | 4,372 | 6,444 |
Resale agreements and securities borrowing, resale agreements and securities borrowing, net amount of assets presented in statement of condition | 23,525 | 18,331 |
Resale agreements and securities borrowing, counterparty netting | (63) | (128) |
Resale agreements and securities borrowing, collateral received | (22,812) | (18,157) |
Resale agreements and securities borrowing, net amount | 650 | 46 |
Total, net amounts of assets presented in statement of condition | 28,302 | 26,265 |
Total, counterparty netting | (63) | (128) |
Total, collateral received | (23,217) | (19,647) |
Total, net amount | $ 5,022 | $ 6,490 |
Offsetting Arrangements - Liabi
Offsetting Arrangements - Liabilities With Offsetting Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Gross amounts of recognized liabilities | $ 11,153 | $ 15,234 |
Gross amounts offset in statement of condition | (7,021) | (8,926) |
Net Amounts of Liabilities Presented in Statement of Condition | 4,132 | 6,308 |
Derivative collateral, cash offset | (1,118) | (2,630) |
Total net derivative liability | 4,132 | 6,308 |
Gross amounts of recognized liabilities | 46,766 | 44,562 |
Gross amounts offset in statement of condition | (38,997) | (29,157) |
Net Amounts of Liabilities Presented in Statement of Condition | 7,769 | 15,405 |
Gross amounts of recognized liabilities | 57,919 | 59,796 |
Gross amounts offset in statement of condition | (46,018) | (38,083) |
Total, net amount of liabilities presented in statement of condition | 11,901 | 21,713 |
Securities sold under repurchase agreements | 4,499 | 8,925 |
Securities lending, fair value, amount not offset against collateral | 3,270 | 6,480 |
Foreign exchange contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross amounts of recognized liabilities | 10,868 | 14,925 |
Gross amounts offset in statement of condition | (5,896) | (6,275) |
Net Amounts of Liabilities Presented in Statement of Condition | 4,972 | 8,650 |
Interest-rate contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross amounts of recognized liabilities | 182 | 239 |
Gross amounts offset in statement of condition | (5) | (20) |
Net Amounts of Liabilities Presented in Statement of Condition | 177 | 219 |
Other derivative contracts | ||
Offsetting Liabilities [Line Items] | ||
Gross amounts of recognized liabilities | 103 | 70 |
Gross amounts offset in statement of condition | (2) | (1) |
Net Amounts of Liabilities Presented in Statement of Condition | $ 101 | $ 69 |
Offsetting Arrangements - Li108
Offsetting Arrangements - Liabilities With Enforceable Netting Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Derivative, net amount of liabilities presented in statement of condition | $ 4,132 | $ 6,308 |
Derivative, counterparty netting | 0 | 0 |
Derivative, collateral provided | (64) | (19) |
Derivative, net amount | 4,068 | 6,289 |
Repurchase agreements and securities lending, net amount of liabilities presented in statement of condition | 7,769 | 15,405 |
Repurchase agreements and securities lending, counterparty netting | (63) | (128) |
Repurchase agreements and securities lending, collateral provided | (5,287) | (13,872) |
Repurchase agreements and securities lending, net amount | 2,419 | 1,405 |
Total, net amount of liabilities presented in statement of condition | 11,901 | 21,713 |
Total, counterparty netting | (63) | (128) |
Total, collateral provided | (5,351) | (13,891) |
Total, net amount | $ 6,487 | $ 7,694 |
Offsetting Arrangements - Repo,
Offsetting Arrangements - Repo, Sec Lending Transactions Maturity By Category (Details) $ in Millions | Dec. 31, 2015USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | $ 37,259 |
Securities loaned, gross | 9,507 |
Securities sold and securities loaned under agreements to repurchase, gross | 46,766 |
Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 37,157 |
Securities loaned, gross | 8,505 |
Securities sold and securities loaned under agreements to repurchase, gross | 45,662 |
Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 102 |
Securities loaned, gross | 0 |
Securities sold and securities loaned under agreements to repurchase, gross | 102 |
30 – 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 0 |
Securities loaned, gross | 1,002 |
Securities sold and securities loaned under agreements to repurchase, gross | 1,002 |
U.S. Treasury and agency securities | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 37,162 |
U.S. Treasury and agency securities | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 37,157 |
U.S. Treasury and agency securities | Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 5 |
U.S. Treasury and agency securities | 30 – 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 0 |
Non-U.S. sovereign debt | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 97 |
Securities loaned, gross | 2 |
Non-U.S. sovereign debt | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 0 |
Securities loaned, gross | 2 |
Non-U.S. sovereign debt | Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 97 |
Securities loaned, gross | 0 |
Non-U.S. sovereign debt | 30 – 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements to repurchase, gross | 0 |
Securities loaned, gross | 0 |
Corporate debt securities | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities loaned, gross | 1 |
Corporate debt securities | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities loaned, gross | 1 |
Corporate debt securities | Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities loaned, gross | 0 |
Corporate debt securities | 30 – 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities loaned, gross | 0 |
U.S. equity securities | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities loaned, gross | 9,504 |
U.S. equity securities | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities loaned, gross | 8,502 |
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 | $ 1,002 |
Commitments and Guarantees - Na
Commitments and Guarantees - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Unfunded commitments to extend credit | $ 22,580 | $ 24,250 |
Unfunded commitments to extend credit, short term | 76.00% | |
Term of unfunded commitment | 1 year | |
Cash collateral provided for securities lending | $ 20,120 | 15,940 |
Accrued expenses and other liabilities | ||
Loss Contingencies [Line Items] | ||
Cash collateral received in connection to securities finance activities | $ 3,270 | $ 6,480 |
Commitments and Guarantees - Co
Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Indemnified securities financing | $ 320,436 | $ 349,766 |
Stable value protection | 24,583 | 23,409 |
Asset purchase agreements | 3,990 | 4,107 |
Standby letters of credit | $ 4,700 | $ 4,720 |
Commitments and Guarantees - Sc
Commitments and Guarantees - Schedule Of Repurchase Agreements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of indemnified securities financing | $ 320,436 | $ 349,766 |
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 335,420 | 364,411 |
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 63,055 | 85,309 |
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | $ 67,016 | $ 90,819 |
Contingencies - Legal and Regul
Contingencies - Legal and Regulatory Matters Narrative (Details) £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2014USD ($)claim | Jan. 31, 2014GBP (£)claim | Dec. 31, 2015USD ($)claim | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Loss Contingencies [Line Items] | |||||
Settlement, amount | $ (422) | $ (173) | $ 17 | ||
Foreign Exchange | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible loss | $ 565 | ||||
Putative Class Action | |||||
Loss Contingencies [Line Items] | |||||
Number of pending claims | claim | 2 | ||||
Transition Management | |||||
Loss Contingencies [Line Items] | |||||
Litigation reserve | $ 2 | ||||
Claims settled | claim | 6 | 6 | |||
Legal Reserve | Transition Management | |||||
Loss Contingencies [Line Items] | |||||
Legal reserves | $ 612 | ||||
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 | 12 Months Ended | |||||||
Dec. 31, 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 | $ 280 | $ 246 | $ 285 | $ 248 | $ 331 | $ 336 | $ 369 | $ 462 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entities [Abstract] | ||
Investment securities related to state and political subdivisions | $ 2,100,000,000 | $ 2,270,000,000 |
Variable interest entity, other short-term borrowings | $ 1,750,000,000 | $ 1,870,000,000 |
Weighted average life of trusts | 5 years 4 months 24 days | 5 years 10 months 18 days |
Total standby bond-purchase agreement committed to trusts | $ 1,750,000,000 | |
Total letters of credit committed to trusts | 569,000,000 | |
Standby purchase agreements and letters of credit commitments utilized | 0 | |
VIE - primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 321,000,000 | $ 65,000,000 |
Liabilities | 228,000,000 | 13,000,000 |
Potential maximum loss exposure of unconsolidated funds | 61,000,000 | |
VIE - not primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Potential maximum loss exposure of unconsolidated funds | $ 75,000,000 | $ 45,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Preferred Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Proceeds from issuance of preferred stock | $ 742 | $ 1,470 | $ 0 |
Series C Preferred Stock, Depository Share | |||
Class of Stock [Line Items] | |||
Depositary Shares Issued | 20,000,000 | ||
Liquidation preference per share (USD per share) | $ 25 | ||
Series C Preferred Stock | |||
Class of Stock [Line Items] | |||
Ownership Interest per Depositary Share | 0.025% | ||
Liquidation preference per share (USD per share) | $ 100,000 | ||
Proceeds from issuance of preferred stock | $ 488 | ||
Series D Preferred Stock, Depository Share | |||
Class of Stock [Line Items] | |||
Depositary Shares Issued | 30,000,000 | ||
Liquidation preference per share (USD per share) | $ 25 | ||
Series D Preferred Stock | |||
Class of Stock [Line Items] | |||
Ownership Interest per Depositary Share | 0.025% | ||
Liquidation preference per share (USD per share) | $ 100,000 | ||
Proceeds from issuance of preferred stock | $ 742 | ||
Series E Preferred Stock, Depository Share | |||
Class of Stock [Line Items] | |||
Depositary Shares Issued | 30,000,000 | ||
Liquidation preference per share (USD per share) | $ 25 | ||
Series E Preferred Stock | |||
Class of Stock [Line Items] | |||
Ownership Interest per Depositary Share | 0.025% | ||
Liquidation preference per share (USD per share) | $ 100,000 | ||
Proceeds from issuance of preferred stock | $ 728 | ||
Series F Preferred Stock, Depository Share | |||
Class of Stock [Line Items] | |||
Depositary Shares Issued | 750,000 | ||
Liquidation preference per share (USD per share) | $ 1,000 | ||
Series F Preferred Stock | |||
Class of Stock [Line Items] | |||
Ownership Interest per Depositary Share | 1.00% | ||
Liquidation preference per share (USD per share) | $ 100,000 | ||
Proceeds from issuance of preferred stock | $ 742 |
Stockholders' Equity - Sched117
Stockholders' Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends Payable [Line Items] | |||
Cash dividends declared (USD per share) | $ 1.32 | $ 1.16 | $ 1.04 |
Common stock dividends | $ 536 | $ 490 | $ 463 |
Preferred stock cash dividend | $ 130 | $ 61 | |
Series C Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred dividends declared (USD per share) | $ 5,250 | $ 5,252 | |
Preferred stock cash dividend | $ 26 | $ 26 | |
Series C Preferred Stock, Depository Share | |||
Dividends Payable [Line Items] | |||
Preferred dividends declared (USD per share) | $ 1.32 | $ 1.32 | |
Series D Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred dividends declared (USD per share) | $ 5,900 | $ 4,605 | |
Preferred stock cash dividend | $ 44 | $ 35 | |
Series D Preferred Stock, Depository Share | |||
Dividends Payable [Line Items] | |||
Preferred dividends declared (USD per share) | $ 1.48 | $ 1.15 | |
Series E Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred dividends declared (USD per share) | $ 6,333 | $ 0 | |
Preferred stock cash dividend | $ 48 | $ 0 | |
Series E Preferred Stock, Depository Share | |||
Dividends Payable [Line Items] | |||
Preferred dividends declared (USD per share) | $ 1.6 | $ 0 | |
Series F Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred dividends declared (USD per share) | $ 1,663 | $ 0 | |
Preferred stock cash dividend | $ 12 | $ 0 | |
Series F Preferred Stock, Depository Share | |||
Dividends Payable [Line Items] | |||
Preferred dividends declared (USD per share) | $ 16.63 | $ 0 |
Stockholders' Equity - Sched118
Stockholders' Equity - Schedule of Shares Repurchase Plans (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchased during period (shares) | 20.5 | |
Average cost of share acquired (USD per share) | $ 74.07 | |
Shares repurchased during period | $ 1,520,000,000 | |
2015 Program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Amount of common stock authorized for repurchase | $ 1,800,000,000 | $ 1,800,000,000 |
Stock repurchased during period (shares) | 14.2 | |
Average cost of share acquired (USD per share) | $ 73.72 | |
Shares repurchased during period | $ 1,050,000,000 | |
Remaining authorized repurchase amount | 780,000,000 | |
2014 Program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Amount of common stock authorized for repurchase | $ 1,700,000,000 | |
Stock repurchased during period (shares) | 6.3 | |
Average cost of share acquired (USD per share) | $ 74.88 | |
Shares repurchased during period | $ 470,000,000 | |
Remaining authorized repurchase amount | $ 0 |
Stockholders' Equity - Sched119
Stockholders' Equity - Schedule of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Equity [Abstract] | |||
Net unrealized gains on cash flow hedges | $ 293 | $ 276 | $ 161 |
Net unrealized gains (losses) on available-for-sale securities portfolio | 9 | 273 | (56) |
Net unrealized gains (losses) related to reclassified available-for-sale securities | (28) | 39 | (72) |
Net unrealized gains (losses) on available-for-sale securities | (19) | 312 | (128) |
Net unrealized losses on available-for-sale securities designated in fair value hedges | (109) | (121) | (97) |
Other-than-temporary impairment on available-for-sale securities related to factors other than credit | 0 | 1 | 4 |
Net unrealized losses on hedges of net investments in non-U.S. subsidiaries | (14) | (14) | (14) |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | (16) | (29) | (47) |
Net unrealized losses on retirement plans | (183) | (272) | (203) |
Foreign currency translation | (1,394) | (660) | 229 |
Total | $ (1,442) | $ (507) | $ (95) |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 21,328 | $ 20,248 | $ 20,825 |
Other comprehensive income (loss) before reclassifications | (1,012) | (338) | |
Amounts reclassified into (out of) earnings | 77 | (74) | |
Other comprehensive income (loss) | (935) | (412) | (455) |
Ending balance | 21,103 | 21,328 | 20,248 |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (507) | (95) | 360 |
Other comprehensive income (loss) | (935) | (412) | (455) |
Ending balance | (1,442) | (507) | (95) |
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 276 | 161 | |
Other comprehensive income (loss) before reclassifications | 20 | 112 | |
Amounts reclassified into (out of) earnings | (3) | 3 | |
Other comprehensive income (loss) | 17 | 115 | |
Ending balance | 293 | 276 | 161 |
Net Unrealized Gains (Losses) on Available-for-Sale Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 192 | (221) | |
Other comprehensive income (loss) before reclassifications | (314) | 422 | |
Amounts reclassified into (out of) earnings | (6) | (9) | |
Other comprehensive income (loss) | (320) | 413 | |
Ending balance | (128) | 192 | (221) |
Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (14) | (14) | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Amounts reclassified into (out of) earnings | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | |
Ending balance | (14) | (14) | (14) |
Other-Than-Temporary Impairment on Held-to-Maturity Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (29) | (47) | |
Other comprehensive income (loss) before reclassifications | 15 | 17 | |
Amounts reclassified into (out of) earnings | (2) | 1 | |
Other comprehensive income (loss) | 13 | 18 | |
Ending balance | (16) | (29) | (47) |
Net Unrealized Losses on Retirement Plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (272) | (203) | |
Other comprehensive income (loss) before reclassifications | 1 | 0 | |
Amounts reclassified into (out of) earnings | 88 | (69) | |
Other comprehensive income (loss) | 89 | (69) | |
Ending balance | (183) | (272) | (203) |
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (660) | 229 | |
Other comprehensive income (loss) before reclassifications | (734) | (889) | |
Amounts reclassified into (out of) earnings | 0 | 0 | |
Other comprehensive income (loss) | (734) | (889) | |
Ending balance | $ (1,394) | $ (660) | $ 229 |
Stockholders' Equity - Adjustme
Stockholders' Equity - Adjustments to Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Net interest revenue | $ (2,088) | $ (2,260) | $ (2,303) |
Total reclassifications out of AOCI | (1,848) | (1,958) | $ (2,016) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Class of Stock [Line Items] | |||
Total reclassifications out of AOCI | 77 | (74) | |
Net Unrealized Gains (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||
Class of Stock [Line Items] | |||
Tax on derivatives qualifying as hedges | 2 | 2 | |
Net Unrealized Gains (Losses) on Available-for-Sale Securities | Reclassification out of Accumulated Other Comprehensive Income | |||
Class of Stock [Line Items] | |||
Net gains (losses) from sales of available-for-sale securities | (6) | (9) | |
Tax on investments, excluding OTTI | 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 | (2) | 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 | 88 | (69) | |
Tax on reclassification adjustment for pension and other postretirement | (51) | (50) | |
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 | $ (3) | $ 3 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred stock cash dividend | $ 130,000,000 | $ 61,000,000 | ||
2015 Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Amount of common stock authorized for repurchase | $ 1,800,000,000 | $ 1,800,000,000 | ||
Series C Preferred Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 5,250 | $ 5,252 | ||
Preferred stock cash dividend | $ 26,000,000 | $ 26,000,000 | ||
Series C Preferred Stock, Depository Share | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 1.32 | $ 1.32 | ||
Series D Preferred Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 5,900 | $ 4,605 | ||
Preferred stock cash dividend | $ 44,000,000 | $ 35,000,000 | ||
Series D Preferred Stock, Depository Share | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 1.48 | $ 1.15 | ||
Series E Preferred Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 6,333 | $ 0 | ||
Preferred stock cash dividend | $ 48,000,000 | $ 0 | ||
Series E Preferred Stock, Depository Share | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 1.6 | $ 0 | ||
Series F Preferred Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 1,663 | $ 0 | ||
Preferred stock cash dividend | $ 12,000,000 | $ 0 | ||
Series F Preferred Stock, Depository Share | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 16.63 | $ 0 | ||
Subsequent Event | Series C Preferred Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 1,313 | |||
Preferred stock cash dividend | $ 7,000,000 | |||
Subsequent Event | Series C Preferred Stock, Depository Share | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 0.33 | |||
Subsequent Event | Series D Preferred Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 1,475 | |||
Preferred stock cash dividend | $ 11,000,000 | |||
Subsequent Event | Series D Preferred Stock, Depository Share | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 0.37 | |||
Subsequent Event | Series E Preferred Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 1,500 | |||
Preferred stock cash dividend | $ 11,000,000 | |||
Subsequent Event | Series E Preferred Stock, Depository Share | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 0.38 | |||
Subsequent Event | Series F Preferred Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 2,625 | |||
Preferred stock cash dividend | $ 20,000,000 | |||
Subsequent Event | Series F Preferred Stock, Depository Share | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred dividends declared (USD per share) | $ 26.5 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Retained earnings | $ 16,049 | $ 14,737 |
Capital ratio: required common equity tier 1 capital | 4.50% | 4.00% |
Capital ratio: required tier 1 capital | 6.00% | 5.50% |
Capital ratio: required total capital | 8.00% | 8.00% |
Capital ratio: required tier 1 leverage | 4.00% | 4.00% |
Basel III Advanced Approaches | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,250 | $ 10,295 |
Retained earnings | 16,049 | 14,737 |
Accumulated other comprehensive income (loss) | (1,422) | (642) |
Treasury stock, at cost | (6,457) | (5,158) |
Total | 18,420 | 19,232 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (5,927) | (5,869) |
Other adjustments | (60) | (36) |
Common equity tier 1 capital | 12,433 | 13,327 |
Preferred stock | 2,703 | 1,961 |
Trust preferred capital securities subject to phase-out from tier 1 capital | 237 | 475 |
Other adjustments | (109) | (145) |
Tier 1 capital | 15,264 | 15,618 |
Qualifying subordinated long-term debt | 1,358 | 1,618 |
Trust preferred capital securities phased out of tier 1 capital | 713 | 475 |
ALLL and other | 12 | 0 |
Other adjustments | 2 | 4 |
Total capital | 17,349 | 17,715 |
Credit risk | 51,733 | 66,874 |
Operational risk | 43,882 | 35,866 |
Market risk | 3,937 | 5,087 |
Total risk-weighted assets | 99,552 | 107,827 |
Adjusted quarterly average assets | $ 221,880 | $ 247,740 |
Common equity tier 1 capital | 12.50% | 12.40% |
Tier 1 capital | 15.30% | 14.50% |
Total capital | 17.40% | 16.40% |
Tier 1 leveraged | 6.90% | 6.30% |
Basel III Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,250 | |
Retained earnings | 16,049 | |
Accumulated other comprehensive income (loss) | (1,422) | |
Treasury stock, at cost | (6,457) | |
Total | 18,420 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (5,927) | |
Other adjustments | (60) | |
Common equity tier 1 capital | 12,433 | |
Preferred stock | 2,703 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 237 | |
Other adjustments | (109) | |
Tier 1 capital | 15,264 | |
Qualifying subordinated long-term debt | 1,358 | |
Trust preferred capital securities phased out of tier 1 capital | 713 | |
ALLL and other | 66 | |
Other adjustments | 2 | |
Total capital | 17,403 | |
Credit risk | 93,515 | |
Market risk | 2,378 | |
Total risk-weighted assets | 95,893 | |
Adjusted quarterly average assets | $ 221,880 | |
Common equity tier 1 capital | 13.00% | |
Tier 1 capital | 15.90% | |
Total capital | 18.10% | |
Tier 1 leveraged | 6.90% | |
Basel III Transitional Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,295 | |
Retained earnings | 14,737 | |
Accumulated other comprehensive income (loss) | (642) | |
Treasury stock, at cost | (5,158) | |
Total | 19,232 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (5,869) | |
Other adjustments | (36) | |
Common equity tier 1 capital | 13,327 | |
Preferred stock | 1,961 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 475 | |
Other adjustments | (145) | |
Tier 1 capital | 15,618 | |
Qualifying subordinated long-term debt | 1,618 | |
Trust preferred capital securities phased out of tier 1 capital | 475 | |
ALLL and other | 0 | |
Other adjustments | 4 | |
Total capital | 17,715 | |
Credit risk | 87,502 | |
Market risk | 2,910 | |
Total risk-weighted assets | 90,412 | |
Adjusted quarterly average assets | $ 247,740 | |
Common equity tier 1 capital | 14.70% | |
Tier 1 capital | 17.30% | |
Total capital | 19.60% | |
Tier 1 leveraged | 6.30% | |
State Street Bank | Basel III Advanced Approaches | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,938 | $ 10,867 |
Retained earnings | 10,655 | 9,270 |
Accumulated other comprehensive income (loss) | (1,230) | (536) |
Treasury stock, at cost | 0 | 0 |
Total | 20,363 | 19,601 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (5,631) | (5,577) |
Other adjustments | (85) | (128) |
Common equity tier 1 capital | 14,647 | 13,896 |
Preferred stock | 0 | 0 |
Trust preferred capital securities subject to phase-out from tier 1 capital | 0 | 0 |
Other adjustments | 0 | 0 |
Tier 1 capital | 14,647 | 13,896 |
Qualifying subordinated long-term debt | 1,371 | 1,634 |
Trust preferred capital securities phased out of tier 1 capital | 0 | 0 |
ALLL and other | 8 | 0 |
Other adjustments | 0 | 0 |
Total capital | 16,026 | 15,530 |
Credit risk | 47,677 | 59,836 |
Operational risk | 43,324 | 35,449 |
Market risk | 3,939 | 5,048 |
Total risk-weighted assets | 94,940 | 100,333 |
Adjusted quarterly average assets | $ 217,358 | $ 243,549 |
Common equity tier 1 capital | 15.40% | 13.80% |
Tier 1 capital | 15.40% | 13.80% |
Total capital | 16.90% | 15.50% |
Tier 1 leveraged | 6.70% | 5.70% |
State Street Bank | Basel III Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,938 | |
Retained earnings | 10,655 | |
Accumulated other comprehensive income (loss) | (1,230) | |
Treasury stock, at cost | 0 | |
Total | 20,363 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (5,631) | |
Other adjustments | (85) | |
Common equity tier 1 capital | 14,647 | |
Preferred stock | 0 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 0 | |
Other adjustments | 0 | |
Tier 1 capital | 14,647 | |
Qualifying subordinated long-term debt | 1,371 | |
Trust preferred capital securities phased out of tier 1 capital | 0 | |
ALLL and other | 66 | |
Other adjustments | 0 | |
Total capital | 16,084 | |
Credit risk | 89,164 | |
Market risk | 2,378 | |
Total risk-weighted assets | 91,542 | |
Adjusted quarterly average assets | $ 217,358 | |
Common equity tier 1 capital | 16.00% | |
Tier 1 capital | 16.00% | |
Total capital | 17.60% | |
Tier 1 leveraged | 6.70% | |
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 | 9,270 | |
Accumulated other comprehensive income (loss) | (536) | |
Treasury stock, at cost | 0 | |
Total | 19,601 | |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (5,577) | |
Other adjustments | (128) | |
Common equity tier 1 capital | 13,896 | |
Preferred stock | 0 | |
Trust preferred capital securities subject to phase-out from tier 1 capital | 0 | |
Other adjustments | 0 | |
Tier 1 capital | 13,896 | |
Qualifying subordinated long-term debt | 1,634 | |
Trust preferred capital securities phased out of tier 1 capital | 0 | |
ALLL and other | 0 | |
Other adjustments | 0 | |
Total capital | 15,530 | |
Credit risk | 84,433 | |
Market risk | 2,909 | |
Total risk-weighted assets | 87,342 | |
Adjusted quarterly average assets | $ 243,549 | |
Common equity tier 1 capital | 15.90% | |
Tier 1 capital | 15.90% | |
Total capital | 17.80% | |
Tier 1 leveraged | 5.70% |
Net Interest Revenue - Componen
Net Interest Revenue - Components of Interest Revenue and Interest Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Banking and Thrift [Abstract] | |||
Deposits with banks | $ 208 | $ 196 | $ 125 |
U.S. Treasury and federal agencies | 735 | 672 | 707 |
State and political subdivisions | 227 | 231 | 249 |
Other investments | 934 | 1,241 | 1,331 |
Securities purchased under resale agreements | 62 | 38 | 45 |
Loans and leases | 311 | 266 | 253 |
Other interest-earning assets | 11 | 8 | 4 |
Total interest revenue | 2,488 | 2,652 | 2,714 |
Deposits | 97 | 99 | 93 |
Short-term borrowings | 7 | 5 | 60 |
Long-term debt | 250 | 245 | 232 |
Other interest-bearing liabilities | 46 | 43 | 26 |
Total interest expense | 400 | 392 | 411 |
Net interest revenue | $ 2,088 | $ 2,260 | $ 2,303 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) - USD ($) | 12 Months Ended | 72 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued during period | 60,900,000 | 56,900,000 | 52,400,000 | |
Shares awarded, but not delivered, available for reissue | 21,100,000 | 21,100,000 | ||
Shares available for grant | 20,800,000 | 20,800,000 | ||
Options granted (in shares) | 0 | |||
Options outstanding (in shares) | 0 | 0 | ||
Allocated share-based compensation | $ 319,000,000 | $ 329,000,000 | $ 355,000,000 | |
Accelerated recognition due to restructuring plan | 10,000,000 | 20,000,000 | 3,000,000 | |
Intrinsic value of exercises in period | 5,000,000 | $ 14,000,000 | $ 42,000,000 | |
Unrecognized share-based compensation expense for stock options | $ 0 | $ 0 | ||
Stock Options and SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 1,206,000 | 1,861,000 | 2,664,000 | 1,206,000 |
Stock Options and SARs | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock Options and SARs | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value for vested in period | $ 1,000,000 | $ 54,000,000 | $ 57,000,000 | |
Restricted Stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Restricted Stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Deferred Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 3,461,000 | 4,282,000 | ||
Fair value for vested in period | $ 340,000,000 | $ 310,000,000 | 259,000,000 | |
Costs not yet recognized | $ 301,000,000 | $ 301,000,000 | ||
Granted (in USD per share) | $ 72.98 | $ 65.40 | ||
Period of recognition for unrecognized share-based compensation | 2 years 4 months 24 days | |||
Deferred Stock Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Deferred Stock Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 400,000 | 437,000 | ||
Fair value for vested in period | $ 39,000,000 | $ 44,000,000 | $ 34,000,000 | |
Costs not yet recognized | $ 3,000,000 | $ 3,000,000 | ||
Granted (in USD per share) | $ 72.24 | $ 64.56 | ||
Period of recognition for unrecognized share-based compensation | 1 year 9 months 18 days | |||
Performance Shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Performance Shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 0 | |||
Options outstanding (in shares) | 1,206 | 1,206 | ||
Other awards outstanding (in shares) | 0 | 0 |
Equity-Based Compensation - Sto
Equity-Based Compensation - Stock Options and Stock Appreciation Rights (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, End of Period (in shares) | 0 | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, End of Period (in shares) | 0 | |
Stock Options and SARs | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Beginning of Period (in shares) | 1,861,000 | 2,664,000 |
Exercised (in shares) | (398,000) | (801,000) |
Forfeited or Expired (in shares) | (257,000) | (2,000) |
Options, End of Period (in shares) | 1,206,000 | 1,861,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Price (in USD per share), Beginning of Period | $ 74.12 | $ 68.45 |
Exercised (in USD per share) | 62.63 | 55.33 |
Forfeited or Expired (in USD per share) | 81.71 | 52.78 |
Weighted Average Price (in USD per share), End of Period | $ 76.29 | $ 74.12 |
Weighted average contractual term on options outstanding | 1 year 7 months 6 days | |
Stock Appreciation Rights (SARs) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, End of Period (in shares) | 1,206 |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Equity Instruments Other than Options, Beginning of Period (in shares) | 31 | 1,245 |
Vested (in shares) | (31) | (1,211) |
Forfeited or Expired (in shares) | 0 | (3) |
Equity Instruments Other than Options, End of Period (in shares) | 0 | 31 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted Average Grant Date Fair Value, Beginning of Period (in USD per share) | $ 41.27 | $ 44.47 |
Vested (in USD per share) | 41.22 | 44.56 |
Forfeited or Expired (in USD per share) | 0 | 42.57 |
Weighted Average Grant Date Fair Value, End of Period (in USD per share) | $ 0 | $ 41.27 |
Equity-Based Compensation - Def
Equity-Based Compensation - Deferred Stock Awards (Details) - Deferred Stock Awards - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Equity Instruments Other than Options, Beginning of Period (in shares) | 12,431 | 15,094 |
Granted (in shares) | 3,461 | 4,282 |
Vested (in shares) | (6,910) | (6,730) |
Forfeited or Expired (in shares) | (246) | (215) |
Equity Instruments Other than Options, End of Period (in shares) | 8,736 | 12,431 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted Average Grant Date Fair Value, Beginning of Period (in USD per share) | $ 51.47 | $ 45.07 |
Granted (in USD per share) | 72.98 | 65.40 |
Vested (in USD per share) | 49.17 | 46.03 |
Forfeited or Expired (in USD per share) | 59.22 | 49.87 |
Weighted Average Grant Date Fair Value, End of Period (in USD per share) | $ 61.59 | $ 51.47 |
Equity-Based Compensation - Per
Equity-Based Compensation - Performance Awards (Details) - Performance Shares - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Equity Instruments Other than Options, Beginning of Period (in shares) | 1,627 | 2,224 |
Granted (in shares) | 400 | 437 |
Forfeited or Expired (in shares) | (1) | (1) |
Paid Out (in shares) | (861) | (1,033) |
Equity Instruments Other than Options, End of Period (in shares) | 1,165 | 1,627 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted Average Grant Date Fair Value, Beginning of Period (in USD per share) | $ 49.46 | $ 43.24 |
Granted (in USD per share) | 72.24 | 64.56 |
Forfeited or Expired (in USD per share) | 41.02 | 53.16 |
Paid Out (in USD per share) | 45.09 | 42.48 |
Weighted Average Grant Date Fair Value, End of Period (in USD per share) | $ 60.45 | $ 49.46 |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)employee | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit expense | $ 46 | $ 32 | $ 42 |
Contributions by employer | $ 130 | 147 | $ 134 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of eligible employees for pension plan (in employee) | employee | 0 | ||
Defined benefit obligation | $ 1,180 | 1,260 | |
Defined benefit under/(over) funded status | (16) | (50) | |
Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit obligation | 155 | 168 | |
Defined benefit under/(over) funded status | (30) | (120) | |
SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit obligation | 30 | 120 | |
Defined benefit under/(over) funded status | $ (155) | $ (168) |
Occupancy Expense and Inform131
Occupancy Expense and Information Systems and Communications Expense - Narrative (Details) ft² in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Occupancy Expense and Information Systems and Communications Expense [Abstract] | |||
Depreciation | $ 443 | $ 417 | $ 401 |
Property Subject to or Available for Operating Lease [Line Items] | |||
Capital lease obligation | 231 | 624 | |
Interest expense on capital lease | 32 | 38 | 40 |
Accumulated amortization on capital lease | 334 | 426 | |
Sublease rental expense | 190 | 204 | 224 |
Sublease revenue | 4 | $ 6 | $ 6 |
Future minimum sublease rental revenue on capital lease | 48 | ||
Future minimum sublease rental revenue on operating lease | $ 20 | ||
One Lincoln Street | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Leased area (in sqft) | ft² | 1,025 | ||
Noncancelable capital leases expiration | 20 years | ||
Sublease building (in sqft) | ft² | 127 |
- Summary of Future Minimum Lea
- Summary of Future Minimum Lease Payments Under Non-Cancelable Capital and Operating Leases (Details) $ in Millions | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating leases due 2016 | $ 198 |
Operating leases due 2017 | 199 |
Operating leases due 2018 | 163 |
Operating leases due 2019 | 128 |
Operating leases due 2020 | 114 |
Operating leases due thereafter | 498 |
Operating leases due | 1,300 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Capital leases due 2016 | 58 |
Capital leases due 2017 | 57 |
Capital leases due 2018 | 53 |
Capital leases due 2019 | 46 |
Capital leases due 2020 | 45 |
Capital leases due thereafter | 125 |
Capital leases due | 384 |
Less amount representing interest payments | (98) |
Present value of minimum lease payments | 286 |
Total operating and capital leases due 2016 | 256 |
Total operating and capital leases due 2017 | 256 |
Total operating and capital leases due 2018 | 216 |
Total operating and capital leases due 2019 | 174 |
Total operating and capital leases due 2020 | 159 |
Total operating and capital leases due thereafter | 623 |
Total operating and capital leases due | $ 1,684 |
Expenses - Schedule of Expenses
Expenses - Schedule of Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Expenses [Abstract] | |||
Litigation | $ 422 | $ 173 | $ (17) |
Insurance | 126 | 80 | 80 |
Regulatory fees and assessments | 115 | 74 | 72 |
Securities processing | 79 | 68 | 52 |
Other | 276 | 356 | 360 |
Total Other Expenses | $ 1,018 | $ 751 | $ 547 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Income tax expense related to net gains from sales of investment securities | $ (3,000,000) | $ 5,000,000 | $ 6,000,000 |
Foreign income (loss) before taxes | 1,300,000,000 | 1,330,000,000 | $ 1,250,000,000 |
Unappropriated retained earnings | 4,900,000,000 | ||
Undistributed earnings of foreign subsidiaries | 1,100,000,000 | ||
Tax credit carryforwards | 2,000,000 | ||
Operating loss carryforwards | 26,000,000 | 53,000,000 | |
Operating loss carryforwards that don't expire | 19,000,000 | ||
Operating loss carryforwards that expire | 7,000,000 | ||
Operating loss carryforwards valuation allowance | 22,000,000 | 45,000,000 | |
Tax positions for which the ultimate deductibility is highly certain but time is uncertain | 55,000,000 | ||
Interest accrued for tax examination | 3,000,000 | 9,000,000 | |
Maximum estimated income tax expense change in unrecognized tax benefit in the next 12 months | 7,000,000 | ||
Interest expense for tax examination | $ 5,000,000 | $ 3,000,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 52 | $ 59 | $ 193 |
State | 92 | 39 | 47 |
Non-U.S. | 342 | 257 | 248 |
Total current expense | 486 | 355 | 488 |
Deferred: | |||
Federal | (39) | 38 | 95 |
State | 40 | 10 | 31 |
Non-U.S. | (169) | 12 | 2 |
Total deferred (benefit) expense | (168) | 60 | 128 |
Total income tax expense | $ 318 | $ 415 | $ 616 |
Income Taxes - Schedule of C136
Income Taxes - Schedule of Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Unrealized losses on investment securities, net | $ 57 | $ 0 |
Deferred compensation | 167 | 168 |
Defined benefit pension plan | 143 | 193 |
Restructuring charges and other reserves | 363 | 237 |
Foreign currency translation | 155 | 56 |
Real estate | 20 | 9 |
Other | 32 | 68 |
Total deferred tax assets | 937 | 731 |
Valuation allowance for deferred tax assets | (27) | (54) |
Deferred tax assets, net of valuation allowance | 910 | 677 |
Deferred tax liabilities: | ||
Unrealized gains on securities, net | 0 | 5 |
Leveraged lease financing | 334 | 326 |
Defined benefit pension plan | 804 | 1,006 |
Non-U.S. earnings | 265 | 167 |
Other | 121 | 83 |
Total deferred tax liabilities | $ 1,524 | $ 1,587 |
- Schedule of Reconciliation of
- Schedule of Reconciliation of the U.S. Statutory Income Tax Rate to the Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 4.20% | 1.50% | 1.60% |
Tax-exempt income | (5.60%) | (5.10%) | (3.70%) |
Tax credits | (9.40%) | (6.80%) | (3.60%) |
Foreign tax differential | (9.60%) | (8.50%) | (5.90%) |
Tax Refund | (2.80%) | (0.00%) | (0.00%) |
Litigation Expense | 2.70% | 1.30% | 0.00% |
Other, net | (0.70%) | (0.30%) | (0.30%) |
Effective tax rate | 13.80% | 17.10% | 23.10% |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 163 | $ 158 |
Decrease related to agreements with tax authorities | (122) | (9) |
Increase related to tax positions taken during current year | 8 | 8 |
Increase related to tax positions taken during prior year | 14 | 6 |
Ending balance | $ 63 | $ 163 |
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Net income | $ 1,980 | $ 2,022 | $ 2,050 |
Preferred stock dividends | (130) | (61) | (26) |
Dividends and undistributed earnings allocated to participating securities | (2) | (3) | (8) |
Net income available to common shareholders | $ 1,848 | $ 1,958 | $ 2,016 |
Basic (in shares) | 407,856 | 424,223 | 446,245 |
Effect of dilutive securities: common stock options and common stock awards (in shares) | 5,782 | 7,784 | 8,910 |
Diluted average common shares (in shares) | 413,638 | 432,007 | 455,155 |
Anti-dilutive securities (in shares) | 661 | 1,498 | 1,855 |
Earnings per Common Share: | |||
Basic (in dollars per share) | $ 4.53 | $ 4.62 | $ 4.52 |
Diluted (in dollars per share) | $ 4.47 | $ 4.53 | $ 4.43 |
Line of Business Information -
Line of Business Information - Summary of Line of Business (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Servicing fees | $ 5,153 | $ 5,108 | $ 4,799 |
Management fees | 1,174 | 1,207 | 1,106 |
Trading services | 1,146 | 1,084 | 1,094 |
Securities finance | 496 | 437 | 359 |
Processing fees and other | 309 | 174 | 212 |
Total fee revenue | 8,278 | 8,010 | 7,570 |
Net interest revenue | 2,088 | 2,260 | 2,303 |
Gains (losses) related to investment securities, net | (6) | 4 | (9) |
Total revenue | 10,360 | 10,274 | 9,864 |
Provision for loan losses | 12 | 10 | 6 |
Total expenses | 8,050 | 7,827 | 7,192 |
Income before income tax expense | $ 2,298 | $ 2,437 | $ 2,666 |
Pre-tax margin | 22.00% | 24.00% | 27.00% |
Average assets (in billions) | $ 250,500 | $ 238,100 | $ 207,000 |
Investment Servicing | |||
Segment Reporting Information [Line Items] | |||
Servicing fees | 5,153 | 5,108 | 4,799 |
Management fees | 0 | 0 | 0 |
Trading services | 1,108 | 1,039 | 1,027 |
Securities finance | 496 | 437 | 359 |
Processing fees and other | 325 | 179 | 206 |
Total fee revenue | 7,082 | 6,763 | 6,391 |
Net interest revenue | 2,086 | 2,245 | 2,278 |
Gains (losses) related to investment securities, net | (6) | 4 | (9) |
Total revenue | 9,162 | 9,012 | 8,660 |
Provision for loan losses | 12 | 10 | 6 |
Total expenses | 6,990 | 6,648 | 6,190 |
Income before income tax expense | $ 2,160 | $ 2,354 | $ 2,464 |
Pre-tax margin | 24.00% | 26.00% | 28.00% |
Average assets (in billions) | $ 246,600 | $ 234,200 | $ 203,200 |
Investment Management | |||
Segment Reporting Information [Line Items] | |||
Servicing fees | 0 | 0 | 0 |
Management fees | 1,174 | 1,207 | 1,106 |
Trading services | 38 | 45 | 67 |
Securities finance | 0 | 0 | 0 |
Processing fees and other | (16) | (5) | 6 |
Total fee revenue | 1,196 | 1,247 | 1,179 |
Net interest revenue | 2 | 15 | 25 |
Gains (losses) related to investment securities, net | 0 | 0 | 0 |
Total revenue | 1,198 | 1,262 | 1,204 |
Provision for loan losses | 0 | 0 | 0 |
Total expenses | 962 | 960 | 822 |
Income before income tax expense | $ 236 | $ 302 | $ 382 |
Pre-tax margin | 20.00% | 24.00% | 32.00% |
Average assets (in billions) | $ 3,900 | $ 3,900 | $ 3,800 |
Other | |||
Segment Reporting Information [Line Items] | |||
Servicing fees | 0 | 0 | 0 |
Management fees | 0 | 0 | 0 |
Trading services | 0 | 0 | 0 |
Securities finance | 0 | 0 | 0 |
Processing fees and other | 0 | 0 | 0 |
Total fee revenue | 0 | 0 | 0 |
Net interest revenue | 0 | 0 | 0 |
Gains (losses) related to investment securities, net | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 |
Total expenses | 98 | 219 | 180 |
Income before income tax expense | $ (98) | $ (219) | $ (180) |
Line of Business Information141
Line of Business Information - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)line_of_business | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of lines of business | line_of_business | 2 | ||
Noninterest expense | $ 8,050 | $ 7,827 | $ 7,192 |
Acquisition and restructuring costs | $ 25 | 133 | 104 |
Investment Servicing and Investment Management | Maximum | |||
Segment Reporting Information [Line Items] | |||
Percent of consolidated revenues by segment | 75.00% | ||
Other | |||
Segment Reporting Information [Line Items] | |||
Noninterest expense | $ 98 | 219 | 180 |
Acquisition and restructuring costs | 25 | 133 | 104 |
Severance costs | $ 73 | 84 | 11 |
Provision for litigation and other costs | $ 2 | $ 65 | |
Other | Minimum | |||
Segment Reporting Information [Line Items] | |||
Percent of consolidated revenues by segment | 25.00% | ||
Boston Financial Data Services, Inc. | |||
Segment Reporting Information [Line Items] | |||
Ownership percentage | 50.00% | ||
International Financial Data Services | |||
Segment Reporting Information [Line Items] | |||
Ownership percentage | 50.00% |
Non-U.S. Activities - Schedule
Non-U.S. Activities - Schedule Of Results From Non-U.S. Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 10,360 | $ 10,274 | $ 9,864 |
Income before income taxes | 2,298 | 2,437 | 2,666 |
Non-U.S. | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 4,428 | 4,644 | 4,299 |
Income before income taxes | 1,193 | 1,343 | 1,169 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 5,932 | 5,630 | 5,565 |
Income before income taxes | $ 1,105 | $ 1,094 | $ 1,497 |
Non-U.S. Activities - Narrative
Non-U.S. Activities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 10,360 | $ 10,274 | $ 9,864 |
Assets | 245,192 | 274,119 | |
UNITED KINGDOM | |||
Segment Reporting Information [Line Items] | |||
Revenues | 938 | 1,020 | 903 |
Non-U.S. | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4,428 | 4,644 | $ 4,299 |
Assets | $ 78,100 | $ 60,000 |
Parent Company Financial Sta144
Parent Company Financial Statements - Statement of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Total revenue | $ 10,360 | $ 10,274 | $ 9,864 |
Other expenses | 1,018 | 751 | 547 |
Total expenses | 8,050 | 7,827 | 7,192 |
Income tax expense | 318 | 415 | 616 |
Net income | 1,980 | 2,022 | 2,050 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends from consolidated banking subsidiary | 585 | 1,470 | 1,694 |
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities | 171 | 138 | 250 |
Other, net | 73 | 63 | 35 |
Total revenue | 829 | 1,671 | 1,979 |
Interest expense | 209 | 193 | 169 |
Other expenses | 310 | 55 | 88 |
Total expenses | 519 | 248 | 257 |
Income tax expense | (186) | (83) | (84) |
Income (loss) before equity in undistributed income of consolidated subsidiaries and unconsolidated entities | 496 | 1,506 | 1,806 |
Consolidated banking subsidiary | 1,384 | 360 | 151 |
Consolidated non-banking subsidiaries and unconsolidated entities | 100 | 156 | 93 |
Net income | $ 1,980 | $ 2,022 | $ 2,050 |
Parent Company Financial Sta145
Parent Company Financial Statements - Statement of Condition (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ||||
Interest-bearing deposits with banks | $ 75,338 | $ 93,523 | ||
Trading account assets | 849 | 924 | ||
Investment securities available for sale | 70,070 | 94,913 | ||
Other assets | 33,940 | 32,600 | ||
Total assets | 245,192 | 274,119 | ||
Liabilities: | ||||
Long-term debt | 11,534 | 10,042 | ||
Total liabilities | 224,057 | 252,791 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Total shareholders’ equity | 21,103 | 21,328 | $ 20,248 | $ 20,825 |
Total liabilities and equity | 245,192 | 274,119 | ||
Parent Company | ||||
Assets: | ||||
Interest-bearing deposits with banks | 5,735 | 6,030 | ||
Trading account assets | 308 | 279 | ||
Investment securities available for sale | 35 | 35 | ||
Consolidated banking subsidiary | 20,584 | 19,978 | ||
Consolidated non-banking subsidiaries | 2,816 | 2,739 | ||
Unconsolidated entities | 315 | 288 | ||
Consolidated banking subsidiary | 1,558 | 1,526 | ||
Consolidated non-banking subsidiaries and unconsolidated entities | 275 | 331 | ||
Other assets | 515 | 447 | ||
Total assets | 32,141 | 31,653 | ||
Liabilities: | ||||
Commercial paper | 0 | 2,485 | ||
Accrued expenses and other liabilities | 643 | 514 | ||
Long-term debt | 10,363 | 7,326 | ||
Total liabilities | 11,006 | 10,325 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Total shareholders’ equity | 21,135 | 21,328 | ||
Total liabilities and equity | $ 32,141 | $ 31,653 |
Parent Company Financial Sta146
Parent Company Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net cash provided by operating activities | $ (1,403) | $ (561) | $ (2,024) |
Investing Activities: | |||
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary | 18,185 | (29,266) | (13,494) |
Proceeds from sales and maturities of available-for-sale securities | 28,025 | 36,120 | 37,529 |
Net cash provided by (used in) investing activities | 24,995 | (28,492) | (14,085) |
Financing Activities: | |||
Net decrease in short-term borrowings | (7,074) | 1,575 | (1,155) |
Proceeds from issuance of long-term debt, net of issuance costs | 2,983 | 994 | 2,485 |
Payments for long-term debt | (1,155) | (788) | (134) |
Proceeds from issuance of preferred stock | 742 | 1,470 | 0 |
Proceeds from exercises of common stock options | 4 | 14 | 121 |
Purchases of common stock | (1,520) | (1,650) | (2,040) |
Repurchases of common stock for employee tax withholding | (222) | (232) | (189) |
Payments for cash dividends | (655) | (539) | (486) |
Net cash (used in) provided by financing activities | (24,240) | 27,688 | 16,739 |
Net (decrease) increase | (648) | (1,365) | 630 |
Cash and due from banks at beginning of period | 1,855 | 3,220 | 2,590 |
Cash and due from banks at end of period | 1,207 | 1,855 | 3,220 |
Parent Company | |||
Operating Activities: | |||
Net cash provided by operating activities | 926 | 1,767 | 2,296 |
Investing Activities: | |||
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary | 295 | (1,610) | (620) |
Investments in consolidated banking and non-banking subsidiaries | (7,959) | (1,142) | (1,100) |
Sale or repayment of investment in consolidated banking and non-banking subsidiaries | 7,891 | 1,011 | 32 |
Net cash provided by (used in) investing activities | 227 | (1,741) | (1,688) |
Financing Activities: | |||
Net increase (decrease) in commercial paper | (2,485) | 667 | (499) |
Proceeds from issuance of long-term debt, net of issuance costs | 2,983 | 994 | 2,485 |
Payments for long-term debt | 0 | (750) | 0 |
Proceeds from issuance of preferred stock | 742 | 1,470 | 0 |
Proceeds from exercises of common stock options | 4 | 14 | 121 |
Purchases of common stock | (1,520) | (1,650) | (2,040) |
Repurchases of common stock for employee tax withholding | (222) | (232) | (189) |
Payments for cash dividends | (655) | (539) | (486) |
Net cash (used in) provided by financing activities | (1,153) | (26) | (608) |
Net (decrease) increase | 0 | 0 | 0 |
Cash and due from banks at beginning of period | 0 | 0 | 0 |
Cash and due from banks at end of period | $ 0 | $ 0 | $ 0 |