Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 26, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-07511 | |
Entity Registrant Name | STATE STREET CORPORATION | |
Entity Incorporation, State or Country Code | MA | |
Entity Tax Identification Number | 04-2456637 | |
Entity Address, Address Line One | One Lincoln Street | |
Entity Address, City or Town | Boston, | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02111 | |
City Area Code | (617) | |
Local Phone Number | 786-3000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 367,619,359 | |
Entity Central Index Key | 0000093751 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $1 par value per share | |
Trading Symbol | STT | |
Security Exchange Name | NYSE | |
Series D Preferred Stock, Depository Share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, without par value per share | |
Trading Symbol | STT.PRD | |
Security Exchange Name | NYSE | |
Series G Preferred Stock, Depository Share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share | |
Trading Symbol | STT.PRG | |
Security Exchange Name | NYSE |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fee revenue: | ||||
Servicing fees | $ 1,297 | $ 1,394 | $ 2,665 | $ 2,763 |
Management fees | 490 | 504 | 1,010 | 997 |
Foreign exchange trading services | 331 | 286 | 690 | 632 |
Securities finance | 107 | 109 | 203 | 208 |
Software and processing fees | 188 | 211 | 389 | 371 |
Other fee revenue | (43) | 10 | (14) | 26 |
Total fee revenue | 2,370 | 2,514 | 4,943 | 4,997 |
Net interest income: | ||||
Interest income | 704 | 467 | 1,225 | 938 |
Interest expense | 120 | 0 | 132 | 4 |
Net interest income | 584 | 467 | 1,093 | 934 |
Other income: | ||||
Gains (losses) related to investment securities, net | (1) | 0 | (2) | 0 |
Other income | 0 | 53 | 0 | 53 |
Total other income (loss) | (1) | 53 | (2) | 53 |
Total revenue | 2,953 | 3,034 | 6,034 | 5,984 |
Financing Receivable, Excluding Accrued Interest, Credit Loss Expense (Reversal) | 10 | (15) | 10 | (24) |
Expenses: | ||||
Compensation and employee benefits | 1,046 | 1,077 | 2,278 | 2,319 |
Information systems and communications | 392 | 398 | 815 | 819 |
Transaction processing services | 240 | 263 | 504 | 533 |
Occupancy | 96 | 100 | 191 | 209 |
Acquisition and restructuring costs | 12 | 11 | 21 | 21 |
Amortization of other intangible assets | 60 | 63 | 121 | 121 |
Other | 262 | 199 | 505 | 421 |
Total expenses | 2,108 | 2,111 | 4,435 | 4,443 |
Income before income tax expense | 835 | 938 | 1,589 | 1,565 |
Income tax expense | 88 | 175 | 238 | 283 |
Net income | 747 | 763 | 1,351 | 1,282 |
Net income available to common shareholders, basic | 712 | 728 | 1,295 | 1,217 |
Net income available to common shareholders, diluted | $ 712 | $ 728 | $ 1,295 | $ 1,217 |
Earnings per common share: | ||||
Basic (in USD per share) | $ 1.94 | $ 2.11 | $ 3.53 | $ 3.49 |
Diluted (in USD per share) | $ 1.91 | $ 2.07 | $ 3.48 | $ 3.44 |
Average common shares outstanding (in thousands): | ||||
Basic (in shares) | 367,375 | 345,889 | 366,961 | 348,303 |
Diluted (in shares) | 372,123 | 351,582 | 372,080 | 353,434 |
Cash dividends declared (in USD per share) | $ 0.57 | $ 0.52 | $ 1.14 | $ 1.04 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 747 | $ 763 | $ 1,351 | $ 1,282 |
Other comprehensive income (loss), net of related taxes: | ||||
Foreign currency translation, net of related taxes of $53 and ($8), respectively | (446) | 49 | (544) | (151) |
Net unrealized losses on available-for-sale securities, net of reclassification adjustment and net of related taxes of ($233) and ($14), respectively | (618) | (35) | (2,063) | (460) |
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes of $42 and ($5), respectively | 113 | (16) | 270 | (4) |
Net unrealized losses on cash flow hedges, net of related taxes of ($17) and ($4), respectively | (40) | (4) | (234) | (4) |
Net unrealized gains on retirement plans, net of related taxes of $1 and $1, respectively | 2 | 2 | 17 | 10 |
Other comprehensive loss | (989) | (4) | (2,554) | (609) |
Total comprehensive income (loss) | $ (242) | $ 759 | $ (1,203) | $ 673 |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation, taxes | $ 53 | $ (8) | $ 63 | $ 45 |
Change in net unrealized gains (losses) on available-for-sale securities, taxes | (233) | (14) | (764) | (175) |
Change in net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, taxes | 42 | (5) | 99 | (1) |
Change in net unrealized gains (losses) on cash flow hedges, taxes | (17) | (4) | (89) | (4) |
Change in unrealized gains (losses) on retirement plans, taxes | $ 1 | $ 1 | $ 7 | $ 4 |
Consolidated Statement of Condi
Consolidated Statement of Condition - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and due from banks | $ 3,515 | $ 3,631 |
Interest-bearing deposits with banks | 91,360 | 106,358 |
Securities purchased under resale agreements | 5,203 | 3,012 |
Trading account assets | 728 | 758 |
Investment securities available-for-sale (less allowance for credit losses of $2 and $2) | 45,454 | 73,399 |
Investment securities held-to-maturity (less allowance for credit losses of $0 and $0) (fair value of $60,103 and $42,271) | 64,261 | 42,430 |
Loans (less allowance for credit losses on loans of $95 and $87) | 33,470 | 32,445 |
Premises and equipment (net of accumulated depreciation of $5,652 and $5,391) | 2,240 | 2,261 |
Accrued interest and fees receivable | 3,403 | 3,278 |
Goodwill | 7,465 | 7,621 |
Other intangible assets | 1,654 | 1,816 |
Other assets | 41,470 | 37,615 |
Total assets | 300,223 | 314,624 |
Deposits: | ||
Non-interest-bearing | 55,062 | 56,461 |
Interest-bearing - U.S. | 107,262 | 102,985 |
Interest-bearing - non-U.S. | 79,589 | 95,589 |
Total deposits | 241,913 | 255,035 |
Securities sold under repurchase agreements | 951 | 1,575 |
Other short-term borrowings | 73 | 128 |
Accrued expenses and other liabilities | 17,989 | 17,048 |
Long-term debt | 13,530 | 13,475 |
Total liabilities | 274,456 | 287,261 |
Commitments, guarantees and contingencies (Notes 9 and 10) | ||
Shareholders’ equity: | ||
Common stock, $1 par, 750,000,000 shares authorized: 503,879,642 and 503,879,642 shares issued, and 357,389,416 and 379,946,724 shares outstanding | 504 | 504 |
Surplus | 10,757 | 10,787 |
Retained earnings | 26,115 | 25,238 |
Accumulated other comprehensive income (loss) | (3,687) | (1,133) |
Treasury stock, at cost (136,260,289 and 137,896,822 shares) | (9,898) | (10,009) |
Total shareholders’ equity | 25,767 | 27,363 |
Total liabilities and shareholders' equity | 300,223 | 314,624 |
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, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding | 742 | 742 |
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, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding | 247 | 247 |
Series G 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, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding | 493 | 493 |
Series H 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, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding | $ 494 | $ 494 |
Consolidated Statement of Con_2
Consolidated Statement of Condition (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets, Current [Abstract] | ||
Allowance for credit losses on available-for-sale securities | $ 2 | $ 2 |
Allowance for credit losses on HTM investment securities | 0 | 0 |
Investment securities held-to-maturity | 60,103 | 42,271 |
Allowance for credit losses on loans | 95 | 87 |
Accumulated depreciation | $ 5,652 | $ 5,391 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, no par value (in USD per share) | $ 0 | $ 0 |
Preferred stock authorized (in shares) | 3,500,000 | 3,500,000 |
Common stock, par value (usd 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 | 503,879,642 |
Common stock, shares outstanding (in shares) | 367,619,353 | 365,982,820 |
Treasury stock, shares (in shares) | 136,260,289 | 137,896,822 |
Series D Preferred Stock | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
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 Attributable to Parent [Abstract] | ||
Preferred stock, shares issued (in shares) | 2,500 | 2,500 |
Preferred stock, shares outstanding (in shares) | 2,500 | 2,500 |
Series G Preferred Stock | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares issued (in shares) | 5,000 | 5,000 |
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 |
Series H Preferred Stock | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares issued (in shares) | 5,000 | 5,000 |
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 |
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Treasury stock (shares) | 150,723 | ||||||
Beginning balance at Dec. 31, 2020 | $ 26,200 | $ 2,471 | $ 504 | $ 10,205 | $ 23,442 | $ 187 | $ (10,609) |
Beginning balance (shares) at Dec. 31, 2020 | 503,880 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 519 | 519 | |||||
Other comprehensive income (loss) | (605) | (605) | |||||
Preferred stock redeemed | (500) | (495) | (5) | ||||
Cash dividends declared: | |||||||
Common stock dividends | (182) | (182) | |||||
Preferred stock cash dividend | (25) | (25) | |||||
Common stock acquired | (475) | $ (475) | |||||
Common stock acquired (shares) | 6,233 | ||||||
Common stock awards exercised | 71 | 22 | $ 49 | ||||
Common stock awards exercised (in shares) | (1,111) | ||||||
Other | 2 | 2 | |||||
Other (shares) | 2 | ||||||
Ending balance at Mar. 31, 2021 | $ 25,005 | 1,976 | $ 504 | 10,227 | 23,751 | (418) | $ (11,035) |
Ending balance (shares) at Mar. 31, 2021 | 503,880 | ||||||
Cash dividends declared: | |||||||
Cash dividends declared (in USD per share) | $ 0.52 | ||||||
Beginning balance at Dec. 31, 2020 | $ 26,200 | 2,471 | $ 504 | 10,205 | 23,442 | 187 | (10,609) |
Beginning balance (shares) at Dec. 31, 2020 | 503,880 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,282 | ||||||
Other comprehensive income (loss) | (609) | ||||||
Cash dividends declared: | |||||||
Common stock dividends | (361) | ||||||
Preferred stock cash dividend | (59) | ||||||
Ending balance at Jun. 30, 2021 | $ 25,167 | 1,976 | $ 504 | 10,246 | 24,300 | (422) | $ (11,437) |
Ending balance (shares) at Jun. 30, 2021 | 503,880 | ||||||
Cash dividends declared: | |||||||
Cash dividends declared (in USD per share) | $ 1.04 | ||||||
Treasury stock (shares) | 155,847 | ||||||
Beginning balance at Mar. 31, 2021 | $ 25,005 | 1,976 | $ 504 | 10,227 | 23,751 | (418) | $ (11,035) |
Beginning balance (shares) at Mar. 31, 2021 | 503,880 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 763 | 763 | |||||
Other comprehensive income (loss) | (4) | (4) | |||||
Cash dividends declared: | |||||||
Common stock dividends | (179) | (179) | |||||
Preferred stock cash dividend | (34) | (34) | |||||
Common stock acquired | (425) | $ (425) | |||||
Common stock acquired (shares) | 5,017 | ||||||
Common stock awards exercised | 42 | 19 | $ 23 | ||||
Common stock awards exercised (in shares) | (487) | ||||||
Other | (1) | (1) | |||||
Ending balance at Jun. 30, 2021 | $ 25,167 | 1,976 | $ 504 | 10,246 | 24,300 | (422) | $ (11,437) |
Ending balance (shares) at Jun. 30, 2021 | 503,880 | ||||||
Cash dividends declared: | |||||||
Cash dividends declared (in USD per share) | $ 0.52 | ||||||
Treasury stock (shares) | 160,377 | ||||||
Treasury stock (shares) | 137,897 | ||||||
Beginning balance at Dec. 31, 2021 | $ 27,363 | 1,976 | $ 504 | 10,787 | 25,238 | (1,133) | $ (10,009) |
Beginning balance (shares) at Dec. 31, 2021 | 503,880 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 604 | 604 | |||||
Other comprehensive income (loss) | (1,565) | (1,565) | |||||
Cash dividends declared: | |||||||
Common stock dividends | (209) | (209) | |||||
Preferred stock cash dividend | (20) | (20) | |||||
Common stock awards exercised | 66 | 11 | $ 77 | ||||
Common stock awards exercised (in shares) | (1,132) | ||||||
Other | (15) | (14) | (1) | ||||
Other (shares) | 0 | ||||||
Ending balance at Mar. 31, 2022 | $ 26,224 | 1,976 | $ 504 | 10,762 | 25,612 | (2,698) | $ (9,932) |
Ending balance (shares) at Mar. 31, 2022 | 503,880 | ||||||
Cash dividends declared: | |||||||
Cash dividends declared (in USD per share) | $ 0.57 | ||||||
Beginning balance at Dec. 31, 2021 | $ 27,363 | 1,976 | $ 504 | 10,787 | 25,238 | (1,133) | (10,009) |
Beginning balance (shares) at Dec. 31, 2021 | 503,880 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,351 | ||||||
Other comprehensive income (loss) | (2,554) | ||||||
Cash dividends declared: | |||||||
Common stock dividends | (419) | ||||||
Preferred stock cash dividend | (55) | ||||||
Ending balance at Jun. 30, 2022 | $ 25,767 | 1,976 | $ 504 | 10,757 | 26,115 | (3,687) | $ (9,898) |
Ending balance (shares) at Jun. 30, 2022 | 503,880 | ||||||
Cash dividends declared: | |||||||
Cash dividends declared (in USD per share) | $ 1.14 | ||||||
Treasury stock (shares) | 136,765 | ||||||
Beginning balance at Mar. 31, 2022 | $ 26,224 | 1,976 | $ 504 | 10,762 | 25,612 | (2,698) | $ (9,932) |
Beginning balance (shares) at Mar. 31, 2022 | 503,880 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 747 | 747 | |||||
Other comprehensive income (loss) | (989) | (989) | |||||
Cash dividends declared: | |||||||
Common stock dividends | (210) | (210) | |||||
Preferred stock cash dividend | (35) | (35) | |||||
Common stock awards exercised | 29 | 5 | $ 34 | ||||
Common stock awards exercised (in shares) | (505) | ||||||
Other | 1 | 1 | |||||
Ending balance at Jun. 30, 2022 | $ 25,767 | $ 1,976 | $ 504 | $ 10,757 | $ 26,115 | $ (3,687) | $ (9,898) |
Ending balance (shares) at Jun. 30, 2022 | 503,880 | ||||||
Cash dividends declared: | |||||||
Cash dividends declared (in USD per share) | $ 0.57 | ||||||
Treasury stock (shares) | 136,260 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends declared (in USD per share) | $ 0.57 | $ 0.57 | $ 0.52 | $ 0.52 | $ 1.14 | $ 1.04 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Operating Activities: | |||||||
Net income | $ 747 | $ 604 | $ 763 | $ 519 | $ 1,351 | $ 1,282 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Deferred income tax (benefit) | 57 | (15) | |||||
Amortization of other intangible assets | 60 | 63 | 121 | 121 | $ 245 | ||
Other non-cash adjustments for depreciation, amortization and accretion, net | 420 | 700 | |||||
Losses (gains) related to investment securities, net | 2 | 0 | |||||
Provision for credit losses | 10 | (15) | 10 | (24) | |||
Change in trading account assets, net | 30 | 94 | |||||
Change in accrued interest and fees receivable, net | (125) | (254) | |||||
Change in collateral deposits, net | 1,859 | (6,520) | |||||
Change in unrealized losses (gains) on foreign exchange derivatives, net | (5,277) | (7,471) | |||||
Change in other assets, net | (435) | (1,444) | |||||
Change in accrued expenses and other liabilities, net | 2,177 | 1,971 | |||||
Other, net | 261 | 235 | |||||
Net cash provided by operating activities | 451 | (11,325) | |||||
Investing Activities: | |||||||
Net decrease in interest-bearing deposits with banks | 14,999 | 3,613 | |||||
Net (increase) in securities purchased under resale agreements | (2,192) | (891) | |||||
Proceeds from sales of available-for-sale securities | 4,492 | 6,854 | |||||
Proceeds from maturities of available-for-sale securities | 10,177 | 11,090 | |||||
Purchases of available-for-sale securities | (13,899) | (28,565) | |||||
Proceeds from maturities of held-to-maturity securities under the MMLF program | 0 | 3,299 | |||||
Proceeds from maturities of held-to-maturity securities | 5,921 | 7,886 | |||||
Purchases of held-to-maturity securities | (4,402) | (3,070) | |||||
Sale of loans | 1,565 | 40 | |||||
Net (increase) in loans | (2,985) | (2,819) | |||||
Business acquisitions, net of cash acquired | 0 | (257) | |||||
Divestitures | 0 | 13 | |||||
Purchases of equity investments and other long-term assets | (167) | (106) | |||||
Purchases of premises and equipment, net | (320) | (359) | |||||
Other, net | 57 | 184 | |||||
Net cash provided by (used in) investing activities | 13,246 | (3,088) | |||||
Financing Activities: | |||||||
Net (decrease) in time deposits | (1,238) | (1,542) | |||||
Net (decrease) increase in all other deposits | (11,884) | 25,724 | |||||
Net (decrease) in securities sold under repurchase agreements | (624) | (2,756) | |||||
Net (decrease) in short-term borrowings under money market liquidity facility | 0 | (3,302) | |||||
Net (decrease) in other short-term borrowings | (55) | (51) | |||||
Proceeds from issuance of long-term debt, net of issuance costs | 1,989 | 844 | |||||
Payments for long-term debt and obligations under finance leases | (1,527) | (1,522) | |||||
Payments for redemption of preferred stock | 0 | (500) | |||||
Repurchases of common stock | 0 | (900) | |||||
Repurchases of common stock for employee tax withholding | 0 | (6) | |||||
Payments for cash dividends | (474) | (424) | |||||
Net cash (used in) provided by financing activities | (13,813) | 15,565 | |||||
Net (decrease) increase | (116) | 1,152 | |||||
Cash and due from banks at beginning of period | $ 3,631 | $ 3,467 | 3,631 | 3,467 | 3,467 | ||
Cash and due from banks at end of period | $ 3,515 | $ 4,619 | $ 3,515 | $ 4,619 | $ 3,631 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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, including our principal banking subsidiary, State Street Bank. The accompanying consolidated financial statements should be read in conjunction with the financial and risk factor information included in our 2021 Form 10-K, which we previously filed with the SEC. The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation. Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our consolidated financial statements through the date we filed this Form 10-Q with the SEC. The preparation of consolidated financial statements in conformity with 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. These accounting estimates reflect the best judgment of management, but actual results could differ. Our consolidated statement of condition as of December 31, 2021 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by U.S. GAAP for a complete set of consolidated financial statements. In September 2021, we announced that we had entered into a definitive agreement to acquire the BBH Investor Services business for $3.5 billion in cash. Recent Accounting Developments In March 2022, the SEC staff released Staff Accounting Bulletin No. 121 (SAB 121). SAB 121 expresses the views of the SEC staff regarding the accounting for obligations to safeguard crypto-assets. The guidance requires an entity that has obligations to safeguard crypto-assets held for their platform users to recognize a liability on its balance sheet, along with a corresponding asset, and provide extensive disclosures on the nature and amount of crypto-assets under custody. This guidance was adopted in the second quarter of 2022 and had no financial statement impact. We continue to evaluate the potential impact of the guidance on State Street Digital products and services currently in development. We did not adopt any other new accounting standards in the second quarter of 2022 that had a material impact to our financial statements. Relevant standards that were recently issued but not yet adopted Standard Description Date of Adoption Effects on the financial statements or other significant matters ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The standard addresses two topics: 1) eliminates the accounting guidance for TDRs, now requiring an entity to determine whether a modification results in a new loan or a continuation of an existing loan, as well as expanding disclosures related to modifications and 2) requires disclosure of current period gross write-offs of financing receivables within the vintage disclosures table. January 1, 2023, early adoption permitted We do not expect the new standard to have a significant impact as, to date, no loans have been modified in troubled debt restructurings and write-offs of financing receivables are insignificant. ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method The standard makes targeted amendments to 1) expand the existing last-of-layer method to allow multiple hedging layers of a single closed portfolio (now renamed portfolio layer method), 2) expand the scope of the portfolio layer method to include nonprepayable financial assets, 3) clarify which hedging instruments are eligible for designation in a portfolio layer hedge, 4) provide additional guidance on the accounting for, and disclosure of, hedge basis adjustments that are applicable to the portfolio layer method and 5) define how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. January 1, 2023, early adoption permitted We are currently evaluating the impact of the new standard and the early adoption provisions. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair Value Measurements We carry trading account assets and liabilities, AFS debt securities, certain equity 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. For information about our valuation techniques for financial assets and financial liabilities measured at fair value and the fair value hierarchy, refer to pages 137 to 143 in Note 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated: Fair Value Measurements on a Recurring Basis As of June 30, 2022 (In millions) Quoted Market Pricing Methods Pricing Methods Impact of Netting (1) Total Net Assets: Trading account assets: U.S. government securities $ 39 $ — $ — $ 39 Non-U.S. government securities — 131 — 131 Other — 558 — 558 Total trading account assets 39 689 — 728 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations 9,411 — — 9,411 Mortgage-backed securities — 10,271 — 10,271 Total U.S. Treasury and federal agencies 9,411 10,271 — 19,682 Non-U.S. debt securities: Mortgage-backed securities — 1,959 — 1,959 Asset-backed securities — 1,876 — 1,876 Non-U.S. sovereign, supranational and non-U.S. agency — 14,927 — 14,927 Other — 2,204 — 2,204 Total non-U.S. debt securities — 20,966 — 20,966 Asset-backed securities: Student loans — 150 — 150 Collateralized loan obligations — 2,334 — 2,334 Non-agency CMBS and RMBS (2) — 195 — 195 Other — 89 — 89 Total asset-backed securities — 2,768 — 2,768 State and political subdivisions — 1,034 — 1,034 Other U.S. debt securities — 1,004 — 1,004 Total available-for-sale investment securities 9,411 36,043 — 45,454 Other assets: Derivative instruments: Foreign exchange contracts 3 23,615 15 $ (14,168) 9,465 Interest rate contracts 11 — — — 11 Total derivative instruments 14 23,615 15 (14,168) 9,476 Other 12 621 — — 633 Total assets carried at fair value $ 9,476 $ 60,968 $ 15 $ (14,168) $ 56,291 Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 4 $ 23,017 $ 15 $ (17,100) $ 5,936 Interest rate contracts — — — — — Other derivative contracts — 272 — — 272 Total derivative instruments 4 23,289 15 (17,100) 6,208 Total liabilities carried at fair value $ 4 $ 23,289 $ 15 $ (17,100) $ 6,208 (1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.73 billion and $4.66 billion, respectively, for cash collateral received from and provided to derivative counterparties. (2) Consists entirely of non-agency CMBS. Fair Value Measurements on a Recurring Basis As of December 31, 2021 (In millions) Quoted Market Pricing Methods Pricing Methods Impact of Netting (1) Total Net Assets: Trading account assets: U.S. government securities $ 39 $ — $ — $ 39 Non-U.S. government securities — 134 — 134 Other — 585 — 585 Total trading account assets 39 719 — 758 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations 17,939 — — 17,939 Mortgage-backed securities — 18,208 — 18,208 Total U.S. Treasury and federal agencies 17,939 18,208 — 36,147 Non-U.S. debt securities: Mortgage-backed securities — 1,995 — 1,995 Asset-backed securities — 2,087 — 2,087 Non-U.S. sovereign, supranational and non-U.S. agency — 23,547 — 23,547 Other — 3,098 — 3,098 Total non-U.S. debt securities — 30,727 — 30,727 Asset-backed securities: Student loans — 211 — 211 Collateralized loan obligations — 2,155 — 2,155 Non-agency CMBS and RMBS (2) — 52 — 52 Other — 91 — 91 Total asset-backed securities — 2,509 — 2,509 State and political subdivisions — 1,272 — 1,272 Other U.S. debt securities — 2,744 — 2,744 Total available-for-sale investment securities 17,939 55,460 — 73,399 Other assets: Derivative instruments: Foreign exchange contracts 2 15,183 — $ (11,079) 4,106 Interest rate contracts 2 — — — 2 Total derivative instruments 4 15,183 — (11,079) 4,108 Other — 667 — — 667 Total assets carried at fair value $ 17,982 $ 72,029 $ — $ (11,079) $ 78,932 Liabilities: Accrued expenses and other liabilities: Trading account liabilities: Derivative instruments: Foreign exchange contracts 1 15,824 — (10,395) 5,430 Other derivative contracts — 301 — — 301 Total derivative instruments 1 16,125 — (10,395) 5,731 Total liabilities carried at fair value $ 1 $ 16,125 $ — $ (10,395) $ 5,731 (1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.97 billion and $1.28 billion, respectively, for cash collateral received from and provided to derivative counterparties. (2) Consists entirely of non-agency CMBS. The following tables present activity related to our level 3 financial assets during the three and six months ended June 30, 2022 and 2021, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During both the three and six months ended June 30, 2022, there were no transfers into and out of level 3. During the three months ended June 30, 2021, there were no transfers into level 3. During the six months ended June 30, 2021, transfers into level 3 were primarily related to a U.S. corporate bond, for which fair value was measured using information obtained from third party sources, including non-binding broker/dealer quotes. During the three and six months ended June 30, 2021, transfers out of level 3 were primarily related to collateralized loan obligations and a U.S. corporate bond, for which fair value was measured using prices for which observable market information became available. Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended June 30, 2022 Fair Value as of March 31, 2022 Total Realized and Unrealized Gains (Losses) (1) Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of June 30, 2022 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded in Revenue (1) Recorded in Other Comprehensive Income (1) Assets: Other assets: Derivative instruments: Foreign exchange contracts $ 6 $ — $ — $ 9 $ — $ — $ — $ — $ 15 $ 2 Total derivative instruments 6 — — 9 — — — — 15 2 Total assets carried at fair value $ 6 $ — $ — $ 9 $ — $ — $ — $ — $ 15 $ 2 (1) Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. Fair Value Measurements Using Significant Unobservable Inputs Six Months Ended June 30, 2022 Fair Value as of December 31, 2021 Total Realized and Unrealized Gains (Losses) (1) Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of June 30, 2022 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded in Revenue (1) Recorded in Other Comprehensive Income (1) Assets: Other assets: Derivative instruments: Foreign exchange contracts $ — $ 3 $ — $ 12 $ — $ — $ — $ — $ 15 $ 4 Total derivative instruments — 3 — 12 — — — — 15 4 Total assets carried at fair value $ — $ 3 $ — $ 12 $ — $ — $ — $ — $ 15 $ 4 (1) Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended June 30, 2021 Fair Value as of March 31, 2021 Total Realized and Unrealized Gains (Losses) (1) Purchases Sales Settlements Transfers Transfers Fair Value as of June 30, 2021 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded (1) Recorded (1) Assets: Available-for-sale Investment securities: Asset-backed securities: Collateralized loan obligations $ 106 $ — $ — $ — $ — $ — $ — $ (106) $ — Total asset-backed securities 106 — — — — — — (106) — Other U.S. debt securities 15 — — — — — — (15) — Total available-for-sale investment securities 121 — — — — — — (121) — Other assets: Derivative instruments: Foreign exchange contracts 6 (5) — 2 — (1) — — 2 $ — Total derivative instruments 6 (5) — 2 — (1) — — 2 — Total assets carried at fair value $ 127 $ (5) $ — $ 2 $ — $ (1) $ — $ (121) $ 2 $ — ( 1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. Fair Value Measurements Using Significant Unobservable Inputs Six Months Ended June 30, 2021 Fair Value as of December 31, 2020 Total Realized and Unrealized Gains (Losses) (1) Purchases Sales Settlements Transfers Transfers Fair Value as of June 30, 2021 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded (1) Recorded (1) Assets: Available-for-sale Investment securities: Asset-backed securities: Collateralized loan obligations $ 14 $ — $ — $ 106 $ — $ — $ — $ (120) $ — Total asset-backed securities 14 — — 106 — — — (120) — Other U.S. debt securities — — — — — — 15 (15) — Total available-for-sale investment securities 14 — — 106 — — 15 (135) — Other assets: Derivative instruments: Foreign exchange contracts 2 (3) — 3 — — — — 2 $ (1) Total derivative instruments 2 (3) — 3 — — — — 2 (1) Total assets carried at fair value $ 16 $ (3) $ — $ 109 $ — $ — $ 15 $ (135) $ 2 $ (1) ( 1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. 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/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 Range Weighted-Average (Dollars in millions) As of June 30, 2022 As of December 31, 2021 Valuation Technique Significant Unobservable Input (1) As of June 30, 2022 As of June 30, 2022 As of December 31, 2021 Significant unobservable inputs readily available to State Street: Assets: Derivative Instruments, foreign exchange contracts $ 15 $ — Option model Volatility 5.4 % - 19.8% 11.9 % 15.2 % Total $ 15 $ — Liabilities: Derivative instruments, foreign exchange contracts $ 15 $ — Option model Volatility 5.4 % - 19.7% 11.9 % 14.7 % Total $ 15 $ — (1) Significant changes in these unobservable inputs may result in significant changes in fair value measurement of the derivative instrument. Fair Value Estimates Estimates of fair value for financial instruments not carried at fair value in our consolidated statement of condition are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information. The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value, as they would be categorized within the fair value hierarchy, as of the dates indicated: Fair Value Hierarchy (In millions) 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) June 30, 2022 Financial Assets: Cash and due from banks $ 3,515 3,515 $ 3,515 $ — $ — Interest-bearing deposits with banks 91,360 91,360 — 91,360 — Securities purchased under resale agreements 5,203 5,203 — 5,203 — Investment securities held-to-maturity 64,261 60,103 11,331 48,772 — Net loans (1) 33,470 33,209 — 31,009 2,200 Other (2) 1 1 — 1 — Financial Liabilities: Deposits: Non-interest-bearing $ 55,062 $ 55,062 $ — $ 55,062 $ — Interest-bearing - U.S. 107,262 107,262 — 107,262 — Interest-bearing - non-U.S. 79,589 79,589 — 79,589 — Securities sold under repurchase agreements 951 951 — 951 — Other short-term borrowings 73 73 — 73 — Long-term debt 13,530 12,771 — 12,633 138 Other (2) 1 1 — 1 — (1) Includes $155 million of loans classified as held-for-sale that were measured at fair value in level 2 as of June 30, 2022. (2) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge. Fair Value Hierarchy (In millions) 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) December 31, 2021 Financial Assets: Cash and due from banks $ 3,631 $ 3,631 $ 3,631 $ — $ — Interest-bearing deposits with banks 106,358 106,358 — 106,358 — Securities purchased under resale agreements 3,012 3,012 — 3,012 — Investment securities held-to-maturity 42,430 42,271 2,160 40,111 — Net loans (1) 32,445 32,528 — 29,862 2,666 Other (2) 1 1 — 1 — Financial Liabilities: Deposits: Non-interest-bearing $ 56,461 $ 56,461 $ — $ 56,461 $ — Interest-bearing - U.S. 102,985 102,985 — 102,985 — Interest-bearing - non-U.S. 95,589 95,589 — 95,589 — Securities sold under repurchase agreements 1,575 1,575 — 1,575 — Other short-term borrowings 128 128 — 128 — Long-term debt 13,475 13,552 — 13,385 167 Other (2) 1 1 — 1 — (1) Includes $8 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2021. (2) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities held by us are classified as either trading account assets, AFS, HTM or equity securities held at fair value at the time of purchase and reassessed periodically, based on management’s intent. For additional information on our accounting for investment securities, refer to page 144 in Note 3 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. Trading assets are carried at fair value. Both realized and unrealized gains and losses on trading assets are recorded in foreign exchange trading services revenue in our consolidated statement of income. AFS securities are carried at fair value, with any allowance for credit losses recorded through the consolidated statement of income 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, with any allowance for credit losses recorded through the consolidated statement of income. The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated: June 30, 2022 December 31, 2021 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 $ 9,720 $ 12 $ 321 $ 9,411 $ 18,111 $ 24 $ 196 $ 17,939 Mortgage-backed securities 10,409 1 139 10,271 18,154 148 94 18,208 Total U.S. Treasury and federal agencies 20,129 13 460 19,682 36,265 172 290 36,147 Non-U.S. debt securities: Mortgage-backed securities 1,972 5 18 1,959 1,986 12 3 1,995 Asset-backed securities (1) 1,901 — 25 1,876 2,087 2 2 2,087 Non-U.S. sovereign, supranational and non-U.S. agency 15,300 1 374 14,927 23,533 114 100 23,547 Other (2) 2,358 — 154 2,204 3,113 17 32 3,098 Total non-U.S. debt securities 21,531 6 571 20,966 30,719 145 137 30,727 Asset-backed securities: Student loans (3) 152 — 2 150 209 2 — 211 Collateralized loan obligations (4) 2,378 — 43 2,334 2,155 2 2 2,155 Non-agency CMBS and RMBS (5) 200 — 5 195 52 — — 52 Other 90 — 1 89 90 1 — 91 Total asset-backed securities 2,820 — 51 2,768 2,506 5 2 2,509 State and political subdivisions 1,042 2 10 1,034 1,216 59 3 1,272 Other U.S. debt securities (6) 1,074 — 70 1,004 2,734 23 13 2,744 Total available-for-sale securities (7)(9) $ 46,596 $ 21 $ 1,162 $ 45,454 $ 73,440 $ 404 $ 445 $ 73,399 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 11,424 $ — $ 75 $ 11,349 $ 2,170 $ 10 $ — $ 2,180 Mortgage-backed securities 41,660 2 3,854 37,808 33,481 362 578 33,265 Total U.S. Treasury and federal agencies 53,084 2 3,929 49,157 35,651 372 578 35,445 Non-U.S. debt securities: Non-U.S. sovereign, supranational and non-U.S. agency 6,443 5 133 6,315 1,564 — 9 1,555 Total non-U.S. debt securities 6,443 5 133 6,315 1,564 — 9 1,555 Asset-backed securities: Student loans (3) 4,468 1 124 4,345 4,908 48 14 4,942 Non-agency CMBS and RMBS (8) 266 20 — 286 307 22 — 329 Total asset-backed securities 4,734 21 124 4,631 5,215 70 14 5,271 Total held-to-maturity securities (7) $ 64,261 $ 28 $ 4,186 $ 60,103 $ 42,430 $ 442 $ 601 $ 42,271 (1) As of June 30, 2022 and December 31, 2021, the fair value includes non-U.S. collateralized loan obligations of $0.85 billion and $0.83 billion, respectively. (2) As of June 30, 2022 and December 31, 2021, the fair value includes non-U.S. corporate bonds of $1.10 billion and $1.53 billion, respectively. (3) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans. (4) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information. (5) Consists entirely of non-agency CMBS as of both June 30, 2022 and December 31, 2021. (6) As of June 30, 2022 and December 31, 2021, the fair value of U.S. corporate bonds was $1.00 billion and $2.44 billion, respectively. (7) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended June 30, 2022. (8) As of June 30, 2022 and December 31, 2021, the total amortized cost included $256 million and $292 million, respectively, of non-agency CMBS and $11 million and $14 million of non-agency RMBS, respectively. (9) As of both June 30, 2022 and December 31, 2021, total amortized cost included an allowance for credit losses on AFS investment securities of $2 million. Aggregate investment securities with carrying values of approximately $74.57 billion and $80.81 billion as of June 30, 2022 and December 31, 2021, respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law. In the second quarter of 2022, $21.23 billion of investment securities previously classified as AFS were transferred to HTM. These transfers reflect our intent to hold these securities until their maturity. These securities were transferred at fair value, which included a net unrealized loss of $1.29 billion. Upon transfer of a debt security from AFS to HTM, the amortized cost is reset to fair value. Any net unrealized gain or loss at the date of transfer will remain in AOCI and be amortized into net interest income over the remaining life of the security. The amortization of amounts retained in AOCI will offset the effect on net interest income of the amortization of the premium or discount resulting from transferring securities at fair value. The following tables present the aggregate fair values of AFS 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: As of June 30, 2022 Less than 12 months 12 months or longer Total (In millions) Fair Gross Fair Gross Fair Gross Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 6,778 $ 283 $ 2,062 $ 38 $ 8,840 $ 321 Mortgage-backed securities 9,768 119 278 20 10,046 139 Total U.S. Treasury and federal agencies 16,546 402 2,340 58 18,886 460 Non-U.S. debt securities: Mortgage-backed securities 1,783 18 41 — 1,824 18 Asset-backed securities 1,637 23 166 2 1,803 25 Non-U.S. sovereign, supranational and non-U.S. agency 12,529 301 1,454 73 13,983 374 Other 1,423 87 637 67 2,060 154 Total non-U.S. debt securities 17,372 429 2,298 142 19,670 571 Asset-backed securities: Student loans 102 2 16 — 118 2 Collateralized loan obligations 1,902 36 433 7 2,335 43 Non-agency CMBS and RMBS 195 5 — — 195 5 Other 89 1 — — 89 1 Total asset-backed securities 2,288 44 449 7 2,737 51 State and political subdivisions 667 6 43 4 710 10 Other U.S. debt securities 763 48 238 22 1,001 70 Total $ 37,636 $ 929 $ 5,368 $ 233 $ 43,004 $ 1,162 As of December 31, 2021 Less than 12 months 12 months or longer Total (In millions) Fair Gross Fair Gross Fair Gross Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 14,749 $ 194 $ 1,624 $ 2 $ 16,373 $ 196 Mortgage-backed securities 10,417 80 369 14 10,786 94 Total U.S. Treasury and federal agencies 25,166 274 1,993 16 27,159 290 Non-U.S. debt securities: Mortgage-backed securities 577 3 30 — 607 3 Asset-backed securities 1,021 2 127 — 1,148 2 Non-U.S. sovereign, supranational and non-U.S. agency 10,406 97 63 3 10,469 100 Other 1,570 31 19 1 1,589 32 Total non-U.S. debt securities 13,574 133 239 4 13,813 137 Asset-backed securities: Collateralized loan obligations 1,268 2 — — 1,268 2 Total asset-backed securities 1,268 2 — — 1,268 2 State and political subdivisions 10 — 45 3 55 3 Other U.S. debt securities 1,214 13 — — 1,214 13 Total $ 41,232 $ 422 $ 2,277 $ 23 $ 43,509 $ 445 The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of June 30, 2022. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties. As of June 30, 2022 (In millions) Under 1 Year 1 to 5 Years 6 to 10 Years Over 10 Years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 2,049 $ 2,039 $ 7,112 $ 6,800 $ 559 $ 572 $ — $ — $ 9,720 $ 9,411 Mortgage-backed securities 56 56 549 548 7,862 7,793 1,942 1,874 10,409 10,271 Total U.S. Treasury and federal agencies 2,105 2,095 7,661 7,348 8,421 8,365 1,942 1,874 20,129 19,682 Non-U.S. debt securities: Mortgage-backed securities 174 174 388 386 28 27 1,382 1,372 1,972 1,959 Asset-backed securities 265 260 810 801 459 453 367 362 1,901 1,876 Non-U.S. sovereign, supranational and non-U.S. agency 3,345 3,335 9,142 8,800 2,813 2,792 — — 15,300 14,927 Other 267 266 1,940 1,812 122 103 29 23 2,358 2,204 Total non-U.S. debt securities 4,051 4,035 12,280 11,799 3,422 3,375 1,778 1,757 21,531 20,966 Asset-backed securities: Student loans 64 65 — — — — 88 85 152 150 Collateralized loan obligations 108 106 485 477 1,197 1,177 588 574 2,378 2,334 Non-agency CMBS and RMBS — — — — — — 200 195 200 195 Other — — 90 89 — — — — 90 89 Total asset-backed securities 172 171 575 566 1,197 1,177 876 854 2,820 2,768 State and political subdivisions 175 175 404 401 407 406 56 52 1,042 1,034 Other U.S. debt securities 62 61 997 928 15 15 — — 1,074 1,004 Total $ 6,565 $ 6,537 $ 21,917 $ 21,042 $ 13,462 $ 13,338 $ 4,652 $ 4,537 $ 46,596 $ 45,454 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 400 $ 400 $ 10,985 $ 10,911 $ 24 $ 23 $ 15 $ 15 $ 11,424 $ 11,349 Mortgage-backed securities 157 151 556 540 4,706 4,141 36,241 32,976 41,660 37,808 Total U.S. Treasury and federal agencies 557 551 11,541 11,451 4,730 4,164 36,256 32,991 53,084 49,157 Non-U.S. debt securities: Non-U.S. sovereign, supranational and non-U.S. agency 546 543 5,303 5,186 594 586 — — 6,443 6,315 Total non-U.S. debt securities 546 543 5,303 5,186 594 586 — — 6,443 6,315 Asset-backed securities: Student loans 332 319 13 13 960 941 3,163 3,072 4,468 4,345 Non-agency CMBS and RMBS 181 188 11 12 — — 74 86 266 286 Total asset-backed securities 513 507 24 25 960 941 3,237 3,158 4,734 4,631 Total $ 1,616 $ 1,601 $ 16,868 $ 16,662 $ 6,284 $ 5,691 $ 39,493 $ 36,149 $ 64,261 $ 60,103 Allowance for Credit Losses on Debt Securities and Impairment of AFS Securities We conduct quarterly reviews of HTM and AFS securities on a collective (pool) basis when similar risk characteristics exist to determine whether an allowance for credit losses should be recognized. We review individual AFS securities periodically to assess if additional impairment is required. For additional information about the Current Expected Credit Loss methodology and the review of investment securities for expected credit losses or impairment, refer to pages 148 to 149 in Note 3 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. We monitor the credit quality of the HTM and AFS investment securities using a variety of methods, including both external and internal credit ratings. As of June 30, 2022, 99% of our HTM and AFS investment portfolio is publicly rated investment grade. We had no allowance for credit losses on our HTM securities as of June 30, 2022 and December 31, 2021. Our allowance for credit losses on our AFS securities was approximately $2 million as of both June 30, 2022 and December 31, 2021. In the second quarter of 2022, we recorded no provision for credit losses and no charge-offs on AFS securities. We have elected to not record an allowance on accrued interest for HTM and AFS securities. Accrued interest on these securities is reversed against interest income when payment on a security is delinquent for greater than 90 days from the date of payment. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses We segregate our loans into two segments: commercial and financial loans and commercial real estate loans. We further classify commercial and financial loans as fund finance loans, leveraged loans, overdrafts and other. These classifications reflect their risk characteristics, their initial measurement attributes and the methods we use to monitor and assess credit risk. For additional information on our loans, including our internal risk-rating system used to assess our risk of credit loss for each loan, refer to pages 149 to 154 in Note 4 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. The following table presents our recorded investment in loans, by segment, as of the dates indicated: (In millions) June 30, 2022 December 31, 2021 Domestic (1) : Commercial and financial: Fund Finance (2) $ 12,363 $ 12,396 Leveraged loans 2,468 3,106 Overdrafts 2,220 1,796 Other (3) 1,968 2,262 Commercial real estate 2,682 2,554 Total domestic 21,701 22,114 Foreign (1) : Commercial and financial: Fund Finance (2) 8,131 7,778 Leveraged loans 1,123 1,328 Overdrafts 2,610 1,312 Total foreign 11,864 10,418 Total loans (2) 33,565 32,532 Allowance for credit losses (95) (87) Loans, net of allowance $ 33,470 $ 32,445 (1) Domestic and foreign categorization is based on the borrower’s country of domicile. (2) Fund finance loans include primarily $8.17 billion private equity capital call finance loans, $6.48 billion loans to real money funds, $4.11 billion collateralized loan obligations in loan form and $1.26 billion loans to business development companies as of June 30, 2022, compared to $9.15 billion private equity capital call finance loans, $6.40 billion loans to real money funds, $2.91 billion collateralized loan obligations in loan form and $1.39 billion loans to business development companies as of December 31, 2021. (3) Includes $1.53 billion securities finance loans, $420 million loans to municipalities and $21 million other loans as of June 30, 2022 and $1.78 billion securities finance loans, $455 million loans to municipalities and $23 million other loans as of December 31, 2021. The commercial and financial segment is composed of primarily fund finance loans, purchased leveraged loans, overdrafts and other loans. Fund finance loans are composed of revolving credit lines providing liquidity and leverage to mutual fund and private equity fund clients, as well as collateralized loan obligations in loan form. Certain loans are pledged as collateral for access to the Federal Reserve's discount window. As of June 30, 2022 and December 31, 2021, the loans pledged as collateral totaled $10.92 billion and $10.08 billion, respectively. As of both June 30, 2022 and December 31, 2021, we had no loans on non-accrual status. We sold $1.63 billion of loans in the second quarter of 2022, of which $155 million remained unsettled and was held for sale as of June 30, 2022. 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. There were no loans modified in troubled debt restructurings during the second quarter of 2022. Allowance for Credit Losses We recognize an allowance for credit losses in accordance with ASC 326 for certain on-balance sheet credit exposures, including financial assets held at amortized cost and off-balance sheet commitments. The allowance for credit losses is reviewed on a regular basis, and any provision for credit losses is recorded to reflect the amount necessary to maintain the allowance for expected credit losses at a level which represents what management does not expect to recover due to expected credit losses. For additional discussion on the allowance for credit losses for investment securities, please refer to Note 3, to the consolidated financial statements in this Form 10-Q. When the allowance is recorded, a provision for credit loss expense is recognized in net income. The allowance for credit losses for financial assets (excluding investment securities, as discussed in Note 3) represents the portion of the amortized cost basis, including accrued interest for financial assets held at amortized cost, which management does not expect to recover due to expected credit losses and is presented on the statement of condition as an offset to the amortized cost basis. The accrued interest balance is presented separately on the statement of condition within accrued interest and fees receivable. The allowance for off-balance sheet commitments is presented within other liabilities. The allowance for credit losses may be determined using various methods, including discounted cash flow methods, loss-rate methods, probability-of-default methods, and other quantitative or qualitative methods as determined by us. The method used to estimate expected credit losses may vary depending on the type of financial asset, our ability to predict the timing of cash flows, and the information available to us. We measure expected credit losses of financial assets on a collective (pool) basis when similar risk characteristic exist. Each reporting period, we assess whether the assets in the pool continue to display similar risk characteristics. For a financial asset that does not share risk characteristics with other assets, expected credit losses are measured separately using one or more of the methods noted above. As of June 30, 2022, we had 5 loans for $130 million in the commercial and financial segment that no longer met the similar risk characteristics of their collective pool. We recorded an allowance for credit losses of $7 million as of June 30, 2022 on these loans. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, factors and forecasts then prevailing may result in significant changes in the allowance for credit losses in those future periods. We estimate credit losses over the contractual life of the financial asset, while factoring in prepayment activity, where supported by data, over a 3 year reasonable and supportable forecast period. We utilize a baseline, upside and downside scenario which are applied based on a probability weighting, in order to better reflect management’s expectation of expected credit losses given existing market conditions and the changes in the economic environment. The multiple scenarios are based on a three year horizon (or less depending on contractual maturity) and then revert linearly over a two year period to a ten-year historical average thereafter. The contractual term excludes expected extensions, renewals and modifications, but includes prepayment assumptions where applicable. As part of our allowance methodology, we establish qualitative reserves to address any risks inherent in our portfolio that are not addressed through our quantitative reserve assessment. These factors may relate to, among other things, legislation changes or new regulation, credit concentration, loan markets, scenario weighting and overall model limitations. The qualitative adjustments are applied to our portfolio of financial instruments under the existing governance structure and are inherently judgmental. For additional information on the allowance for credit losses, refer to pages 149 to 154 in Note 4 to the consolidated financial statements included under item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. Credit Quality Credit quality for financial assets held at amortized cost is continuously monitored by management and is reflected within the allowance for credit losses. We use an internal risk-rating system to assess our risk of credit loss for each loan. 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. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes asset pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods evaluations of the overall asset portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods. Credit quality is assessed and monitored by evaluating various attributes in order to enable the earliest possible detection of any concerns with the customer’s credit rating. The results of those evaluations are utilized in underwriting new loans and transactions with counterparties and in our process for estimation of expected credit losses. In assessing the risk rating assigned to each individual loan, 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 source 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 June 30, 2022. Our internal risk rating methodology assigns risk ratings to counterparties ranging from Investment Grade, Speculative, Special Mention, Substandard, Doubtful and Loss. • Investment Grade: Counterparties with strong credit quality and low expected credit risk and probability of default. Approximately 86% of our loans were rated as investment grade as of June 30, 2022 with external credit ratings, or equivalent, of "BBB-" or better. • Speculative: Counterparties that have the ability to repay but face significant uncertainties, such as adverse business or financial circumstances that could affect credit risk or economic downturns. Loans to counterparties rated as speculative account for approximately 12% of our loans as of June 30, 2022, and are concentrated in leveraged loans. Approximately 96% of those leveraged loans have an external credit rating, or equivalent, of "BB" or "B" as of June 30, 2022. • Special Mention: Counterparties with potential weaknesses that, if uncorrected, may result in deterioration of repayment prospects. • Substandard: Counterparties with well-defined weakness that jeopardizes repayment with the possibility we will sustain some loss. • Doubtful: Counterparties with well-defined weakness which make collection or liquidation in full highly questionable and improbable. • Loss: Counterparties which are uncollectible or have little value. The following tables present our recorded loans to counterparties by risk rating, as noted above, as of the dates indicated: June 30, 2022 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 26,549 $ 2,373 $ 28,922 Speculative 3,851 220 4,071 Special mention 162 89 251 Substandard 166 — 166 Total (1)(2) $ 30,728 $ 2,682 $ 33,410 December 31, 2021 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 24,974 $ 2,222 $ 27,196 Speculative 4,714 270 4,984 Special mention 118 62 180 Substandard 164 — 164 Total (1)(2) $ 29,970 $ 2,554 $ 32,524 (1) Loans Include $4.83 billion and $3.11 billion of overdrafts as of June 30, 2022 and December 31, 2021, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of June 30, 2022, $4.47 billion overdrafts were investment grade, $356 million overdrafts were speculative and $2 million were substandard. (2) Total does not include $155 million and $8 million of loans classified as held-for-sale as of June 30, 2022 and December 31, 2021, respectively. For additional information about credit quality, refer to pages 151 to 154 in Note 4 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. The following table presents the amortized cost basis, by year of origination and credit quality indicator, as of June 30, 2022. For origination years before the fifth annual period, we present the aggregate amortized cost basis of loans. For purchased loans, the date of issuance is used to determine the year of origination, not the date of acquisition. For modified, extended or renewed lending arrangements, we evaluate whether a credit event has occurred which would consider the loan to be a new arrangement. (In millions) 2022 2021 2020 2019 2018 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 2,297 $ 185 $ 95 $ 341 $ — $ 12 $ 13,197 $ 16,127 Speculative 129 849 192 486 340 150 363 2,509 Special mention — 39 — 96 — 27 — 162 Substandard 2 — 5 70 45 6 — 128 Total commercial and financing $ 2,428 $ 1,073 $ 292 $ 993 $ 385 $ 195 $ 13,560 $ 18,926 Commercial real estate: Risk Rating: Investment grade $ 134 $ 612 $ 100 397 $ 657 $ 473 $ — $ 2,373 Speculative — — 49 124 19 28 — 220 Special mention — — — 49 40 — — 89 Total commercial real estate $ 134 $ 612 $ 149 $ 570 $ 716 $ 501 $ — $ 2,682 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 3,505 $ 2,783 $ — $ — $ — $ — $ 4,134 $ 10,422 Speculative 350 513 122 180 99 65 13 1,342 Special mention — — — — — — — — Substandard — — — — 38 — — 38 Total commercial and financing $ 3,855 $ 3,296 $ 122 $ 180 $ 137 $ 65 $ 4,147 $ 11,802 Total loans (2) $ 6,417 $ 4,981 $ 563 $ 1,743 $ 1,238 $ 761 $ 17,707 $ 33,410 (1) Any reserve associated with accrued interest is not material. As of June 30, 2022, accrued interest receivable of $91 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table. (2) Total does not include $155 million of loans classified as held-for-sale as of June 30, 2022. The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2021: (In millions) 2021 2020 2019 2018 2017 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 1,988 $ 59 $ 347 $ 2 $ 37 $ — $ 13,591 $ 16,024 Speculative 1,096 351 706 425 350 7 343 3,278 Special mention — — 70 29 19 — — 118 Substandard — 5 71 56 8 — — 140 Total commercial and financing $ 3,084 $ 415 $ 1,194 $ 512 $ 414 $ 7 $ 13,934 $ 19,560 Commercial real estate: Risk Rating: Investment grade $ 580 $ 129 $ 383 $ 657 $ 276 $ 197 $ — $ 2,222 Speculative 24 49 149 20 — 28 — 270 Special mention — — 22 40 — — — 62 Total commercial real estate $ 604 $ 178 $ 554 $ 717 $ 276 $ 225 $ — $ 2,554 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 4,087 $ — $ — $ — $ — $ — $ 4,863 $ 8,950 Speculative 561 201 264 204 120 31 55 1,436 Substandard — — — 24 — — — 24 Total commercial and financing $ 4,648 $ 201 $ 264 $ 228 $ 120 $ 31 $ 4,918 $ 10,410 Total loans (2) $ 8,336 $ 794 $ 2,012 $ 1,457 $ 810 $ 263 $ 18,852 $ 32,524 (1) Any reserve associated with accrued interest is not material. As of December 31, 2021, accrued interest receivable of $86 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table. (2) Total does not include $8 million of loans classified as held-for-sale as of December 31, 2021. The following tables present the activity in the allowance for credit losses by portfolio and class for the periods indicated: Three Months Ended June 30, 2022 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Available-for-sale Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 61 $ 11 $ 14 $ 2 $ 19 $ — $ 107 Charge-offs (3) — — — — — (3) Provision 11 (1) 2 — (2) — 10 Ending balance $ 69 $ 10 $ 16 $ 2 $ 17 $ — $ 114 (1) Includes $9 million allowance for credit losses on Fund Finance loans and $1 million on other loans. Six Months Ended June 30, 2022 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Available-for-sale Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 61 $ 12 $ 14 $ 2 $ 19 $ — $ 108 Charge-offs (4) — — — — — (4) Provision 12 (2) 2 — (2) — 10 Ending balance $ 69 $ 10 $ 16 $ 2 $ 17 $ — $ 114 (1) Includes $9 million allowance for credit losses on Fund Finance loans and $1 million on other loans. Three Months Ended June 30, 2021 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 92 $ 12 $ 14 $ 2 $ 15 $ — $ 135 Charge-offs (1) — — — — — (1) Provision (19) — — — 4 — (15) Foreign currency translation 2 — — — — — 2 Ending balance $ 74 $ 12 $ 14 $ 2 $ 19 $ — $ 121 (1) Includes $10 million allowance for credit losses on Fund Finance loans and $2 million on other loans. Six Months Ended June 30, 2021 Commercial and Financial (In millions) Leveraged Loans Other Loans Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 97 $ 17 $ 8 $ 3 $ 22 $ 1 $ 148 Charge-offs (1) (1) — — — — — (1) Provision (20) (5) 6 (1) (3) (1) (24) Foreign currency translation (2) — — — — — (2) Ending balance $ 74 $ 12 $ 14 $ 2 $ 19 $ — $ 121 (1) Includes $10 million allowance for credit losses on Fund Finance loans and $2 million on other loans. Loans are reviewed on a regular basis, and any provisions for credit 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 credit losses in the loan portfolio. In the second quarter of 2022, we recorded a $10 million provision for credit losses, reflecting a downward shift in management's economic outlook, partially offset by a decrease in expected losses related to leveraged loans within our portfolio. In the second quarter of 2021, we reduced the allowance for credit losses by $14 million, principally through a $15 million reserve release in the provision for credit losses. Allowance estimates remain subject to continued model and economic uncertainty and management may use qualitative adjustments in the allowance estimates. If future data and forecasts deviate relative to the forecasts utilized to determine our allowance for credit losses as of June 30, 2022, or if credit risk migration is higher or lower than forecasted for reasons independent of the economic forecast, our allowance for credit losses will also change. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table presents changes in the carrying amount of goodwill during the periods indicated: (In millions) Investment Investment Total Goodwill: Ending balance December 31, 2020 $ 7,413 $ 270 $ 7,683 Acquisitions (1) 66 — 66 Divestitures (2) (17) — (17) Foreign currency translation (108) (3) (111) Ending balance December 31, 2021 $ 7,354 $ 267 $ 7,621 Acquisitions 3 — 3 Foreign currency translation (155) (4) (159) Ending balance June 30, 2022 $ 7,202 $ 263 $ 7,465 (1) Investment Servicing includes our acquisitions of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, in the first quarter of 2021, with a total purchase price of approximately EUR 220 million or approximately $258 million, and our acquisition of Mercatus, Inc. in the third quarter of 2021, with a total purchase price of approximately $88 million. We accounted for these acquisitions as business combinations and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date. (2) In the second quarter of 2021, we sold a majority share of our WMS business. The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: (In millions) Investment Servicing Investment Total Other intangible assets: Ending balance December 31, 2020 $ 1,733 $ 94 $ 1,827 Acquisitions (1) 264 — 264 Amortization (221) (24) (245) Foreign currency translation (30) — (30) Ending balance December 31, 2021 1,746 70 1,816 Acquisitions — — — Amortization (110) (11) (121) Foreign currency translation (41) — (41) Ending balance June 30, 2022 $ 1,595 $ 59 $ 1,654 (1) Investment Servicing includes our acquisitions of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, in the first quarter of 2021, with a total purchase price of approximately EUR 220 million or approximately $258 million, and our acquisition of Mercatus, Inc. in the third quarter of 2021, with a total purchase price of approximately $88 million. We accounted for these acquisitions as business combinations and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated: June 30, 2022 Gross Accumulated Net (In millions) Other intangible assets: Client relationships $ 2,710 $ (1,535) $ 1,175 Technology 401 (159) 242 Core deposits 679 (457) 222 Other 89 (74) 15 Total $ 3,879 $ (2,225) $ 1,654 December 31, 2021 Gross Accumulated Net (In millions) Other intangible assets: Client relationships $ 2,786 $ (1,497) $ 1,289 Technology 403 (142) 261 Core deposits 696 (451) 245 Other 96 (75) 21 Total $ 3,981 $ (2,165) $ 1,816 |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The following table presents the components of other assets as of the dates indicated: (In millions) June 30, 2022 December 31, 2021 Securities borrowed (1) $ 18,194 $ 22,300 Derivative instruments, net 9,476 4,108 Bank-owned life insurance 3,605 3,554 Investments in joint ventures and other unconsolidated entities (2) 3,256 3,162 Collateral, net 1,691 1,011 Receivable for securities settlement 1,083 213 Deferred tax assets, net of valuation allowance (3) 1,027 254 Prepaid expenses 705 612 Right-of-use assets 501 542 Accounts receivable 464 236 Income taxes receivable 326 317 Deposits with clearing organizations 62 62 Other (4) 1,080 1,244 Total $ 41,470 $ 37,615 (1) Refer to Note 8, for further information on the impact of collateral on our financial statement presentation of securities borrowing and securities lending transactions. (2) Includes equity securities without readily determinable fair values that are accounted for under the ASC 321 measurement alternative of $177 million and $109 million as of June 30, 2022 and December 31, 2021, respectively. For the three months ended June 30, 2022, there were no upward adjustments resulting from observable prices changes were recognized in other fee revenue related to such equity securities (3) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction. (4) Includes advances of $677 million and $544 million as of June 30, 2022 and December 31, 2021, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We use derivative financial instruments to support our clients' needs and to manage our interest rate and currency risks. These financial instruments consist of FX contracts such as forwards, futures and options contracts; interest rate contracts such as interest rate swaps (cross currency and single currency) and futures; and other derivative contracts. Derivative instruments used for risk management purposes that are highly effective in offsetting the risk being hedged are generally designated as hedging instruments in hedge accounting relationships, while others are economic hedges and not designated in hedge accounting relationships. For additional information on our use and accounting policies on derivative financial instruments, including derivatives not designated as hedging instruments, refer to pages 158 to 159 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. Derivatives Designated as Hedging Instruments For additional information on our derivatives designated as hedging instruments, including our risk management objectives and hedging documentation methodologies, refer to page 159 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. 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, including long-term debt and AFS securities. We use interest rate contracts in this manner to manage our exposure to changes in the fair value of hedged items caused by changes in interest rates. Changes in the fair value of the derivative and changes in fair value of the hedged item due to changes in the hedged risk are recognized in earnings in the same line item. If a hedge is terminated, but the hedged item was not derecognized, all remaining adjustments to the carrying amount of the hedged item are amortized over a period that is consistent with the amortization of other discounts or premiums associated with the hedged item . Cash Flow Hedges Derivatives designated as cash flow hedges are utilized to offset the variability of cash flows of recognized assets, liabilities or forecasted transactions. We have entered into FX contracts to hedge the change in cash flows attributable to FX movements in foreign currency denominated investment securities. Additionally, we have entered into interest rate swap agreements to hedge the forecasted cash flows associated with LIBOR indexed floating-rate loans. The interest rate swaps synthetically convert the loan interest receipts from a variable-rate to a fixed-rate, thereby mitigating the risk attributable to changes in the LIBOR benchmark rate. Changes in fair value of the derivatives designated as cash flow hedges are initially recorded in AOCI and then reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings and are presented in the same income statement line item as the earnings effect of the hedged item. If the hedge relationship is terminated, the change in fair value on the derivative recorded in AOCI is reclassified into earnings consistent with the timing of the hedged item. For hedge relationships that are discontinued because a forecasted transaction is not expected to occur according to the original hedge terms, any related derivative values recorded in AOCI are immediately recognized in earnings. The net loss associated with cash flow hedges expected to be reclassified from AOCI within 12 months of June 30, 2022, is approximately $156 million. The maximum length of time over which forecasted cash flows are hedged is 5 years. Net Investment Hedges Derivatives categorized as net investment hedges are entered into to protect the net investment in our foreign operations against adverse changes in exchange rates. We use FX forward contracts to convert the foreign currency risk to U.S. dollars to mitigate our exposure to fluctuations in FX rates. The changes in fair value of the FX forward contracts are recorded, net of taxes, in the foreign currency translation component of OCI. The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments, including those entered into for trading and asset-and-liability management activities as of the dates indicated: (In millions) June 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments: Interest rate contracts: Futures $ 4,783 $ 9,604 Foreign exchange contracts: Forward, swap and spot 2,190,465 2,569,449 Options purchased 1,255 328 Options written 874 210 Futures 1,662 2,359 Other: Stable value contracts (1) 33,121 32,868 Deferred value awards (2) 382 308 Derivatives designated as hedging instruments: Interest rate contracts: Swap agreements 24,066 15,100 Foreign exchange contracts: Forward and swap 7,826 6,700 (1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values. (2) Represents grants of deferred value awards to employees; refer to page 158 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. Notional amounts are provided here as an indication of the volume of our derivative activity and serve as a reference to calculate the fair values of the derivative. The following table presents 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 provided in Note 8. Derivative Assets (1) Derivative Liabilities (2) (In millions) June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 23,415 $ 15,216 $ 23,031 $ 15,790 Other derivative contracts — — 272 301 Total $ 23,415 $ 15,216 $ 23,303 $ 16,091 Derivatives designated as hedging instruments: Foreign exchange contracts $ 218 $ 59 $ 5 $ 35 Interest rate contracts 11 2 — — Total $ 229 $ 61 $ 5 $ 35 (1) Derivative assets are included within other assets in our consolidated statement of condition. (2) Derivative liabilities are included within other liabilities in our consolidated statement of condition. The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Location of Gain (Loss) on Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Derivatives not designated as hedging instruments: Foreign exchange contracts Foreign exchange trading services revenue $ 230 $ 188 $ 469 $ 431 Foreign exchange contracts Interest expense 3 16 16 37 Interest rate contracts Foreign exchange trading services revenue (6) 1 — 1 Other derivative contracts Compensation and employee benefits (10) (45) (64) (123) Total $ 217 $ 160 $ 421 $ 346 The following table shows the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships: June 30, 2022 Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount (In millions) Carrying Amount of Hedged Assets/Liabilities Active De-designated (1) Long-term debt $ 10,271 $ (403) $ 436 Available-for-sale securities (2)(3) 11,289 (360) 14 December 31, 2021 Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount (In millions) Carrying Amount of Hedged Assets/Liabilities Active De-designated (1) Long-term debt $ 9,026 $ (64) $ 514 Available-for-sale securities 3,551 — 24 (1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date. (2) Included in these amounts is the amortized cost of the prepayable financial assets designated in last-of-layer hedging relationships (hedged item is the last layer of a closed portfolio of prepayable financial assets expected to remain outstanding at the end of the hedging relationship). At June 30, 2022 and December 31, 2021, the amortized cost of the closed portfolios used in these hedging relationships was $221 million and zero, respectively, of which $68 million and zero, respectively, was designated in the last-of-layer hedging relationship. At June 30, 2022 and December 31, 2021 the cumulative adjustment associated with these hedging relationships was ($1) million and zero, respectively. (3) Carrying amount represents amortized cost. As of June 30, 2022 and December 31, 2021, the total notional amount of the interest rate swaps of fair value hedges was $17.07 billion and $6.95 billion, respectively. The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated: Three Months Ended June 30, Three Months Ended June 30, 2022 2021 2022 2021 (In millions) Location of Gain (Loss) on Derivative in Consolidated Statement of Income Amount of Gain Hedged Item in Fair Value Hedging Relationship Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income Amount of Gain Derivatives designated as fair value hedges: Interest rate contracts Net interest income $ 148 $ (23) Available-for-sale securities (1) Net interest income $ (149) $ 21 Interest rate contracts Net interest income (96) (7) Long-term debt Net interest income 96 7 Total $ 52 $ (30) $ (53) $ 28 Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Location of Gain (Loss) on Derivative in Consolidated Statement of Income Amount of Gain Hedged Item in Fair Value Hedging Relationship Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income Amount of Gain Derivatives designated as fair value hedges: Interest rate contracts Net interest income $ 358 (6) Available-for-sale securities (2) Net interest income $ (360) $ 5 Interest rate contracts Net interest income (339) (19) Long-term debt Net interest income 339 18 Total $ 19 $ (25) $ (21) $ 23 (1) In the three months ended June 30, 2022, approximately $113 million of net unrealized gains on AFS investment securities designated in fair value hedges was recognized in OCI compared to $16 million of net unrealized losses in the same period in 2021. (2) In the six months ended June 30, 2022, approximately $270 million of net unrealized gains on AFS investment securities designated in fair value hedges was recognized in OCI compared to $4 million of net unrealized losses in the same period in 2021. Three Months Ended June 30, Three Months Ended June 30, 2022 2021 Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 2022 2021 (In millions) Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Derivatives designated as cash flow hedges: Interest rate contracts (1) $ (92) $ 10 Net interest income $ 6 $ 22 Foreign exchange contracts 129 7 Net interest income 3 3 Total derivatives designated as cash flow hedges $ 37 $ 17 $ 9 $ 25 Derivatives designated as net investment hedges: Foreign exchange contracts $ 264 $ (24) Gains (Losses) related to investment securities, net $ — $ — Total derivatives designated as net investment hedges 264 (24) — — Total $ 301 $ (7) $ 9 $ 25 Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Derivatives designated as cash flow hedges: Interest rate contracts $ (383) $ (6) Net interest income $ 25 $ 40 Foreign exchange contracts 176 $ 43 Net interest income 6 6 Total derivatives designated as cash flow hedges $ (207) $ 37 $ 31 $ 46 Derivatives designated as net investment hedges: Foreign exchange contracts $ 328 $ 111 Gains (losses) related to investment securities, net $ — $ — Total derivatives designated as net investment hedges 328 111 — — Total $ 121 $ 148 $ 31 $ 46 (1) As of June 30, 2022, the maximum maturity date of the underlying hedged items is approximately 4.3 years. Derivatives Netting and Credit Contingencies Netting Derivatives receivable and payable as well as cash collateral from the same counterparty are netted in the consolidated statement of condition for those counterparties with whom we have legally binding master netting agreements in place. In addition to cash collateral received and transferred presented on a net basis, we also receive and transfer collateral in the form of securities, which mitigate credit risk but are not eligible for netting. Additional information on netting is provided in Note 8. Credit Contingencies Certain of our derivatives are subject to master netting agreements with our derivative counterparties containing credit risk-related contingent features, which requires us to maintain an investment grade credit rating with the various credit rating agencies. If our rating falls below investment grade, we would be in violation of the provisions, and counterparties to the derivatives could request immediate payment or demand full overnight collateralization on derivatives instruments in net liability positions. The aggregate fair value of all derivatives with credit contingent features and in a liability position as of June 30, 2022 totaled approximately $5.63 billion, against which we provided $4.79 billion of collateral in the normal course of business. If our credit related contingent features underlying these agreements were triggered as of June 30, 2022, the maximum additional collateral we would be required to post to our counterparties is approximately $0.84 billion. |
Offsetting Arrangements
Offsetting Arrangements | 6 Months Ended |
Jun. 30, 2022 | |
Offsetting [Abstract] | |
Offsetting Arrangements | Offsetting Arrangements For additional information on our offsetting arrangements, refer to page 162 in Note 11 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. As of June 30, 2022 and December 31, 2021, the value of securities received as collateral from third parties where we are permitted to transfer or re-pledge the securities totaled $3.71 billion and $1.60 billion, respectively, and the fair value of the portion that had been transferred or re-pledged for both was nil . The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated: Assets: June 30, 2022 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 Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 23,633 $ (12,441) $ 11,192 $ — $ 11,192 Interest rate contracts (6) 11 — 11 — 11 Cash collateral and securities netting NA (1,727) (1,727) (1,034) (2,761) Total derivatives 23,644 (14,168) 9,476 (1,034) 8,442 Other financial instruments: Resale agreements and securities borrowing (7)(8) 100,778 (77,381) 23,397 (22,608) 789 Total derivatives and other financial instruments $ 124,422 $ (91,549) $ 32,873 $ (23,642) $ 9,231 Assets: December 31, 2021 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 Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 15,185 $ (9,113) $ 6,072 $ — $ 6,072 Interest rate contracts (6) 2 — 2 — 2 Cash collateral and securities netting NA (1,966) (1,966) (723) (2,689) Total derivatives 15,187 (11,079) 4,108 (723) 3,385 Other financial instruments: Resale agreements and securities borrowing (7)(8) 102,375 (77,063) 25,312 (25,096) 216 Total derivatives and other financial instruments $ 117,562 $ (88,142) $ 29,420 $ (25,819) $ 3,601 (1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. (2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative 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) Includes securities in connection with our securities borrowing transactions. (5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. (6) Variation margin payments presented as settlements rather than collateral. (7) Included in the $23.40 billion as of June 30, 2022 were $5.20 billion of resale agreements and $18.20 billion of collateral provided related to securities borrowing. Included in the $25.31 billion as of December 31, 2021 were $3.01 billion of resale agreements and $22.30 billion 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 9 for additional information with respect to principal securities finance transactions. (8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system. NA Not applicable The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated: Liabilities: June 30, 2022 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 Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 23,036 $ (12,441) $ 10,595 $ — $ 10,595 Interest rate contracts (6) — — — — — Other derivative contracts 272 — 272 — 272 Cash collateral and securities netting NA (4,659) (4,659) (1,865) (6,524) Total derivatives 23,308 (17,100) 6,208 (1,865) 4,343 Other financial instruments: Repurchase agreements and securities lending (7)(8) 80,081 (77,381) 2,700 (1,782) 918 Total derivatives and other financial instruments $ 103,389 $ (94,481) $ 8,908 $ (3,647) $ 5,261 Liabilities: December 31, 2021 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 Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 15,825 $ (9,113) $ 6,712 $ — $ 6,712 Interest rate contracts (6) — — — — — Other derivative contracts 301 — 301 — 301 Cash collateral and securities netting NA (1,282) (1,282) (989) (2,271) Total derivatives 16,126 (10,395) 5,731 (989) 4,742 Other financial instruments: Repurchase agreements and securities lending (7)(8) 82,674 (77,063) 5,611 (4,066) 1,545 Total derivatives and other financial instruments $ 98,800 $ (87,458) $ 11,342 $ (5,055) $ 6,287 (1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. (2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative 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) Includes securities provided in connection with our securities lending transactions. (5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. (6) Variation margin payments presented as settlements rather than collateral. (7) Included in the $2.70 billion as of June 30, 2022 were $0.95 billion of repurchase agreements and $1.75 billion of collateral received related to securities lending transactions. Included in the $5.61 billion as of December 31, 2021 were $1.57 billion of repurchase agreements and $4.04 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions. (8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system. NA Not applicable The securities transferred under resale and repurchase agreements typically are U.S. Treasury, agency and agency MBS. In our principal securities borrowing and lending arrangements, the securities transferred 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 us to 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 the periods indicated: As of June 30, 2022 As of December 31, 2021 (In millions) Overnight and Continuous Up to 30 Days 30-90 days Greater than 90 Days Total Overnight and Continuous Up to 30 Days 30-90 days Greater than 90 Days Total Repurchase agreements: U.S. Treasury and agency securities $ 75,758 $ — $ — $ — $ 75,758 $ 75,266 $ — $ — $ — $ 75,266 Total 75,758 — — — 75,758 75,266 — — — 75,266 Securities lending transactions: US Treasury and agency securities 3 — — — 3 — — — — — Corporate debt securities 46 — 5 — 51 92 — — — 92 Equity securities 3,502 33 25 708 4,268 5,964 24 11 1,316 7,315 Other (1) 1 — — — 1 1 — — — 1 Total 3,552 33 30 708 4,323 6,057 24 11 1,316 7,408 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 79,310 $ 33 $ 30 $ 708 $ 80,081 $ 81,323 $ 24 $ 11 $ 1,316 $ 82,674 (1) Represents a security interest in underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge. |
Commitments and Guarantees
Commitments and Guarantees | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Guarantees | Commitments and Guarantees For additional information on the nature of the obligations and related business activities for our commitments and guarantees, refer to page 165 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and guarantees, as of the dates indicated: (In millions) June 30, 2022 December 31, 2021 Commitments: Unfunded credit facilities $ 32,939 $ 33,026 Guarantees (1) : Indemnified securities financing $ 345,237 $ 385,740 Standby letters of credit 2,542 3,237 (1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties. Approximately 78% of our unfunded commitments to extend credit expire within one year as of June 30, 2022, compared to approximately 76% as of December 31, 2021. Indemnified Securities Financing For additional information on our indemnified securities financing, refer to page 165 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. 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) June 30, 2022 December 31, 2021 Fair value of indemnified securities financing $ 345,237 $ 385,740 Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 361,380 404,121 Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 64,181 61,560 Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements 69,168 67,014 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 our client or a broker/dealer. Our right to receive and obligation to return collateral in connection with our securities lending transactions are recorded in other assets and other liabilities, respectively, in our consolidated statement of condition. As of June 30, 2022 and December 31, 2021, we had approximately $18.20 billion and $22.30 billion, respectively, of collateral provided and approximately $1.75 billion and $4.04 billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions. FICC Guarantee As a sponsoring member in the FICC member program, we provide a guarantee to FICC in the event a customer fails to perform its obligations under a transaction. In order to minimize the risk associated with this guarantee, sponsored members acting as buyers generally grant a security interest in the subject securities received under and held on their behalf by State Street. For additional information on our repurchase and reverse repurchase agreements, please refer to Note 8 to the consolidated financial statements in this Form 10-Q. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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 awards or payments, 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 or development 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 and regulatory proceedings on a case-by-case basis. When we have a liability that we deem probable, and we deem the amount of such liability can be reasonably estimated as of the date of our consolidated financial statements, we accrue our estimate of the amount of 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 legal and regulatory proceedings and the amount of reasonably estimable loss (or range thereof) are inherently difficult to predict, especially in the early stages of proceedings. Even if a loss is probable, an amount (or range) of loss might not be reasonably estimated until the later stages of the proceeding due to many factors such as the presence of complex or novel legal theories, the discretion of governmental authorities in seeking sanctions or negotiating resolutions in civil and criminal matters, the pace and timing of discovery and other assessments of facts and the procedural posture of the matter (collectively, "factors influencing reasonable estimates"). As of June 30, 2022, our aggregate accruals for loss contingencies for legal, regulatory and related matters totaled approximately $15 million, including potential fines by government agencies and civil litigation with respect to the matters specifically discussed below. 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. Any such ultimate financial exposure, or proceedings to which we may become subject in the future, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation. As of June 30, 2022, for those matters for which we have accrued probable loss contingencies (including the Invoicing Matter described below) and for other matters for which loss is reasonably possible (but not probable) in future periods, and for which we are able to estimate a range of reasonably possible loss, our estimate of the aggregate reasonably possible loss (in excess of any accrued amounts) ranges up to approximately $50 million . Our estimate with respect to the aggregate reasonably possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions and known and unknown uncertainties, which may change quickly and significantly from time to time, particularly if and as we engage with applicable governmental agencies or plaintiffs in connection with a proceeding. Also, the matters underlying the reasonably possible loss will change from time to time. As a result, actual results may vary significantly from the current estimate. In certain pending matters, it is not currently feasible to reasonably estimate the amount or a range of reasonably possible loss, and such losses, which may be significant, are not included in the estimate of reasonably possible loss discussed above. This is due to, among other factors, the factors influencing reasonable estimates described above. An adverse outcome in one or more of the matters for which we have not estimated the amount or a range of reasonably possible loss, individually or in the aggregate, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation. Given that our actual losses from any legal or regulatory proceeding for which we have provided an estimate of the reasonably possible loss could significantly exceed such estimate, and given that we cannot estimate reasonably possible loss for all legal and regulatory proceedings as to which we may be subject now or in the future, no conclusion as to our ultimate exposure from current pending or potential legal or regulatory proceedings should be drawn from the current estimate of reasonably possible loss. The following discussion provides information with respect to significant legal, governmental and regulatory matters. Invoicing Matter In 2015, we determined that we had incorrectly invoiced clients for certain expenses. We have reimbursed most of our affected customers for those expenses, and we have implemented enhancements to our billing processes. In connection with our enhancements to our billing processes, we continue to review historical billing practices and may from time to time identify additional remediation. In 2017, we identified an additional area of incorrect expense billing associated with mailing services in our retirement services business. We currently expect the cumulative total of our payments to customers for these invoicing errors, including the error in the retirement services business, to be at least $350 million , all of which has been paid or is accrued. However, we may identify additional remediation costs. In March 2017, a purported class action was commenced against us alleging that our invoicing practices violated duties owed to retirement plan customers under the Employee Retirement Income Security Act. We have agreed, subject to court approval, to resolve this matter and pay a cost that is within our established accruals for loss contingencies. In addition, we have received a purported class action demand letter alleging that our invoicing practices were unfair and deceptive under Massachusetts law. A class of customers, or particular customers, may assert that we have not paid to them all amounts incorrectly invoiced, and may seek double or treble damages under Massachusetts law. We resolved potential criminal claims that arose from these matters by entering into a deferred prosecution agreement with the office of the United States Attorney for the District of Massachusetts and paying a $115 million penalty in May 2021. In June 2019, we reached an agreement with the SEC to settle its claims that we violated the recordkeeping provisions of Section 34(b) of the Investment Company Act of 1940 and caused violations of Section 31(a) of the Investment Company Act and Rules 31a-1(a) and 31a-1(b) thereunder in connection with our overcharges of customers which are registered investment companies. In reaching this settlement, we neither admitted nor denied the claims contained in the SEC’s order, and agreed to pay a civil monetary penalty of $40 million. Also in June 2019, we reached an agreement with the Massachusetts Attorney General’s office to resolve its claims related to this matter. In reaching this settlement, we neither admitted nor denied the claims in the order, and agreed to pay a civil monetary penalty of $5.5 million. The SEC and Massachusetts Attorney General’s office settlements both recognize that the payment of $48.8 million in disgorgement and interest is satisfied by our direct reimbursements of our customers. We paid fines to resolve claims of the Securities Divisions of the Secretaries of the State of Massachusetts and New Hampshire. The costs associated with the settlements discussed above were within our related previously established accruals for loss contingencies. We have not resolved certain claims that may be made by the U.S. Department of Labor. We do not know whether any such claims will be brought, and there can be no assurance that any settlement of any such claims will be reached on financial terms acceptable to us or at all. The aggregate amount of penalties that may potentially be imposed upon us in connection with the resolution of any such matters is not currently known. Gomes, et al. v. State Street Corp. Eight participants in our Salary Savings Program filed a purported class action complaint in May 2021 on behalf of participants and beneficiaries who participated in the Program and invested in our proprietary investment fund options between May 2015 and the present. The complaint names the Plan Sponsor as well as the committees overseeing the Plan and their respective members as defendants, and alleges breach of fiduciary duty and violations of other duties owed to retirement plan participants under the Employee Retirement Income and Security Act. We and the other named defendants deny the alleged claims and are proceeding with a defense of the matter. Edmar Financial Company, LLC et al v. Currenex, Inc. et al In August 2021, two former Currenex clients filed a putative civil class action lawsuit in the Southern District of New York alleging antitrust violations, fraud and a civil Racketeer Influenced and Corrupt Organization Act violation against Currenex, State Street and others. Income Taxes In determining our provision for income taxes, we make certain judgments and interpretations with respect to tax laws in jurisdictions in which we have business operations. Because of the complex nature of these laws, in the normal course of our business, we are subject to challenges from U.S. and non-U.S. income tax authorities regarding the amount of income taxes due. These challenges may result in adjustments to the timing or amount of taxable income or deductions or the allocation of taxable income among tax jurisdictions. We recognize a tax benefit when it is more likely than not that our position will result in a tax deduction or credit. Unrecognized tax benefits totaled approximately $232 million and $252 million as of June 30, 2022 and December 31, 2021, respectively. 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 2013. Management believes that we have sufficiently accrued liabilities as of June 30, 2022 for potential tax exposures. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities For additional information on our accounting policy and our use of variable interest entities (VIEs), refer to pages 168 to 169 in Note 14 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, "Variable Interest Entities", in our 2021 Form 10-K. Interests in Investment Funds As of both June 30, 2022 and December 31, 2021, we had no consolidated funds. As of both June 30, 2022 and December 31, 2021, we managed certain 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 $15 million and $17 million as of June 30, 2022 and December 31, 2021, respectively, and represented the carrying value of our investments, which are recorded in 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 investments in the unconsolidated funds. We also held investments in low-income housing, production and investment tax credit entities, considered VIEs for which we were not deemed to be the primary beneficiary. As of June 30, 2022 and December 31, 2021, our potential maximum loss exposure related to these unconsolidated entities totaled $1.68 billion and $1.69 billion, respectively, most of which represented the carrying value of our investments, which are recorded in other assets in our consolidated statement of condition. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Preferred Stock The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of June 30, 2022: Preferred Stock (1) : Issuance Date Depositary Shares Issued Amount outstanding (in millions) Ownership Interest Per Depositary Share Liquidation Preference Per Share Liquidation Preference Per Depositary Share Per Annum Dividend Rate Dividend Payment Frequency Carrying Value as of June 30, 2022 Redemption Date (2) Series D February 2014 30,000,000 $ 750 1/4,000th $ 100,000 $ 25 5.9% to but excluding March 15, 2024, then a floating rate equal to the three-month LIBOR plus 3.108% Quarterly $ 742 March 15, 2024 Series F (3) May 2015 250,000 250 1/100th 100,000 1,000 5.25% to but excluding September 15, 2020, then a floating rate equal to the three-month LIBOR plus 3.597%, or 5.426% effective June 15, 2022 Quarterly 247 September 15, 2020 Series G April 2016 20,000,000 500 1/4,000th 100,000 25 5.35% to but excluding March 15, 2026, then a floating rate equal to the three-month LIBOR plus 3.709% Quarterly 493 March 15, 2026 Series H September 2018 500,000 500 1/100th 100,000 1,000 5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month LIBOR plus 2.539% Semi-annually 494 December 15, 2023 (1) 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. (2) On the redemption date, or any dividend payment 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. (3) Series F preferred stock is redeemable on September 15, 2020 and on each succeeding dividend payment date. The following tables present the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated: Three Months Ended June 30, 2022 2021 (Dollars in millions, except per share amounts) Dividends Declared per Share Dividends Declared per Depositary Share Total Dividends Declared per Share Dividends Declared per Depositary Share Total Preferred Stock: Series D $ 1,475 $ 0.37 $ 11 $ 1,475 $ 0.37 $ 11 Series F 1,130 11.30 3 966 9.66 2 Series G 1,338 0.33 7 1,338 0.33 7 Series H 2,813 28.13 14 2,813 28.13 14 Total $ 35 $ 34 Six Months Ended June 30, 2022 2021 (Dollars in millions, except per share amounts) Dividends Declared per Share Dividends Declared per Depositary Share Total Dividends Declared per Share Dividends Declared per Depositary Share Total Preferred Stock: Series D $ 2,950 $ 0.74 $ 22 $ 2,950 $ 0.74 $ 22 Series F 2,080 20.80 5 1,919 19.19 9 Series G 2,676 0.66 14 2,676 0.66 14 Series H 2,813 28.13 14 2,813 28.13 14 Total $ 55 $ 59 In July 2022, we declared dividends on our series D, F and G preferred stock of approximately $1,475, $1,387 and $1,338, respectively, per share, or approximately $0.37, $13.87 and $0.33, respectively, per depositary share. These dividends total approximately $11 million, $3 million and $7 million on our series D, F and G preferred stock, respectively, which will be paid in September 2022. Common Stock In September 2021, we completed a public offering of approximately 21.7 million shares of our common stock. The offering price was $87.60 per share and net proceeds totaled approximately $1.9 billion. We expect to use these net proceeds to finance our proposed acquisition of the BBH Investor Services business. In December 2020, the Federal Reserve issued results of 2020 resubmission stress tests and authorized us to continue to pay common stock dividends at current levels and to resume repurchasing common shares in the first quarter of 2021. In January 2021, our Board authorized a share repurchase program for the repurchase of up to $475 million of our common stock through March 31, 2021. In April 2021, our Board authorized a share repurchase program for the repurchase of up to $425 million of our common stock through June 30, 2021, consistent with the limit set by the Federal Reserve. In July 2021, our Board authorized a share repurchase program for the repurchase of up to $3.0 billion of our common stock through the end of 2022. In connection with our proposed acquisition of the BBH Investor Services business, we did not purchase any common stock during the last half of 2021, as well as during the first half of 2022. In June 2022, we announced our intention to resume our common share repurchases during the fourth quarter of 2022 in an amount reflecting interest rate levels and market conditions at that time. Additionally, in July 2022, we declared third quarter common stock dividends of $0.63 per share, representing a 10% increase on a per share basis from both the third quarter 2021 and second quarter of 2022. The table below presents the activity under our common share repurchase program for the periods indicated: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Shares Acquired Average Cost per Share Total Acquired Shares Acquired (In millions) Average Cost per Share Total Acquired (In millions) 5.0 $ 84.71 $ 425 11.2 $ 80.00 $ 900 The tables below present the dividends declared on common stock for the periods indicated: Three Months Ended June 30, 2022 2021 Dividends Declared per Share Total (In millions) Dividends Declared per Share Total (In millions) Common Stock $ 0.57 $ 210 $ 0.52 $ 179 Six Months Ended June 30, 2022 2021 Dividends Declared per Share Total (In millions) Dividends Declared per Share Total (In millions) Common Stock $ 1.14 $ 419 $ 1.04 $ 361 Accumulated Other Comprehensive Income (Loss) The following table presents the after-tax components of AOCI for the periods indicated: Six Months Ended June 30, (In millions) 2022 2021 Net unrealized gains (losses) on cash flow hedges $ (235) $ 53 Net unrealized gains (losses) on available-for-sale securities portfolio (2,954) 467 Net unrealized gains (losses) related to reclassified available-for-sale securities 860 (46) Net unrealized gains (losses) on available-for-sale securities (2,094) 421 Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges 253 (37) Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries 396 (93) Other-than-temporary impairment on held-to-maturity securities related to factors other than credit (1) (2) Net unrealized (losses) on retirement plans (115) (168) Foreign currency translation (1,891) (596) Total $ (3,687) $ (422) 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 Gains (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, 2021 $ (2) $ (48) $ 68 $ (2) $ (130) $ (1,019) $ (1,133) Other comprehensive income (loss) before reclassifications (211) (1,793) 328 1 (2) (872) (2,549) Amounts reclassified into (out of) accumulated other comprehensive loss (22) — — — 17 — (5) Other comprehensive income (loss) (233) (1,793) 328 1 15 (872) (2,554) Balance as of June 30, 2022 $ (235) $ (1,841) $ 396 $ (1) $ (115) $ (1,891) $ (3,687) (In millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available-for-Sale Securities Net Unrealized Gains (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, 2020 $ 57 $ 848 $ (204) $ (2) $ (178) $ (334) $ 187 Other comprehensive income (loss) before reclassifications 29 (464) 111 — — (262) (586) Amounts reclassified into (out of) accumulated other comprehensive loss (33) — — — 10 — (23) Other comprehensive income (loss) (4) (464) 111 — 10 (262) (609) Balance as of June 30, 2021 $ 53 $ 384 $ (93) $ (2) $ (168) $ (596) $ (422) The following tables present after-tax reclassifications into earnings for the periods indicated: Three Months Ended June 30, 2022 2021 (In millions) Amounts Reclassified (into) Affected Line Item in Consolidated Statement of Income Cash flow hedges: (Gain) reclassified from accumulated other comprehensive income into income, net of related taxes of $3 and $7, respectively $ (6) $ (18) Net interest income reclassified from other comprehensive income Retirement plans: Amortization of actuarial losses, net of related taxes of $1 and $1, respectively 2 2 Compensation and employee benefits expenses Total reclassifications into (out of) Accumulated other comprehensive loss $ (4) $ (16) Six Months Ended June 30, 2022 2021 (In millions) Amounts Reclassified (into) Affected Line Item in Consolidated Statement of Income Cash flow hedges: (Gain) reclassified from accumulated other comprehensive income into income, net of related taxes of $9 and $13, respectively $ (22) $ (33) Net interest income reclassified from other comprehensive income Retirement plans: Amortization of actuarial losses, net of related taxes of $7 and $4, respectively 17 10 Compensation and employee benefits expenses Total reclassifications into (out of) Accumulated other comprehensive loss $ (5) $ (23) |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2022 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Regulatory Capital | Regulatory Capital For additional information on our regulatory capital, including the regulatory capital requirements administered by federal banking agencies, which we are subject to, refer to pages 171 to 172 in Note 16 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. As of June 30, 2022, we and State Street Bank exceeded all regulatory capital adequacy requirements to which we were subject to. As of June 30, 2022, State Street Bank was categorized as “well capitalized” under the applicable regulatory capital adequacy framework, and exceeded all “well capitalized” ratio guidelines to which it was subject. Management believes that no conditions or events have occurred since June 30, 2022 that have changed the capital categorization of State Street Bank. The following table presents the regulatory capital structure, total RWA, related regulatory capital ratios and the minimum required regulatory capital ratios for us and State Street Bank as of the dates indicated. State Street Corporation State Street Bank (Dollars in millions) Basel III Advanced Approaches June 30, 2022 Basel III Standardized Approach June 30, 2022 Basel III Advanced Approaches December 31, 2021 Basel III Standardized Approach December 31, 2021 Basel III Advanced Approaches June 30, 2022 Basel III Standardized Approach June 30, 2022 Basel III Advanced Approaches December 31, 2021 Basel III Standardized Approach December 31, 2021 Common shareholders' equity: Common stock and related surplus $ 11,261 $ 11,261 $ 11,291 $ 11,291 $ 13,033 $ 13,033 $ 13,047 $ 13,047 Retained earnings 26,115 26,115 25,238 25,238 17,025 17,025 15,700 15,700 Accumulated other comprehensive income (loss) (3,687) (3,687) (1,133) (1,133) (3,410) (3,410) (926) (926) Treasury stock, at cost (9,898) (9,898) (10,009) (10,009) — — — — Total 23,791 23,791 25,387 25,387 26,648 26,648 27,821 27,821 Regulatory capital adjustments: Goodwill and other intangible assets, net of associated deferred tax liabilities (8,628) (8,628) (8,935) (8,935) (8,370) (8,370) (8,667) (8,667) Other adjustments (1) (281) (281) (505) (505) (104) (104) (309) (309) Common equity tier 1 capital 14,882 14,882 15,947 15,947 18,174 18,174 18,845 18,845 Preferred stock 1,976 1,976 1,976 1,976 — — — — Tier 1 capital 16,858 16,858 17,923 17,923 18,174 18,174 18,845 18,845 Qualifying subordinated long-term debt 1,381 1,381 1,588 1,588 545 545 752 752 Allowance for credit losses — 113 — 108 — 113 — 108 Total capital $ 18,239 $ 18,352 $ 19,511 $ 19,619 $ 18,719 $ 18,832 $ 19,597 $ 19,705 Risk-weighted assets: Credit risk (2) $ 63,259 $ 113,566 $ 63,735 $ 109,554 $ 56,041 $ 110,950 $ 57,405 $ 106,405 Operational risk (3) 45,350 NA 45,550 NA 42,700 NA 42,813 NA Market risk 1,838 1,838 2,113 2,113 1,838 1,838 2,113 2,113 Total risk-weighted assets $ 110,447 $ 115,404 $ 111,398 $ 111,667 $ 100,579 $ 112,788 $ 102,331 $ 108,518 Adjusted quarterly average assets $ 282,526 $ 282,526 $ 293,567 $ 293,567 $ 279,665 $ 279,665 $ 290,403 $ 290,403 Capital Ratios: 2022 Minimum Requirements (4) 2021 Minimum Requirements (4) Common equity tier 1 capital 8.0 % 8.0 % 13.5 % 12.9 % 14.3 % 14.3 % 18.1 % 16.1 % 18.4 % 17.4 % Tier 1 capital 9.5 9.5 15.3 14.6 16.1 16.1 18.1 16.1 18.4 17.4 Total capital 11.5 11.5 16.5 15.9 17.5 17.6 18.6 16.7 19.2 18.2 Tier 1 leverage 4.0 4.0 6.0 6.0 6.1 6.1 6.5 6.5 6.5 6.5 (1) Other adjustments within CET1 capital primarily include the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, and other required credit risk-based deductions. (2) Under the advanced approaches, credit risk RWA includes a CVA which reflects the risk of potential fair value adjustments for credit risk reflected in our valuation of OTC derivative contracts. We used a simple CVA approach in conformity with the Basel III advanced approaches. (3) Under the current advanced approaches rules and regulatory guidance concerning operational risk models, RWA attributable to operational risk can vary substantially from period-to-period, without direct correlation to the effects of a particular loss event on our results of operations and financial condition and impacting dates and periods that may differ from the dates and periods as of and during which the loss event is reflected in our financial statements, with the timing and categorization dependent on the processes for model updates and, if applicable, model revalidation and regulatory review and related supervisory processes. An individual loss event can have a significant effect on the output of our operational RWA under the advanced approaches depending on the severity of the loss event and its categorization among the seven Basel-defined UOMs. Minimum requirements include a CCB of 2.5% and a SCB of 2.5% for the advanced approaches and the standardized approach, respectively, a G-SIB surcharge of 1.0% and a countercyclical buffer of 0%. NA Not applicable |
Net Interest Income
Net Interest Income | 6 Months Ended |
Jun. 30, 2022 | |
Banking and Thrift, Interest [Abstract] | |
Net Interest Income | Net Interest Income The following table presents the components of interest income and interest expense, and related NII, for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Interest income: Interest-bearing deposits with banks $ 70 $ (4) $ 79 $ (13) Investment securities: Investment securities available-for-sale 122 145 276 285 Investment securities held-to-maturity 230 163 401 343 Investment securities purchased under money market liquidity facility — — — 4 Total investment securities 352 308 677 632 Securities purchased under resale agreements 38 3 48 13 Loans 199 157 371 298 Other interest-earning assets 45 3 50 8 Total interest income 704 467 1,225 938 Interest expense: Interest-bearing deposits 23 (65) (40) (134) Short-term borrowings under money market liquidity facility — — — 4 Securities sold under repurchase agreements 3 — 3 — Other short-term borrowings 1 1 1 1 Long-term debt 72 54 137 114 Other interest-bearing liabilities 21 10 31 19 Total interest expense 120 — 132 4 Net interest income $ 584 $ 467 $ 1,093 $ 934 |
Expenses
Expenses | 6 Months Ended |
Jun. 30, 2022 | |
Other Expenses [Abstract] | |
Expenses | Expenses The following table presents the components of other expenses for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Professional services $ 84 $ 75 $ 181 $ 155 Sales advertising public relations 22 16 41 33 Regulatory fees and assessments 20 19 40 37 Securities processing 12 2 20 14 Bank operations 9 2 13 4 Insurance 2 3 6 6 Donations 7 — 13 Other 106 82 191 172 Total other expenses $ 262 $ 199 $ 505 $ 421 Acquisition Costs We recorded approximately $12 million and $21 million of acquisition costs in the three and six months ended June 30, 2022, respectively, related to our proposed acquisition of the BBH Investor Services business, compared to $11 million and $22 million of acquisition costs in the same periods of 2021, respectively, related to CRD. Restructuring and Repositioning Charges The following table presents aggregate activity for repositioning charges for the periods indicated: (In millions) Employee Real Estate Asset and Other Write-offs Total Accrual Balance at December 31, 2020 $ 190 $ 6 $ — $ 196 Accruals for Beacon (1) — — (1) Accruals for Repositioning Charges — 2 — 2 Payments and Other Adjustments (9) (2) — (11) Accrual Balance at March 31, 2021 180 6 — 186 Payments and Other Adjustments (34) — — (34) Accrual Balance at June 30, 2021 $ 146 $ 6 $ — $ 152 Accrual Balance at December 31, 2021 $ 68 $ 6 $ — $ 74 Payments and Other Adjustments (17) (1) — (18) Accrual Balance at March 31, 2022 51 $ 5 — 56 Payments and Other Adjustments (11) — — (11) Accrual Balance at June 30, 2022 $ 40 $ 5 $ — $ 45 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share For additional information on our earnings per share calculation methodologies, refer to page 179 in Note 23 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. The following table presents the computation of basic and diluted earnings per common share for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions, except per share amounts) 2022 2021 2022 2021 Net income $ 747 $ 763 $ 1,351 $ 1,282 Less: Preferred stock dividends (35) (34) (55) (64) Dividends and undistributed earnings allocated to participating securities (1) — (1) (1) (1) Net income available to common shareholders $ 712 $ 728 $ 1,295 $ 1,217 Average common shares outstanding (In thousands): Basic average common shares 367,375 345,889 366,961 348,303 Effect of dilutive securities: equity-based awards 4,748 5,693 5,119 5,131 Diluted average common shares 372,123 351,582 372,080 353,434 Anti-dilutive securities (2) 1,990 176 741 192 Earnings per common share: Basic $ 1.94 $ 2.11 $ 3.53 $ 3.49 Diluted (3) 1.91 2.07 3.48 3.44 (1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) 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. (2) Represents equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. Additional information about equity-based awards is provided on pages 173 and 175 in Note 18 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. (3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method. |
Line of Business Information
Line of Business Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Line of Business Information | Line of Business Information Our operations are organized into two lines of business: Investment Servicing and Investment Management, which are defined based on products and services provided. 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. For information about our two lines of business, as well as revenues, expenses and capital allocation methodologies associated with them, refer to pages 179 to 181 in Note 24 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. The following tables summarize our line of business results for the periods indicated. The "Other" columns represent costs incurred that are not allocated to a specific line of business, certain employee costs, including certain severance and restructuring costs, acquisition costs and certain provisions for legal contingencies. Three Months Ended June 30, Investment Investment Other Total (Dollars in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Servicing fees $ 1,297 $ 1,394 $ — $ — $ — $ — $ 1,297 $ 1,394 Management fees — — 490 504 — — 490 504 Foreign exchange trading services 313 270 18 16 — — 331 286 Securities finance 102 106 5 3 — — 107 109 Software and processing fees 188 211 — — — — 188 211 Other fee revenue (12) 3 (31) 7 — — (43) 10 Total fee revenue 1,888 1,984 482 530 — — 2,370 2,514 Net interest income 588 468 (4) (1) — — 584 467 Total other income (1) — — — — 53 (1) 53 Total revenue 2,475 2,452 478 529 — 53 2,953 3,034 Provision for credit losses 10 (15) — — — — 10 (15) Total expenses 1,767 1,755 327 346 14 10 2,108 2,111 Income before income tax expense $ 698 $ 712 $ 151 $ 183 $ (14) $ 43 $ 835 $ 938 Pre-tax margin 28 % 29 % 32 % 35 % 28 % 31 % Six Months Ended June 30, Investment Investment Other Total (Dollars in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Servicing fees $ 2,665 $ 2,763 $ — $ — $ — $ — $ 2,665 $ 2,763 Management fees — — 1,010 997 — — 1,010 997 Foreign exchange trading services 655 603 35 29 — — 690 632 Securities finance 195 201 8 7 — — 203 208 Software and processing fees (1) 389 371 — — — — 389 371 Other fee revenue 34 17 (48) 9 — (14) 26 Total fee revenue 3,938 3,955 1,005 1,042 — — 4,943 4,997 Net interest income 1,097 941 (4) (7) — — 1,093 934 Total other income (2) — — — — 53 (2) 53 Total revenue 5,033 4,896 1,001 1,035 — 53 6,034 5,984 Provision for credit losses 10 (24) — — — — 10 (24) Total expenses 3,692 3,634 716 743 27 66 4,435 4,443 Income before income tax expense $ 1,331 $ 1,286 $ 285 $ 292 $ (27) $ (13) 1,589 $ 1,565 Pre-tax margin 26 % 26 % 28 % 28 % 26 % 26 % |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers For additional information on the nature of services and our revenue from contracts with customers, including revenues associated with both our Investment Servicing and Investment Management lines of business, refer to pages 181 to 183 in Note 25 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. Revenue by category In the following tables, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended June 30, 2022 Investment Servicing Investment Management Other Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2022 Servicing fees $ 1,297 $ — $ 1,297 $ — $ — $ — $ — $ — $ — $ 1,297 Management fees — — — 490 — 490 — — — 490 Foreign exchange trading services 90 223 313 18 — 18 — — — 331 Securities finance 61 41 102 — 5 5 — — — 107 Software and processing fees 138 50 188 — — — — — 188 Other fee revenue — (12) (12) — (31) (31) — — — (43) Total fee revenue 1,586 302 1,888 508 (26) 482 — — — 2,370 Net interest income — 588 588 — (4) (4) — — — 584 Total other income — (1) (1) — — — — — — (1) Total revenue $ 1,586 $ 889 $ 2,475 $ 508 $ (30) $ 478 $ — $ — $ — $ 2,953 Six Months Ended June 30, 2022 Investment Servicing Investment Management Other Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2022 Servicing fees $ 2,665 $ — $ 2,665 $ — $ — $ — $ — $ — $ — $ 2,665 Management fees — — — 1,010 — 1,010 — — — 1,010 Foreign exchange trading services 191 464 655 35 — 35 — — — 690 Securities finance 115 80 195 — 8 8 — — — 203 Software and processing fees 289 100 389 — — — — — — 389 Other fee revenue — 34 34 — (48) (48) — — — (14) Total fee revenue 3,260 678 3,938 1,045 (40) 1,005 — — — 4,943 Net interest income — 1,097 1,097 — (4) (4) — — — 1,093 Total other income — (2) (2) — — — — — — (2) Total revenue $ 3,260 $ 1,773 $ 5,033 $ 1,045 $ (44) $ 1,001 $ — $ — $ — $ 6,034 Three Months Ended June 30, 2021 Investment Servicing Investment Management Other Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2021 Servicing fees $ 1,394 $ — $ 1,394 $ — $ — $ — $ — $ — $ — $ 1,394 Management fees — — — 504 — 504 — — — 504 Foreign exchange trading services 83 187 270 16 — 16 — — — 286 Securities finance 61 45 106 — 3 3 — — — 109 Software and processing fees 161 50 211 — — — — — — 211 Other fee revenue — 3 3 — 7 7 — — — 10 Total fee revenue 1,699 285 1,984 520 10 530 — — — 2,514 Net interest income — 468 468 — (1) (1) — — — 467 Total other income — — — — — — — 53 53 53 Total revenue $ 1,699 $ 753 $ 2,452 $ 520 $ 9 $ 529 $ — $ 53 $ 53 $ 3,034 Six Months Ended June 30, 2021 Investment Servicing Investment Management Other Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2021 Servicing fees $ 2,763 $ — $ 2,763 $ — $ — $ — $ — $ — $ — $ 2,763 Management fees — — — 997 — 997 — — — 997 Foreign exchange trading services 178 425 603 29 — 29 — — — 632 Securities finance 121 80 201 — 7 7 — — — 208 Software and processing fees 271 100 371 — — — — — — 371 Other fee revenue — 17 17 — 9 9 — — — 26 Total fee revenue 3,333 622 3,955 1,026 16 1,042 — — — 4,997 Net interest income — 941 941 — (7) (7) — — — 934 Total other income — — — — — — — 53 53 53 Total revenue $ 3,333 $ 1,563 $ 4,896 $ 1,026 $ 9 $ 1,035 $ — $ 53 $ 53 $ 5,984 Contract balances and contract costs A s of June 30, 2022 and December 31, 2021, net receivables of $2.89 billion and $2.76 billion, respectively, are included in accrued interest and fees receivable, representing amounts billed or currently billable related to revenue from contracts with customers. As performance obligations are satisfied, we have an unconditional right to payment and billing is generally performed monthly or quarterly; therefore, we do not have significant contract assets or liabilities. No adjustments are made to the promised amount of consideration for the effects of a significant financing component as the period between when we transfer a promised service to a customer and when the customer pays for that service is expected to be one year or less. |
Non-U.S. Activities
Non-U.S. Activities | 6 Months Ended |
Jun. 30, 2022 | |
Segments, Geographical Areas [Abstract] | |
Non-U.S. Activities | Non-U.S. Activities We define our non-U.S. activities as those revenue-producing business activities that arise from clients which are generally serviced or managed outside the U.S. Due to the integrated nature of our business, precise segregation of our U.S. and non-U.S. activities is not possible. Subjective estimates, assumptions and other judgments are applied to quantify the financial results and assets related to our non-U.S. activities, including our application of funds transfer pricing, our asset and liability management policies and our allocation of certain indirect corporate expenses. Management periodically reviews and updates its processes for quantifying the financial results and assets related to our non-U.S. activities. The following table presents our U.S. and non-U.S. financial results for the periods indicated: Three Months Ended June 30, 2022 2021 (In millions) Non-U.S. (1) U.S. Total Non-U.S. (1) U.S. Total Total revenue $ 1,336 $ 1,617 $ 2,953 $ 1,325 $ 1,709 $ 3,034 Income before income tax expense 407 428 835 396 542 938 Six Months Ended June 30, 2022 2021 (In millions) Non-U.S. (1) U.S. Total Non-U.S. (1) U.S. Total Total revenue $ 2,715 $ 3,319 $ 6,034 $ 2,670 $ 3,314 $ 5,984 Income before income tax expense 772 817 1,589 733 832 1,565 (1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix. Non-U.S. assets were $93.35 billion and $109.41 billion as of June 30, 2022 and 2021, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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, including our principal banking subsidiary, State Street Bank. |
Consolidation | The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation. Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our consolidated financial statements through the date we filed this Form 10-Q with the SEC. |
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. These accounting estimates reflect the best judgment of management, but actual results could differ. Our consolidated statement of condition as of December 31, 2021 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by U.S. GAAP for a complete set of consolidated financial statements. |
Recent Accounting Developments | Recent Accounting Developments In March 2022, the SEC staff released Staff Accounting Bulletin No. 121 (SAB 121). SAB 121 expresses the views of the SEC staff regarding the accounting for obligations to safeguard crypto-assets. The guidance requires an entity that has obligations to safeguard crypto-assets held for their platform users to recognize a liability on its balance sheet, along with a corresponding asset, and provide extensive disclosures on the nature and amount of crypto-assets under custody. This guidance was adopted in the second quarter of 2022 and had no financial statement impact. We continue to evaluate the potential impact of the guidance on State Street Digital products and services currently in development. We did not adopt any other new accounting standards in the second quarter of 2022 that had a material impact to our financial statements. Relevant standards that were recently issued but not yet adopted Standard Description Date of Adoption Effects on the financial statements or other significant matters ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The standard addresses two topics: 1) eliminates the accounting guidance for TDRs, now requiring an entity to determine whether a modification results in a new loan or a continuation of an existing loan, as well as expanding disclosures related to modifications and 2) requires disclosure of current period gross write-offs of financing receivables within the vintage disclosures table. January 1, 2023, early adoption permitted We do not expect the new standard to have a significant impact as, to date, no loans have been modified in troubled debt restructurings and write-offs of financing receivables are insignificant. ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method The standard makes targeted amendments to 1) expand the existing last-of-layer method to allow multiple hedging layers of a single closed portfolio (now renamed portfolio layer method), 2) expand the scope of the portfolio layer method to include nonprepayable financial assets, 3) clarify which hedging instruments are eligible for designation in a portfolio layer hedge, 4) provide additional guidance on the accounting for, and disclosure of, hedge basis adjustments that are applicable to the portfolio layer method and 5) define how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. January 1, 2023, early adoption permitted We are currently evaluating the impact of the new standard and the early adoption provisions. |
Fair Value Measurements | Fair Value Measurements We carry trading account assets and liabilities, AFS debt securities, certain equity 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. For information about our valuation techniques for financial assets and financial liabilities measured at fair value and the fair value hierarchy, refer to pages 137 to 143 in Note 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: Fair Value Measurements on a Recurring Basis As of June 30, 2022 (In millions) Quoted Market Pricing Methods Pricing Methods Impact of Netting (1) Total Net Assets: Trading account assets: U.S. government securities $ 39 $ — $ — $ 39 Non-U.S. government securities — 131 — 131 Other — 558 — 558 Total trading account assets 39 689 — 728 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations 9,411 — — 9,411 Mortgage-backed securities — 10,271 — 10,271 Total U.S. Treasury and federal agencies 9,411 10,271 — 19,682 Non-U.S. debt securities: Mortgage-backed securities — 1,959 — 1,959 Asset-backed securities — 1,876 — 1,876 Non-U.S. sovereign, supranational and non-U.S. agency — 14,927 — 14,927 Other — 2,204 — 2,204 Total non-U.S. debt securities — 20,966 — 20,966 Asset-backed securities: Student loans — 150 — 150 Collateralized loan obligations — 2,334 — 2,334 Non-agency CMBS and RMBS (2) — 195 — 195 Other — 89 — 89 Total asset-backed securities — 2,768 — 2,768 State and political subdivisions — 1,034 — 1,034 Other U.S. debt securities — 1,004 — 1,004 Total available-for-sale investment securities 9,411 36,043 — 45,454 Other assets: Derivative instruments: Foreign exchange contracts 3 23,615 15 $ (14,168) 9,465 Interest rate contracts 11 — — — 11 Total derivative instruments 14 23,615 15 (14,168) 9,476 Other 12 621 — — 633 Total assets carried at fair value $ 9,476 $ 60,968 $ 15 $ (14,168) $ 56,291 Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 4 $ 23,017 $ 15 $ (17,100) $ 5,936 Interest rate contracts — — — — — Other derivative contracts — 272 — — 272 Total derivative instruments 4 23,289 15 (17,100) 6,208 Total liabilities carried at fair value $ 4 $ 23,289 $ 15 $ (17,100) $ 6,208 (1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.73 billion and $4.66 billion, respectively, for cash collateral received from and provided to derivative counterparties. (2) Consists entirely of non-agency CMBS. Fair Value Measurements on a Recurring Basis As of December 31, 2021 (In millions) Quoted Market Pricing Methods Pricing Methods Impact of Netting (1) Total Net Assets: Trading account assets: U.S. government securities $ 39 $ — $ — $ 39 Non-U.S. government securities — 134 — 134 Other — 585 — 585 Total trading account assets 39 719 — 758 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations 17,939 — — 17,939 Mortgage-backed securities — 18,208 — 18,208 Total U.S. Treasury and federal agencies 17,939 18,208 — 36,147 Non-U.S. debt securities: Mortgage-backed securities — 1,995 — 1,995 Asset-backed securities — 2,087 — 2,087 Non-U.S. sovereign, supranational and non-U.S. agency — 23,547 — 23,547 Other — 3,098 — 3,098 Total non-U.S. debt securities — 30,727 — 30,727 Asset-backed securities: Student loans — 211 — 211 Collateralized loan obligations — 2,155 — 2,155 Non-agency CMBS and RMBS (2) — 52 — 52 Other — 91 — 91 Total asset-backed securities — 2,509 — 2,509 State and political subdivisions — 1,272 — 1,272 Other U.S. debt securities — 2,744 — 2,744 Total available-for-sale investment securities 17,939 55,460 — 73,399 Other assets: Derivative instruments: Foreign exchange contracts 2 15,183 — $ (11,079) 4,106 Interest rate contracts 2 — — — 2 Total derivative instruments 4 15,183 — (11,079) 4,108 Other — 667 — — 667 Total assets carried at fair value $ 17,982 $ 72,029 $ — $ (11,079) $ 78,932 Liabilities: Accrued expenses and other liabilities: Trading account liabilities: Derivative instruments: Foreign exchange contracts 1 15,824 — (10,395) 5,430 Other derivative contracts — 301 — — 301 Total derivative instruments 1 16,125 — (10,395) 5,731 Total liabilities carried at fair value $ 1 $ 16,125 $ — $ (10,395) $ 5,731 (1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.97 billion and $1.28 billion, respectively, for cash collateral received from and provided to derivative counterparties. (2) Consists entirely of non-agency CMBS. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present activity related to our level 3 financial assets during the three and six months ended June 30, 2022 and 2021, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During both the three and six months ended June 30, 2022, there were no transfers into and out of level 3. During the three months ended June 30, 2021, there were no transfers into level 3. During the six months ended June 30, 2021, transfers into level 3 were primarily related to a U.S. corporate bond, for which fair value was measured using information obtained from third party sources, including non-binding broker/dealer quotes. During the three and six months ended June 30, 2021, transfers out of level 3 were primarily related to collateralized loan obligations and a U.S. corporate bond, for which fair value was measured using prices for which observable market information became available. Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended June 30, 2022 Fair Value as of March 31, 2022 Total Realized and Unrealized Gains (Losses) (1) Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of June 30, 2022 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded in Revenue (1) Recorded in Other Comprehensive Income (1) Assets: Other assets: Derivative instruments: Foreign exchange contracts $ 6 $ — $ — $ 9 $ — $ — $ — $ — $ 15 $ 2 Total derivative instruments 6 — — 9 — — — — 15 2 Total assets carried at fair value $ 6 $ — $ — $ 9 $ — $ — $ — $ — $ 15 $ 2 (1) Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. Fair Value Measurements Using Significant Unobservable Inputs Six Months Ended June 30, 2022 Fair Value as of December 31, 2021 Total Realized and Unrealized Gains (Losses) (1) Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of June 30, 2022 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded in Revenue (1) Recorded in Other Comprehensive Income (1) Assets: Other assets: Derivative instruments: Foreign exchange contracts $ — $ 3 $ — $ 12 $ — $ — $ — $ — $ 15 $ 4 Total derivative instruments — 3 — 12 — — — — 15 4 Total assets carried at fair value $ — $ 3 $ — $ 12 $ — $ — $ — $ — $ 15 $ 4 (1) Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended June 30, 2021 Fair Value as of March 31, 2021 Total Realized and Unrealized Gains (Losses) (1) Purchases Sales Settlements Transfers Transfers Fair Value as of June 30, 2021 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded (1) Recorded (1) Assets: Available-for-sale Investment securities: Asset-backed securities: Collateralized loan obligations $ 106 $ — $ — $ — $ — $ — $ — $ (106) $ — Total asset-backed securities 106 — — — — — — (106) — Other U.S. debt securities 15 — — — — — — (15) — Total available-for-sale investment securities 121 — — — — — — (121) — Other assets: Derivative instruments: Foreign exchange contracts 6 (5) — 2 — (1) — — 2 $ — Total derivative instruments 6 (5) — 2 — (1) — — 2 — Total assets carried at fair value $ 127 $ (5) $ — $ 2 $ — $ (1) $ — $ (121) $ 2 $ — ( 1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. Fair Value Measurements Using Significant Unobservable Inputs Six Months Ended June 30, 2021 Fair Value as of December 31, 2020 Total Realized and Unrealized Gains (Losses) (1) Purchases Sales Settlements Transfers Transfers Fair Value as of June 30, 2021 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded (1) Recorded (1) Assets: Available-for-sale Investment securities: Asset-backed securities: Collateralized loan obligations $ 14 $ — $ — $ 106 $ — $ — $ — $ (120) $ — Total asset-backed securities 14 — — 106 — — — (120) — Other U.S. debt securities — — — — — — 15 (15) — Total available-for-sale investment securities 14 — — 106 — — 15 (135) — Other assets: Derivative instruments: Foreign exchange contracts 2 (3) — 3 — — — — 2 $ (1) Total derivative instruments 2 (3) — 3 — — — — 2 (1) Total assets carried at fair value $ 16 $ (3) $ — $ 109 $ — $ — $ 15 $ (135) $ 2 $ (1) ( 1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. |
Fair Value Inputs, 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/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 Range Weighted-Average (Dollars in millions) As of June 30, 2022 As of December 31, 2021 Valuation Technique Significant Unobservable Input (1) As of June 30, 2022 As of June 30, 2022 As of December 31, 2021 Significant unobservable inputs readily available to State Street: Assets: Derivative Instruments, foreign exchange contracts $ 15 $ — Option model Volatility 5.4 % - 19.8% 11.9 % 15.2 % Total $ 15 $ — Liabilities: Derivative instruments, foreign exchange contracts $ 15 $ — Option model Volatility 5.4 % - 19.7% 11.9 % 14.7 % Total $ 15 $ — (1) Significant changes in these unobservable inputs may result in significant changes in fair value measurement of the derivative instrument. |
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, as they would be categorized within the fair value hierarchy, as of the dates indicated: Fair Value Hierarchy (In millions) 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) June 30, 2022 Financial Assets: Cash and due from banks $ 3,515 3,515 $ 3,515 $ — $ — Interest-bearing deposits with banks 91,360 91,360 — 91,360 — Securities purchased under resale agreements 5,203 5,203 — 5,203 — Investment securities held-to-maturity 64,261 60,103 11,331 48,772 — Net loans (1) 33,470 33,209 — 31,009 2,200 Other (2) 1 1 — 1 — Financial Liabilities: Deposits: Non-interest-bearing $ 55,062 $ 55,062 $ — $ 55,062 $ — Interest-bearing - U.S. 107,262 107,262 — 107,262 — Interest-bearing - non-U.S. 79,589 79,589 — 79,589 — Securities sold under repurchase agreements 951 951 — 951 — Other short-term borrowings 73 73 — 73 — Long-term debt 13,530 12,771 — 12,633 138 Other (2) 1 1 — 1 — (1) Includes $155 million of loans classified as held-for-sale that were measured at fair value in level 2 as of June 30, 2022. (2) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge. Fair Value Hierarchy (In millions) 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) December 31, 2021 Financial Assets: Cash and due from banks $ 3,631 $ 3,631 $ 3,631 $ — $ — Interest-bearing deposits with banks 106,358 106,358 — 106,358 — Securities purchased under resale agreements 3,012 3,012 — 3,012 — Investment securities held-to-maturity 42,430 42,271 2,160 40,111 — Net loans (1) 32,445 32,528 — 29,862 2,666 Other (2) 1 1 — 1 — Financial Liabilities: Deposits: Non-interest-bearing $ 56,461 $ 56,461 $ — $ 56,461 $ — Interest-bearing - U.S. 102,985 102,985 — 102,985 — Interest-bearing - non-U.S. 95,589 95,589 — 95,589 — Securities sold under repurchase agreements 1,575 1,575 — 1,575 — Other short-term borrowings 128 128 — 128 — Long-term debt 13,475 13,552 — 13,385 167 Other (2) 1 1 — 1 — (1) Includes $8 million of loans classified as held-for-sale that were measured at fair value in level 2 as of December 31, 2021. (2) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated: June 30, 2022 December 31, 2021 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 $ 9,720 $ 12 $ 321 $ 9,411 $ 18,111 $ 24 $ 196 $ 17,939 Mortgage-backed securities 10,409 1 139 10,271 18,154 148 94 18,208 Total U.S. Treasury and federal agencies 20,129 13 460 19,682 36,265 172 290 36,147 Non-U.S. debt securities: Mortgage-backed securities 1,972 5 18 1,959 1,986 12 3 1,995 Asset-backed securities (1) 1,901 — 25 1,876 2,087 2 2 2,087 Non-U.S. sovereign, supranational and non-U.S. agency 15,300 1 374 14,927 23,533 114 100 23,547 Other (2) 2,358 — 154 2,204 3,113 17 32 3,098 Total non-U.S. debt securities 21,531 6 571 20,966 30,719 145 137 30,727 Asset-backed securities: Student loans (3) 152 — 2 150 209 2 — 211 Collateralized loan obligations (4) 2,378 — 43 2,334 2,155 2 2 2,155 Non-agency CMBS and RMBS (5) 200 — 5 195 52 — — 52 Other 90 — 1 89 90 1 — 91 Total asset-backed securities 2,820 — 51 2,768 2,506 5 2 2,509 State and political subdivisions 1,042 2 10 1,034 1,216 59 3 1,272 Other U.S. debt securities (6) 1,074 — 70 1,004 2,734 23 13 2,744 Total available-for-sale securities (7)(9) $ 46,596 $ 21 $ 1,162 $ 45,454 $ 73,440 $ 404 $ 445 $ 73,399 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 11,424 $ — $ 75 $ 11,349 $ 2,170 $ 10 $ — $ 2,180 Mortgage-backed securities 41,660 2 3,854 37,808 33,481 362 578 33,265 Total U.S. Treasury and federal agencies 53,084 2 3,929 49,157 35,651 372 578 35,445 Non-U.S. debt securities: Non-U.S. sovereign, supranational and non-U.S. agency 6,443 5 133 6,315 1,564 — 9 1,555 Total non-U.S. debt securities 6,443 5 133 6,315 1,564 — 9 1,555 Asset-backed securities: Student loans (3) 4,468 1 124 4,345 4,908 48 14 4,942 Non-agency CMBS and RMBS (8) 266 20 — 286 307 22 — 329 Total asset-backed securities 4,734 21 124 4,631 5,215 70 14 5,271 Total held-to-maturity securities (7) $ 64,261 $ 28 $ 4,186 $ 60,103 $ 42,430 $ 442 $ 601 $ 42,271 (1) As of June 30, 2022 and December 31, 2021, the fair value includes non-U.S. collateralized loan obligations of $0.85 billion and $0.83 billion, respectively. (2) As of June 30, 2022 and December 31, 2021, the fair value includes non-U.S. corporate bonds of $1.10 billion and $1.53 billion, respectively. (3) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans. (4) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information. (5) Consists entirely of non-agency CMBS as of both June 30, 2022 and December 31, 2021. (6) As of June 30, 2022 and December 31, 2021, the fair value of U.S. corporate bonds was $1.00 billion and $2.44 billion, respectively. (7) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended June 30, 2022. (8) As of June 30, 2022 and December 31, 2021, the total amortized cost included $256 million and $292 million, respectively, of non-agency CMBS and $11 million and $14 million of non-agency RMBS, respectively. |
Schedule of Gross Pre-tax Unrealized Losses on Investment Securities | The following tables present the aggregate fair values of AFS 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: As of June 30, 2022 Less than 12 months 12 months or longer Total (In millions) Fair Gross Fair Gross Fair Gross Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 6,778 $ 283 $ 2,062 $ 38 $ 8,840 $ 321 Mortgage-backed securities 9,768 119 278 20 10,046 139 Total U.S. Treasury and federal agencies 16,546 402 2,340 58 18,886 460 Non-U.S. debt securities: Mortgage-backed securities 1,783 18 41 — 1,824 18 Asset-backed securities 1,637 23 166 2 1,803 25 Non-U.S. sovereign, supranational and non-U.S. agency 12,529 301 1,454 73 13,983 374 Other 1,423 87 637 67 2,060 154 Total non-U.S. debt securities 17,372 429 2,298 142 19,670 571 Asset-backed securities: Student loans 102 2 16 — 118 2 Collateralized loan obligations 1,902 36 433 7 2,335 43 Non-agency CMBS and RMBS 195 5 — — 195 5 Other 89 1 — — 89 1 Total asset-backed securities 2,288 44 449 7 2,737 51 State and political subdivisions 667 6 43 4 710 10 Other U.S. debt securities 763 48 238 22 1,001 70 Total $ 37,636 $ 929 $ 5,368 $ 233 $ 43,004 $ 1,162 As of December 31, 2021 Less than 12 months 12 months or longer Total (In millions) Fair Gross Fair Gross Fair Gross Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 14,749 $ 194 $ 1,624 $ 2 $ 16,373 $ 196 Mortgage-backed securities 10,417 80 369 14 10,786 94 Total U.S. Treasury and federal agencies 25,166 274 1,993 16 27,159 290 Non-U.S. debt securities: Mortgage-backed securities 577 3 30 — 607 3 Asset-backed securities 1,021 2 127 — 1,148 2 Non-U.S. sovereign, supranational and non-U.S. agency 10,406 97 63 3 10,469 100 Other 1,570 31 19 1 1,589 32 Total non-U.S. debt securities 13,574 133 239 4 13,813 137 Asset-backed securities: Collateralized loan obligations 1,268 2 — — 1,268 2 Total asset-backed securities 1,268 2 — — 1,268 2 State and political subdivisions 10 — 45 3 55 3 Other U.S. debt securities 1,214 13 — — 1,214 13 Total $ 41,232 $ 422 $ 2,277 $ 23 $ 43,509 $ 445 |
Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of June 30, 2022. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties. As of June 30, 2022 (In millions) Under 1 Year 1 to 5 Years 6 to 10 Years Over 10 Years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 2,049 $ 2,039 $ 7,112 $ 6,800 $ 559 $ 572 $ — $ — $ 9,720 $ 9,411 Mortgage-backed securities 56 56 549 548 7,862 7,793 1,942 1,874 10,409 10,271 Total U.S. Treasury and federal agencies 2,105 2,095 7,661 7,348 8,421 8,365 1,942 1,874 20,129 19,682 Non-U.S. debt securities: Mortgage-backed securities 174 174 388 386 28 27 1,382 1,372 1,972 1,959 Asset-backed securities 265 260 810 801 459 453 367 362 1,901 1,876 Non-U.S. sovereign, supranational and non-U.S. agency 3,345 3,335 9,142 8,800 2,813 2,792 — — 15,300 14,927 Other 267 266 1,940 1,812 122 103 29 23 2,358 2,204 Total non-U.S. debt securities 4,051 4,035 12,280 11,799 3,422 3,375 1,778 1,757 21,531 20,966 Asset-backed securities: Student loans 64 65 — — — — 88 85 152 150 Collateralized loan obligations 108 106 485 477 1,197 1,177 588 574 2,378 2,334 Non-agency CMBS and RMBS — — — — — — 200 195 200 195 Other — — 90 89 — — — — 90 89 Total asset-backed securities 172 171 575 566 1,197 1,177 876 854 2,820 2,768 State and political subdivisions 175 175 404 401 407 406 56 52 1,042 1,034 Other U.S. debt securities 62 61 997 928 15 15 — — 1,074 1,004 Total $ 6,565 $ 6,537 $ 21,917 $ 21,042 $ 13,462 $ 13,338 $ 4,652 $ 4,537 $ 46,596 $ 45,454 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 400 $ 400 $ 10,985 $ 10,911 $ 24 $ 23 $ 15 $ 15 $ 11,424 $ 11,349 Mortgage-backed securities 157 151 556 540 4,706 4,141 36,241 32,976 41,660 37,808 Total U.S. Treasury and federal agencies 557 551 11,541 11,451 4,730 4,164 36,256 32,991 53,084 49,157 Non-U.S. debt securities: Non-U.S. sovereign, supranational and non-U.S. agency 546 543 5,303 5,186 594 586 — — 6,443 6,315 Total non-U.S. debt securities 546 543 5,303 5,186 594 586 — — 6,443 6,315 Asset-backed securities: Student loans 332 319 13 13 960 941 3,163 3,072 4,468 4,345 Non-agency CMBS and RMBS 181 188 11 12 — — 74 86 266 286 Total asset-backed securities 513 507 24 25 960 941 3,237 3,158 4,734 4,631 Total $ 1,616 $ 1,601 $ 16,868 $ 16,662 $ 6,284 $ 5,691 $ 39,493 $ 36,149 $ 64,261 $ 60,103 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Net Loans | The following table presents our recorded investment in loans, by segment, as of the dates indicated: (In millions) June 30, 2022 December 31, 2021 Domestic (1) : Commercial and financial: Fund Finance (2) $ 12,363 $ 12,396 Leveraged loans 2,468 3,106 Overdrafts 2,220 1,796 Other (3) 1,968 2,262 Commercial real estate 2,682 2,554 Total domestic 21,701 22,114 Foreign (1) : Commercial and financial: Fund Finance (2) 8,131 7,778 Leveraged loans 1,123 1,328 Overdrafts 2,610 1,312 Total foreign 11,864 10,418 Total loans (2) 33,565 32,532 Allowance for credit losses (95) (87) Loans, net of allowance $ 33,470 $ 32,445 (1) Domestic and foreign categorization is based on the borrower’s country of domicile. (2) Fund finance loans include primarily $8.17 billion private equity capital call finance loans, $6.48 billion loans to real money funds, $4.11 billion collateralized loan obligations in loan form and $1.26 billion loans to business development companies as of June 30, 2022, compared to $9.15 billion private equity capital call finance loans, $6.40 billion loans to real money funds, $2.91 billion collateralized loan obligations in loan form and $1.39 billion loans to business development companies as of December 31, 2021. (3) Includes $1.53 billion securities finance loans, $420 million loans to municipalities and $21 million other loans as of June 30, 2022 and $1.78 billion securities finance loans, $455 million loans to municipalities and $23 million other loans as of December 31, 2021. |
Recorded Investment in Each Class of Total Loans and Leases by Credit Quality Indicator | The following tables present our recorded loans to counterparties by risk rating, as noted above, as of the dates indicated: June 30, 2022 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 26,549 $ 2,373 $ 28,922 Speculative 3,851 220 4,071 Special mention 162 89 251 Substandard 166 — 166 Total (1)(2) $ 30,728 $ 2,682 $ 33,410 December 31, 2021 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 24,974 $ 2,222 $ 27,196 Speculative 4,714 270 4,984 Special mention 118 62 180 Substandard 164 — 164 Total (1)(2) $ 29,970 $ 2,554 $ 32,524 (1) Loans Include $4.83 billion and $3.11 billion of overdrafts as of June 30, 2022 and December 31, 2021, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of June 30, 2022, $4.47 billion overdrafts were investment grade, $356 million overdrafts were speculative and $2 million were substandard. (2) Total does not include $155 million and $8 million of loans classified as held-for-sale as of June 30, 2022 and December 31, 2021, respectively. The following table presents the amortized cost basis, by year of origination and credit quality indicator, as of June 30, 2022. For origination years before the fifth annual period, we present the aggregate amortized cost basis of loans. For purchased loans, the date of issuance is used to determine the year of origination, not the date of acquisition. For modified, extended or renewed lending arrangements, we evaluate whether a credit event has occurred which would consider the loan to be a new arrangement. (In millions) 2022 2021 2020 2019 2018 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 2,297 $ 185 $ 95 $ 341 $ — $ 12 $ 13,197 $ 16,127 Speculative 129 849 192 486 340 150 363 2,509 Special mention — 39 — 96 — 27 — 162 Substandard 2 — 5 70 45 6 — 128 Total commercial and financing $ 2,428 $ 1,073 $ 292 $ 993 $ 385 $ 195 $ 13,560 $ 18,926 Commercial real estate: Risk Rating: Investment grade $ 134 $ 612 $ 100 397 $ 657 $ 473 $ — $ 2,373 Speculative — — 49 124 19 28 — 220 Special mention — — — 49 40 — — 89 Total commercial real estate $ 134 $ 612 $ 149 $ 570 $ 716 $ 501 $ — $ 2,682 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 3,505 $ 2,783 $ — $ — $ — $ — $ 4,134 $ 10,422 Speculative 350 513 122 180 99 65 13 1,342 Special mention — — — — — — — — Substandard — — — — 38 — — 38 Total commercial and financing $ 3,855 $ 3,296 $ 122 $ 180 $ 137 $ 65 $ 4,147 $ 11,802 Total loans (2) $ 6,417 $ 4,981 $ 563 $ 1,743 $ 1,238 $ 761 $ 17,707 $ 33,410 (1) Any reserve associated with accrued interest is not material. As of June 30, 2022, accrued interest receivable of $91 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table. (2) Total does not include $155 million of loans classified as held-for-sale as of June 30, 2022. The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2021: (In millions) 2021 2020 2019 2018 2017 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 1,988 $ 59 $ 347 $ 2 $ 37 $ — $ 13,591 $ 16,024 Speculative 1,096 351 706 425 350 7 343 3,278 Special mention — — 70 29 19 — — 118 Substandard — 5 71 56 8 — — 140 Total commercial and financing $ 3,084 $ 415 $ 1,194 $ 512 $ 414 $ 7 $ 13,934 $ 19,560 Commercial real estate: Risk Rating: Investment grade $ 580 $ 129 $ 383 $ 657 $ 276 $ 197 $ — $ 2,222 Speculative 24 49 149 20 — 28 — 270 Special mention — — 22 40 — — — 62 Total commercial real estate $ 604 $ 178 $ 554 $ 717 $ 276 $ 225 $ — $ 2,554 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 4,087 $ — $ — $ — $ — $ — $ 4,863 $ 8,950 Speculative 561 201 264 204 120 31 55 1,436 Substandard — — — 24 — — — 24 Total commercial and financing $ 4,648 $ 201 $ 264 $ 228 $ 120 $ 31 $ 4,918 $ 10,410 Total loans (2) $ 8,336 $ 794 $ 2,012 $ 1,457 $ 810 $ 263 $ 18,852 $ 32,524 (1) Any reserve associated with accrued interest is not material. As of December 31, 2021, accrued interest receivable of $86 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table. (2) Total does not include $8 million of loans classified as held-for-sale as of December 31, 2021. |
Schedule of Activity in the Allowance for Loan Losses | The following tables present the activity in the allowance for credit losses by portfolio and class for the periods indicated: Three Months Ended June 30, 2022 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Available-for-sale Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 61 $ 11 $ 14 $ 2 $ 19 $ — $ 107 Charge-offs (3) — — — — — (3) Provision 11 (1) 2 — (2) — 10 Ending balance $ 69 $ 10 $ 16 $ 2 $ 17 $ — $ 114 (1) Includes $9 million allowance for credit losses on Fund Finance loans and $1 million on other loans. Six Months Ended June 30, 2022 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Available-for-sale Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 61 $ 12 $ 14 $ 2 $ 19 $ — $ 108 Charge-offs (4) — — — — — (4) Provision 12 (2) 2 — (2) — 10 Ending balance $ 69 $ 10 $ 16 $ 2 $ 17 $ — $ 114 (1) Includes $9 million allowance for credit losses on Fund Finance loans and $1 million on other loans. Three Months Ended June 30, 2021 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 92 $ 12 $ 14 $ 2 $ 15 $ — $ 135 Charge-offs (1) — — — — — (1) Provision (19) — — — 4 — (15) Foreign currency translation 2 — — — — — 2 Ending balance $ 74 $ 12 $ 14 $ 2 $ 19 $ — $ 121 (1) Includes $10 million allowance for credit losses on Fund Finance loans and $2 million on other loans. Six Months Ended June 30, 2021 Commercial and Financial (In millions) Leveraged Loans Other Loans Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 97 $ 17 $ 8 $ 3 $ 22 $ 1 $ 148 Charge-offs (1) (1) — — — — — (1) Provision (20) (5) 6 (1) (3) (1) (24) Foreign currency translation (2) — — — — — (2) Ending balance $ 74 $ 12 $ 14 $ 2 $ 19 $ — $ 121 (1) Includes $10 million allowance for credit losses on Fund Finance loans and $2 million on other loans. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: (In millions) Investment Investment Total Goodwill: Ending balance December 31, 2020 $ 7,413 $ 270 $ 7,683 Acquisitions (1) 66 — 66 Divestitures (2) (17) — (17) Foreign currency translation (108) (3) (111) Ending balance December 31, 2021 $ 7,354 $ 267 $ 7,621 Acquisitions 3 — 3 Foreign currency translation (155) (4) (159) Ending balance June 30, 2022 $ 7,202 $ 263 $ 7,465 (1) Investment Servicing includes our acquisitions of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, in the first quarter of 2021, with a total purchase price of approximately EUR 220 million or approximately $258 million, and our acquisition of Mercatus, Inc. in the third quarter of 2021, with a total purchase price of approximately $88 million. We accounted for these acquisitions as business combinations and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date. (2) In the second quarter of 2021, we sold a majority share of our WMS business. |
Schedule of Finite-Lived Intangible Assets | The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: (In millions) Investment Servicing Investment Total Other intangible assets: Ending balance December 31, 2020 $ 1,733 $ 94 $ 1,827 Acquisitions (1) 264 — 264 Amortization (221) (24) (245) Foreign currency translation (30) — (30) Ending balance December 31, 2021 1,746 70 1,816 Acquisitions — — — Amortization (110) (11) (121) Foreign currency translation (41) — (41) Ending balance June 30, 2022 $ 1,595 $ 59 $ 1,654 (1) Investment Servicing includes our acquisitions of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, in the first quarter of 2021, with a total purchase price of approximately EUR 220 million or approximately $258 million, and our acquisition of Mercatus, Inc. in the third quarter of 2021, with a total purchase price of approximately $88 million. We accounted for these acquisitions as business combinations and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated: June 30, 2022 Gross Accumulated Net (In millions) Other intangible assets: Client relationships $ 2,710 $ (1,535) $ 1,175 Technology 401 (159) 242 Core deposits 679 (457) 222 Other 89 (74) 15 Total $ 3,879 $ (2,225) $ 1,654 December 31, 2021 Gross Accumulated Net (In millions) Other intangible assets: Client relationships $ 2,786 $ (1,497) $ 1,289 Technology 403 (142) 261 Core deposits 696 (451) 245 Other 96 (75) 21 Total $ 3,981 $ (2,165) $ 1,816 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets [Abstract] | |
Components of Other Assets | The following table presents the components of other assets as of the dates indicated: (In millions) June 30, 2022 December 31, 2021 Securities borrowed (1) $ 18,194 $ 22,300 Derivative instruments, net 9,476 4,108 Bank-owned life insurance 3,605 3,554 Investments in joint ventures and other unconsolidated entities (2) 3,256 3,162 Collateral, net 1,691 1,011 Receivable for securities settlement 1,083 213 Deferred tax assets, net of valuation allowance (3) 1,027 254 Prepaid expenses 705 612 Right-of-use assets 501 542 Accounts receivable 464 236 Income taxes receivable 326 317 Deposits with clearing organizations 62 62 Other (4) 1,080 1,244 Total $ 41,470 $ 37,615 (1) Refer to Note 8, for further information on the impact of collateral on our financial statement presentation of securities borrowing and securities lending transactions. (2) Includes equity securities without readily determinable fair values that are accounted for under the ASC 321 measurement alternative of $177 million and $109 million as of June 30, 2022 and December 31, 2021, respectively. For the three months ended June 30, 2022, there were no upward adjustments resulting from observable prices changes were recognized in other fee revenue related to such equity securities (3) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction. (4) Includes advances of $677 million and $544 million as of June 30, 2022 and December 31, 2021, respectively. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments, including those entered into for trading and asset-and-liability management activities as of the dates indicated: (In millions) June 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments: Interest rate contracts: Futures $ 4,783 $ 9,604 Foreign exchange contracts: Forward, swap and spot 2,190,465 2,569,449 Options purchased 1,255 328 Options written 874 210 Futures 1,662 2,359 Other: Stable value contracts (1) 33,121 32,868 Deferred value awards (2) 382 308 Derivatives designated as hedging instruments: Interest rate contracts: Swap agreements 24,066 15,100 Foreign exchange contracts: Forward and swap 7,826 6,700 (1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values. (2) Represents grants of deferred value awards to employees; refer to page 158 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. |
Schedule of Derivative Liabilities at Fair Value | The following table presents 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 provided in Note 8. Derivative Assets (1) Derivative Liabilities (2) (In millions) June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 23,415 $ 15,216 $ 23,031 $ 15,790 Other derivative contracts — — 272 301 Total $ 23,415 $ 15,216 $ 23,303 $ 16,091 Derivatives designated as hedging instruments: Foreign exchange contracts $ 218 $ 59 $ 5 $ 35 Interest rate contracts 11 2 — — Total $ 229 $ 61 $ 5 $ 35 (1) Derivative assets are included within other assets in our consolidated statement of condition. (2) Derivative liabilities are included within other liabilities in our consolidated statement of condition. |
Schedule of Derivative Assets at Fair Value | The following table presents 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 provided in Note 8. Derivative Assets (1) Derivative Liabilities (2) (In millions) June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 23,415 $ 15,216 $ 23,031 $ 15,790 Other derivative contracts — — 272 301 Total $ 23,415 $ 15,216 $ 23,303 $ 16,091 Derivatives designated as hedging instruments: Foreign exchange contracts $ 218 $ 59 $ 5 $ 35 Interest rate contracts 11 2 — — Total $ 229 $ 61 $ 5 $ 35 (1) Derivative assets are included within other assets in our consolidated statement of condition. (2) Derivative liabilities are included within other liabilities in our consolidated statement of condition. |
Impact of Derivative Financial Instruments On Statement of Income | The following table presents the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Location of Gain (Loss) on Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Derivatives not designated as hedging instruments: Foreign exchange contracts Foreign exchange trading services revenue $ 230 $ 188 $ 469 $ 431 Foreign exchange contracts Interest expense 3 16 16 37 Interest rate contracts Foreign exchange trading services revenue (6) 1 — 1 Other derivative contracts Compensation and employee benefits (10) (45) (64) (123) Total $ 217 $ 160 $ 421 $ 346 The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated: Three Months Ended June 30, Three Months Ended June 30, 2022 2021 2022 2021 (In millions) Location of Gain (Loss) on Derivative in Consolidated Statement of Income Amount of Gain Hedged Item in Fair Value Hedging Relationship Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income Amount of Gain Derivatives designated as fair value hedges: Interest rate contracts Net interest income $ 148 $ (23) Available-for-sale securities (1) Net interest income $ (149) $ 21 Interest rate contracts Net interest income (96) (7) Long-term debt Net interest income 96 7 Total $ 52 $ (30) $ (53) $ 28 Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Location of Gain (Loss) on Derivative in Consolidated Statement of Income Amount of Gain Hedged Item in Fair Value Hedging Relationship Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income Amount of Gain Derivatives designated as fair value hedges: Interest rate contracts Net interest income $ 358 (6) Available-for-sale securities (2) Net interest income $ (360) $ 5 Interest rate contracts Net interest income (339) (19) Long-term debt Net interest income 339 18 Total $ 19 $ (25) $ (21) $ 23 (1) In the three months ended June 30, 2022, approximately $113 million of net unrealized gains on AFS investment securities designated in fair value hedges was recognized in OCI compared to $16 million of net unrealized losses in the same period in 2021. (2) In the six months ended June 30, 2022, approximately $270 million of net unrealized gains on AFS investment securities designated in fair value hedges was recognized in OCI compared to $4 million of net unrealized losses in the same period in 2021. Three Months Ended June 30, Three Months Ended June 30, 2022 2021 Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 2022 2021 (In millions) Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Derivatives designated as cash flow hedges: Interest rate contracts (1) $ (92) $ 10 Net interest income $ 6 $ 22 Foreign exchange contracts 129 7 Net interest income 3 3 Total derivatives designated as cash flow hedges $ 37 $ 17 $ 9 $ 25 Derivatives designated as net investment hedges: Foreign exchange contracts $ 264 $ (24) Gains (Losses) related to investment securities, net $ — $ — Total derivatives designated as net investment hedges 264 (24) — — Total $ 301 $ (7) $ 9 $ 25 Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In millions) Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Derivatives designated as cash flow hedges: Interest rate contracts $ (383) $ (6) Net interest income $ 25 $ 40 Foreign exchange contracts 176 $ 43 Net interest income 6 6 Total derivatives designated as cash flow hedges $ (207) $ 37 $ 31 $ 46 Derivatives designated as net investment hedges: Foreign exchange contracts $ 328 $ 111 Gains (losses) related to investment securities, net $ — $ — Total derivatives designated as net investment hedges 328 111 — — Total $ 121 $ 148 $ 31 $ 46 (1) As of June 30, 2022, the maximum maturity date of the underlying hedged items is approximately 4.3 years. |
Schedule of Derivatives | The following table shows the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships: June 30, 2022 Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount (In millions) Carrying Amount of Hedged Assets/Liabilities Active De-designated (1) Long-term debt $ 10,271 $ (403) $ 436 Available-for-sale securities (2)(3) 11,289 (360) 14 December 31, 2021 Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount (In millions) Carrying Amount of Hedged Assets/Liabilities Active De-designated (1) Long-term debt $ 9,026 $ (64) $ 514 Available-for-sale securities 3,551 — 24 (1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date. (2) Included in these amounts is the amortized cost of the prepayable financial assets designated in last-of-layer hedging relationships (hedged item is the last layer of a closed portfolio of prepayable financial assets expected to remain outstanding at the end of the hedging relationship). At June 30, 2022 and December 31, 2021, the amortized cost of the closed portfolios used in these hedging relationships was $221 million and zero, respectively, of which $68 million and zero, respectively, was designated in the last-of-layer hedging relationship. At June 30, 2022 and December 31, 2021 the cumulative adjustment associated with these hedging relationships was ($1) million and zero, respectively. (3) Carrying amount represents amortized cost. |
Offsetting Arrangements (Tables
Offsetting Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 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 Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 23,633 $ (12,441) $ 11,192 $ — $ 11,192 Interest rate contracts (6) 11 — 11 — 11 Cash collateral and securities netting NA (1,727) (1,727) (1,034) (2,761) Total derivatives 23,644 (14,168) 9,476 (1,034) 8,442 Other financial instruments: Resale agreements and securities borrowing (7)(8) 100,778 (77,381) 23,397 (22,608) 789 Total derivatives and other financial instruments $ 124,422 $ (91,549) $ 32,873 $ (23,642) $ 9,231 Assets: December 31, 2021 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 Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 15,185 $ (9,113) $ 6,072 $ — $ 6,072 Interest rate contracts (6) 2 — 2 — 2 Cash collateral and securities netting NA (1,966) (1,966) (723) (2,689) Total derivatives 15,187 (11,079) 4,108 (723) 3,385 Other financial instruments: Resale agreements and securities borrowing (7)(8) 102,375 (77,063) 25,312 (25,096) 216 Total derivatives and other financial instruments $ 117,562 $ (88,142) $ 29,420 $ (25,819) $ 3,601 (1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. (2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative 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) Includes securities in connection with our securities borrowing transactions. (5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. (6) Variation margin payments presented as settlements rather than collateral. (7) Included in the $23.40 billion as of June 30, 2022 were $5.20 billion of resale agreements and $18.20 billion of collateral provided related to securities borrowing. Included in the $25.31 billion as of December 31, 2021 were $3.01 billion of resale agreements and $22.30 billion 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 9 for additional information with respect to principal securities finance transactions. (8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system. NA Not applicable |
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: June 30, 2022 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 Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 23,036 $ (12,441) $ 10,595 $ — $ 10,595 Interest rate contracts (6) — — — — — Other derivative contracts 272 — 272 — 272 Cash collateral and securities netting NA (4,659) (4,659) (1,865) (6,524) Total derivatives 23,308 (17,100) 6,208 (1,865) 4,343 Other financial instruments: Repurchase agreements and securities lending (7)(8) 80,081 (77,381) 2,700 (1,782) 918 Total derivatives and other financial instruments $ 103,389 $ (94,481) $ 8,908 $ (3,647) $ 5,261 Liabilities: December 31, 2021 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 Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 15,825 $ (9,113) $ 6,712 $ — $ 6,712 Interest rate contracts (6) — — — — — Other derivative contracts 301 — 301 — 301 Cash collateral and securities netting NA (1,282) (1,282) (989) (2,271) Total derivatives 16,126 (10,395) 5,731 (989) 4,742 Other financial instruments: Repurchase agreements and securities lending (7)(8) 82,674 (77,063) 5,611 (4,066) 1,545 Total derivatives and other financial instruments $ 98,800 $ (87,458) $ 11,342 $ (5,055) $ 6,287 (1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. (2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative 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) Includes securities provided in connection with our securities lending transactions. (5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. (6) Variation margin payments presented as settlements rather than collateral. (7) Included in the $2.70 billion as of June 30, 2022 were $0.95 billion of repurchase agreements and $1.75 billion of collateral received related to securities lending transactions. Included in the $5.61 billion as of December 31, 2021 were $1.57 billion of repurchase agreements and $4.04 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions. (8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system. NA Not applicable |
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 the periods indicated: As of June 30, 2022 As of December 31, 2021 (In millions) Overnight and Continuous Up to 30 Days 30-90 days Greater than 90 Days Total Overnight and Continuous Up to 30 Days 30-90 days Greater than 90 Days Total Repurchase agreements: U.S. Treasury and agency securities $ 75,758 $ — $ — $ — $ 75,758 $ 75,266 $ — $ — $ — $ 75,266 Total 75,758 — — — 75,758 75,266 — — — 75,266 Securities lending transactions: US Treasury and agency securities 3 — — — 3 — — — — — Corporate debt securities 46 — 5 — 51 92 — — — 92 Equity securities 3,502 33 25 708 4,268 5,964 24 11 1,316 7,315 Other (1) 1 — — — 1 1 — — — 1 Total 3,552 33 30 708 4,323 6,057 24 11 1,316 7,408 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 79,310 $ 33 $ 30 $ 708 $ 80,081 $ 81,323 $ 24 $ 11 $ 1,316 $ 82,674 (1) Represents a security interest in underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge. |
Commitments and Guarantees (Tab
Commitments and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and guarantees, as of the dates indicated: (In millions) June 30, 2022 December 31, 2021 Commitments: Unfunded credit facilities $ 32,939 $ 33,026 Guarantees (1) : Indemnified securities financing $ 345,237 $ 385,740 Standby letters of credit 2,542 3,237 (1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties. |
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) June 30, 2022 December 31, 2021 Fair value of indemnified securities financing $ 345,237 $ 385,740 Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 361,380 404,121 Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 64,181 61,560 Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements 69,168 67,014 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Preferred Shares | The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of June 30, 2022: Preferred Stock (1) : Issuance Date Depositary Shares Issued Amount outstanding (in millions) Ownership Interest Per Depositary Share Liquidation Preference Per Share Liquidation Preference Per Depositary Share Per Annum Dividend Rate Dividend Payment Frequency Carrying Value as of June 30, 2022 Redemption Date (2) Series D February 2014 30,000,000 $ 750 1/4,000th $ 100,000 $ 25 5.9% to but excluding March 15, 2024, then a floating rate equal to the three-month LIBOR plus 3.108% Quarterly $ 742 March 15, 2024 Series F (3) May 2015 250,000 250 1/100th 100,000 1,000 5.25% to but excluding September 15, 2020, then a floating rate equal to the three-month LIBOR plus 3.597%, or 5.426% effective June 15, 2022 Quarterly 247 September 15, 2020 Series G April 2016 20,000,000 500 1/4,000th 100,000 25 5.35% to but excluding March 15, 2026, then a floating rate equal to the three-month LIBOR plus 3.709% Quarterly 493 March 15, 2026 Series H September 2018 500,000 500 1/100th 100,000 1,000 5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month LIBOR plus 2.539% Semi-annually 494 December 15, 2023 (1) 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. (2) On the redemption date, or any dividend payment 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. |
Dividends Declared | The following tables present the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated: Three Months Ended June 30, 2022 2021 (Dollars in millions, except per share amounts) Dividends Declared per Share Dividends Declared per Depositary Share Total Dividends Declared per Share Dividends Declared per Depositary Share Total Preferred Stock: Series D $ 1,475 $ 0.37 $ 11 $ 1,475 $ 0.37 $ 11 Series F 1,130 11.30 3 966 9.66 2 Series G 1,338 0.33 7 1,338 0.33 7 Series H 2,813 28.13 14 2,813 28.13 14 Total $ 35 $ 34 Six Months Ended June 30, 2022 2021 (Dollars in millions, except per share amounts) Dividends Declared per Share Dividends Declared per Depositary Share Total Dividends Declared per Share Dividends Declared per Depositary Share Total Preferred Stock: Series D $ 2,950 $ 0.74 $ 22 $ 2,950 $ 0.74 $ 22 Series F 2,080 20.80 5 1,919 19.19 9 Series G 2,676 0.66 14 2,676 0.66 14 Series H 2,813 28.13 14 2,813 28.13 14 Total $ 55 $ 59 The tables below present the dividends declared on common stock for the periods indicated: Three Months Ended June 30, 2022 2021 Dividends Declared per Share Total (In millions) Dividends Declared per Share Total (In millions) Common Stock $ 0.57 $ 210 $ 0.52 $ 179 Six Months Ended June 30, 2022 2021 Dividends Declared per Share Total (In millions) Dividends Declared per Share Total (In millions) Common Stock $ 1.14 $ 419 $ 1.04 $ 361 |
Stock Repurchase Program | The table below presents the activity under our common share repurchase program for the periods indicated: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Shares Acquired Average Cost per Share Total Acquired Shares Acquired (In millions) Average Cost per Share Total Acquired (In millions) 5.0 $ 84.71 $ 425 11.2 $ 80.00 $ 900 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the after-tax components of AOCI for the periods indicated: Six Months Ended June 30, (In millions) 2022 2021 Net unrealized gains (losses) on cash flow hedges $ (235) $ 53 Net unrealized gains (losses) on available-for-sale securities portfolio (2,954) 467 Net unrealized gains (losses) related to reclassified available-for-sale securities 860 (46) Net unrealized gains (losses) on available-for-sale securities (2,094) 421 Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges 253 (37) Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries 396 (93) Other-than-temporary impairment on held-to-maturity securities related to factors other than credit (1) (2) Net unrealized (losses) on retirement plans (115) (168) Foreign currency translation (1,891) (596) Total $ (3,687) $ (422) 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 Gains (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, 2021 $ (2) $ (48) $ 68 $ (2) $ (130) $ (1,019) $ (1,133) Other comprehensive income (loss) before reclassifications (211) (1,793) 328 1 (2) (872) (2,549) Amounts reclassified into (out of) accumulated other comprehensive loss (22) — — — 17 — (5) Other comprehensive income (loss) (233) (1,793) 328 1 15 (872) (2,554) Balance as of June 30, 2022 $ (235) $ (1,841) $ 396 $ (1) $ (115) $ (1,891) $ (3,687) (In millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available-for-Sale Securities Net Unrealized Gains (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, 2020 $ 57 $ 848 $ (204) $ (2) $ (178) $ (334) $ 187 Other comprehensive income (loss) before reclassifications 29 (464) 111 — — (262) (586) Amounts reclassified into (out of) accumulated other comprehensive loss (33) — — — 10 — (23) Other comprehensive income (loss) (4) (464) 111 — 10 (262) (609) Balance as of June 30, 2021 $ 53 $ 384 $ (93) $ (2) $ (168) $ (596) $ (422) |
Schedule of Reclassifications Out of AOCI | The following tables present after-tax reclassifications into earnings for the periods indicated: Three Months Ended June 30, 2022 2021 (In millions) Amounts Reclassified (into) Affected Line Item in Consolidated Statement of Income Cash flow hedges: (Gain) reclassified from accumulated other comprehensive income into income, net of related taxes of $3 and $7, respectively $ (6) $ (18) Net interest income reclassified from other comprehensive income Retirement plans: Amortization of actuarial losses, net of related taxes of $1 and $1, respectively 2 2 Compensation and employee benefits expenses Total reclassifications into (out of) Accumulated other comprehensive loss $ (4) $ (16) Six Months Ended June 30, 2022 2021 (In millions) Amounts Reclassified (into) Affected Line Item in Consolidated Statement of Income Cash flow hedges: (Gain) reclassified from accumulated other comprehensive income into income, net of related taxes of $9 and $13, respectively $ (22) $ (33) Net interest income reclassified from other comprehensive income Retirement plans: Amortization of actuarial losses, net of related taxes of $7 and $4, respectively 17 10 Compensation and employee benefits expenses Total reclassifications into (out of) Accumulated other comprehensive loss $ (5) $ (23) |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Schedule of Regulatory Capital | The following table presents the regulatory capital structure, total RWA, related regulatory capital ratios and the minimum required regulatory capital ratios for us and State Street Bank as of the dates indicated. State Street Corporation State Street Bank (Dollars in millions) Basel III Advanced Approaches June 30, 2022 Basel III Standardized Approach June 30, 2022 Basel III Advanced Approaches December 31, 2021 Basel III Standardized Approach December 31, 2021 Basel III Advanced Approaches June 30, 2022 Basel III Standardized Approach June 30, 2022 Basel III Advanced Approaches December 31, 2021 Basel III Standardized Approach December 31, 2021 Common shareholders' equity: Common stock and related surplus $ 11,261 $ 11,261 $ 11,291 $ 11,291 $ 13,033 $ 13,033 $ 13,047 $ 13,047 Retained earnings 26,115 26,115 25,238 25,238 17,025 17,025 15,700 15,700 Accumulated other comprehensive income (loss) (3,687) (3,687) (1,133) (1,133) (3,410) (3,410) (926) (926) Treasury stock, at cost (9,898) (9,898) (10,009) (10,009) — — — — Total 23,791 23,791 25,387 25,387 26,648 26,648 27,821 27,821 Regulatory capital adjustments: Goodwill and other intangible assets, net of associated deferred tax liabilities (8,628) (8,628) (8,935) (8,935) (8,370) (8,370) (8,667) (8,667) Other adjustments (1) (281) (281) (505) (505) (104) (104) (309) (309) Common equity tier 1 capital 14,882 14,882 15,947 15,947 18,174 18,174 18,845 18,845 Preferred stock 1,976 1,976 1,976 1,976 — — — — Tier 1 capital 16,858 16,858 17,923 17,923 18,174 18,174 18,845 18,845 Qualifying subordinated long-term debt 1,381 1,381 1,588 1,588 545 545 752 752 Allowance for credit losses — 113 — 108 — 113 — 108 Total capital $ 18,239 $ 18,352 $ 19,511 $ 19,619 $ 18,719 $ 18,832 $ 19,597 $ 19,705 Risk-weighted assets: Credit risk (2) $ 63,259 $ 113,566 $ 63,735 $ 109,554 $ 56,041 $ 110,950 $ 57,405 $ 106,405 Operational risk (3) 45,350 NA 45,550 NA 42,700 NA 42,813 NA Market risk 1,838 1,838 2,113 2,113 1,838 1,838 2,113 2,113 Total risk-weighted assets $ 110,447 $ 115,404 $ 111,398 $ 111,667 $ 100,579 $ 112,788 $ 102,331 $ 108,518 Adjusted quarterly average assets $ 282,526 $ 282,526 $ 293,567 $ 293,567 $ 279,665 $ 279,665 $ 290,403 $ 290,403 Capital Ratios: 2022 Minimum Requirements (4) 2021 Minimum Requirements (4) Common equity tier 1 capital 8.0 % 8.0 % 13.5 % 12.9 % 14.3 % 14.3 % 18.1 % 16.1 % 18.4 % 17.4 % Tier 1 capital 9.5 9.5 15.3 14.6 16.1 16.1 18.1 16.1 18.4 17.4 Total capital 11.5 11.5 16.5 15.9 17.5 17.6 18.6 16.7 19.2 18.2 Tier 1 leverage 4.0 4.0 6.0 6.0 6.1 6.1 6.5 6.5 6.5 6.5 (1) Other adjustments within CET1 capital primarily include the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, and other required credit risk-based deductions. (2) Under the advanced approaches, credit risk RWA includes a CVA which reflects the risk of potential fair value adjustments for credit risk reflected in our valuation of OTC derivative contracts. We used a simple CVA approach in conformity with the Basel III advanced approaches. (3) Under the current advanced approaches rules and regulatory guidance concerning operational risk models, RWA attributable to operational risk can vary substantially from period-to-period, without direct correlation to the effects of a particular loss event on our results of operations and financial condition and impacting dates and periods that may differ from the dates and periods as of and during which the loss event is reflected in our financial statements, with the timing and categorization dependent on the processes for model updates and, if applicable, model revalidation and regulatory review and related supervisory processes. An individual loss event can have a significant effect on the output of our operational RWA under the advanced approaches depending on the severity of the loss event and its categorization among the seven Basel-defined UOMs. Minimum requirements include a CCB of 2.5% and a SCB of 2.5% for the advanced approaches and the standardized approach, respectively, a G-SIB surcharge of 1.0% and a countercyclical buffer of 0%. NA Not applicable |
Net Interest Income (Tables)
Net Interest Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Banking and Thrift, Interest [Abstract] | |
Components of Interest Revenue and Interest Expense | The following table presents the components of interest income and interest expense, and related NII, for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Interest income: Interest-bearing deposits with banks $ 70 $ (4) $ 79 $ (13) Investment securities: Investment securities available-for-sale 122 145 276 285 Investment securities held-to-maturity 230 163 401 343 Investment securities purchased under money market liquidity facility — — — 4 Total investment securities 352 308 677 632 Securities purchased under resale agreements 38 3 48 13 Loans 199 157 371 298 Other interest-earning assets 45 3 50 8 Total interest income 704 467 1,225 938 Interest expense: Interest-bearing deposits 23 (65) (40) (134) Short-term borrowings under money market liquidity facility — — — 4 Securities sold under repurchase agreements 3 — 3 — Other short-term borrowings 1 1 1 1 Long-term debt 72 54 137 114 Other interest-bearing liabilities 21 10 31 19 Total interest expense 120 — 132 4 Net interest income $ 584 $ 467 $ 1,093 $ 934 |
Expenses (Tables)
Expenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Expenses [Abstract] | |
Schedule of Expenses | The following table presents the components of other expenses for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2022 2021 2022 2021 Professional services $ 84 $ 75 $ 181 $ 155 Sales advertising public relations 22 16 41 33 Regulatory fees and assessments 20 19 40 37 Securities processing 12 2 20 14 Bank operations 9 2 13 4 Insurance 2 3 6 6 Donations 7 — 13 Other 106 82 191 172 Total other expenses $ 262 $ 199 $ 505 $ 421 |
Restructuring and Related Costs | The following table presents aggregate activity for repositioning charges for the periods indicated: (In millions) Employee Real Estate Asset and Other Write-offs Total Accrual Balance at December 31, 2020 $ 190 $ 6 $ — $ 196 Accruals for Beacon (1) — — (1) Accruals for Repositioning Charges — 2 — 2 Payments and Other Adjustments (9) (2) — (11) Accrual Balance at March 31, 2021 180 6 — 186 Payments and Other Adjustments (34) — — (34) Accrual Balance at June 30, 2021 $ 146 $ 6 $ — $ 152 Accrual Balance at December 31, 2021 $ 68 $ 6 $ — $ 74 Payments and Other Adjustments (17) (1) — (18) Accrual Balance at March 31, 2022 51 $ 5 — 56 Payments and Other Adjustments (11) — — (11) Accrual Balance at June 30, 2022 $ 40 $ 5 $ — $ 45 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table presents the computation of basic and diluted earnings per common share for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions, except per share amounts) 2022 2021 2022 2021 Net income $ 747 $ 763 $ 1,351 $ 1,282 Less: Preferred stock dividends (35) (34) (55) (64) Dividends and undistributed earnings allocated to participating securities (1) — (1) (1) (1) Net income available to common shareholders $ 712 $ 728 $ 1,295 $ 1,217 Average common shares outstanding (In thousands): Basic average common shares 367,375 345,889 366,961 348,303 Effect of dilutive securities: equity-based awards 4,748 5,693 5,119 5,131 Diluted average common shares 372,123 351,582 372,080 353,434 Anti-dilutive securities (2) 1,990 176 741 192 Earnings per common share: Basic $ 1.94 $ 2.11 $ 3.53 $ 3.49 Diluted (3) 1.91 2.07 3.48 3.44 (1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) 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. (2) Represents equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. Additional information about equity-based awards is provided on pages 173 and 175 in Note 18 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2021 Form 10-K. (3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method. |
Line of Business Information (T
Line of Business Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of Line of Business Results | The following tables summarize our line of business results for the periods indicated. The "Other" columns represent costs incurred that are not allocated to a specific line of business, certain employee costs, including certain severance and restructuring costs, acquisition costs and certain provisions for legal contingencies. Three Months Ended June 30, Investment Investment Other Total (Dollars in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Servicing fees $ 1,297 $ 1,394 $ — $ — $ — $ — $ 1,297 $ 1,394 Management fees — — 490 504 — — 490 504 Foreign exchange trading services 313 270 18 16 — — 331 286 Securities finance 102 106 5 3 — — 107 109 Software and processing fees 188 211 — — — — 188 211 Other fee revenue (12) 3 (31) 7 — — (43) 10 Total fee revenue 1,888 1,984 482 530 — — 2,370 2,514 Net interest income 588 468 (4) (1) — — 584 467 Total other income (1) — — — — 53 (1) 53 Total revenue 2,475 2,452 478 529 — 53 2,953 3,034 Provision for credit losses 10 (15) — — — — 10 (15) Total expenses 1,767 1,755 327 346 14 10 2,108 2,111 Income before income tax expense $ 698 $ 712 $ 151 $ 183 $ (14) $ 43 $ 835 $ 938 Pre-tax margin 28 % 29 % 32 % 35 % 28 % 31 % Six Months Ended June 30, Investment Investment Other Total (Dollars in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Servicing fees $ 2,665 $ 2,763 $ — $ — $ — $ — $ 2,665 $ 2,763 Management fees — — 1,010 997 — — 1,010 997 Foreign exchange trading services 655 603 35 29 — — 690 632 Securities finance 195 201 8 7 — — 203 208 Software and processing fees (1) 389 371 — — — — 389 371 Other fee revenue 34 17 (48) 9 — (14) 26 Total fee revenue 3,938 3,955 1,005 1,042 — — 4,943 4,997 Net interest income 1,097 941 (4) (7) — — 1,093 934 Total other income (2) — — — — 53 (2) 53 Total revenue 5,033 4,896 1,001 1,035 — 53 6,034 5,984 Provision for credit losses 10 (24) — — — — 10 (24) Total expenses 3,692 3,634 716 743 27 66 4,435 4,443 Income before income tax expense $ 1,331 $ 1,286 $ 285 $ 292 $ (27) $ (13) 1,589 $ 1,565 Pre-tax margin 26 % 26 % 28 % 28 % 26 % 26 % |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In the following tables, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended June 30, 2022 Investment Servicing Investment Management Other Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2022 Servicing fees $ 1,297 $ — $ 1,297 $ — $ — $ — $ — $ — $ — $ 1,297 Management fees — — — 490 — 490 — — — 490 Foreign exchange trading services 90 223 313 18 — 18 — — — 331 Securities finance 61 41 102 — 5 5 — — — 107 Software and processing fees 138 50 188 — — — — — 188 Other fee revenue — (12) (12) — (31) (31) — — — (43) Total fee revenue 1,586 302 1,888 508 (26) 482 — — — 2,370 Net interest income — 588 588 — (4) (4) — — — 584 Total other income — (1) (1) — — — — — — (1) Total revenue $ 1,586 $ 889 $ 2,475 $ 508 $ (30) $ 478 $ — $ — $ — $ 2,953 Six Months Ended June 30, 2022 Investment Servicing Investment Management Other Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2022 Servicing fees $ 2,665 $ — $ 2,665 $ — $ — $ — $ — $ — $ — $ 2,665 Management fees — — — 1,010 — 1,010 — — — 1,010 Foreign exchange trading services 191 464 655 35 — 35 — — — 690 Securities finance 115 80 195 — 8 8 — — — 203 Software and processing fees 289 100 389 — — — — — — 389 Other fee revenue — 34 34 — (48) (48) — — — (14) Total fee revenue 3,260 678 3,938 1,045 (40) 1,005 — — — 4,943 Net interest income — 1,097 1,097 — (4) (4) — — — 1,093 Total other income — (2) (2) — — — — — — (2) Total revenue $ 3,260 $ 1,773 $ 5,033 $ 1,045 $ (44) $ 1,001 $ — $ — $ — $ 6,034 Three Months Ended June 30, 2021 Investment Servicing Investment Management Other Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2021 Servicing fees $ 1,394 $ — $ 1,394 $ — $ — $ — $ — $ — $ — $ 1,394 Management fees — — — 504 — 504 — — — 504 Foreign exchange trading services 83 187 270 16 — 16 — — — 286 Securities finance 61 45 106 — 3 3 — — — 109 Software and processing fees 161 50 211 — — — — — — 211 Other fee revenue — 3 3 — 7 7 — — — 10 Total fee revenue 1,699 285 1,984 520 10 530 — — — 2,514 Net interest income — 468 468 — (1) (1) — — — 467 Total other income — — — — — — — 53 53 53 Total revenue $ 1,699 $ 753 $ 2,452 $ 520 $ 9 $ 529 $ — $ 53 $ 53 $ 3,034 Six Months Ended June 30, 2021 Investment Servicing Investment Management Other Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2021 Servicing fees $ 2,763 $ — $ 2,763 $ — $ — $ — $ — $ — $ — $ 2,763 Management fees — — — 997 — 997 — — — 997 Foreign exchange trading services 178 425 603 29 — 29 — — — 632 Securities finance 121 80 201 — 7 7 — — — 208 Software and processing fees 271 100 371 — — — — — — 371 Other fee revenue — 17 17 — 9 9 — — — 26 Total fee revenue 3,333 622 3,955 1,026 16 1,042 — — — 4,997 Net interest income — 941 941 — (7) (7) — — — 934 Total other income — — — — — — — 53 53 53 Total revenue $ 3,333 $ 1,563 $ 4,896 $ 1,026 $ 9 $ 1,035 $ — $ 53 $ 53 $ 5,984 |
Non-U.S. Activities (Tables)
Non-U.S. Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Results from Non-U.S. Operations | The following table presents our U.S. and non-U.S. financial results for the periods indicated: Three Months Ended June 30, 2022 2021 (In millions) Non-U.S. (1) U.S. Total Non-U.S. (1) U.S. Total Total revenue $ 1,336 $ 1,617 $ 2,953 $ 1,325 $ 1,709 $ 3,034 Income before income tax expense 407 428 835 396 542 938 Six Months Ended June 30, 2022 2021 (In millions) Non-U.S. (1) U.S. Total Non-U.S. (1) U.S. Total Total revenue $ 2,715 $ 3,319 $ 6,034 $ 2,670 $ 3,314 $ 5,984 Income before income tax expense 772 817 1,589 733 832 1,565 (1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) $ in Billions | 1 Months Ended |
Sep. 30, 2021 USD ($) | |
BBH Investor Services | |
Business Acquisition [Line Items] | |
Payment for acquisition | $ 3.5 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | $ 728 | $ 758 |
Available-for-sale investment securities | 45,454 | 73,399 |
Derivative instruments, net | 9,476 | 4,108 |
Derivative asset, collateral, cash offset | 1,727 | 1,966 |
Derivative liability, collateral, cash offset | 4,659 | 1,282 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 728 | 758 |
Available-for-sale investment securities | 45,454 | 73,399 |
Derivative asset, Impact of Netting | (14,168) | (11,079) |
Derivative instruments, net | 9,476 | 4,108 |
Other | 633 | 667 |
Other assets - impact of netting | 0 | 0 |
Total | 56,291 | 78,932 |
Derivative liability, Impact of Netting | (17,100) | (10,395) |
Derivative liabilities | 6,208 | 5,731 |
Total liabilities carried at fair value | 6,208 | 5,731 |
Recurring | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, Impact of Netting | (14,168) | (11,079) |
Derivative instruments, net | 9,465 | 4,106 |
Derivative liability, Impact of Netting | (17,100) | (10,395) |
Derivative liabilities | 5,936 | 5,430 |
Recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, Impact of Netting | 0 | 0 |
Derivative instruments, net | 11 | 2 |
Derivative liability, Impact of Netting | 0 | |
Derivative liabilities | 0 | |
Recurring | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, Impact of Netting | 0 | 0 |
Derivative liabilities | 272 | 301 |
Recurring | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 39 | 39 |
Recurring | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 131 | 134 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 558 | 585 |
Available-for-sale investment securities | 1,004 | 2,744 |
Recurring | Direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 9,411 | 17,939 |
Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 10,271 | 18,208 |
Recurring | Total U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 19,682 | 36,147 |
Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 1,959 | 1,995 |
Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 1,876 | 2,087 |
Recurring | Non-U.S. sovereign, supranational and non-U.S. agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 14,927 | 23,547 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 2,204 | 3,098 |
Recurring | Total non-U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 20,966 | 30,727 |
Recurring | Student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 150 | 211 |
Recurring | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 2,334 | 2,155 |
Recurring | Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 195 | 52 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 89 | 91 |
Recurring | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 2,768 | 2,509 |
Recurring | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 1,034 | 1,272 |
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 | 39 | 39 |
Available-for-sale investment securities | 9,411 | 17,939 |
Derivative asset | 14 | 4 |
Other | 12 | 0 |
Total | 9,476 | 17,982 |
Derivative liability | 4 | 1 |
Total liabilities carried at fair value | 4 | 1 |
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 | 3 | 2 |
Derivative liability | 4 | 1 |
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 | 11 | 2 |
Derivative liability | 0 | |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 | 39 | 39 |
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 | 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] | ||
Trading account assets | 0 | 0 |
Available-for-sale investment securities | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 9,411 | 17,939 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 9,411 | 17,939 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. sovereign, supranational and non-U.S. agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 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] | ||
Available-for-sale investment securities | 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] | ||
Available-for-sale investment securities | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 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] | ||
Available-for-sale investment securities | 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] | ||
Available-for-sale investment securities | 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] | ||
Available-for-sale investment securities | 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 | 689 | 719 |
Available-for-sale investment securities | 36,043 | 55,460 |
Derivative asset | 23,615 | 15,183 |
Other | 621 | 667 |
Total | 60,968 | 72,029 |
Derivative liability | 23,289 | 16,125 |
Total liabilities carried at fair value | 23,289 | 16,125 |
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 | 23,615 | 15,183 |
Derivative liability | 23,017 | 15,824 |
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 | 0 | 0 |
Derivative liability | 0 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 272 | 301 |
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 | 131 | 134 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 558 | 585 |
Available-for-sale investment securities | 1,004 | 2,744 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 10,271 | 18,208 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Total U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 10,271 | 18,208 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 1,959 | 1,995 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 1,876 | 2,087 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-U.S. sovereign, supranational and non-U.S. agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 14,927 | 23,547 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 2,204 | 3,098 |
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] | ||
Available-for-sale investment securities | 20,966 | 30,727 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 150 | 211 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 2,334 | 2,155 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 195 | 52 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 89 | 91 |
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] | ||
Available-for-sale investment securities | 2,768 | 2,509 |
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] | ||
Available-for-sale investment securities | 1,034 | 1,272 |
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 |
Available-for-sale investment securities | 0 | 0 |
Derivative asset | 15 | 0 |
Other | 0 | 0 |
Total | 15 | 0 |
Derivative liability | 15 | 0 |
Total liabilities carried at fair value | 15 | 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 | 15 | 0 |
Derivative liability | 15 | 0 |
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 | |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. sovereign, supranational and non-U.S. agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 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] | ||
Available-for-sale investment securities | 0 | 0 |
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] | ||
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 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] | ||
Available-for-sale investment securities | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
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] | ||
Available-for-sale investment securities | $ 0 | $ 0 |
Fair Value - Schedule of Fair_2
Fair Value - Schedule of Fair Value Measurements, Assets, Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning of period | $ 6 | $ 127 | $ 0 | $ 16 |
Recorded in revenue | 0 | (5) | 3 | (3) |
Recorded in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 9 | 2 | 12 | 109 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | (1) | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 15 |
Transfers out of Level 3 | 0 | (121) | 0 | (135) |
Fair value, end of period | 15 | 2 | 15 | 2 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of June 30, 2022 | 2 | 0 | 4 | (1) |
Total derivative instruments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning of period | 6 | 6 | 0 | 2 |
Recorded in revenue | 0 | (5) | 3 | (3) |
Recorded in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 9 | 2 | 12 | 3 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | (1) | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value, end of period | 15 | 2 | 15 | 2 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of June 30, 2022 | 2 | 0 | 4 | (1) |
Foreign exchange contracts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning of period | 6 | 6 | 0 | 2 |
Recorded in revenue | 0 | (5) | 3 | (3) |
Recorded in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 9 | 2 | 12 | 3 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | (1) | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value, end of period | 15 | 2 | 15 | 2 |
Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of June 30, 2022 | $ 2 | 0 | $ 4 | (1) |
Collateralized loan obligations | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning of period | 106 | 14 | ||
Recorded in revenue | 0 | 0 | ||
Recorded in other comprehensive income | 0 | 0 | ||
Purchases | 0 | 106 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | (106) | (120) | ||
Fair value, end of period | 0 | 0 | ||
Total asset-backed securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning of period | 106 | 14 | ||
Recorded in revenue | 0 | 0 | ||
Recorded in other comprehensive income | 0 | 0 | ||
Purchases | 0 | 106 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | (106) | (120) | ||
Fair value, end of period | 0 | 0 | ||
Other U.S. debt securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning of period | 15 | 0 | ||
Recorded in revenue | 0 | 0 | ||
Recorded in other comprehensive income | 0 | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 15 | ||
Transfers out of Level 3 | (15) | (15) | ||
Fair value, end of period | 0 | 0 | ||
Available-for-sale securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning of period | 121 | 14 | ||
Recorded in revenue | 0 | 0 | ||
Recorded in other comprehensive income | 0 | 0 | ||
Purchases | 0 | 106 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 15 | ||
Transfers out of Level 3 | (121) | (135) | ||
Fair value, end of period | $ 0 | $ 0 |
Fair Value - Fair Value Inputs,
Fair Value - Fair Value Inputs, Assets and Liabilities, Quantitative Information (Details) - Pricing Methods with Significant Unobservable Market Inputs (Level 3) $ in Millions | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Volatility | Option model | Derivative instruments, liabilities | Minimum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative liability, measurement input | 0.054 | |
Volatility | Option model | Derivative instruments, liabilities | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative liability, measurement input | 0.197 | |
Volatility | Option model | Derivative instruments, liabilities | Weighted average | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative liability, measurement input | 0.119 | 0.147 |
Volatility | Option model | Total derivative instruments | Minimum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative asset, measurement input | 0.054 | |
Volatility | Option model | Total derivative instruments | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative asset, measurement input | 0.198 | |
Volatility | Option model | Total derivative instruments | Weighted average | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative asset, measurement input | 0.119 | 0.152 |
Significant Unobservable Inputs Readily Available | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Total | $ 15 | $ 0 |
Total liabilities carried at fair value | 15 | 0 |
Significant Unobservable Inputs Readily Available | Derivative instruments, liabilities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative instruments, foreign exchange contracts | 15 | 0 |
Significant Unobservable Inputs Readily Available | Total derivative instruments | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative Instruments, foreign exchange contracts | $ 15 | $ 0 |
Fair Value - Carrying Value and
Fair Value - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Cash and due from banks | $ 3,515 | $ 3,631 |
Interest-bearing deposits with banks | 91,360 | 106,358 |
Securities purchased under resale agreements | 5,203 | 3,012 |
Investment securities held-to-maturity | 60,103 | 42,271 |
Financial Liabilities: | ||
Non-interest-bearing | 55,062 | 56,461 |
Interest-bearing - U.S. | 107,262 | 102,985 |
Interest-bearing - non-U.S. | 79,589 | 95,589 |
Securities sold under repurchase agreements | 951 | 1,575 |
Other short-term borrowings | 73 | 128 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | ||
Financial Liabilities: | ||
Net loans (excluding leases) | 155 | 8 |
Reported Amount | ||
Financial Assets: | ||
Cash and due from banks | 3,515 | 3,631 |
Interest-bearing deposits with banks | 91,360 | 106,358 |
Securities purchased under resale agreements | 5,203 | 3,012 |
Investment securities held-to-maturity | 64,261 | 42,430 |
Net loans | 33,470 | 32,445 |
Other | 1 | 1 |
Financial Liabilities: | ||
Non-interest-bearing | 55,062 | 56,461 |
Interest-bearing - U.S. | 107,262 | 102,985 |
Interest-bearing - non-U.S. | 79,589 | 95,589 |
Securities sold under repurchase agreements | 951 | 1,575 |
Other short-term borrowings | 73 | 128 |
Long-term debt | 13,530 | 13,475 |
Other | 1 | 1 |
Estimated Fair Value | ||
Financial Assets: | ||
Cash and due from banks | 3,515 | 3,631 |
Interest-bearing deposits with banks | 91,360 | 106,358 |
Securities purchased under resale agreements | 5,203 | 3,012 |
Investment securities held-to-maturity | 60,103 | 42,271 |
Net loans | 33,209 | 32,528 |
Other | 1 | 1 |
Financial Liabilities: | ||
Non-interest-bearing | 55,062 | 56,461 |
Interest-bearing - U.S. | 107,262 | 102,985 |
Interest-bearing - non-U.S. | 79,589 | 95,589 |
Securities sold under repurchase agreements | 951 | 1,575 |
Other short-term borrowings | 73 | 128 |
Long-term debt | 12,771 | 13,552 |
Other | 1 | 1 |
Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1) | ||
Financial Assets: | ||
Cash and due from banks | 3,515 | 3,631 |
Interest-bearing deposits with banks | 0 | 0 |
Securities purchased under resale agreements | 0 | 0 |
Investment securities held-to-maturity | 11,331 | 2,160 |
Net loans | 0 | 0 |
Other | 0 | 0 |
Financial Liabilities: | ||
Non-interest-bearing | 0 | 0 |
Interest-bearing - U.S. | 0 | 0 |
Interest-bearing - non-U.S. | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other | 0 | 0 |
Estimated Fair Value | Pricing Methods with Significant Observable Market Inputs (Level 2) | ||
Financial Assets: | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with banks | 91,360 | 106,358 |
Securities purchased under resale agreements | 5,203 | 3,012 |
Investment securities held-to-maturity | 48,772 | 40,111 |
Net loans | 31,009 | 29,862 |
Other | 1 | 1 |
Financial Liabilities: | ||
Non-interest-bearing | 55,062 | 56,461 |
Interest-bearing - U.S. | 107,262 | 102,985 |
Interest-bearing - non-U.S. | 79,589 | 95,589 |
Securities sold under repurchase agreements | 951 | 1,575 |
Other short-term borrowings | 73 | 128 |
Long-term debt | 12,633 | 13,385 |
Other | 1 | 1 |
Estimated Fair Value | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Financial Assets: | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Securities purchased under resale agreements | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Net loans | 2,200 | 2,666 |
Other | 0 | 0 |
Financial Liabilities: | ||
Non-interest-bearing | 0 | 0 |
Interest-bearing - U.S. | 0 | 0 |
Interest-bearing - non-U.S. | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Long-term debt | 138 | 167 |
Other | $ 0 | $ 0 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans (excluding leases) | $ 155 | $ 8 |
Investment Securities - Schedul
Investment Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | $ 46,596 | $ 73,440 |
Available for sale, gross unrealized gains | 21 | 404 |
Available for sale, gross unrealized losses | 1,162 | 445 |
Available-for-sale, fair value | 45,454 | 73,399 |
Held to maturity, amortized cost | 64,261 | 42,430 |
Investment securities held-to-maturity | 60,103 | 42,271 |
Allowance for credit losses on available-for-sale securities | 2 | 2 |
Direct obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 9,720 | 18,111 |
Available for sale, gross unrealized gains | 12 | 24 |
Available for sale, gross unrealized losses | 321 | 196 |
Available-for-sale, fair value | 9,411 | 17,939 |
Held to maturity, amortized cost | 11,424 | 2,170 |
Held to maturity, gross unrealized gains | 0 | 10 |
Held to maturity, gross unrealized losses | 75 | 0 |
Investment securities held-to-maturity | 11,349 | 2,180 |
Mortgage-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 10,409 | 18,154 |
Available for sale, gross unrealized gains | 1 | 148 |
Available for sale, gross unrealized losses | 139 | 94 |
Available-for-sale, fair value | 10,271 | 18,208 |
Held to maturity, amortized cost | 41,660 | 33,481 |
Held to maturity, gross unrealized gains | 2 | 362 |
Held to maturity, gross unrealized losses | 3,854 | 578 |
Investment securities held-to-maturity | 37,808 | 33,265 |
Total U.S. Treasury and federal agencies | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 20,129 | 36,265 |
Available for sale, gross unrealized gains | 13 | 172 |
Available for sale, gross unrealized losses | 460 | 290 |
Available-for-sale, fair value | 19,682 | 36,147 |
Held to maturity, amortized cost | 53,084 | 35,651 |
Held to maturity, gross unrealized gains | 2 | 372 |
Held to maturity, gross unrealized losses | 3,929 | 578 |
Investment securities held-to-maturity | 49,157 | 35,445 |
Mortgage-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 1,972 | 1,986 |
Available for sale, gross unrealized gains | 5 | 12 |
Available for sale, gross unrealized losses | 18 | 3 |
Available-for-sale, fair value | 1,959 | 1,995 |
Asset-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 1,901 | 2,087 |
Available for sale, gross unrealized gains | 0 | 2 |
Available for sale, gross unrealized losses | 25 | 2 |
Available-for-sale, fair value | 1,876 | 2,087 |
Non-U.S. sovereign, supranational and non-U.S. agency | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 15,300 | 23,533 |
Available for sale, gross unrealized gains | 1 | 114 |
Available for sale, gross unrealized losses | 374 | 100 |
Available-for-sale, fair value | 14,927 | 23,547 |
Held to maturity, amortized cost | 6,443 | 1,564 |
Held to maturity, gross unrealized gains | 5 | 0 |
Held to maturity, gross unrealized losses | 133 | 9 |
Investment securities held-to-maturity | 6,315 | 1,555 |
Other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 2,358 | 3,113 |
Available for sale, gross unrealized gains | 0 | 17 |
Available for sale, gross unrealized losses | 154 | 32 |
Available-for-sale, fair value | 2,204 | 3,098 |
Total non-U.S. debt securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 21,531 | 30,719 |
Available for sale, gross unrealized gains | 6 | 145 |
Available for sale, gross unrealized losses | 571 | 137 |
Available-for-sale, fair value | 20,966 | 30,727 |
Held to maturity, amortized cost | 6,443 | 1,564 |
Held to maturity, gross unrealized gains | 5 | 0 |
Held to maturity, gross unrealized losses | 133 | 9 |
Investment securities held-to-maturity | 6,315 | 1,555 |
Student loans | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 152 | 209 |
Available for sale, gross unrealized gains | 0 | 2 |
Available for sale, gross unrealized losses | 2 | 0 |
Available-for-sale, fair value | 150 | 211 |
Held to maturity, amortized cost | 4,468 | 4,908 |
Held to maturity, gross unrealized gains | 1 | 48 |
Held to maturity, gross unrealized losses | 124 | 14 |
Investment securities held-to-maturity | 4,345 | 4,942 |
Collateralized loan obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 2,378 | 2,155 |
Available for sale, gross unrealized gains | 0 | 2 |
Available for sale, gross unrealized losses | 43 | 2 |
Available-for-sale, fair value | 2,334 | 2,155 |
Non-agency CMBS and RMBS | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 200 | 52 |
Available for sale, gross unrealized gains | 0 | 0 |
Available for sale, gross unrealized losses | 5 | 0 |
Available-for-sale, fair value | 195 | 52 |
Held to maturity, amortized cost | 266 | 307 |
Held to maturity, gross unrealized gains | 20 | 22 |
Held to maturity, gross unrealized losses | 0 | 0 |
Investment securities held-to-maturity | 286 | 329 |
Other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 90 | 90 |
Available for sale, gross unrealized gains | 0 | 1 |
Available for sale, gross unrealized losses | 1 | 0 |
Available-for-sale, fair value | 89 | 91 |
Total asset-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 2,820 | 2,506 |
Available for sale, gross unrealized gains | 0 | 5 |
Available for sale, gross unrealized losses | 51 | 2 |
Available-for-sale, fair value | 2,768 | 2,509 |
Held to maturity, amortized cost | 4,734 | 5,215 |
Held to maturity, gross unrealized gains | 21 | 70 |
Held to maturity, gross unrealized losses | 124 | 14 |
Investment securities held-to-maturity | 4,631 | 5,271 |
State and political subdivisions | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 1,042 | 1,216 |
Available for sale, gross unrealized gains | 2 | 59 |
Available for sale, gross unrealized losses | 10 | 3 |
Available-for-sale, fair value | 1,034 | 1,272 |
Other U.S. debt securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 1,074 | 2,734 |
Available for sale, gross unrealized gains | 0 | 23 |
Available for sale, gross unrealized losses | 70 | 13 |
Available-for-sale, fair value | 1,004 | 2,744 |
Including MMLF | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Held to maturity, amortized cost | 64,261 | 42,430 |
Held to maturity, gross unrealized gains | 28 | 442 |
Held to maturity, gross unrealized losses | 4,186 | 601 |
Investment securities held-to-maturity | 60,103 | 42,271 |
Non-US collateralized loan obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 850 | 830 |
Non-U.S. debt securities, corporate bonds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | $ 1,100 | 1,530 |
Federal family education loan program | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Federal government credit support guarantee, percentage minimum | 97% | |
US debt securities, corporate bonds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | $ 1,000 | 2,440 |
Non-agency CMBS | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Held to maturity, amortized cost | 256 | 292 |
Non-agency RMBS | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Held to maturity, amortized cost | $ 11 | $ 14 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Percentage of investment portfolio considered investment grade | 99% | 99% | |
Allowance for credit losses on HTM investment securities | $ 0 | $ 0 | $ 0 |
Allowance for credit losses on available-for-sale securities | 2,000,000 | 2,000,000 | 2,000,000 |
AFS securities writeoff | 0 | ||
Marketable securities, unrealized gain (loss) | $ (5,350,000,000) | ||
Number of securities in loss position | security | 2,050 | ||
Agency MBS transferred to HTM | 64,261,000,000 | $ 64,261,000,000 | 42,430,000,000 |
Available-for-sale securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Provision | 0 | ||
Held-to-maturity securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
AFS transferred to HTM | 21,230,000,000 | ||
Net unrealized loss, AFS to HTM transfer | 1,290,000,000 | ||
Asset pledged as collateral | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Debt securities | $ 74,570,000,000 | $ 74,570,000,000 | $ 80,810,000,000 |
Investment Securities - Sched_2
Investment Securities - Schedule of Gross Pre-Tax Unrealized Losses on Investment Securities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | $ 37,636 | $ 41,232 |
Available for sale, gross unrealized losses less than 12 months | 929 | 422 |
Available for sale, fair value 12 months or longer | 5,368 | 2,277 |
Available for sale, gross unrealized losses 12 months or longer | 233 | 23 |
Available for sale, fair value total | 43,004 | 43,509 |
Available for sale, gross unrealized losses total | 1,162 | 445 |
Direct obligations | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 6,778 | 14,749 |
Available for sale, gross unrealized losses less than 12 months | 283 | 194 |
Available for sale, fair value 12 months or longer | 2,062 | 1,624 |
Available for sale, gross unrealized losses 12 months or longer | 38 | 2 |
Available for sale, fair value total | 8,840 | 16,373 |
Available for sale, gross unrealized losses total | 321 | 196 |
Mortgage-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 9,768 | 10,417 |
Available for sale, gross unrealized losses less than 12 months | 119 | 80 |
Available for sale, fair value 12 months or longer | 278 | 369 |
Available for sale, gross unrealized losses 12 months or longer | 20 | 14 |
Available for sale, fair value total | 10,046 | 10,786 |
Available for sale, gross unrealized losses total | 139 | 94 |
Total U.S. Treasury and federal agencies | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 16,546 | 25,166 |
Available for sale, gross unrealized losses less than 12 months | 402 | 274 |
Available for sale, fair value 12 months or longer | 2,340 | 1,993 |
Available for sale, gross unrealized losses 12 months or longer | 58 | 16 |
Available for sale, fair value total | 18,886 | 27,159 |
Available for sale, gross unrealized losses total | 460 | 290 |
Mortgage-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 1,783 | 577 |
Available for sale, gross unrealized losses less than 12 months | 18 | 3 |
Available for sale, fair value 12 months or longer | 41 | 30 |
Available for sale, gross unrealized losses 12 months or longer | 0 | 0 |
Available for sale, fair value total | 1,824 | 607 |
Available for sale, gross unrealized losses total | 18 | 3 |
Asset-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 1,637 | 1,021 |
Available for sale, gross unrealized losses less than 12 months | 23 | 2 |
Available for sale, fair value 12 months or longer | 166 | 127 |
Available for sale, gross unrealized losses 12 months or longer | 2 | 0 |
Available for sale, fair value total | 1,803 | 1,148 |
Available for sale, gross unrealized losses total | 25 | 2 |
Non-U.S. sovereign, supranational and non-U.S. agency | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 12,529 | 10,406 |
Available for sale, gross unrealized losses less than 12 months | 301 | 97 |
Available for sale, fair value 12 months or longer | 1,454 | 63 |
Available for sale, gross unrealized losses 12 months or longer | 73 | 3 |
Available for sale, fair value total | 13,983 | 10,469 |
Available for sale, gross unrealized losses total | 374 | 100 |
Other | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 1,423 | 1,570 |
Available for sale, gross unrealized losses less than 12 months | 87 | 31 |
Available for sale, fair value 12 months or longer | 637 | 19 |
Available for sale, gross unrealized losses 12 months or longer | 67 | 1 |
Available for sale, fair value total | 2,060 | 1,589 |
Available for sale, gross unrealized losses total | 154 | 32 |
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 | 17,372 | 13,574 |
Available for sale, gross unrealized losses less than 12 months | 429 | 133 |
Available for sale, fair value 12 months or longer | 2,298 | 239 |
Available for sale, gross unrealized losses 12 months or longer | 142 | 4 |
Available for sale, fair value total | 19,670 | 13,813 |
Available for sale, gross unrealized losses total | 571 | 137 |
Student loans | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 102 | |
Available for sale, gross unrealized losses less than 12 months | 2 | |
Available for sale, fair value 12 months or longer | 16 | |
Available for sale, gross unrealized losses 12 months or longer | 0 | |
Available for sale, fair value total | 118 | |
Available for sale, gross unrealized losses total | 2 | |
Collateralized loan obligations | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 1,902 | 1,268 |
Available for sale, gross unrealized losses less than 12 months | 36 | 2 |
Available for sale, fair value 12 months or longer | 433 | 0 |
Available for sale, gross unrealized losses 12 months or longer | 7 | 0 |
Available for sale, fair value total | 2,335 | 1,268 |
Available for sale, gross unrealized losses total | 43 | 2 |
Non-agency CMBS and RMBS | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 195 | |
Available for sale, gross unrealized losses less than 12 months | 5 | |
Available for sale, fair value 12 months or longer | 0 | |
Available for sale, gross unrealized losses 12 months or longer | 0 | |
Available for sale, fair value total | 195 | |
Available for sale, gross unrealized losses total | 5 | |
Other | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 89 | |
Available for sale, gross unrealized losses less than 12 months | 1 | |
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 | 89 | |
Available for sale, gross unrealized losses total | 1 | |
Total asset-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 2,288 | 1,268 |
Available for sale, gross unrealized losses less than 12 months | 44 | 2 |
Available for sale, fair value 12 months or longer | 449 | 0 |
Available for sale, gross unrealized losses 12 months or longer | 7 | 0 |
Available for sale, fair value total | 2,737 | 1,268 |
Available for sale, gross unrealized losses total | 51 | 2 |
State and political subdivisions | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 667 | 10 |
Available for sale, gross unrealized losses less than 12 months | 6 | 0 |
Available for sale, fair value 12 months or longer | 43 | 45 |
Available for sale, gross unrealized losses 12 months or longer | 4 | 3 |
Available for sale, fair value total | 710 | 55 |
Available for sale, gross unrealized losses total | 10 | 3 |
Other U.S. debt securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 763 | 1,214 |
Available for sale, gross unrealized losses less than 12 months | 48 | 13 |
Available for sale, fair value 12 months or longer | 238 | 0 |
Available for sale, gross unrealized losses 12 months or longer | 22 | 0 |
Available for sale, fair value total | 1,001 | 1,214 |
Available for sale, gross unrealized losses total | $ 70 | $ 13 |
Investment Securities - Sched_3
Investment Securities - Schedule of Contractual Maturities of Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | $ 6,565 | |
Available for sale, under 1 year, fair value | 6,537 | |
Available for sale, 1 to 5 years, amortized cost | 21,917 | |
Available for sale, 1 to 5 years, fair value | 21,042 | |
Available for sale, 6 to 10 years, amortized cost | 13,462 | |
Available for sale, 6 to 10 years, fair value | 13,338 | |
Available for sale, over 10 years, amortized cost | 4,652 | |
Available for sale, over 10 years, fair value | 4,537 | |
Available for sale, amortized cost | 46,596 | $ 73,440 |
Available for sale, fair value | 45,454 | 73,399 |
Held to maturity, amortized cost | 64,261 | 42,430 |
Investment securities held-to-maturity | 60,103 | 42,271 |
Direct obligations | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 2,049 | |
Available for sale, under 1 year, fair value | 2,039 | |
Available for sale, 1 to 5 years, amortized cost | 7,112 | |
Available for sale, 1 to 5 years, fair value | 6,800 | |
Available for sale, 6 to 10 years, amortized cost | 559 | |
Available for sale, 6 to 10 years, fair value | 572 | |
Available for sale, over 10 years, amortized cost | 0 | |
Available for sale, over 10 years, fair value | 0 | |
Available for sale, amortized cost | 9,720 | 18,111 |
Available for sale, fair value | 9,411 | 17,939 |
Held to maturity, under 1 year, amortized cost | 400 | |
Held to maturity, under 1 year, fair value | 400 | |
Held to maturity, 1 to 5 years, amortized cost | 10,985 | |
Held to maturity, 1 to 5 years, fair value | 10,911 | |
Held to maturity, 6 to 10 years, amortized cost | 24 | |
Held to maturity, 6 to 10 years, fair value | 23 | |
Held to maturity, over 10 years, amortized cost | 15 | |
Held to maturity, over 10 years, fair value | 15 | |
Held to maturity, amortized cost | 11,424 | 2,170 |
Investment securities held-to-maturity | 11,349 | 2,180 |
Mortgage-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 56 | |
Available for sale, under 1 year, fair value | 56 | |
Available for sale, 1 to 5 years, amortized cost | 549 | |
Available for sale, 1 to 5 years, fair value | 548 | |
Available for sale, 6 to 10 years, amortized cost | 7,862 | |
Available for sale, 6 to 10 years, fair value | 7,793 | |
Available for sale, over 10 years, amortized cost | 1,942 | |
Available for sale, over 10 years, fair value | 1,874 | |
Available for sale, amortized cost | 10,409 | 18,154 |
Available for sale, fair value | 10,271 | 18,208 |
Held to maturity, under 1 year, amortized cost | 157 | |
Held to maturity, under 1 year, fair value | 151 | |
Held to maturity, 1 to 5 years, amortized cost | 556 | |
Held to maturity, 1 to 5 years, fair value | 540 | |
Held to maturity, 6 to 10 years, amortized cost | 4,706 | |
Held to maturity, 6 to 10 years, fair value | 4,141 | |
Held to maturity, over 10 years, amortized cost | 36,241 | |
Held to maturity, over 10 years, fair value | 32,976 | |
Held to maturity, amortized cost | 41,660 | 33,481 |
Investment securities held-to-maturity | 37,808 | 33,265 |
Total U.S. Treasury and federal agencies | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 2,105 | |
Available for sale, under 1 year, fair value | 2,095 | |
Available for sale, 1 to 5 years, amortized cost | 7,661 | |
Available for sale, 1 to 5 years, fair value | 7,348 | |
Available for sale, 6 to 10 years, amortized cost | 8,421 | |
Available for sale, 6 to 10 years, fair value | 8,365 | |
Available for sale, over 10 years, amortized cost | 1,942 | |
Available for sale, over 10 years, fair value | 1,874 | |
Available for sale, amortized cost | 20,129 | 36,265 |
Available for sale, fair value | 19,682 | 36,147 |
Held to maturity, under 1 year, amortized cost | 557 | |
Held to maturity, under 1 year, fair value | 551 | |
Held to maturity, 1 to 5 years, amortized cost | 11,541 | |
Held to maturity, 1 to 5 years, fair value | 11,451 | |
Held to maturity, 6 to 10 years, amortized cost | 4,730 | |
Held to maturity, 6 to 10 years, fair value | 4,164 | |
Held to maturity, over 10 years, amortized cost | 36,256 | |
Held to maturity, over 10 years, fair value | 32,991 | |
Held to maturity, amortized cost | 53,084 | 35,651 |
Investment securities held-to-maturity | 49,157 | 35,445 |
Mortgage-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 174 | |
Available for sale, under 1 year, fair value | 174 | |
Available for sale, 1 to 5 years, amortized cost | 388 | |
Available for sale, 1 to 5 years, fair value | 386 | |
Available for sale, 6 to 10 years, amortized cost | 28 | |
Available for sale, 6 to 10 years, fair value | 27 | |
Available for sale, over 10 years, amortized cost | 1,382 | |
Available for sale, over 10 years, fair value | 1,372 | |
Available for sale, amortized cost | 1,972 | 1,986 |
Available for sale, fair value | 1,959 | 1,995 |
Asset-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 265 | |
Available for sale, under 1 year, fair value | 260 | |
Available for sale, 1 to 5 years, amortized cost | 810 | |
Available for sale, 1 to 5 years, fair value | 801 | |
Available for sale, 6 to 10 years, amortized cost | 459 | |
Available for sale, 6 to 10 years, fair value | 453 | |
Available for sale, over 10 years, amortized cost | 367 | |
Available for sale, over 10 years, fair value | 362 | |
Available for sale, amortized cost | 1,901 | 2,087 |
Available for sale, fair value | 1,876 | 2,087 |
Non-U.S. sovereign, supranational and non-U.S. agency | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 3,345 | |
Available for sale, under 1 year, fair value | 3,335 | |
Available for sale, 1 to 5 years, amortized cost | 9,142 | |
Available for sale, 1 to 5 years, fair value | 8,800 | |
Available for sale, 6 to 10 years, amortized cost | 2,813 | |
Available for sale, 6 to 10 years, fair value | 2,792 | |
Available for sale, over 10 years, amortized cost | 0 | |
Available for sale, over 10 years, fair value | 0 | |
Available for sale, amortized cost | 15,300 | 23,533 |
Available for sale, fair value | 14,927 | 23,547 |
Held to maturity, under 1 year, amortized cost | 546 | |
Held to maturity, under 1 year, fair value | 543 | |
Held to maturity, 1 to 5 years, amortized cost | 5,303 | |
Held to maturity, 1 to 5 years, fair value | 5,186 | |
Held to maturity, 6 to 10 years, amortized cost | 594 | |
Held to maturity, 6 to 10 years, fair value | 586 | |
Held to maturity, over 10 years, amortized cost | 0 | |
Held to maturity, over 10 years, fair value | 0 | |
Held to maturity, amortized cost | 6,443 | 1,564 |
Investment securities held-to-maturity | 6,315 | 1,555 |
Other | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 267 | |
Available for sale, under 1 year, fair value | 266 | |
Available for sale, 1 to 5 years, amortized cost | 1,940 | |
Available for sale, 1 to 5 years, fair value | 1,812 | |
Available for sale, 6 to 10 years, amortized cost | 122 | |
Available for sale, 6 to 10 years, fair value | 103 | |
Available for sale, over 10 years, amortized cost | 29 | |
Available for sale, over 10 years, fair value | 23 | |
Available for sale, amortized cost | 2,358 | 3,113 |
Available for sale, fair value | 2,204 | 3,098 |
Total non-U.S. debt securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 4,051 | |
Available for sale, under 1 year, fair value | 4,035 | |
Available for sale, 1 to 5 years, amortized cost | 12,280 | |
Available for sale, 1 to 5 years, fair value | 11,799 | |
Available for sale, 6 to 10 years, amortized cost | 3,422 | |
Available for sale, 6 to 10 years, fair value | 3,375 | |
Available for sale, over 10 years, amortized cost | 1,778 | |
Available for sale, over 10 years, fair value | 1,757 | |
Available for sale, amortized cost | 21,531 | 30,719 |
Available for sale, fair value | 20,966 | 30,727 |
Held to maturity, under 1 year, amortized cost | 546 | |
Held to maturity, under 1 year, fair value | 543 | |
Held to maturity, 1 to 5 years, amortized cost | 5,303 | |
Held to maturity, 1 to 5 years, fair value | 5,186 | |
Held to maturity, 6 to 10 years, amortized cost | 594 | |
Held to maturity, 6 to 10 years, fair value | 586 | |
Held to maturity, over 10 years, amortized cost | 0 | |
Held to maturity, over 10 years, fair value | 0 | |
Held to maturity, amortized cost | 6,443 | 1,564 |
Investment securities held-to-maturity | 6,315 | 1,555 |
Student loans | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 64 | |
Available for sale, under 1 year, fair value | 65 | |
Available for sale, 1 to 5 years, amortized cost | 0 | |
Available for sale, 1 to 5 years, fair value | 0 | |
Available for sale, 6 to 10 years, amortized cost | 0 | |
Available for sale, 6 to 10 years, fair value | 0 | |
Available for sale, over 10 years, amortized cost | 88 | |
Available for sale, over 10 years, fair value | 85 | |
Available for sale, amortized cost | 152 | 209 |
Available for sale, fair value | 150 | 211 |
Held to maturity, under 1 year, amortized cost | 332 | |
Held to maturity, under 1 year, fair value | 319 | |
Held to maturity, 1 to 5 years, amortized cost | 13 | |
Held to maturity, 1 to 5 years, fair value | 13 | |
Held to maturity, 6 to 10 years, amortized cost | 960 | |
Held to maturity, 6 to 10 years, fair value | 941 | |
Held to maturity, over 10 years, amortized cost | 3,163 | |
Held to maturity, over 10 years, fair value | 3,072 | |
Held to maturity, amortized cost | 4,468 | 4,908 |
Investment securities held-to-maturity | 4,345 | 4,942 |
Collateralized loan obligations | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 108 | |
Available for sale, under 1 year, fair value | 106 | |
Available for sale, 1 to 5 years, amortized cost | 485 | |
Available for sale, 1 to 5 years, fair value | 477 | |
Available for sale, 6 to 10 years, amortized cost | 1,197 | |
Available for sale, 6 to 10 years, fair value | 1,177 | |
Available for sale, over 10 years, amortized cost | 588 | |
Available for sale, over 10 years, fair value | 574 | |
Available for sale, amortized cost | 2,378 | 2,155 |
Available for sale, fair value | 2,334 | 2,155 |
Non-agency CMBS and RMBS | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 0 | |
Available for sale, under 1 year, fair value | 0 | |
Available for sale, 1 to 5 years, amortized cost | 0 | |
Available for sale, 1 to 5 years, fair value | 0 | |
Available for sale, 6 to 10 years, amortized cost | 0 | |
Available for sale, 6 to 10 years, fair value | 0 | |
Available for sale, over 10 years, amortized cost | 200 | |
Available for sale, over 10 years, fair value | 195 | |
Available for sale, amortized cost | 200 | 52 |
Available for sale, fair value | 195 | 52 |
Held to maturity, under 1 year, amortized cost | 181 | |
Held to maturity, under 1 year, fair value | 188 | |
Held to maturity, 1 to 5 years, amortized cost | 11 | |
Held to maturity, 1 to 5 years, fair value | 12 | |
Held to maturity, 6 to 10 years, amortized cost | 0 | |
Held to maturity, 6 to 10 years, fair value | 0 | |
Held to maturity, over 10 years, amortized cost | 74 | |
Held to maturity, over 10 years, fair value | 86 | |
Held to maturity, amortized cost | 266 | 307 |
Investment securities held-to-maturity | 286 | 329 |
Other | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 0 | |
Available for sale, under 1 year, fair value | 0 | |
Available for sale, 1 to 5 years, amortized cost | 90 | |
Available for sale, 1 to 5 years, fair value | 89 | |
Available for sale, 6 to 10 years, amortized cost | 0 | |
Available for sale, 6 to 10 years, fair value | 0 | |
Available for sale, over 10 years, amortized cost | 0 | |
Available for sale, over 10 years, fair value | 0 | |
Available for sale, amortized cost | 90 | 90 |
Available for sale, fair value | 89 | 91 |
Total asset-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 172 | |
Available for sale, under 1 year, fair value | 171 | |
Available for sale, 1 to 5 years, amortized cost | 575 | |
Available for sale, 1 to 5 years, fair value | 566 | |
Available for sale, 6 to 10 years, amortized cost | 1,197 | |
Available for sale, 6 to 10 years, fair value | 1,177 | |
Available for sale, over 10 years, amortized cost | 876 | |
Available for sale, over 10 years, fair value | 854 | |
Available for sale, amortized cost | 2,820 | 2,506 |
Available for sale, fair value | 2,768 | 2,509 |
Held to maturity, under 1 year, amortized cost | 513 | |
Held to maturity, under 1 year, fair value | 507 | |
Held to maturity, 1 to 5 years, amortized cost | 24 | |
Held to maturity, 1 to 5 years, fair value | 25 | |
Held to maturity, 6 to 10 years, amortized cost | 960 | |
Held to maturity, 6 to 10 years, fair value | 941 | |
Held to maturity, over 10 years, amortized cost | 3,237 | |
Held to maturity, over 10 years, fair value | 3,158 | |
Held to maturity, amortized cost | 4,734 | 5,215 |
Investment securities held-to-maturity | 4,631 | 5,271 |
State and political subdivisions | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 175 | |
Available for sale, under 1 year, fair value | 175 | |
Available for sale, 1 to 5 years, amortized cost | 404 | |
Available for sale, 1 to 5 years, fair value | 401 | |
Available for sale, 6 to 10 years, amortized cost | 407 | |
Available for sale, 6 to 10 years, fair value | 406 | |
Available for sale, over 10 years, amortized cost | 56 | |
Available for sale, over 10 years, fair value | 52 | |
Available for sale, amortized cost | 1,042 | 1,216 |
Available for sale, fair value | 1,034 | 1,272 |
Other U.S. debt securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 62 | |
Available for sale, under 1 year, fair value | 61 | |
Available for sale, 1 to 5 years, amortized cost | 997 | |
Available for sale, 1 to 5 years, fair value | 928 | |
Available for sale, 6 to 10 years, amortized cost | 15 | |
Available for sale, 6 to 10 years, fair value | 15 | |
Available for sale, over 10 years, amortized cost | 0 | |
Available for sale, over 10 years, fair value | 0 | |
Available for sale, amortized cost | 1,074 | 2,734 |
Available for sale, fair value | 1,004 | $ 2,744 |
Total | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Held to maturity, under 1 year, amortized cost | 1,616 | |
Held to maturity, under 1 year, fair value | 1,601 | |
Held to maturity, 1 to 5 years, amortized cost | 16,868 | |
Held to maturity, 1 to 5 years, fair value | 16,662 | |
Held to maturity, 6 to 10 years, amortized cost | 6,284 | |
Held to maturity, 6 to 10 years, fair value | 5,691 | |
Held to maturity, over 10 years, amortized cost | 39,493 | |
Held to maturity, over 10 years, fair value | 36,149 | |
Held to maturity, amortized cost | 64,261 | |
Investment securities held-to-maturity | $ 60,103 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Net Loans (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | $ 33,565 | $ 32,532 |
Allowance for credit losses | (95) | (87) |
Loans, net of allowance | 33,470 | 32,445 |
Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 21,701 | 22,114 |
Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 11,864 | 10,418 |
Fund Finance | Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 12,363 | 12,396 |
Fund Finance | Geographic Distribution, Domestic | Private Equity Capital Call Finance Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 8,170 | 9,150 |
Fund Finance | Geographic Distribution, Domestic | Real Money Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 6,480 | 6,400 |
Fund Finance | Geographic Distribution, Domestic | Collateralized Loan Obligations | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 4,110 | 2,910 |
Fund Finance | Geographic Distribution, Domestic | Business Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,260 | 1,390 |
Fund Finance | Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 8,131 | 7,778 |
Leveraged loans | Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 2,468 | 3,106 |
Leveraged loans | Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,123 | 1,328 |
Overdrafts | Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 2,220 | 1,796 |
Overdrafts | Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 2,610 | 1,312 |
Other | Securities Finance Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,530 | 1,780 |
Other | Municipal Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 420 | 455 |
Other | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 21 | 23 |
Other | Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,968 | 2,262 |
Commercial real estate | Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | $ 2,682 | $ 2,554 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) loan loanSegment | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) loan | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Number of loans and leases segments | loanSegment | 2 | ||||
Number of loans on non-accrual status | loan | 0 | 0 | 0 | ||
Financing receivable, held-for-sale | $ 155 | $ 155 | $ 8 | ||
Loans modified in troubled debt restructurings | loan | 0 | ||||
Loans no longer meeting similar risk of collective pool | loan | 5 | 5 | |||
Loans no longer meeting similar risk of collective pool, amount | $ 130 | $ 130 | |||
Allowance for credit losses on loans | $ 95 | $ 95 | 87 | ||
Investment grade loans | 86% | 86% | |||
Speculative grade loans | 12% | 12% | |||
Speculative senior secured loans with BB or B rating | 96% | 96% | |||
Provision for credit losses | $ 10 | $ (15) | $ 10 | $ (24) | |
Finance receivables, allowance for credit loss, period increase (decrease) | $ 14 | ||||
Loans, pledged as collateral | (33,470) | (33,470) | (32,445) | ||
Asset pledged as collateral | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans, pledged as collateral | (10,920) | (10,920) | $ (10,080) | ||
Leveraged Loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing receivable for sale | 1,630 | ||||
Financing receivable, held-for-sale | 155 | 155 | |||
Commercial and Financial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Allowance for credit losses on loans | $ 7 | $ 7 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Investments by Credit Quality (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | $ 33,410 | $ 32,524 |
Financing receivable, held-for-sale | 155 | 8 |
Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 28,922 | 27,196 |
Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 4,071 | 4,984 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 251 | 180 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 166 | 164 |
Commercial and Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 30,728 | 29,970 |
Commercial and Financial | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 26,549 | 24,974 |
Commercial and Financial | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 3,851 | 4,714 |
Commercial and Financial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 162 | 118 |
Commercial and Financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 166 | 164 |
Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 2,682 | 2,554 |
Commercial Real Estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 2,373 | 2,222 |
Commercial Real Estate | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 220 | 270 |
Commercial Real Estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 89 | 62 |
Commercial Real Estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 0 | 0 |
Geographic Distribution, Domestic | Commercial and Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 18,926 | 19,560 |
Geographic Distribution, Domestic | Commercial and Financial | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 16,127 | 16,024 |
Geographic Distribution, Domestic | Commercial and Financial | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 2,509 | 3,278 |
Geographic Distribution, Domestic | Commercial and Financial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 162 | 118 |
Geographic Distribution, Domestic | Commercial and Financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 128 | 140 |
Geographic Distribution, Domestic | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 2,682 | 2,554 |
Geographic Distribution, Domestic | Commercial Real Estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 2,373 | 2,222 |
Geographic Distribution, Domestic | Commercial Real Estate | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 220 | 270 |
Geographic Distribution, Domestic | Commercial Real Estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 89 | 62 |
Geographic Distribution, Domestic | Loans to investment funds | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Overdrafts | 4,830 | $ 3,110 |
Geographic Distribution, Domestic | Loans to investment funds | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Overdrafts | 4,470 | |
Geographic Distribution, Domestic | Loans to investment funds | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Overdrafts | 356 | |
Geographic Distribution, Domestic | Loans to investment funds | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Overdrafts | $ 2 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Amortized Cost Basis (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | $ 6,417 | $ 8,336 |
2021 | 4,981 | 794 |
2020 | 563 | 2,012 |
2019 | 1,743 | 1,457 |
2018 | 1,238 | 810 |
Prior | 761 | 263 |
Revolving Loans | 17,707 | 18,852 |
Loans, gross, excluding loans classified as held-for-sale | 33,410 | 32,524 |
Financing receivable, accrued interest, before allowance for credit loss | 91 | 86 |
Financing receivable, held-for-sale | 155 | 8 |
Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 28,922 | 27,196 |
Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 4,071 | 4,984 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 251 | 180 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 166 | 164 |
Commercial and Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 30,728 | 29,970 |
Commercial and Financial | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 26,549 | 24,974 |
Commercial and Financial | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 3,851 | 4,714 |
Commercial and Financial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 162 | 118 |
Commercial and Financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 166 | 164 |
Commercial and Financial | Geographic Distribution, Domestic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,428 | 3,084 |
2021 | 1,073 | 415 |
2020 | 292 | 1,194 |
2019 | 993 | 512 |
2018 | 385 | 414 |
Prior | 195 | 7 |
Revolving Loans | 13,560 | 13,934 |
Loans, gross, excluding loans classified as held-for-sale | 18,926 | 19,560 |
Commercial and Financial | Geographic Distribution, Domestic | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,297 | 1,988 |
2021 | 185 | 59 |
2020 | 95 | 347 |
2019 | 341 | 2 |
2018 | 0 | 37 |
Prior | 12 | 0 |
Revolving Loans | 13,197 | 13,591 |
Loans, gross, excluding loans classified as held-for-sale | 16,127 | 16,024 |
Commercial and Financial | Geographic Distribution, Domestic | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 129 | 1,096 |
2021 | 849 | 351 |
2020 | 192 | 706 |
2019 | 486 | 425 |
2018 | 340 | 350 |
Prior | 150 | 7 |
Revolving Loans | 363 | 343 |
Loans, gross, excluding loans classified as held-for-sale | 2,509 | 3,278 |
Commercial and Financial | Geographic Distribution, Domestic | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 39 | 0 |
2020 | 0 | 70 |
2019 | 96 | 29 |
2018 | 0 | 19 |
Prior | 27 | 0 |
Revolving Loans | 0 | 0 |
Loans, gross, excluding loans classified as held-for-sale | 162 | 118 |
Commercial and Financial | Geographic Distribution, Domestic | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2 | 0 |
2021 | 0 | 5 |
2020 | 5 | 71 |
2019 | 70 | 56 |
2018 | 45 | 8 |
Prior | 6 | 0 |
Revolving Loans | 0 | 0 |
Loans, gross, excluding loans classified as held-for-sale | 128 | 140 |
Commercial and Financial | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 3,855 | 4,648 |
2021 | 3,296 | 201 |
2020 | 122 | 264 |
2019 | 180 | 228 |
2018 | 137 | 120 |
Prior | 65 | 31 |
Revolving Loans | 4,147 | 4,918 |
Loans, gross, excluding loans classified as held-for-sale | 11,802 | 10,410 |
Commercial and Financial | Non-U.S. | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 3,505 | 4,087 |
2021 | 2,783 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 4,134 | 4,863 |
Loans, gross, excluding loans classified as held-for-sale | 10,422 | 8,950 |
Commercial and Financial | Non-U.S. | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 350 | 561 |
2021 | 513 | 201 |
2020 | 122 | 264 |
2019 | 180 | 204 |
2018 | 99 | 120 |
Prior | 65 | 31 |
Revolving Loans | 13 | 55 |
Loans, gross, excluding loans classified as held-for-sale | 1,342 | 1,436 |
Commercial and Financial | Non-U.S. | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Loans, gross, excluding loans classified as held-for-sale | 0 | |
Commercial and Financial | Non-U.S. | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 24 |
2018 | 38 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans, gross, excluding loans classified as held-for-sale | 38 | 24 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 2,682 | 2,554 |
Commercial real estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 2,373 | 2,222 |
Commercial real estate | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 220 | 270 |
Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 89 | 62 |
Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross, excluding loans classified as held-for-sale | 0 | 0 |
Commercial real estate | Geographic Distribution, Domestic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 134 | 604 |
2021 | 612 | 178 |
2020 | 149 | 554 |
2019 | 570 | 717 |
2018 | 716 | 276 |
Prior | 501 | 225 |
Revolving Loans | 0 | 0 |
Loans, gross, excluding loans classified as held-for-sale | 2,682 | 2,554 |
Commercial real estate | Geographic Distribution, Domestic | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 134 | 580 |
2021 | 612 | 129 |
2020 | 100 | 383 |
2019 | 397 | 657 |
2018 | 657 | 276 |
Prior | 473 | 197 |
Revolving Loans | 0 | 0 |
Loans, gross, excluding loans classified as held-for-sale | 2,373 | 2,222 |
Commercial real estate | Geographic Distribution, Domestic | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 24 |
2021 | 0 | 49 |
2020 | 49 | 149 |
2019 | 124 | 20 |
2018 | 19 | 0 |
Prior | 28 | 28 |
Revolving Loans | 0 | 0 |
Loans, gross, excluding loans classified as held-for-sale | 220 | 270 |
Commercial real estate | Geographic Distribution, Domestic | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 22 |
2019 | 49 | 40 |
2018 | 40 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans, gross, excluding loans classified as held-for-sale | $ 89 | $ 62 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Activity in the Allowance for Credit Losses for Loans Held for Investment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 87 | |||
Ending balance | $ 95 | 95 | ||
Leveraged Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 61 | $ 92 | 61 | $ 97 |
Charge-offs | (3) | (1) | (4) | (1) |
Provision | 11 | (19) | 12 | (20) |
Foreign currency translation | 2 | (2) | ||
Ending balance | 69 | 74 | 69 | 74 |
Other Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 11 | 12 | 12 | 17 |
Charge-offs | 0 | 0 | 0 | 0 |
Provision | (1) | 0 | (2) | (5) |
Foreign currency translation | 0 | 0 | ||
Ending balance | 10 | 12 | 10 | 12 |
Other Loans | Fund Finance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 9 | 10 | 9 | 10 |
Other Loans | Other Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 1 | 2 | 1 | 2 |
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 14 | 14 | 14 | 8 |
Charge-offs | 0 | 0 | 0 | 0 |
Provision | 2 | 0 | 2 | 6 |
Foreign currency translation | 0 | 0 | ||
Ending balance | 16 | 14 | 16 | 14 |
Available-for-sale Securities | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2 | 2 | ||
Charge-offs | 0 | 0 | ||
Provision | 0 | 0 | ||
Ending balance | 2 | 2 | ||
Held-to-Maturity Securities | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2 | 3 | ||
Charge-offs | 0 | 0 | ||
Provision | 0 | (1) | ||
Foreign currency translation | 0 | 0 | ||
Ending balance | 2 | 2 | ||
Off-Balance Sheet Commitments | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 19 | 15 | 19 | 22 |
Charge-offs | 0 | 0 | 0 | 0 |
Provision | (2) | 4 | (2) | (3) |
Foreign currency translation | 0 | 0 | ||
Ending balance | 17 | 19 | 17 | 19 |
All Other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 1 |
Charge-offs | 0 | 0 | 0 | 0 |
Provision | 0 | 0 | 0 | (1) |
Foreign currency translation | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 |
Total | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 107 | 135 | 108 | 148 |
Charge-offs | (3) | (1) | (4) | (1) |
Provision | 10 | (15) | 10 | (24) |
Foreign currency translation | 2 | (2) | ||
Ending balance | $ 114 | $ 121 | $ 114 | $ 121 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2021 EUR (€) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill [Roll Forward] | |||||
Beginning balance | $ 7,683 | $ 7,621 | $ 7,683 | ||
Acquisitions | 3 | 66 | |||
Divestitures | (17) | ||||
Foreign currency translation | (159) | (111) | |||
Ending balance | 7,465 | 7,621 | |||
Investment Servicing | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | 7,413 | 7,354 | 7,413 | ||
Acquisitions | 3 | 66 | |||
Divestitures | (17) | ||||
Foreign currency translation | (155) | (108) | |||
Ending balance | 7,202 | 7,354 | |||
Investment Servicing | Fideuram Bank Luxembour | |||||
Goodwill [Roll Forward] | |||||
Payment for acquisition | 258 | € 220 | |||
Investment Servicing | Mercatus, Inc | |||||
Goodwill [Roll Forward] | |||||
Payment for acquisition | $ 88 | ||||
Investment Management | |||||
Goodwill [Roll Forward] | |||||
Beginning balance | $ 270 | 267 | 270 | ||
Acquisitions | 0 | 0 | |||
Divestitures | 0 | ||||
Foreign currency translation | (4) | (3) | |||
Ending balance | $ 263 | $ 267 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Other Intangible Assets (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2021 EUR (€) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | ||||||||
Beginning balance | $ 1,827 | $ 1,816 | $ 1,827 | $ 1,827 | ||||
Acquisitions | 0 | 264 | ||||||
Amortization | $ (60) | $ (63) | (121) | (121) | (245) | |||
Foreign currency translation | (41) | (30) | ||||||
Ending balance | 1,654 | 1,654 | 1,816 | |||||
Investment Servicing | ||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||
Beginning balance | 1,733 | 1,746 | 1,733 | 1,733 | ||||
Acquisitions | 0 | 264 | ||||||
Amortization | (110) | (221) | ||||||
Foreign currency translation | (41) | (30) | ||||||
Ending balance | 1,595 | 1,595 | 1,746 | |||||
Investment Servicing | Fideuram Bank Luxembour | ||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||
Payment for acquisition | 258 | € 220 | ||||||
Investment Servicing | Mercatus, Inc | ||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||
Payment for acquisition | $ 88 | |||||||
Investment Management | ||||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||
Beginning balance | $ 94 | 70 | $ 94 | 94 | ||||
Acquisitions | 0 | 0 | ||||||
Amortization | (11) | (24) | ||||||
Foreign currency translation | 0 | 0 | ||||||
Ending balance | $ 59 | $ 59 | $ 70 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Gross Carrying Amount, Accumulated Amortization and Net Carrying Amount of Other Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 3,879 | $ 3,981 | |
Accumulated Amortization | (2,225) | (2,165) | |
Net Carrying Amount | 1,654 | 1,816 | $ 1,827 |
Client relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,710 | 2,786 | |
Accumulated Amortization | (1,535) | (1,497) | |
Net Carrying Amount | 1,175 | 1,289 | |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 401 | 403 | |
Accumulated Amortization | (159) | (142) | |
Net Carrying Amount | 242 | 261 | |
Core deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 679 | 696 | |
Accumulated Amortization | (457) | (451) | |
Net Carrying Amount | 222 | 245 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 89 | 96 | |
Accumulated Amortization | (74) | (75) | |
Net Carrying Amount | $ 15 | $ 21 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Other Assets [Abstract] | ||
Securities borrowed | $ 18,194 | $ 22,300 |
Derivative instruments, net | 9,476 | 4,108 |
Bank-owned life insurance | 3,605 | 3,554 |
Investments in joint ventures and other unconsolidated entities | 3,256 | 3,162 |
Collateral, net | 1,691 | 1,011 |
Receivable for securities settlement | 1,083 | 213 |
Deferred tax assets, net of valuation allowance | 1,027 | 254 |
Prepaid expenses | 705 | 612 |
Right-of-use assets | 501 | 542 |
Accounts receivable | 464 | 236 |
Income taxes receivable | 326 | 317 |
Deposits with clearing organizations | 62 | 62 |
Other | 1,080 | 1,244 |
Total | 41,470 | 37,615 |
Equity securities without readily determinable fair value, amount | 177 | 109 |
Equity securities without readily determinable fair value, upward price adjustment | 0 | |
Advances | $ 677 | $ 544 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Cash flow hedge gains to be reclassified within twelve months | $ 156 | |
Maximum length of time hedged in cash flow hedge | 5 years | |
Fair value of derivative liabilities | $ 23,308 | $ 16,126 |
Interest rate swap | Fair Value Hedges | ||
Derivative [Line Items] | ||
Notional amount of derivative instruments | 17,070 | $ 6,950 |
Credit swap agreements | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | 5,630 | |
Cash collateral provided for derivative instruments | 4,790 | |
Maximum additional amount of payments related to termination events | $ 840 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Outstanding Hedges: (Notional Amount) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives not designated as hedging instruments | Interest rate contracts | Futures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | $ 4,783 | $ 9,604 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Futures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 1,662 | 2,359 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Forward, swap and spot | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 2,190,465 | 2,569,449 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options purchased | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 1,255 | 328 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options written | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 874 | 210 |
Derivatives not designated as hedging instruments | Other derivative contracts | Stable value contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 33,121 | 32,868 |
Derivatives not designated as hedging instruments | Other derivative contracts | Deferred value awards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 382 | 308 |
Derivatives designated as hedging instruments | Interest rate contracts | Swap agreements | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 24,066 | 15,100 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Forward and swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | $ 7,826 | $ 6,700 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of the Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 23,644 | $ 15,187 |
Fair value of derivative liabilities | 23,308 | 16,126 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 23,633 | 15,185 |
Fair value of derivative liabilities | 23,036 | 15,825 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 11 | 2 |
Fair value of derivative liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 23,415 | 15,216 |
Derivatives not designated as hedging instruments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 23,303 | 16,091 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 23,415 | 15,216 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 23,031 | 15,790 |
Derivatives not designated as hedging instruments | Other derivative contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 0 | 0 |
Derivatives not designated as hedging instruments | Other derivative contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 272 | 301 |
Derivatives designated as hedging instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 229 | 61 |
Derivatives designated as hedging instruments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 5 | 35 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 218 | 59 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 5 | 35 |
Derivatives designated as hedging instruments | Interest rate contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 11 | 2 |
Derivatives designated as hedging instruments | Interest rate contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Income (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | $ 217 | $ 160 | $ 421 | $ 346 |
Foreign exchange contracts | Foreign exchange trading services | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | 230 | 188 | 469 | 431 |
Foreign exchange contracts | Interest expense | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | 3 | 16 | 16 | 37 |
Interest rate contracts | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | (6) | 1 | 0 | 1 |
Other derivative contracts | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | $ (10) | $ (45) | $ (64) | $ (123) |
Derivative Financial Instrume_7
Derivative Financial Instruments - Carrying Amount and Cumulative Basis Adjustments for Hedge Accounting (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Prepayable financial asset closed portfolio, amortized cost | $ 221 | $ 0 |
Prepayable financial asset closed portfolio, last-of-layer, amortized cost | 68 | 0 |
Cumulative adjustment associated with hedging relationships | (1) | 0 |
Hedged Items Currently Designated | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount of Hedged Assets/Liabilities | 10,271 | 9,026 |
Cumulative Hedge Accounting Basis Adjustments | (403) | (64) |
Hedged Items Currently Designated | Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount of Hedged Assets/Liabilities | 11,289 | 3,551 |
Cumulative Hedge Accounting Basis Adjustments | (360) | 0 |
De-designated | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative Hedge Accounting Basis Adjustments | 436 | 514 |
De-designated | Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative Hedge Accounting Basis Adjustments | $ 14 | $ 24 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Impact on Derivatives and Hedged Items on Consolidated Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | $ 52 | $ (30) | $ 19 | $ (25) |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | (53) | 28 | (21) | 23 |
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes | 113 | (16) | 270 | (4) |
Available-for-sale securities | Net interest income | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 148 | (23) | 358 | (6) |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | (149) | 21 | (360) | 5 |
Long-term debt | Net interest income | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | (96) | (7) | (339) | (19) |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | $ 96 | $ 7 | $ 339 | $ 18 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Schedule of Differences Between the Gains (Losses) on the Derivative and the Gains (Losses) on the Hedged Item (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative recognized in OCI, cash flow hedge | $ 37 | $ 17 | $ (207) | $ 37 |
Gain (loss) on derivative recognized in OCI, net investment hedge | 264 | (24) | 328 | 111 |
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | 301 | (7) | 121 | 148 |
Gain (loss) on hedges reclassified to income, cash flow hedge | 9 | 25 | 31 | 46 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 9 | 25 | 31 | 46 |
Gain (loss) on hedges reclassified to income, net investment hedge | 0 | 0 | $ 0 | 0 |
Floating-rate loans | ||||
Derivative [Line Items] | ||||
Term of debt instrument | 4 years 3 months 18 days | |||
Interest rate contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative recognized in OCI, cash flow hedge | (92) | 10 | $ (383) | (6) |
Interest rate contracts | Net interest income | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges reclassified to income, cash flow hedge | 6 | 22 | 25 | 40 |
Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative recognized in OCI, cash flow hedge | 129 | 7 | 176 | 43 |
Gain (loss) on derivative recognized in OCI, net investment hedge | 264 | (24) | 328 | 111 |
Foreign exchange contracts | Net interest income | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges reclassified to income, cash flow hedge | 3 | 3 | 6 | 6 |
Foreign exchange contracts | Gains (Losses) related to investment securities, net | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges reclassified to income, net investment hedge | $ 0 | $ 0 | $ 0 | $ 0 |
Offsetting Arrangements - Narra
Offsetting Arrangements - Narrative (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting [Abstract] | ||
Fair Value of securities received as collateral that can be resold or repledged | $ 3,710,000,000 | $ 1,600,000,000 |
Fair Value of securities received as collateral that have been resold or repledged | $ 0 | $ 0 |
Offsetting Arrangements - Asset
Offsetting Arrangements - Assets With Offsetting Arrangements (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | $ 23,644 | $ 15,187 |
Derivatives, Gross Amounts Offset in Statement of Condition | (14,168) | (11,079) |
Derivatives, Net Amounts of Assets Presented in Statement of Condition | 9,476 | 4,108 |
Derivatives, Net Amount | 8,442 | 3,385 |
Derivatives, Cash collateral and securities netting, cash offset | (1,727) | (1,966) |
Derivatives, Cash collateral and securities netting, Cash and Securities Received | (1,034) | (723) |
Derivatives, Cash collateral and securities netting, Net Amount | (2,761) | (2,689) |
Resale agreements and securities borrowing, Gross Amounts of Recognized Assets | 100,778 | 102,375 |
Resale agreements and securities borrowing, Gross Amounts Offset in Statement of Condition | (77,381) | (77,063) |
Resale agreements and securities borrowing, Net Amounts of Assets Presented in Statement of Condition | 23,397 | 25,312 |
Resale agreements and securities borrowing, Cash and Securities Received | (22,608) | (25,096) |
Resale agreements and securities borrowing, Net Amount | 789 | 216 |
Total derivatives and other financial instruments, Gross Amounts of Recognized Assets | 124,422 | 117,562 |
Total derivatives and other financial instruments, Gross Amounts Offset in Statement of Condition | (91,549) | (88,142) |
Total derivatives and other financial instruments, Net Amounts of Assets Presented in Statement of Condition | 32,873 | 29,420 |
Total derivatives and other financial instruments, Cash and Securities Received | (23,642) | (25,819) |
Total derivatives and other financial instruments, Net Amount | 9,231 | 3,601 |
Securities purchased under resale agreements | 5,203 | 3,012 |
Cash collateral provided for securities borrowing | 18,200 | 22,300 |
Foreign exchange contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 23,633 | 15,185 |
Derivatives, Gross Amounts Offset in Statement of Condition | (12,441) | (9,113) |
Derivatives, Net Amounts of Assets Presented in Statement of Condition | 11,192 | 6,072 |
Derivatives, Net Amount | 11,192 | 6,072 |
Interest rate contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 11 | 2 |
Derivatives, Gross Amounts Offset in Statement of Condition | 0 | 0 |
Derivatives, Net Amounts of Assets Presented in Statement of Condition | 11 | 2 |
Derivatives, Net Amount | $ 11 | $ 2 |
Offsetting Arrangements - Liabi
Offsetting Arrangements - Liabilities With Offsetting Arrangements (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting Liabilities [Line Items] | ||
Derivatives, Gross amounts of recognized liabilities | $ 23,308 | $ 16,126 |
Derivatives, Gross amounts offset in statement of condition | (17,100) | (10,395) |
Net Amounts of Liabilities Presented in Statement of Condition | 6,208 | 5,731 |
Derivative, Net Amount | 4,343 | 4,742 |
Derivative liability, collateral, cash offset | (4,659) | (1,282) |
Derivatives, Cash and collateral securities netting, Cash and Securities Provided | (1,865) | (989) |
Derivatives, Cash and collateral securities netting, Net | (6,524) | (2,271) |
Resale agreements and securities lending, Gross Amounts of Recognized Liabilities | 80,081 | 82,674 |
Resale agreements and securities lending, Gross Amounts Offset in Statement of Condition | (77,381) | (77,063) |
Resale agreements and securities lending, Net Amounts of Liabilities Presented in Statement of Condition | 2,700 | 5,611 |
Resale agreements and securities lending, Cash and Securities Provided | (1,782) | (4,066) |
Resale agreements and securities lending, Net Amount | 918 | 1,545 |
Total derivatives and other financial instruments, Gross Amounts of Recognized Liabilities | 103,389 | 98,800 |
Total derivatives and other financial instruments, Gross Amounts Offset in Statement of Condition | (94,481) | (87,458) |
Total derivatives and other financial instruments, Net Amounts of Liabilities Presented in Statement of Condition | 8,908 | 11,342 |
Total derivatives and other financial instruments, Cash and Securities Provided | (3,647) | (5,055) |
Total derivatives and other financial instruments, Net Amount | 5,261 | 6,287 |
Securities sold under repurchase agreements | 951 | 1,575 |
Foreign exchange contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivatives, Gross amounts of recognized liabilities | 23,036 | 15,825 |
Derivatives, Gross amounts offset in statement of condition | (12,441) | (9,113) |
Net Amounts of Liabilities Presented in Statement of Condition | 10,595 | 6,712 |
Derivative, Net Amount | 10,595 | 6,712 |
Interest rate contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivatives, Gross amounts of recognized liabilities | 0 | 0 |
Derivatives, Gross amounts offset in statement of condition | 0 | 0 |
Net Amounts of Liabilities Presented in Statement of Condition | 0 | 0 |
Derivative, Net Amount | 0 | 0 |
Other derivative contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivatives, Gross amounts of recognized liabilities | 272 | 301 |
Derivatives, Gross amounts offset in statement of condition | 0 | 0 |
Net Amounts of Liabilities Presented in Statement of Condition | 272 | 301 |
Derivative, Net Amount | 272 | 301 |
Accrued expenses and other liabilities | ||
Offsetting Liabilities [Line Items] | ||
Cash collateral received in connection to securities finance activities | $ 1,750 | $ 4,040 |
Offsetting Arrangements - Repo,
Offsetting Arrangements - Repo, Sec Lending Transactions Maturity by Category (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 75,758 | $ 75,266 |
Securities lending transactions | 4,323 | 7,408 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 80,081 | 82,674 |
U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 75,758 | 75,266 |
Securities lending transactions | 3 | 0 |
Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 51 | 92 |
Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 4,268 | 7,315 |
Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 1 | 1 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 75,758 | 75,266 |
Securities lending transactions | 3,552 | 6,057 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 79,310 | 81,323 |
Overnight and Continuous | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 75,758 | 75,266 |
Securities lending transactions | 3 | 0 |
Overnight and Continuous | Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 46 | 92 |
Overnight and Continuous | Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 3,502 | 5,964 |
Overnight and Continuous | Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 1 | 1 |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending transactions | 33 | 24 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 33 | 24 |
Up to 30 Days | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending transactions | 0 | 0 |
Up to 30 Days | Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 0 | 0 |
Up to 30 Days | Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 33 | 24 |
Up to 30 Days | Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 0 | 0 |
30-90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending transactions | 30 | 11 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 30 | 11 |
30-90 days | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending transactions | 0 | 0 |
30-90 days | Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 5 | 0 |
30-90 days | Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 25 | 11 |
30-90 days | Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 0 | 0 |
Greater than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending transactions | 708 | 1,316 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 708 | 1,316 |
Greater than 90 Days | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending transactions | 0 | 0 |
Greater than 90 Days | Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 0 | 0 |
Greater than 90 Days | Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 708 | 1,316 |
Greater than 90 Days | Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | $ 0 | $ 0 |
Commitments and Guarantees - Co
Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Unfunded credit facilities | $ 32,939 | $ 33,026 | ||
Indemnified securities financing | 345,237 | 385,740 | ||
Standby letters of credit | $ 2,542 | $ 3,237 | ||
Unfunded commitments to extend credit, short term | 76% | 78% | ||
Term of unfunded commitment | 1 year | 1 year |
Commitments and Guarantees - Sc
Commitments and Guarantees - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of indemnified securities financing | $ 345,237 | $ 385,740 |
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 361,380 | 404,121 |
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 64,181 | 61,560 |
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | $ 69,168 | $ 67,014 |
Commitments and Guarantees - Na
Commitments and Guarantees - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Cash collateral provided for securities lending | $ 18,200 | $ 22,300 |
Accrued expenses and other liabilities | ||
Loss Contingencies [Line Items] | ||
Cash collateral received in connection to securities finance activities | $ 1,750 | $ 4,040 |
Contingencies (Details)
Contingencies (Details) $ in Millions | 1 Months Ended | ||||
Aug. 31, 2021 plaintiff | May 31, 2021 USD ($) Participants | Jun. 30, 2019 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | |||||
Accrual of loss contingency | $ 15 | ||||
Estimate of possible loss | 50 | ||||
Participants who filed a purported class action complaint | Participants | 8 | ||||
Unrecognized tax benefits | 232 | $ 252 | |||
Invoicing Matter | |||||
Loss Contingencies [Line Items] | |||||
Payments for settlements | $ 48.8 | ||||
Invoicing Matter | United States Attorney for the District of Massachusetts | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 115 | ||||
Invoicing Matter | Massachusetts Attorney General | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | 5.5 | ||||
Invoicing Matter | U.S. Securities and Exchange Commission | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 40 | ||||
Edmar v Currenex | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, number of plaintiffs | plaintiff | 2 | ||||
Legal Reserve | Invoicing Matter | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible loss | $ 350 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Assets | $ 300,223 | $ 314,624 |
Total liabilities | 274,456 | 287,261 |
VIE - primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 0 | 0 |
Total liabilities | 0 | 0 |
VIE - not primary beneficiary | Unconsolidated Funds | ||
Variable Interest Entity [Line Items] | ||
Potential maximum loss exposure of unconsolidated funds | 15 | 17 |
VIE - not primary beneficiary | Low Income Housing, Production and Investment Tax Credit Entities | ||
Variable Interest Entity [Line Items] | ||
Potential maximum loss exposure of unconsolidated funds | $ 1,680 | $ 1,690 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||||||
Jun. 15, 2022 | Sep. 30, 2018 | Apr. 30, 2016 | May 31, 2015 | Feb. 28, 2014 | Jun. 30, 2022 | Dec. 31, 2021 | |
Series D Preferred Stock, Depository Share | |||||||
Class of Stock [Line Items] | |||||||
Depositary shares issued (shares) | 30,000,000 | ||||||
Amount outstanding (in shares) | 750,000,000 | ||||||
Liquidation preference per share (USD per share) | $ 25 | ||||||
Series D Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | ||||||
Preferred stock | $ 742 | $ 742 | |||||
Ownership Interest Per Depositary Share | 0.025% | ||||||
Per annum dividend rate | 5.90% | ||||||
Series D Preferred Stock | London Interbank Offered Rate (LIBOR) | |||||||
Class of Stock [Line Items] | |||||||
Per annum dividend rate, basis spread on variable rate | 3.108% | ||||||
Series F Preferred Stock, Depository Share | |||||||
Class of Stock [Line Items] | |||||||
Depositary shares issued (shares) | 250,000 | ||||||
Amount outstanding (in shares) | 250,000,000 | ||||||
Liquidation preference per share (USD per share) | $ 1,000 | ||||||
Series F Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | ||||||
Preferred stock | 247 | 247 | |||||
Ownership Interest Per Depositary Share | 1% | ||||||
Per annum dividend rate | 5.25% | ||||||
Series F Preferred Stock | London Interbank Offered Rate (LIBOR) | |||||||
Class of Stock [Line Items] | |||||||
Per annum dividend rate, basis spread on variable rate | 5.426% | 3.597% | |||||
Series G Preferred Stock, Depository Share | |||||||
Class of Stock [Line Items] | |||||||
Depositary shares issued (shares) | 20,000,000 | ||||||
Amount outstanding (in shares) | 500,000,000 | ||||||
Liquidation preference per share (USD per share) | $ 25 | ||||||
Series G Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | ||||||
Preferred stock | 493 | 493 | |||||
Ownership Interest Per Depositary Share | 0.025% | ||||||
Per annum dividend rate | 5.35% | ||||||
Series G Preferred Stock | London Interbank Offered Rate (LIBOR) | |||||||
Class of Stock [Line Items] | |||||||
Per annum dividend rate, basis spread on variable rate | 3.709% | ||||||
Series H Preferred Stock, Depository Share | |||||||
Class of Stock [Line Items] | |||||||
Depositary shares issued (shares) | 500,000 | ||||||
Amount outstanding (in shares) | 500,000,000 | ||||||
Liquidation preference per share (USD per share) | $ 1,000 | ||||||
Series H Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | ||||||
Preferred stock | $ 494 | $ 494 | |||||
Ownership Interest Per Depositary Share | 1% | ||||||
Per annum dividend rate | 5.625% | ||||||
Series H Preferred Stock | London Interbank Offered Rate (LIBOR) | |||||||
Class of Stock [Line Items] | |||||||
Per annum dividend rate, basis spread on variable rate | 2.539% |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | |||||||
Preferred stock cash dividend | $ 35 | $ 20 | $ 34 | $ 25 | $ 55 | $ 59 | |
Series D Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,475 | $ 1,475 | $ 2,950 | $ 2,950 | |||
Preferred stock cash dividend | $ 11 | $ 11 | $ 22 | $ 22 | |||
Series D Preferred Stock | Forecast | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,475 | ||||||
Preferred stock cash dividend | $ 11 | ||||||
Series D Preferred Stock, Depository Share | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 0.37 | $ 0.37 | $ 0.74 | $ 0.74 | |||
Series D Preferred Stock, Depository Share | Forecast | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 0.37 | ||||||
Series F Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,130 | $ 966 | $ 2,080 | $ 1,919 | |||
Preferred stock cash dividend | $ 3 | $ 2 | $ 5 | $ 9 | |||
Series F Preferred Stock | Forecast | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,387 | ||||||
Preferred stock cash dividend | $ 3 | ||||||
Series F Preferred Stock, Depository Share | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 11.30 | $ 9.66 | $ 20.80 | $ 19.19 | |||
Series F Preferred Stock, Depository Share | Forecast | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 13.87 | ||||||
Series G Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,338 | $ 1,338 | $ 2,676 | $ 2,676,000,000 | |||
Preferred stock cash dividend | $ 7 | $ 7 | $ 14 | $ 14 | |||
Series G Preferred Stock | Forecast | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,338 | ||||||
Preferred stock cash dividend | $ 7 | ||||||
Series G Preferred Stock, Depository Share | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 0.33 | $ 0.33 | $ 0.66 | $ 0.66 | |||
Series G Preferred Stock, Depository Share | Forecast | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 0.33 | ||||||
Series H Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 2,813 | $ 2,813 | $ 2,813 | $ 2,813 | |||
Preferred stock cash dividend | $ 14 | $ 14 | $ 14 | $ 14 | |||
Series H Preferred Stock, Depository Share | |||||||
Class of Stock [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 28.13 | $ 28.13 | $ 28.13 | $ 28.13 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Dividends Payable [Line Items] | |||||||
Preferred stock cash dividend | $ 35 | $ 20 | $ 34 | $ 25 | $ 55 | $ 59 | |
Cash dividends declared (in USD per share) | $ 0.57 | $ 0.57 | $ 0.52 | $ 0.52 | $ 1.14 | $ 1.04 | |
Total (In millions) | $ 210 | $ 209 | $ 179 | $ 182 | $ 419 | $ 361 | |
Series D Preferred Stock | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,475 | $ 1,475 | $ 2,950 | $ 2,950 | |||
Preferred stock cash dividend | $ 11 | $ 11 | $ 22 | $ 22 | |||
Series D Preferred Stock | Forecast | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,475 | ||||||
Preferred stock cash dividend | $ 11 | ||||||
Series D Preferred Stock, Depository Share | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 0.37 | $ 0.37 | $ 0.74 | $ 0.74 | |||
Series D Preferred Stock, Depository Share | Forecast | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 0.37 | ||||||
Series F Preferred Stock | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,130 | $ 966 | $ 2,080 | $ 1,919 | |||
Preferred stock cash dividend | $ 3 | $ 2 | $ 5 | $ 9 | |||
Series F Preferred Stock | Forecast | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,387 | ||||||
Preferred stock cash dividend | $ 3 | ||||||
Series F Preferred Stock, Depository Share | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 11.30 | $ 9.66 | $ 20.80 | $ 19.19 | |||
Series F Preferred Stock, Depository Share | Forecast | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 13.87 | ||||||
Series G Preferred Stock | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,338 | $ 1,338 | $ 2,676 | $ 2,676,000,000 | |||
Preferred stock cash dividend | $ 7 | $ 7 | $ 14 | $ 14 | |||
Series G Preferred Stock | Forecast | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 1,338 | ||||||
Preferred stock cash dividend | $ 7 | ||||||
Series G Preferred Stock, Depository Share | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 0.33 | $ 0.33 | $ 0.66 | $ 0.66 | |||
Series G Preferred Stock, Depository Share | Forecast | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 0.33 | ||||||
Series H Preferred Stock | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 2,813 | $ 2,813 | $ 2,813 | $ 2,813 | |||
Preferred stock cash dividend | $ 14 | $ 14 | $ 14 | $ 14 | |||
Series H Preferred Stock, Depository Share | |||||||
Dividends Payable [Line Items] | |||||||
Preferred dividends declared (USD per share) | $ 28.13 | $ 28.13 | $ 28.13 | $ 28.13 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock (Details) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended | ||||||
Jul. 01, 2022 USD ($) | Sep. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 31, 2021 USD ($) | Apr. 30, 2021 USD ($) | Jan. 31, 2021 USD ($) | |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 1,900,000,000 | |||||||
Amount of common stock authorized for repurchase | $ 3,000,000,000 | $ 425,000,000 | $ 475,000,000 | |||||
Dividends, common stock | $ 0.63 | |||||||
Percent increase in common stock dividends on per share basis | 0.10 | |||||||
2019 Program | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Common stock repurchased | $ 0 | $ 0 | $ 0 | |||||
Common Stock | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Public offering, new shares (in shares) | shares | 21.7 | |||||||
Offering price (in dollars per share) | $ / shares | $ 87.60 |
Shareholders' Equity - Schedu_3
Shareholders' Equity - Schedule of Common Stock (Details) - Share repurchase program - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||
Shares Acquired (in shares) | 5 | 11.2 |
Average Cost per Share (USD per share) | $ 84.71 | $ 80 |
Total Acquired | $ 425 | $ 900 |
Shareholders' Equity - Schedu_4
Shareholders' Equity - Schedule of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Equity [Abstract] | |||
Net unrealized gains (losses) on cash flow hedges | $ (235) | $ 53 | |
Net unrealized gains (losses) on available-for-sale securities portfolio | (2,954) | 467 | |
Net unrealized gains (losses) related to reclassified available-for-sale securities | 860 | (46) | |
Net unrealized gains (losses) on available-for-sale securities | (2,094) | 421 | |
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges | 253 | (37) | |
Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries | 396 | (93) | |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | (1) | (2) | |
Net unrealized (losses) on retirement plans | (115) | (168) | |
Foreign currency translation | (1,891) | (596) | |
Total | $ (3,687) | $ (1,133) | $ (422) |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 26,224 | $ 27,363 | $ 25,005 | $ 26,200 | $ 27,363 | $ 26,200 |
Other comprehensive income (loss) before reclassifications | (2,549) | (586) | ||||
Amounts reclassified into (out of) accumulated other comprehensive loss | (5) | (23) | ||||
Other comprehensive loss | (989) | (1,565) | (4) | (605) | (2,554) | (609) |
Ending balance | 25,767 | 26,224 | 25,167 | 25,005 | 25,767 | 25,167 |
Accumulated Other Comprehensive Income (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (2,698) | (1,133) | (418) | 187 | (1,133) | 187 |
Other comprehensive loss | (989) | (1,565) | (4) | (605) | ||
Ending balance | (3,687) | (2,698) | (422) | (418) | (3,687) | (422) |
Net Unrealized Gains (Losses) on Cash Flow Hedges | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (2) | 57 | (2) | 57 | ||
Other comprehensive income (loss) before reclassifications | (211) | 29 | ||||
Amounts reclassified into (out of) accumulated other comprehensive loss | (22) | (33) | ||||
Other comprehensive loss | (233) | (4) | ||||
Ending balance | (235) | 53 | (235) | 53 | ||
Net Unrealized Gains (Losses) on Available-for-Sale Securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (48) | 848 | (48) | 848 | ||
Other comprehensive income (loss) before reclassifications | (1,793) | (464) | ||||
Amounts reclassified into (out of) accumulated other comprehensive loss | 0 | 0 | ||||
Other comprehensive loss | (1,793) | (464) | ||||
Ending balance | (1,841) | 384 | (1,841) | 384 | ||
Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | 68 | (204) | 68 | (204) | ||
Other comprehensive income (loss) before reclassifications | 328 | 111 | ||||
Amounts reclassified into (out of) accumulated other comprehensive loss | 0 | 0 | ||||
Other comprehensive loss | 328 | 111 | ||||
Ending balance | 396 | (93) | 396 | (93) | ||
Other-Than-Temporary Impairment on Held-to-Maturity Securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (2) | (2) | (2) | (2) | ||
Other comprehensive income (loss) before reclassifications | 1 | 0 | ||||
Amounts reclassified into (out of) accumulated other comprehensive loss | 0 | 0 | ||||
Other comprehensive loss | 1 | 0 | ||||
Ending balance | (1) | (2) | (1) | (2) | ||
Net Unrealized Losses on Retirement Plans | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | (130) | (178) | (130) | (178) | ||
Other comprehensive income (loss) before reclassifications | (2) | 0 | ||||
Amounts reclassified into (out of) accumulated other comprehensive loss | 17 | 10 | ||||
Other comprehensive loss | 15 | 10 | ||||
Ending balance | (115) | (168) | (115) | (168) | ||
Foreign Currency Translation | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ (1,019) | $ (334) | (1,019) | (334) | ||
Other comprehensive income (loss) before reclassifications | (872) | (262) | ||||
Amounts reclassified into (out of) accumulated other comprehensive loss | 0 | 0 | ||||
Other comprehensive loss | (872) | (262) | ||||
Ending balance | $ (1,891) | $ (596) | $ (1,891) | $ (596) |
Shareholders' Equity - Adjustme
Shareholders' Equity - Adjustments to Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||||||
Net interest income reclassified from other comprehensive income | $ (584) | $ (467) | $ (1,093) | $ (934) | ||
Compensation and employee benefits expenses | 1,046 | 1,077 | 2,278 | 2,319 | ||
Total reclassifications into (out of) Accumulated other comprehensive loss | (747) | $ (604) | (763) | $ (519) | (1,351) | (1,282) |
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, tax | 3 | 7 | 9 | 13 | ||
Other comprehensive (income) loss, actuarial losses, tax | 1 | 1 | 7 | 4 | ||
Reclassification out of Accumulated Other Comprehensive Income | ||||||
Class of Stock [Line Items] | ||||||
Total reclassifications into (out of) Accumulated other comprehensive loss | (4) | (16) | (5) | (23) | ||
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Cash Flow Hedges | ||||||
Class of Stock [Line Items] | ||||||
Net interest income reclassified from other comprehensive income | (6) | (18) | (22) | (33) | ||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of Actuarial Losses | ||||||
Class of Stock [Line Items] | ||||||
Compensation and employee benefits expenses | $ 2 | $ 2 | $ 17 | $ 10 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Retained earnings | $ 26,115 | $ 25,238 |
Capital ratio: required common equity tier 1 capital | 8% | 8% |
Capital ratio: required tier 1 capital | 0.095 | 0.095 |
Capital ratio: required total capital | 0.115 | 0.115 |
Tier 1 leverage capital ratio, minimum | 0.040 | 0.040 |
Capital conservation buffer | 0.025 | |
Stress capital buffer | 2.50% | |
Global systemically important bank | 0.010 | |
Countercyclical capital buffer | 0 | |
Basel III Advanced Approaches | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 11,261 | $ 11,291 |
Retained earnings | 26,115 | 25,238 |
Accumulated other comprehensive income (loss) | (3,687) | (1,133) |
Treasury stock, at cost | (9,898) | (10,009) |
Total | 23,791 | 25,387 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (8,628) | (8,935) |
Other adjustments | (281) | (505) |
Common equity tier 1 capital | 14,882 | 15,947 |
Preferred stock | 1,976 | 1,976 |
Tier 1 capital | 16,858 | 17,923 |
Qualifying subordinated long-term debt | 1,381 | 1,588 |
Allowance for credit losses | 0 | 0 |
Total capital | 18,239 | 19,511 |
Credit risk | 63,259 | 63,735 |
Operational risk | 45,350 | 45,550 |
Market risk | 1,838 | 2,113 |
Total risk-weighted assets | 110,447 | 111,398 |
Adjusted quarterly average assets | $ 282,526 | $ 293,567 |
Common equity tier 1 capital | 13.50% | 14.30% |
Tier 1 capital | 0.153 | 0.161 |
Total capital | 0.165 | 0.175 |
Tier 1 leverage capital ratio, actual | 0.060 | 0.061 |
Basel III Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 11,261 | $ 11,291 |
Retained earnings | 26,115 | 25,238 |
Accumulated other comprehensive income (loss) | (3,687) | (1,133) |
Treasury stock, at cost | (9,898) | (10,009) |
Total | 23,791 | 25,387 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (8,628) | (8,935) |
Other adjustments | (281) | (505) |
Common equity tier 1 capital | 14,882 | 15,947 |
Preferred stock | 1,976 | 1,976 |
Tier 1 capital | 16,858 | 17,923 |
Qualifying subordinated long-term debt | 1,381 | 1,588 |
Allowance for credit losses | 113 | 108 |
Total capital | 18,352 | 19,619 |
Credit risk | 113,566 | 109,554 |
Market risk | 1,838 | 2,113 |
Total risk-weighted assets | 115,404 | 111,667 |
Adjusted quarterly average assets | $ 282,526 | $ 293,567 |
Common equity tier 1 capital | 12.90% | 14.30% |
Tier 1 capital | 0.146 | 0.161 |
Total capital | 0.159 | 0.176 |
Tier 1 leverage capital ratio, actual | 0.060 | 0.061 |
State Street Bank | Basel III Advanced Approaches | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 13,033 | $ 13,047 |
Retained earnings | 17,025 | 15,700 |
Accumulated other comprehensive income (loss) | (3,410) | (926) |
Treasury stock, at cost | 0 | 0 |
Total | 26,648 | 27,821 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (8,370) | (8,667) |
Other adjustments | (104) | (309) |
Common equity tier 1 capital | 18,174 | 18,845 |
Preferred stock | 0 | 0 |
Tier 1 capital | 18,174 | 18,845 |
Qualifying subordinated long-term debt | 545 | 752 |
Allowance for credit losses | 0 | 0 |
Total capital | 18,719 | 19,597 |
Credit risk | 56,041 | 57,405 |
Operational risk | 42,700 | 42,813 |
Market risk | 1,838 | 2,113 |
Total risk-weighted assets | 100,579 | 102,331 |
Adjusted quarterly average assets | $ 279,665 | $ 290,403 |
Common equity tier 1 capital | 18.10% | 18.40% |
Tier 1 capital | 0.181 | 0.184 |
Total capital | 0.186 | 0.192 |
Tier 1 leverage capital ratio, actual | 0.065 | 0.065 |
State Street Bank | Basel III Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 13,033 | $ 13,047 |
Retained earnings | 17,025 | 15,700 |
Accumulated other comprehensive income (loss) | (3,410) | (926) |
Treasury stock, at cost | 0 | 0 |
Total | 26,648 | 27,821 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (8,370) | (8,667) |
Other adjustments | (104) | (309) |
Common equity tier 1 capital | 18,174 | 18,845 |
Preferred stock | 0 | 0 |
Tier 1 capital | 18,174 | 18,845 |
Qualifying subordinated long-term debt | 545 | 752 |
Allowance for credit losses | 113 | 108 |
Total capital | 18,832 | 19,705 |
Credit risk | 110,950 | 106,405 |
Market risk | 1,838 | 2,113 |
Total risk-weighted assets | 112,788 | 108,518 |
Adjusted quarterly average assets | $ 279,665 | $ 290,403 |
Common equity tier 1 capital | 16.10% | 17.40% |
Tier 1 capital | 0.161 | 0.174 |
Total capital | 0.167 | 0.182 |
Tier 1 leverage capital ratio, actual | 0.065 | 0.065 |
Net Interest Income (Details)
Net Interest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income: | ||||
Interest-bearing deposits with banks | $ 70 | $ (4) | $ 79 | $ (13) |
Investment securities: | ||||
Investment securities available-for-sale | 122 | 145 | 276 | 285 |
Investment securities held-to-maturity | 230 | 163 | 401 | 343 |
Investment securities purchased under money market liquidity facility | 0 | 0 | 0 | 4 |
Total investment securities | 352 | 308 | 677 | 632 |
Securities purchased under resale agreements | 38 | 3 | 48 | 13 |
Loans | 199 | 157 | 371 | 298 |
Other interest-earning assets | 45 | 3 | 50 | 8 |
Total interest income | 704 | 467 | 1,225 | 938 |
Interest expense: | ||||
Interest-bearing deposits | 23 | (65) | (40) | (134) |
Short-term borrowings under money market liquidity facility | 0 | 0 | 0 | 4 |
Securities sold under repurchase agreements | 3 | 0 | 3 | 0 |
Other short-term borrowings | 1 | 1 | 1 | 1 |
Long-term debt | 72 | 54 | 137 | 114 |
Other interest-bearing liabilities | 21 | 10 | 31 | 19 |
Interest expense | 120 | 0 | 132 | 4 |
Net interest income | $ 584 | $ 467 | $ 1,093 | $ 934 |
Expenses - Schedule of Expenses
Expenses - Schedule of Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Expenses [Abstract] | ||||
Professional services | $ 84 | $ 75 | $ 181 | $ 155 |
Sales advertising public relations | 22 | 16 | 41 | 33 |
Regulatory fees and assessments | 20 | 19 | 40 | 37 |
Securities processing | 12 | 2 | 20 | 14 |
Bank operations | 9 | 2 | 13 | 4 |
Insurance | 2 | 3 | 6 | 6 |
Donations | 7 | 0 | 13 | |
Other | 106 | 82 | 191 | 172 |
Total other expenses | $ 262 | $ 199 | $ 505 | $ 421 |
Expenses - Narrative (Details)
Expenses - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
BBH Investor Services | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisitions costs | $ 12 | $ 21 | ||
Charles River Development | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisitions costs | $ 11 | $ 22 |
Expenses - Restructuring Reserv
Expenses - Restructuring Reserve (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | |
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | $ 56 | $ 74 | $ 186 | $ 196 | $ 74 |
Accruals | 2 | 45 | |||
Payments and Other Adjustments | (11) | (18) | (34) | (11) | |
Ending balance | 56 | 152 | 186 | ||
State Street Beacon | |||||
Restructuring Reserve [Roll Forward] | |||||
Accruals | (1) | ||||
Employee Related Costs | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 51 | 68 | 180 | 190 | 68 |
Accruals | 0 | 40 | |||
Payments and Other Adjustments | (11) | (17) | (34) | (9) | |
Ending balance | 51 | 146 | 180 | ||
Employee Related Costs | State Street Beacon | |||||
Restructuring Reserve [Roll Forward] | |||||
Accruals | (1) | ||||
Real Estate Actions | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 5 | 6 | 6 | 6 | 6 |
Accruals | 2 | 5 | |||
Payments and Other Adjustments | 0 | (1) | 0 | (2) | |
Ending balance | 5 | 6 | 6 | ||
Real Estate Actions | State Street Beacon | |||||
Restructuring Reserve [Roll Forward] | |||||
Accruals | 0 | ||||
Asset and Other Write-offs | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 0 | 0 | 0 | 0 | 0 |
Accruals | 0 | $ 0 | |||
Payments and Other Adjustments | $ 0 | 0 | 0 | 0 | |
Ending balance | $ 0 | $ 0 | 0 | ||
Asset and Other Write-offs | State Street Beacon | |||||
Restructuring Reserve [Roll Forward] | |||||
Accruals | $ 0 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 747 | $ 604 | $ 763 | $ 519 | $ 1,351 | $ 1,282 |
Preferred stock dividends | (35) | (34) | (55) | (64) | ||
Dividends and undistributed earnings allocated to participating securities | 0 | (1) | (1) | (1) | ||
Net income available to common shareholders, basic | 712 | 728 | 1,295 | 1,217 | ||
Net income available to common shareholders, diluted | $ 712 | $ 728 | $ 1,295 | $ 1,217 | ||
Basic average common shares (in shares) | 367,375 | 345,889 | 366,961 | 348,303 | ||
Effect of dilutive securities: common stock options and common stock awards (in shares) | 4,748 | 5,693 | 5,119 | 5,131 | ||
Diluted average common shares (in shares) | 372,123 | 351,582 | 372,080 | 353,434 | ||
Anti-dilutive securities (in shares) | 1,990 | 176 | 741 | 192 | ||
Earnings per common share, basic: | ||||||
Basic (in USD per share) | $ 1.94 | $ 2.11 | $ 3.53 | $ 3.49 | ||
Earnings per common share, diluted: | ||||||
Diluted (in USD per share) | $ 1.91 | $ 2.07 | $ 3.48 | $ 3.44 |
Line of Business Information -
Line of Business Information - Narrative (Details) - 6 months ended Jun. 30, 2022 | segment | line_of_business |
Segment Reporting [Abstract] | ||
Number of lines of business | 2 | 2 |
Line of Business Information _2
Line of Business Information - Summary of Line of Business (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 1,297 | $ 1,394 | $ 2,665 | $ 2,763 |
Management fees | 490 | 504 | 1,010 | 997 |
Foreign exchange trading services | 331 | 286 | 690 | 632 |
Securities finance | 107 | 109 | 203 | 208 |
Software and processing fees | 188 | 211 | 389 | 371 |
Other fee revenue | (43) | 10 | (14) | 26 |
Total fee revenue | 2,370 | 2,514 | 4,943 | 4,997 |
Net interest income | 584 | 467 | 1,093 | 934 |
Total other income | (1) | 53 | (2) | 53 |
Total revenue | 2,953 | 3,034 | 6,034 | 5,984 |
Provision for credit losses | 10 | (15) | 10 | (24) |
Total expenses | 2,108 | 2,111 | 4,435 | 4,443 |
Income before income tax expense | $ 835 | $ 938 | $ 1,589 | $ 1,565 |
Pre-tax margin | 28% | 31% | 26% | 26% |
Operating Segments | Investment Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 1,297 | $ 1,394 | $ 2,665 | $ 2,763 |
Management fees | 0 | 0 | 0 | 0 |
Foreign exchange trading services | 313 | 270 | 655 | 603 |
Securities finance | 102 | 106 | 195 | 201 |
Software and processing fees | 188 | 211 | 389 | 371 |
Other fee revenue | (12) | 3 | 34 | 17 |
Total fee revenue | 1,888 | 1,984 | 3,938 | 3,955 |
Net interest income | 588 | 468 | 1,097 | 941 |
Total other income | (1) | 0 | (2) | 0 |
Total revenue | 2,475 | 2,452 | 5,033 | 4,896 |
Provision for credit losses | 10 | (15) | 10 | (24) |
Total expenses | 1,767 | 1,755 | 3,692 | 3,634 |
Income before income tax expense | $ 698 | $ 712 | $ 1,331 | $ 1,286 |
Pre-tax margin | 28% | 29% | 26% | 26% |
Operating Segments | Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 0 | $ 0 | $ 0 | $ 0 |
Management fees | 490 | 504 | 1,010 | 997 |
Foreign exchange trading services | 18 | 16 | 35 | 29 |
Securities finance | 5 | 3 | 8 | 7 |
Software and processing fees | 0 | 0 | 0 | 0 |
Other fee revenue | (31) | 7 | (48) | 9 |
Total fee revenue | 482 | 530 | 1,005 | 1,042 |
Net interest income | (4) | (1) | (4) | (7) |
Total other income | 0 | 0 | 0 | 0 |
Total revenue | 478 | 529 | 1,001 | 1,035 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Total expenses | 327 | 346 | 716 | 743 |
Income before income tax expense | $ 151 | $ 183 | $ 285 | $ 292 |
Pre-tax margin | 32% | 35% | 28% | 28% |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 0 | $ 0 | $ 0 | $ 0 |
Management fees | 0 | 0 | 0 | 0 |
Foreign exchange trading services | 0 | 0 | 0 | 0 |
Securities finance | 0 | 0 | 0 | 0 |
Software and processing fees | 0 | 0 | 0 | 0 |
Other fee revenue | 0 | 0 | 0 | |
Total fee revenue | 0 | 0 | 0 | 0 |
Net interest income | 0 | 0 | 0 | 0 |
Total other income | 0 | 53 | 0 | 53 |
Total revenue | 0 | 53 | 0 | 53 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Total expenses | 14 | 10 | 27 | 66 |
Income before income tax expense | $ (14) | $ 43 | $ (27) | $ (13) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 USD ($) segment | Jun. 30, 2022 USD ($) line_of_business | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of lines of business | 2 | 2 | |
Accrued Interest and Fees Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivables related to contracts with customers | $ 2,890 | $ 2,890 | $ 2,760 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Servicing fees | $ 1,297 | $ 1,394 | $ 2,665 | $ 2,763 |
Management fees | 490 | 504 | 1,010 | 997 |
Foreign exchange trading services | 331 | 286 | 690 | 632 |
Securities finance | 107 | 109 | 203 | 208 |
Software and processing fees | 188 | 211 | 389 | 371 |
Other fee revenue | (43) | 10 | (14) | 26 |
Total fee revenue | 2,370 | 2,514 | 4,943 | 4,997 |
Net interest income | 584 | 467 | 1,093 | 934 |
Total other income | (1) | 53 | (2) | 53 |
Total revenue | 2,953 | 3,034 | 6,034 | 5,984 |
Operating Segments | Investment Servicing | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 1,586 | 1,699 | 3,260 | 3,333 |
All other revenue | 889 | 753 | 1,773 | 1,563 |
Servicing fees | 1,297 | 1,394 | 2,665 | 2,763 |
Management fees | 0 | 0 | 0 | 0 |
Foreign exchange trading services | 313 | 270 | 655 | 603 |
Securities finance | 102 | 106 | 195 | 201 |
Software and processing fees | 188 | 211 | 389 | 371 |
Other fee revenue | (12) | 3 | 34 | 17 |
Total fee revenue | 1,888 | 1,984 | 3,938 | 3,955 |
Net interest income | 588 | 468 | 1,097 | 941 |
Total other income | (1) | 0 | (2) | 0 |
Total revenue | 2,475 | 2,452 | 5,033 | 4,896 |
Operating Segments | Investment Servicing | Servicing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 1,297 | 1,394 | 2,665 | 2,763 |
All other revenue | 0 | 0 | 0 | 0 |
Servicing fees | 1,297 | 1,394 | 2,665 | 2,763 |
Operating Segments | Investment Servicing | Management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Management fees | 0 | 0 | 0 | 0 |
Operating Segments | Investment Servicing | Foreign exchange trading services | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 90 | 83 | 191 | 178 |
All other revenue | 223 | 187 | 464 | 425 |
Foreign exchange trading services | 313 | 270 | 655 | 603 |
Operating Segments | Investment Servicing | Securities finance | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 61 | 61 | 115 | 121 |
All other revenue | 41 | 45 | 80 | 80 |
Securities finance | 102 | 106 | 195 | 201 |
Operating Segments | Investment Servicing | Software and processing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 138 | 161 | 289 | 271 |
All other revenue | 50 | 50 | 100 | 100 |
Software and processing fees | 188 | 211 | 389 | 371 |
Operating Segments | Investment Servicing | Other fee revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | (12) | 3 | 34 | 17 |
Other fee revenue | (12) | 3 | 34 | 17 |
Operating Segments | Investment Servicing | Total fee revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 1,586 | 1,699 | 3,260 | 3,333 |
All other revenue | 302 | 285 | 678 | 622 |
Total fee revenue | 1,888 | 1,984 | 3,938 | 3,955 |
Operating Segments | Investment Servicing | Net interest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 588 | 468 | 1,097 | 941 |
Net interest income | 588 | 468 | 1,097 | 941 |
Operating Segments | Investment Servicing | Total other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | (1) | 0 | (2) | 0 |
Total other income | (1) | 0 | (2) | 0 |
Operating Segments | Investment Management | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 508 | 520 | 1,045 | 1,026 |
All other revenue | (30) | 9 | (44) | 9 |
Servicing fees | 0 | 0 | 0 | 0 |
Management fees | 490 | 504 | 1,010 | 997 |
Foreign exchange trading services | 18 | 16 | 35 | 29 |
Securities finance | 5 | 3 | 8 | 7 |
Software and processing fees | 0 | 0 | 0 | 0 |
Other fee revenue | (31) | 7 | (48) | 9 |
Total fee revenue | 482 | 530 | 1,005 | 1,042 |
Net interest income | (4) | (1) | (4) | (7) |
Total other income | 0 | 0 | 0 | 0 |
Total revenue | 478 | 529 | 1,001 | 1,035 |
Operating Segments | Investment Management | Servicing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Servicing fees | 0 | 0 | 0 | 0 |
Operating Segments | Investment Management | Management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 490 | 504 | 1,010 | 997 |
All other revenue | 0 | 0 | 0 | 0 |
Management fees | 490 | 504 | 1,010 | 997 |
Operating Segments | Investment Management | Foreign exchange trading services | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 18 | 16 | 35 | 29 |
All other revenue | 0 | 0 | 0 | 0 |
Foreign exchange trading services | 18 | 16 | 35 | 29 |
Operating Segments | Investment Management | Securities finance | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 5 | 3 | 8 | 7 |
Securities finance | 5 | 3 | 8 | 7 |
Operating Segments | Investment Management | Software and processing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | |
Software and processing fees | 0 | 0 | 0 | 0 |
Operating Segments | Investment Management | Other fee revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | (31) | 7 | (48) | 9 |
Other fee revenue | (31) | 7 | (48) | 9 |
Operating Segments | Investment Management | Total fee revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 508 | 520 | 1,045 | 1,026 |
All other revenue | (26) | 10 | (40) | 16 |
Total fee revenue | 482 | 530 | 1,005 | 1,042 |
Operating Segments | Investment Management | Net interest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | (4) | (1) | (4) | (7) |
Net interest income | (4) | (1) | (4) | (7) |
Operating Segments | Investment Management | Total other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Total other income | 0 | 0 | 0 | 0 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 53 | 0 | 53 |
Servicing fees | 0 | 0 | 0 | 0 |
Management fees | 0 | 0 | 0 | 0 |
Foreign exchange trading services | 0 | 0 | 0 | 0 |
Securities finance | 0 | 0 | 0 | 0 |
Software and processing fees | 0 | 0 | 0 | 0 |
Other fee revenue | 0 | 0 | 0 | |
Total fee revenue | 0 | 0 | 0 | 0 |
Net interest income | 0 | 0 | 0 | 0 |
Total other income | 0 | 53 | 0 | 53 |
Total revenue | 0 | 53 | 0 | 53 |
Other | Servicing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Servicing fees | 0 | 0 | 0 | 0 |
Other | Management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Management fees | 0 | 0 | 0 | 0 |
Other | Foreign exchange trading services | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Foreign exchange trading services | 0 | 0 | 0 | 0 |
Other | Securities finance | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Securities finance | 0 | 0 | 0 | 0 |
Other | Software and processing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Software and processing fees | 0 | 0 | 0 | 0 |
Other | Other fee revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Other fee revenue | 0 | 0 | 0 | 0 |
Other | Total fee revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Total fee revenue | 0 | 0 | 0 | 0 |
Other | Net interest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 0 | 0 | 0 |
Net interest income | 0 | 0 | 0 | 0 |
Other | Total other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 0 | 53 | 0 | 53 |
Total other income | $ 0 | $ 53 | $ 0 | $ 53 |
Non-U.S. Activities - Schedule
Non-U.S. Activities - Schedule of Results from Non-U.S. Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 2,953 | $ 3,034 | $ 6,034 | $ 5,984 |
Income before income tax expense | 835 | 938 | 1,589 | 1,565 |
Non-U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,336 | 1,325 | 2,715 | 2,670 |
Income before income tax expense | 407 | 396 | 772 | 733 |
U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,617 | 1,709 | 3,319 | 3,314 |
Income before income tax expense | $ 428 | $ 542 | $ 817 | $ 832 |
Non-U.S. Activities - Narrative
Non-U.S. Activities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 300,223 | $ 314,624 |
Non-U.S. | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 93,350 | $ 109,410 |