Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 30, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 Congress Street | |
Entity Address, City or Town | Boston, | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02114 | |
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 | 298,620,012 | |
Entity Central Index Key | 0000093751 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $1 par value per share | |
Trading Symbol | STT | |
Security Exchange Name | NYSE | |
Series G Preferred Stock, Depository Share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share | |
Trading Symbol | STT.PRG | |
Security Exchange Name | NYSE |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fee revenue: | ||||
Servicing fees | $ 1,239 | $ 1,259 | $ 2,467 | $ 2,476 |
Management fees | 511 | 461 | 1,021 | 918 |
Foreign exchange trading services | 336 | 303 | 667 | 645 |
Securities finance | 108 | 117 | 204 | 226 |
Software and processing fees | 214 | 221 | 421 | 386 |
Other fee revenue | 48 | 58 | 98 | 103 |
Total fee revenue | 2,456 | 2,419 | 4,878 | 4,754 |
Net interest income: | ||||
Interest income | 2,998 | 2,232 | 5,887 | 4,259 |
Interest expense | 2,263 | 1,541 | 4,436 | 2,802 |
Net interest income | 735 | 691 | 1,451 | 1,457 |
Total revenue | 3,191 | 3,110 | 6,329 | 6,211 |
Provision for credit losses | 10 | (18) | 37 | 26 |
Expenses: | ||||
Compensation and employee benefits | 1,099 | 1,123 | 2,351 | 2,415 |
Information systems and communications | 454 | 405 | 886 | 819 |
Transaction processing services | 250 | 235 | 498 | 474 |
Occupancy | 106 | 103 | 209 | 197 |
Amortization of other intangible assets | 60 | 60 | 120 | 120 |
Other | 300 | 286 | 718 | 556 |
Total expenses | 2,269 | 2,212 | 4,782 | 4,581 |
Income before income tax expense | 912 | 916 | 1,510 | 1,604 |
Income tax expense | 201 | 153 | 336 | 292 |
Net income | 711 | 763 | 1,174 | 1,312 |
Net income available to common shareholders, basic | 655 | 726 | 1,073 | 1,251 |
Net income available to common shareholders, diluted | $ 655 | $ 726 | $ 1,073 | $ 1,251 |
Earnings per common share: | ||||
Basic (in USD per share) | $ 2.18 | $ 2.20 | $ 3.56 | $ 3.73 |
Diluted (in USD per share) | $ 2.15 | $ 2.17 | $ 3.52 | $ 3.68 |
Average common shares outstanding (in thousands): | ||||
Basic (in shares) | 300,564 | 329,383 | 301,278 | 335,212 |
Diluted (in shares) | 304,765 | 333,540 | 305,354 | 339,473 |
Cash dividends declared (in USD per share) | $ 0.69 | $ 0.63 | $ 1.38 | $ 1.26 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 711 | $ 763 | $ 1,174 | $ 1,312 |
Other comprehensive income (loss), net of related taxes: | ||||
Foreign currency translation, net of related taxes of $16 and $3, respectively | (8) | 28 | (115) | 158 |
Net unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment and net of related taxes of $7 and ($38), respectively | 27 | (96) | 225 | 150 |
Net unrealized gains (losses) on cash flow hedges, net of related taxes of $12 and $29, respectively | 36 | 82 | (77) | 133 |
Net unrealized gains on retirement plans, net of related taxes of $0 and $0, respectively | 7 | 12 | ||
Other comprehensive income (loss) | 55 | 14 | 40 | 453 |
Total comprehensive income (loss) | $ 766 | $ 777 | $ 1,214 | $ 1,765 |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation, taxes | $ 16 | $ 3 | $ 69 | $ (9) |
Change in net unrealized gains (losses) on available-for-sale securities, taxes | 7 | (38) | 77 | 54 |
Change in net unrealized gains (losses) on cash flow hedges, taxes | $ 12 | $ 29 | (29) | 48 |
Change in unrealized gains (losses) on retirement plans, taxes | $ 3 | $ 5 |
Consolidated Statement of Condi
Consolidated Statement of Condition - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets: | ||
Cash and due from banks | $ 2,898 | $ 4,047 |
Interest-bearing deposits with banks | 99,876 | 87,665 |
Securities purchased under resale agreements | 6,340 | 6,692 |
Trading account assets | 780 | 773 |
Investment securities available-for-sale (less allowance for credit losses of $0 and $0) | 56,755 | 44,526 |
Investment securities held-to-maturity (less allowance for credit losses of $1 and $1) (fair value of $44,916 and $51,503) | 51,051 | 57,117 |
Loans (less allowance for credit losses on loans of $136 and $135) | 39,240 | 36,496 |
Premises and equipment (net of accumulated depreciation of $6,318 and $6,062) | 2,539 | 2,399 |
Accrued interest and fees receivable | 4,066 | 3,806 |
Goodwill | 7,751 | 7,611 |
Other intangible assets | 1,209 | 1,320 |
Other Assets | 53,098 | 44,806 |
Total assets | 325,603 | 297,258 |
Deposits: | ||
Non-interest-bearing | 34,519 | 32,569 |
Interest-bearing - U.S. | 140,983 | 121,738 |
Interest-bearing - non-U.S. | 63,658 | 66,663 |
Total deposits | 239,160 | 220,970 |
Securities sold under repurchase agreements | 2,716 | 1,867 |
Other short-term borrowings | 13,571 | 3,660 |
Accrued expenses and other liabilities | 25,657 | 28,123 |
Long-term debt | 19,737 | 18,839 |
Total liabilities | 300,841 | 273,459 |
Commitments, guarantees and contingencies (Notes 9 and 10) | ||
Shareholders’ equity: | ||
Common stock, $1 par, 750,000,000 shares authorized: | 504 | 504 |
Surplus | 10,721 | 10,741 |
Retained earnings | 28,615 | 27,957 |
Accumulated other comprehensive income (loss) | (2,314) | (2,354) |
Treasury stock, at cost (204,648,637 and 201,935,599 shares) | (15,232) | (15,025) |
Total shareholders’ equity | 24,762 | 23,799 |
Total liabilities and shareholders' equity | 325,603 | 297,258 |
Series D Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par, 3,500,000 shares authorized: | 0 | 742 |
Series F Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par, 3,500,000 shares authorized: | 0 | 247 |
Series G Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par, 3,500,000 shares authorized: | 493 | 493 |
Series H Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par, 3,500,000 shares authorized: | 494 | 494 |
Series I Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par, 3,500,000 shares authorized: | $ 1,481 | $ 0 |
Consolidated Statement of Con_2
Consolidated Statement of Condition (Parenthetical) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Assets: | ||
Allowance for credit losses on available-for-sale securities | $ 0 | $ 0 |
Allowance for credit losses on HTM investment securities | 1,000,000 | 1,000,000 |
Investment securities held-to-maturity | 44,916,000,000 | 51,503,000,000 |
Allowance for credit losses on loans | 136,000,000 | 135,000,000 |
Accumulated depreciation | $ 6,318,000,000 | $ 6,062,000,000 |
Shareholders’ equity: | ||
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock authorized (in shares) | 3,500,000 | 3,500,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 503,879,642 | 503,879,642 |
Common stock, shares outstanding (in shares) | 299,231,005 | 301,944,043 |
Treasury stock (in shares) | 204,648,637 | 201,935,599 |
Series D Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, shares issued (in shares) | 7,500 | 7,500 |
Preferred stock, shares outstanding (in shares) | 7,500 | 7,500 |
Series F Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, shares issued (in shares) | 2,500 | 2,500 |
Preferred stock, shares outstanding (in shares) | 2,500 | 2,500 |
Series G Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, shares issued (in shares) | 5,000 | 5,000 |
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 |
Series H Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, shares issued (in shares) | 5,000 | 5,000 |
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 |
Series I Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, shares issued (in shares) | 15,000 | 15,000 |
Preferred stock, shares outstanding (in shares) | 15,000 | 15,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance at Dec. 31, 2022 | $ 25,191 | $ 1,976 | $ 504 | $ 10,730 | $ 27,028 | $ (3,711) | $ (11,336) |
Beginning balance (shares) at Dec. 31, 2022 | 503,880,000 | ||||||
Treasury stock, beginning balance (in shares) at Dec. 31, 2022 | 154,855,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 549 | 549 | |||||
Other comprehensive income (loss) | 439 | 439 | |||||
Cash dividends declared: | |||||||
Common stock dividends | (212) | (212) | |||||
Preferred stock cash dividends | (23) | (23) | |||||
Common stock acquired | (1,262) | $ (1,262) | |||||
Common stock acquired (shares) | 13,647,000 | ||||||
Common stock awards exercised | 69 | (6) | $ 75 | ||||
Common stock awards exercised (in shares) | (1,085,000) | ||||||
Other | (1) | $ (1) | |||||
Other (shares) | 1,000 | ||||||
Ending balance at Mar. 31, 2023 | 24,750 | 1,976 | $ 504 | 10,724 | 27,342 | (3,272) | $ (12,524) |
Ending balance (shares) at Mar. 31, 2023 | 503,880,000 | ||||||
Treasury stock, ending balance (in shares) at Mar. 31, 2023 | 167,418,000 | ||||||
Beginning balance at Dec. 31, 2022 | 25,191 | 1,976 | $ 504 | 10,730 | 27,028 | (3,711) | $ (11,336) |
Beginning balance (shares) at Dec. 31, 2022 | 503,880,000 | ||||||
Treasury stock, beginning balance (in shares) at Dec. 31, 2022 | 154,855,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,312 | ||||||
Other comprehensive income (loss) | 453 | ||||||
Cash dividends declared: | |||||||
Common stock dividends | (415) | ||||||
Preferred stock cash dividends | (60) | ||||||
Ending balance at Jun. 30, 2023 | 24,204 | 1,976 | $ 504 | 10,729 | 27,808 | (3,258) | $ (13,555) |
Ending balance (shares) at Jun. 30, 2023 | 503,880,000 | ||||||
Treasury stock, ending balance (in shares) at Jun. 30, 2023 | 181,778,000 | ||||||
Beginning balance at Mar. 31, 2023 | 24,750 | 1,976 | $ 504 | 10,724 | 27,342 | (3,272) | $ (12,524) |
Beginning balance (shares) at Mar. 31, 2023 | 503,880,000 | ||||||
Treasury stock, beginning balance (in shares) at Mar. 31, 2023 | 167,418,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 763 | 763 | |||||
Other comprehensive income (loss) | 14 | 14 | |||||
Cash dividends declared: | |||||||
Common stock dividends | (203) | (203) | |||||
Preferred stock cash dividends | (37) | (37) | |||||
Common stock acquired | (1,060) | $ (1,060) | |||||
Common stock acquired (shares) | 14,773,000 | ||||||
Common stock awards exercised | 34 | 5 | $ 29 | ||||
Common stock awards exercised (in shares) | (415,000) | ||||||
Other | (57) | (57) | |||||
Other (shares) | 2,000 | ||||||
Ending balance at Jun. 30, 2023 | 24,204 | 1,976 | $ 504 | 10,729 | 27,808 | (3,258) | $ (13,555) |
Ending balance (shares) at Jun. 30, 2023 | 503,880,000 | ||||||
Treasury stock, ending balance (in shares) at Jun. 30, 2023 | 181,778,000 | ||||||
Beginning balance at Dec. 31, 2023 | $ 23,799 | 1,976 | $ 504 | 10,741 | 27,957 | (2,354) | $ (15,025) |
Beginning balance (shares) at Dec. 31, 2023 | 503,879,642 | 503,880,000 | |||||
Treasury stock, beginning balance (in shares) at Dec. 31, 2023 | 201,935,599 | 201,936,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 463 | 463 | |||||
Other comprehensive income (loss) | (15) | (15) | |||||
Preferred stock issued | 1,481 | 1,481 | |||||
Preferred stock redeemed | (1,000) | (989) | (11) | ||||
Cash dividends declared: | |||||||
Common stock dividends | (208) | (208) | |||||
Preferred stock cash dividends | (34) | (34) | |||||
Common stock acquired | (100) | $ (100) | |||||
Common stock acquired (shares) | 1,365,000 | ||||||
Common stock awards exercised | 49 | (17) | $ 66 | ||||
Common stock awards exercised (in shares) | (926,000) | ||||||
Other | (2) | (1) | $ (1) | ||||
Ending balance at Mar. 31, 2024 | 24,433 | 2,468 | $ 504 | 10,724 | 28,166 | (2,369) | $ (15,060) |
Ending balance (shares) at Mar. 31, 2024 | 503,880,000 | ||||||
Treasury stock, ending balance (in shares) at Mar. 31, 2024 | 202,375,000 | ||||||
Beginning balance at Dec. 31, 2023 | $ 23,799 | 1,976 | $ 504 | 10,741 | 27,957 | (2,354) | $ (15,025) |
Beginning balance (shares) at Dec. 31, 2023 | 503,879,642 | 503,880,000 | |||||
Treasury stock, beginning balance (in shares) at Dec. 31, 2023 | 201,935,599 | 201,936,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 1,174 | ||||||
Other comprehensive income (loss) | 40 | ||||||
Cash dividends declared: | |||||||
Common stock dividends | (415) | ||||||
Preferred stock cash dividends | (89) | ||||||
Ending balance at Jun. 30, 2024 | $ 24,762 | 2,468 | $ 504 | 10,721 | 28,615 | (2,314) | $ (15,232) |
Ending balance (shares) at Jun. 30, 2024 | 503,879,642 | 503,880,000 | |||||
Treasury stock, ending balance (in shares) at Jun. 30, 2024 | 204,648,637 | 204,649,000 | |||||
Beginning balance at Mar. 31, 2024 | $ 24,433 | 2,468 | $ 504 | 10,724 | 28,166 | (2,369) | $ (15,060) |
Beginning balance (shares) at Mar. 31, 2024 | 503,880,000 | ||||||
Treasury stock, beginning balance (in shares) at Mar. 31, 2024 | 202,375,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 711 | 711 | |||||
Other comprehensive income (loss) | 55 | 55 | |||||
Cash dividends declared: | |||||||
Common stock dividends | (207) | (207) | |||||
Preferred stock cash dividends | (55) | (55) | |||||
Common stock acquired | (200) | $ (200) | |||||
Common stock acquired (shares) | 2,684,000 | ||||||
Common stock awards exercised | 26 | (3) | $ 29 | ||||
Common stock awards exercised (in shares) | (412,000) | ||||||
Other | (1) | $ (1) | |||||
Other (shares) | 2,000 | ||||||
Ending balance at Jun. 30, 2024 | $ 24,762 | $ 2,468 | $ 504 | $ 10,721 | $ 28,615 | $ (2,314) | $ (15,232) |
Ending balance (shares) at Jun. 30, 2024 | 503,879,642 | 503,880,000 | |||||
Treasury stock, ending balance (in shares) at Jun. 30, 2024 | 204,648,637 | 204,649,000 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends declared (in USD per share) | $ 0.69 | $ 0.69 | $ 0.63 | $ 0.63 | $ 1.38 | $ 1.26 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Operating Activities: | |||||||
Net income | $ 711 | $ 463 | $ 763 | $ 549 | $ 1,174 | $ 1,312 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Deferred income tax | 17 | 16 | |||||
Amortization of other intangible assets | 60 | 60 | 120 | 120 | $ 239 | ||
Other non-cash adjustments for depreciation, amortization and accretion, net | 222 | 348 | |||||
Provision for credit losses | 10 | (18) | 37 | 26 | |||
Change in trading account assets, net | (7) | (65) | |||||
Change in accrued interest and fees receivable, net | (256) | (298) | |||||
Change in collateral deposits, net | (7,097) | (3,257) | |||||
Change in unrealized (gains) losses on foreign exchange derivatives, net | (4,394) | (991) | |||||
Change in other assets, net | 717 | (691) | |||||
Change in accrued expenses and other liabilities, net | 820 | (360) | |||||
Other, net | 159 | 126 | |||||
Net cash (used in) provided by operating activities | (8,488) | (3,714) | |||||
Investing Activities: | |||||||
Net (increase) decrease in interest-bearing deposits with banks | (12,211) | 15,545 | |||||
Net decrease in securities purchased under resale agreements | 352 | 3,547 | |||||
Proceeds from sales of available-for-sale securities | 1,479 | 694 | |||||
Proceeds from maturities of available-for-sale securities | 8,397 | 7,494 | |||||
Purchases of available-for-sale securities | (22,416) | (10,208) | |||||
Proceeds from maturities of held-to-maturity securities | 6,020 | 2,957 | |||||
Purchases of held-to-maturity securities | (5) | (1,577) | |||||
Sale of loans | 202 | 390 | |||||
Net increase in loans | (3,232) | (2,210) | |||||
Business acquisitions, net of cash acquired | (194) | 0 | |||||
Purchases of equity investments and other long-term assets | (48) | 0 | |||||
Purchases of premises and equipment, net | (443) | (352) | |||||
Other, net | (75) | 118 | |||||
Net cash (used in) provided by investing activities | (22,174) | 16,398 | |||||
Financing Activities: | |||||||
Net (decrease) increase in time deposits | (3,759) | 1,243 | |||||
Net increase (decrease) in all other deposits | 21,951 | (14,388) | |||||
Net increase in securities sold under repurchase agreements | 849 | 3,117 | |||||
Net increase in federal funds purchased | 8,000 | 0 | |||||
Net increase (decrease) in other short-term borrowings | 1,911 | (2,044) | |||||
Proceeds from issuance of long-term debt, net of issuance costs | 996 | 3,235 | |||||
Payments for long-term debt and obligations under finance leases | (24) | (1,024) | |||||
Payments for redemption of preferred stock | (1,000) | 0 | |||||
Proceeds from issuance of preferred stock, net of issuance costs | 1,481 | 0 | |||||
Repurchases of common stock | (319) | (2,300) | |||||
Repurchases of common stock for employee tax withholding | (55) | (71) | |||||
Payments for cash dividends | (506) | (492) | |||||
Other, net | (12) | 0 | |||||
Net cash provided by (used in) financing activities | 29,513 | (12,724) | |||||
Net decrease in cash and due from banks | (1,149) | (40) | |||||
Cash and due from banks at beginning of period | $ 4,047 | $ 3,970 | 4,047 | 3,970 | 3,970 | ||
Cash and due from banks at end of period | $ 2,898 | $ 3,930 | 2,898 | 3,930 | $ 4,047 | ||
Supplemental disclosure: | |||||||
Interest paid | 4,199 | 2,742 | |||||
Income taxes paid, net | $ 248 | $ 215 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 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, 2023 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. Cash and Cash Equivalents Sanctions programs or government intervention may inhibit our ability to access cash and due from banks in certain accounts. For example, as of June 30, 2024 and December 31, 2023, we held such accounts in Russia that were subject to sanctions restrictions, inclusive of $0.7 billion and $1.5 billion, respectively, with our subcustodian, which is an affiliate of a large multinational bank, and with western European-based clearing agencies, for a total of approximately $1.3 billion and $1.9 billion, respectively. The reduction in balances with our subcustodian in Russia was a result of various actions taken related to our contractual arrangements that resulted in the derecognition of certain cash balances and related client liabilities. Cash and due from banks is evaluated as part of our allowance for credit losses. Recent Accounting Developments Relevant standards that were recently issued but not yet adopted as of June 30, 2024: Standard Description Effective Date Effects on the financial statements or other significant matters ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments related to the rate reconciliation and income taxes paid disclosures and require disclosures of (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additional amendments require (1) disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission regulations, and (2) remove disclosures that no longer are considered cost beneficial or relevant. Annual reporting for period ending December 31, 2025 We are currently evaluating the disclosure impact of the new standard. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments enhance segment reporting by expanding the breadth and frequency of segment disclosures, including disclosure of (1) significant segment expenses, (2) other segment items, (3) the chief operating decision maker’s title and position and (4) how the chief operating decision maker uses the reported information to assess segment performance and how to allocate resources. The amendments also require these disclosures to be included in interim reporting. Annual reporting for period ending December 31, 2024 and for interim reporting in 2025 We are currently evaluating the disclosure impact of the new standard. Additionally, we continue to evaluate other accounting standards that were recently issued, but not yet adopted as of June 30, 2024; none are expected to have a material impact to our financial statements. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
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 134 to 139 in Note 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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, 2024 (In millions) Quoted Market Pricing Methods Pricing Methods Impact of Netting (1) Total Net Assets: Trading account assets: U.S. government securities $ 35 $ — $ — $ 35 Non-U.S. government securities — 130 — 130 Other — 615 — 615 Total trading account assets $ 35 $ 745 $ — $ 780 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations $ 18,589 $ — $ — $ 18,589 Mortgage-backed securities — 10,949 — 10,949 Total U.S. Treasury and federal agencies 18,589 10,949 — 29,538 Non-U.S. debt securities: Mortgage-backed securities — 2,356 — 2,356 Asset-backed securities — 2,238 — 2,238 Non-U.S. sovereign, supranational and non-U.S. agency — 16,161 — 16,161 Other — 3,044 — 3,044 Total non-U.S. debt securities — 23,799 — 23,799 Asset-backed securities: Student loans — 101 — 101 Collateralized loan obligations — 2,612 — 2,612 Non-agency CMBS and RMBS (2) — 136 — 136 Other — 91 — 91 Total asset-backed securities — 2,940 — 2,940 State and political subdivisions — 337 — 337 Other U.S. debt securities — 141 — 141 Total available-for-sale investment securities $ 18,589 $ 38,166 $ — $ 56,755 Other assets: Derivative instruments: Foreign exchange contracts $ 4 $ 15,747 $ 3 $ (9,886) $ 5,868 Interest rate contracts 8 2 — (3) 7 Total derivative instruments 12 15,749 3 (9,889) 5,875 Other 18 643 — — 661 Total assets carried at fair value $ 18,654 $ 55,303 $ 3 $ (9,889) $ 64,071 Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ — $ 16,073 $ — $ (12,207) $ 3,866 Interest rate contracts — — — — — Other derivative contracts — 169 — — 169 Total derivative instruments — 16,242 — (12,207) 4,035 Total liabilities carried at fair value $ — $ 16,242 $ — $ (12,207) $ 4,035 (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 $0.90 billion and $3.22 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, 2023 (In millions) Quoted Market Pricing Methods Pricing Methods Impact of Netting (1) Total Net Assets: Trading account assets: U.S. government securities $ 36 $ — $ — $ 36 Non-U.S. government securities — 138 — 138 Other — 599 — 599 Total trading account assets $ 36 $ 737 $ — $ 773 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations $ 8,301 $ — $ — $ 8,301 Mortgage-backed securities — 10,755 — 10,755 Total U.S. Treasury and federal agencies 8,301 10,755 — 19,056 Non-U.S. debt securities: Mortgage-backed securities — 1,857 — 1,857 Asset-backed securities — 2,137 — 2,137 Non-U.S. sovereign, supranational and non-U.S. agency — 15,100 — 15,100 Other — 2,735 — 2,735 Total non-U.S. debt securities — 21,829 — 21,829 Asset-backed securities: Student loans — 114 — 114 Collateralized loan obligations — 2,527 — 2,527 Non-agency CMBS and RMBS (2) — 249 — 249 Other — 90 — 90 Total asset-backed securities — 2,980 — 2,980 State and political subdivisions — 355 — 355 Other U.S. debt securities — 306 — 306 Total available-for-sale investment securities $ 8,301 $ 36,225 $ — $ 44,526 Other assets: Derivative instruments: Foreign exchange contracts $ — $ 19,690 $ 4 $ (14,387) $ 5,307 Interest rate contracts — 13 — (13) — Total derivative instruments — 19,703 4 (14,400) 5,307 Other 11 640 — — 651 Total assets carried at fair value $ 8,348 $ 57,305 $ 4 $ (14,400) $ 51,257 Liabilities: Accrued expenses and other liabilities: Trading account liabilities: Derivative instruments: Foreign exchange contracts $ 1 $ 19,414 $ 1 $ (11,909) $ 7,507 Interest rate contracts 4 — — — 4 Other derivative contracts — 182 — — 182 Total derivative instruments 5 19,596 1 (11,909) 7,693 Total liabilities carried at fair value $ 5 $ 19,596 $ 1 $ (11,909) $ 7,693 (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 $3.90 billion and $1.41 billion, respectively, for cash collateral received from and provided to derivative counterparties. (2) Consists entirely of non-agency CMBS. 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, 2024 Financial Assets: Cash and due from banks $ 2,898 $ 2,898 $ 2,898 $ — $ — Interest-bearing deposits with banks 99,876 99,876 — 99,876 — Securities purchased under resale agreements 6,340 6,340 — 6,340 — Investment securities held-to-maturity 51,051 44,916 5,968 38,948 — Net loans (1) 39,240 39,053 — 37,298 1,755 Other (2) 6,746 6,746 — 6,746 — Financial Liabilities: Deposits: Non-interest-bearing $ 34,519 $ 34,519 $ — $ 34,519 $ — Interest-bearing - U.S. 140,983 140,983 — 140,983 — Interest-bearing - non-U.S. 63,658 63,658 — 63,658 — Securities sold under repurchase agreements 2,716 2,716 — 2,716 — Other short-term borrowings 13,571 13,571 — 13,571 — Long-term debt 19,737 19,569 — 19,151 418 Other (2) 6,746 6,746 — 6,746 — (1) Includes $8 million of loans classified as held-for-sale that were measured at fair value in level 2 as of June 30, 2024. (2) Represents a portion of underlying client assets related to our prime services 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, 2023 Financial Assets: Cash and due from banks $ 4,047 $ 4,047 $ 4,047 $ — $ — Interest-bearing deposits with banks 87,665 87,665 — 87,665 — Securities purchased under resale agreements 6,692 6,692 — 6,692 — Investment securities held-to-maturity 57,117 51,503 8,409 43,094 — Net loans 36,496 36,335 — 34,308 2,027 Other (1) 6,866 6,866 — 6,866 — Financial Liabilities: Deposits: Non-interest-bearing $ 32,569 $ 32,569 $ — $ 32,569 $ — Interest-bearing - U.S. 121,738 121,738 — 121,738 — Interest-bearing - non-U.S. 66,663 66,663 — 66,663 — Securities sold under repurchase agreements 1,867 1,867 — 1,867 — Other short-term borrowings 3,660 3,660 — 3,660 — Long-term debt 18,839 18,417 — 18,216 201 Other (1) 6,866 6,866 — 6,866 — (1) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2024 | |
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 140 in Note 3 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 Form 10-K. Trading assets are carried at fair value. Both realized and unrealized gains and losses on trading assets are recorded in other fee 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, 2024 December 31, 2023 Amortized Gross Fair Amortized Gross Fair (In millions) Gains Losses Gains Losses Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 18,699 $ 35 $ 145 $ 18,589 $ 8,427 $ 39 $ 165 $ 8,301 Mortgage-backed securities (1) 11,057 22 130 10,949 10,870 49 164 10,755 Total U.S. Treasury and federal agencies 29,756 57 275 29,538 19,297 88 329 19,056 Non-U.S. debt securities: Mortgage-backed securities 2,355 5 4 2,356 1,861 3 7 1,857 Asset-backed securities (2) 2,235 6 3 2,238 2,148 2 13 2,137 Non-U.S. sovereign, supranational and non-U.S. agency 16,280 11 130 16,161 15,159 73 132 15,100 Other (3) 3,046 23 25 3,044 2,733 39 37 2,735 Total non-U.S. debt securities 23,916 45 162 23,799 21,901 117 189 21,829 Asset-backed securities: Student loans (4) 99 2 — 101 113 1 — 114 Collateralized loan obligations (5) 2,607 5 — 2,612 2,530 3 6 2,527 Non-agency CMBS and RMBS (6) 137 — 1 136 252 — 3 249 Other 90 1 — 91 90 — — 90 Total asset-backed securities 2,933 8 1 2,940 2,985 4 9 2,980 State and political subdivisions 340 — 3 337 356 — 1 355 Other U.S. debt securities (7) 145 — 4 141 314 — 8 306 Total available-for-sale securities (8)(9) $ 57,090 $ 110 $ 445 $ 56,755 $ 44,853 $ 209 $ 536 $ 44,526 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 6,119 $ — $ 142 $ 5,977 $ 8,584 $ — $ 163 $ 8,421 Mortgage-backed securities (10) 37,837 1 5,845 31,993 39,472 7 5,271 34,208 Total U.S. Treasury and federal agencies 43,956 1 5,987 37,970 48,056 7 5,434 42,629 Non-U.S. debt securities: Non-U.S. sovereign, supranational and non-U.S. agency 4,273 — 141 4,132 5,757 8 153 5,612 Total non-U.S. debt securities 4,273 — 141 4,132 5,757 8 153 5,612 Asset-backed securities: Student loans (4) 2,817 6 31 2,792 3,298 2 62 3,238 Non-agency CMBS and RMBS (11) 5 17 — 22 6 18 — 24 Total asset-backed securities 2,822 23 31 2,814 3,304 20 62 3,262 Total held-to-maturity securities (8)(12) $ 51,051 $ 24 $ 6,159 $ 44,916 $ 57,117 $ 35 $ 5,649 $ 51,503 (1) As of June 30, 2024 and December 31, 2023, the total fair value included $5.03 billion and $5.54 billion, respectively, of agency CMBS and $5.92 billion and $5.21 billion, respectively, of agency MBS. (2) As of June 30, 2024 and December 31, 2023, the fair value includes non-U.S. collateralized loan obligations of $0.99 billion and $1.02 billion, respectively. (3) As of June 30, 2024 and December 31, 2023, the fair value includes non-U.S. corporate bonds of $2.49 billion and $2.36 billion, respectively. (4) 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. (5) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information. (6) Consists entirely of non-agency CMBS as of both June 30, 2024 and December 31, 2023. (7) As of June 30, 2024 and December 31, 2023, the fair value of U.S. corporate bonds was $0.14 billion and $0.31 billion, respectively. (8) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the periods ended June 30, 2024 and December 31, 2023. (9) As of both June 30, 2024 and December 31, 2023, we had no allowance for credit losses on AFS investment securities. (10) As of June 30, 2024 and December 31, 2023, the total amortized cost included $5.20 billion and $5.23 billion of agency CMBS, respectively. (11) Consists entirely of non-agency RMBS as of both June 30, 2024 and December 31, 2023. (12) As of both June 30, 2024 and December 31, 2023, we had an allowance for credit losses on HTM investment securities of $1 million. Aggregate investment securities with carrying values of approximately $85.83 billion and $71.30 billion as of June 30, 2024 and December 31, 2023, respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law. The following tables present the aggregate fair values of 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: June 30, 2024 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 $ 10,465 $ 15 $ 5,670 $ 130 $ 16,135 $ 145 Mortgage-backed securities 2,021 14 5,469 116 7,490 130 Total U.S. Treasury and federal agencies 12,486 29 11,139 246 23,625 275 Non-U.S. debt securities: Mortgage-backed securities 454 — 521 4 975 4 Asset-backed securities 178 — 851 3 1,029 3 Non-U.S. sovereign, supranational and non-U.S. agency 7,451 44 5,089 86 12,540 130 Other 378 1 660 24 1,038 25 Total non-U.S. debt securities 8,461 45 7,121 117 15,582 162 Asset-backed securities: Non-agency CMBS and RMBS 25 — 99 1 124 1 Total asset-backed securities 25 — 99 1 124 1 State and political subdivisions 181 2 156 1 337 3 Other U.S. debt securities — — 133 4 133 4 Total $ 21,153 $ 76 $ 18,648 $ 369 $ 39,801 $ 445 December 31, 2023 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 $ 333 $ 2 $ 5,416 $ 163 $ 5,749 $ 165 Mortgage-backed securities 961 6 6,512 158 7,473 164 Total U.S. Treasury and federal agencies 1,294 8 11,928 321 13,222 329 Non-U.S. debt securities: Mortgage-backed securities 424 1 719 6 1,143 7 Asset-backed securities 358 — 1,052 13 1,410 13 Non-U.S. sovereign, supranational and non-U.S. agency 3,972 7 5,788 125 9,760 132 Other 50 — 893 37 943 37 Total non-U.S. debt securities 4,804 8 8,452 181 13,256 189 Asset-backed securities: Collateralized loan obligations 183 — 1,605 6 1,788 6 Non-agency CMBS and RMBS 35 — 180 3 215 3 Total asset-backed securities 218 — 1,785 9 2,003 9 State and political subdivisions 64 — 104 1 168 1 Other U.S. debt securities 3 — 303 8 306 8 Total $ 6,383 $ 16 $ 22,572 $ 520 $ 28,955 $ 536 The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of June 30, 2024. 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. June 30, 2024 (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 $ 2,782 $ 2,780 $ 12,853 $ 12,747 $ 3,064 $ 3,062 $ — $ — $ 18,699 $ 18,589 Mortgage-backed securities 36 35 2,065 2,058 2,971 2,943 5,985 5,913 11,057 10,949 Total U.S. Treasury and federal agencies 2,818 2,815 14,918 14,805 6,035 6,005 5,985 5,913 29,756 29,538 Non-U.S. debt securities: Mortgage-backed securities 126 126 355 355 49 49 1,825 1,826 2,355 2,356 Asset-backed securities 294 293 540 540 977 978 424 427 2,235 2,238 Non-U.S. sovereign, supranational and non-U.S. agency 3,641 3,626 11,156 11,063 1,483 1,472 — — 16,280 16,161 Other 347 346 2,564 2,560 135 138 — — 3,046 3,044 Total non-U.S. debt securities 4,408 4,391 14,615 14,518 2,644 2,637 2,249 2,253 23,916 23,799 Asset-backed securities: Student loans 27 28 — — 13 13 59 60 99 101 Collateralized loan obligations 22 22 154 155 1,506 1,508 925 927 2,607 2,612 Non-agency CMBS and RMBS — — — — — — 137 136 137 136 Other — — 90 91 — — — — 90 91 Total asset-backed securities 49 50 244 246 1,519 1,521 1,121 1,123 2,933 2,940 State and political subdivisions 107 107 110 108 123 122 — — 340 337 Other U.S. debt securities 95 95 50 46 — — — — 145 141 Total $ 7,477 $ 7,458 $ 29,937 $ 29,723 $ 10,321 $ 10,285 $ 9,355 $ 9,289 $ 57,090 $ 56,755 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 2,803 $ 2,762 $ 3,284 $ 3,184 $ 24 $ 23 $ 8 $ 8 $ 6,119 $ 5,977 Mortgage-backed securities 134 120 994 907 4,051 3,415 32,658 27,551 37,837 31,993 Total U.S. Treasury and federal agencies 2,937 2,882 4,278 4,091 4,075 3,438 32,666 27,559 43,956 37,970 Non-U.S. debt securities: Non-U.S. sovereign, supranational and non-U.S. agency 1,139 1,123 2,830 2,725 304 284 — — 4,273 4,132 Total non-U.S. debt securities 1,139 1,123 2,830 2,725 304 284 — — 4,273 4,132 Asset-backed securities: Student loans 179 176 307 305 451 450 1,880 1,861 2,817 2,792 Non-agency CMBS and RMBS 1 7 — — — — 4 15 5 22 Total asset-backed securities 180 183 307 305 451 450 1,884 1,876 2,822 2,814 Total $ 4,256 $ 4,188 $ 7,415 $ 7,121 $ 4,830 $ 4,172 $ 34,550 $ 29,435 $ 51,051 $ 44,916 Interest income related to debt securities is recognized in our consolidated statement of income using the effective interest method, or on a basis approximating a level rate of return over the contractual or estimated life of the security. The level rate of return considers any non-refundable fees or costs, as well as purchase premiums or discounts, adjusted as prepayments occur, resulting in amortization or accretion, accordingly. 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 page 145 to 146 in Note 3 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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, 2024, over 99% of our HTM and AFS investment portfolio is publicly rated investment grade. As of both June 30, 2024 and December 31, 2023, we had an allowance for credit losses on HTM investment securities of $1 million. In the second quarter of 2024, we recorded no provision for credit losses and no charge-offs on HTM securities. As of both June 30, 2024 and December 31, 2023, we had no allowance for credit losses on AFS investment securities. In the second quarter of 2024, 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, 2024 | |
Credit Loss [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, collateralized loan obligations in loan form, overdrafts and other loans. 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 146 to 151 in Note 4 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 Form 10-K. The following table presents our recorded investment in loans, by segment, as of the dates indicated: (In millions) June 30, 2024 December 31, 2023 Domestic (1) : Commercial and financial: Fund Finance (2) $ 13,808 $ 13,697 Leveraged loans 2,357 2,412 Overdrafts 1,791 1,225 Collateralized loan obligations in loan form 190 150 Other (3) 2,376 2,512 Commercial real estate 2,858 3,069 Total domestic $ 23,380 $ 23,065 Foreign (1) : Commercial and financial: Fund Finance (2) $ 5,630 $ 4,956 Leveraged loans 1,111 1,194 Overdrafts 1,875 1,047 Collateralized loan obligations in loan form 7,380 6,369 Total foreign 15,996 13,566 Total loans (4) 39,376 36,631 Allowance for credit losses (136) (135) Loans, net of allowance $ 39,240 $ 36,496 (1) Domestic and foreign categorization is based on the borrower’s country of domicile. (2) Fund finance loans include primarily $10.20 billion private equity capital call finance loans, $6.73 billion loans to real money funds and $1.37 billion loans to business development companies as of June 30, 2024, compared to $9.69 billion private equity capital call finance loans, $6.63 billion loans to real money funds and $1.05 billion loans to business development companies as of December 31, 2023. (3) Includes $2.12 billion securities finance loans, $250 million loans to municipalities and $2 million other loans as of June 30, 2024 and $2.23 billion securities finance loans, $276 million loans to municipalities and $5 million other loans as of December 31, 2023. (4) As of June 30, 2024, excluding overdrafts, floating rate loans totaled $32.90 billion and fixed rate loans totaled $2.80 billion. We have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans. See Note 10 to the consolidated financial statements in our 2023 Form 10-K for additional details. The commercial and financial segment is composed of primarily fund finance loans, purchased leveraged loans, purchased collateralized loan obligations in loan form, 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. These classifications reflect their risk characteristics, their initial measurement attributes and the methods we use to monitor and assess credit risk. Certain loans are pledged as collateral for access to the Federal Reserve's discount window. As of June 30, 2024 and December 31, 2023, the loans pledged as collateral totaled $12.91 billion and $13.00 billion, respectively. As of June 30, 2024 and December 31, 2023, we had two loans totaling $193 million and three loans totaling $70 million, respectively, on non-accrual status. In second quarter of 2024, we purchased $1.07 billion of collateralized loan obligations in loan form, which were all investment grade as of June 30, 2024. We sold $151 million of loans in the second quarter of 2024, of which $8 million remained unsettled and was held-for-sale and carried at the lower of cost or market as of June 30, 2024. We recorded a charge-off against the allowance for these loans of $7 million in the second quarter of 2024. Allowance for Credit Losses We recognize an allowance for credit losses in accordance with ASC 326 for 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. Loans are charged off to the allowance for credit losses in the reporting period in which either an event occurs that confirms the existence of a loss on a loan, including a sale of a loan below its carrying value, or a portion of a loan is determined to be uncollectible. 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. The allowance for credit losses as reported in our consolidated statement of condition is adjusted by provision for credit losses, which is reported in earnings, and reduced by the charge-off of principal amounts, net of recoveries. We measure expected credit losses of financial assets on a collective (pool) basis when similar risk characteristics 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, 2024, we had two loans totaling $29 million in the commercial and financial segment and four loans totaling $325 million in the commercial real estate segment that no longer met the similar risk characteristics of their collective pool. As of June 30, 2024, $59 million of our allowance for credit losses related to these loans. When the asset is collateral dependent, which means when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are measured as the difference between the amortized cost basis of the asset and the fair value of the collateral, adjusted for the estimated costs to sell. 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 three 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 146 to 151 in Note 4 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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 models that categorize 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 timely 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, 2024. 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 89% of our loans were rated as investment grade as of June 30, 2024 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 10% of our loans as of June 30, 2024, and are concentrated in leveraged loans. Approximately 92% of those leveraged loans have an external credit rating, or equivalent, of "BB" or "B" as of June 30, 2024. • 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, 2024 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 32,734 $ 2,116 $ 34,850 Speculative 3,529 355 3,884 Special mention 215 62 277 Substandard 32 132 164 Doubtful — 193 193 Total (1)(2) $ 36,510 $ 2,858 $ 39,368 December 31, 2023 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 29,737 $ 2,287 $ 32,024 Speculative 3,546 449 3,995 Special mention 242 62 304 Substandard 14 224 238 Doubtful 23 47 70 Total (1) $ 33,562 $ 3,069 $ 36,631 (1) Loans include $3.67 billion and $2.27 billion of overdrafts as of June 30, 2024 and December 31, 2023, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of June 30, 2024, $3.52 billion overdrafts were investment grade and $0.14 billion overdrafts were speculative. (2) Total does not include $8 million of loans classified as held-for-sale as of June 30, 2024. For additional information about credit quality, refer to pages 146 to 151 in Note 4 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 Form 10-K. The following table presents the amortized cost basis, by year of origination and credit quality indicator, as of June 30, 2024. 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) 2024 2023 2022 2021 2020 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 1,731 $ 223 $ 100 $ 163 $ 6 $ 234 $ 15,529 $ 17,986 Speculative 1,199 214 131 473 51 242 79 2,389 Special mention 20 25 — 76 — — — 121 Substandard 3 — — 15 — — — 18 Doubtful — — — — — — — — Total commercial and financing $ 2,953 $ 462 $ 231 $ 727 $ 57 $ 476 $ 15,608 $ 20,514 Commercial real estate: Risk Rating: Investment grade $ 41 $ 196 $ 500 $ 278 $ 128 $ 972 $ — $ 2,115 Speculative — 20 20 69 100 146 — 355 Special mention — — — — — 62 — 62 Substandard — — — — — 132 — 132 Doubtful — — — — — 193 — 193 Total commercial real estate $ 41 $ 216 $ 520 $ 347 $ 228 $ 1,505 $ — $ 2,857 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 3,243 $ 1,907 $ 1,572 $ 2,493 $ — $ — $ 5,534 $ 14,749 Speculative 400 203 83 309 48 45 52 1,140 Special mention — — — 94 — — — 94 Substandard — — — — — 14 — 14 Total commercial and financing $ 3,643 $ 2,110 $ 1,655 $ 2,896 $ 48 $ 59 $ 5,586 $ 15,997 Total loans (2) $ 6,637 $ 2,788 $ 2,406 $ 3,970 $ 333 $ 2,040 $ 21,194 $ 39,368 (1) Any reserve associated with accrued interest is not material. As of June 30, 2024, accrued interest receivable of $297 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 June 30, 2024. The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2023: (In millions) 2023 2022 2021 2020 2019 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 1,399 $ 120 $ 199 $ 8 $ 272 $ 5 $ 15,476 $ 17,479 Speculative 615 285 747 149 291 141 81 2,309 Special mention — 4 164 — 16 — — 184 Substandard 5 — 18 — — — — 23 Total commercial and financing $ 2,019 $ 409 $ 1,128 $ 157 $ 579 $ 146 $ 15,557 $ 19,995 Commercial real estate: Risk Rating: Investment grade $ 216 $ 500 $ 498 $ 100 $ 375 $ 598 $ — $ 2,287 Speculative — 20 31 50 49 299 — 449 Special mention — — — — 22 40 — 62 Substandard — — — — 95 129 — 224 Doubtful — — — — — 47 — 47 Total commercial real estate $ 216 $ 520 $ 529 $ 150 $ 541 $ 1,113 $ — $ 3,069 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 2,943 $ 1,956 $ 2,518 $ — $ — $ — $ 4,841 $ 12,258 Speculative 394 135 481 88 109 18 12 1,237 Special mention — — 29 29 — — — 58 Substandard — — — — — 14 — 14 Total commercial and financing $ 3,337 $ 2,091 $ 3,028 $ 117 $ 109 $ 32 $ 4,853 $ 13,567 Total loans $ 5,572 $ 3,020 $ 4,685 $ 424 $ 1,229 $ 1,291 $ 20,410 $ 36,631 (1) Any reserve associated with accrued interest is not material. As of December 31, 2023, accrued interest receivable of $318 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table. 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, 2024 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments Total Allowance for credit losses: Beginning balance $ 71 $ 4 $ 60 $ 1 $ 10 $ 146 Charge-offs (11) — — — — (11) Provision (4) — 16 — (2) 10 Ending balance $ 56 $ 4 $ 76 $ 1 $ 8 $ 145 (1) Includes $3 million allowance for credit losses on Fund Finance loans and $1 million on other loans. Six Months Ended June 30, 2024 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments Total Allowance for credit losses: Beginning balance $ 72 $ 3 $ 60 $ 1 $ 14 $ 150 Charge-offs (17) — (25) — — (42) Provision 1 1 41 — (6) 37 Ending balance $ 56 $ 4 $ 76 $ 1 $ 8 $ 145 (1) Includes $3 million allowance for credit losses on Fund Finance loans and $1 million on other loans. Three Months Ended June 30, 2023 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 $ 82 $ 4 $ 29 $ 2 $ 16 $ 29 $ 162 Charge-offs (8) — — — — — (8) Provision 6 (1) 8 (2) (1) (28) (18) Ending balance $ 80 $ 3 $ 37 $ — $ 15 $ 1 $ 136 (1) Includes $2 million allowance for credit losses on Fund Finance loans and $1 million on other loans. Six Months Ended June 30, 2023 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 $ 73 $ 5 $ 19 $ 2 $ 23 $ (1) $ 121 Charge-offs (11) — — — — — (11) Provision 18 (2) 18 (2) (8) 2 26 Ending balance $ 80 $ 3 $ 37 $ — $ 15 $ 1 $ 136 (1) Includes $2 million allowance for credit losses on Fund Finance loans and $1 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 expected credit losses in the loan portfolio. In the second quarter of 2024, we recorded a $10 million provision for credit losses, primarily reflecting an increase in loan loss reserves associated with certain commercial real estate loans, which was partially offset by an improved economic outlook. This compared with an $18 million reserve release recorded in the same period of 2023. 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, 2024, 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, 2024 | |
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, 2022 $ 7,232 $ 263 $ 7,495 Acquisitions 44 — 44 Foreign currency translation 70 2 72 Ending balance December 31, 2023 $ 7,346 $ 265 $ 7,611 Acquisitions (1) 193 — 193 Foreign currency translation (52) (1) (53) Ending balance June 30, 2024 $ 7,487 $ 264 $ 7,751 (1) Investment Servicing includes the impact of the consolidation of our second operations joint ventures in India. The following tab le presents changes in the net carrying amount of other intangible assets during the periods indicated: (In millions) Investment Investment Total Other intangible assets: Ending balance December 31, 2022 $ 1,495 $ 49 $ 1,544 Amortization (217) (22) (239) Foreign currency translation 15 — 15 Ending balance December 31, 2023 1,293 27 1,320 Acquisitions 7 13 20 Amortization (109) (11) (120) Foreign currency translation (11) — (11) Ending balance June 30, 2024 $ 1,180 $ 29 $ 1,209 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, 2024 Gross Accumulated Net (In millions) Other intangible assets: Client relationships $ 2,734 $ (1,868) $ 866 Technology 404 (235) 169 Core deposits 684 (528) 156 Other 98 (80) 18 Total $ 3,920 $ (2,711) $ 1,209 December 31, 2023 Gross Accumulated Net (In millions) Other intangible assets: Client relationships $ 2,761 $ (1,808) $ 953 Technology 402 (216) 186 Core deposits 690 (516) 174 Other 85 (78) 7 Total $ 3,938 $ (2,618) $ 1,320 |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Securities borrowed (1) $ 31,302 $ 23,131 Derivative instruments, net 5,875 5,307 Bank-owned life insurance 3,794 3,742 Investments in joint ventures and other unconsolidated entities (2) 3,043 2,981 Collateral, net 2,594 2,983 Deferred tax assets, net of valuation allowance (3) 960 1,034 Right-of-use assets 836 805 Prepaid expenses 788 598 Receivable for securities settlement 685 1,082 Accounts receivable 452 611 Income taxes receivable 209 246 Deposits with clearing organizations 63 58 Other (4) 2,497 2,228 Total $ 53,098 $ 44,806 (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 o f $196 million and $183 million as of June 30, 2024 and December 31, 2023, respectively. For the six months ended June 30, 2024, no impairments 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 $1.32 billion and $1.15 billion as of June 30, 2024 and December 31, 2023, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
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, currency and other market 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 155 and 156 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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 pages 155 and 156 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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 and foreign exchange contracts in this manner to manage our exposure to changes in the fair value of hedged items caused by changes in interest rates and foreign exchange rates, respectively. 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 EURIBOR indexed floating-rate loans and Interest Rate on Reserve Balances (IORB) indexed floating-rate cash deposits held across the Federal Reserve Bank system. The interest rate swaps synthetically convert the interest receipts from a variable-rate to a fixed-rate, thereby mitigating the risk attributable to changes in the EURIBOR and IORB. 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, 2024, is approximately $167 million . The maximum length of time over which forecasted cash flows are hedge d is five 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 other comprehensive income (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, 2024 December 31, 2023 Derivatives not designated as hedging instruments: Interest rate contracts: Futures $ 34,584 $ 12,668 Foreign exchange contracts: Forward, swap and spot 2,892,484 2,528,115 Options purchased 690 851 Options written 225 544 Futures 207 197 Other: Futures 150 125 Stable value contracts (1) 28,344 28,704 Deferred value awards (2) 314 289 Derivatives designated as hedging instruments: Interest rate contracts: Swap agreements 28,366 20,333 Foreign exchange contracts: Forward and swap 9,745 9,777 (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 156 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 15,698 $ 19,498 $ 16,050 $ 19,153 Other derivative contracts — — 169 182 Total $ 15,698 $ 19,498 $ 16,219 $ 19,335 Derivatives designated as hedging instruments: Foreign exchange contracts $ 56 $ 196 $ 23 $ 263 Interest rate contracts 10 13 — 4 Total $ 66 $ 209 $ 23 $ 267 (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, 2024 2023 2024 2023 (In millions) Location of Gain (Loss) on Derivative in Consolidated Statement of Income 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 $ 208 $ 191 $ 415 $ 423 Foreign exchange contracts Interest expense 64 (22) 113 (16) Interest rate contracts Foreign exchange trading services revenue 2 — 9 1 Other derivative contracts Other fee revenue (1) — (3) — Other derivative contracts Compensation and employee benefits (23) (24) (72) (78) Total $ 250 $ 145 $ 462 $ 330 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, 2024 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 $ 12,468 $ (376) $ 128 Available-for-sale securities (2)(3) 18,374 (546) 1 December 31, 2023 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 $ 12,463 $ (340) $ 156 Available-for-sale securities (2)(3) 11,260 (503) 3 (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 financial assets designated under the portfolio layer hedging relationships (hedged item is the hedged layer of a closed portfolio of financial assets expected to remain outstanding at the end of the hedging relationship). At June 30, 2024 and December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $649 million and $685 million, respectively, of which $400 million was designated under the portfolio layer hedging relationship for both periods. At June 30, 2024 and December 31, 2023, the cumulative adjustment associated with these hedging relationships was ($11) million and ($6) million, respectively. (3) Carrying amount represents amortized cost. As of June 30, 2024 and December 31, 2023, the total notional amount of the interest rate swaps of fair value hedges was $26.75 billion and $19.43 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, 2024 2023 2024 2023 (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 $ (59) $ 156 Available-for-sale securities (1) Net interest income $ 59 $ (156) Interest rate contracts Net interest income 24 (84) Long-term debt Net interest income (24) 84 Foreign exchange contracts Other fee revenue 5 — Available-for-sale securities (1) Other fee revenue (5) — Total $ (30) $ 72 $ 30 $ (72) Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (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 $ 43 43 Available-for-sale securities (2) Net interest income $ (42) $ (43) Interest rate contracts Net interest income (36) 25 Long-term debt Net interest income 36 (25) Foreign exchange contracts Other fee revenue 5 — Available-for-sale securities (1) Other fee revenue (5) Total $ 12 $ 68 $ (11) $ (68) (1) In the three months ended June 30, 2024, approximately $43 million of net unrealized losses on AFS investment securities designated in fair value hedges were recognized in OCI compared to $115 million of net unrealized gains in the same period of 2023. (2) In the six months ended June 30, 2024, approximately $32 million of net unrealized gains on AFS investment securities designated in fair value hedges were recognized in OCI compared to $34 million of net unrealized gains in the same period of 2023. Three Months Ended June 30, Three Months Ended June 30, 2024 2023 Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 2024 2023 (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) $ (7) $ (6) Net interest income $ (55) $ (52) Foreign exchange contracts — 65 Net interest income — — Total derivatives designated as cash flow hedges $ (7) $ 59 $ (55) $ (52) Derivatives designated as net investment hedges: Foreign exchange contracts $ 58 $ (8) Gains (Losses) related to investment securities, net $ — $ — Total derivatives designated as net investment hedges 58 (8) — — Total $ 51 $ 51 $ (55) $ (52) Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (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 $ (21) $ (3) Net interest income $ (110) $ (103) Foreign exchange contracts 59 82 Net interest income 254 1 Total derivatives designated as cash flow hedges $ 38 $ 79 $ 144 $ (102) Derivatives designated as net investment hedges: Foreign exchange contracts $ 243 $ (49) $ — $ — Total derivatives designated as net investment hedges 243 (49) — — Total $ 281 $ 30 $ 144 $ (102) (1) As of June 30, 2024, the maximum maturity date of the underlying hedged items is approximately 5.0 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 liability positions. The aggregate fair value of all derivatives with credit contingent features and in a net liability position as of June 30, 2024 totaled approximately $3.81 billion, against which we provided $2.90 billion of collateral in the normal course of business. If our credit related contingent features underlying these agreements were triggered as of June 30, 2024, the maximum additional collateral we would be required to post to our counterparties is approximately $0.91 billion. |
Offsetting Arrangements
Offsetting Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Offsetting [Abstract] | |
Offsetting Arrangements | Offsetting Arrangements For additional information on our offsetting arrangements, refer to page 159 in Note 11 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 Form 10-K. As of June 30, 2024 and December 31, 2023, the value of securities received as collateral from third parties where we are permitted to transfer or re-pledge the securities totaled $10.01 billion and $10.67 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same dates was $2.28 billion and $6.41 billion, respectively . The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated: Assets: June 30, 2024 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 $ 15,754 $ (8,986) $ 6,768 $ — $ 6,768 Interest rate contracts (6) 10 — 10 — 10 Cash collateral and securities netting NA (903) (903) (478) (1,381) Total derivatives 15,764 (9,889) 5,875 (478) 5,397 Other financial instruments: Resale agreements and securities borrowing (7)(8) 252,407 (214,765) 37,642 (36,214) 1,428 Total derivatives and other financial instruments $ 268,171 $ (224,654) $ 43,517 $ (36,692) $ 6,825 Assets: December 31, 2023 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 $ 19,694 $ (10,496) $ 9,198 $ — $ 9,198 Interest rate contracts (6) 13 — 13 — 13 Cash collateral and securities netting NA (3,904) (3,904) (1,069) (4,973) Total derivatives 19,707 (14,400) 5,307 (1,069) 4,238 Other financial instruments: Resale agreements and securities borrowing (7)(8) 230,384 (200,561) 29,823 (28,016) 1,807 Total derivatives and other financial instruments $ 250,091 $ (214,961) $ 35,130 $ (29,085) $ 6,045 (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 $37.64 billion as of June 30, 2024 were $6.34 billion of resale agreements and $31.30 billion of collateral provided related to securities borrowing. Included in the $29.82 billion as of December 31, 2023 were $6.69 billion of resale agreements and $23.13 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, 2024 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 $ 16,073 $ (8,986) $ 7,087 $ — $ 7,087 Other derivative contracts 169 — 169 — 169 Cash collateral and securities netting NA (3,221) (3,221) (1,040) (4,261) Total derivatives 16,242 (12,207) 4,035 (1,040) 2,995 Other financial instruments: Repurchase agreements and securities lending (7)(8) 230,509 (214,765) 15,744 (15,111) 633 Total derivatives and other financial instruments $ 246,751 $ (226,972) $ 19,779 $ (16,151) $ 3,628 Liabilities: December 31, 2023 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 $ 19,416 $ (10,496) $ 8,920 $ — $ 8,920 Interest rate contracts (6) 4 — 4 — 4 Other derivative contracts 182 — 182 — 182 Cash collateral and securities netting NA (1,413) (1,413) (633) (2,046) Total derivatives 19,602 (11,909) 7,693 (633) 7,060 Other financial instruments: Repurchase agreements and securities lending (7)(8) 214,362 (200,561) 13,801 (13,306) 495 Total derivatives and other financial instruments $ 233,964 $ (212,470) $ 21,494 $ (13,939) $ 7,555 (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 $15.74 billion as of June 30, 2024 were $2.72 billion of repurchase agreements and $13.02 billion of collateral received related to securities lending transactions. Included in the $13.80 billion as of December 31, 2023 were $1.87 billion of repurchase agreements and $11.93 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, 2024 As of December 31, 2023 (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 $ 207,768 $ 790 $ 231 $ 1,833 $ 210,622 $ 196,212 $ — $ 185 $ 1,360 $ 197,757 Total 207,768 790 231 1,833 210,622 196,212 — 185 1,360 197,757 Securities lending transactions: US Treasury and agency securities 1 — — — 1 6 — — — 6 Corporate debt securities 215 — 2 — 217 278 — 3 — 281 Equity securities 9,688 15 5 3,215 12,923 7,128 20 13 2,291 9,452 Other (1) 6,746 — — — 6,746 6,866 — — — 6,866 Total 16,650 15 7 3,215 19,887 14,278 20 16 2,291 16,605 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 224,418 $ 805 $ 238 $ 5,048 $ 230,509 $ 210,490 $ 20 $ 201 $ 3,651 $ 214,362 (1) Represents a security interest in underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge. |
Commitments and Guarantees
Commitments and Guarantees | 6 Months Ended |
Jun. 30, 2024 | |
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 162 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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, 2024 December 31, 2023 Commitments: Unfunded credit facilities $ 33,393 $ 34,197 Guarantees (1) : Indemnified securities financing $ 323,808 $ 279,916 Standby letters of credit 1,269 1,510 (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 77% of our unfunded commitments to extend credit expire within one year as of June 30, 2024, compared to approximately 75% as of December 31, 2023. Indemnified Securities Financing For additional information on our indemnified securities financing, refer to page 162 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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, 2024 December 31, 2023 Fair value of indemnified securities financing $ 323,808 $ 279,916 Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 339,737 293,855 Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 71,467 59,028 Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements 76,525 63,105 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, 2024 and December 31, 2023, we had approximately $31.30 billion and $23.13 billion, respectively, of collateral provided and approximately $13.02 billion and $11.93 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. Additionally, as a member of certain industry clearing and settlement exchanges, we may be required to pay a pro rata share of the losses incurred by the organization and provide liquidity support in the event of the default of another member to the extent that the defaulting member’s clearing fund obligation and the prescribed loss allocation is depleted. It is difficult to estimate our maximum possible exposure under the membership agreements, since this would require an assessment of future claims that may be made against us that have not yet occurred. At both June 30, 2024 and December 31, 2023, we did not record any liabilities under these arrangements. 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, 2024 | |
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, 2024, our aggregate accruals for loss contingencies for legal, regulatory and related matters totaled approximately $14 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, 2024, for those matters for which we have accrued probable loss contingencies 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 $40 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. 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 have agreed, subject to court approval, to resolve this matter and pay a cost that is within our established accruals for loss contingencies. 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. Piercy, et al. v. AT&T Inc., et al.; Schloss, et al. v. AT&T Inc., et al. In March 2024, two putative class action complaints were filed by participants in the AT&T Pension Benefit Plan alleging violations of ERISA’s fiduciary and prohibited transaction rules against State Street Global Advisors Trust Company, AT&T, Inc., AT&T Services, Inc., and others. German Tax Matter In connection with a routine audit including the period 2013-2015, German tax authorities have questioned whether State Street should have withheld and be secondarily liable for certain taxes on dividends paid on securities of German issuers held as collateral over dividend record dates in client lending transactions with counterparties outside of Germany. OFAC Matter In June 2024, State Street entered into a settlement agreement with the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) to resolve its investigation into apparent violations of OFAC’s Ukraine-/Russia-Related Sanctions Regulations. In connection with the settlement, we paid a civil monetary penalty of $7.45 million and made certain compliance commitments. 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 $236 million and $237 million as of June 30, 2024 and December 31, 2023, 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 2015. Management believes that we have sufficiently accrued liabilities as of June 30, 2024 for potential tax exposures. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [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 165 to 166 in Note 14 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, "Variable Interest Entities", in our 2023 Form 10-K. Interests in Investment Funds As of both June 30, 2024 and December 31, 2023, we ha d no consolidated funds. As of both June 30, 2024 and December 31, 2023, 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 $19 million and $18 million as of June 30, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, our potential maximum loss exposure related to these unconsolidated entities totaled $1.22 billion and $1.33 billion, respectively, most of which represented the carrying value of our investments which are recorded in other assets in our consolidated statement of condition. We account for our low-income housing tax credit investments (LIHTC) under the proportional amortization method. Effective January 1, 2023, we also elected to account for our investments in production tax credit investments under the proportional amortization method of accounting. Under the proportional amortization method, the initial cost of the investment is amortized based on a percentage of the actual income tax credits and other income tax benefits allocated in the current period versus the total estimated income tax credits and other income tax benefits expected to be received over the life of the investment. The net benefit, representing the difference between amortization of the investment balance, recognition of the income tax credits and recognition of other income tax benefits from the investment is recognized as a component of income tax expense. As of June 30, 2024, we had investments in LIHTC and production tax credit investments of $757 million and $325 million, respectively, which are included in other assets in our consolidated statement of condition. Contingent contributions related to the renewable energy production tax credit investments were $46 million at June 30, 2024. These contributions are contingent on production and expected to be paid through 2034. Deferred contributions related to the LIHTC investments were $113 million at June 30, 2024. These deferred contributions are payable in accordance with the respective agreements and are expected to be paid through 2038. The following table presents the impact of our tax credit programs for which we have elected to apply proportional amortization accounting on our consolidated statement of income for the periods indicated: (In millions) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Income (loss) recorded on investments within other fee revenue $ 8 $ 12 Income recorded in total revenue 8 12 Tax credits and benefits recognized in income tax expense 71 127 Proportional amortization recognized in income tax expense (55) (99) Net benefits included in income tax expense 16 28 Net benefit attributable to tax-advantaged investments included in the consolidated statement of income $ 24 $ 40 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024: 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, 2024 Redemption Date (2) Series G April 2016 20,000,000 $ 500 1/4,000th 100,000 25 5.35% (3) Quarterly $ 493 March 15, 2026 Series H September 2018 500,000 500 1/100th 100,000 1,000 Floating rate equal to the three-month CME term SOFR plus 2.801%, or 8.185% effective December 15, 2023 Semi-annually 494 December 15, 2023 Series I January 2024 1,500,000 1,500 1/100th 100,000 1,000 6.700% through March 14, 2029; resets March 15, 2029 and every subsequent five Quarterly 1,481 March 15, 2029 (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) The dividend rate for the floating rate period of the Series G preferred stock that begins on March 15, 2026 and all subsequent floating rate periods will remain at the current fixed rate in accordance with the LIBOR Act and the contractual terms of the Series G preferred stock. On January 31, 2024, we issued 1.5 million depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset, non-cumulative perpetual preferred stock, Series I, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds, net of underwriting discounts, commissions and other issuance costs, were approximately $1.5 billion. On March 15, 2024, we redeemed an aggregate $1.0 billion, or all 7,500 outstanding shares, of our non-cumulative perpetual preferred stock, Series D (represented by 30,000,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $25 per depository share), plus all declared and unpaid dividends and all 2,500 of the outstanding shares of our noncumulative perpetual preferred stock, Series F (represented by 250,000 depository shares), for a cash redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends. On July 24, 2024, we issued 850 thousand depositary shares, each representing 1/100th ownership interest in shares of fixed rate reset, non-cumulative perpetual preferred stock, Series J, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds, net of underwriting discounts, commissions and other issuance costs, were approximately $842 million. Dividends on the Series J Preferred Stock will be payable quarterly at an initial rate of 6.700% per annum commencing on December 15, 2024, with the first dividend payable on a pro-rata basis. Our preferred stock dividends, including the declaration, timing and amount thereof, are subject to consideration and approval by the Board at the relevant times. 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, 2024 2023 (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 Series F — — — 2,163 21.63 5 Series G 1,338 0.33 6 1,338 0.33 7 Series H 2,145 21.45 11 2,813 28.13 14 Series I 2,513 25.13 38 — — — Total $ 55 $ 37 Six Months Ended June 30, 2024 2023 (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 $ 2,950 $ 0.74 $ 22 Series F 2,336 23.36 6 4,254 42.54 11 Series G 2,675 0.67 13 2,675 0.66 13 Series H 4,214 42.14 21 2,813 28.13 14 Series I 2,513 25.13 38 — — — Total $ 89 $ 60 In July 2024, we declared dividends on our series G, H, and I preferred stock of approximately $1,338, $2,036, and $1,675, respectively, per share, or approximately $0.33, $20.36, and $16.75, respectively, per depositary share. These dividends total approximately $7 million, $10 million, and $25 million on our series G, H, and I preferred stock, respectively, which will be paid in September 2024. Common Stock On January 19, 2024, we announced a new common share repurchase program, approved by our Board and superseding all prior programs, authorizing the purchase of up to $5.0 billion of our common stock beginning in the first quarter of 2024. This new program has no set expiration date and is not expected to be executed in full during 2024. We repurchased $200 million of our common stock in the second quarter of 2024 under our 2024 share repurchase authorization. The table below presents the activity under our common share repurchase program for the period indicated: Three Months Ended June 30, 2024 2023 Shares Acquired Average Cost per Share Total Acquired Shares Acquired (In millions) Average Cost per Share Total Acquired (In millions) 2024 Program 2.7 $ 74.52 $ 200 — $ — $ — 2023 Program — — — 14.8 71.08 1,050 Six Months Ended June 30, 2024 2023 Shares Acquired Average Cost per Share Total Acquired Shares Acquired (In millions) Average Cost per Share Total Acquired (In millions) 2024 Program 4.0 $ 74.09 $ 300 — $ — $ — 2023 Program — — — 28.4 80.93 2,300 The tables below present the dividends declared on common stock for the periods indicated: Three Months Ended June 30, 2024 2023 Dividends Declared per Share Total (In millions) Dividends Declared per Share Total (In millions) Common Stock $ 0.69 $ 207 $ 0.63 $ 203 Six Months Ended June 30, 2024 2023 Dividends Declared per Share Total (In millions) Dividends Declared per Share Total (In millions) Common Stock $ 1.38 $ 415 $ 1.26 $ 415 Accumulated Other Comprehensive Income (Loss) The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes: (In millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Investment Securities (1) Net Unrealized Losses on Retirement Plans Foreign Currency Translation Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries Total Balance as of December 31, 2022 $ (359) $ (1,817) $ (143) $ (1,751) $ 359 $ (3,711) Other comprehensive income (loss) before reclassifications 58 44 — 207 (49) 260 Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 75 106 12 — — 193 Other comprehensive income (loss) 133 150 12 207 (49) 453 Balance as of June 30, 2023 $ (226) $ (1,667) $ (131) $ (1,544) $ 310 $ (3,258) Balance as of December 31, 2023 $ (131) $ (947) $ (145) $ (1,400) $ 269 $ (2,354) Other comprehensive income (loss) before reclassifications 30 (45) 6 (358) 243 (124) Increase (decrease) due to amounts reclassified from accumulated other comprehensive income (107) 270 1 — — 164 Other comprehensive income (loss) (77) 225 7 (358) 243 40 Balance as of June 30, 2024 $ (208) $ (722) $ (138) $ (1,758) $ 512 $ (2,314) (1) Includes after-tax net unamortized unrealized gains (losses) of ($454) million and ($530) million as of June 30, 2024 and December 31, 2023, respectively, related to AFS investment securities previously transferred to HTM. The following tables present after-tax reclassifications into earnings for the periods indicated: Three Months Ended June 30, 2024 2023 (In millions) Amounts Reclassified into Earnings Affected Line Item in Consolidated Statement of Income Investment securities: Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $15 and $20, respectively $ 42 $ 54 Net interest income Cash flow hedges: Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $14 and $14, respectively 40 38 Net interest income Total amounts reclassified from accumulated other comprehensive income $ 82 $ 92 Six Months Ended June 30, 2024 2023 (In millions) Amounts Reclassified into Earnings Affected Line Item in Consolidated Statement of Income Investment securities: Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $98 and $39, respectively $ 270 $ 106 Net interest income Cash flow hedges: Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of ($38) and $27, respectively (107) 75 Net interest income Retirement plans: Amortization of actuarial losses, net of related taxes of $0 and $5, respectively 1 12 Compensation and employee benefits expenses Total amounts reclassified from accumulated other comprehensive income $ 164 $ 193 |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2024 | |
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 169 to 170 in Note 16 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 Form 10-K. As of June 30, 2024, we and State Street Bank exceeded all regulatory capital adequacy requirements to which we were subject to. As of June 30, 2024, 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, 2024 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, 2024 Basel III Standardized Approach June 30, 2024 Basel III Advanced Approaches December 31, 2023 Basel III Standardized Approach December 31, 2023 Basel III Advanced Approaches June 30, 2024 Basel III Standardized Approach June 30, 2024 Basel III Advanced Approaches December 31, 2023 Basel III Standardized Approach December 31, 2023 Common shareholders' equity: Common stock and related surplus $ 11,225 $ 11,225 $ 11,245 $ 11,245 $ 13,333 $ 13,333 $ 13,033 $ 13,033 Retained earnings 28,615 28,615 27,957 27,957 15,322 15,322 14,454 14,454 Accumulated other comprehensive income (loss) (2,314) (2,314) (2,354) (2,354) (2,037) (2,037) (2,097) (2,097) Treasury stock, at cost (15,232) (15,232) (15,025) (15,025) — — — — Total 22,294 22,294 21,823 21,823 26,618 26,618 25,390 25,390 Regulatory capital adjustments: Goodwill and other intangible assets, net of associated deferred tax liabilities (8,499) (8,499) (8,470) (8,470) (8,228) (8,228) (8,208) (8,208) Other adjustments (1) (449) (449) (382) (382) (352) (352) (298) (298) Common equity tier 1 capital 13,346 13,346 12,971 12,971 18,038 18,038 16,884 16,884 Preferred stock 2,468 2,468 1,976 1,976 — — — — Tier 1 capital 15,814 15,814 14,947 14,947 18,038 18,038 16,884 16,884 Qualifying subordinated long-term debt 1,868 1,868 1,870 1,870 533 533 536 536 Allowance for credit losses — 145 — 150 — 145 — 150 Total capital $ 17,682 $ 17,827 $ 16,817 $ 16,967 $ 18,571 $ 18,716 $ 17,420 $ 17,570 Risk-weighted assets: Credit risk (2) $ 60,605 $ 116,656 $ 61,210 $ 109,228 $ 54,476 $ 114,647 $ 54,942 $ 107,067 Operational risk (3) 48,031 NA 43,768 NA 46,915 NA 42,297 NA Market risk 2,588 2,588 2,475 2,475 2,588 2,588 2,475 2,475 Total risk-weighted assets $ 111,224 $ 119,244 $ 107,453 $ 111,703 $ 103,979 $ 117,235 $ 99,714 $ 109,542 Adjusted quarterly average assets $ 297,350 $ 297,350 $ 269,807 $ 269,807 $ 294,123 $ 294,123 $ 266,818 $ 266,818 Capital Ratios: 2024 Minimum Requirements (4) 2023 Minimum Requirements (4) Common equity tier 1 capital 8.0 % 8.0 % 12.0 % 11.2 % 12.1 % 11.6 % 17.3 % 15.4 % 16.9 % 15.4 % Tier 1 capital 9.5 9.5 14.2 13.3 13.9 13.4 17.3 15.4 16.9 15.4 Total capital 11.5 11.5 15.9 15.0 15.7 15.2 17.9 16.0 17.5 16.0 Tier 1 leverage (5) 4.0 4.0 5.3 5.3 5.5 5.5 6.1 6.1 6.3 6.3 (1) Other adjustments within CET1 capital primarily include AOCI hedges that are not recognized at fair value on the balance sheet, 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 over-the-counter 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. (4) 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%. On June 26, 2024, we were notified by the Federal Reserve of the results from the 2024 supervisory stress test. Our preliminary SCB calculated under the 2024 supervisory stress test was well below the 2.5% minimum, resulting in an SCB at that floor, which will continue to remain in effect from October 1, 2024, through September 30, 2025. (5) State Street Bank is required to maintain a minimum Tier 1 leverage ratio of 5% as it is the insured depository institution subsidiary of State Street Corporation, a U.S. G-SIB. NA |
Net Interest Income
Net Interest Income | 6 Months Ended |
Jun. 30, 2024 | |
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) 2024 2023 2024 2023 Interest income: Interest-bearing deposits with banks $ 929 $ 696 $ 1,927 $ 1,338 Investment securities: Investment securities available-for-sale 672 408 1,244 755 Investment securities held-to-maturity 277 320 571 640 Total investment securities 949 728 1,815 1,395 Securities purchased under resale agreements 166 81 333 157 Loans 563 442 1,109 839 Other interest-earning assets 391 285 703 530 Total interest income 2,998 2,232 5,887 4,259 Interest expense: Interest-bearing deposits 1,637 1,193 3,277 2,147 Securities sold under repurchase agreements 43 13 82 22 Short-term borrowings 167 20 268 32 Long-term debt 267 209 525 393 Other interest-bearing liabilities 149 106 284 208 Total interest expense 2,263 1,541 4,436 2,802 Net interest income $ 735 $ 691 $ 1,451 $ 1,457 |
Expenses
Expenses | 6 Months Ended |
Jun. 30, 2024 | |
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) 2024 2023 2024 2023 Professional services $ 111 $ 110 $ 221 $ 216 Sales advertising and public relations 34 30 59 53 Securities processing 19 15 27 25 Bank operations 14 13 22 24 Regulatory fees and assessments (1) 9 18 150 44 Donations 1 7 26 14 Other 112 93 213 180 Total other expenses $ 300 $ 286 $ 718 $ 556 (1) First quarter of 2024 other expenses included a $130 million increase to the FDIC special assessment recorded in the fourth quarter of 2023, primarily related to the increase to the FDIC’s estimate of losses to the DIF associated with the closures of Silicon Valley Bank and Signature Bank. Repositioning Charges The following table presents aggregate activity for repositioning charges for the periods indicated: (In millions) Employee Real Estate Total Accrual Balance at December 31, 2022 $ 83 $ 5 $ 88 Payments and other adjustments (14) (1) (15) Accrual Balance at March 31, 2023 69 4 73 Payments and Other Adjustments (16) (1) (17) Accrual Balance at June 30, 2023 $ 53 $ 3 $ 56 Accrual Balance at December 31, 2023 $ 207 $ 1 $ 208 Payments and other adjustments (19) — (19) Accrual Balance at March 31, 2024 188 1 189 Payments and Other Adjustments (37) — (37) Accrual Balance at June 30, 2024 $ 151 $ 1 $ 152 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share For additional information on our EPS calculation methodologies, refer to page 177 in Note 23 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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) 2024 2023 2024 2023 Net income $ 711 $ 763 $ 1,174 $ 1,312 Less: Preferred stock dividends (55) (37) (100) (60) Dividends and undistributed earnings allocated to participating securities (1) (1) — (1) (1) Net income available to common shareholders $ 655 $ 726 $ 1,073 $ 1,251 Average common shares outstanding (In thousands): Basic average common shares 300,564 329,383 301,278 335,212 Effect of dilutive securities: equity-based awards 4,201 4,157 4,076 4,261 Diluted average common shares 304,765 333,540 305,354 339,473 Anti-dilutive securities (2) 948 2,282 1,151 1,380 Earnings per common share: Basic $ 2.18 $ 2.20 $ 3.56 $ 3.73 Diluted (3) 2.15 2.17 3.52 3.68 (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 171 to 173 in Note 18 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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, 2024 | |
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 177 to 179 in Note 24 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 Form 10-K. The following tables summarize our line of business results for the periods indicated. The "Other" columns represent amounts that are not allocated to our two lines of business, and for the six months ended June 30, 2024, are primarily related to the expenses associated with the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund arising from the protection of uninsured depositors following the closure of SVB and Signature Bank. Three Months Ended June 30, Investment Investment Other Total (Dollars in millions) 2024 2023 2024 2023 2024 2023 2024 2023 Servicing fees $ 1,239 $ 1,259 $ — $ — $ — $ — $ 1,239 $ 1,259 Management fees — — 511 461 — — 511 461 Foreign exchange trading services 304 276 32 27 — — 336 303 Securities finance 101 109 7 8 — — 108 117 Software and processing fees 214 221 — — — — 214 221 Other fee revenue 36 55 12 3 — — 48 58 Total fee revenue 1,894 1,920 562 499 — — 2,456 2,419 Net interest income 730 687 5 4 — — 735 691 Total revenue 2,624 2,607 567 503 — — 3,191 3,110 Provision for credit losses 10 (18) — — — — 10 (18) Total expenses 1,880 1,850 388 361 1 1 2,269 2,212 Income before income tax expense $ 734 $ 775 $ 179 $ 142 $ (1) $ (1) $ 912 $ 916 Pre-tax margin 28 % 30 % 32 % 28 % 29 % 29 % Six Months Ended June 30, Investment Investment Other Total (Dollars in millions) 2024 2023 2024 2023 2024 2023 2024 2023 Servicing fees $ 2,467 $ 2,476 $ — $ — $ — $ — $ 2,467 $ 2,476 Management fees — — 1,021 918 — — 1,021 918 Foreign exchange trading services 612 597 55 48 — — 667 645 Securities finance 191 212 13 14 — — 204 226 Software and processing fees (1) 421 386 — — — — 421 386 Other fee revenue 79 83 19 20 — — 98 103 Total fee revenue 3,770 3,754 1,108 1,000 — — 4,878 4,754 Net interest income 1,441 1,449 10 8 — — 1,451 1,457 Total other income — — — — — — — — Total revenue 5,211 5,203 1,118 1,008 — — 6,329 6,211 Provision for credit losses 37 26 — — — — 37 26 Total expenses 3,843 3,828 808 747 131 6 4,782 4,581 Income before income tax expense $ 1,331 $ 1,349 $ 310 $ 261 $ (131) $ (6) 1,510 $ 1,604 Pre-tax margin 26 % 26 % 28 % 26 % 24 % 26 % |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2024 | |
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 179 to 182 in Note 25 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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, 2024 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2024 Servicing fees $ 1,239 $ — $ 1,239 $ — $ — $ — $ 1,239 Management fees — — — 511 — 511 511 Foreign exchange trading services 95 209 304 32 — 32 336 Securities finance 46 55 101 — 7 7 108 Software and processing fees 162 52 214 — — — 214 Other fee revenue — 36 36 — 12 12 48 Total fee revenue 1,542 352 1,894 543 19 562 2,456 Net interest income — 730 730 — 5 5 735 Total revenue $ 1,542 $ 1,082 $ 2,624 $ 543 $ 24 $ 567 $ 3,191 Six Months Ended June 30, 2024 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2024 Servicing fees $ 2,467 $ — $ 2,467 $ — $ — $ — $ 2,467 Management fees — — — 1,021 — 1,021 1,021 Foreign exchange trading services 190 422 612 55 — 55 667 Securities finance 94 97 191 — 13 13 204 Software and processing fees 318 103 421 — — — 421 Other fee revenue — 79 79 — 19 19 98 Total fee revenue 3,069 701 3,770 1,076 32 1,108 4,878 Net interest income — 1,441 1,441 — 10 10 1,451 Total revenue $ 3,069 $ 2,142 $ 5,211 $ 1,076 $ 42 $ 1,118 $ 6,329 Three Months Ended June 30, 2023 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2023 Servicing fees $ 1,259 $ — $ 1,259 $ — $ — $ — $ 1,259 Management fees — — — 461 — 461 461 Foreign exchange trading services 86 190 276 27 — 27 303 Securities finance 61 48 109 — 8 8 117 Software and processing fees 174 47 221 — — — 221 Other fee revenue — 55 55 — 3 3 58 Total fee revenue 1,580 340 1,920 488 11 499 2,419 Net interest income — 687 687 — 4 4 691 Total revenue $ 1,580 $ 1,027 $ 2,607 $ 488 $ 15 $ 503 $ 3,110 Six Months Ended June 30, 2023 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2023 Servicing fees $ 2,476 $ — $ 2,476 $ — $ — $ — $ 2,476 Management fees — — — 918 — 918 918 Foreign exchange trading services 176 421 597 48 — 48 645 Securities finance 124 88 212 — 14 14 226 Software and processing fees 294 92 386 — — — 386 Other fee revenue — 83 83 — 20 20 103 Total fee revenue 3,070 684 3,754 966 34 1,000 4,754 Net interest income — 1,449 1,449 — 8 8 1,457 Total revenue $ 3,070 $ 2,133 $ 5,203 $ 966 $ 42 $ 1,008 $ 6,211 Contract balances and contract costs As of June 30, 2024 and December 31, 2023, net receivables of $2.93 billion and $2.72 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. We had $149 million and $133 million of deferred revenue as of June 30, 2024 and December 31, 2023, respectively. Deferred revenue is a contract liability which represents payments received and accounts receivable recorded in advance of providing services and is included in accrued expenses and other liabilities in the consolidated statement of condition. In the three months ended June 30, 2024, we recognized revenue of $64 million relating to deferred revenue of $135 million as of March 31, 2024. In the six months ended June 30, 2024, we recognized revenue of $100 million relating to deferred revenue of $133 million as of December 31, 2023. Transaction price allocated to the remaining performance obligations represents future, non-cancelable contracted revenue that has not yet been recognized, inclusive of deferred revenue that has been invoiced and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2024, total remaining non-cancelable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $1.71 billion . We expect to recognize approximately half of this amount in revenue over the next three years , with the remainder to be recognized thereafter. 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, 2024 | |
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, 2024 2023 (In millions) Non-U.S. (1) U.S. Total Non-U.S. (1) U.S. Total Total revenue $ 1,388 $ 1,803 $ 3,191 $ 1,400 $ 1,710 $ 3,110 Income before income tax expense 351 561 912 433 483 916 Six Months Ended June 30, 2024 2023 (In millions) Non-U.S. (1) U.S. Total Non-U.S. (1) U.S. Total Total revenue $ 2,732 $ 3,597 $ 6,329 $ 2,696 $ 3,515 $ 6,211 Income before income tax expense 642 868 1,510 692 912 1,604 (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. Management fees generated outside the U.S. were approximate ly 25% of total management fees in both the three and six months ended June 30, 2024, compared to approximately 26% in both the three and six months ended June 30, 2023. Servicing fees generated outside the U.S. were approximatel y 47% of total servicing fees in both the three and six months ended June 30, 2024, compared to approximately 47% and 46% in the three and six months ended June 30, 2023, respectively. Non-U.S. assets were $80.95 billion and $76.49 billion as of June 30, 2024 and 2023, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 24, 2024, we issued 850 thousand depositary shares, each representing a 1/100th ownership interest in a share of fixed rate reset, non-cumulative perpetual preferred stock, Series J, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share), in a public offering. The aggregate proceeds, net of underwriting discounts, commissions and other issuance costs, were approximately $842 million. Dividends on the Series J Preferred Stock will be payable quarterly at an initial rate of 6.700% per annum commencing on December 15, 2024, with the first dividend payable on a pro-rata basis. Our preferred stock dividends, including the declaration, timing and amount thereof, are subject to consideration and approval by the Board at the relevant times. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net income | $ 711 | $ 463 | $ 763 | $ 549 | $ 1,174 | $ 1,312 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 shares | Jun. 30, 2024 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Eric W. Aboaf [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | The following table describes a contract, instruction or written plan for the sale or purchase of our securities adopted by an executive officer during the second quarter of 2024, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as a Rule 10b5-1 trading plan. Name and Title Date of Adoption of Rule 10b5-1 Trading Plan Scheduled Expiration Date of Rule 10b5-1 Trading Plan (1) Aggregate Number of Securities to Be Purchased or Sold Eric W. Aboaf Vice Chairman and Chief Financial Officer 4/29/2024 5/30/2025 Sale of up to 28,000 shares of common stock in several transactions during 2024 and 2025 (1) A trading plan may also expire on such earlier date as all transactions under the trading plan are completed. | |
Name | Eric W. Aboaf | |
Title | Vice Chairman and Chief Financial Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 4/29/2024 | |
Expiration Date | 5/30/2025 | |
Arrangement Duration | 396 days | |
Aggregate Available | 28,000 | 28,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Sanctions programs or government intervention may inhibit our ability to access cash and due from banks in certain accounts. For example, as of June 30, 2024 and December 31, 2023, we held such accounts in Russia that were subject to sanctions restrictions, inclusive of $0.7 billion and $1.5 billion, respectively, with our subcustodian, which is an affiliate of a large multinational bank, and with western European-based clearing agencies, for a total of approximately $1.3 billion and $1.9 billion, respectively. The reduction in balances with our subcustodian in Russia was a result of various actions taken related to our contractual arrangements that resulted in the derecognition of certain cash balances and related client liabilities. Cash and due from banks is evaluated as part of our allowance for credit losses. |
Recent Accounting Developments | Recent Accounting Developments Relevant standards that were recently issued but not yet adopted as of June 30, 2024: Standard Description Effective Date Effects on the financial statements or other significant matters ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments related to the rate reconciliation and income taxes paid disclosures and require disclosures of (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additional amendments require (1) disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission regulations, and (2) remove disclosures that no longer are considered cost beneficial or relevant. Annual reporting for period ending December 31, 2025 We are currently evaluating the disclosure impact of the new standard. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments enhance segment reporting by expanding the breadth and frequency of segment disclosures, including disclosure of (1) significant segment expenses, (2) other segment items, (3) the chief operating decision maker’s title and position and (4) how the chief operating decision maker uses the reported information to assess segment performance and how to allocate resources. The amendments also require these disclosures to be included in interim reporting. Annual reporting for period ending December 31, 2024 and for interim reporting in 2025 We are currently evaluating the disclosure impact of the new standard. Additionally, we continue to evaluate other accounting standards that were recently issued, but not yet adopted as of June 30, 2024; none are expected to have a material impact to our financial statements. |
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 134 to 139 in Note 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 Form 10-K. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Standards Issued But Not Yet Adopted | Relevant standards that were recently issued but not yet adopted as of June 30, 2024: Standard Description Effective Date Effects on the financial statements or other significant matters ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments related to the rate reconciliation and income taxes paid disclosures and require disclosures of (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additional amendments require (1) disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission regulations, and (2) remove disclosures that no longer are considered cost beneficial or relevant. Annual reporting for period ending December 31, 2025 We are currently evaluating the disclosure impact of the new standard. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments enhance segment reporting by expanding the breadth and frequency of segment disclosures, including disclosure of (1) significant segment expenses, (2) other segment items, (3) the chief operating decision maker’s title and position and (4) how the chief operating decision maker uses the reported information to assess segment performance and how to allocate resources. The amendments also require these disclosures to be included in interim reporting. Annual reporting for period ending December 31, 2024 and for interim reporting in 2025 We are currently evaluating the disclosure impact of the new standard. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 (In millions) Quoted Market Pricing Methods Pricing Methods Impact of Netting (1) Total Net Assets: Trading account assets: U.S. government securities $ 35 $ — $ — $ 35 Non-U.S. government securities — 130 — 130 Other — 615 — 615 Total trading account assets $ 35 $ 745 $ — $ 780 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations $ 18,589 $ — $ — $ 18,589 Mortgage-backed securities — 10,949 — 10,949 Total U.S. Treasury and federal agencies 18,589 10,949 — 29,538 Non-U.S. debt securities: Mortgage-backed securities — 2,356 — 2,356 Asset-backed securities — 2,238 — 2,238 Non-U.S. sovereign, supranational and non-U.S. agency — 16,161 — 16,161 Other — 3,044 — 3,044 Total non-U.S. debt securities — 23,799 — 23,799 Asset-backed securities: Student loans — 101 — 101 Collateralized loan obligations — 2,612 — 2,612 Non-agency CMBS and RMBS (2) — 136 — 136 Other — 91 — 91 Total asset-backed securities — 2,940 — 2,940 State and political subdivisions — 337 — 337 Other U.S. debt securities — 141 — 141 Total available-for-sale investment securities $ 18,589 $ 38,166 $ — $ 56,755 Other assets: Derivative instruments: Foreign exchange contracts $ 4 $ 15,747 $ 3 $ (9,886) $ 5,868 Interest rate contracts 8 2 — (3) 7 Total derivative instruments 12 15,749 3 (9,889) 5,875 Other 18 643 — — 661 Total assets carried at fair value $ 18,654 $ 55,303 $ 3 $ (9,889) $ 64,071 Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ — $ 16,073 $ — $ (12,207) $ 3,866 Interest rate contracts — — — — — Other derivative contracts — 169 — — 169 Total derivative instruments — 16,242 — (12,207) 4,035 Total liabilities carried at fair value $ — $ 16,242 $ — $ (12,207) $ 4,035 (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 $0.90 billion and $3.22 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, 2023 (In millions) Quoted Market Pricing Methods Pricing Methods Impact of Netting (1) Total Net Assets: Trading account assets: U.S. government securities $ 36 $ — $ — $ 36 Non-U.S. government securities — 138 — 138 Other — 599 — 599 Total trading account assets $ 36 $ 737 $ — $ 773 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations $ 8,301 $ — $ — $ 8,301 Mortgage-backed securities — 10,755 — 10,755 Total U.S. Treasury and federal agencies 8,301 10,755 — 19,056 Non-U.S. debt securities: Mortgage-backed securities — 1,857 — 1,857 Asset-backed securities — 2,137 — 2,137 Non-U.S. sovereign, supranational and non-U.S. agency — 15,100 — 15,100 Other — 2,735 — 2,735 Total non-U.S. debt securities — 21,829 — 21,829 Asset-backed securities: Student loans — 114 — 114 Collateralized loan obligations — 2,527 — 2,527 Non-agency CMBS and RMBS (2) — 249 — 249 Other — 90 — 90 Total asset-backed securities — 2,980 — 2,980 State and political subdivisions — 355 — 355 Other U.S. debt securities — 306 — 306 Total available-for-sale investment securities $ 8,301 $ 36,225 $ — $ 44,526 Other assets: Derivative instruments: Foreign exchange contracts $ — $ 19,690 $ 4 $ (14,387) $ 5,307 Interest rate contracts — 13 — (13) — Total derivative instruments — 19,703 4 (14,400) 5,307 Other 11 640 — — 651 Total assets carried at fair value $ 8,348 $ 57,305 $ 4 $ (14,400) $ 51,257 Liabilities: Accrued expenses and other liabilities: Trading account liabilities: Derivative instruments: Foreign exchange contracts $ 1 $ 19,414 $ 1 $ (11,909) $ 7,507 Interest rate contracts 4 — — — 4 Other derivative contracts — 182 — — 182 Total derivative instruments 5 19,596 1 (11,909) 7,693 Total liabilities carried at fair value $ 5 $ 19,596 $ 1 $ (11,909) $ 7,693 (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 $3.90 billion and $1.41 billion, respectively, for cash collateral received from and provided to derivative counterparties. (2) Consists entirely of non-agency CMBS. |
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, 2024 Financial Assets: Cash and due from banks $ 2,898 $ 2,898 $ 2,898 $ — $ — Interest-bearing deposits with banks 99,876 99,876 — 99,876 — Securities purchased under resale agreements 6,340 6,340 — 6,340 — Investment securities held-to-maturity 51,051 44,916 5,968 38,948 — Net loans (1) 39,240 39,053 — 37,298 1,755 Other (2) 6,746 6,746 — 6,746 — Financial Liabilities: Deposits: Non-interest-bearing $ 34,519 $ 34,519 $ — $ 34,519 $ — Interest-bearing - U.S. 140,983 140,983 — 140,983 — Interest-bearing - non-U.S. 63,658 63,658 — 63,658 — Securities sold under repurchase agreements 2,716 2,716 — 2,716 — Other short-term borrowings 13,571 13,571 — 13,571 — Long-term debt 19,737 19,569 — 19,151 418 Other (2) 6,746 6,746 — 6,746 — (1) Includes $8 million of loans classified as held-for-sale that were measured at fair value in level 2 as of June 30, 2024. (2) Represents a portion of underlying client assets related to our prime services 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, 2023 Financial Assets: Cash and due from banks $ 4,047 $ 4,047 $ 4,047 $ — $ — Interest-bearing deposits with banks 87,665 87,665 — 87,665 — Securities purchased under resale agreements 6,692 6,692 — 6,692 — Investment securities held-to-maturity 57,117 51,503 8,409 43,094 — Net loans 36,496 36,335 — 34,308 2,027 Other (1) 6,866 6,866 — 6,866 — Financial Liabilities: Deposits: Non-interest-bearing $ 32,569 $ 32,569 $ — $ 32,569 $ — Interest-bearing - U.S. 121,738 121,738 — 121,738 — Interest-bearing - non-U.S. 66,663 66,663 — 66,663 — Securities sold under repurchase agreements 1,867 1,867 — 1,867 — Other short-term borrowings 3,660 3,660 — 3,660 — Long-term debt 18,839 18,417 — 18,216 201 Other (1) 6,866 6,866 — 6,866 — (1) Represents a portion of underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Amortized Gross Fair Amortized Gross Fair (In millions) Gains Losses Gains Losses Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 18,699 $ 35 $ 145 $ 18,589 $ 8,427 $ 39 $ 165 $ 8,301 Mortgage-backed securities (1) 11,057 22 130 10,949 10,870 49 164 10,755 Total U.S. Treasury and federal agencies 29,756 57 275 29,538 19,297 88 329 19,056 Non-U.S. debt securities: Mortgage-backed securities 2,355 5 4 2,356 1,861 3 7 1,857 Asset-backed securities (2) 2,235 6 3 2,238 2,148 2 13 2,137 Non-U.S. sovereign, supranational and non-U.S. agency 16,280 11 130 16,161 15,159 73 132 15,100 Other (3) 3,046 23 25 3,044 2,733 39 37 2,735 Total non-U.S. debt securities 23,916 45 162 23,799 21,901 117 189 21,829 Asset-backed securities: Student loans (4) 99 2 — 101 113 1 — 114 Collateralized loan obligations (5) 2,607 5 — 2,612 2,530 3 6 2,527 Non-agency CMBS and RMBS (6) 137 — 1 136 252 — 3 249 Other 90 1 — 91 90 — — 90 Total asset-backed securities 2,933 8 1 2,940 2,985 4 9 2,980 State and political subdivisions 340 — 3 337 356 — 1 355 Other U.S. debt securities (7) 145 — 4 141 314 — 8 306 Total available-for-sale securities (8)(9) $ 57,090 $ 110 $ 445 $ 56,755 $ 44,853 $ 209 $ 536 $ 44,526 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 6,119 $ — $ 142 $ 5,977 $ 8,584 $ — $ 163 $ 8,421 Mortgage-backed securities (10) 37,837 1 5,845 31,993 39,472 7 5,271 34,208 Total U.S. Treasury and federal agencies 43,956 1 5,987 37,970 48,056 7 5,434 42,629 Non-U.S. debt securities: Non-U.S. sovereign, supranational and non-U.S. agency 4,273 — 141 4,132 5,757 8 153 5,612 Total non-U.S. debt securities 4,273 — 141 4,132 5,757 8 153 5,612 Asset-backed securities: Student loans (4) 2,817 6 31 2,792 3,298 2 62 3,238 Non-agency CMBS and RMBS (11) 5 17 — 22 6 18 — 24 Total asset-backed securities 2,822 23 31 2,814 3,304 20 62 3,262 Total held-to-maturity securities (8)(12) $ 51,051 $ 24 $ 6,159 $ 44,916 $ 57,117 $ 35 $ 5,649 $ 51,503 (1) As of June 30, 2024 and December 31, 2023, the total fair value included $5.03 billion and $5.54 billion, respectively, of agency CMBS and $5.92 billion and $5.21 billion, respectively, of agency MBS. (2) As of June 30, 2024 and December 31, 2023, the fair value includes non-U.S. collateralized loan obligations of $0.99 billion and $1.02 billion, respectively. (3) As of June 30, 2024 and December 31, 2023, the fair value includes non-U.S. corporate bonds of $2.49 billion and $2.36 billion, respectively. (4) 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. (5) Excludes collateralized loan obligations in loan form. Refer to Note 4 for additional information. (6) Consists entirely of non-agency CMBS as of both June 30, 2024 and December 31, 2023. (7) As of June 30, 2024 and December 31, 2023, the fair value of U.S. corporate bonds was $0.14 billion and $0.31 billion, respectively. (8) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the periods ended June 30, 2024 and December 31, 2023. (9) As of both June 30, 2024 and December 31, 2023, we had no allowance for credit losses on AFS investment securities. (10) As of June 30, 2024 and December 31, 2023, the total amortized cost included $5.20 billion and $5.23 billion of agency CMBS, respectively. (11) Consists entirely of non-agency RMBS as of both June 30, 2024 and December 31, 2023. (12) |
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: June 30, 2024 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 $ 10,465 $ 15 $ 5,670 $ 130 $ 16,135 $ 145 Mortgage-backed securities 2,021 14 5,469 116 7,490 130 Total U.S. Treasury and federal agencies 12,486 29 11,139 246 23,625 275 Non-U.S. debt securities: Mortgage-backed securities 454 — 521 4 975 4 Asset-backed securities 178 — 851 3 1,029 3 Non-U.S. sovereign, supranational and non-U.S. agency 7,451 44 5,089 86 12,540 130 Other 378 1 660 24 1,038 25 Total non-U.S. debt securities 8,461 45 7,121 117 15,582 162 Asset-backed securities: Non-agency CMBS and RMBS 25 — 99 1 124 1 Total asset-backed securities 25 — 99 1 124 1 State and political subdivisions 181 2 156 1 337 3 Other U.S. debt securities — — 133 4 133 4 Total $ 21,153 $ 76 $ 18,648 $ 369 $ 39,801 $ 445 December 31, 2023 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 $ 333 $ 2 $ 5,416 $ 163 $ 5,749 $ 165 Mortgage-backed securities 961 6 6,512 158 7,473 164 Total U.S. Treasury and federal agencies 1,294 8 11,928 321 13,222 329 Non-U.S. debt securities: Mortgage-backed securities 424 1 719 6 1,143 7 Asset-backed securities 358 — 1,052 13 1,410 13 Non-U.S. sovereign, supranational and non-U.S. agency 3,972 7 5,788 125 9,760 132 Other 50 — 893 37 943 37 Total non-U.S. debt securities 4,804 8 8,452 181 13,256 189 Asset-backed securities: Collateralized loan obligations 183 — 1,605 6 1,788 6 Non-agency CMBS and RMBS 35 — 180 3 215 3 Total asset-backed securities 218 — 1,785 9 2,003 9 State and political subdivisions 64 — 104 1 168 1 Other U.S. debt securities 3 — 303 8 306 8 Total $ 6,383 $ 16 $ 22,572 $ 520 $ 28,955 $ 536 |
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, 2024. 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. June 30, 2024 (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 $ 2,782 $ 2,780 $ 12,853 $ 12,747 $ 3,064 $ 3,062 $ — $ — $ 18,699 $ 18,589 Mortgage-backed securities 36 35 2,065 2,058 2,971 2,943 5,985 5,913 11,057 10,949 Total U.S. Treasury and federal agencies 2,818 2,815 14,918 14,805 6,035 6,005 5,985 5,913 29,756 29,538 Non-U.S. debt securities: Mortgage-backed securities 126 126 355 355 49 49 1,825 1,826 2,355 2,356 Asset-backed securities 294 293 540 540 977 978 424 427 2,235 2,238 Non-U.S. sovereign, supranational and non-U.S. agency 3,641 3,626 11,156 11,063 1,483 1,472 — — 16,280 16,161 Other 347 346 2,564 2,560 135 138 — — 3,046 3,044 Total non-U.S. debt securities 4,408 4,391 14,615 14,518 2,644 2,637 2,249 2,253 23,916 23,799 Asset-backed securities: Student loans 27 28 — — 13 13 59 60 99 101 Collateralized loan obligations 22 22 154 155 1,506 1,508 925 927 2,607 2,612 Non-agency CMBS and RMBS — — — — — — 137 136 137 136 Other — — 90 91 — — — — 90 91 Total asset-backed securities 49 50 244 246 1,519 1,521 1,121 1,123 2,933 2,940 State and political subdivisions 107 107 110 108 123 122 — — 340 337 Other U.S. debt securities 95 95 50 46 — — — — 145 141 Total $ 7,477 $ 7,458 $ 29,937 $ 29,723 $ 10,321 $ 10,285 $ 9,355 $ 9,289 $ 57,090 $ 56,755 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 2,803 $ 2,762 $ 3,284 $ 3,184 $ 24 $ 23 $ 8 $ 8 $ 6,119 $ 5,977 Mortgage-backed securities 134 120 994 907 4,051 3,415 32,658 27,551 37,837 31,993 Total U.S. Treasury and federal agencies 2,937 2,882 4,278 4,091 4,075 3,438 32,666 27,559 43,956 37,970 Non-U.S. debt securities: Non-U.S. sovereign, supranational and non-U.S. agency 1,139 1,123 2,830 2,725 304 284 — — 4,273 4,132 Total non-U.S. debt securities 1,139 1,123 2,830 2,725 304 284 — — 4,273 4,132 Asset-backed securities: Student loans 179 176 307 305 451 450 1,880 1,861 2,817 2,792 Non-agency CMBS and RMBS 1 7 — — — — 4 15 5 22 Total asset-backed securities 180 183 307 305 451 450 1,884 1,876 2,822 2,814 Total $ 4,256 $ 4,188 $ 7,415 $ 7,121 $ 4,830 $ 4,172 $ 34,550 $ 29,435 $ 51,051 $ 44,916 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Credit Loss [Abstract] | |
Net Loans | The following table presents our recorded investment in loans, by segment, as of the dates indicated: (In millions) June 30, 2024 December 31, 2023 Domestic (1) : Commercial and financial: Fund Finance (2) $ 13,808 $ 13,697 Leveraged loans 2,357 2,412 Overdrafts 1,791 1,225 Collateralized loan obligations in loan form 190 150 Other (3) 2,376 2,512 Commercial real estate 2,858 3,069 Total domestic $ 23,380 $ 23,065 Foreign (1) : Commercial and financial: Fund Finance (2) $ 5,630 $ 4,956 Leveraged loans 1,111 1,194 Overdrafts 1,875 1,047 Collateralized loan obligations in loan form 7,380 6,369 Total foreign 15,996 13,566 Total loans (4) 39,376 36,631 Allowance for credit losses (136) (135) Loans, net of allowance $ 39,240 $ 36,496 (1) Domestic and foreign categorization is based on the borrower’s country of domicile. (2) Fund finance loans include primarily $10.20 billion private equity capital call finance loans, $6.73 billion loans to real money funds and $1.37 billion loans to business development companies as of June 30, 2024, compared to $9.69 billion private equity capital call finance loans, $6.63 billion loans to real money funds and $1.05 billion loans to business development companies as of December 31, 2023. (3) Includes $2.12 billion securities finance loans, $250 million loans to municipalities and $2 million other loans as of June 30, 2024 and $2.23 billion securities finance loans, $276 million loans to municipalities and $5 million other loans as of December 31, 2023. (4) As of June 30, 2024, excluding overdrafts, floating rate loans totaled $32.90 billion and fixed rate loans totaled $2.80 billion. We have entered into interest rate swap agreements to hedge the forecasted cash flows associated with EURIBOR indexed floating-rate loans. See Note 10 to the consolidated financial statements in our 2023 Form 10-K for additional details. |
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, 2024 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 32,734 $ 2,116 $ 34,850 Speculative 3,529 355 3,884 Special mention 215 62 277 Substandard 32 132 164 Doubtful — 193 193 Total (1)(2) $ 36,510 $ 2,858 $ 39,368 December 31, 2023 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 29,737 $ 2,287 $ 32,024 Speculative 3,546 449 3,995 Special mention 242 62 304 Substandard 14 224 238 Doubtful 23 47 70 Total (1) $ 33,562 $ 3,069 $ 36,631 (1) Loans include $3.67 billion and $2.27 billion of overdrafts as of June 30, 2024 and December 31, 2023, respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. As of June 30, 2024, $3.52 billion overdrafts were investment grade and $0.14 billion overdrafts were speculative. (2) Total does not include $8 million of loans classified as held-for-sale as of June 30, 2024. The following table presents the amortized cost basis, by year of origination and credit quality indicator, as of June 30, 2024. 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) 2024 2023 2022 2021 2020 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 1,731 $ 223 $ 100 $ 163 $ 6 $ 234 $ 15,529 $ 17,986 Speculative 1,199 214 131 473 51 242 79 2,389 Special mention 20 25 — 76 — — — 121 Substandard 3 — — 15 — — — 18 Doubtful — — — — — — — — Total commercial and financing $ 2,953 $ 462 $ 231 $ 727 $ 57 $ 476 $ 15,608 $ 20,514 Commercial real estate: Risk Rating: Investment grade $ 41 $ 196 $ 500 $ 278 $ 128 $ 972 $ — $ 2,115 Speculative — 20 20 69 100 146 — 355 Special mention — — — — — 62 — 62 Substandard — — — — — 132 — 132 Doubtful — — — — — 193 — 193 Total commercial real estate $ 41 $ 216 $ 520 $ 347 $ 228 $ 1,505 $ — $ 2,857 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 3,243 $ 1,907 $ 1,572 $ 2,493 $ — $ — $ 5,534 $ 14,749 Speculative 400 203 83 309 48 45 52 1,140 Special mention — — — 94 — — — 94 Substandard — — — — — 14 — 14 Total commercial and financing $ 3,643 $ 2,110 $ 1,655 $ 2,896 $ 48 $ 59 $ 5,586 $ 15,997 Total loans (2) $ 6,637 $ 2,788 $ 2,406 $ 3,970 $ 333 $ 2,040 $ 21,194 $ 39,368 (1) Any reserve associated with accrued interest is not material. As of June 30, 2024, accrued interest receivable of $297 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 June 30, 2024. The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2023: (In millions) 2023 2022 2021 2020 2019 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 1,399 $ 120 $ 199 $ 8 $ 272 $ 5 $ 15,476 $ 17,479 Speculative 615 285 747 149 291 141 81 2,309 Special mention — 4 164 — 16 — — 184 Substandard 5 — 18 — — — — 23 Total commercial and financing $ 2,019 $ 409 $ 1,128 $ 157 $ 579 $ 146 $ 15,557 $ 19,995 Commercial real estate: Risk Rating: Investment grade $ 216 $ 500 $ 498 $ 100 $ 375 $ 598 $ — $ 2,287 Speculative — 20 31 50 49 299 — 449 Special mention — — — — 22 40 — 62 Substandard — — — — 95 129 — 224 Doubtful — — — — — 47 — 47 Total commercial real estate $ 216 $ 520 $ 529 $ 150 $ 541 $ 1,113 $ — $ 3,069 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 2,943 $ 1,956 $ 2,518 $ — $ — $ — $ 4,841 $ 12,258 Speculative 394 135 481 88 109 18 12 1,237 Special mention — — 29 29 — — — 58 Substandard — — — — — 14 — 14 Total commercial and financing $ 3,337 $ 2,091 $ 3,028 $ 117 $ 109 $ 32 $ 4,853 $ 13,567 Total loans $ 5,572 $ 3,020 $ 4,685 $ 424 $ 1,229 $ 1,291 $ 20,410 $ 36,631 (1) Any reserve associated with accrued interest is not material. As of December 31, 2023, accrued interest receivable of $318 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table. |
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, 2024 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments Total Allowance for credit losses: Beginning balance $ 71 $ 4 $ 60 $ 1 $ 10 $ 146 Charge-offs (11) — — — — (11) Provision (4) — 16 — (2) 10 Ending balance $ 56 $ 4 $ 76 $ 1 $ 8 $ 145 (1) Includes $3 million allowance for credit losses on Fund Finance loans and $1 million on other loans. Six Months Ended June 30, 2024 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments Total Allowance for credit losses: Beginning balance $ 72 $ 3 $ 60 $ 1 $ 14 $ 150 Charge-offs (17) — (25) — — (42) Provision 1 1 41 — (6) 37 Ending balance $ 56 $ 4 $ 76 $ 1 $ 8 $ 145 (1) Includes $3 million allowance for credit losses on Fund Finance loans and $1 million on other loans. Three Months Ended June 30, 2023 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 $ 82 $ 4 $ 29 $ 2 $ 16 $ 29 $ 162 Charge-offs (8) — — — — — (8) Provision 6 (1) 8 (2) (1) (28) (18) Ending balance $ 80 $ 3 $ 37 $ — $ 15 $ 1 $ 136 (1) Includes $2 million allowance for credit losses on Fund Finance loans and $1 million on other loans. Six Months Ended June 30, 2023 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 $ 73 $ 5 $ 19 $ 2 $ 23 $ (1) $ 121 Charge-offs (11) — — — — — (11) Provision 18 (2) 18 (2) (8) 2 26 Ending balance $ 80 $ 3 $ 37 $ — $ 15 $ 1 $ 136 (1) Includes $2 million allowance for credit losses on Fund Finance loans and $1 million on other loans. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2022 $ 7,232 $ 263 $ 7,495 Acquisitions 44 — 44 Foreign currency translation 70 2 72 Ending balance December 31, 2023 $ 7,346 $ 265 $ 7,611 Acquisitions (1) 193 — 193 Foreign currency translation (52) (1) (53) Ending balance June 30, 2024 $ 7,487 $ 264 $ 7,751 (1) Investment Servicing includes the impact of the consolidation of our second operations joint ventures in India. |
Schedule of Finite-Lived Intangible Assets | The following tab le presents changes in the net carrying amount of other intangible assets during the periods indicated: (In millions) Investment Investment Total Other intangible assets: Ending balance December 31, 2022 $ 1,495 $ 49 $ 1,544 Amortization (217) (22) (239) Foreign currency translation 15 — 15 Ending balance December 31, 2023 1,293 27 1,320 Acquisitions 7 13 20 Amortization (109) (11) (120) Foreign currency translation (11) — (11) Ending balance June 30, 2024 $ 1,180 $ 29 $ 1,209 |
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, 2024 Gross Accumulated Net (In millions) Other intangible assets: Client relationships $ 2,734 $ (1,868) $ 866 Technology 404 (235) 169 Core deposits 684 (528) 156 Other 98 (80) 18 Total $ 3,920 $ (2,711) $ 1,209 December 31, 2023 Gross Accumulated Net (In millions) Other intangible assets: Client relationships $ 2,761 $ (1,808) $ 953 Technology 402 (216) 186 Core deposits 690 (516) 174 Other 85 (78) 7 Total $ 3,938 $ (2,618) $ 1,320 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Securities borrowed (1) $ 31,302 $ 23,131 Derivative instruments, net 5,875 5,307 Bank-owned life insurance 3,794 3,742 Investments in joint ventures and other unconsolidated entities (2) 3,043 2,981 Collateral, net 2,594 2,983 Deferred tax assets, net of valuation allowance (3) 960 1,034 Right-of-use assets 836 805 Prepaid expenses 788 598 Receivable for securities settlement 685 1,082 Accounts receivable 452 611 Income taxes receivable 209 246 Deposits with clearing organizations 63 58 Other (4) 2,497 2,228 Total $ 53,098 $ 44,806 (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 o f $196 million and $183 million as of June 30, 2024 and December 31, 2023, respectively. For the six months ended June 30, 2024, no impairments 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 $1.32 billion and $1.15 billion as of June 30, 2024 and December 31, 2023, respectively. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Derivatives not designated as hedging instruments: Interest rate contracts: Futures $ 34,584 $ 12,668 Foreign exchange contracts: Forward, swap and spot 2,892,484 2,528,115 Options purchased 690 851 Options written 225 544 Futures 207 197 Other: Futures 150 125 Stable value contracts (1) 28,344 28,704 Deferred value awards (2) 314 289 Derivatives designated as hedging instruments: Interest rate contracts: Swap agreements 28,366 20,333 Foreign exchange contracts: Forward and swap 9,745 9,777 (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 156 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 15,698 $ 19,498 $ 16,050 $ 19,153 Other derivative contracts — — 169 182 Total $ 15,698 $ 19,498 $ 16,219 $ 19,335 Derivatives designated as hedging instruments: Foreign exchange contracts $ 56 $ 196 $ 23 $ 263 Interest rate contracts 10 13 — 4 Total $ 66 $ 209 $ 23 $ 267 (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, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 15,698 $ 19,498 $ 16,050 $ 19,153 Other derivative contracts — — 169 182 Total $ 15,698 $ 19,498 $ 16,219 $ 19,335 Derivatives designated as hedging instruments: Foreign exchange contracts $ 56 $ 196 $ 23 $ 263 Interest rate contracts 10 13 — 4 Total $ 66 $ 209 $ 23 $ 267 (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, 2024 2023 2024 2023 (In millions) Location of Gain (Loss) on Derivative in Consolidated Statement of Income 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 $ 208 $ 191 $ 415 $ 423 Foreign exchange contracts Interest expense 64 (22) 113 (16) Interest rate contracts Foreign exchange trading services revenue 2 — 9 1 Other derivative contracts Other fee revenue (1) — (3) — Other derivative contracts Compensation and employee benefits (23) (24) (72) (78) Total $ 250 $ 145 $ 462 $ 330 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, 2024 2023 2024 2023 (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 $ (59) $ 156 Available-for-sale securities (1) Net interest income $ 59 $ (156) Interest rate contracts Net interest income 24 (84) Long-term debt Net interest income (24) 84 Foreign exchange contracts Other fee revenue 5 — Available-for-sale securities (1) Other fee revenue (5) — Total $ (30) $ 72 $ 30 $ (72) Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (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 $ 43 43 Available-for-sale securities (2) Net interest income $ (42) $ (43) Interest rate contracts Net interest income (36) 25 Long-term debt Net interest income 36 (25) Foreign exchange contracts Other fee revenue 5 — Available-for-sale securities (1) Other fee revenue (5) Total $ 12 $ 68 $ (11) $ (68) (1) In the three months ended June 30, 2024, approximately $43 million of net unrealized losses on AFS investment securities designated in fair value hedges were recognized in OCI compared to $115 million of net unrealized gains in the same period of 2023. (2) In the six months ended June 30, 2024, approximately $32 million of net unrealized gains on AFS investment securities designated in fair value hedges were recognized in OCI compared to $34 million of net unrealized gains in the same period of 2023. Three Months Ended June 30, Three Months Ended June 30, 2024 2023 Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 2024 2023 (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) $ (7) $ (6) Net interest income $ (55) $ (52) Foreign exchange contracts — 65 Net interest income — — Total derivatives designated as cash flow hedges $ (7) $ 59 $ (55) $ (52) Derivatives designated as net investment hedges: Foreign exchange contracts $ 58 $ (8) Gains (Losses) related to investment securities, net $ — $ — Total derivatives designated as net investment hedges 58 (8) — — Total $ 51 $ 51 $ (55) $ (52) Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (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 $ (21) $ (3) Net interest income $ (110) $ (103) Foreign exchange contracts 59 82 Net interest income 254 1 Total derivatives designated as cash flow hedges $ 38 $ 79 $ 144 $ (102) Derivatives designated as net investment hedges: Foreign exchange contracts $ 243 $ (49) $ — $ — Total derivatives designated as net investment hedges 243 (49) — — Total $ 281 $ 30 $ 144 $ (102) (1) As of June 30, 2024, the maximum maturity date of the underlying hedged items is approximately 5.0 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, 2024 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 $ 12,468 $ (376) $ 128 Available-for-sale securities (2)(3) 18,374 (546) 1 December 31, 2023 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 $ 12,463 $ (340) $ 156 Available-for-sale securities (2)(3) 11,260 (503) 3 (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 financial assets designated under the portfolio layer hedging relationships (hedged item is the hedged layer of a closed portfolio of financial assets expected to remain outstanding at the end of the hedging relationship). At June 30, 2024 and December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $649 million and $685 million, respectively, of which $400 million was designated under the portfolio layer hedging relationship for both periods. At June 30, 2024 and December 31, 2023, the cumulative adjustment associated with these hedging relationships was ($11) million and ($6) million, respectively. (3) Carrying amount represents amortized cost. |
Offsetting Arrangements (Tables
Offsetting Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 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 $ 15,754 $ (8,986) $ 6,768 $ — $ 6,768 Interest rate contracts (6) 10 — 10 — 10 Cash collateral and securities netting NA (903) (903) (478) (1,381) Total derivatives 15,764 (9,889) 5,875 (478) 5,397 Other financial instruments: Resale agreements and securities borrowing (7)(8) 252,407 (214,765) 37,642 (36,214) 1,428 Total derivatives and other financial instruments $ 268,171 $ (224,654) $ 43,517 $ (36,692) $ 6,825 Assets: December 31, 2023 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 $ 19,694 $ (10,496) $ 9,198 $ — $ 9,198 Interest rate contracts (6) 13 — 13 — 13 Cash collateral and securities netting NA (3,904) (3,904) (1,069) (4,973) Total derivatives 19,707 (14,400) 5,307 (1,069) 4,238 Other financial instruments: Resale agreements and securities borrowing (7)(8) 230,384 (200,561) 29,823 (28,016) 1,807 Total derivatives and other financial instruments $ 250,091 $ (214,961) $ 35,130 $ (29,085) $ 6,045 (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 $37.64 billion as of June 30, 2024 were $6.34 billion of resale agreements and $31.30 billion of collateral provided related to securities borrowing. Included in the $29.82 billion as of December 31, 2023 were $6.69 billion of resale agreements and $23.13 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, 2024 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 $ 16,073 $ (8,986) $ 7,087 $ — $ 7,087 Other derivative contracts 169 — 169 — 169 Cash collateral and securities netting NA (3,221) (3,221) (1,040) (4,261) Total derivatives 16,242 (12,207) 4,035 (1,040) 2,995 Other financial instruments: Repurchase agreements and securities lending (7)(8) 230,509 (214,765) 15,744 (15,111) 633 Total derivatives and other financial instruments $ 246,751 $ (226,972) $ 19,779 $ (16,151) $ 3,628 Liabilities: December 31, 2023 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 $ 19,416 $ (10,496) $ 8,920 $ — $ 8,920 Interest rate contracts (6) 4 — 4 — 4 Other derivative contracts 182 — 182 — 182 Cash collateral and securities netting NA (1,413) (1,413) (633) (2,046) Total derivatives 19,602 (11,909) 7,693 (633) 7,060 Other financial instruments: Repurchase agreements and securities lending (7)(8) 214,362 (200,561) 13,801 (13,306) 495 Total derivatives and other financial instruments $ 233,964 $ (212,470) $ 21,494 $ (13,939) $ 7,555 (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 $15.74 billion as of June 30, 2024 were $2.72 billion of repurchase agreements and $13.02 billion of collateral received related to securities lending transactions. Included in the $13.80 billion as of December 31, 2023 were $1.87 billion of repurchase agreements and $11.93 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, 2024 As of December 31, 2023 (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 $ 207,768 $ 790 $ 231 $ 1,833 $ 210,622 $ 196,212 $ — $ 185 $ 1,360 $ 197,757 Total 207,768 790 231 1,833 210,622 196,212 — 185 1,360 197,757 Securities lending transactions: US Treasury and agency securities 1 — — — 1 6 — — — 6 Corporate debt securities 215 — 2 — 217 278 — 3 — 281 Equity securities 9,688 15 5 3,215 12,923 7,128 20 13 2,291 9,452 Other (1) 6,746 — — — 6,746 6,866 — — — 6,866 Total 16,650 15 7 3,215 19,887 14,278 20 16 2,291 16,605 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 224,418 $ 805 $ 238 $ 5,048 $ 230,509 $ 210,490 $ 20 $ 201 $ 3,651 $ 214,362 (1) Represents a security interest in underlying client assets related to our prime services business, which clients have allowed us to transfer and re-pledge. |
Commitments and Guarantees (Tab
Commitments and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Commitments: Unfunded credit facilities $ 33,393 $ 34,197 Guarantees (1) : Indemnified securities financing $ 323,808 $ 279,916 Standby letters of credit 1,269 1,510 (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, 2024 December 31, 2023 Fair value of indemnified securities financing $ 323,808 $ 279,916 Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 339,737 293,855 Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 71,467 59,028 Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements 76,525 63,105 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Variable Interest Entities | The following table presents the impact of our tax credit programs for which we have elected to apply proportional amortization accounting on our consolidated statement of income for the periods indicated: (In millions) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Income (loss) recorded on investments within other fee revenue $ 8 $ 12 Income recorded in total revenue 8 12 Tax credits and benefits recognized in income tax expense 71 127 Proportional amortization recognized in income tax expense (55) (99) Net benefits included in income tax expense 16 28 Net benefit attributable to tax-advantaged investments included in the consolidated statement of income $ 24 $ 40 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024: 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, 2024 Redemption Date (2) Series G April 2016 20,000,000 $ 500 1/4,000th 100,000 25 5.35% (3) Quarterly $ 493 March 15, 2026 Series H September 2018 500,000 500 1/100th 100,000 1,000 Floating rate equal to the three-month CME term SOFR plus 2.801%, or 8.185% effective December 15, 2023 Semi-annually 494 December 15, 2023 Series I January 2024 1,500,000 1,500 1/100th 100,000 1,000 6.700% through March 14, 2029; resets March 15, 2029 and every subsequent five Quarterly 1,481 March 15, 2029 (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) |
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, 2024 2023 (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 Series F — — — 2,163 21.63 5 Series G 1,338 0.33 6 1,338 0.33 7 Series H 2,145 21.45 11 2,813 28.13 14 Series I 2,513 25.13 38 — — — Total $ 55 $ 37 Six Months Ended June 30, 2024 2023 (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 $ 2,950 $ 0.74 $ 22 Series F 2,336 23.36 6 4,254 42.54 11 Series G 2,675 0.67 13 2,675 0.66 13 Series H 4,214 42.14 21 2,813 28.13 14 Series I 2,513 25.13 38 — — — Total $ 89 $ 60 The tables below present the dividends declared on common stock for the periods indicated: Three Months Ended June 30, 2024 2023 Dividends Declared per Share Total (In millions) Dividends Declared per Share Total (In millions) Common Stock $ 0.69 $ 207 $ 0.63 $ 203 Six Months Ended June 30, 2024 2023 Dividends Declared per Share Total (In millions) Dividends Declared per Share Total (In millions) Common Stock $ 1.38 $ 415 $ 1.26 $ 415 |
Stock Repurchase Program | The table below presents the activity under our common share repurchase program for the period indicated: Three Months Ended June 30, 2024 2023 Shares Acquired Average Cost per Share Total Acquired Shares Acquired (In millions) Average Cost per Share Total Acquired (In millions) 2024 Program 2.7 $ 74.52 $ 200 — $ — $ — 2023 Program — — — 14.8 71.08 1,050 Six Months Ended June 30, 2024 2023 Shares Acquired Average Cost per Share Total Acquired Shares Acquired (In millions) Average Cost per Share Total Acquired (In millions) 2024 Program 4.0 $ 74.09 $ 300 — $ — $ — 2023 Program — — — 28.4 80.93 2,300 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the after-tax components of AOCI and changes for the periods indicated, net of related taxes: (In millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Investment Securities (1) Net Unrealized Losses on Retirement Plans Foreign Currency Translation Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries Total Balance as of December 31, 2022 $ (359) $ (1,817) $ (143) $ (1,751) $ 359 $ (3,711) Other comprehensive income (loss) before reclassifications 58 44 — 207 (49) 260 Increase (decrease) due to amounts reclassified from accumulated other comprehensive income 75 106 12 — — 193 Other comprehensive income (loss) 133 150 12 207 (49) 453 Balance as of June 30, 2023 $ (226) $ (1,667) $ (131) $ (1,544) $ 310 $ (3,258) Balance as of December 31, 2023 $ (131) $ (947) $ (145) $ (1,400) $ 269 $ (2,354) Other comprehensive income (loss) before reclassifications 30 (45) 6 (358) 243 (124) Increase (decrease) due to amounts reclassified from accumulated other comprehensive income (107) 270 1 — — 164 Other comprehensive income (loss) (77) 225 7 (358) 243 40 Balance as of June 30, 2024 $ (208) $ (722) $ (138) $ (1,758) $ 512 $ (2,314) (1) Includes after-tax net unamortized unrealized gains (losses) of ($454) million and ($530) million as of June 30, 2024 and December 31, 2023, respectively, related to AFS investment securities previously transferred to HTM. |
Schedule of Reclassifications Out of AOCI | The following tables present after-tax reclassifications into earnings for the periods indicated: Three Months Ended June 30, 2024 2023 (In millions) Amounts Reclassified into Earnings Affected Line Item in Consolidated Statement of Income Investment securities: Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $15 and $20, respectively $ 42 $ 54 Net interest income Cash flow hedges: Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of $14 and $14, respectively 40 38 Net interest income Total amounts reclassified from accumulated other comprehensive income $ 82 $ 92 Six Months Ended June 30, 2024 2023 (In millions) Amounts Reclassified into Earnings Affected Line Item in Consolidated Statement of Income Investment securities: Losses reclassified from accumulated other comprehensive income into income, net of related taxes of $98 and $39, respectively $ 270 $ 106 Net interest income Cash flow hedges: Losses (gains) reclassified from accumulated other comprehensive income into income, net of related taxes of ($38) and $27, respectively (107) 75 Net interest income Retirement plans: Amortization of actuarial losses, net of related taxes of $0 and $5, respectively 1 12 Compensation and employee benefits expenses Total amounts reclassified from accumulated other comprehensive income $ 164 $ 193 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Basel III Standardized Approach June 30, 2024 Basel III Advanced Approaches December 31, 2023 Basel III Standardized Approach December 31, 2023 Basel III Advanced Approaches June 30, 2024 Basel III Standardized Approach June 30, 2024 Basel III Advanced Approaches December 31, 2023 Basel III Standardized Approach December 31, 2023 Common shareholders' equity: Common stock and related surplus $ 11,225 $ 11,225 $ 11,245 $ 11,245 $ 13,333 $ 13,333 $ 13,033 $ 13,033 Retained earnings 28,615 28,615 27,957 27,957 15,322 15,322 14,454 14,454 Accumulated other comprehensive income (loss) (2,314) (2,314) (2,354) (2,354) (2,037) (2,037) (2,097) (2,097) Treasury stock, at cost (15,232) (15,232) (15,025) (15,025) — — — — Total 22,294 22,294 21,823 21,823 26,618 26,618 25,390 25,390 Regulatory capital adjustments: Goodwill and other intangible assets, net of associated deferred tax liabilities (8,499) (8,499) (8,470) (8,470) (8,228) (8,228) (8,208) (8,208) Other adjustments (1) (449) (449) (382) (382) (352) (352) (298) (298) Common equity tier 1 capital 13,346 13,346 12,971 12,971 18,038 18,038 16,884 16,884 Preferred stock 2,468 2,468 1,976 1,976 — — — — Tier 1 capital 15,814 15,814 14,947 14,947 18,038 18,038 16,884 16,884 Qualifying subordinated long-term debt 1,868 1,868 1,870 1,870 533 533 536 536 Allowance for credit losses — 145 — 150 — 145 — 150 Total capital $ 17,682 $ 17,827 $ 16,817 $ 16,967 $ 18,571 $ 18,716 $ 17,420 $ 17,570 Risk-weighted assets: Credit risk (2) $ 60,605 $ 116,656 $ 61,210 $ 109,228 $ 54,476 $ 114,647 $ 54,942 $ 107,067 Operational risk (3) 48,031 NA 43,768 NA 46,915 NA 42,297 NA Market risk 2,588 2,588 2,475 2,475 2,588 2,588 2,475 2,475 Total risk-weighted assets $ 111,224 $ 119,244 $ 107,453 $ 111,703 $ 103,979 $ 117,235 $ 99,714 $ 109,542 Adjusted quarterly average assets $ 297,350 $ 297,350 $ 269,807 $ 269,807 $ 294,123 $ 294,123 $ 266,818 $ 266,818 Capital Ratios: 2024 Minimum Requirements (4) 2023 Minimum Requirements (4) Common equity tier 1 capital 8.0 % 8.0 % 12.0 % 11.2 % 12.1 % 11.6 % 17.3 % 15.4 % 16.9 % 15.4 % Tier 1 capital 9.5 9.5 14.2 13.3 13.9 13.4 17.3 15.4 16.9 15.4 Total capital 11.5 11.5 15.9 15.0 15.7 15.2 17.9 16.0 17.5 16.0 Tier 1 leverage (5) 4.0 4.0 5.3 5.3 5.5 5.5 6.1 6.1 6.3 6.3 (1) Other adjustments within CET1 capital primarily include AOCI hedges that are not recognized at fair value on the balance sheet, 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 over-the-counter 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. (4) 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%. On June 26, 2024, we were notified by the Federal Reserve of the results from the 2024 supervisory stress test. Our preliminary SCB calculated under the 2024 supervisory stress test was well below the 2.5% minimum, resulting in an SCB at that floor, which will continue to remain in effect from October 1, 2024, through September 30, 2025. (5) State Street Bank is required to maintain a minimum Tier 1 leverage ratio of 5% as it is the insured depository institution subsidiary of State Street Corporation, a U.S. G-SIB. NA |
Net Interest Income (Tables)
Net Interest Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) 2024 2023 2024 2023 Interest income: Interest-bearing deposits with banks $ 929 $ 696 $ 1,927 $ 1,338 Investment securities: Investment securities available-for-sale 672 408 1,244 755 Investment securities held-to-maturity 277 320 571 640 Total investment securities 949 728 1,815 1,395 Securities purchased under resale agreements 166 81 333 157 Loans 563 442 1,109 839 Other interest-earning assets 391 285 703 530 Total interest income 2,998 2,232 5,887 4,259 Interest expense: Interest-bearing deposits 1,637 1,193 3,277 2,147 Securities sold under repurchase agreements 43 13 82 22 Short-term borrowings 167 20 268 32 Long-term debt 267 209 525 393 Other interest-bearing liabilities 149 106 284 208 Total interest expense 2,263 1,541 4,436 2,802 Net interest income $ 735 $ 691 $ 1,451 $ 1,457 |
Expenses (Tables)
Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) 2024 2023 2024 2023 Professional services $ 111 $ 110 $ 221 $ 216 Sales advertising and public relations 34 30 59 53 Securities processing 19 15 27 25 Bank operations 14 13 22 24 Regulatory fees and assessments (1) 9 18 150 44 Donations 1 7 26 14 Other 112 93 213 180 Total other expenses $ 300 $ 286 $ 718 $ 556 (1) First quarter of 2024 other expenses included a $130 million increase to the FDIC special assessment recorded in the fourth quarter of 2023, primarily related to the increase to the FDIC’s estimate of losses to the DIF associated with the closures of Silicon Valley Bank and Signature Bank. |
Restructuring and Related Costs | The following table presents aggregate activity for repositioning charges for the periods indicated: (In millions) Employee Real Estate Total Accrual Balance at December 31, 2022 $ 83 $ 5 $ 88 Payments and other adjustments (14) (1) (15) Accrual Balance at March 31, 2023 69 4 73 Payments and Other Adjustments (16) (1) (17) Accrual Balance at June 30, 2023 $ 53 $ 3 $ 56 Accrual Balance at December 31, 2023 $ 207 $ 1 $ 208 Payments and other adjustments (19) — (19) Accrual Balance at March 31, 2024 188 1 189 Payments and Other Adjustments (37) — (37) Accrual Balance at June 30, 2024 $ 151 $ 1 $ 152 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) 2024 2023 2024 2023 Net income $ 711 $ 763 $ 1,174 $ 1,312 Less: Preferred stock dividends (55) (37) (100) (60) Dividends and undistributed earnings allocated to participating securities (1) (1) — (1) (1) Net income available to common shareholders $ 655 $ 726 $ 1,073 $ 1,251 Average common shares outstanding (In thousands): Basic average common shares 300,564 329,383 301,278 335,212 Effect of dilutive securities: equity-based awards 4,201 4,157 4,076 4,261 Diluted average common shares 304,765 333,540 305,354 339,473 Anti-dilutive securities (2) 948 2,282 1,151 1,380 Earnings per common share: Basic $ 2.18 $ 2.20 $ 3.56 $ 3.73 Diluted (3) 2.15 2.17 3.52 3.68 (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 171 to 173 in Note 18 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2023 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, 2024 | |
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 amounts that are not allocated to our two lines of business, and for the six months ended June 30, 2024, are primarily related to the expenses associated with the FDIC special assessment to recover estimated losses to the Deposit Insurance Fund arising from the protection of uninsured depositors following the closure of SVB and Signature Bank. Three Months Ended June 30, Investment Investment Other Total (Dollars in millions) 2024 2023 2024 2023 2024 2023 2024 2023 Servicing fees $ 1,239 $ 1,259 $ — $ — $ — $ — $ 1,239 $ 1,259 Management fees — — 511 461 — — 511 461 Foreign exchange trading services 304 276 32 27 — — 336 303 Securities finance 101 109 7 8 — — 108 117 Software and processing fees 214 221 — — — — 214 221 Other fee revenue 36 55 12 3 — — 48 58 Total fee revenue 1,894 1,920 562 499 — — 2,456 2,419 Net interest income 730 687 5 4 — — 735 691 Total revenue 2,624 2,607 567 503 — — 3,191 3,110 Provision for credit losses 10 (18) — — — — 10 (18) Total expenses 1,880 1,850 388 361 1 1 2,269 2,212 Income before income tax expense $ 734 $ 775 $ 179 $ 142 $ (1) $ (1) $ 912 $ 916 Pre-tax margin 28 % 30 % 32 % 28 % 29 % 29 % Six Months Ended June 30, Investment Investment Other Total (Dollars in millions) 2024 2023 2024 2023 2024 2023 2024 2023 Servicing fees $ 2,467 $ 2,476 $ — $ — $ — $ — $ 2,467 $ 2,476 Management fees — — 1,021 918 — — 1,021 918 Foreign exchange trading services 612 597 55 48 — — 667 645 Securities finance 191 212 13 14 — — 204 226 Software and processing fees (1) 421 386 — — — — 421 386 Other fee revenue 79 83 19 20 — — 98 103 Total fee revenue 3,770 3,754 1,108 1,000 — — 4,878 4,754 Net interest income 1,441 1,449 10 8 — — 1,451 1,457 Total other income — — — — — — — — Total revenue 5,211 5,203 1,118 1,008 — — 6,329 6,211 Provision for credit losses 37 26 — — — — 37 26 Total expenses 3,843 3,828 808 747 131 6 4,782 4,581 Income before income tax expense $ 1,331 $ 1,349 $ 310 $ 261 $ (131) $ (6) 1,510 $ 1,604 Pre-tax margin 26 % 26 % 28 % 26 % 24 % 26 % |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2024 Servicing fees $ 1,239 $ — $ 1,239 $ — $ — $ — $ 1,239 Management fees — — — 511 — 511 511 Foreign exchange trading services 95 209 304 32 — 32 336 Securities finance 46 55 101 — 7 7 108 Software and processing fees 162 52 214 — — — 214 Other fee revenue — 36 36 — 12 12 48 Total fee revenue 1,542 352 1,894 543 19 562 2,456 Net interest income — 730 730 — 5 5 735 Total revenue $ 1,542 $ 1,082 $ 2,624 $ 543 $ 24 $ 567 $ 3,191 Six Months Ended June 30, 2024 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2024 Servicing fees $ 2,467 $ — $ 2,467 $ — $ — $ — $ 2,467 Management fees — — — 1,021 — 1,021 1,021 Foreign exchange trading services 190 422 612 55 — 55 667 Securities finance 94 97 191 — 13 13 204 Software and processing fees 318 103 421 — — — 421 Other fee revenue — 79 79 — 19 19 98 Total fee revenue 3,069 701 3,770 1,076 32 1,108 4,878 Net interest income — 1,441 1,441 — 10 10 1,451 Total revenue $ 3,069 $ 2,142 $ 5,211 $ 1,076 $ 42 $ 1,118 $ 6,329 Three Months Ended June 30, 2023 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2023 Servicing fees $ 1,259 $ — $ 1,259 $ — $ — $ — $ 1,259 Management fees — — — 461 — 461 461 Foreign exchange trading services 86 190 276 27 — 27 303 Securities finance 61 48 109 — 8 8 117 Software and processing fees 174 47 221 — — — 221 Other fee revenue — 55 55 — 3 3 58 Total fee revenue 1,580 340 1,920 488 11 499 2,419 Net interest income — 687 687 — 4 4 691 Total revenue $ 1,580 $ 1,027 $ 2,607 $ 488 $ 15 $ 503 $ 3,110 Six Months Ended June 30, 2023 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2023 Servicing fees $ 2,476 $ — $ 2,476 $ — $ — $ — $ 2,476 Management fees — — — 918 — 918 918 Foreign exchange trading services 176 421 597 48 — 48 645 Securities finance 124 88 212 — 14 14 226 Software and processing fees 294 92 386 — — — 386 Other fee revenue — 83 83 — 20 20 103 Total fee revenue 3,070 684 3,754 966 34 1,000 4,754 Net interest income — 1,449 1,449 — 8 8 1,457 Total revenue $ 3,070 $ 2,133 $ 5,203 $ 966 $ 42 $ 1,008 $ 6,211 |
Non-U.S. Activities (Tables)
Non-U.S. Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 (In millions) Non-U.S. (1) U.S. Total Non-U.S. (1) U.S. Total Total revenue $ 1,388 $ 1,803 $ 3,191 $ 1,400 $ 1,710 $ 3,110 Income before income tax expense 351 561 912 433 483 916 Six Months Ended June 30, 2024 2023 (In millions) Non-U.S. (1) U.S. Total Non-U.S. (1) U.S. Total Total revenue $ 2,732 $ 3,597 $ 6,329 $ 2,696 $ 3,515 $ 6,211 Income before income tax expense 642 868 1,510 692 912 1,604 (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_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Line Items] | ||
Cash and due from banks | $ 2,898 | $ 4,047 |
Russia | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and due from banks | 700 | 1,500 |
Western Europe | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and due from banks | $ 1,300 | $ 1,900 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | $ 780 | $ 773 |
Available-for-sale investment securities: | 56,755 | 44,526 |
Bank-owned life insurance | 5,875 | 5,307 |
Derivative asset, collateral, cash offset | 903 | 3,904 |
Derivative liability, collateral, cash offset | 3,221 | 1,413 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 141 | 306 |
Direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 18,589 | 8,301 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 10,949 | 10,755 |
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: | 29,538 | 19,056 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,356 | 1,857 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,238 | 2,137 |
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: | 16,161 | 15,100 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 3,044 | 2,735 |
Total non-U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 23,799 | 21,829 |
Student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 101 | 114 |
Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,612 | 2,527 |
Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 136 | 249 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 91 | 90 |
Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,940 | 2,980 |
State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 337 | 355 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 780 | 773 |
Available-for-sale investment securities: | 56,755 | 44,526 |
Derivative asset, Impact of Netting | (9,889) | (14,400) |
Bank-owned life insurance | 5,875 | 5,307 |
Other | 661 | 651 |
Other, Impact of Netting | 0 | 0 |
Total | 64,071 | 51,257 |
Derivative liability, Impact of Netting | (12,207) | (11,909) |
Derivative liabilities | 4,035 | 7,693 |
Total liabilities carried at fair value | 4,035 | 7,693 |
Recurring | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, Impact of Netting | (9,886) | (14,387) |
Bank-owned life insurance | 5,868 | 5,307 |
Derivative liability, Impact of Netting | (12,207) | (11,909) |
Derivative liabilities | 3,866 | 7,507 |
Recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, Impact of Netting | (3) | (13) |
Bank-owned life insurance | 7 | 0 |
Derivative liability, Impact of Netting | 0 | 0 |
Derivative liabilities | 0 | 4 |
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 | 169 | 182 |
Recurring | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 35 | 36 |
Recurring | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 130 | 138 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 615 | 599 |
Available-for-sale investment securities: | 141 | 306 |
Recurring | Direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 18,589 | 8,301 |
Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 10,949 | 10,755 |
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: | 29,538 | 19,056 |
Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,356 | 1,857 |
Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,238 | 2,137 |
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: | 16,161 | 15,100 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 3,044 | 2,735 |
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: | 23,799 | 21,829 |
Recurring | Student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 101 | 114 |
Recurring | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,612 | 2,527 |
Recurring | Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 136 | 249 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 91 | 90 |
Recurring | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,940 | 2,980 |
Recurring | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 337 | 355 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 35 | 36 |
Available-for-sale investment securities: | 18,589 | 8,301 |
Derivative asset | 12 | 0 |
Other | 18 | 11 |
Total | 18,654 | 8,348 |
Derivative liability | 0 | 5 |
Total liabilities carried at fair value | 0 | 5 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 4 | 0 |
Derivative liability | 0 | 1 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 8 | 0 |
Derivative liability | 0 | 4 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 35 | 36 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Available-for-sale investment securities: | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 18,589 | 8,301 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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: | 18,589 | 8,301 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Total non-U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | 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 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Quoted Market Prices in Active Markets (Level 1) | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 745 | 737 |
Available-for-sale investment securities: | 38,166 | 36,225 |
Derivative asset | 15,749 | 19,703 |
Other | 643 | 640 |
Total | 55,303 | 57,305 |
Derivative liability | 16,242 | 19,596 |
Total liabilities carried at fair value | 16,242 | 19,596 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 15,747 | 19,690 |
Derivative liability | 16,073 | 19,414 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 2 | 13 |
Derivative liability | 0 | 0 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 169 | 182 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 130 | 138 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 615 | 599 |
Available-for-sale investment securities: | 141 | 306 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 10,949 | 10,755 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | 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: | 10,949 | 10,755 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,356 | 1,857 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,238 | 2,137 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | 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: | 16,161 | 15,100 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 3,044 | 2,735 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Total non-U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 23,799 | 21,829 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 101 | 114 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,612 | 2,527 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 136 | 249 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 91 | 90 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 2,940 | 2,980 |
Recurring | Pricing Methods with Significant Observable Market Inputs (Level 2) | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 337 | 355 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Available-for-sale investment securities: | 0 | 0 |
Derivative asset | 3 | 4 |
Other | 0 | 0 |
Total | 3 | 4 |
Derivative liability | 0 | 1 |
Total liabilities carried at fair value | 0 | 1 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 3 | 4 |
Derivative liability | 0 | 1 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other | ||
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 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Total non-U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | 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 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | 0 | 0 |
Recurring | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities: | $ 0 | $ 0 |
Fair Value - Carrying Value and
Fair Value - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financial Assets: | ||
Cash and due from banks | $ 2,898 | $ 4,047 |
Interest-bearing deposits with banks | 99,876 | 87,665 |
Securities purchased under resale agreements | 6,340 | 6,692 |
Investment securities held-to-maturity | 44,916 | 51,503 |
Financial Liabilities: | ||
Non-interest-bearing | 34,519 | 32,569 |
Interest-bearing - U.S. | 140,983 | 121,738 |
Interest-bearing - non-U.S. | 63,658 | 66,663 |
Securities sold under repurchase agreements | 2,716 | 1,867 |
Other short-term borrowings | 13,571 | 3,660 |
Financing receivable, held-for-sale | 8 | |
Reported Amount | ||
Financial Assets: | ||
Cash and due from banks | 2,898 | 4,047 |
Interest-bearing deposits with banks | 99,876 | 87,665 |
Securities purchased under resale agreements | 6,340 | 6,692 |
Investment securities held-to-maturity | 51,051 | 57,117 |
Net loans | 39,240 | 36,496 |
Other | 6,746 | 6,866 |
Financial Liabilities: | ||
Non-interest-bearing | 34,519 | 32,569 |
Interest-bearing - U.S. | 140,983 | 121,738 |
Interest-bearing - non-U.S. | 63,658 | 66,663 |
Securities sold under repurchase agreements | 2,716 | 1,867 |
Other short-term borrowings | 13,571 | 3,660 |
Long-term debt | 19,737 | 18,839 |
Other | 6,746 | 6,866 |
Estimated Fair Value | ||
Financial Assets: | ||
Cash and due from banks | 2,898 | 4,047 |
Interest-bearing deposits with banks | 99,876 | 87,665 |
Securities purchased under resale agreements | 6,340 | 6,692 |
Investment securities held-to-maturity | 44,916 | 51,503 |
Net loans | 39,053 | 36,335 |
Other | 6,746 | 6,866 |
Financial Liabilities: | ||
Non-interest-bearing | 34,519 | 32,569 |
Interest-bearing - U.S. | 140,983 | 121,738 |
Interest-bearing - non-U.S. | 63,658 | 66,663 |
Securities sold under repurchase agreements | 2,716 | 1,867 |
Other short-term borrowings | 13,571 | 3,660 |
Long-term debt | 19,569 | 18,417 |
Other | 6,746 | 6,866 |
Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1) | ||
Financial Assets: | ||
Cash and due from banks | 2,898 | 4,047 |
Interest-bearing deposits with banks | 0 | 0 |
Securities purchased under resale agreements | 0 | 0 |
Investment securities held-to-maturity | 5,968 | 8,409 |
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 | 99,876 | 87,665 |
Securities purchased under resale agreements | 6,340 | 6,692 |
Investment securities held-to-maturity | 38,948 | 43,094 |
Net loans | 37,298 | 34,308 |
Other | 6,746 | 6,866 |
Financial Liabilities: | ||
Non-interest-bearing | 34,519 | 32,569 |
Interest-bearing - U.S. | 140,983 | 121,738 |
Interest-bearing - non-U.S. | 63,658 | 66,663 |
Securities sold under repurchase agreements | 2,716 | 1,867 |
Other short-term borrowings | 13,571 | 3,660 |
Long-term debt | 19,151 | 18,216 |
Other | 6,746 | 6,866 |
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 | 1,755 | 2,027 |
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 | 418 | 201 |
Other | $ 0 | $ 0 |
Investment Securities - Schedul
Investment Securities - Schedule of Marketable Securities (Details) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | $ 57,090,000,000 | $ 44,853,000,000 | |||
Available for sale, gross unrealized gains | 110,000,000 | 209,000,000 | |||
Available for sale, gross unrealized losses | 445,000,000 | 536,000,000 | |||
Available-for-sale, fair value | 56,755,000,000 | 44,526,000,000 | |||
Held to maturity, amortized cost | 51,051,000,000 | 57,117,000,000 | |||
Investment securities held-to-maturity | 44,916,000,000 | 51,503,000,000 | |||
Allowance for credit losses on available-for-sale securities | 0 | 0 | $ 0 | $ 2,000,000 | $ 2,000,000 |
Direct obligations | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 18,699,000,000 | 8,427,000,000 | |||
Available for sale, gross unrealized gains | 35,000,000 | 39,000,000 | |||
Available for sale, gross unrealized losses | 145,000,000 | 165,000,000 | |||
Available-for-sale, fair value | 18,589,000,000 | 8,301,000,000 | |||
Held to maturity, amortized cost | 6,119,000,000 | 8,584,000,000 | |||
Held to maturity, gross unrealized gains | 0 | 0 | |||
Held to maturity, gross unrealized losses | 142,000,000 | 163,000,000 | |||
Investment securities held-to-maturity | 5,977,000,000 | 8,421,000,000 | |||
Mortgage-backed securities | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 11,057,000,000 | 10,870,000,000 | |||
Available for sale, gross unrealized gains | 22,000,000 | 49,000,000 | |||
Available for sale, gross unrealized losses | 130,000,000 | 164,000,000 | |||
Available-for-sale, fair value | 10,949,000,000 | 10,755,000,000 | |||
Held to maturity, amortized cost | 37,837,000,000 | 39,472,000,000 | |||
Held to maturity, gross unrealized gains | 1,000,000 | 7,000,000 | |||
Held to maturity, gross unrealized losses | 5,845,000,000 | 5,271,000,000 | |||
Investment securities held-to-maturity | 31,993,000,000 | 34,208,000,000 | |||
Total U.S. Treasury and federal agencies | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 29,756,000,000 | 19,297,000,000 | |||
Available for sale, gross unrealized gains | 57,000,000 | 88,000,000 | |||
Available for sale, gross unrealized losses | 275,000,000 | 329,000,000 | |||
Available-for-sale, fair value | 29,538,000,000 | 19,056,000,000 | |||
Held to maturity, amortized cost | 43,956,000,000 | 48,056,000,000 | |||
Held to maturity, gross unrealized gains | 1,000,000 | 7,000,000 | |||
Held to maturity, gross unrealized losses | 5,987,000,000 | 5,434,000,000 | |||
Investment securities held-to-maturity | 37,970,000,000 | 42,629,000,000 | |||
Mortgage-backed securities | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 2,355,000,000 | 1,861,000,000 | |||
Available for sale, gross unrealized gains | 5,000,000 | 3,000,000 | |||
Available for sale, gross unrealized losses | 4,000,000 | 7,000,000 | |||
Available-for-sale, fair value | 2,356,000,000 | 1,857,000,000 | |||
Asset-backed securities | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 2,235,000,000 | 2,148,000,000 | |||
Available for sale, gross unrealized gains | 6,000,000 | 2,000,000 | |||
Available for sale, gross unrealized losses | 3,000,000 | 13,000,000 | |||
Available-for-sale, fair value | 2,238,000,000 | 2,137,000,000 | |||
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 | 16,280,000,000 | 15,159,000,000 | |||
Available for sale, gross unrealized gains | 11,000,000 | 73,000,000 | |||
Available for sale, gross unrealized losses | 130,000,000 | 132,000,000 | |||
Available-for-sale, fair value | 16,161,000,000 | 15,100,000,000 | |||
Held to maturity, amortized cost | 4,273,000,000 | 5,757,000,000 | |||
Held to maturity, gross unrealized gains | 0 | 8,000,000 | |||
Held to maturity, gross unrealized losses | 141,000,000 | 153,000,000 | |||
Investment securities held-to-maturity | 4,132,000,000 | 5,612,000,000 | |||
Other | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 3,046,000,000 | 2,733,000,000 | |||
Available for sale, gross unrealized gains | 23,000,000 | 39,000,000 | |||
Available for sale, gross unrealized losses | 25,000,000 | 37,000,000 | |||
Available-for-sale, fair value | 3,044,000,000 | 2,735,000,000 | |||
Total non-U.S. debt securities | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 23,916,000,000 | 21,901,000,000 | |||
Available for sale, gross unrealized gains | 45,000,000 | 117,000,000 | |||
Available for sale, gross unrealized losses | 162,000,000 | 189,000,000 | |||
Available-for-sale, fair value | 23,799,000,000 | 21,829,000,000 | |||
Held to maturity, amortized cost | 4,273,000,000 | 5,757,000,000 | |||
Held to maturity, gross unrealized gains | 0 | 8,000,000 | |||
Held to maturity, gross unrealized losses | 141,000,000 | 153,000,000 | |||
Investment securities held-to-maturity | 4,132,000,000 | 5,612,000,000 | |||
Student loans | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 99,000,000 | 113,000,000 | |||
Available for sale, gross unrealized gains | 2,000,000 | 1,000,000 | |||
Available for sale, gross unrealized losses | 0 | 0 | |||
Available-for-sale, fair value | 101,000,000 | 114,000,000 | |||
Held to maturity, amortized cost | 2,817,000,000 | 3,298,000,000 | |||
Held to maturity, gross unrealized gains | 6,000,000 | 2,000,000 | |||
Held to maturity, gross unrealized losses | 31,000,000 | 62,000,000 | |||
Investment securities held-to-maturity | 2,792,000,000 | 3,238,000,000 | |||
Collateralized loan obligations | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 2,607,000,000 | 2,530,000,000 | |||
Available for sale, gross unrealized gains | 5,000,000 | 3,000,000 | |||
Available for sale, gross unrealized losses | 0 | 6,000,000 | |||
Available-for-sale, fair value | 2,612,000,000 | 2,527,000,000 | |||
Non-agency CMBS and RMBS | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 137,000,000 | 252,000,000 | |||
Available for sale, gross unrealized gains | 0 | 0 | |||
Available for sale, gross unrealized losses | 1,000,000 | 3,000,000 | |||
Available-for-sale, fair value | 136,000,000 | 249,000,000 | |||
Held to maturity, amortized cost | 5,000,000 | 6,000,000 | |||
Held to maturity, gross unrealized gains | 17,000,000 | 18,000,000 | |||
Held to maturity, gross unrealized losses | 0 | 0 | |||
Investment securities held-to-maturity | 22,000,000 | 24,000,000 | |||
Other | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 90,000,000 | 90,000,000 | |||
Available for sale, gross unrealized gains | 1,000,000 | 0 | |||
Available for sale, gross unrealized losses | 0 | 0 | |||
Available-for-sale, fair value | 91,000,000 | 90,000,000 | |||
Total asset-backed securities | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 2,933,000,000 | 2,985,000,000 | |||
Available for sale, gross unrealized gains | 8,000,000 | 4,000,000 | |||
Available for sale, gross unrealized losses | 1,000,000 | 9,000,000 | |||
Available-for-sale, fair value | 2,940,000,000 | 2,980,000,000 | |||
Held to maturity, amortized cost | 2,822,000,000 | 3,304,000,000 | |||
Held to maturity, gross unrealized gains | 23,000,000 | 20,000,000 | |||
Held to maturity, gross unrealized losses | 31,000,000 | 62,000,000 | |||
Investment securities held-to-maturity | 2,814,000,000 | 3,262,000,000 | |||
State and political subdivisions | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 340,000,000 | 356,000,000 | |||
Available for sale, gross unrealized gains | 0 | 0 | |||
Available for sale, gross unrealized losses | 3,000,000 | 1,000,000 | |||
Available-for-sale, fair value | 337,000,000 | 355,000,000 | |||
Other U.S. debt securities | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 145,000,000 | 314,000,000 | |||
Available for sale, gross unrealized gains | 0 | 0 | |||
Available for sale, gross unrealized losses | 4,000,000 | 8,000,000 | |||
Available-for-sale, fair value | 141,000,000 | 306,000,000 | |||
Including MMLF | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Held to maturity, amortized cost | 51,051,000,000 | 57,117,000,000 | |||
Held to maturity, gross unrealized gains | 24,000,000 | 35,000,000 | |||
Held to maturity, gross unrealized losses | 6,159,000,000 | 5,649,000,000 | |||
Investment securities held-to-maturity | 44,916,000,000 | 51,503,000,000 | |||
Agency CMBS | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 5,030,000,000 | 5,540,000,000 | |||
Held to maturity, amortized cost | 5,200,000,000 | 5,230,000,000 | |||
Agency MBS | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 5,920,000,000 | 5,210,000,000 | |||
Non-US collateralized loan obligations | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | 990,000,000 | 1,020,000,000 | |||
Non-U.S. debt securities, corporate bonds | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | $ 2,490,000,000 | 2,360,000,000 | |||
Federal family education loan program | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Federal government credit support guarantee, percentage minimum | 97% | ||||
US debt securities, corporate bonds | |||||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | |||||
Available for sale, amortized cost | $ 140,000,000 | $ 310,000,000 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) security | Jun. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
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 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||||
Provision | 0 | 0 | ||||||
Allowance for credit losses on available-for-sale securities | 0 | $ 0 | 0 | $ 0 | 0 | $ 2,000,000 | $ 2,000,000 | |
Charge-offs | 0 | 0 | ||||||
Charge-offs | 0 | $ 0 | $ 0 | |||||
Unrealized loss | $ 6,600,000,000 | |||||||
Number of securities in loss position | security | 1,776 | |||||||
Asset pledged as collateral | ||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||||
Debt securities | $ 85,830,000,000 | $ 85,830,000,000 | $ 71,300,000,000 |
Investment Securities - Sched_2
Investment Securities - Schedule of Gross Pre-Tax Unrealized Losses on Investment Securities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | $ 21,153 | $ 6,383 |
Available for sale, gross unrealized losses less than 12 months | 76 | 16 |
Available for sale, fair value 12 months or longer | 18,648 | 22,572 |
Available for sale, gross unrealized losses 12 months or longer | 369 | 520 |
Available for sale, fair value total | 39,801 | 28,955 |
Available for sale, gross unrealized losses total | 445 | 536 |
Direct obligations | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 10,465 | 333 |
Available for sale, gross unrealized losses less than 12 months | 15 | 2 |
Available for sale, fair value 12 months or longer | 5,670 | 5,416 |
Available for sale, gross unrealized losses 12 months or longer | 130 | 163 |
Available for sale, fair value total | 16,135 | 5,749 |
Available for sale, gross unrealized losses total | 145 | 165 |
Mortgage-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 2,021 | 961 |
Available for sale, gross unrealized losses less than 12 months | 14 | 6 |
Available for sale, fair value 12 months or longer | 5,469 | 6,512 |
Available for sale, gross unrealized losses 12 months or longer | 116 | 158 |
Available for sale, fair value total | 7,490 | 7,473 |
Available for sale, gross unrealized losses total | 130 | 164 |
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 | 12,486 | 1,294 |
Available for sale, gross unrealized losses less than 12 months | 29 | 8 |
Available for sale, fair value 12 months or longer | 11,139 | 11,928 |
Available for sale, gross unrealized losses 12 months or longer | 246 | 321 |
Available for sale, fair value total | 23,625 | 13,222 |
Available for sale, gross unrealized losses total | 275 | 329 |
Mortgage-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 454 | 424 |
Available for sale, gross unrealized losses less than 12 months | 0 | 1 |
Available for sale, fair value 12 months or longer | 521 | 719 |
Available for sale, gross unrealized losses 12 months or longer | 4 | 6 |
Available for sale, fair value total | 975 | 1,143 |
Available for sale, gross unrealized losses total | 4 | 7 |
Asset-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 178 | 358 |
Available for sale, gross unrealized losses less than 12 months | 0 | 0 |
Available for sale, fair value 12 months or longer | 851 | 1,052 |
Available for sale, gross unrealized losses 12 months or longer | 3 | 13 |
Available for sale, fair value total | 1,029 | 1,410 |
Available for sale, gross unrealized losses total | 3 | 13 |
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 | 7,451 | 3,972 |
Available for sale, gross unrealized losses less than 12 months | 44 | 7 |
Available for sale, fair value 12 months or longer | 5,089 | 5,788 |
Available for sale, gross unrealized losses 12 months or longer | 86 | 125 |
Available for sale, fair value total | 12,540 | 9,760 |
Available for sale, gross unrealized losses total | 130 | 132 |
Other | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 378 | 50 |
Available for sale, gross unrealized losses less than 12 months | 1 | 0 |
Available for sale, fair value 12 months or longer | 660 | 893 |
Available for sale, gross unrealized losses 12 months or longer | 24 | 37 |
Available for sale, fair value total | 1,038 | 943 |
Available for sale, gross unrealized losses total | 25 | 37 |
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 | 8,461 | 4,804 |
Available for sale, gross unrealized losses less than 12 months | 45 | 8 |
Available for sale, fair value 12 months or longer | 7,121 | 8,452 |
Available for sale, gross unrealized losses 12 months or longer | 117 | 181 |
Available for sale, fair value total | 15,582 | 13,256 |
Available for sale, gross unrealized losses total | 162 | 189 |
Collateralized loan obligations | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 183 | |
Available for sale, gross unrealized losses less than 12 months | 0 | |
Available for sale, fair value 12 months or longer | 1,605 | |
Available for sale, gross unrealized losses 12 months or longer | 6 | |
Available for sale, fair value total | 1,788 | |
Available for sale, gross unrealized losses total | 6 | |
Non-agency CMBS and RMBS | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 25 | 35 |
Available for sale, gross unrealized losses less than 12 months | 0 | 0 |
Available for sale, fair value 12 months or longer | 99 | 180 |
Available for sale, gross unrealized losses 12 months or longer | 1 | 3 |
Available for sale, fair value total | 124 | 215 |
Available for sale, gross unrealized losses total | 1 | 3 |
Total asset-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 25 | 218 |
Available for sale, gross unrealized losses less than 12 months | 0 | 0 |
Available for sale, fair value 12 months or longer | 99 | 1,785 |
Available for sale, gross unrealized losses 12 months or longer | 1 | 9 |
Available for sale, fair value total | 124 | 2,003 |
Available for sale, gross unrealized losses total | 1 | 9 |
State and political subdivisions | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 181 | 64 |
Available for sale, gross unrealized losses less than 12 months | 2 | 0 |
Available for sale, fair value 12 months or longer | 156 | 104 |
Available for sale, gross unrealized losses 12 months or longer | 1 | 1 |
Available for sale, fair value total | 337 | 168 |
Available for sale, gross unrealized losses total | 3 | 1 |
Other U.S. debt securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 0 | 3 |
Available for sale, gross unrealized losses less than 12 months | 0 | 0 |
Available for sale, fair value 12 months or longer | 133 | 303 |
Available for sale, gross unrealized losses 12 months or longer | 4 | 8 |
Available for sale, fair value total | 133 | 306 |
Available for sale, gross unrealized losses total | $ 4 | $ 8 |
Investment Securities - Sched_3
Investment Securities - Schedule of Contractual Maturities of Debt Securities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | $ 7,477 | |
Available for sale, under 1 year, fair value | 7,458 | |
Available for sale, 1 to 5 years, amortized cost | 29,937 | |
Available for sale, 1 to 5 years, fair value | 29,723 | |
Available for sale, 6 to 10 years, amortized cost | 10,321 | |
Available for sale, 6 to 10 years, fair value | 10,285 | |
Available for sale, over 10 years, amortized cost | 9,355 | |
Available for sale, over 10 years, fair value | 9,289 | |
Available for sale, amortized cost | 57,090 | $ 44,853 |
Available for sale, fair value | 56,755 | 44,526 |
Held to maturity, amortized cost | 51,051 | 57,117 |
Investment securities held-to-maturity | 44,916 | 51,503 |
Direct obligations | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 2,782 | |
Available for sale, under 1 year, fair value | 2,780 | |
Available for sale, 1 to 5 years, amortized cost | 12,853 | |
Available for sale, 1 to 5 years, fair value | 12,747 | |
Available for sale, 6 to 10 years, amortized cost | 3,064 | |
Available for sale, 6 to 10 years, fair value | 3,062 | |
Available for sale, over 10 years, amortized cost | 0 | |
Available for sale, over 10 years, fair value | 0 | |
Available for sale, amortized cost | 18,699 | 8,427 |
Available for sale, fair value | 18,589 | 8,301 |
Held to maturity, under 1 year, amortized cost | 2,803 | |
Held to maturity, under 1 year, fair value | 2,762 | |
Held to maturity, 1 to 5 years, amortized cost | 3,284 | |
Held to maturity, 1 to 5 years, fair value | 3,184 | |
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 | 8 | |
Held to maturity, over 10 years, fair value | 8 | |
Held to maturity, amortized cost | 6,119 | 8,584 |
Investment securities held-to-maturity | 5,977 | 8,421 |
Mortgage-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 36 | |
Available for sale, under 1 year, fair value | 35 | |
Available for sale, 1 to 5 years, amortized cost | 2,065 | |
Available for sale, 1 to 5 years, fair value | 2,058 | |
Available for sale, 6 to 10 years, amortized cost | 2,971 | |
Available for sale, 6 to 10 years, fair value | 2,943 | |
Available for sale, over 10 years, amortized cost | 5,985 | |
Available for sale, over 10 years, fair value | 5,913 | |
Available for sale, amortized cost | 11,057 | 10,870 |
Available for sale, fair value | 10,949 | 10,755 |
Held to maturity, under 1 year, amortized cost | 134 | |
Held to maturity, under 1 year, fair value | 120 | |
Held to maturity, 1 to 5 years, amortized cost | 994 | |
Held to maturity, 1 to 5 years, fair value | 907 | |
Held to maturity, 6 to 10 years, amortized cost | 4,051 | |
Held to maturity, 6 to 10 years, fair value | 3,415 | |
Held to maturity, over 10 years, amortized cost | 32,658 | |
Held to maturity, over 10 years, fair value | 27,551 | |
Held to maturity, amortized cost | 37,837 | 39,472 |
Investment securities held-to-maturity | 31,993 | 34,208 |
Total U.S. Treasury and federal agencies | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 2,818 | |
Available for sale, under 1 year, fair value | 2,815 | |
Available for sale, 1 to 5 years, amortized cost | 14,918 | |
Available for sale, 1 to 5 years, fair value | 14,805 | |
Available for sale, 6 to 10 years, amortized cost | 6,035 | |
Available for sale, 6 to 10 years, fair value | 6,005 | |
Available for sale, over 10 years, amortized cost | 5,985 | |
Available for sale, over 10 years, fair value | 5,913 | |
Available for sale, amortized cost | 29,756 | 19,297 |
Available for sale, fair value | 29,538 | 19,056 |
Held to maturity, under 1 year, amortized cost | 2,937 | |
Held to maturity, under 1 year, fair value | 2,882 | |
Held to maturity, 1 to 5 years, amortized cost | 4,278 | |
Held to maturity, 1 to 5 years, fair value | 4,091 | |
Held to maturity, 6 to 10 years, amortized cost | 4,075 | |
Held to maturity, 6 to 10 years, fair value | 3,438 | |
Held to maturity, over 10 years, amortized cost | 32,666 | |
Held to maturity, over 10 years, fair value | 27,559 | |
Held to maturity, amortized cost | 43,956 | 48,056 |
Investment securities held-to-maturity | 37,970 | 42,629 |
Mortgage-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 126 | |
Available for sale, under 1 year, fair value | 126 | |
Available for sale, 1 to 5 years, amortized cost | 355 | |
Available for sale, 1 to 5 years, fair value | 355 | |
Available for sale, 6 to 10 years, amortized cost | 49 | |
Available for sale, 6 to 10 years, fair value | 49 | |
Available for sale, over 10 years, amortized cost | 1,825 | |
Available for sale, over 10 years, fair value | 1,826 | |
Available for sale, amortized cost | 2,355 | 1,861 |
Available for sale, fair value | 2,356 | 1,857 |
Asset-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 294 | |
Available for sale, under 1 year, fair value | 293 | |
Available for sale, 1 to 5 years, amortized cost | 540 | |
Available for sale, 1 to 5 years, fair value | 540 | |
Available for sale, 6 to 10 years, amortized cost | 977 | |
Available for sale, 6 to 10 years, fair value | 978 | |
Available for sale, over 10 years, amortized cost | 424 | |
Available for sale, over 10 years, fair value | 427 | |
Available for sale, amortized cost | 2,235 | 2,148 |
Available for sale, fair value | 2,238 | 2,137 |
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 | 3,641 | |
Available for sale, under 1 year, fair value | 3,626 | |
Available for sale, 1 to 5 years, amortized cost | 11,156 | |
Available for sale, 1 to 5 years, fair value | 11,063 | |
Available for sale, 6 to 10 years, amortized cost | 1,483 | |
Available for sale, 6 to 10 years, fair value | 1,472 | |
Available for sale, over 10 years, amortized cost | 0 | |
Available for sale, over 10 years, fair value | 0 | |
Available for sale, amortized cost | 16,280 | 15,159 |
Available for sale, fair value | 16,161 | 15,100 |
Held to maturity, under 1 year, amortized cost | 1,139 | |
Held to maturity, under 1 year, fair value | 1,123 | |
Held to maturity, 1 to 5 years, amortized cost | 2,830 | |
Held to maturity, 1 to 5 years, fair value | 2,725 | |
Held to maturity, 6 to 10 years, amortized cost | 304 | |
Held to maturity, 6 to 10 years, fair value | 284 | |
Held to maturity, over 10 years, amortized cost | 0 | |
Held to maturity, over 10 years, fair value | 0 | |
Held to maturity, amortized cost | 4,273 | 5,757 |
Investment securities held-to-maturity | 4,132 | 5,612 |
Other | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 347 | |
Available for sale, under 1 year, fair value | 346 | |
Available for sale, 1 to 5 years, amortized cost | 2,564 | |
Available for sale, 1 to 5 years, fair value | 2,560 | |
Available for sale, 6 to 10 years, amortized cost | 135 | |
Available for sale, 6 to 10 years, fair value | 138 | |
Available for sale, over 10 years, amortized cost | 0 | |
Available for sale, over 10 years, fair value | 0 | |
Available for sale, amortized cost | 3,046 | 2,733 |
Available for sale, fair value | 3,044 | 2,735 |
Total non-U.S. debt securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 4,408 | |
Available for sale, under 1 year, fair value | 4,391 | |
Available for sale, 1 to 5 years, amortized cost | 14,615 | |
Available for sale, 1 to 5 years, fair value | 14,518 | |
Available for sale, 6 to 10 years, amortized cost | 2,644 | |
Available for sale, 6 to 10 years, fair value | 2,637 | |
Available for sale, over 10 years, amortized cost | 2,249 | |
Available for sale, over 10 years, fair value | 2,253 | |
Available for sale, amortized cost | 23,916 | 21,901 |
Available for sale, fair value | 23,799 | 21,829 |
Held to maturity, under 1 year, amortized cost | 1,139 | |
Held to maturity, under 1 year, fair value | 1,123 | |
Held to maturity, 1 to 5 years, amortized cost | 2,830 | |
Held to maturity, 1 to 5 years, fair value | 2,725 | |
Held to maturity, 6 to 10 years, amortized cost | 304 | |
Held to maturity, 6 to 10 years, fair value | 284 | |
Held to maturity, over 10 years, amortized cost | 0 | |
Held to maturity, over 10 years, fair value | 0 | |
Held to maturity, amortized cost | 4,273 | 5,757 |
Investment securities held-to-maturity | 4,132 | 5,612 |
Student loans | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 27 | |
Available for sale, under 1 year, fair value | 28 | |
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 | 13 | |
Available for sale, 6 to 10 years, fair value | 13 | |
Available for sale, over 10 years, amortized cost | 59 | |
Available for sale, over 10 years, fair value | 60 | |
Available for sale, amortized cost | 99 | 113 |
Available for sale, fair value | 101 | 114 |
Held to maturity, under 1 year, amortized cost | 179 | |
Held to maturity, under 1 year, fair value | 176 | |
Held to maturity, 1 to 5 years, amortized cost | 307 | |
Held to maturity, 1 to 5 years, fair value | 305 | |
Held to maturity, 6 to 10 years, amortized cost | 451 | |
Held to maturity, 6 to 10 years, fair value | 450 | |
Held to maturity, over 10 years, amortized cost | 1,880 | |
Held to maturity, over 10 years, fair value | 1,861 | |
Held to maturity, amortized cost | 2,817 | 3,298 |
Investment securities held-to-maturity | 2,792 | 3,238 |
Collateralized loan obligations | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 22 | |
Available for sale, under 1 year, fair value | 22 | |
Available for sale, 1 to 5 years, amortized cost | 154 | |
Available for sale, 1 to 5 years, fair value | 155 | |
Available for sale, 6 to 10 years, amortized cost | 1,506 | |
Available for sale, 6 to 10 years, fair value | 1,508 | |
Available for sale, over 10 years, amortized cost | 925 | |
Available for sale, over 10 years, fair value | 927 | |
Available for sale, amortized cost | 2,607 | 2,530 |
Available for sale, fair value | 2,612 | 2,527 |
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 | 137 | |
Available for sale, over 10 years, fair value | 136 | |
Available for sale, amortized cost | 137 | 252 |
Available for sale, fair value | 136 | 249 |
Held to maturity, under 1 year, amortized cost | 1 | |
Held to maturity, under 1 year, fair value | 7 | |
Held to maturity, 1 to 5 years, amortized cost | 0 | |
Held to maturity, 1 to 5 years, fair value | 0 | |
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 | 4 | |
Held to maturity, over 10 years, fair value | 15 | |
Held to maturity, amortized cost | 5 | 6 |
Investment securities held-to-maturity | 22 | 24 |
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 | 91 | |
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 | 91 | 90 |
Total asset-backed securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 49 | |
Available for sale, under 1 year, fair value | 50 | |
Available for sale, 1 to 5 years, amortized cost | 244 | |
Available for sale, 1 to 5 years, fair value | 246 | |
Available for sale, 6 to 10 years, amortized cost | 1,519 | |
Available for sale, 6 to 10 years, fair value | 1,521 | |
Available for sale, over 10 years, amortized cost | 1,121 | |
Available for sale, over 10 years, fair value | 1,123 | |
Available for sale, amortized cost | 2,933 | 2,985 |
Available for sale, fair value | 2,940 | 2,980 |
Held to maturity, under 1 year, amortized cost | 180 | |
Held to maturity, under 1 year, fair value | 183 | |
Held to maturity, 1 to 5 years, amortized cost | 307 | |
Held to maturity, 1 to 5 years, fair value | 305 | |
Held to maturity, 6 to 10 years, amortized cost | 451 | |
Held to maturity, 6 to 10 years, fair value | 450 | |
Held to maturity, over 10 years, amortized cost | 1,884 | |
Held to maturity, over 10 years, fair value | 1,876 | |
Held to maturity, amortized cost | 2,822 | 3,304 |
Investment securities held-to-maturity | 2,814 | 3,262 |
State and political subdivisions | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 107 | |
Available for sale, under 1 year, fair value | 107 | |
Available for sale, 1 to 5 years, amortized cost | 110 | |
Available for sale, 1 to 5 years, fair value | 108 | |
Available for sale, 6 to 10 years, amortized cost | 123 | |
Available for sale, 6 to 10 years, fair value | 122 | |
Available for sale, over 10 years, amortized cost | 0 | |
Available for sale, over 10 years, fair value | 0 | |
Available for sale, amortized cost | 340 | 356 |
Available for sale, fair value | 337 | 355 |
Other U.S. debt securities | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Available for sale, under 1 year, amortized cost | 95 | |
Available for sale, under 1 year, fair value | 95 | |
Available for sale, 1 to 5 years, amortized cost | 50 | |
Available for sale, 1 to 5 years, fair value | 46 | |
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 | 145 | 314 |
Available for sale, fair value | 141 | $ 306 |
Total | ||
Contractual Maturities Of Debt Investment Securities [Line Items] | ||
Held to maturity, under 1 year, amortized cost | 4,256 | |
Held to maturity, under 1 year, fair value | 4,188 | |
Held to maturity, 1 to 5 years, amortized cost | 7,415 | |
Held to maturity, 1 to 5 years, fair value | 7,121 | |
Held to maturity, 6 to 10 years, amortized cost | 4,830 | |
Held to maturity, 6 to 10 years, fair value | 4,172 | |
Held to maturity, over 10 years, amortized cost | 34,550 | |
Held to maturity, over 10 years, fair value | 29,435 | |
Held to maturity, amortized cost | 51,051 | |
Investment securities held-to-maturity | $ 44,916 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Net Loans (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | $ 39,376 | $ 36,631 |
Allowance for credit losses | (136) | (135) |
Loans, net of allowance | 39,240 | 36,496 |
Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 23,380 | 23,065 |
Domestic | Collateralized loan obligations in loan form | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 190 | 150 |
Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 15,996 | 13,566 |
Non-U.S. | Collateralized loan obligations in loan form | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 7,380 | 6,369 |
Fund Finance | Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 13,808 | 13,697 |
Fund Finance | Domestic | Private Equity Capital Call Finance Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 10,200 | 9,690 |
Fund Finance | Domestic | Real Money Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 6,730 | 6,630 |
Fund Finance | Domestic | Business Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,370 | 1,050 |
Fund Finance | Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 5,630 | 4,956 |
Leveraged loans | Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 2,357 | 2,412 |
Leveraged loans | Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,111 | 1,194 |
Overdrafts | Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,791 | 1,225 |
Overdrafts | Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,875 | 1,047 |
Other | Securities Finance Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 2,120 | 2,230 |
Other | Municipal Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 250 | 276 |
Other | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 2 | 5 |
Other | Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 2,376 | 2,512 |
Commercial real estate | Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 2,858 | $ 3,069 |
Excluding Overdrafts | Floating Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 32,900 | |
Excluding Overdrafts | Fixed Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | $ 2,800 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) loan | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) loan loanSegment | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) loan | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Number of loans and leases segments | loanSegment | 2 | ||||
Loans pledged as collateral | $ 39,240 | $ 39,240 | $ 36,496 | ||
Number of loans on non-accrual status | loan | 2 | 2 | 3 | ||
Nonaccrual loan value | $ 193 | $ 193 | $ 70 | ||
Purchase of collateralized loan obligations | 1,070 | ||||
Financing receivable, held-for-sale | 8 | 8 | |||
Charge-offs | 7 | ||||
Allowance for credit losses on loans | $ 136 | $ 136 | 135 | ||
Investment grade loans | 89% | 89% | |||
Speculative grade loans | 10% | 10% | |||
Speculative senior secured loans with BB or B rating | 92% | 92% | |||
Provision for credit losses | $ 10 | $ (18) | $ 37 | $ 26 | |
Asset pledged as collateral | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans pledged as collateral | 12,910 | 12,910 | $ 13,000 | ||
Leveraged Loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing receivable for sale | 151 | ||||
Financing receivable, held-for-sale | $ 8 | $ 8 | |||
Commercial and Financial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans no longer meeting similar risk of collective pool | loan | 2 | 2 | |||
Loans no longer meeting similar risk of collective pool, amount | $ 29 | $ 29 | |||
Allowance for credit losses on loans | $ 59 | $ 59 | |||
Commercial Real Estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans no longer meeting similar risk of collective pool | loan | 4 | 4 | |||
Loans no longer meeting similar risk of collective pool, amount | $ 325 | $ 325 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Investments by Credit Quality (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 39,368 | $ 36,631 |
Financing receivable, held-for-sale | 8 | |
Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 34,850 | 32,024 |
Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 3,884 | 3,995 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 277 | 304 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 164 | 238 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 193 | 70 |
Commercial and Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 36,510 | 33,562 |
Commercial and Financial | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 32,734 | 29,737 |
Commercial and Financial | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 3,529 | 3,546 |
Commercial and Financial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 215 | 242 |
Commercial and Financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 32 | 14 |
Commercial and Financial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 23 |
Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 2,858 | 3,069 |
Commercial Real Estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 2,116 | 2,287 |
Commercial Real Estate | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 355 | 449 |
Commercial Real Estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 62 | 62 |
Commercial Real Estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 132 | 224 |
Commercial Real Estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 193 | 47 |
Domestic | Commercial and Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 20,514 | 19,995 |
Domestic | Commercial and Financial | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 17,986 | 17,479 |
Domestic | Commercial and Financial | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 2,389 | 2,309 |
Domestic | Commercial and Financial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 121 | 184 |
Domestic | Commercial and Financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 18 | 23 |
Domestic | Commercial and Financial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | |
Domestic | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 2,857 | 3,069 |
Domestic | Commercial Real Estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 2,115 | 2,287 |
Domestic | Commercial Real Estate | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 355 | 449 |
Domestic | Commercial Real Estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 62 | 62 |
Domestic | Commercial Real Estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 132 | 224 |
Domestic | Commercial Real Estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 193 | 47 |
Domestic | Fund Finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Overdrafts | 3,670 | $ 2,270 |
Domestic | Fund Finance | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Overdrafts | 3,520 | |
Domestic | Fund Finance | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Overdrafts | $ 140 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Amortized Cost Basis (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 6,637 | $ 5,572 |
Fiscal year before current fiscal year | 2,788 | 3,020 |
Two years before current fiscal year | 2,406 | 4,685 |
Three years before current fiscal year | 3,970 | 424 |
Four years before current fiscal year | 333 | 1,229 |
Prior | 2,040 | 1,291 |
Revolving Loans | 21,194 | 20,410 |
Total | 39,368 | 36,631 |
Accrued interest receivable | 297 | 318 |
Loans classified as held-for-sale | 8 | |
Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 34,850 | 32,024 |
Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,884 | 3,995 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 277 | 304 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 164 | 238 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 193 | 70 |
Commercial and Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 36,510 | 33,562 |
Commercial and Financial | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 32,734 | 29,737 |
Commercial and Financial | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,529 | 3,546 |
Commercial and Financial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 215 | 242 |
Commercial and Financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 32 | 14 |
Commercial and Financial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 23 |
Commercial and Financial | Domestic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 2,953 | 2,019 |
Fiscal year before current fiscal year | 462 | 409 |
Two years before current fiscal year | 231 | 1,128 |
Three years before current fiscal year | 727 | 157 |
Four years before current fiscal year | 57 | 579 |
Prior | 476 | 146 |
Revolving Loans | 15,608 | 15,557 |
Total | 20,514 | 19,995 |
Commercial and Financial | Domestic | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,731 | 1,399 |
Fiscal year before current fiscal year | 223 | 120 |
Two years before current fiscal year | 100 | 199 |
Three years before current fiscal year | 163 | 8 |
Four years before current fiscal year | 6 | 272 |
Prior | 234 | 5 |
Revolving Loans | 15,529 | 15,476 |
Total | 17,986 | 17,479 |
Commercial and Financial | Domestic | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,199 | 615 |
Fiscal year before current fiscal year | 214 | 285 |
Two years before current fiscal year | 131 | 747 |
Three years before current fiscal year | 473 | 149 |
Four years before current fiscal year | 51 | 291 |
Prior | 242 | 141 |
Revolving Loans | 79 | 81 |
Total | 2,389 | 2,309 |
Commercial and Financial | Domestic | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 20 | 0 |
Fiscal year before current fiscal year | 25 | 4 |
Two years before current fiscal year | 0 | 164 |
Three years before current fiscal year | 76 | 0 |
Four years before current fiscal year | 0 | 16 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 121 | 184 |
Commercial and Financial | Domestic | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3 | 5 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 18 |
Three years before current fiscal year | 15 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 18 | 23 |
Commercial and Financial | Domestic | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | |
Fiscal year before current fiscal year | 0 | |
Two years before current fiscal year | 0 | |
Three years before current fiscal year | 0 | |
Four years before current fiscal year | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Commercial and Financial | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3,643 | 3,337 |
Fiscal year before current fiscal year | 2,110 | 2,091 |
Two years before current fiscal year | 1,655 | 3,028 |
Three years before current fiscal year | 2,896 | 117 |
Four years before current fiscal year | 48 | 109 |
Prior | 59 | 32 |
Revolving Loans | 5,586 | 4,853 |
Total | 15,997 | 13,567 |
Commercial and Financial | Non-U.S. | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 3,243 | 2,943 |
Fiscal year before current fiscal year | 1,907 | 1,956 |
Two years before current fiscal year | 1,572 | 2,518 |
Three years before current fiscal year | 2,493 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 5,534 | 4,841 |
Total | 14,749 | 12,258 |
Commercial and Financial | Non-U.S. | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 400 | 394 |
Fiscal year before current fiscal year | 203 | 135 |
Two years before current fiscal year | 83 | 481 |
Three years before current fiscal year | 309 | 88 |
Four years before current fiscal year | 48 | 109 |
Prior | 45 | 18 |
Revolving Loans | 52 | 12 |
Total | 1,140 | 1,237 |
Commercial and Financial | Non-U.S. | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 29 |
Three years before current fiscal year | 94 | 29 |
Four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 94 | 58 |
Commercial and Financial | Non-U.S. | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 14 | 14 |
Revolving Loans | 0 | 0 |
Total | 14 | 14 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,858 | 3,069 |
Commercial real estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,116 | 2,287 |
Commercial real estate | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 355 | 449 |
Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 62 | 62 |
Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 132 | 224 |
Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 193 | 47 |
Commercial real estate | Domestic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 41 | 216 |
Fiscal year before current fiscal year | 216 | 520 |
Two years before current fiscal year | 520 | 529 |
Three years before current fiscal year | 347 | 150 |
Four years before current fiscal year | 228 | 541 |
Prior | 1,505 | 1,113 |
Revolving Loans | 0 | 0 |
Total | 2,857 | 3,069 |
Commercial real estate | Domestic | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 41 | 216 |
Fiscal year before current fiscal year | 196 | 500 |
Two years before current fiscal year | 500 | 498 |
Three years before current fiscal year | 278 | 100 |
Four years before current fiscal year | 128 | 375 |
Prior | 972 | 598 |
Revolving Loans | 0 | 0 |
Total | 2,115 | 2,287 |
Commercial real estate | Domestic | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 20 | 20 |
Two years before current fiscal year | 20 | 31 |
Three years before current fiscal year | 69 | 50 |
Four years before current fiscal year | 100 | 49 |
Prior | 146 | 299 |
Revolving Loans | 0 | 0 |
Total | 355 | 449 |
Commercial real estate | Domestic | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 22 |
Prior | 62 | 40 |
Revolving Loans | 0 | 0 |
Total | 62 | 62 |
Commercial real estate | Domestic | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 95 |
Prior | 132 | 129 |
Revolving Loans | 0 | 0 |
Total | 132 | 224 |
Commercial real estate | Domestic | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 193 | 47 |
Revolving Loans | 0 | 0 |
Total | $ 193 | $ 47 |
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 ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 135,000,000 | |||
Charge-offs | $ (7,000,000) | |||
Provision for credit losses | 10,000,000 | $ (18,000,000) | 37,000,000 | $ 26,000,000 |
Ending balance | 136,000,000 | 136,000,000 | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,000,000 | 0 | 2,000,000 | |
Charge-offs | 0 | 0 | 0 | |
Provision | (2,000,000) | (2,000,000) | ||
Ending balance | 0 | 0 | 0 | 0 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,000,000 | 1,000,000 | ||
Charge-offs | 0 | 0 | ||
Provision | 0 | 0 | ||
Ending balance | 1,000,000 | 1,000,000 | ||
Leveraged Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 71,000,000 | 82,000,000 | 72,000,000 | 73,000,000 |
Charge-offs | (11,000,000) | (8,000,000) | (17,000,000) | (11,000,000) |
Provision for credit losses | (4,000,000) | 6,000,000 | 1,000,000 | 18,000,000 |
Ending balance | 56,000,000 | 80,000,000 | 56,000,000 | 80,000,000 |
Other Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4,000,000 | 4,000,000 | 3,000,000 | 5,000,000 |
Charge-offs | 0 | 0 | 0 | 0 |
Provision for credit losses | 0 | (1,000,000) | 1,000,000 | (2,000,000) |
Ending balance | 4,000,000 | 3,000,000 | 4,000,000 | 3,000,000 |
Other Loans | Fund Finance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 3,000,000 | 2,000,000 | 3,000,000 | 2,000,000 |
Other Loans | Other Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 60,000,000 | 29,000,000 | 60,000,000 | 19,000,000 |
Charge-offs | 0 | 0 | (25,000,000) | 0 |
Provision for credit losses | 16,000,000 | 8,000,000 | 41,000,000 | 18,000,000 |
Ending balance | 76,000,000 | 37,000,000 | 76,000,000 | 37,000,000 |
Off-Balance Sheet Commitments | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 10,000,000 | 16,000,000 | 14,000,000 | 23,000,000 |
Charge-offs | 0 | 0 | 0 | 0 |
Provision for credit losses | (2,000,000) | (1,000,000) | (6,000,000) | (8,000,000) |
Ending balance | 8,000,000 | 15,000,000 | 8,000,000 | 15,000,000 |
All Other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 29,000,000 | (1,000,000) | ||
Charge-offs | 0 | 0 | ||
Provision for credit losses | (28,000,000) | 2,000,000 | ||
Ending balance | 1,000,000 | 1,000,000 | ||
Total | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 146,000,000 | 162,000,000 | 150,000,000 | 121,000,000 |
Charge-offs | (11,000,000) | (8,000,000) | (42,000,000) | (11,000,000) |
Provision for credit losses | 10,000,000 | (18,000,000) | 37,000,000 | 26,000,000 |
Ending balance | $ 145,000,000 | $ 136,000,000 | $ 145,000,000 | $ 136,000,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 7,611 | $ 7,495 |
Acquisitions | 193 | 44 |
Foreign currency translation | (53) | 72 |
Ending balance | 7,751 | 7,611 |
Investment Servicing | ||
Goodwill [Roll Forward] | ||
Beginning balance | 7,346 | 7,232 |
Acquisitions | 193 | 44 |
Foreign currency translation | (52) | 70 |
Ending balance | 7,487 | 7,346 |
Investment Management | ||
Goodwill [Roll Forward] | ||
Beginning balance | 265 | 263 |
Acquisitions | 0 | 0 |
Foreign currency translation | (1) | 2 |
Ending balance | $ 264 | $ 265 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Finite-lived Intangible Assets [Roll Forward] | |||||
Beginning balance | $ 1,320 | $ 1,544 | $ 1,544 | ||
Amortization | $ (60) | $ (60) | (120) | (120) | (239) |
Acquisitions | 20 | ||||
Foreign currency translation | (11) | 15 | |||
Ending balance | 1,209 | 1,209 | 1,320 | ||
Investment Servicing | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Beginning balance | 1,293 | 1,495 | 1,495 | ||
Amortization | (109) | (217) | |||
Acquisitions | 7 | ||||
Foreign currency translation | (11) | 15 | |||
Ending balance | 1,180 | 1,180 | 1,293 | ||
Investment Management | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Beginning balance | 27 | $ 49 | 49 | ||
Amortization | (11) | (22) | |||
Acquisitions | 13 | ||||
Foreign currency translation | 0 | 0 | |||
Ending balance | $ 29 | $ 29 | $ 27 |
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, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 3,920 | $ 3,938 | |
Accumulated amortization | (2,711) | (2,618) | |
Net carrying amount | 1,209 | 1,320 | $ 1,544 |
Client relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 2,734 | 2,761 | |
Accumulated amortization | (1,868) | (1,808) | |
Net carrying amount | 866 | 953 | |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 404 | 402 | |
Accumulated amortization | (235) | (216) | |
Net carrying amount | 169 | 186 | |
Core deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 684 | 690 | |
Accumulated amortization | (528) | (516) | |
Net carrying amount | 156 | 174 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 98 | 85 | |
Accumulated amortization | (80) | (78) | |
Net carrying amount | $ 18 | $ 7 |
Other Assets (Details)
Other Assets (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Other Assets [Abstract] | ||
Securities borrowed | $ 31,302,000,000 | $ 23,131,000,000 |
Derivative instruments, net | 5,875,000,000 | 5,307,000,000 |
Bank-owned life insurance | 3,794,000,000 | 3,742,000,000 |
Investments in joint ventures and other unconsolidated entities | 3,043,000,000 | 2,981,000,000 |
Collateral, net | 2,594,000,000 | 2,983,000,000 |
Deferred tax assets, net of valuation allowance | 960,000,000 | 1,034,000,000 |
Right-of-use assets | 836,000,000 | 805,000,000 |
Prepaid expenses | 788,000,000 | 598,000,000 |
Receivable for securities settlement | 685,000,000 | 1,082,000,000 |
Accounts receivable | 452,000,000 | 611,000,000 |
Income taxes receivable | 209,000,000 | 246,000,000 |
Deposits with clearing organizations | 63,000,000 | 58,000,000 |
Other | 2,497,000,000 | 2,228,000,000 |
Total | 53,098,000,000 | 44,806,000,000 |
Equity securities without readily determinable fair value, amount | 196,000,000 | 183,000,000 |
Equity securities without readily determinable fair value, impairment loss | 0 | |
Advances | $ 1,320,000,000 | $ 1,150,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | ||
Cash flow hedge gains to be reclassified within twelve months | $ 167 | |
Maximum length of time hedged in cash flow hedge | 5 years | |
Fair value of derivative liabilities | $ 16,242 | $ 19,602 |
Interest rate swap | Fair Value Hedges | ||
Derivative [Line Items] | ||
Notional amount of derivative instruments | 26,750 | $ 19,430 |
Credit swap agreements | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | 3,810 | |
Cash collateral provided for derivative instruments | 2,900 | |
Maximum additional amount of payments related to termination events | $ 910 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Outstanding Hedges: (Notional Amount) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives not designated as hedging instruments | Interest rate contracts | Futures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | $ 34,584 | $ 12,668 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Futures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 207 | 197 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Forward, swap and spot | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 2,892,484 | 2,528,115 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options purchased | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 690 | 851 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options written | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 225 | 544 |
Derivatives not designated as hedging instruments | Other derivative contracts | Futures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 150 | 125 |
Derivatives not designated as hedging instruments | Other derivative contracts | Stable value contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 28,344 | 28,704 |
Derivatives not designated as hedging instruments | Other derivative contracts | Deferred value awards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 314 | 289 |
Derivatives designated as hedging instruments | Interest rate contracts | Swap agreements | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 28,366 | 20,333 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Forward and swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | $ 9,745 | $ 9,777 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of the Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 15,764 | $ 19,707 |
Fair value of derivative liabilities | 16,242 | 19,602 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 15,754 | 19,694 |
Fair value of derivative liabilities | 16,073 | 19,416 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 10 | 13 |
Fair value of derivative liabilities | 4 | |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 15,698 | 19,498 |
Fair value of derivative liabilities | 16,219 | 19,335 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 15,698 | 19,498 |
Fair value of derivative liabilities | 16,050 | 19,153 |
Derivatives not designated as hedging instruments | Other derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 0 | 0 |
Fair value of derivative liabilities | 169 | 182 |
Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 66 | 209 |
Fair value of derivative liabilities | 23 | 267 |
Derivatives designated as hedging instruments | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 56 | 196 |
Fair value of derivative liabilities | 23 | 263 |
Derivatives designated as hedging instruments | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 10 | 13 |
Fair value of derivative liabilities | $ 0 | $ 4 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | $ 250 | $ 145 | $ 462 | $ 330 |
Foreign exchange contracts | Foreign exchange trading services | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | 208 | 191 | 415 | 423 |
Foreign exchange contracts | Interest expense | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | 64 | (22) | 113 | (16) |
Interest rate contracts | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | 2 | 0 | 9 | 1 |
Other derivative contracts | Other fee revenue | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | (1) | 0 | (3) | 0 |
Other derivative contracts | Compensation and employee benefits | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on derivative recognized in income | $ (23) | $ (24) | $ (72) | $ (78) |
Derivative Financial Instrume_7
Derivative Financial Instruments - Carrying Amount and Cumulative Basis Adjustments for Hedge Accounting (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Prepayable financial asset closed portfolio, amortized cost | $ 649 | $ 685 |
Prepayable financial asset closed portfolio, last-of-layer, amortized cost | 400 | 400 |
Cumulative adjustment associated with hedging relationships | (11) | (6) |
Hedged Items Currently Designated | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount of Hedged Assets/Liabilities | 12,468 | 12,463 |
Cumulative Hedge Accounting Basis Adjustments | (376) | (340) |
Hedged Items Currently Designated | Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount of Hedged Assets/Liabilities | 18,374 | 11,260 |
Cumulative Hedge Accounting Basis Adjustments | (546) | (503) |
De-designated | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative Hedge Accounting Basis Adjustments | 128 | 156 |
De-designated | Available-for-sale securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative Hedge Accounting Basis Adjustments | $ 1 | $ 3 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) on derivative recognized in consolidated statement of income | $ (30) | $ 72 | $ 12 | $ 68 |
Amount of gain (loss) on hedged item recognized in consolidated statement of income | 30 | (72) | (11) | (68) |
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes | (43) | 115 | 32 | 34 |
Interest Rate Contract One | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) on derivative recognized in consolidated statement of income | (59) | 156 | 43 | 43 |
Amount of gain (loss) on hedged item recognized in consolidated statement of income | 59 | (156) | (42) | (43) |
Interest Rate Contract Two | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) on derivative recognized in consolidated statement of income | 24 | (84) | (36) | 25 |
Amount of gain (loss) on hedged item recognized in consolidated statement of income | (24) | 84 | 36 | (25) |
Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) on derivative recognized in consolidated statement of income | 5 | 0 | 5 | 0 |
Amount of gain (loss) on hedged item recognized in consolidated statement of income | $ (5) | $ 0 | $ (5) |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative recognized in OCI, cash flow hedge | $ (7) | $ 59 | $ 38 | $ 79 |
Gain (loss) on derivative recognized in OCI, net investment hedge | 58 | (8) | 243 | (49) |
Other comprehensive income (loss), derivative, before reclassification and tax | 51 | 51 | 30 | |
Gain (loss) on hedges reclassified to income, cash flow hedge | (55) | (52) | 144 | (102) |
Gain (loss) on hedges reclassified to income, net investment hedge | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), derivative, gain (loss), reclassification, before tax | (55) | (52) | 144 | (102) |
Interest rate contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative recognized in OCI, cash flow hedge | (7) | (6) | (21) | (3) |
Other comprehensive income (loss), derivative, before reclassification and tax | $ 281 | |||
Term of debt instrument | 5 years | |||
Interest rate contracts | Net interest income | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges reclassified to income, cash flow hedge | (55) | (52) | $ (110) | (103) |
Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative recognized in OCI, cash flow hedge | 0 | 65 | 59 | 82 |
Gain (loss) on derivative recognized in OCI, net investment hedge | 58 | (8) | 243 | (49) |
Foreign exchange contracts | Net interest income | ||||
Derivative [Line Items] | ||||
Gain (loss) on hedges reclassified to income, cash flow hedge | 0 | 0 | 254 | 1 |
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 ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Offsetting [Abstract] | ||
Fair value of securities received as collateral that can be resold or repledged | $ 10,010 | $ 10,670 |
Fair value of securities received as collateral that have been resold or repledged | $ 2,280 | $ 6,410 |
Offsetting Arrangements - Asset
Offsetting Arrangements - Assets With Offsetting Arrangements (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Offsetting Assets [Line Items] | ||
Derivatives, gross amounts of recognized assets | $ 15,764 | $ 19,707 |
Derivatives, gross amounts offset in statement of condition | (9,889) | (14,400) |
Derivatives, net amounts of assets presented in statement of condition | 5,875 | 5,307 |
Derivatives, net amount | 5,397 | 4,238 |
Derivatives, cash collateral and securities netting, cash offset | (903) | (3,904) |
Derivatives, cash collateral and securities netting, cash and securities received | (478) | (1,069) |
Derivatives, cash collateral and securities netting, net amount | (1,381) | (4,973) |
Resale agreements and securities borrowing, gross amounts of recognized assets | 252,407 | 230,384 |
Resale agreements and securities borrowing, gross amounts offset in statement of condition | (214,765) | (200,561) |
Resale agreements and securities borrowing, net amounts of assets presented in statement of condition | 37,642 | 29,823 |
Resale agreements and securities borrowing, cash and securities received | (36,214) | (28,016) |
Resale agreements and securities borrowing, net amount | 1,428 | 1,807 |
Total derivatives and other financial instruments, gross amounts of recognized assets | 268,171 | 250,091 |
Total derivatives and other financial instruments, gross amounts offset in statement of condition | (224,654) | (214,961) |
Total derivatives and other financial instruments, net amounts of assets presented in statement of condition | 43,517 | 35,130 |
Total derivatives and other financial instruments, cash and securities received | (36,692) | (29,085) |
Total derivatives and other financial instruments, net amount | 6,825 | 6,045 |
Securities purchased under resale agreements | 6,340 | 6,692 |
Cash collateral provided for securities borrowing | 31,300 | 23,130 |
Foreign exchange contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, gross amounts of recognized assets | 15,754 | 19,694 |
Derivatives, gross amounts offset in statement of condition | (8,986) | (10,496) |
Derivatives, net amounts of assets presented in statement of condition | 6,768 | 9,198 |
Derivatives, net amount | 6,768 | 9,198 |
Interest rate contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, gross amounts of recognized assets | 10 | 13 |
Derivatives, gross amounts offset in statement of condition | 0 | 0 |
Derivatives, net amounts of assets presented in statement of condition | 10 | 13 |
Derivatives, net amount | $ 10 | $ 13 |
Offsetting Arrangements - Liabi
Offsetting Arrangements - Liabilities With Offsetting Arrangements (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Offsetting Liabilities [Line Items] | ||
Derivatives, gross amounts of recognized liabilities | $ 16,242 | $ 19,602 |
Derivatives, gross amounts offset in statement of condition | (12,207) | (11,909) |
Net Amounts of Liabilities Presented in Statement of Condition | 4,035 | 7,693 |
Derivative, net amount | 2,995 | 7,060 |
Derivative liability, collateral, cash offset | (3,221) | (1,413) |
Derivatives, cash and collateral securities netting, cash and securities provided | (1,040) | (633) |
Derivatives, cash and collateral securities netting, net | (4,261) | (2,046) |
Resale agreements and securities lending, gross amounts of recognized liabilities | 230,509 | 214,362 |
Resale agreements and securities lending, gross amounts offset in statement of condition | (214,765) | (200,561) |
Resale agreements and securities lending, net amounts of liabilities presented in statement of condition | 15,744 | 13,801 |
Resale agreements and securities lending, cash and securities provided | (15,111) | (13,306) |
Resale agreements and securities lending, net amount | 633 | 495 |
Total derivatives and other financial instruments, gross amounts of recognized liabilities | 246,751 | 233,964 |
Total derivatives and other financial instruments, gross amounts offset in statement of condition | (226,972) | (212,470) |
Total derivatives and other financial instruments, net amounts of liabilities presented in statement of condition | 19,779 | 21,494 |
Total derivatives and other financial instruments, cash and securities provided | (16,151) | (13,939) |
Total derivatives and other financial instruments, net amount | 3,628 | 7,555 |
Securities sold under repurchase agreements | 2,716 | 1,867 |
Foreign exchange contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivatives, gross amounts of recognized liabilities | 16,073 | 19,416 |
Derivatives, gross amounts offset in statement of condition | (8,986) | (10,496) |
Net Amounts of Liabilities Presented in Statement of Condition | 7,087 | 8,920 |
Derivative, net amount | 7,087 | 8,920 |
Interest rate contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivatives, gross amounts of recognized liabilities | 4 | |
Derivatives, gross amounts offset in statement of condition | 0 | |
Net Amounts of Liabilities Presented in Statement of Condition | 4 | |
Derivative, net amount | 4 | |
Other derivative contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivatives, gross amounts of recognized liabilities | 169 | 182 |
Derivatives, gross amounts offset in statement of condition | 0 | 0 |
Net Amounts of Liabilities Presented in Statement of Condition | 169 | 182 |
Derivative, net amount | 169 | 182 |
Accrued expenses and other liabilities | ||
Offsetting Liabilities [Line Items] | ||
Cash collateral received in connection to securities finance activities | $ 13,020 | $ 11,930 |
Offsetting Arrangements - Repo,
Offsetting Arrangements - Repo, Sec Lending Transactions Maturity by Category (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 210,622 | $ 197,757 |
Securities lending transactions | 19,887 | 16,605 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 230,509 | 214,362 |
U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 210,622 | 197,757 |
Securities lending transactions | 1 | 6 |
Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 217 | 281 |
Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 12,923 | 9,452 |
Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 6,746 | 6,866 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 207,768 | 196,212 |
Securities lending transactions | 16,650 | 14,278 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 224,418 | 210,490 |
Overnight and Continuous | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 207,768 | 196,212 |
Securities lending transactions | 1 | 6 |
Overnight and Continuous | Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 215 | 278 |
Overnight and Continuous | Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 9,688 | 7,128 |
Overnight and Continuous | Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 6,746 | 6,866 |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 790 | 0 |
Securities lending transactions | 15 | 20 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 805 | 20 |
Up to 30 Days | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 790 | 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 | 15 | 20 |
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 | 231 | 185 |
Securities lending transactions | 7 | 16 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 238 | 201 |
30-90 days | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 231 | 185 |
Securities lending transactions | 0 | 0 |
30-90 days | Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 2 | 3 |
30-90 days | Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 5 | 13 |
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 | 1,833 | 1,360 |
Securities lending transactions | 3,215 | 2,291 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 5,048 | 3,651 |
Greater than 90 Days | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 1,833 | 1,360 |
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 | 3,215 | 2,291 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Unfunded credit facilities | $ 33,393 | $ 34,197 |
Indemnified securities financing | 323,808 | 279,916 |
Standby letters of credit | $ 1,269 | $ 1,510 |
Commitments and Guarantees - Sc
Commitments and Guarantees - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of indemnified securities financing | $ 323,808 | $ 279,916 |
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 339,737 | 293,855 |
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 71,467 | 59,028 |
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | $ 76,525 | $ 63,105 |
Commitments and Guarantees - Na
Commitments and Guarantees - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | ||
Unfunded commitments to extend credit, short term | 77% | 75% |
Term of unfunded commitment | 1 year | |
Cash collateral provided for securities lending | $ 31,300 | $ 23,130 |
Accrued expenses and other liabilities | ||
Loss Contingencies [Line Items] | ||
Cash collateral received in connection to securities finance activities | $ 13,020 | $ 11,930 |
Contingencies (Details)
Contingencies (Details) $ in Thousands | 1 Months Ended | ||||
Jun. 30, 2024 USD ($) | Mar. 31, 2024 classAction | Aug. 31, 2021 plaintiff | May 31, 2021 participant | Dec. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | |||||
Accrual of loss contingency | $ 14,000 | ||||
Estimate of possible loss | 40,000 | ||||
Participants who filed a purported class action complaint | participant | 8 | ||||
Unrecognized tax benefits | 236,000 | $ 237,000 | |||
Edmar v Currenex | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, number of plaintiffs | plaintiff | 2 | ||||
Piercy v AT&T And Schloss v AT&T | |||||
Loss Contingencies [Line Items] | |||||
Number of class actions filed | classAction | 2 | ||||
OFAC Matter | |||||
Loss Contingencies [Line Items] | |||||
Payments for settlements | $ 7,450 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Assets | $ 325,603,000,000 | $ 297,258,000,000 |
Total liabilities | 300,841,000,000 | 273,459,000,000 |
Contingent Commitment for Tax Credit Investments | ||
Variable Interest Entity [Line Items] | ||
Other commitment | 113,000,000 | |
Low Income Housing Tax Credit | ||
Variable Interest Entity [Line Items] | ||
Investment owned | 757,000,000 | |
Production Tax Credit | ||
Variable Interest Entity [Line Items] | ||
Investment owned | 325,000,000 | |
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 | 19,000,000 | 18,000,000 |
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 | 1,220,000,000 | $ 1,330,000,000 |
Deferred contribution payments included in accrued expenses and other liabilities | $ 46,000,000 |
Variable Interest Entities - Ta
Variable Interest Entities - Tax Credits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Variable Interest Entity [Line Items] | ||||
Total revenue | $ 3,191 | $ 3,110 | $ 6,329 | $ 6,211 |
Net benefits included in income tax expense | 201 | $ 153 | 336 | $ 292 |
VIE - not primary beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Total revenue | 8 | 12 | ||
Tax credits and benefits recognized in income tax expense | 71 | 127 | ||
Proportional amortization recognized in income tax expense | (55) | (99) | ||
Net benefits included in income tax expense | 16 | 28 | ||
Net benefit attributable to tax-advantaged investments included in the consolidated statement of income | $ 24 | $ 40 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||||
Jan. 31, 2024 | Jan. 31, 2024 | Sep. 30, 2018 | Apr. 30, 2016 | Jun. 30, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||||||
Amount outstanding | $ 504 | $ 504 | ||||
Series G Preferred Stock, Depository Share | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock issued (shares) | 20,000,000 | |||||
Amount outstanding | $ 500 | |||||
Liquidation preference per share (USD per share) | $ 25 | |||||
Series G Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Ownership Interest Per Depositary Share | 0.025% | |||||
Liquidation preference per share (USD per share) | $ 100,000 | |||||
Per annum dividend rate | 5.35% | |||||
Preferred stock | 493 | 493 | ||||
Series H Preferred Stock, Depository Share | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock issued (shares) | 500,000 | |||||
Amount outstanding | $ 500 | |||||
Liquidation preference per share (USD per share) | $ 1,000 | |||||
Series H Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Ownership Interest Per Depositary Share | 1% | |||||
Liquidation preference per share (USD per share) | $ 100,000 | |||||
Per annum dividend rate | 8.185% | |||||
Per annum dividend rate, basis spread on variable rate | 2.801% | |||||
Preferred stock | 494 | 494 | ||||
Series I Preferred Stock, Depository Share | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock issued (shares) | 1,500,000 | |||||
Amount outstanding | $ 1,500 | $ 1,500 | ||||
Ownership Interest Per Depositary Share | 1% | |||||
Liquidation preference per share (USD per share) | $ 1,000 | $ 1,000 | ||||
Series I Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock issued (shares) | 1,500,000 | |||||
Ownership Interest Per Depositary Share | 1% | |||||
Liquidation preference per share (USD per share) | $ 100,000 | $ 100,000 | ||||
Per annum dividend rate | 6.70% | |||||
Per annum dividend rate, basis spread on variable rate | 2.613% | |||||
Reset period | 5 years | |||||
Preferred stock | $ 1,481 | $ 0 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jan. 31, 2024 | Sep. 30, 2018 | Apr. 30, 2016 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class of Stock [Line Items] | |||||||||
Preferred stock cash dividend | $ 55 | $ 34 | $ 37 | $ 23 | $ 89 | $ 60 | |||
Series D Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 0 | $ 1,475 | $ 1,475 | $ 2,950 | |||||
Preferred stock cash dividend | $ 0 | $ 11 | $ 11 | $ 22 | |||||
Series D Preferred Stock, Depository Share | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 0 | $ 0.37 | $ 0.37 | $ 0.74 | |||||
Series F Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 0 | $ 2,163 | $ 2,336 | $ 4,254 | |||||
Preferred stock cash dividend | $ 0 | $ 5 | $ 6 | $ 11 | |||||
Series F Preferred Stock, Depository Share | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 0 | $ 21.63 | $ 23.36 | $ 42.54 | |||||
Series G Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 1,338 | $ 1,338 | $ 2,675 | $ 2,675 | |||||
Preferred stock cash dividend | $ 6 | $ 7 | $ 13 | $ 13 | |||||
Ownership Interest Per Depositary Share | 0.025% | ||||||||
Series G Preferred Stock, Depository Share | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 0.33 | $ 0.33 | $ 0.67 | $ 0.66 | |||||
Series H Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 2,145 | $ 2,813 | $ 4,214 | $ 2,813 | |||||
Preferred stock cash dividend | $ 11 | $ 14 | $ 21 | $ 14 | |||||
Ownership Interest Per Depositary Share | 1% | ||||||||
Series H Preferred Stock, Depository Share | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 21.45 | $ 28.13 | $ 42.14 | $ 28.13 | |||||
Series I Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 2,513 | $ 0 | $ 2,513 | $ 0 | |||||
Preferred stock cash dividend | $ 38 | $ 0 | $ 38 | $ 0 | |||||
Ownership Interest Per Depositary Share | 1% | ||||||||
Series I Preferred Stock, Depository Share | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 25.13 | $ 0 | $ 25.13 | $ 0 | |||||
Ownership Interest Per Depositary Share | 1% |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
Jul. 24, 2024 | Jan. 31, 2024 | Jan. 31, 2024 | Sep. 30, 2018 | Apr. 30, 2016 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 15, 2024 | Jan. 19, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||||||||||||||
Proceeds from issuance of preferred stock, net of issuance costs | $ 1,481 | $ 0 | ||||||||||||
Preferred stock cash dividend | $ 55 | $ 34 | $ 37 | $ 23 | $ 89 | $ 60 | ||||||||
Series I Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock issued (shares) | 1,500,000 | |||||||||||||
Ownership Interest Per Depositary Share | 1% | |||||||||||||
Liquidation preference per share (USD per share) | $ 100,000 | $ 100,000 | ||||||||||||
Proceeds from issuance of preferred stock, net of issuance costs | $ 1,500 | |||||||||||||
Per annum dividend rate | 6.70% | |||||||||||||
Preferred stock, shares outstanding (in shares) | 15,000 | 15,000 | 15,000 | |||||||||||
Preferred dividends declared (USD per share) | $ 2,513 | $ 0 | $ 2,513 | $ 0 | ||||||||||
Preferred stock cash dividend | $ 38 | $ 0 | $ 38 | $ 0 | ||||||||||
Series I Preferred Stock | Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred dividends declared (USD per share) | $ 1,675 | |||||||||||||
Preferred stock cash dividend | $ 25 | |||||||||||||
Series I Preferred Stock, Depository Share | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock issued (shares) | 1,500,000 | |||||||||||||
Ownership Interest Per Depositary Share | 1% | |||||||||||||
Liquidation preference per share (USD per share) | $ 1,000 | $ 1,000 | ||||||||||||
Preferred dividends declared (USD per share) | $ 25.13 | $ 0 | $ 25.13 | $ 0 | ||||||||||
Series I Preferred Stock, Depository Share | Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred dividends declared (USD per share) | $ 16.75 | |||||||||||||
Series F Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Liquidation preference per share (USD per share) | $ 100,000 | |||||||||||||
Redemption price | $ 1,000 | |||||||||||||
Preferred stock, shares outstanding (in shares) | 2,500 | 2,500 | 2,500 | 2,500 | ||||||||||
Preferred dividends declared (USD per share) | $ 0 | $ 2,163 | $ 2,336 | $ 4,254 | ||||||||||
Preferred stock cash dividend | $ 0 | $ 5 | $ 6 | $ 11 | ||||||||||
Series D Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Liquidation preference per share (USD per share) | $ 100,000 | |||||||||||||
Preferred stock, shares outstanding (in shares) | 7,500 | 7,500 | 7,500 | 7,500 | ||||||||||
Preferred dividends declared (USD per share) | $ 0 | $ 1,475 | $ 1,475 | $ 2,950 | ||||||||||
Preferred stock cash dividend | $ 0 | $ 11 | $ 11 | $ 22 | ||||||||||
Series D Preferred Stock, Depository Share | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Liquidation preference per share (USD per share) | $ 25 | |||||||||||||
Preferred stock, shares outstanding (in shares) | 30,000,000 | |||||||||||||
Preferred dividends declared (USD per share) | $ 0 | $ 0.37 | $ 0.37 | $ 0.74 | ||||||||||
Series F Preferred Stock, Depository Share | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Liquidation preference per share (USD per share) | $ 1,000 | |||||||||||||
Preferred stock, shares outstanding (in shares) | 250,000 | |||||||||||||
Preferred dividends declared (USD per share) | $ 0 | 21.63 | $ 23.36 | 42.54 | ||||||||||
Series J Preferred Stock | Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock issued (shares) | 850,000 | |||||||||||||
Liquidation preference per share (USD per share) | $ 100,000 | |||||||||||||
Proceeds from issuance of preferred stock, net of issuance costs | $ 842 | |||||||||||||
Per annum dividend rate | 6.70% | |||||||||||||
Series J Preferred Stock, Depository Share | Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Ownership Interest Per Depositary Share | 1% | |||||||||||||
Liquidation preference per share (USD per share) | $ 1,000 | |||||||||||||
Series G Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Ownership Interest Per Depositary Share | 0.025% | |||||||||||||
Liquidation preference per share (USD per share) | $ 100,000 | |||||||||||||
Per annum dividend rate | 5.35% | |||||||||||||
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 | 5,000 | |||||||||||
Preferred dividends declared (USD per share) | $ 1,338 | $ 1,338 | $ 2,675 | $ 2,675 | ||||||||||
Preferred stock cash dividend | $ 6 | $ 7 | $ 13 | $ 13 | ||||||||||
Series G Preferred Stock | Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred dividends declared (USD per share) | $ 1,338 | |||||||||||||
Preferred stock cash dividend | $ 7 | |||||||||||||
Series H Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Ownership Interest Per Depositary Share | 1% | |||||||||||||
Liquidation preference per share (USD per share) | $ 100,000 | |||||||||||||
Per annum dividend rate | 8.185% | |||||||||||||
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 | 5,000 | |||||||||||
Preferred dividends declared (USD per share) | $ 2,145 | $ 2,813 | $ 4,214 | $ 2,813 | ||||||||||
Preferred stock cash dividend | $ 11 | $ 14 | $ 21 | $ 14 | ||||||||||
Series H Preferred Stock | Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred dividends declared (USD per share) | $ 2,036 | |||||||||||||
Preferred stock cash dividend | $ 10 | |||||||||||||
Series G Preferred Stock, Depository Share | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock issued (shares) | 20,000,000 | |||||||||||||
Liquidation preference per share (USD per share) | $ 25 | |||||||||||||
Preferred dividends declared (USD per share) | $ 0.33 | $ 0.33 | $ 0.67 | $ 0.66 | ||||||||||
Series G Preferred Stock, Depository Share | Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred dividends declared (USD per share) | $ 0.33 | |||||||||||||
Series H Preferred Stock, Depository Share | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred stock issued (shares) | 500,000 | |||||||||||||
Liquidation preference per share (USD per share) | $ 1,000 | |||||||||||||
Preferred dividends declared (USD per share) | $ 21.45 | $ 28.13 | $ 42.14 | $ 28.13 | ||||||||||
Series H Preferred Stock, Depository Share | Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred dividends declared (USD per share) | $ 20.36 | |||||||||||||
2024 Share Repurchase Program | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Amount of common stock authorized for repurchase | $ 5,000 | |||||||||||||
Total Acquired (In millions) | $ 200 | $ 0 | $ 300 | $ 0 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of Common Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
2024 Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock acquired (shares) | 2.7 | 0 | 4 | 0 |
Average cost per share (USD per share) | $ 74.52 | $ 0 | $ 74.09 | $ 0 |
Total Acquired (In millions) | $ 200 | $ 0 | $ 300 | $ 0 |
2023 Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock acquired (shares) | 0 | 14.8 | 0 | 28.4 |
Average cost per share (USD per share) | $ 0 | $ 71.08 | $ 0 | $ 80.93 |
Total Acquired (In millions) | $ 0 | $ 1,050 | $ 0 | $ 2,300 |
Shareholders' Equity - Schedu_3
Shareholders' Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity [Abstract] | ||||||
Cash dividends declared (in USD per share) | $ 0.69 | $ 0.69 | $ 0.63 | $ 0.63 | $ 1.38 | $ 1.26 |
Total (In millions) | $ 207 | $ 208 | $ 203 | $ 212 | $ 415 | $ 415 |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | $ 24,433 | $ 23,799 | $ 24,750 | $ 25,191 | $ 23,799 | $ 25,191 | $ 25,191 |
Other comprehensive income (loss) before reclassifications | (124) | 260 | |||||
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income | 164 | 193 | |||||
Other comprehensive income (loss) | 55 | (15) | 14 | 439 | 40 | 453 | |
Ending balance | 24,762 | 24,433 | 24,204 | 24,750 | 24,762 | 24,204 | 23,799 |
AFS transferred to HTM | (454) | (530) | |||||
Accumulated Other Comprehensive Income (Loss) | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (2,369) | (2,354) | (3,272) | (3,711) | (2,354) | (3,711) | (3,711) |
Other comprehensive income (loss) | 55 | (15) | 14 | 439 | |||
Ending balance | (2,314) | (2,369) | (3,258) | (3,272) | (2,314) | (3,258) | (2,354) |
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (131) | (359) | (131) | (359) | (359) | ||
Other comprehensive income (loss) before reclassifications | 30 | 58 | |||||
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income | (107) | 75 | |||||
Other comprehensive income (loss) | (77) | 133 | |||||
Ending balance | (208) | (226) | (208) | (226) | (131) | ||
Net Unrealized Gains (Losses) on Investment Securities | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (947) | (1,817) | (947) | (1,817) | (1,817) | ||
Other comprehensive income (loss) before reclassifications | (45) | 44 | |||||
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income | 270 | 106 | |||||
Other comprehensive income (loss) | 225 | 150 | |||||
Ending balance | (722) | (1,667) | (722) | (1,667) | (947) | ||
Net Unrealized Losses on Retirement Plans | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (145) | (143) | (145) | (143) | (143) | ||
Other comprehensive income (loss) before reclassifications | 6 | 0 | |||||
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income | 1 | 12 | |||||
Other comprehensive income (loss) | 7 | 12 | |||||
Ending balance | (138) | (131) | (138) | (131) | (145) | ||
Foreign Currency Translation | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (1,400) | (1,751) | (1,400) | (1,751) | (1,751) | ||
Other comprehensive income (loss) before reclassifications | (358) | 207 | |||||
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income | 0 | 0 | |||||
Other comprehensive income (loss) | (358) | 207 | |||||
Ending balance | (1,758) | (1,544) | (1,758) | (1,544) | (1,400) | ||
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 | $ 269 | $ 359 | 269 | 359 | 359 | ||
Other comprehensive income (loss) before reclassifications | 243 | (49) | |||||
Increase (decrease) due to amounts reclassified from accumulated other comprehensive income | 0 | 0 | |||||
Other comprehensive income (loss) | 243 | (49) | |||||
Ending balance | $ 512 | $ 310 | $ 512 | $ 310 | $ 269 |
Shareholders' Equity - Adjustme
Shareholders' Equity - Adjustments to Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class of Stock [Line Items] | ||||||
Net interest income | $ (735) | $ (691) | $ (1,451) | $ (1,457) | ||
Compensation and employee benefits expenses | 1,099 | 1,123 | 2,351 | 2,415 | ||
Total amounts reclassified from accumulated other comprehensive income | (711) | $ (463) | (763) | $ (549) | (1,174) | (1,312) |
Other comprehensive income (loss), reclassified losses into net income, tax | 15 | 20 | 98 | 39 | ||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, tax | 14 | 14 | (38) | 27 | ||
Other comprehensive (income) loss, actuarial losses, tax | 0 | 5 | ||||
Amounts Reclassified into Earnings | ||||||
Class of Stock [Line Items] | ||||||
Total amounts reclassified from accumulated other comprehensive income | 82 | 92 | 164 | 193 | ||
Amounts Reclassified into Earnings | Net Unrealized Gains (Losses) on Investment Securities | ||||||
Class of Stock [Line Items] | ||||||
Net interest income | 42 | 54 | 270 | 106 | ||
Amounts Reclassified into Earnings | Net Unrealized Gains (Losses) on Cash Flow Hedges | ||||||
Class of Stock [Line Items] | ||||||
Net interest income | $ 40 | $ 38 | (107) | 75 | ||
Amounts Reclassified into Earnings | Amortization of Actuarial Losses | ||||||
Class of Stock [Line Items] | ||||||
Compensation and employee benefits expenses | $ 1 | $ 12 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Retained earnings | $ 28,615 | $ 27,957 |
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 | |
Leverage ratio minimum | 0.05 | |
Basel III Advanced Approaches | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 11,225 | $ 11,245 |
Retained earnings | 28,615 | 27,957 |
Accumulated other comprehensive income (loss) | (2,314) | (2,354) |
Treasury stock, at cost | (15,232) | (15,025) |
Total | 22,294 | 21,823 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (8,499) | (8,470) |
Other adjustments | (449) | (382) |
Common equity tier 1 capital | 13,346 | 12,971 |
Preferred stock | 2,468 | 1,976 |
Tier 1 capital | 15,814 | 14,947 |
Qualifying subordinated long-term debt | 1,868 | 1,870 |
Allowance for credit losses | 0 | 0 |
Total capital | 17,682 | 16,817 |
Credit risk | 60,605 | 61,210 |
Operational risk | 48,031 | 43,768 |
Market risk | 2,588 | 2,475 |
Total risk-weighted assets | 111,224 | 107,453 |
Adjusted quarterly average assets | $ 297,350 | $ 269,807 |
Common equity tier 1 capital | 12% | 12.10% |
Tier 1 capital | 0.142 | 0.139 |
Total capital | 0.159 | 0.157 |
Tier 1 leverage capital ratio, actual | 0.053 | 0.055 |
Basel III Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 11,225 | $ 11,245 |
Retained earnings | 28,615 | 27,957 |
Accumulated other comprehensive income (loss) | (2,314) | (2,354) |
Treasury stock, at cost | (15,232) | (15,025) |
Total | 22,294 | 21,823 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (8,499) | (8,470) |
Other adjustments | (449) | (382) |
Common equity tier 1 capital | 13,346 | 12,971 |
Preferred stock | 2,468 | 1,976 |
Tier 1 capital | 15,814 | 14,947 |
Qualifying subordinated long-term debt | 1,868 | 1,870 |
Allowance for credit losses | 145 | 150 |
Total capital | 17,827 | 16,967 |
Credit risk | 116,656 | 109,228 |
Market risk | 2,588 | 2,475 |
Total risk-weighted assets | 119,244 | 111,703 |
Adjusted quarterly average assets | $ 297,350 | $ 269,807 |
Common equity tier 1 capital | 11.20% | 11.60% |
Tier 1 capital | 0.133 | 0.134 |
Total capital | 0.150 | 0.152 |
Tier 1 leverage capital ratio, actual | 0.053 | 0.055 |
State Street Bank | Basel III Advanced Approaches | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 13,333 | $ 13,033 |
Retained earnings | 15,322 | 14,454 |
Accumulated other comprehensive income (loss) | (2,037) | (2,097) |
Treasury stock, at cost | 0 | 0 |
Total | 26,618 | 25,390 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (8,228) | (8,208) |
Other adjustments | (352) | (298) |
Common equity tier 1 capital | 18,038 | 16,884 |
Preferred stock | 0 | 0 |
Tier 1 capital | 18,038 | 16,884 |
Qualifying subordinated long-term debt | 533 | 536 |
Allowance for credit losses | 0 | 0 |
Total capital | 18,571 | 17,420 |
Credit risk | 54,476 | 54,942 |
Operational risk | 46,915 | 42,297 |
Market risk | 2,588 | 2,475 |
Total risk-weighted assets | 103,979 | 99,714 |
Adjusted quarterly average assets | $ 294,123 | $ 266,818 |
Common equity tier 1 capital | 17.30% | 16.90% |
Tier 1 capital | 0.173 | 0.169 |
Total capital | 0.179 | 0.175 |
Tier 1 leverage capital ratio, actual | 0.061 | 0.063 |
State Street Bank | Basel III Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 13,333 | $ 13,033 |
Retained earnings | 15,322 | 14,454 |
Accumulated other comprehensive income (loss) | (2,037) | (2,097) |
Treasury stock, at cost | 0 | 0 |
Total | 26,618 | 25,390 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (8,228) | (8,208) |
Other adjustments | (352) | (298) |
Common equity tier 1 capital | 18,038 | 16,884 |
Preferred stock | 0 | 0 |
Tier 1 capital | 18,038 | 16,884 |
Qualifying subordinated long-term debt | 533 | 536 |
Allowance for credit losses | 145 | 150 |
Total capital | 18,716 | 17,570 |
Credit risk | 114,647 | 107,067 |
Market risk | 2,588 | 2,475 |
Total risk-weighted assets | 117,235 | 109,542 |
Adjusted quarterly average assets | $ 294,123 | $ 266,818 |
Common equity tier 1 capital | 15.40% | 15.40% |
Tier 1 capital | 0.154 | 0.154 |
Total capital | 0.160 | 0.160 |
Tier 1 leverage capital ratio, actual | 0.061 | 0.063 |
Net Interest Income (Details)
Net Interest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest income: | ||||
Interest-bearing deposits with banks | $ 929 | $ 696 | $ 1,927 | $ 1,338 |
Investment securities: | ||||
Investment securities available-for-sale | 672 | 408 | 1,244 | 755 |
Investment securities held-to-maturity | 277 | 320 | 571 | 640 |
Total investment securities | 949 | 728 | 1,815 | 1,395 |
Securities purchased under resale agreements | 166 | 81 | 333 | 157 |
Loans | 563 | 442 | 1,109 | 839 |
Other interest-earning assets | 391 | 285 | 703 | 530 |
Total interest income | 2,998 | 2,232 | 5,887 | 4,259 |
Interest expense: | ||||
Interest-bearing deposits | 1,637 | 1,193 | 3,277 | 2,147 |
Securities sold under repurchase agreements | 43 | 13 | 82 | 22 |
Short-term borrowings | 167 | 20 | 268 | 32 |
Long-term debt | 267 | 209 | 525 | 393 |
Other interest-bearing liabilities | 149 | 106 | 284 | 208 |
Total interest expense | 2,263 | 1,541 | 4,436 | 2,802 |
Net interest income | $ 735 | $ 691 | $ 1,451 | $ 1,457 |
Expenses - Schedule of Expenses
Expenses - Schedule of Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Expenses [Abstract] | |||||
Professional services | $ 111 | $ 110 | $ 221 | $ 216 | |
Sales advertising and public relations | 34 | 30 | 59 | 53 | |
Securities processing | 19 | 15 | 27 | 25 | |
Bank operations | 14 | 13 | 22 | 24 | |
Regulatory fees and assessments | 9 | 18 | 150 | 44 | |
Donations | 1 | 7 | 26 | 14 | |
Other | 112 | 93 | 213 | 180 | |
Total other expenses | $ 300 | $ 286 | $ 718 | $ 556 | |
FDIC special assessment expense | $ 130 |
Expenses - Restructuring Reserv
Expenses - Restructuring Reserve (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 189 | $ 208 | $ 73 | $ 88 |
Payments and other adjustments | (37) | (19) | (17) | (15) |
Ending balance | 152 | 189 | 56 | 73 |
Employee Related Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 188 | 207 | 69 | 83 |
Payments and other adjustments | (37) | (19) | (16) | (14) |
Ending balance | 151 | 188 | 53 | 69 |
Real Estate Actions | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 1 | 1 | 4 | 5 |
Payments and other adjustments | 0 | 0 | (1) | (1) |
Ending balance | $ 1 | $ 1 | $ 3 | $ 4 |
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, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 711 | $ 463 | $ 763 | $ 549 | $ 1,174 | $ 1,312 |
Preferred stock dividends | (55) | (37) | (100) | (60) | ||
Dividends and undistributed earnings allocated to participating securities | (1) | 0 | (1) | (1) | ||
Net income available to common shareholders, basic | 655 | 726 | 1,073 | 1,251 | ||
Net income available to common shareholders, diluted | $ 655 | $ 726 | $ 1,073 | $ 1,251 | ||
Basic average common shares (in shares) | 300,564 | 329,383 | 301,278 | 335,212 | ||
Effect of dilutive securities: equity-based awards (in shares) | 4,201 | 4,157 | 4,076 | 4,261 | ||
Diluted average common shares (in shares) | 304,765 | 333,540 | 305,354 | 339,473 | ||
Anti-dilutive securities (in shares) | 948 | 2,282 | 1,151 | 1,380 | ||
Earnings per common share, basic: | ||||||
Basic (in USD per share) | $ 2.18 | $ 2.20 | $ 3.56 | $ 3.73 | ||
Earnings per common share, diluted: | ||||||
Diluted (in USD per share) | $ 2.15 | $ 2.17 | $ 3.52 | $ 3.68 |
Line of Business Information -
Line of Business Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 segment | |
Segment Reporting [Abstract] | |
Number of lines of business | 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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 1,239 | $ 1,259 | $ 2,467 | $ 2,476 |
Management fees | 511 | 461 | 1,021 | 918 |
Foreign exchange trading services | 336 | 303 | 667 | 645 |
Securities finance | 108 | 117 | 204 | 226 |
Software and processing fees | 214 | 221 | 421 | 386 |
Other fee revenue | 48 | 58 | 98 | 103 |
Total fee revenue | 2,456 | 2,419 | 4,878 | 4,754 |
Net interest income | 735 | 691 | 1,451 | 1,457 |
Total other income | 0 | 0 | ||
Total revenue | 3,191 | 3,110 | 6,329 | 6,211 |
Provision for credit losses | 10 | (18) | 37 | 26 |
Total expenses | 2,269 | 2,212 | 4,782 | 4,581 |
Income before income tax expense | $ 912 | $ 916 | $ 1,510 | $ 1,604 |
Pre-tax margin | 29% | 29% | 24% | 26% |
Operating Segments | Investment Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 1,239 | $ 1,259 | $ 2,467 | $ 2,476 |
Management fees | 0 | 0 | 0 | 0 |
Foreign exchange trading services | 304 | 276 | 612 | 597 |
Securities finance | 101 | 109 | 191 | 212 |
Software and processing fees | 214 | 221 | 421 | 386 |
Other fee revenue | 36 | 55 | 79 | 83 |
Total fee revenue | 1,894 | 1,920 | 3,770 | 3,754 |
Net interest income | 730 | 687 | 1,441 | 1,449 |
Total other income | 0 | 0 | ||
Total revenue | 2,624 | 2,607 | 5,211 | 5,203 |
Provision for credit losses | 10 | (18) | 37 | 26 |
Total expenses | 1,880 | 1,850 | 3,843 | 3,828 |
Income before income tax expense | $ 734 | $ 775 | $ 1,331 | $ 1,349 |
Pre-tax margin | 28% | 30% | 26% | 26% |
Operating Segments | Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Servicing fees | $ 0 | $ 0 | $ 0 | $ 0 |
Management fees | 511 | 461 | 1,021 | 918 |
Foreign exchange trading services | 32 | 27 | 55 | 48 |
Securities finance | 7 | 8 | 13 | 14 |
Software and processing fees | 0 | 0 | 0 | 0 |
Other fee revenue | 12 | 3 | 19 | 20 |
Total fee revenue | 562 | 499 | 1,108 | 1,000 |
Net interest income | 5 | 4 | 10 | 8 |
Total other income | 0 | 0 | ||
Total revenue | 567 | 503 | 1,118 | 1,008 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Total expenses | 388 | 361 | 808 | 747 |
Income before income tax expense | $ 179 | $ 142 | $ 310 | $ 261 |
Pre-tax margin | 32% | 28% | 28% | 26% |
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 | 0 |
Total fee revenue | 0 | 0 | 0 | 0 |
Net interest income | 0 | 0 | 0 | 0 |
Total other income | 0 | 0 | ||
Total revenue | 0 | 0 | 0 | 0 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Total expenses | 1 | 1 | 131 | 6 |
Income before income tax expense | $ (1) | $ (1) | $ (131) | $ (6) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) segment | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of lines of business | segment | 2 | |||
Receivables related to contracts with customers | $ 2,930 | $ 2,930 | $ 2,720 | |
Deferred revenue | 149 | 149 | $ 135 | $ 133 |
Amount of deferred revenue recognized | 64 | 100 | ||
Software License Sales & SaaS | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Remaining performance obligation | $ 1,710 | $ 1,710 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Software License Sales & SaaS | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) | 3 years | 3 years | ||
Revenue, remaining performance obligation, percentage | 50% | 50% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01 | Software License Sales & SaaS | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Servicing fees | $ 1,239 | $ 1,259 | $ 2,467 | $ 2,476 |
Management fees | 511 | 461 | 1,021 | 918 |
Foreign exchange trading services | 336 | 303 | 667 | 645 |
Securities finance | 108 | 117 | 204 | 226 |
Software and processing fees | 214 | 221 | 421 | 386 |
Other fee revenue | 48 | 58 | 98 | 103 |
Total fee revenue | 2,456 | 2,419 | 4,878 | 4,754 |
Net interest income | 735 | 691 | 1,451 | 1,457 |
Total other income | 0 | 0 | ||
Total revenue | 3,191 | 3,110 | 6,329 | 6,211 |
Operating Segments | Investment Servicing | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 1,542 | 1,580 | 3,069 | 3,070 |
All other revenue | 1,082 | 1,027 | 2,142 | 2,133 |
Servicing fees | 1,239 | 1,259 | 2,467 | 2,476 |
Management fees | 0 | 0 | 0 | 0 |
Foreign exchange trading services | 304 | 276 | 612 | 597 |
Securities finance | 101 | 109 | 191 | 212 |
Software and processing fees | 214 | 221 | 421 | 386 |
Other fee revenue | 36 | 55 | 79 | 83 |
Total fee revenue | 1,894 | 1,920 | 3,770 | 3,754 |
Net interest income | 730 | 687 | 1,441 | 1,449 |
Total other income | 0 | 0 | ||
Total revenue | 2,624 | 2,607 | 5,211 | 5,203 |
Operating Segments | Investment Servicing | Servicing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 1,239 | 1,259 | 2,467 | 2,476 |
All other revenue | 0 | 0 | 0 | 0 |
Servicing fees | 1,239 | 1,259 | 2,467 | 2,476 |
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 | 95 | 86 | 190 | 176 |
All other revenue | 209 | 190 | 422 | 421 |
Foreign exchange trading services | 304 | 276 | 612 | 597 |
Operating Segments | Investment Servicing | Securities finance | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 46 | 61 | 94 | 124 |
All other revenue | 55 | 48 | 97 | 88 |
Securities finance | 101 | 109 | 191 | 212 |
Operating Segments | Investment Servicing | Software and processing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 162 | 174 | 318 | 294 |
All other revenue | 52 | 47 | 103 | 92 |
Software and processing fees | 214 | 221 | 421 | 386 |
Operating Segments | Investment Servicing | Other fee revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 36 | 55 | 79 | 83 |
Other fee revenue | 36 | 55 | 79 | 83 |
Operating Segments | Investment Servicing | Total fee revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 1,542 | 1,580 | 3,069 | 3,070 |
All other revenue | 352 | 340 | 701 | 684 |
Total fee revenue | 1,894 | 1,920 | 3,770 | 3,754 |
Operating Segments | Investment Servicing | Net interest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 730 | 687 | 1,441 | 1,449 |
Net interest income | 730 | 687 | 1,441 | 1,449 |
Operating Segments | Investment Management | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 543 | 488 | 1,076 | 966 |
All other revenue | 24 | 15 | 42 | 42 |
Servicing fees | 0 | 0 | 0 | 0 |
Management fees | 511 | 461 | 1,021 | 918 |
Foreign exchange trading services | 32 | 27 | 55 | 48 |
Securities finance | 7 | 8 | 13 | 14 |
Software and processing fees | 0 | 0 | 0 | 0 |
Other fee revenue | 12 | 3 | 19 | 20 |
Total fee revenue | 562 | 499 | 1,108 | 1,000 |
Net interest income | 5 | 4 | 10 | 8 |
Total other income | 0 | 0 | ||
Total revenue | 567 | 503 | 1,118 | 1,008 |
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 | 511 | 461 | 1,021 | 918 |
All other revenue | 0 | 0 | 0 | 0 |
Management fees | 511 | 461 | 1,021 | 918 |
Operating Segments | Investment Management | Foreign exchange trading services | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 32 | 27 | 55 | 48 |
All other revenue | 0 | 0 | 0 | 0 |
Foreign exchange trading services | 32 | 27 | 55 | 48 |
Operating Segments | Investment Management | Securities finance | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 7 | 8 | 13 | 14 |
Securities finance | 7 | 8 | 13 | 14 |
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 | 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 | 12 | 3 | 19 | 20 |
Other fee revenue | 12 | 3 | 19 | 20 |
Operating Segments | Investment Management | Total fee revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 543 | 488 | 1,076 | 966 |
All other revenue | 19 | 11 | 32 | 34 |
Total fee revenue | 562 | 499 | 1,108 | 1,000 |
Operating Segments | Investment Management | Net interest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Topic 606 revenue | 0 | 0 | 0 | 0 |
All other revenue | 5 | 4 | 10 | 8 |
Net interest income | 5 | 4 | 10 | 8 |
Other | ||||
Disaggregation of Revenue [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 | 0 |
Total fee revenue | 0 | 0 | 0 | 0 |
Net interest income | 0 | 0 | 0 | 0 |
Total other income | 0 | 0 | ||
Total revenue | $ 0 | $ 0 | $ 0 | $ 0 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 3,191 | $ 3,110 | $ 6,329 | $ 6,211 |
Income before income tax expense | 912 | 916 | 1,510 | 1,604 |
Non-U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,388 | 1,400 | 2,732 | 2,696 |
Income before income tax expense | 351 | 433 | 642 | 692 |
U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,803 | 1,710 | 3,597 | 3,515 |
Income before income tax expense | $ 561 | $ 483 | $ 868 | $ 912 |
Non-U.S. Activities - Narrative
Non-U.S. Activities - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Total assets | $ 325,603 | $ 325,603 | $ 297,258 | ||
Non-U.S. | |||||
Segment Reporting Information [Line Items] | |||||
Management fees, percent | 0.25 | 0.26 | 0.25 | 0.26 | |
Service fees, percent | 0.47 | 0.47 | 0.47 | 0.46 | |
Total assets | $ 80,950 | $ 76,490 | $ 80,950 | $ 76,490 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | ||
Jul. 24, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Subsequent Event [Line Items] | |||
Proceeds from issuance of preferred stock, net of issuance costs | $ 1,481 | $ 0 | |
Subsequent Event | Series J Preferred Stock | |||
Subsequent Event [Line Items] | |||
Preferred stock issued (shares) | 850 | ||
Liquidation preference per share (USD per share) | $ 100,000 | ||
Proceeds from issuance of preferred stock, net of issuance costs | $ 842 | ||
Per annum dividend rate | 6.70% | ||
Subsequent Event | Series J Preferred Stock, Depository Share | |||
Subsequent Event [Line Items] | |||
Ownership Interest Per Depositary Share | 1% | ||
Liquidation preference per share (USD per share) | $ 1,000 |