Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2019shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Sep. 30, 2019 |
Entity File Number | 1-5805 |
Entity Registrant Name | JPMorgan Chase & Co |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 13-2624428 |
Entity Address, Address Line One | 383 Madison Avenue, |
Entity Address, City or Town | New York, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10179 |
City Area Code | 212 |
Local Phone Number | 270-6000 |
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 | 3,136,484,924 |
Entity Central Index Key | 0000019617 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Current Fiscal Year End Date | --12-31 |
Common stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common stock |
Trading Symbol | JPM |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 5.45% Non-Cumulative Preferred Stock, Series P | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 5.45% Non-Cumulative Preferred Stock, Series P |
Trading Symbol | JPM PR A |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 6.125% Non-Cumulative Preferred Stock, Series Y | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 6.125% Non-Cumulative Preferred Stock, Series Y |
Trading Symbol | JPM PR F |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 6.10% Non-Cumulative Preferred Stock, Series AA | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 6.10% Non-Cumulative Preferred Stock, Series AA |
Trading Symbol | JPM PR G |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 6.15% Non-Cumulative Preferred Stock, Series BB | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 6.15% Non-Cumulative Preferred Stock, Series BB |
Trading Symbol | JPM PR H |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD |
Trading Symbol | JPM PR D |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE |
Trading Symbol | JPM PR C |
Security Exchange Name | NYSE |
Alerian MLP Index ETNs due May 24, 2024 | |
Entity Information [Line Items] | |
Title of 12(b) Security | Alerian MLP Index ETNs due May 24, 2024 |
Trading Symbol | AMJ |
Security Exchange Name | NYSEArca |
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC | |
Entity Information [Line Items] | |
Title of 12(b) Security | Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC |
Trading Symbol | JPM/28 |
Security Exchange Name | NYSE |
Guarantee of Cushing 30 MLP Index ETNs due June 15, 2037 of JPMorgan Chase Financial Company LLC | |
Entity Information [Line Items] | |
Title of 12(b) Security | Guarantee of Cushing 30 MLP Index ETNs due June 15, 2037 of JPMorgan Chase Financial Company LLC |
Trading Symbol | PPLN |
Security Exchange Name | NYSEArca |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Revenue | |||||
Investment banking fees | $ 1,967 | $ 1,832 | $ 5,658 | $ 5,736 | |
Principal transactions | 3,449 | 2,964 | 11,239 | 10,698 | |
Lending- and deposit-related fees | 1,626 | 1,542 | 4,643 | 4,514 | |
Asset management, administration and commissions | 4,351 | 4,310 | 12,818 | 12,923 | |
Investment securities gains/(losses) | 78 | (46) | 135 | (371) | |
Mortgage fees and related income | 887 | 262 | 1,562 | 1,051 | |
Card income | 1,283 | 1,328 | 3,923 | 3,623 | |
Other income | 1,472 | 1,160 | 4,239 | 4,041 | |
Noninterest revenue | 15,113 | 13,352 | 44,217 | 42,215 | |
Interest income | [1] | 21,121 | 19,439 | 64,113 | 55,499 |
Interest expense | [1] | 6,893 | 5,531 | 21,034 | 14,794 |
Net interest income | 14,228 | 13,908 | 43,079 | 40,705 | |
Total net revenue | 29,341 | 27,260 | 87,296 | 82,920 | |
Provision for credit losses | 1,514 | 948 | 4,158 | 3,323 | |
Noninterest expense | |||||
Compensation expense | 8,583 | 8,108 | 26,067 | 25,308 | |
Occupancy expense | 1,110 | 1,014 | 3,238 | 2,883 | |
Technology, communications and equipment expense | 2,494 | 2,219 | 7,236 | 6,441 | |
Professional and outside services | 2,056 | 2,086 | 6,307 | 6,333 | |
Marketing | 945 | 798 | 2,686 | 2,396 | |
Other expense | 1,234 | 1,398 | 3,624 | 4,313 | |
Total noninterest expense | 16,422 | 15,623 | 49,158 | 47,674 | |
Income before income tax expense | 11,405 | 10,689 | 33,980 | 31,923 | |
Income tax expense | 2,325 | 2,309 | 6,069 | 6,515 | |
Net income | 9,080 | 8,380 | 27,911 | 25,408 | |
Net income applicable to common stockholders | $ 8,606 | $ 7,948 | $ 26,551 | $ 24,067 | |
Net income per common share data | |||||
Basic earnings per share (in dollars per share) | $ 2.69 | $ 2.35 | $ 8.17 | $ 7.04 | |
Diluted earnings per share (in dollars per share) | $ 2.68 | $ 2.34 | $ 8.15 | $ 7 | |
Weighted-average basic shares (in shares) | 3,198.5 | 3,376.1 | 3,248.7 | 3,416.5 | |
Weighted-average diluted shares (in shares) | 3,207.2 | 3,394.3 | 3,258 | 3,436.2 | |
[1] | In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation. Refer to Note 6 for additional information. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 9,080 | $ 8,380 | $ 27,911 | $ 25,408 |
Other comprehensive income/(loss), after–tax | ||||
Unrealized gains/(losses) on investment securities | 479 | (819) | 2,986 | (2,280) |
Translation adjustments, net of hedges | (165) | (31) | (90) | 84 |
Fair value hedges | (1) | 34 | 87 | (74) |
Cash flow hedges | 195 | (88) | 430 | (327) |
Defined benefit pension and OPEB plans | 46 | 19 | 123 | 78 |
DVA on fair value option elected liabilities | 132 | (402) | (229) | 125 |
Total other comprehensive income/(loss), after–tax | 686 | (1,287) | 3,307 | (2,394) |
Comprehensive income | $ 9,766 | $ 7,093 | $ 31,218 | $ 23,014 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and due from banks | $ 21,215 | $ 22,324 | |
Deposits with banks | 235,382 | 256,469 | |
Federal funds sold and securities purchased under resale agreements (included $13,705 and $13,235 at fair value) | 257,391 | 321,588 | |
Securities borrowed (included $5,784 and $5,105 at fair value) | 138,336 | 111,995 | |
Trading assets (included assets pledged of $138,827 and $89,073) | 495,875 | 413,714 | |
Investment securities (included $353,421 and $230,394 at fair value and assets pledged of $12,518 and $11,432) | 394,251 | 261,828 | |
Loans (included $5,760 and $3,151 at fair value) | 945,218 | 984,554 | |
Allowance for loan losses | (13,235) | (13,445) | |
Loans, net of allowance for loan losses | 931,983 | 971,109 | |
Accrued interest and accounts receivable | 88,988 | 73,200 | |
Premises and equipment | 25,117 | 14,934 | |
Goodwill, MSRs and other intangible assets | 53,078 | 54,349 | |
Other assets (included $8,916 and $9,630 at fair value and assets pledged of $2,834 and $3,457) | 123,045 | 121,022 | |
Total assets | [1] | 2,764,661 | 2,622,532 |
Liabilities | |||
Deposits (included $29,355 and $23,217 at fair value) | 1,525,261 | 1,470,666 | |
Federal funds purchased and securities loaned or sold under repurchase agreements (included $933 and $935 at fair value) | 247,766 | 182,320 | |
Short-term borrowings (included $6,497 and $7,130 at fair value) | 48,893 | 69,276 | |
Trading liabilities | 138,343 | 144,773 | |
Accounts payable and other liabilities (included $2,411 and $3,269 at fair value) | 225,063 | 196,710 | |
Beneficial interests issued by consolidated VIEs (included $39 and $28 at fair value) | 18,515 | 20,241 | |
Long-term debt (included $71,957 and $54,886 at fair value) | 296,472 | 282,031 | |
Total liabilities | [1] | 2,500,313 | 2,366,017 |
Commitments and contingencies (refer to Notes 22, 23 and 24) | |||
Stockholders’ equity | |||
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,836,250 and 2,606,750 shares) | 28,363 | 26,068 | |
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 4,105 | 4,105 | |
Additional paid-in capital | 88,512 | 89,162 | |
Retained earnings | 217,888 | 199,202 | |
Accumulated other comprehensive income/(loss) | 1,800 | (1,507) | |
Shares held in restricted stock units (“RSU”) Trust, at cost (472,953 shares) | (21) | (21) | |
Treasury stock, at cost (968,448,971 and 829,167,674 shares) | (76,299) | (60,494) | |
Total stockholders’ equity | 264,348 | 256,515 | |
Total liabilities and stockholders’ equity | 2,764,661 | 2,622,532 | |
VIEs consolidated by the Firm | |||
Assets | |||
Trading assets (included assets pledged of $138,827 and $89,073) | 1,461 | 1,966 | |
Loans (included $5,760 and $3,151 at fair value) | 53,022 | 59,456 | |
Other assets (included $8,916 and $9,630 at fair value and assets pledged of $2,834 and $3,457) | 974 | 1,013 | |
Total assets | 55,457 | 62,435 | |
Liabilities | |||
Beneficial interests issued by consolidated VIEs (included $39 and $28 at fair value) | 18,515 | 20,241 | |
All other liabilities | 301 | 312 | |
Total liabilities | $ 18,816 | $ 20,553 | |
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at September 30, 2019 , and December 31, 2018 . The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase . The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 f or a further discussion. (in millions) September 30, 2019 December 31, 2018 Assets Trading assets $ 1,461 $ 1,966 Loans 53,022 59,456 All other assets 974 1,013 Total assets $ 55,457 $ 62,435 Liabilities Beneficial interests issued by consolidated VIEs $ 18,515 $ 20,241 All other liabilities 301 312 Total liabilities $ 18,816 $ 20,553 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Assets pledged | $ 154,200 | $ 104,000 |
Fair value | 353,421 | 230,394 |
Loans | $ 5,760 | $ 3,151 |
Stockholders' equity | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares issued (in shares) | 2,836,250 | 2,606,750 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 9,000,000,000 | 9,000,000,000 |
Common stock, shares issued (in shares) | 4,104,933,895 | 4,104,933,895 |
Shares held in Trust, at cost (in shares) | 472,953 | 472,953 |
Treasury stock, at cost (in shares) | 968,448,971 | 829,167,674 |
Trading assets | ||
Assets | ||
Assets pledged | $ 138,827 | $ 89,073 |
Securities | ||
Assets | ||
Assets pledged | 12,518 | 11,432 |
Other assets | ||
Assets | ||
Assets pledged | 2,834 | 3,457 |
Recurring | ||
Assets | ||
Federal funds sold and securities purchased under resale agreements | 13,705 | 13,235 |
Securities borrowed | 5,784 | 5,105 |
Fair value | 353,421 | 230,394 |
Loans | 5,760 | 3,151 |
Liabilities | ||
Deposits | 29,355 | 23,217 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 933 | 935 |
Short-term borrowings | 6,497 | 7,130 |
Accounts payable and other liabilities | 2,411 | 3,269 |
Beneficial interests issued by consolidated VIEs | 39 | 28 |
Long-term debt | 71,957 | 54,886 |
Recurring | Other assets | ||
Assets | ||
Other assets | $ 8,916 | $ 9,630 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income/(loss) | Shares held in RSU Trust, at cost | Treasury stock, at cost |
Beginning balance at Dec. 31, 2017 | $ 26,068 | $ 4,105 | $ 90,579 | $ 177,676 | $ (119) | $ (21) | $ (42,595) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 1,696 | |||||||
Redemption | 0 | |||||||
Shares issued and commitments to issue common stock for employee shared-based compensation awards, and related tax effects | (897) | |||||||
Other | (349) | |||||||
Net income | $ 25,408 | 25,408 | ||||||
Dividends declared: | ||||||||
Preferred stock | (1,167) | |||||||
Common stock | (6,554) | |||||||
Other comprehensive income/(loss), after-tax | (2,394) | (2,394) | ||||||
Repurchase | (14,055) | |||||||
Reissuance | 1,670 | |||||||
Ending balance at Sep. 30, 2018 | 258,956 | 27,764 | 4,105 | 89,333 | 195,180 | (2,425) | (21) | (54,980) |
Beginning balance at Jun. 30, 2018 | 26,068 | 4,105 | 89,392 | 189,881 | (1,138) | (21) | (50,829) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 1,696 | |||||||
Redemption | 0 | |||||||
Shares issued and commitments to issue common stock for employee shared-based compensation awards, and related tax effects | 179 | |||||||
Other | (238) | |||||||
Net income | 8,380 | 8,380 | ||||||
Dividends declared: | ||||||||
Preferred stock | (379) | |||||||
Common stock | (2,702) | |||||||
Other comprehensive income/(loss), after-tax | (1,287) | (1,287) | ||||||
Repurchase | (4,416) | |||||||
Reissuance | 265 | |||||||
Ending balance at Sep. 30, 2018 | 258,956 | 27,764 | 4,105 | 89,333 | 195,180 | (2,425) | (21) | (54,980) |
Beginning balance at Dec. 31, 2018 | 256,515 | 26,068 | 4,105 | 89,162 | 199,202 | (1,507) | (21) | (60,494) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 4,100 | |||||||
Redemption | (1,805) | |||||||
Shares issued and commitments to issue common stock for employee shared-based compensation awards, and related tax effects | (604) | |||||||
Other | (46) | |||||||
Net income | 27,911 | 27,911 | ||||||
Dividends declared: | ||||||||
Preferred stock | (1,201) | |||||||
Common stock | (8,086) | |||||||
Other comprehensive income/(loss), after-tax | 3,307 | 3,307 | ||||||
Repurchase | (17,250) | |||||||
Reissuance | 1,445 | |||||||
Ending balance at Sep. 30, 2019 | 264,348 | 28,363 | 4,105 | 88,512 | 217,888 | 1,800 | (21) | (76,299) |
Beginning balance at Jun. 30, 2019 | 26,993 | 4,105 | 88,359 | 212,093 | 1,114 | (21) | (69,428) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 2,250 | |||||||
Redemption | (880) | |||||||
Shares issued and commitments to issue common stock for employee shared-based compensation awards, and related tax effects | 156 | |||||||
Other | (3) | |||||||
Net income | 9,080 | 9,080 | ||||||
Dividends declared: | ||||||||
Preferred stock | (423) | |||||||
Common stock | (2,862) | |||||||
Other comprehensive income/(loss), after-tax | 686 | 686 | ||||||
Repurchase | (6,949) | |||||||
Reissuance | 78 | |||||||
Ending balance at Sep. 30, 2019 | $ 264,348 | $ 28,363 | $ 4,105 | $ 88,512 | $ 217,888 | $ 1,800 | $ (21) | $ (76,299) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Dividends declared: | ||||
Dividends declared, Common stock (in dollars per share) | $ 0.90 | $ 0.80 | $ 2.50 | $ 1.92 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||
Net income | $ 27,911 | $ 25,408 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Provision for credit losses | 4,158 | 3,323 |
Depreciation and amortization | 6,229 | 5,716 |
Deferred tax (benefit)/expense | (440) | (323) |
Other | 1,645 | 2,179 |
Originations and purchases of loans held-for-sale | (53,934) | (68,235) |
Proceeds from sales, securitizations and paydowns of loans held-for-sale | 60,510 | 68,214 |
Net change in: | ||
Trading assets | (96,125) | (44,427) |
Securities borrowed | (26,162) | (17,344) |
Accrued interest and accounts receivable | (16,089) | (11,335) |
Other assets | (21,181) | 2,909 |
Trading liabilities | 12,774 | 21,580 |
Accounts payable and other liabilities | 19,661 | 26,677 |
Other operating adjustments | 4,004 | (577) |
Net cash provided by/(used in) operating activities | (77,039) | 13,765 |
Net change in: | ||
Federal funds sold and securities purchased under resale agreements | 64,207 | (19,259) |
Held-to-maturity securities: | ||
Proceeds from paydowns and maturities | 2,239 | 2,268 |
Purchases | (11,682) | (8,613) |
Available-for-sale securities: | ||
Proceeds from paydowns and maturities | 41,378 | 29,618 |
Proceeds from sales | 43,460 | 34,322 |
Purchases | (200,262) | (46,530) |
Proceeds from sales and securitizations of loans held-for-investment | 52,739 | 20,154 |
Other changes in loans, net | (25,977) | (49,755) |
All other investing activities, net | (4,283) | (1,987) |
Net cash (used in) investing activities | (38,181) | (39,782) |
Net change in: | ||
Deposits | 77,147 | 15,274 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 65,428 | 22,719 |
Short-term borrowings | (20,577) | |
Short-term borrowings | 12,974 | |
Beneficial interests issued by consolidated VIEs | 5,017 | 975 |
Proceeds from long-term borrowings | 45,155 | 54,842 |
Payments of long-term borrowings | (51,936) | (69,636) |
Proceeds from issuance of preferred stock | 4,100 | 1,655 |
Redemption of preferred stock | (1,805) | 0 |
Treasury stock repurchased | (17,250) | (14,055) |
Dividends paid | (9,056) | (6,989) |
All other financing activities, net | (217) | (1,440) |
Net cash provided by financing activities | 96,006 | 16,319 |
Effect of exchange rate changes on cash and due from banks and deposits with banks | (2,982) | (2,509) |
Net decrease in cash and due from banks and deposits with banks | (22,196) | (12,207) |
Cash and due from banks and deposits with banks at the beginning of the period | 278,793 | 431,304 |
Cash and due from banks and deposits with banks at the end of the period | 256,597 | 419,097 |
Cash interest paid | 20,790 | 15,144 |
Cash income taxes paid, net | $ 3,478 | $ 2,197 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of presentation JPMorgan Chase & Co. (“JPMorgan Chase” or “the Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading global financial services firm and one of the largest banking institutions in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for a further discussion of the Firm’s business segments. The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities. The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly presented. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase ’s 2018 Form 10-K. Certain amounts reported in prior periods have been reclassified to conform with the current presentation. Consolidation The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated. Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets. The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Refer to Notes 1 and 14 of JPMorgan Chase’s 2018 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation. Offsetting assets and liabilities U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. Refer to Note 1 of JPMorgan Chase ’s 2018 Form 10-K for further information on offsetting assets and liabilities. Income tax expense The Firm’s effective tax rate was 20.4% and 17.9% in the three and nine months ended September 30, 2019, respectively, and 21.6% and 20.4% in the respective 2018 periods. For the nine months ended September 30, 2019, the effective tax rate reflected the recognition of $1.0 billion in tax benefits related to the resolution of certain tax audits, which reduced the Firm’s effective tax rate by 3.0% . Refer to Note 24 of JPMorgan Chase ’s 2018 Form 10-K for further information. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair value measurement Refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy. The following table presents the assets and liabilities reported at fair value as of September 30, 2019 , and December 31, 2018 , by major product category and fair value hierarchy . Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy Derivative (f) September 30, 2019 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 13,705 $ — $ — $ 13,705 Securities borrowed — 5,784 — — 5,784 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 70,617 811 — 71,428 Residential – nonagency — 2,253 24 — 2,277 Commercial – nonagency — 1,613 5 — 1,618 Total mortgage-backed securities — 74,483 840 — 75,323 U.S. Treasury, GSEs and government agencies (a) 76,953 9,446 — — 86,399 Obligations of U.S. states and municipalities — 6,229 627 — 6,856 Certificates of deposit, bankers’ acceptances and commercial paper — 2,180 — — 2,180 Non-U.S. government debt securities 38,162 36,634 146 — 74,942 Corporate debt securities — 20,461 484 — 20,945 Loans (b) — 43,308 1,746 — 45,054 Asset-backed securities — 2,996 38 — 3,034 Total debt instruments 115,115 195,737 3,881 — 314,733 Equity securities 100,829 249 170 — 101,248 Physical commodities (c) 7,690 3,075 — — 10,765 Other — 13,172 332 — 13,504 Total debt and equity instruments (d) 223,634 212,233 4,383 — 440,250 Derivative receivables: Interest rate 1,312 372,834 1,787 (347,426 ) 28,507 Credit — 15,072 645 (14,879 ) 838 Foreign exchange 3,681 158,893 558 (150,451 ) 12,681 Equity — 44,064 2,314 (38,969 ) 7,409 Commodity — 20,969 269 (15,096 ) 6,142 Total derivative receivables 4,993 611,832 5,573 (566,821 ) 55,577 Total trading assets (e) 228,627 824,065 9,956 (566,821 ) 495,827 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 105,581 — — 105,581 Residential – nonagency — 12,901 1 — 12,902 Commercial – nonagency — 5,324 — — 5,324 Total mortgage-backed securities — 123,806 1 — 123,807 U.S. Treasury and government agencies 141,529 — — — 141,529 Obligations of U.S. states and municipalities — 31,064 — — 31,064 Certificates of deposit — 74 — — 74 Non-U.S. government debt securities 13,604 8,554 — — 22,158 Corporate debt securities — 1,634 — — 1,634 Asset-backed securities: Collateralized loan obligations — 27,908 — — 27,908 Other — 5,247 — — 5,247 Total available-for-sale securities 155,133 198,287 1 — 353,421 Loans — 5,759 1 — 5,760 Mortgage servicing rights — — 4,419 — 4,419 Other assets (e) 7,467 37 746 — 8,250 Total assets measured at fair value on a recurring basis $ 391,227 $ 1,047,637 $ 15,123 $ (566,821 ) $ 887,166 Deposits $ — $ 25,719 $ 3,636 $ — $ 29,355 Federal funds purchased and securities loaned or sold under repurchase agreements — 933 — — 933 Short-term borrowings — 4,496 2,001 — 6,497 Trading liabilities: Debt and equity instruments (d) 66,515 23,970 68 — 90,553 Derivative payables: Interest rate 1,206 335,401 2,106 (328,490 ) 10,223 Credit — 16,100 962 (14,903 ) 2,159 Foreign exchange 3,583 160,760 1,399 (150,726 ) 15,016 Equity — 45,109 5,782 (40,288 ) 10,603 Commodity — 25,495 316 (16,022 ) 9,789 Total derivative payables 4,789 582,865 10,565 (550,429 ) 47,790 Total trading liabilities 71,304 606,835 10,633 (550,429 ) 138,343 Accounts payable and other liabilities 2,355 37 19 — 2,411 Beneficial interests issued by consolidated VIEs — 39 — — 39 Long-term debt — 49,608 22,349 — 71,957 Total liabilities measured at fair value on a recurring basis $ 73,659 $ 687,667 $ 38,638 $ (550,429 ) $ 249,535 Fair value hierarchy Derivative (f) December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 13,235 $ — $ — $ 13,235 Securities borrowed — 5,105 — — 5,105 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 76,249 549 — 76,798 Residential – nonagency — 1,798 64 — 1,862 Commercial – nonagency — 1,501 11 — 1,512 Total mortgage-backed securities — 79,548 624 — 80,172 U.S. Treasury, GSEs and government agencies (a) 51,477 7,702 — — 59,179 Obligations of U.S. states and municipalities — 7,121 689 — 7,810 Certificates of deposit, bankers’ acceptances and commercial paper — 1,214 — — 1,214 Non-U.S. government debt securities 27,878 27,056 155 — 55,089 Corporate debt securities — 18,655 334 — 18,989 Loans (b) — 40,047 1,706 — 41,753 Asset-backed securities — 2,756 127 — 2,883 Total debt instruments 79,355 184,099 3,635 — 267,089 Equity securities 71,119 482 232 — 71,833 Physical commodities (c) 5,182 1,855 — — 7,037 Other — 13,192 301 — 13,493 Total debt and equity instruments (d) 155,656 199,628 4,168 — 359,452 Derivative receivables: Interest rate 682 266,380 1,642 (245,490 ) 23,214 Credit — 19,235 860 (19,483 ) 612 Foreign exchange 771 166,238 676 (154,235 ) 13,450 Equity — 46,777 2,508 (39,339 ) 9,946 Commodity — 20,339 131 (13,479 ) 6,991 Total derivative receivables 1,453 518,969 5,817 (472,026 ) 54,213 Total trading assets (e) 157,109 718,597 9,985 (472,026 ) 413,665 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 68,646 — — 68,646 Residential – nonagency — 8,519 1 — 8,520 Commercial – nonagency — 6,654 — — 6,654 Total mortgage-backed securities — 83,819 1 — 83,820 U.S. Treasury and government agencies 56,059 — — — 56,059 Obligations of U.S. states and municipalities — 37,723 — — 37,723 Certificates of deposit — 75 — — 75 Non-U.S. government debt securities 15,313 8,789 — — 24,102 Corporate debt securities — 1,918 — — 1,918 Asset-backed securities: Collateralized loan obligations — 19,437 — — 19,437 Other — 7,260 — — 7,260 Total available-for-sale securities 71,372 159,021 1 — 230,394 Loans — 3,029 122 — 3,151 Mortgage servicing rights — — 6,130 — 6,130 Other assets (e) 7,810 195 927 — 8,932 Total assets measured at fair value on a recurring basis $ 236,291 $ 899,182 $ 17,165 $ (472,026 ) $ 680,612 Deposits $ — $ 19,048 $ 4,169 $ — $ 23,217 Federal funds purchased and securities loaned or sold under repurchase agreements — 935 — — 935 Short-term borrowings — 5,607 1,523 — 7,130 Trading liabilities: Debt and equity instruments (d) 80,199 22,755 50 — 103,004 Derivative payables: Interest rate 1,526 239,576 1,680 (234,998 ) 7,784 Credit — 19,309 967 (18,609 ) 1,667 Foreign exchange 695 163,549 973 (152,432 ) 12,785 Equity — 46,462 4,733 (41,034 ) 10,161 Commodity — 21,158 1,260 (13,046 ) 9,372 Total derivative payables 2,221 490,054 9,613 (460,119 ) 41,769 Total trading liabilities 82,420 512,809 9,663 (460,119 ) 144,773 Accounts payable and other liabilities 3,063 196 10 — 3,269 Beneficial interests issued by consolidated VIEs — 27 1 — 28 Long-term debt — 35,468 19,418 — 54,886 Total liabilities measured at fair value on a recurring basis $ 85,483 $ 574,090 $ 34,784 $ (460,119 ) $ 234,238 (a) At September 30, 2019 , and December 31, 2018 , included total U.S. GSE obligations of $133.6 billion and $92.3 billion , respectively, which were mortgage-related. (b) At September 30, 2019 , and December 31, 2018 , included within trading loans were $16.1 billion and $13.2 billion , respectively, of residential first-lien mortgages, and $4.2 billion and $2.3 billion , respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $10.3 billion and $7.6 billion , respectively. (c) Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented. (d) Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). (e) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At September 30, 2019 , and December 31, 2018 , the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $714 million and $747 million , respectively. Included in these balances at September 30, 2019 , and December 31, 2018 , were trading assets of $48 million and $49 million , respectively, and other assets of $666 million and $698 million , respectively. (f) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral. Level 3 valuations Refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments. The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and, for certain instruments, the weighted averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy. The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value. In the Firm’s view, the input range and the weighted average value do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date. For the Firm’s derivatives and structured notes positions classified within level 3 at September 30, 2019, interest rate correlation inputs used in estimating fair value were concentrated towards the upper end of the range; equity correlation, equity-FX, and equity-IR correlation inputs were concentrated in the middle of the range; commodity correlation inputs were concentrated in the middle of the range; credit correlation inputs were concentrated towards the lower end of the range; and the interest rate-foreign exchange (“IR-FX”) correlation inputs were distributed across the range. In addition, the interest rate spread volatility inputs used in estimating fair value were distributed across the range; equity volatilities and commodity volatilities were concentrated towards the lower end of the range; and forward commodity prices used in estimating the fair value of commodity derivatives were concentrated towards the upper end of the range. Prepayment speed inputs used in estimating the fair value of interest rate derivatives were concentrated towards the lower end of the range. Recovery rate inputs used in estimating the fair value of credit derivatives were distributed across the range; credit spreads and conditional default rates were concentrated towards the lower end of the range; loss severity inputs were concentrated towards the upper end of the range and price inputs were concentrated towards the lower end of the range. Level 3 inputs (a) September 30, 2019 Product/Instrument Fair value (in millions) Principal valuation technique Unobservable inputs (g) Range of input values Weighted average Residential mortgage-backed securities and loans (b) $ 1,132 Discounted cash flows Yield 0 % – 19 % 5 % Prepayment speed 0 % – 22 % 14 % Conditional default rate 0 % – 4 % 1 % Loss severity 0 % – 100 % 2 % Commercial mortgage-backed securities and loans (c) 147 Market comparables Price $ 0 – $ 102 $ 80 Obligations of U.S. states and municipalities 627 Market comparables Price $ 68 – $ 100 $ 97 Corporate debt securities 484 Market comparables Price $ 4 – $ 116 $ 79 Loans (d) 194 Discounted cash flows Yield 5 % – 22 % 7 % 1,115 Market comparables Price $ 12 – $ 101 $ 78 Asset-backed securities 38 Market comparables Price $ 1 – $ 100 $ 53 Net interest rate derivatives (388 ) Option pricing Interest rate spread volatility 20 bps – 30 bps Interest rate correlation (28 )% – 96 % IR-FX correlation 53 % – 60 % 69 Discounted cash flows Prepayment speed 4 % – 30 % Net credit derivatives (353 ) Discounted cash flows Credit correlation 30 % – 60 % Credit spread 4 bps – 1,315 bps Recovery rate 15 % – 70 % Conditional default rate 2 % – 93 % Loss severity 100% 36 Market comparables Price $ 1 – $ 115 Net foreign exchange derivatives (679 ) Option pricing IR-FX correlation (58 )% – 60 % (162 ) Discounted cash flows Prepayment speed 9% Net equity derivatives (3,468 ) Option pricing Equity volatility 11 % – 82 % Equity correlation 10 % – 98 % Equity-FX correlation (81 )% – 59 % Equity-IR correlation 25 % – 60 % Net commodity derivatives (47 ) Option pricing Forward commodity price $ 30 – $ 61 per barrel Commodity volatility 5 % – 111 % Commodity correlation (48 )% – 95 % MSRs 4,419 Discounted cash flows Refer to Note 14 Other assets 303 Discounted cash flows Credit spread 45 bps 45 bps Yield 12% 12 % 775 Market comparables Price $ 18 – $ 115 $ 36 Long-term debt, short-term borrowings, and deposits (e) 27,986 Option pricing Interest rate spread volatility 20 bps – 30 bps Interest rate correlation (28 )% – 96 % IR-FX correlation (58 )% – 60 % Equity correlation 10 % – 98 % Equity-FX correlation (81 )% – 59 % Equity-IR correlation 25 % – 60 % Other level 3 assets and liabilities, net (f) 229 (a) The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ. (b) Comprises U.S. GSEs and government agency securities of $811 million , nonagency securities of $24 million and trading loans of $297 million . (c) Comprises nonagency securities of $5 million , trading loans of $141 million and non-trading loans of $1 million . (d) Comprises trading loans. (e) Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables. (f) Includes level 3 assets and liabilities that are insignificant both individually and in aggregate. (g) Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100 . Changes in and ranges of unobservable inputs Refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions. Changes in level 3 recurring fair value measurements The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and nine months ended September 30, 2019 and 2018. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments. Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 617 $ (71 ) $ 424 $ (104 ) $ (45 ) $ — $ (10 ) $ 811 $ (70 ) Residential – nonagency 42 — 2 (3 ) — — (17 ) 24 (1 ) Commercial – nonagency 9 — 3 (5 ) — — (2 ) 5 — Total mortgage-backed securities 668 (71 ) 429 (112 ) (45 ) — (29 ) 840 (71 ) U.S. Treasury, GSEs and government agencies — — — — — — — — — Obligations of U.S. states and municipalities 680 (2 ) 27 (77 ) (1 ) — — 627 (2 ) Non-U.S. government debt securities 190 (1 ) 40 (74 ) — 3 (12 ) 146 (1 ) Corporate debt securities 562 45 56 (167 ) — 17 (29 ) 484 3 Loans 1,778 (44 ) 152 (82 ) (132 ) 211 (137 ) 1,746 (46 ) Asset-backed securities 33 — 11 (2 ) (2 ) 3 (5 ) 38 (2 ) Total debt instruments 3,911 (73 ) 715 (514 ) (180 ) 234 (212 ) 3,881 (119 ) Equity securities 147 (14 ) 10 (10 ) — 46 (9 ) 170 (16 ) Other 311 18 35 (15 ) (15 ) — (2 ) 332 23 Total trading assets – debt and equity instruments 4,369 (69 ) (c) 760 (539 ) (195 ) 280 (223 ) 4,383 (112 ) (c) Net derivative receivables: (b) Interest rate (544 ) 88 39 (15 ) 53 10 50 (319 ) (15 ) Credit (232 ) (65 ) 3 (3 ) (23 ) 3 — (317 ) (68 ) Foreign exchange (193 ) (653 ) 2 (1 ) (1 ) 6 (1 ) (841 ) (657 ) Equity (2,560 ) (382 ) 174 (118 ) (377 ) (203 ) (2 ) (3,468 ) (362 ) Commodity (908 ) 8 22 (69 ) 6 18 876 (47 ) 40 Total net derivative receivables (4,437 ) (1,004 ) (c) 240 (206 ) (342 ) (166 ) 923 (4,992 ) (1,062 ) (c) Available-for-sale securities: Mortgage-backed securities — — 1 — — — — 1 — Asset-backed securities — — — — — — — — — Total available-for-sale securities — — 1 — — — — 1 — Loans 5 — — — (4 ) — — 1 — Mortgage servicing rights 5,093 (447 ) (d) 388 (359 ) (256 ) — — 4,419 (447 ) (d) Other assets 861 (56 ) (c) 19 (72 ) (6 ) — — 746 (56 ) (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized (gains)/ Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 4,066 $ — $ — $ — $ 153 $ (188 ) $ 12 $ (407 ) $ 3,636 $ 16 (c)(e) Short-term borrowings 2,052 24 (c)(e) — — 949 (1,040 ) 17 (1 ) 2,001 28 (c)(e) Trading liabilities – debt and equity instruments 45 — (5 ) 25 — 1 2 — 68 — Accounts payable and other liabilities 92 (6 ) (c) (71 ) 4 — — — — 19 (2 ) (c) Beneficial interests issued by consolidated VIEs — — — — — — — — — — Long-term debt 21,863 187 (c)(e) — — 2,230 (1,758 ) 49 (222 ) 22,349 89 (c)(e) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 478 $ 2 $ 14 $ (28 ) $ (17 ) $ 83 $ (3 ) $ 529 $ — Residential – nonagency 87 1 — (6 ) (3 ) 18 (20 ) 77 1 Commercial – nonagency 18 (1 ) — — 9 (13 ) 13 (1 ) Total mortgage-backed securities 583 2 14 (34 ) (20 ) 110 (36 ) 619 — U.S. Treasury, GSEs and government agencies — — — — — — — — — Obligations of U.S. states and municipalities 736 8 26 (70 ) (1 ) — — 699 7 Non-U.S. government debt securities 183 (9 ) 44 (29 ) (2 ) 1 (24 ) 164 (9 ) Corporate debt securities 274 (2 ) 156 (87 ) (4 ) 82 (24 ) 395 (3 ) Loans 1,986 17 188 (146 ) (199 ) 48 (361 ) 1,533 3 Asset-backed securities 87 6 5 (7 ) (13 ) 5 (7 ) 76 3 Total debt instruments 3,849 22 433 (373 ) (239 ) 246 (452 ) 3,486 1 Equity securities 288 20 6 (48 ) 82 (19 ) 329 (18 ) Other 406 30 13 — (37 ) 2 (1 ) 413 10 Total trading assets – debt and equity instruments 4,543 72 (c) 452 (421 ) (276 ) 330 (472 ) 4,228 (7 ) (c) Net derivative receivables: (b) Interest rate 489 236 28 (22 ) (101 ) 68 (7 ) 691 216 Credit (24 ) (19 ) 1 — 47 6 16 27 (15 ) Foreign exchange (245 ) (56 ) 29 (7 ) (49 ) (2 ) 28 (302 ) (54 ) Equity (2,578 ) (94 ) 643 (635 ) 622 (251 ) 16 (2,277 ) (121 ) Commodity (752 ) 318 — — (113 ) 15 7 (525 ) 138 Total net derivative receivables (3,110 ) 385 (c) 701 (664 ) 406 (164 ) 60 (2,386 ) 164 (c) Available-for-sale securities: Mortgage-backed securities 1 — — — — — — 1 — Asset-backed securities 147 — — — (86 ) — — 61 — Total available-for-sale securities 148 — — — (86 ) — — 62 — Loans 159 (1 ) (c) 1 — (19 ) — — 140 (1 ) (c) Mortgage servicing rights 6,241 98 (d) 291 (2 ) (195 ) — — 6,433 98 (d) Other assets 1,225 (160 ) (c) 2 — (7 ) 3 — 1,063 (160 ) (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 4,305 $ (84 ) (c)(e) $ — $ — $ 517 $ (170 ) $ 1 $ (129 ) $ 4,440 $ (82 ) (c)(e) Short-term borrowings 2,209 (47 ) (c)(e) — — 713 (885 ) 6 (25 ) 1,971 (31 ) (c)(e) Trading liabilities – debt and equity instruments 43 36 (c) (6 ) 19 — (2 ) 7 (1 ) 96 36 (c) Accounts payable and other liabilities 8 1 (c) — — — — 3 — 12 1 (c) Beneficial interests issued by consolidated VIEs 1 — — — — — — — 1 — Long-term debt 17,632 (i) 194 (c)(e) — — 3,551 (1,809 ) 59 (219 ) 19,408 (i) 192 (c)(e) Fair value measurements using significant unobservable inputs Nine months ended Fair value at Total realized/unrealized gains/(losses) Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 549 $ (111 ) $ 747 $ (272 ) $ (83 ) $ 1 $ (20 ) $ 811 $ (116 ) Residential – nonagency 64 25 83 (86 ) (20 ) 15 (57 ) 24 (1 ) Commercial – nonagency 11 2 19 (24 ) (14 ) 15 (4 ) 5 1 Total mortgage-backed securities 624 (84 ) 849 (382 ) (117 ) 31 (81 ) 840 (116 ) U.S. Treasury, GSEs and government agencies — — — — — — — — — Obligations of U.S. states and municipalities 689 12 85 (152 ) (7 ) — — 627 13 Non-U.S. government debt securities 155 (2 ) 228 (231 ) — 14 (18 ) 146 3 Corporate debt securities 334 74 340 (236 ) (53 ) 96 (71 ) 484 15 Loans 1,706 95 609 (416 ) (408 ) 509 (349 ) 1,746 44 Asset-backed securities 127 — 30 (81 ) (39 ) 23 (22 ) 38 (3 ) Total debt instruments 3,635 95 2,141 (1,498 ) (624 ) 673 (541 ) 3,881 (44 ) Equity securities 232 (28 ) 33 (92 ) (22 ) 142 (95 ) 170 (21 ) Other 301 42 50 (16 ) (41 ) 1 (5 ) 332 55 Total trading assets – debt and equity instruments 4,168 109 (c) 2,224 (1,606 ) (687 ) 816 (641 ) 4,383 (10 ) (c) Net derivative receivables: (b) Interest rate (38 ) (575 ) 86 (102 ) (i) 174 (i) 22 114 (319 ) (694 ) Credit (107 ) (209 ) 16 (5 ) (13 ) 7 (6 ) (317 ) (169 ) Foreign exchange (297 ) (840 ) 13 (18 ) 294 (19 ) 26 (841 ) (815 ) Equity (2,225 ) 328 335 (573 ) (1,062 ) (418 ) 147 (3,468 ) (1,193 ) Commodity (1,129 ) 370 32 (240 ) 51 2 867 (47 ) 634 Total net derivative receivables (3,796 ) (926 ) (c) 482 (938 ) (556 ) (406 ) 1,148 (4,992 ) (2,237 ) (c) Available-for-sale securities: Mortgage-backed securities 1 — 1 — (1 ) — — 1 — Asset-backed securities — — — — — — — — — Total available-for-sale securities 1 — 1 — (1 ) — — 1 — Loans 122 4 (c) — — (125 ) — — 1 — Mortgage servicing rights 6,130 (1,572 ) (d) 1,250 (687 ) (702 ) — — 4,419 (1,572 ) (d) Other assets 927 (152 ) (c) 170 (160 ) (33 ) 1 (7 ) 746 (145 ) (c) Fair value measurements using significant unobservable inputs Nine months ended Fair value at Total realized/unrealized (gains)/losses Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized (gains)/ Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 4,169 $ 241 (c)(e) $ — $ — $ 580 $ (504 ) $ 12 $ (862 ) $ 3,636 $ 250 (c)(e) Short-term borrowings 1,523 142 (c)(e) — — 2,637 (2,265 ) 85 (121 ) 2,001 74 (c)(e) Trading liabilities – debt and equity instruments 50 — (12 ) 41 — 1 9 (21 ) 68 (1 ) (c) Accounts payable and other liabilities 10 (7 ) (c) (79 ) 94 — — 1 — 19 4 (c) Beneficial interests issued by consolidated VIEs 1 (1 ) (c) — — — — — — — — Long-term debt 19,418 1,915 (c)(e) — — 6,929 (5,675 ) 522 (760 ) 22,349 2,010 (c)(e) Fair value measurements using significant unobservable inputs Nine months ended Fair value at Total realized/unrealized gains/(losses) Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 307 $ 5 $ 348 $ (126 ) $ (56 ) $ 92 $ (41 ) $ 529 $ 3 Residential – nonagency 60 1 45 (19 ) (6 ) 58 (62 ) 77 4 Commercial – nonagency 11 2 7 (8 ) (13 ) 30 (16 ) 13 (1 ) Total mortgage-backed securities 378 8 400 (153 ) (75 ) 180 (119 ) 619 6 U.S. Treasury, GSEs and government agencies 1 — — — — — (1 ) — — Obligations of U.S. states and municipalities 744 (3 ) 107 (70 ) (79 ) — — 699 (3 ) Non-U.S. government debt securities 78 (19 ) 395 (213 ) (2 ) 18 (93 ) 164 (18 ) Corporate debt securities 312 (6 ) 297 (227 ) (15 ) 249 (215 ) 395 (1 ) Loans 2,719 58 1,223 (1,680 ) (528 ) 422 (681 ) 1,533 (22 ) Asset-backed securities 153 15 64 (29 ) (53 ) 18 (92 ) 76 8 Total debt instruments 4,385 53 2,486 (2,372 ) (752 ) 887 (1,201 ) 3,486 (30 ) Equity securities 295 (1 ) 99 (108 ) (1 ) 86 (41 ) 329 11 Other 690 (209 ) 47 (40 ) (75 ) 3 (3 ) 413 (250 ) Total trading assets – debt and equity instruments 5,370 (157 ) (c) 2,632 (2,520 ) (828 ) 976 (1,245 ) 4,228 (269 ) (c) Net derivative receivables: (b) Interest rate 264 576 83 (77 ) (234 ) 40 39 691 498 Credit (35 ) 19 3 (7 ) 22 5 20 27 7 Foreign exchange (396 ) 184 42 (15 ) (46 ) (114 ) 43 (302 ) 42 Equity (3,409 ) 688 1,467 (1,919 ) 1,043 (324 ) 177 (2,277 ) 31 Commodity (674 ) 468 — — (287 ) 7 (39 ) (525 ) 158 Total net derivative receivables (4,250 ) 1,935 (c) 1,595 (2,018 ) 498 (386 ) 240 (2,386 ) 736 (c) Available-for-sale securities: Mortgage-backed securities 1 — — — — — — 1 — Asset-backed securities 276 1 — — (216 ) — — 61 1 Total available-for-sale securities 277 1 (j) — — (216 ) — — 62 1 (j) Loans 276 (5 ) (c) 123 — (180 ) — (74 ) 140 (5 ) (c) Mortgage servicing rights 6,030 576 (d) 770 (401 ) (542 ) — — 6,433 576 (d) Other assets 1,265 (210 ) (c) 49 (16 ) (28 ) 4 (1 ) 1,063 (217 ) (c) Fair value measurements using significant unobservable inputs Nine months ended Fair value at Total realized/unrealized (gains)/losses Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 4,142 $ (125 ) (c)(e) $ — $ — $ 1,272 $ (425 ) $ 2 $ (426 ) $ 4,440 $ (115 ) (c)(e) Short-term borrowings 1,665 (229 ) (c)(e) — — 2,783 (2,245 ) 61 (64 ) 1,971 26 (c)(e) Trading liabilities – debt and equity instruments 39 28 (c) (68 ) 95 — (1 ) 9 (6 ) 96 11 (c) Accounts payable and other liabilities 13 — (6 ) 1 — — 4 — 12 — Beneficial interests issued by consolidated VIEs 39 — — — — (38 ) — — 1 — Long-term debt 16,125 (396 ) (c)(e) — — 9,792 (i) (6,195 ) (i) 653 (571 ) 19,408 (i) (576 ) (c)(e) (a) Level 3 assets as a percentage of total Firm assets accounted for at fair value (including assets measured at fair value on a nonrecurring basis) were 2% and 3% at September 30, 2019 and December 31, 2018, respectively. Level 3 liabilities as a percentage of total Firm liabilities accounted for at fair value (including liabilities measured at fair value on a nonrecurring basis) were 15% at both September 30, 2019 and December 31, 2018 , respectively. (b) All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty. (c) Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income. (d) Changes in fair value for MSRs are reported in mortgage fees and related income. (e) Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and they were not material for the three and nine months ended September 30, 2019 and 2018, respectively. Unrealized (gains)/losses are reported in OCI, and they were $(62) million and $123 million for the three months ended September 30, 2019 and 2018, respectively and $108 million for the nine months ended September 30, 2019 and were no t material for the nine months ended September 30, 2018. (f) Loan originations are included in purchases. (g) Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items. (h) All transfers into and/or out of level 3 are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur. (i) The prior period amounts have been revised to conform with the current period presentation. (j) Realized gains/(losses) |
Fair Value Option
Fair Value Option | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair value option Refer to Note 3 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the primary financial instruments for which the fair value option was elected, including the basis for those elections and the determination of instrument-specific credit risk, where relevant . Changes in fair value under the fair value option election The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended September 30, 2019 and 2018 , for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table. Three months ended September 30, 2019 2018 (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ (23 ) $ — $ (23 ) $ (23 ) $ — $ (23 ) Securities borrowed 99 — 99 (24 ) — (24 ) Trading assets: Debt and equity instruments, excluding loans 546 — 546 (45 ) 5 (c) (40 ) Loans reported as trading assets: Changes in instrument-specific credit risk 111 (4 ) (c) 107 122 1 (c) 123 Other changes in fair value 74 320 (c) 394 (6 ) 49 (c) 43 Loans: Changes in instrument-specific credit risk (4 ) — (4 ) (1 ) — (1 ) Other changes in fair value — — — 1 — 1 Other assets (6 ) — (6 ) 2 16 (d) 18 Deposits (a) (397 ) — (397 ) 32 — 32 Federal funds purchased and securities loaned or sold under repurchase agreements 2 — 2 8 — 8 Short-term borrowings (a) 173 — 173 (25 ) — (25 ) Trading liabilities — — — 2 — 2 Other liabilities 1 — 1 — — — Long-term debt (a)(b) (614 ) — (614 ) 259 — 259 Nine months ended September 30, 2019 2018 (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ 10 $ — $ 10 $ (49 ) $ — $ (49 ) Securities borrowed 179 — 179 (22 ) — (22 ) Trading assets: Debt and equity instruments, excluding loans 2,104 — 2,104 (490 ) 6 (c) (484 ) Loans reported as trading assets: Changes in instrument-specific credit risk 558 1 (c) 559 458 5 (c) 463 Other changes in fair value 274 885 (c) 1,159 64 24 (c) 88 Loans: Changes in instrument-specific credit risk (12 ) — (12 ) (2 ) — (2 ) Other changes in fair value 1 — 1 (1 ) — (1 ) Other assets (3 ) 3 (d) — 4 6 (d) 10 Deposits (a) (1,589 ) — (1,589 ) 371 — 371 Federal funds purchased and securities loaned or sold under repurchase agreements (18 ) — (18 ) 27 — 27 Short-term borrowings (a) (601 ) — (601 ) 86 — 86 Trading liabilities 5 — 5 1 — 1 Other liabilities (7 ) — (7 ) — — — Long-term debt (a)(b) (5,220 ) — (5,220 ) 1,486 — 1,486 (a) Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected is recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the three and nine months ended September 30, 2019 and 2018 , respectively. (b) Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk. (c) Reported in mortgage fees and related income. (d) Reported in other income. (e) Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than hybrid financial instruments. Refer to Note 6 for further information regarding interest income and interest expense. Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of September 30, 2019 , and December 31, 2018 , for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. September 30, 2019 December 31, 2018 (in millions) Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Loans (a) Nonaccrual loans Loans reported as trading assets $ 3,884 $ 1,151 $ (2,733 ) $ 4,240 $ 1,350 $ (2,890 ) Loans 181 151 (30 ) 39 — (39 ) Subtotal 4,065 1,302 (2,763 ) 4,279 1,350 (2,929 ) All other performing loans Loans reported as trading assets 45,315 43,903 (1,412 ) 42,215 40,403 (1,812 ) Loans 5,686 5,609 (77 ) 3,186 3,151 (35 ) Total loans $ 55,066 $ 50,814 $ (4,252 ) $ 49,680 $ 44,904 $ (4,776 ) Long-term debt Principal-protected debt $ 40,750 (c) $ 37,635 $ (3,115 ) $ 32,674 (c) $ 28,718 $ (3,956 ) Nonprincipal-protected debt (b) NA 34,322 NA NA 26,168 NA Total long-term debt NA $ 71,957 NA NA $ 54,886 NA Long-term beneficial interests Nonprincipal-protected debt (b) NA $ 39 NA NA $ 28 NA Total long-term beneficial interests NA $ 39 NA NA $ 28 NA (a) There were no performing loans that were ninety days or more past due as of September 30, 2019 , and December 31, 2018 , respectively. (b) Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes. (c) Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date. At September 30, 2019 , and December 31, 2018 , the contractual amount of lending-related commitments for which the fair value option was elected was $6.5 billion and $6.9 billion , respectively, with a corresponding fair value of $(91) million and $(82) million , respectively. Refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments. Structured note products by balance sheet classification and risk component The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type. September 30, 2019 December 31, 2018 (in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total Risk exposure Interest rate $ 33,402 $ 54 $ 17,547 $ 51,003 $ 24,137 $ 62 $ 12,372 $ 36,571 Credit 5,207 817 — 6,024 4,009 995 — 5,004 Foreign exchange 3,570 45 8 3,623 3,169 157 38 3,364 Equity 27,644 5,565 8,190 41,399 21,382 5,422 7,368 34,172 Commodity 504 7 1,352 1,863 372 34 1,207 1,613 Total structured notes $ 70,327 $ 6,488 $ 27,097 $ 103,912 $ 53,069 $ 6,670 $ 20,985 $ 80,724 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative instruments JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorgan Chase’s 2018 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments. The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage certain risks associated with specified assets or liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes. The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category. Type of Derivative Use of Derivative Designation and disclosure Affected segment or unit 10-Q page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: • Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 109-110 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 111 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 109-110 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 111 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 112 • Commodity Hedge commodity inventory Fair value hedge CIB 109-110 Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: • Interest rate Manage the risk of the mortgage pipeline, warehouse loans and MSRs Specified risk management CCB 112 • Credit Manage the credit risk of wholesale lending exposures Specified risk management CIB 112 • Interest rate and foreign exchange Manage the risk of certain other specified assets and liabilities Specified risk management Corporate 112 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 112 • Various Other derivatives Market-making and other CIB, AWM, Corporate 112 Notional amount of derivative contracts The following table summarizes the notional amount of derivative contracts outstanding as of September 30, 2019 , and December 31, 2018 . Notional amounts (b) (in billions) September 30, 2019 December 31, 2018 Interest rate contracts Swaps $ 25,099 $ 21,763 Futures and forwards 4,887 3,562 Written options 4,290 3,997 Purchased options 4,697 4,322 Total interest rate contracts 38,973 33,644 Credit derivatives (a) 1,365 1,501 Foreign exchange contracts Cross-currency swaps 3,886 3,548 Spot, futures and forwards 7,111 5,871 Written options 832 835 Purchased options 852 830 Total foreign exchange contracts 12,681 11,084 Equity contracts Swaps 389 346 Futures and forwards 131 101 Written options 692 528 Purchased options 632 490 Total equity contracts 1,844 1,465 Commodity contracts Swaps 148 134 Spot, futures and forwards 218 156 Written options 166 135 Purchased options 153 120 Total commodity contracts 685 545 Total derivative notional amounts $ 55,548 $ 48,239 (a) Refer to the Credit derivatives discussion on page 113 for more information on volumes and types of credit derivative contracts. (b) Represents the sum of gross long and gross short third-party notional derivative contracts. While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is used simply as a reference to calculate payments. Impact of derivatives on the Consolidated balance sheets The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of September 30, 2019 , and December 31, 2018 , by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type. Free-standing derivative receivables and payables (a) Gross derivative receivables Gross derivative payables September 30, 2019 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 375,082 $ 851 $ 375,933 $ 28,507 $ 338,711 $ 2 $ 338,713 $ 10,223 Credit 15,717 — 15,717 838 17,062 — 17,062 2,159 Foreign exchange 162,364 768 163,132 12,681 164,583 1,159 165,742 15,016 Equity 46,378 — 46,378 7,409 50,891 — 50,891 10,603 Commodity 20,985 253 21,238 6,142 25,470 341 25,811 9,789 Total fair value of trading assets and liabilities $ 620,526 $ 1,872 $ 622,398 $ 55,577 $ 596,717 $ 1,502 $ 598,219 $ 47,790 Gross derivative receivables Gross derivative payables December 31, 2018 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 267,871 $ 833 $ 268,704 $ 23,214 $ 242,782 $ — $ 242,782 $ 7,784 Credit 20,095 — 20,095 612 20,276 — 20,276 1,667 Foreign exchange 167,057 628 167,685 13,450 164,392 825 165,217 12,785 Equity 49,285 — 49,285 9,946 51,195 — 51,195 10,161 Commodity 20,223 247 20,470 6,991 22,297 121 22,418 9,372 Total fair value of trading assets and liabilities $ 524,531 $ 1,708 $ 526,239 $ 54,213 $ 500,942 $ 946 $ 501,888 $ 41,769 (a) Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information. (b) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists. Derivatives netting The following tables present, as of September 30, 2019 , and December 31, 2018 , gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below. In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation: • collateral that consists of non-cash financial instruments (generally U.S. government and agency securities and other G7 government securities) and cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables below, up to the fair value exposure amount. • the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and • collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below. September 30, 2019 December 31, 2018 (in millions) Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables U.S. GAAP nettable derivative receivables Interest rate contracts: Over-the-counter (“OTC”) $ 356,075 $ (332,566 ) $ 23,509 $ 258,227 $ (239,498 ) $ 18,729 OTC–cleared 14,438 (14,343 ) 95 6,404 (5,856 ) 548 Exchange-traded (a) 577 (517 ) 60 322 (136 ) 186 Total interest rate contracts 371,090 (347,426 ) 23,664 264,953 (245,490 ) 19,463 Credit contracts: OTC 11,168 (10,682 ) 486 12,648 (12,261 ) 387 OTC–cleared 4,321 (4,197 ) 124 7,267 (7,222 ) 45 Total credit contracts 15,489 (14,879 ) 610 19,915 (19,483 ) 432 Foreign exchange contracts: OTC 160,181 (150,271 ) 9,910 163,862 (153,988 ) 9,874 OTC–cleared 176 (174 ) 2 235 (226 ) 9 Exchange-traded (a) 20 (6 ) 14 32 (21 ) 11 Total foreign exchange contracts 160,377 (150,451 ) 9,926 164,129 (154,235 ) 9,894 Equity contracts: OTC 22,195 (20,281 ) 1,914 26,178 (23,879 ) 2,299 Exchange-traded (a) 21,678 (18,688 ) 2,990 18,876 (15,460 ) 3,416 Total equity contracts 43,873 (38,969 ) 4,904 45,054 (39,339 ) 5,715 Commodity contracts: OTC 7,714 (5,954 ) 1,760 7,448 (5,261 ) 2,187 OTC–cleared 26 (25 ) 1 — — — Exchange-traded (a) 9,151 (9,117 ) 34 8,815 (8,218 ) 597 Total commodity contracts 16,891 (15,096 ) 1,795 16,263 (13,479 ) 2,784 Derivative receivables with appropriate legal opinion 607,720 (566,821 ) 40,899 (d) 510,314 (472,026 ) 38,288 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 14,678 14,678 15,925 15,925 Total derivative receivables recognized on the Consolidated balance sheets $ 622,398 $ 55,577 $ 526,239 $ 54,213 Collateral not nettable on the Consolidated balance sheets (b)(c) (13,224 ) (13,046 ) Net amounts $ 42,353 $ 41,167 September 30, 2019 December 31, 2018 (in millions) Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables U.S. GAAP nettable derivative payables Interest rate contracts: OTC $ 321,553 $ (313,017 ) $ 8,536 $ 233,404 $ (228,369 ) $ 5,035 OTC–cleared 15,176 (14,960 ) 216 7,163 (6,494 ) 669 Exchange-traded (a) 585 (513 ) 72 210 (135 ) 75 Total interest rate contracts 337,314 (328,490 ) 8,824 240,777 (234,998 ) 5,779 Credit contracts: OTC 13,130 (11,254 ) 1,876 13,412 (11,895 ) 1,517 OTC–cleared 3,797 (3,649 ) 148 6,716 (6,714 ) 2 Total credit contracts 16,927 (14,903 ) 2,024 20,128 (18,609 ) 1,519 Foreign exchange contracts: OTC 162,336 (150,537 ) 11,799 160,930 (152,161 ) 8,769 OTC–cleared 190 (185 ) 5 274 (268 ) 6 Exchange-traded (a) 14 (4 ) 10 16 (3 ) 13 Total foreign exchange contracts 162,540 (150,726 ) 11,814 161,220 (152,432 ) 8,788 Equity contracts: OTC 27,010 (21,600 ) 5,410 29,437 (25,544 ) 3,893 Exchange-traded (a) 20,365 (18,688 ) 1,677 16,285 (15,490 ) 795 Total equity contracts 47,375 (40,288 ) 7,087 45,722 (41,034 ) 4,688 Commodity contracts: OTC 10,450 (6,874 ) 3,576 8,930 (4,838 ) 4,092 OTC–cleared 25 (25 ) — — — — Exchange-traded (a) 10,004 (9,123 ) 881 8,259 (8,208 ) 51 Total commodity contracts 20,479 (16,022 ) 4,457 17,189 (13,046 ) 4,143 Derivative payables with appropriate legal opinion 584,635 (550,429 ) 34,206 (d) 485,036 (460,119 ) 24,917 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 13,584 13,584 16,852 16,852 Total derivative payables recognized on the Consolidated balance sheets $ 598,219 $ 47,790 $ 501,888 $ 41,769 Collateral not nettable on the Consolidated balance sheets (b)(c) (9,236 ) (4,449 ) Net amounts $ 38,554 $ 37,320 (a) Exchange-traded derivative balances that relate to futures contracts are settled daily. (b) Represents liquid security collateral as well as cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty. (c) Derivative collateral relates only to OTC and OTC-cleared derivative instruments. (d) Net derivatives receivable included cash collateral netted of $78.8 billion and $55.2 billion at September 30, 2019 , and December 31, 2018 , respectively. Net derivatives payable included cash collateral netted of $62.4 billion and $43.3 billion at September 30, 2019 , and December 31, 2018 , respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments. Liquidity risk and credit-related contingent features Refer to Note 5 of JPMorgan Chase’s 2018 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts. The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at September 30, 2019 , and December 31, 2018 . OTC and OTC-cleared derivative payables containing downgrade triggers (in millions) September 30, 2019 December 31, 2018 Aggregate fair value of net derivative payables $ 15,466 $ 9,396 Collateral posted 14,388 8,907 The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries , predominantly JPMorgan Chase Bank, N.A., at September 30, 2019 , and December 31, 2018 , related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral, (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract. Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives September 30, 2019 December 31, 2018 (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 223 $ 1,420 $ 76 $ 947 Amount required to settle contracts with termination triggers upon downgrade (b) 184 1,475 172 764 (a) Includes the additional collateral to be posted for initial margin. (b) Amounts represent fair values of derivative payables, and do not reflect collateral posted. Derivatives executed in contemplation of a sale of the underlying financial asset In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 10 , but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at both September 30, 2019 and December 31, 2018 . Impact of derivatives on the Consolidated statements of income The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose. Fair value hedge gains and losses The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three and nine months ended September 30, 2019 and 2018 , respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item. Gains/(losses) recorded in income Income statement impact of (e) OCI impact Three months ended September 30, 2019 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 1,770 $ (1,550 ) $ 220 $ — $ 228 $ — Foreign exchange (c) (167 ) 293 126 (224 ) 126 (1 ) Commodity (d) 278 (232 ) 46 — 49 — Total $ 1,881 $ (1,489 ) $ 392 $ (224 ) $ 403 $ (1 ) Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Three months ended September 30, 2018 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (870 ) $ 1,032 $ 162 $ — $ 160 $ — Foreign exchange (c) 277 (165 ) 112 (137 ) 112 45 Commodity (d) 454 (461 ) (7 ) — (5 ) — Total $ (139 ) $ 406 $ 267 $ (137 ) $ 267 $ 45 Gains/(losses) recorded in income Income statement impact of (e) OCI impact Nine months ended September 30, 2019 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 4,996 $ (4,399 ) $ 597 $ — $ 596 $ — Foreign exchange (c) (31 ) 401 370 (675 ) 370 114 Commodity (d) (164 ) 237 73 — 67 — Total $ 4,801 $ (3,761 ) $ 1,040 $ (675 ) $ 1,033 $ 114 Gains/(losses) recorded in income Income statement impact of (e) OCI impact Nine months ended September 30, 2018 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (2,747 ) $ 3,214 $ 467 $ — $ 459 $ — Foreign exchange (c) 797 (452 ) 345 (404 ) 345 (96 ) Commodity (d) 649 (626 ) 23 — 29 — Total $ (1,301 ) $ 2,136 $ 835 $ (404 ) $ 833 $ (96 ) (a) Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income. (b) Excludes the amortization expense associated with the inception hedge accounting adjustment applied to the hedged item. This expense is recorded in net interest income and substantially offsets the income statement impact of the excluded components. Also excludes the accrual of interest on interest rate swaps and the related hedged items. (c) Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income. (d) Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue. (e) The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. The initial amount of the excluded components may be amortized into income over the life of the derivative, or changes in fair value may be recognized in current period earnings. (f) Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative. As of September 30, 2019 and December 31, 2018, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield. Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: September 30, 2019 Active hedging relationships Discontinued hedging relationships (d) Total Assets Investment securities - AFS $ 123,914 (c) $ 3,664 $ 261 $ 3,925 Liabilities Long-term debt $ 163,494 $ 9,957 $ 125 $ 10,082 Beneficial interests issued by consolidated VIEs 2,362 — (11 ) (11 ) Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: December 31, 2018 Active hedging relationships Discontinued hedging relationships (d) Total Assets Investment securities - AFS $ 55,313 (c) $ (1,105 ) $ 381 $ (724 ) Liabilities Long-term debt $ 139,915 $ 141 $ 8 $ 149 Beneficial interests issued by consolidated VIEs 6,987 — (33 ) (33 ) (a) Excludes physical commodities with a carrying value of $10.3 billion and $6.8 billion at September 30, 2019 and December 31, 2018, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Given the Firm exits these positions at fair value, there is no incremental impact to net income in future periods. (b) Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At September 30, 2019 and December 31, 2018, the carrying amount excluded for available-for-sale securities is $15.3 billion and $14.6 billion , respectively, and for long-term debt is $4.1 billion and $7.3 billion , respectively. (c) Carrying amount represents the amortized cost. (d) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date. Cash flow hedge gains and losses The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three and nine months ended September 30, 2019 and 2018 , respectively. The Firm includes the gain/(loss) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item . Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended September 30, 2019 Amounts reclassified from AOCI to income Amounts recorded in OCI Total change Contract type Interest rate (a) $ (16 ) $ 290 $ 306 Foreign exchange (b) (21 ) (68 ) (47 ) Total $ (37 ) $ 222 $ 259 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended September 30, 2018 Amounts reclassified from AOCI to income Amounts recorded in OCI Total change Contract type Interest rate (a) $ 10 $ (30 ) $ (40 ) Foreign exchange (b) (19 ) (92 ) (73 ) Total $ (9 ) $ (122 ) $ (113 ) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Nine months ended September 30, 2019 Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period Contract type Interest rate (a) $ (12 ) $ 501 $ 513 Foreign exchange (b) (90 ) (37 ) 53 Total $ (102 ) $ 464 $ 566 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Nine months ended September 30, 2018 Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period Contract type Interest rate (a) $ 36 $ (141 ) $ (177 ) Foreign exchange (b) 26 (224 ) (250 ) Total $ 62 $ (365 ) $ (427 ) (a) Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income. (b) Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense. The Firm did not experience any forecasted transactions that failed to occur for the three and nine months ended September 30, 2019 and 2018 . Over the next 12 months, the Firm expects that approximately $(130) million (after-tax) of net losses recorded in AOCI at September 30, 2019 , related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately five years , corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years . The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities. Net investment hedge gains and losses The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three and nine months ended September 30, 2019 and 2018 . Gains/(losses) recorded in income and other comprehensive income/(loss) 2019 2018 Three months ended September 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Foreign exchange derivatives $ 17 $ 866 $ 2 $ 311 Gains/(losses) recorded in income and other comprehensive income/(loss) 2019 2018 Nine months ended September 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b)(c) Amounts recorded in OCI Foreign exchange derivatives $ 65 $ 705 $ (8 ) $ 1,126 (a) Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income. (b) Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. During the nine months ended September 30, 2019, the Firm reclassified net pre-tax gains of $5 million to other income related to the liquidation of certain legal entities. During the nine months ended September 30, 2018, the Firm reclassified net pre-tax losses of $23 million to other expense related to the liquidation of a legal entity. (c) The prior period amount has been revised to conform with the current period presentation. Gains and losses on derivatives used for specified risk management purposes The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from the mortgage pipeline, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities. Derivatives gains/(losses) recorded in income Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Contract type Interest rate (a) $ 769 $ (42 ) $ 1,718 $ (277 ) Credit (b) (21 ) (7 ) (33 ) (17 ) Foreign exchange (c) 40 52 15 167 (d) Total $ 788 $ 3 $ 1,700 $ (127 ) (d) (a) Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in the mortgage pipeline, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income. (b) Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue. (c) Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue. (d) The prior period amounts have been revised to conform with the current period presentation. Gains and losses on derivatives related to market-making activities and other derivatives The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue. Credit derivatives Refer to Note 5 of JPMorgan Chase’s 2018 Form 10-K for a more detailed discussion of credit derivatives. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives. Total credit derivatives and credit-related notes Maximum payout/Notional amount September 30, 2019 (in millions) Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) Credit derivatives Credit default swaps $ (610,946 ) $ 623,709 $ 12,763 $ 3,630 Other credit derivatives (a) (55,919 ) 61,847 5,928 8,503 Total credit derivatives (666,865 ) 685,556 18,691 12,133 Credit-related notes — — — 9,297 Total $ (666,865 ) $ 685,556 $ 18,691 $ 21,430 Maximum payout/Notional amount December 31, 2018 (in millions) Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) Credit derivatives Credit default swaps $ (697,220 ) $ 707,282 $ 10,062 $ 4,053 Other credit derivatives (a) (41,244 ) 42,484 1,240 8,488 Total credit derivatives (738,464 ) 749,766 11,302 12,541 Credit-related notes — — — 8,425 Total $ (738,464 ) $ 749,766 $ 11,302 $ 20,966 (a) Other credit derivatives predominantly consist of credit swap options and total return swaps. (b) Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. (c) Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value. (d) Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. The following tables summarize |
Noninterest Revenue and Noninte
Noninterest Revenue and Noninterest Expense | 9 Months Ended |
Sep. 30, 2019 | |
Noninterest Income (Expense) [Abstract] | |
Noninterest Revenue and Noninterest Expense | Noninterest revenue and noninterest expense Noninterest revenue Refer to Note 6 of JPMorgan Chase ’s 2018 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue. Investment banking fees The following table presents the components of investment banking fees. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Underwriting Equity $ 517 $ 417 $ 1,293 $ 1,342 Debt 955 836 2,720 2,596 Total underwriting 1,472 1,253 4,013 3,938 Advisory 495 579 1,645 1,798 Total investment banking fees $ 1,967 $ 1,832 $ 5,658 $ 5,736 Principal transactions The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and cash deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual line of business. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Trading revenue by instrument type Interest rate $ 835 $ 338 $ 1,901 $ 1,784 Credit 328 202 1,375 1,230 Foreign exchange 892 937 2,509 2,706 Equity 1,003 1,363 4,530 4,376 Commodity 372 277 982 800 Total trading revenue 3,430 3,117 11,297 10,896 Private equity gains/(losses) (a) 19 (153 ) (58 ) (198 ) Principal transactions $ 3,449 $ 2,964 $ 11,239 $ 10,698 (a) The third quarter of 2018 included markdowns of approximately $220 million on certain private equity investments in Corporate, with $170 million recorded within principal transactions revenue and $50 million in other income. Lending- and deposit-related fees The following table presents the components of lending- and deposit-related fees. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Lending-related fees $ 286 $ 284 $ 861 $ 838 Deposit-related fees 1,340 1,258 3,782 3,676 Total lending- and deposit-related fees $ 1,626 $ 1,542 $ 4,643 $ 4,514 Asset management, administration and commissions The following table presents the components of Firmwide asset management, administration and commissions. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Asset management fees Investment management fees (a) $ 2,738 $ 2,716 $ 8,013 $ 8,081 All other asset management fees (b) 82 79 229 211 Total asset management fees 2,820 2,795 8,242 8,292 Total administration fees (c) 567 533 1,646 1,651 Commissions and other fees Brokerage commissions 634 604 1,861 1,887 All other commissions and fees 330 378 1,069 1,093 Total commissions and fees 964 982 2,930 2,980 Total asset management, administration and commissions $ 4,351 $ 4,310 $ 12,818 $ 12,923 (a) Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. (b) Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients. (c) Predominantly includes fees for custody, securities lending, funds services and securities clearance. Card income The following table presents the components of card income: Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Interchange and merchant processing income $ 5,127 $ 4,781 $ 15,032 $ 13,863 Rewards costs and partner payments (a) (3,669 ) (3,276 ) (10,515 ) (9,687 ) Other card income (b) (175 ) (177 ) (594 ) (553 ) Total card income $ 1,283 $ 1,328 $ 3,923 $ 3,623 (a) The three and nine months ended September 30, 2018, included an adjustment to the credit card rewards liability of approximately $330 million . (b) Predominantly represents annual fees and new account origination costs, which are deferred and recognized on a straight-line basis over a 12 -month period. Refer to Note 14 Goodwill and MSRs for information on mortgage fees and related income. Refer to Note 16 Leases for information on operating lease income included within other income. Noninterest expense Other expense Other expense on the Firm’s Consolidated statements of income included the following: Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Legal expense/(benefit) $ 10 $ 20 $ (2 ) $ 90 FDIC-related expense 114 349 378 1,100 |
Interest Income and Interest Ex
Interest Income and Interest Expense | 9 Months Ended |
Sep. 30, 2019 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest income and Interest expense Refer to Note 7 of JPMorgan Chase ’s 2018 Form 10-K for a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense. The following table presents the components of interest income and interest expense. Three months ended Nine months ended (in millions) 2019 2018 2019 2018 Interest income Loans (a) $ 12,586 $ 12,207 $ 38,192 $ 34,915 Taxable securities 2,132 1,402 5,712 4,098 Non-taxable securities (b) 318 394 1,021 1,199 Total investment securities (a) 2,450 1,796 6,733 5,297 Trading assets - debt instruments 2,659 2,155 8,343 6,369 Federal funds sold and securities purchased under resale agreements 1,542 952 4,865 2,490 Securities borrowed (c) 434 248 1,298 549 Deposits with banks 898 1,585 3,200 4,449 All other interest-earning assets (c)(d) 552 496 1,482 1,430 Total interest income (c) 21,121 19,439 64,113 55,499 Interest expense Interest-bearing deposits 2,409 1,621 7,010 4,021 Federal funds purchased and securities loaned or sold under repurchase agreements 1,241 827 3,577 2,164 Short-term borrowings (e) 261 288 1,051 757 Trading liabilities – debt and all other interest-bearing liabilities (c)(f) 660 617 2,141 1,674 Long-term debt 2,188 2,056 6,796 5,812 Beneficial interest issued by consolidated VIEs 134 122 459 366 Total interest expense (c) 6,893 5,531 21,034 14,794 Net interest income 14,228 13,908 43,079 40,705 Provision for credit losses 1,514 948 4,158 3,323 Net interest income after provision for credit losses $ 12,714 $ 12,960 $ 38,921 $ 37,382 (a) Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts, net deferred fees/costs, etc.). (b) Represents securities which are tax-exempt for U.S. federal income tax purposes. (c) In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related held-for-investment customer receivables and payables that are currently presented as a single margin account on the balance sheet. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation. (d) Includes prime brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets. (e) Includes commercial paper. (f) Other interest-bearing liabilities include prime brokerage-related customer payables. |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | Pension and other postretirement employee benefit plans Refer to Note 8 of JPMorgan Chase’s 2018 Form 10-K f or a discussion of JPMorgan Chase ’s pension and OPEB plans. The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income for the Firm’s U.S. and non-U.S. defined benefit pension, defined contribution and OPEB plans. (in millions) Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 2019 2018 2019 2018 Pension plans OPEB plans Pension plans OPEB plans Components of net periodic benefit cost Benefits earned during the period $ 88 $ 88 $ — $ — $ 266 $ 267 $ — $ — Interest cost on benefit obligations 148 139 6 6 447 417 18 18 Expected return on plan assets (227 ) (246 ) (28 ) (25 ) (686 ) (741 ) (84 ) (77 ) Amortization: Net (gain)/loss 42 26 — — 125 78 — — Prior service (credit)/cost — (7 ) — — 2 (19 ) — — Net periodic defined benefit cost 51 — (22 ) (19 ) 154 2 (66 ) (59 ) Other defined benefit pension plans (a) 7 6 NA NA 20 21 NA NA Total defined benefit plans 58 6 (22 ) (19 ) 174 23 (66 ) (59 ) Total defined contribution plans 255 229 NA NA 718 661 NA NA Total pension and OPEB cost included in noninterest expense $ 313 $ 235 $ (22 ) $ (19 ) $ 892 $ 684 $ (66 ) $ (59 ) (a) Includes various defined benefit pension plans which are individually immaterial. The following table presents the fair values of plan assets for the U.S. defined benefit pension and OPEB plans and for the material non-U.S. defined benefit pension plans. (in billions) September 30, December 31, 2018 Fair value of plan assets Defined benefit pension plans $ 20.1 $ 18.1 OPEB plans 2.9 2.6 There are no |
Employee Share-based Incentives
Employee Share-based Incentives | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Employee Share-based Incentives | Employee share-based incentives Refer to Note 9 of JPMorgan Chase ’s 2018 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives. The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income. Three months ended Nine months ended (in millions) 2019 2018 2019 2018 Cost of prior grants of RSUs, performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods $ 265 $ 282 $ 882 $ 956 Accrual of estimated costs of share-based awards to be granted in future periods including those to full-career eligible employees 294 240 900 852 Total noncash compensation expense related to employee share-based incentive plans $ 559 $ 522 $ 1,782 $ 1,808 In the first quarter of 2019, in connection with its annual incentive grant for the 2018 performance year, the Firm granted 21 million RSUs and 630 thousand PSUs with weighted-average grant date fair values of $98.98 per RSU and $98.96 per PSU. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment securities Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2 . Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At September 30, 2019 , the investment securities portfolio consisted of debt securities with an average credit rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal ratings which correspond to ratings as defined by S&P and Moody’s). Refer to Note 10 of JPMorgan Chase’s 2018 Form 10-K for additional information regarding the investment securities portfolio. The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. September 30, 2019 December 31, 2018 (in millions) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies (a) $ 103,086 $ 2,556 $ 61 $ 105,581 $ 69,026 $ 594 $ 974 $ 68,646 Residential: U.S. 10,083 273 6 10,350 5,877 79 31 5,925 Non-U.S. 2,490 64 2 2,552 2,529 72 6 2,595 Commercial 5,228 100 4 5,324 6,758 43 147 6,654 Total mortgage-backed securities 120,887 2,993 73 123,807 84,190 788 1,158 83,820 U.S. Treasury and government agencies 141,646 376 493 141,529 55,771 366 78 56,059 Obligations of U.S. states and municipalities 28,871 2,193 — 31,064 36,221 1,582 80 37,723 Certificates of deposit 74 — — 74 75 — — 75 Non-U.S. government debt securities 21,644 524 10 22,158 23,771 351 20 24,102 Corporate debt securities 1,596 39 1 1,634 1,904 23 9 1,918 Asset-backed securities: Collateralized loan obligations 27,942 18 52 27,908 19,612 1 176 19,437 Other 5,199 57 9 5,247 7,225 57 22 7,260 Total available-for-sale securities 347,859 6,200 638 353,421 228,769 3,168 1,543 230,394 Held-to-maturity securities Mortgage-backed securities: U.S. GSEs and government agencies (a) 35,976 1,250 20 37,206 26,610 134 200 26,544 Total mortgage-backed securities 35,976 1,250 20 37,206 26,610 134 200 26,544 U.S. Treasury and government agencies 51 — — 51 — — — — Obligations of U.S. states and municipalities 4,803 317 — 5,120 4,824 105 15 4,914 Total held-to-maturity securities 40,830 1,567 20 42,377 31,434 239 215 31,458 Total investment securities $ 388,689 $ 7,767 $ 658 $ 395,798 $ 260,203 $ 3,407 $ 1,758 $ 261,852 (a) Includes AFS U.S. GSE obligations with fair values of $78.8 billion and $50.7 billion , and HTM U.S. GSE obligations with amortized cost of $30.8 billion and $20.9 billion , at September 30, 2019 , and December 31, 2018 , respectively. As of September 30, 2019 , mortgage-backed securities issued by Fannie Mae and Freddie Mac each exceeded 10% of JPMorgan Chase’s total stockholders’ equity; the amortized cost and fair value of such securities was $69.8 billion and $72.0 billion , and $37.8 billion and $38.8 billion , respectively. Investment securities impairment The following tables present the fair value and gross unrealized losses for investment securities by aging category at September 30, 2019 , and December 31, 2018 . Investment securities with gross unrealized losses Less than 12 months 12 months or more September 30, 2019 (in millions) Fair value Gross unrealized losses Fair value Gross unrealized losses Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 8,505 $ 37 $ 2,952 $ 24 $ 11,457 $ 61 Residential: U.S. — — 558 6 558 6 Non-U.S. 47 — 472 2 519 2 Commercial 752 4 165 — 917 4 Total mortgage-backed securities 9,304 41 4,147 32 13,451 73 U.S. Treasury and government agencies 84,152 489 540 4 84,692 493 Obligations of U.S. states and municipalities 41 — 23 — 64 — Certificates of deposit 74 — — — 74 — Non-U.S. government debt securities 3,189 6 1,357 4 4,546 10 Corporate debt securities 83 — 36 1 119 1 Asset-backed securities: Collateralized loan obligations 7,086 8 6,684 44 13,770 52 Other 506 3 1,598 6 2,104 9 Total available-for-sale securities 104,435 547 14,385 91 118,820 638 Held-to-maturity securities Mortgage-backed securities U.S. GSEs and government agencies 2,240 20 86 — 2,326 20 Total mortgage-backed securities 2,240 20 86 — 2,326 20 U.S. Treasury and government agencies 51 — — — 51 — Obligations of U.S. states and municipalities — — — — — — Total held-to-maturity securities 2,291 20 86 — 2,377 20 Total investment securities with gross unrealized losses $ 106,726 $ 567 $ 14,471 $ 91 $ 121,197 $ 658 Investment securities with gross unrealized losses Less than 12 months 12 months or more December 31, 2018 (in millions) Fair value Gross unrealized losses Fair value Gross unrealized losses Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 17,656 $ 318 $ 22,728 $ 656 $ 40,384 $ 974 Residential: U.S. 623 4 1,445 27 2,068 31 Non-U.S. 907 5 165 1 1,072 6 Commercial 974 6 3,172 141 4,146 147 Total mortgage-backed securities 20,160 333 27,510 825 47,670 1,158 U.S. Treasury and government agencies 4,792 7 2,391 71 7,183 78 Obligations of U.S. states and municipalities 1,808 15 2,477 65 4,285 80 Certificates of deposit 75 — — — 75 — Non-U.S. government debt securities 3,123 5 1,937 15 5,060 20 Corporate debt securities 478 8 37 1 515 9 Asset-backed securities: Collateralized loan obligations 18,681 176 — — 18,681 176 Other 1,208 6 2,354 16 3,562 22 Total available-for-sale securities 50,325 550 36,706 993 87,031 1,543 Held-to-maturity securities Mortgage-backed securities U.S. GSEs and government agencies 4,385 23 7,082 177 11,467 200 Total mortgage-backed securities 4,385 23 7,082 177 11,467 200 U.S. Treasury and government agencies — — — — — — Obligations of U.S. states and municipalities 12 — 1,114 15 1,126 15 Total held-to-maturity securities 4,397 23 8,196 192 12,593 215 Total investment securities with gross unrealized losses $ 54,722 $ 573 $ 44,902 $ 1,185 $ 99,624 $ 1,758 Other-than-temporary impairment The Firm recognizes unrealized losses on investment securities that it intends to sell as OTTI. The Firm does not intend to sell any of the remaining investment securities with an unrealized loss in AOCI as of September 30, 2019 , and it is not likely that the Firm will be required to sell these securities before recovery of their amortized cost basis. Further, the Firm did not recognize any credit-related OTTI losses during the nine months ended September 30, 2019 and 2018 . Accordingly, the Firm believes that the investment securities with an unrealized loss in AOCI as of September 30, 2019 , are not other-than-temporarily impaired. Refer to Note 10 of JPMorgan Chase’s 2018 Form 10-K for additional information on other-than-temporary impairment. Investment securities gains and losses The following table presents realized gains and losses and OTTI from AFS securities that were recognized in income. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Realized gains $ 78 $ 58 $ 454 $ 137 Realized losses — (103 ) (319 ) (507 ) OTTI losses (a) — (1 ) — (1 ) Net investment securities gains/(losses) $ 78 $ (46 ) $ 135 $ (371 ) (a) Represents OTTI losses recognized in income on investment securities the Firm intends to sell. Excludes realized losses on securities sold of $21 million for the nine months ended September 30, 2018 that had been previously reported as an OTTI loss due to the intention to sell the securities. Changes in the credit loss component of credit-impaired debt securities The cumulative credit loss component, including any changes therein, of OTTI losses that have been recognized in income related to AFS securities was not material as of and during the nine month periods ended September 30, 2019 and 2018 . Contractual maturities and yields The following table presents the amortized cost and estimated fair value at September 30, 2019 , of JPMorgan Chase ’s investment securities portfolio by contractual maturity. By remaining maturity September 30, 2019 (in millions) Due in one year or less Due after one year through five years Due after five years through 10 years Due after 10 years (b) Total Available-for-sale securities Mortgage-backed securities Amortized cost $ 14 $ 59 $ 10,230 $ 110,584 $ 120,887 Fair value 14 60 10,476 113,257 123,807 Average yield (a) 3.59 % 2.73 % 2.92 % 3.45 % 3.40 % U.S. Treasury and government agencies Amortized cost $ 10,904 $ 95,139 $ 25,557 $ 10,046 $ 141,646 Fair value 10,901 95,231 25,659 9,738 141,529 Average yield (a) 1.99 % 1.96 % 2.02 % 2.04 % 1.98 % Obligations of U.S. states and municipalities Amortized cost $ 170 $ 228 $ 1,089 $ 27,384 $ 28,871 Fair value 172 236 1,135 29,521 31,064 Average yield (a) 3.32 % 4.00 % 5.60 % 4.94 % 4.95 % Certificates of deposit Amortized cost $ 74 $ — $ — $ — $ 74 Fair value 74 — — — 74 Average yield (a) 0.49 % — % — % — % 0.49 % Non-U.S. government debt securities Amortized cost $ 6,342 $ 11,580 $ 3,416 $ 306 $ 21,644 Fair value 6,350 11,870 3,633 305 22,158 Average yield (a) 2.23 % 1.99 % 1.34 % 1.67 % 1.95 % Corporate debt securities Amortized cost $ 216 $ 718 $ 662 $ — $ 1,596 Fair value 218 737 679 — 1,634 Average yield (a) 4.83 % 3.91 % 3.78 % — % 3.98 % Asset-backed securities Amortized cost $ — $ 1,873 $ 9,411 $ 21,857 $ 33,141 Fair value — 1,876 9,412 21,867 33,155 Average yield (a) — % 2.94 % 3.17 % 3.03 % 3.06 % Total available-for-sale securities Amortized cost $ 17,720 $ 109,597 $ 50,365 $ 170,177 $ 347,859 Fair value 17,729 110,010 50,994 174,688 353,421 Average yield (a) 2.12 % 2.00 % 2.47 % 3.55 % 2.83 % Held-to-maturity securities Mortgage-backed securities Amortized cost $ — $ — $ 4,655 $ 31,321 $ 35,976 Fair value — — 5,049 32,157 37,206 Average yield (a) — % — % 3.29 % 3.12 % 3.14 % U.S. Treasury and government agencies Amortized cost $ — $ 51 $ — $ — $ 51 Fair value — 51 — — 51 Average yield (a) — % 1.47 % — % — % 1.47 % Obligations of U.S. states and municipalities Amortized cost $ — $ — $ 55 $ 4,748 $ 4,803 Fair value — — 58 5,062 5,120 Average yield (a) — % — % 3.89 % 4.02 % 4.02 % Total held-to-maturity securities Amortized cost $ — $ 51 $ 4,710 $ 36,069 $ 40,830 Fair value — 51 5,107 37,219 42,377 Average yield (a) — % 1.47 % 3.30 % 3.24 % 3.24 % (a) Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. (b) Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately 5 years for agency residential MBS, 3 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations. |
Securities Financing Activities
Securities Financing Activities | 9 Months Ended |
Sep. 30, 2019 | |
Securities Financing Transactions Disclosures [Abstract] | |
Securities Financing Activities | Securities financing activities Refer to Note 11 of JPMorgan Chase’s 2018 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements. The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of September 30, 2019 and December 31, 2018 . When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. September 30, 2019 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets (b) Amounts not nettable on the Consolidated balance sheets (c) Net amounts (d) Assets Securities purchased under resale agreements $ 630,033 $ (372,650 ) $ 257,383 $ (244,241 ) $ 13,142 Securities borrowed 160,304 (21,968 ) 138,336 (104,517 ) 33,819 Liabilities Securities sold under repurchase agreements $ 608,618 $ (372,650 ) $ 235,968 $ (213,150 ) $ 22,818 Securities loaned and other (a) 34,104 (21,968 ) 12,136 (11,878 ) 258 December 31, 2018 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets (b) Amounts not nettable on the Consolidated balance sheets (c) Net amounts (d) Assets Securities purchased under resale agreements $ 691,116 $ (369,612 ) $ 321,504 $ (308,854 ) $ 12,650 Securities borrowed 132,955 (20,960 ) 111,995 (79,747 ) 32,248 Liabilities Securities sold under repurchase agreements $ 541,587 $ (369,612 ) $ 171,975 $ (149,125 ) $ 22,850 Securities loaned and other (a) 33,700 (20,960 ) 12,740 (12,358 ) 382 (a) Includes securities-for-securities lending agreements of $2.4 billion and $3.3 billion at September 30, 2019 and December 31, 2018 , respectively, accounted for at fair value, where the Firm is acting as lender. In the Consolidated balance sheets, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities. (b) Includes securities financing agreements accounted for at fair value. At September 30, 2019 and December 31, 2018 , included securities purchased under resale agreements of $13.7 billion and $13.2 billion , respectively; securities sold under repurchase agreements of $933 million and $935 million , respectively; and securities borrowed of $5.8 billion and $5.1 billion , respectively. There were no securities loaned accounted for at fair value in either period. (c) In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty. (d) Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At September 30, 2019 and December 31, 2018 , included $9.1 billion and $7.9 billion , respectively, of securities purchased under resale agreements; $30.6 billion and $30.3 billion , respectively, of securities borrowed; $21.9 billion and $21.5 billion , respectively, of securities sold under repurchase agreements; and $96 million and $25 million , respectively, of securities loaned and other. The tables below present as of September 30, 2019 , and December 31, 2018 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance September 30, 2019 December 31, 2018 (in millions) Securities sold under repurchase agreements Securities loaned and other Securities sold under repurchase agreements Securities loaned and other Mortgage-backed securities U.S. GSEs and government agencies $ 33,399 $ — $ 34,311 (a) $ — Residential - nonagency 1,804 — 2,165 — Commercial - nonagency 1,778 — 1,390 — U.S. Treasury, GSEs and government agencies 366,820 8 317,578 (a) 69 Obligations of U.S. states and municipalities 1,400 — 1,150 — Non-U.S. government debt 165,568 1,769 154,900 4,313 Corporate debt securities 13,067 1,361 13,898 428 Asset-backed securities 1,746 — 3,867 — Equity securities 23,036 30,966 12,328 28,890 Total $ 608,618 $ 34,104 $ 541,587 $ 33,700 (a) The prior period amounts have been revised to conform with the current period presentation. Remaining contractual maturity of the agreements Overnight and continuous Greater than 90 days September 30, 2019 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 336,082 $ 132,662 $ 53,504 $ 86,370 $ 608,618 Total securities loaned and other 30,172 231 748 2,953 34,104 Remaining contractual maturity of the agreements Overnight and continuous Greater than 90 days December 31, 2018 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 247,579 $ 174,971 $ 71,637 $ 47,400 $ 541,587 Total securities loaned and other 28,402 997 2,132 2,169 33,700 Transfers not qualifying for sale accounting At September 30, 2019 , and December 31, 2018 , the Firm held $654 million and $2.1 billion , respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets. The prior period amount has been revised to conform with the current period presentation. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans | Loans Loan accounting framework The accounting for a loan depends on management’s strategy for the loan, and on whether the loan was credit-impaired at the date of acquisition. The Firm accounts for loans based on the following categories: • Originated or purchased loans held-for-investment (i.e., “retained”), other than PCI loans • Loans held-for-sale • Loans at fair value • PCI loans held-for-investment Refer to Note 12 of JPMorgan Chase ’s 2018 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm’s elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets. Loan portfolio The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class. Consumer, excluding credit card (a) Credit card Wholesale (f) Residential real estate – excluding PCI • Residential mortgage (b) • Home equity (c) Other consumer loans (d) • Auto • Consumer & Business Banking (e) Residential real estate – PCI • Home equity • Prime mortgage • Subprime mortgage • Option ARMs • Credit card loans • Commercial and industrial • Real estate • Financial institutions • Governments & Agencies • Other (g) (a) Includes loans held in CCB, scored prime mortgage and scored home equity loans held in AWM and prime mortgage loans held in Corporate . (b) Predominantly includes prime loans (including option ARMs). (c) Includes senior and junior lien home equity loans. (d) Includes certain business banking and auto dealer risk-rated loans that apply the wholesale methodology for determining the allowance for loan losses; these loans are managed by CCB, and therefore, for consistency in presentation, are included with the other consumer loan classes. (e) Predominantly includes Business Banking loans. (f) Includes loans held in CIB, CB, AWM and Corporate. Excludes scored prime mortgage and scored home equity loans held in AWM and prime mortgage loans held in Corporate. Classes are internally defined and may not align with regulatory definitions. (g) Includes loans to: individuals and individual entities (predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. Refer to Note 14 of JPMorgan Chase ’s 2018 Form 10-K f or more information on SPEs. The following tables summarize the Firm’s loan balances by portfolio segment. September 30, 2019 Consumer, excluding credit card Credit card (a) Wholesale Total (in millions) Retained $ 331,809 $ 159,571 $ 437,507 $ 928,887 (b) Held-for-sale 4,821 — 5,750 10,571 At fair value — — 5,760 5,760 Total $ 336,630 $ 159,571 $ 449,017 $ 945,218 December 31, 2018 Consumer, excluding credit card Credit card (a) Wholesale Total (in millions) Retained $ 373,637 $ 156,616 $ 439,162 $ 969,415 (b) Held-for-sale 95 16 11,877 11,988 At fair value — — 3,151 3,151 Total $ 373,732 $ 156,632 $ 454,190 $ 984,554 (a) Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income. (b) Loans (other than PCI loans and loans for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of September 30, 2019 , and December 31, 2018 . The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Reclassifications of loans to held-for sale are non-cash transactions. The Firm manages its exposure to credit risk on an ongoing basis. Selling loans is one way that the Firm reduces its credit exposures. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table. 2019 2018 Three months ended September 30, Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Purchases $ 259 (a)(b) $ — $ 453 $ 712 $ 561 (a)(b) $ — $ 285 $ 846 Sales 14,970 — 5,559 20,529 1,789 — 4,197 5,986 Retained loans reclassified to held-for-sale 3,889 — 359 4,248 — — 666 666 2019 2018 Nine months ended September 30, Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Purchases $ 1,044 (a)(b) $ — $ 1,041 $ 2,085 $ 2,164 (a)(b) $ — $ 1,915 $ 4,079 Sales 30,484 — 16,404 46,888 4,661 — 12,829 17,490 Retained loans reclassified to held-for-sale 8,950 — 1,784 10,734 36 — 1,926 1,962 (a) Purchases predominantly represent the Firm’s voluntary repurchase of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA. (b) Excludes purchases of retained loans sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. Such purchases were $4.7 billion and $5.6 billion for the three months ended September 30, 2019 and 2018 , respectively, and $12.2 billion and $14.5 billion for the nine months ended September 30, 2019 and 2018 , respectively. Gains and losses on sales of loans Net gains on sales of loans (including adjustments to record loans held-for-sale at the lower of cost or fair value) recognized in noninterest revenue were $254 million and $433 million , for the three and nine months ended September 30, 2019, respectively. Gains and losses on sales of loans were no t material for the three and nine months ended September 30, 2018 . In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses. Consumer, excluding credit card loan portfolio Consumer loans, excluding credit card loans, consist primarily of residential mortgages, home equity loans and lines of credit, auto loans and consumer and business banking loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period and certain payment-option loans that may result in negative amortization. The following table provides information about retained consumer loans, excluding credit card, by class. (in millions) September 30, December 31, Residential real estate – excluding PCI Residential mortgage $ 197,456 $ 231,078 Home equity 24,954 28,340 Other consumer loans Auto 61,410 63,573 Consumer & Business Banking 26,699 26,612 Residential real estate – PCI Home equity 7,753 8,963 Prime mortgage 4,164 4,690 Subprime mortgage 1,797 1,945 Option ARMs 7,576 8,436 Total retained loans $ 331,809 $ 373,637 Refer to Note 12 of JPMorgan Chase ’s 2018 Form 10-K for further information on consumer credit quality indicators. Residential real estate – excluding PCI loans The following table provides information by class for retained residential real estate – excluding PCI loans. Residential real estate – excluding PCI loans (in millions, except ratios) Residential mortgage Home equity Total residential real estate – excluding PCI Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Loan delinquency (a) Current $ 196,354 $ 225,899 $ 24,398 $ 27,611 $ 220,752 $ 253,510 30–149 days past due 691 2,763 355 453 1,046 3,216 150 or more days past due 411 2,416 201 276 612 2,692 Total retained loans $ 197,456 $ 231,078 $ 24,954 $ 28,340 $ 222,410 $ 259,418 % of 30+ days past due to total retained loans (b) 0.53 % 0.48 % 2.23 % 2.57 % 0.72 % 0.71 % 90 or more days past due and government guaranteed (c) $ 40 $ 2,541 $ — $ — $ 40 $ 2,541 Nonaccrual loans 1,629 1,765 1,208 1,323 2,837 3,088 Current estimated LTV ratios (d)(e) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 25 $ 25 $ 4 $ 6 $ 29 $ 31 Less than 660 20 13 2 1 22 14 101% to 125% and refreshed FICO scores: Equal to or greater than 660 22 37 68 111 90 148 Less than 660 35 53 23 38 58 91 80% to 100% and refreshed FICO scores: Equal to or greater than 660 4,650 3,977 697 986 5,347 4,963 Less than 660 212 281 214 326 426 607 Less than 80% and refreshed FICO scores: Equal to or greater than 660 185,438 212,505 20,394 22,632 205,832 235,137 Less than 660 6,035 6,457 2,842 3,355 8,877 9,812 No FICO/LTV available 952 813 710 885 1,662 1,698 U.S. government-guaranteed 67 6,917 — — 67 6,917 Total retained loans $ 197,456 $ 231,078 $ 24,954 $ 28,340 $ 222,410 $ 259,418 Geographic region (f) California $ 66,166 $ 74,759 $ 5,074 $ 5,695 $ 71,240 $ 80,454 New York 25,442 28,847 5,074 5,769 30,516 34,616 Illinois 13,304 15,249 1,868 2,131 15,172 17,380 Texas 12,345 13,769 1,640 1,819 13,985 15,588 Florida 10,195 10,704 1,366 1,575 11,561 12,279 Washington 7,638 8,304 762 869 8,400 9,173 Colorado 7,577 8,140 458 521 8,035 8,661 New Jersey 5,749 7,302 1,447 1,642 7,196 8,944 Massachusetts 5,610 6,574 208 236 5,818 6,810 Arizona 3,862 4,434 986 1,158 4,848 5,592 All other (g) 39,568 52,996 6,071 6,925 45,639 59,921 Total retained loans $ 197,456 $ 231,078 $ 24,954 $ 28,340 $ 222,410 $ 259,418 (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $20 million and $2.8 billion ; 30 – 149 days past due included $16 million and $2.1 billion ; and 150 or more days past due included $31 million and $2.0 billion at September 30, 2019 , and December 31, 2018 , respectively. (b) At September 30, 2019 , and December 31, 2018 , residential mortgage loans excluded mortgage loans insured by U.S. government agencies of $47 million and $4.1 billion , respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee. (c) These balances, which are 90 days or more past due, were excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At September 30, 2019 , and December 31, 2018 , these balances included $38 million and $999 million , respectively, of loans that are no longer accruing interest based on the agreed-upon servicing guidelines. For the remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at September 30, 2019 , and December 31, 2018 . (d) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. (e) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. (f) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2019 . (g) At September 30, 2019 , and December 31, 2018 , included mortgage loans insured by U.S. government agencies of $67 million and $6.9 billion , respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee. Approximately 37% of the home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following table provides the Firm’s delinquency statistics for junior lien home equity loans and lines of credit as of September 30, 2019 , and December 31, 2018 . Total loans Total 30+ day delinquency rate (in millions, except ratios) Sep 30, Dec 31, Sep 30, Dec 31, HELOCs: (a) Within the revolving period (b) $ 5,625 $ 5,608 0.37 % 0.25 % Beyond the revolving period 9,283 11,286 2.47 2.80 HELOANs 827 1,030 2.42 2.82 Total $ 15,735 $ 17,924 1.72 % 2.00 % (a) These HELOCs are predominantly revolving loans for a 10 -year period, after which time the HELOC converts to a loan with a 20 -year amortization period, but also include HELOCs that allow interest-only payments beyond the revolving period. (b) The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are experiencing financial difficulty. HELOCs beyond the revolving period and HELOANs have higher delinquency rates than HELOCs within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for HELOCs within the revolving period. The higher delinquency rates associated with amortizing HELOCs and HELOANs are factored into the Firm’s allowance for loan losses. Impaired loans The table below sets forth information about the Firm’s residential real estate impaired loans, excluding PCI loans. These loans are considered to be impaired as they have been modified in a TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 13 of JPMorgan Chase ’s 2018 Form 10-K . Residential mortgage Home equity Total residential real estate – excluding PCI Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Impaired loans With an allowance $ 2,958 $ 3,381 $ 1,062 $ 1,142 $ 4,020 $ 4,523 Without an allowance (a) 1,160 1,184 899 870 2,059 2,054 Total impaired loans (b)(c) $ 4,118 $ 4,565 $ 1,961 $ 2,012 $ 6,079 $ 6,577 Allowance for loan losses related to impaired loans $ 63 $ 88 $ 14 $ 45 $ 77 $ 133 Unpaid principal balance of impaired loans (d) 5,578 6,207 3,355 3,466 8,933 9,673 Impaired loans on nonaccrual status (e) 1,376 1,459 981 955 2,357 2,414 (a) Represents collateral-dependent residential real estate loans that are charged off to the fair value of the underlying collateral less cost to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At September 30, 2019 , Chapter 7 residential real estate loans included approximately 12% of residential mortgages and 7% of home equity that were 30 days or more past due. (b) At September 30, 2019 , and December 31, 2018 , $16 million and $4.1 billion , respectively, of loans modified subsequent to repurchase from Ginnie Mae in accordance with the standards of the appropriate government agency (i.e., FHA, VA, RHS) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure. (c) Predominantly all impaired loans in the table above are in the U.S. (d) Represents the contractual amount of principal owed at September 30, 2019 , and December 31, 2018 . The unpaid principal balance differs from the impaired loan balances due to various factors including charge-offs, net deferred loan fees or costs, and unamortized discounts or premiums on purchased loans. (e) At September 30, 2019 and December 31, 2018 , nonaccrual loans included $1.9 billion and $2.0 billion , respectively, of TDRs for which the borrowers were less than 90 days past due. Refer to the Loan accounting framework in Note 12 of JPMorgan Chase ’s 2018 Form 10-K for additional information about loans modified in a TDR that are on nonaccrual status. The following tables present average impaired loans and the related interest income reported by the Firm. Three months ended September 30, Average impaired loans Interest income on impaired loans (a) Interest income on impaired (a) 2019 2018 2019 2018 2019 2018 Residential mortgage $ 4,200 $ 4,872 $ 55 $ 61 $ 17 $ 19 Home equity 1,938 2,065 33 33 21 21 Total residential real estate – excluding PCI $ 6,138 $ 6,937 $ 88 $ 94 $ 38 $ 40 Nine months ended September 30, Average impaired loans Interest income on impaired loans (a) Interest income on impaired loans on a cash basis (a) 2019 2018 2019 2018 2019 2018 Residential mortgage $ 4,390 $ 5,242 $ 171 $ 197 $ 52 $ 58 Home equity 1,973 2,092 99 98 62 63 Total residential real estate – excluding PCI $ 6,363 $ 7,334 $ 270 $ 295 $ 114 $ 121 (a) Generally, interest income on loans modified in TDRs is recognized on a cash basis until the borrower has made a minimum of six payments under the new terms, unless the loan is deemed to be collateral-dependent. Loan modifications Modifications of residential real estate loans, excluding PCI loans, are generally accounted for and reported as TDRs. There were no additional commitments to lend to borrowers whose residential real estate loans, excluding PCI loans, have been modified in TDRs. The following table presents new TDRs reported by the Firm. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Residential mortgage $ 50 $ 67 $ 181 $ 314 Home equity 100 55 214 241 Total residential real estate – excluding PCI $ 150 $ 122 $ 395 $ 555 Nature and extent of modifications The U.S. Treasury’s Making Home Affordable programs, as well as the Firm’s proprietary modification programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and deferral of principal and/or interest payments that would otherwise have been required under the terms of the original agreement. The following tables provide information about how residential real estate loans, excluding PCI loans, were modified under the Firm’s loss mitigation programs described above during the periods presented. These tables exclude Chapter 7 loans where the sole concession granted is the discharge of debt. Three months ended September 30, Total residential real estate – excluding PCI Residential mortgage Home equity 2019 2018 2019 2018 2019 2018 Number of loans approved for a trial modification 365 513 854 586 1,219 1,099 Number of loans permanently modified 307 719 855 939 1,162 1,658 Concession granted: (a) Interest rate reduction 78 % 58 % 93 % 77 % 89 % 69 % Term or payment extension 94 83 59 88 68 86 Principal and/or interest deferred 21 30 6 11 10 19 Principal forgiveness 7 9 4 7 5 8 Other (b) 53 36 85 58 76 49 Nine months ended September 30, Total residential Residential mortgage Home equity 2019 2018 2019 2018 2019 2018 Number of loans approved for a trial modification 1,603 1,789 1,786 1,895 3,389 3,684 Number of loans permanently modified 1,178 2,374 2,778 4,005 3,956 6,379 Concession granted: (a) Interest rate reduction 65 % 36 % 83 % 57 % 78 % 49 % Term or payment extension 91 49 64 62 72 57 Principal and/or interest deferred 26 47 7 22 13 31 Principal forgiveness 6 7 5 7 5 7 Other (b) 44 40 71 58 63 52 (a) Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications. (b) Includes variable interest rate to fixed interest rate modifications and forbearances that meet the definition of a TDR for the three and nine months ended September 30, 2019 and 2018 . Forbearances suspend or reduce monthly payments for a specific period of time to address a temporary hardship. Financial effects of modifications and redefaults The following tables provide information about the financial effects of the various concessions granted in modifications of residential real estate loans, excluding PCI loans, under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following tables present only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. These tables also exclude Chapter 7 loans where the sole concession granted is the discharge of debt. Three months ended September 30, Residential mortgage Home equity Total residential real estate – excluding PCI 2019 2018 2019 2018 2019 2018 Weighted-average interest rate of loans with interest rate reductions – before TDR 5.68 % 6.13 % 5.50 % 5.69 % 5.57 % 5.89 % Weighted-average interest rate of loans with interest rate reductions – after TDR 3.99 4.23 3.30 3.83 3.58 4.01 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 21 22 19 18 20 21 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 39 39 39 39 39 39 Charge-offs recognized upon permanent modification $ — $ — $ — $ — $ — $ — Principal deferred 5 7 1 2 6 9 Principal forgiven 1 3 1 1 2 4 Balance of loans that redefaulted within one year of permanent modification (a) $ 36 $ 27 $ 17 $ 19 $ 53 $ 46 Nine months ended September 30, Residential mortgage Home equity Total residential real estate – excluding PCI 2019 2018 2019 2018 2019 2018 Weighted-average interest rate of loans with interest rate reductions – before TDR 6.08 % 5.45 % 5.56 % 5.34 % 5.77 % 5.39 % Weighted-average interest rate of loans with interest rate reductions – after TDR 4.36 3.64 3.60 3.39 3.90 3.49 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 21 24 20 18 20 22 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 39 38 40 39 39 38 Charge-offs recognized upon permanent modification $ 1 $ — $ — $ 1 $ 1 $ 1 Principal deferred 13 17 4 7 17 24 Principal forgiven 3 9 3 5 6 14 Balance of loans that redefaulted within one year of permanent modification (a) $ 87 $ 69 $ 45 $ 49 $ 132 $ 118 (a) Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it is probable that the loan will ultimately be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last 12 months may not be representative of ultimate redefault levels. At September 30, 2019 , the weighted-average estimated remaining lives of residential real estate loans, excluding PCI loans, permanently modified in TDRs were 10 years for residential mortgage and 9 years for home equity. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations). Active and suspended foreclosure At September 30, 2019 , and December 31, 2018 , the Firm had non-PCI residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $546 million and $653 million , respectively, that were not included in REO, but were in the process of active or suspended foreclosure. Other consumer loans The table below provides information for other consumer retained loan classes, including auto and business banking loans. (in millions, except ratios) Auto Consumer & Business Banking Total other consumer Sep 30, 2019 Dec 31, 2018 Sep 30, 2019 Dec 31, 2018 Sep 30, 2019 Dec 31, 2018 Loan delinquency Current $ 60,872 $ 62,984 $ 26,346 $ 26,249 $ 87,218 $ 89,233 30–119 days past due 534 589 231 252 765 841 120 or more days past due 4 — 122 111 126 111 Total retained loans $ 61,410 $ 63,573 $ 26,699 $ 26,612 $ 88,109 $ 90,185 % of 30+ days past due to total retained loans 0.88 % 0.93 % 1.32 % 1.36 % 1.01 % 1.06 % Nonaccrual loans (a) 112 128 268 245 380 373 Geographic region (b) California $ 8,016 $ 8,330 $ 5,744 $ 5,520 $ 13,760 $ 13,850 Texas 6,644 6,531 3,042 2,993 9,686 9,524 New York 3,627 3,863 4,339 4,381 7,966 8,244 Illinois 3,438 3,716 1,737 2,046 5,175 5,762 Florida 3,280 3,256 1,565 1,502 4,845 4,758 Arizona 1,990 2,084 1,268 1,491 3,258 3,575 Ohio 1,900 1,973 1,189 1,305 3,089 3,278 New Jersey 1,920 1,981 805 723 2,725 2,704 Michigan 1,279 1,357 1,264 1,329 2,543 2,686 Louisiana 1,598 1,587 768 860 2,366 2,447 All other 27,718 28,895 4,978 4,462 32,696 33,357 Total retained loans $ 61,410 $ 63,573 $ 26,699 $ 26,612 $ 88,109 $ 90,185 Loans by risk ratings (c) Noncriticized $ 13,823 $ 15,749 $ 18,738 $ 18,743 $ 32,561 $ 34,492 Criticized performing 394 273 747 751 1,141 1,024 Criticized nonaccrual — — 218 191 218 191 (a) There were no loans that were 90 or more days past due and still accruing interest at September 30, 2019 , and December 31, 2018 . (b) The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at September 30, 2019 . (c) For risk-rated business banking and auto loans, the primary credit quality indicator is the risk rating of the loan, including whether the loans are considered to be criticized and/or nonaccrual. Other consumer impaired loans and loan modifications The table below sets forth information about the Firm’s other consumer impaired loans, including risk-rated business banking and auto loans that have been placed on nonaccrual status, and loans that have been modified in TDRs. (in millions) September 30, December 31, Impaired loans With an allowance $ 242 $ 222 Without an allowance (a) 20 29 Total impaired loans (b)(c) $ 262 $ 251 Allowance for loan losses related to impaired loans $ 68 $ 63 Unpaid principal balance of impaired loans (d) 357 355 Impaired loans on nonaccrual status 240 229 (a) When discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged off and/or there have been interest payments received and applied to the loan balance. (b) Predominantly all other consumer impaired loans are in the U.S. (c) Other consumer average impaired loans were $254 million and $271 million for the three months ended September 30, 2019 and 2018 , respectively, and $248 million and $281 million for the nine months ended September 30, 2019 and 2018 , respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the three and nine months ended September 30, 2019 and 2018 . (d) Represents the contractual amount of principal owed at September 30, 2019 , and December 31, 2018 . The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs, interest payments received and applied to the principal balance, net deferred loan fees or costs, and unamortized discounts or premiums on purchased loans. Loan modifications Certain other consumer loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. All of these TDRs are reported as impaired loans. Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for further information on other consumer loans modified in TDRs. At September 30, 2019 and December 31, 2018 , other consumer loans modified in TDRs were $77 million and $79 million , respectively. The impact of these modifications, as well as new TDRs, were not material to the Firm for the three and nine months ended September 30, 2019 and 2018 . Additional commitments to lend to borrowers whose loans have been modified in TDRs as of September 30, 2019 and December 31, 2018 were not material. TDRs on nonaccrual status were $55 million and $57 million at September 30, 2019 and December 31, 2018 , respectively. Purchased credit-impaired loans Refer to Note 12 of JPMorgan Chase ’s 2018 Form 10-K for a detailed discussion of PCI loans, including the related accounting policies. Residential real estate – PCI loans The table below sets forth information about the Firm’s consumer, excluding credit card, PCI loans. Home equity Prime mortgage Subprime mortgage Option ARMs Total PCI Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Carrying value (a) $ 7,753 $ 8,963 $ 4,164 $ 4,690 $ 1,797 $ 1,945 $ 7,576 $ 8,436 $ 21,290 $ 24,034 Loan delinquency (based on unpaid principal balance) Current $ 7,543 $ 8,624 $ 3,759 $ 4,226 $ 1,915 $ 2,033 $ 6,876 $ 7,592 $ 20,093 $ 22,475 30–149 days past due 234 278 241 259 247 286 362 398 1,084 1,221 150 or more days past due 165 242 183 223 99 123 350 457 797 1,045 Total loans $ 7,942 $ 9,144 $ 4,183 $ 4,708 $ 2,261 $ 2,442 $ 7,588 $ 8,447 $ 21,974 $ 24,741 % of 30+ days past due to total loans 5.02 % 5.69 % 10.14 % 10.24 % 15.30 % 16.75 % 9.38 % 10.12 % 8.56 % 9.16 % Current estimated LTV ratios (based on unpaid principal balance) (b)(c) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 13 $ 17 $ 2 $ 1 $ — $ — $ 3 $ 3 $ 18 $ 21 Less than 660 10 13 6 7 7 9 5 7 28 36 101% to 125% and refreshed FICO scores: Equal to or greater than 660 96 135 6 6 7 4 18 17 127 162 Less than 660 46 65 19 22 24 35 18 33 107 155 80% to 100% and refreshed FICO scores: Equal to or greater than 660 643 805 58 75 52 54 102 119 855 1,053 Less than 660 271 388 71 112 109 161 128 190 579 851 Lower than 80% and refreshed FICO scores: Equal to or greater than 660 5,031 5,548 2,559 2,689 809 739 4,932 5,111 13,331 14,087 Less than 660 1,613 1,908 1,283 1,568 1,155 1,327 2,093 2,622 6,144 7,425 No FICO/LTV available 219 265 179 228 98 113 289 345 785 951 Total unpaid principal balance $ 7,942 $ 9,144 $ 4,183 $ 4,708 $ 2,261 $ 2,442 $ 7,588 $ 8,447 $ 21,974 $ 24,741 Geographic region (based on unpaid principal balance) (d) California $ 4,704 $ 5,420 $ 2,280 $ 2,578 $ 549 $ 593 $ 4,355 $ 4,798 $ 11,888 $ 13,389 Florida 865 976 295 332 218 234 630 713 2,008 2,255 New York 469 525 338 365 249 268 452 502 1,508 1,660 Illinois 207 233 139 154 115 123 181 199 642 709 Washington 348 419 85 98 38 44 155 177 626 738 New Jersey 184 210 117 134 81 88 222 258 604 690 Massachusetts 56 65 103 113 69 73 216 240 444 491 Maryland 43 48 89 95 90 96 160 178 382 417 Virginia 47 54 82 91 35 37 190 211 354 393 Arizona 138 165 60 69 39 43 99 112 336 389 All other 881 1,029 595 679 778 843 928 1,059 3,182 3,610 Total unpaid principal balance $ 7,942 $ 9,144 $ 4,183 $ 4,708 $ 2,261 $ 2,442 $ 7,588 $ 8,447 $ 21,974 $ 24,741 (a) Carrying value includes the effect of fair value adjustments that were applied to the consumer PCI portfolio at the date of acquisition. (b) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. (c) Ref |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2019 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses | Allowance for credit losses Refer to Note 13 of JPMorgan Chase ’s 2018 Form 10-K f or a detailed discussion of the allowance for credit losses and the related accounting policies. Allowance for credit losses and related information The table below summarizes information about the allowances for loan losses and lending-related commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. 2019 2018 Nine months ended September 30, Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Allowance for loan losses Beginning balance at January 1, $ 4,146 $ 5,184 $ 4,115 $ 13,445 $ 4,579 $ 4,884 $ 4,141 $ 13,604 Gross charge-offs 702 4,050 270 5,022 776 3,777 264 4,817 Gross recoveries (420 ) (433 ) (34 ) (887 ) (681 ) (370 ) (146 ) (1,197 ) Net charge-offs 282 3,617 236 4,135 95 3,407 118 3,620 Write-offs of PCI loans (a) 132 — — 132 151 — — 151 Provision for loan losses (265 ) 4,017 296 4,048 (152 ) 3,557 (111 ) 3,294 Other — (1 ) 10 9 1 — — 1 Ending balance at September 30, $ 3,467 $ 5,583 $ 4,185 $ 13,235 $ 4,182 $ 5,034 $ 3,912 $ 13,128 Allowance for loan losses by impairment methodology Asset-specific (b) $ 145 $ 488 (c) $ 342 $ 975 $ 204 $ 421 (c) $ 280 $ 905 Formula-based 2,066 5,095 3,843 11,004 2,154 4,613 3,632 10,399 PCI 1,256 — — 1,256 1,824 — — 1,824 Total allowance for loan losses $ 3,467 $ 5,583 $ 4,185 $ 13,235 $ 4,182 $ 5,034 $ 3,912 $ 13,128 Loans by impairment methodology Asset-specific $ 6,341 $ 1,423 $ 1,536 $ 9,300 $ 7,046 $ 1,284 $ 1,051 $ 9,381 Formula-based 304,178 158,148 435,971 898,297 343,703 146,572 422,783 913,058 PCI 21,290 — — 21,290 25,209 — 3 25,212 Total retained loans $ 331,809 $ 159,571 $ 437,507 $ 928,887 $ 375,958 $ 147,856 $ 423,837 $ 947,651 Impaired collateral-dependent loans Net charge-offs $ 28 $ — $ 23 $ 51 $ 15 $ — $ — $ 15 Loans measured at fair value of collateral less cost to sell 2,083 — 113 2,196 2,077 — 258 2,335 Allowance for lending-related commitments Beginning balance at January 1, $ 33 $ — $ 1,022 $ 1,055 $ 33 $ — $ 1,035 $ 1,068 Provision for lending-related commitments — — 110 110 — — 29 29 Other — — — — — — — — Ending balance at September 30, $ 33 $ — $ 1,132 $ 1,165 $ 33 $ — $ 1,064 $ 1,097 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 135 $ 135 $ — $ — $ 71 $ 71 Formula-based 33 — 997 1,030 33 — 993 1,026 Total allowance for lending-related commitments $ 33 $ — $ 1,132 $ 1,165 $ 33 $ — $ 1,064 $ 1,097 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 446 $ 446 $ — $ — $ 252 $ 252 Formula-based 53,591 645,880 395,173 1,094,644 50,630 600,728 397,064 1,048,422 Total lending-related commitments $ 53,591 $ 645,880 $ 395,619 $ 1,095,090 $ 50,630 $ 600,728 $ 397,316 $ 1,048,674 (a) Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool. (b) Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a TDR. (c) The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable interest entities Refer to Note 1 of JPMorgan Chase’s 2018 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation of VIEs. The following table summarizes the most significant types of Firm- sponsored VIEs by business segment. Line of Business Transaction Type Activity Form 10-Q page reference CCB Credit card securitization trusts Securitization of originated credit card receivables 139 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 139-141 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 139-141 Multi-seller conduits Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs 141 Municipal bond vehicles Financing of municipal bond investments 141 The Firm also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to pages 142–143 of this Note for more information on the VIEs sponsored by third parties. Significant Firm-sponsored VIEs Credit card securitizations Refer to Note 14 of JPMorgan Chase ’s 2018 Form 10-K for a more detailed discussion of JPMorgan Chase’s involvement with credit card securitizations. As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm- sponsored credit card securitization trusts, including its primary vehicle, the Chase Issuance Trust. Refer to the table on page 142 of this Note for further information on consolidated VIE assets and liabilities. Firm-sponsored mortgage and other securitization trusts The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a detailed discussion of the Firm’s involvement with Firm-sponsored mortgage and other securitization trusts, as well as the accounting treatment relating to such trusts. The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. Refer to Securitization activity on page 143 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 143–144 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies. Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) September 30, 2019 (in millions) Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 61,480 $ 2,966 $ 49,826 $ 522 $ 728 $ — $ 1,250 Subprime 15,156 — 14,085 16 — — 16 Commercial and other (b) 101,624 — 86,302 919 708 234 1,861 Total $ 178,260 $ 2,966 $ 150,213 $ 1,457 $ 1,436 $ 234 $ 3,127 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2018 (in millions) Total assets held by securitization VIEs Assets held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Chase Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 63,350 $ 3,237 $ 50,679 $ 623 $ 647 $ — $ 1,270 Subprime 16,729 32 15,434 53 — — 53 Commercial and other (b) 102,961 — 79,387 783 801 210 1,794 Total $ 183,040 $ 3,269 $ 145,500 $ 1,459 $ 1,448 $ 210 $ 3,117 (a) Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. Refer to pages 143–144 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies. (b) Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties. (c) Excludes the following: retained servicing (refer to Note 14 for a discussion of MSRs); securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities (Refer to Note 4 for further information on derivatives); senior and subordinated securities of $168 million and $69 million , respectively, at September 30, 2019 , and $87 million and $28 million , respectively, at December 31, 2018 , which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of September 30, 2019 , and December 31, 2018 , 67% and 60% , respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.2 billion and $1.3 billion of investment-grade, and $55 million and $16 million of noninvestment-grade at September 30, 2019 , and December 31, 2018 , respectively. The retained interests in commercial and other securitizations trusts consisted of $1.3 billion and $1.2 billion of investment-grade retained interests at September 30, 2019 and December 31, 2018 , and $567 million and $623 million of noninvestment-grade retained interests at September 30, 2019 , and December 31, 2018 , respectively. Residential mortgage The Firm securitizes residential mortgage loans originated by CCB , as well as residential mortgage loans purchased from third parties by either CCB or CIB. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed description of the Firm’s involvement with residential mortgage securitizations. Refer to the table on page 142 of this Note for more information on the consolidated residential mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated residential mortgage securitizations. Commercial mortgages and other consumer securitizations CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed description of the Firm’s involvement with commercial mortgage and other consumer securitizations. Refer to the table on page 142 of this Note for more information on the consolidated commercial mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated securitizations. Re-securitizations Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed description of JPMorgan Chase’s participation in certain re-securitization transactions. The following table presents the principal amount of securities transferred to re-securitization VIEs. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Transfers of securities to VIEs U.S. GSEs and government agencies $ 5,377 $ 2,540 $ 12,444 $ 11,321 The following table presents information on nonconsolidated re-securitization VIEs. Nonconsolidated re-securitization VIEs (in millions) September 30, 2019 December 31, 2018 Firm-sponsored private-label Assets held in VIEs with continuing involvement (a) $ 21 $ 118 Interest in VIEs — 10 U.S. GSEs and government agencies Interest in VIEs 2,097 3,058 (a) Represents the principal amount and includes the notional amount of interest-only securities. As of September 30, 2019 , and December 31, 2018 , the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs. Multi-seller conduits Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed description of JPMorgan Chase’s principal involvement with Firm -administered multi-seller conduits. In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm -administered multi-seller conduits. The Firm held $12.6 billion and $20.1 billion of the commercial paper issued by the Firm -administered multi-seller conduits at September 30, 2019 , and December 31, 2018 , respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm -administered multi-seller conduits. Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $8.5 billion and $8.0 billion at September 30, 2019 , and December 31, 2018 , respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments. Municipal bond vehicles Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party, refer to pages 142–143 of this Note for further information. The Firm serves as sponsor for all non-customer TOB transactions. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K for a more detailed description of JPMorgan Chase’s Municipal bond vehicles. Consolidated VIE assets and liabilities The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of September 30, 2019 , and December 31, 2018 . Assets Liabilities September 30, 2019 (in millions) Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total liabilities VIE program type Firm-sponsored credit card trusts $ — $ 27,377 $ 370 $ 27,747 $ 6,457 $ 6 $ 6,463 Firm-administered multi-seller conduits 3 22,708 334 23,045 10,514 35 10,549 Municipal bond vehicles 1,280 — 3 1,283 1,249 2 1,251 Mortgage securitization entities (a) 70 2,937 58 3,065 295 137 432 Other 108 — 209 317 — 121 121 Total $ 1,461 $ 53,022 $ 974 $ 55,457 $ 18,515 $ 301 $ 18,816 Assets Liabilities December 31, 2018 (in millions) Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total liabilities VIE program type Firm-sponsored credit card trusts $ — $ 31,760 $ 491 $ 32,251 $ 13,404 $ 12 $ 13,416 Firm-administered multi-seller conduits — 24,411 300 24,711 4,842 33 4,875 Municipal bond vehicles 1,779 — 4 1,783 1,685 3 1,688 Mortgage securitization entities (a) 53 3,285 40 3,378 308 161 469 Other 134 — 178 312 2 103 105 Total $ 1,966 $ 59,456 $ 1,013 $ 62,435 $ 20,241 $ 312 $ 20,553 (a) Includes residential and commercial mortgage securitizations. (b) Includes assets classified as cash and other assets on the Consolidated balance sheets. (c) The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. (d) The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase . Refer to note 14 of JPMorgan Chase’s 2018 Form 10-K for conduits program-wide credit enhancements. Included in beneficial interests in VIE assets are long-term beneficial interests of $6.8 billion and $13.7 billion at September 30, 2019 , and December 31, 2018 . (e) Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets. VIEs sponsored by third parties The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider , investor , underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction. Tax credit vehicles The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that construct, own and operate affordable housing , wind , solar and other alternative energy projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $ 17.0 billion and $16.5 billion , of which $4.8 billion and $4.0 billion was unfunded at September 30, 2019 and December 31, 2018, respectively. In order to reduce the risk of loss, the Firm assesses each project and withholds varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 24 of JPMorgan Chase’s 2018 Form 10-K for further information on affordable housing tax credits. Refer to Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments. Customer municipal bond vehicles (TOB trusts) The Firm may provide various services to Customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain Customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder. In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate Customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle. The Firm’s maximum exposure as a liquidity provider to Customer TOB trusts at September 30, 2019 and December 31, 2018 was $5.3 billion and $4.8 billion , respectively. The fair value of assets held by such VIEs at September 30, 2019 and December 31, 2018 , was $8.6 billion and $7.7 billion , respectively. Refer to Note 22 for more information on off-balance sheet lending-related commitments. Loan securitizations The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, and commercial mortgage. Refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K f or a further description of the Firm’s accounting policies regarding securitizations. Securitization activity The following table provides information related to the Firm’s securitization activities for the three and nine months ended September 30, 2019 and 2018 , related to assets held in Firm -sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization. Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (in millions) Residential mortgage (e) Commercial and other (f) Residential mortgage (e) Commercial and other (f) Residential mortgage (e) Commercial and other (f) Residential mortgage (e) Commercial and other (f) Principal securitized $ 3,225 $ 1,477 $ 1,513 $ 3,533 $ 7,132 $ 4,215 $ 5,972 $ 8,705 All cash flows during the period (a) : Proceeds received from loan sales as financial instruments (b)(c) $ 3,327 $ 1,506 $ 1,524 $ 3,558 $ 7,337 $ 4,329 $ 5,984 $ 8,745 Servicing fees collected (d) 70 — 80 1 220 1 240 1 Cash flows received on interests 115 34 99 99 314 183 328 230 (a) Excludes re-securitization transactions. (b) Predominantly includes Level 2 assets. (c) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. (d) The prior period amounts have been revised to conform with the current period presentation. (e) Includes prime mortgages only. Excludes loan securitization activity related to U.S. GSEs and government agencies. (f) Includes commercial mortgage and other consumer loans. Loans and excess MSRs sold to U.S. government-sponsored enterprises, and loans in securitization transactions pursuant to Ginnie Mae guidelines In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q, and Note 27 of JPMorgan Chase’s 2018 Form 10-K for additional information about the Firm’s loan sales- and securitization-related indemnifications. Refer to Note 14 for additional information about the impact of the Firm ’s sale of certain excess MSRs. The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Carrying value of loans sold $ 35,556 $ 11,968 $ 73,873 $ 28,804 Proceeds received from loan sales as cash 3 1 73 1 Proceeds from loan sales as securities (a)(b) 35,512 11,713 73,172 28,291 Total proceeds received from loan sales (c) $ 35,515 $ 11,714 $ 73,245 $ 28,292 Gains on loan sales (d)(e) $ 342 $ 9 $ 495 $ 32 (a) Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s Investment securities portfolio. (b) Included in level 2 assets. (c) Excludes the value of MSRs retained upon the sale of loans. (d) Gains on loan sales include the value of MSRs. (e) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. Options to repurchase delinquent loans In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22 , the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements . The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information. The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of September 30, 2019 and December 31, 2018 . Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies. (in millions) Sep 30, Dec 31, Loans repurchased or option to repurchase (a) $ 4,761 $ 7,021 Real estate owned 50 75 Foreclosed government-guaranteed residential mortgage loans (b) 241 361 (a) Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools. (b) Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable. Loan delinquencies and liquidation losses The table below includes information about components of nonconsolidated securitized financial assets held in Firm -sponsored private-label securitization entities, in which the Firm has continuing involvement, and delinquencies as of September 30, 2019 , and December 31, 2018 . Net liquidation losses (a) Securitized assets 90 days past due Three months ended September 30, Nine months ended September 30, (in millions) Sep 30, Dec 31, Sep 30, Dec 31, 2019 2018 2019 2018 Securitized loans Residential mortgage: Prime / Alt-A & option ARMs $ 49,826 $ 50,679 $ 2,679 $ 3,354 $ 146 $ 182 $ 474 $ 453 Subprime 14,085 15,434 1,962 2,478 145 155 456 (307 ) Commercial and other 86,302 79,387 153 225 118 71 283 119 Total loans securitized $ 150,213 $ 145,500 $ 4,794 $ 6,057 $ 409 $ 408 $ 1,213 $ 265 (a) Includes liquidation gains as a result of private label mortgage settlement payments during the first quarter of 2018, which were reflected as asset recoveries by trustees. |
Goodwill and Mortgage Servicing
Goodwill and Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Mortgage Servicing Rights | Goodwill and Mortgage servicing rights Refer to Note 15 of JPMorgan Chase ’s 2018 Form 10-K for a discussion of the accounting policies related to goodwill and mortgage servicing rights. Goodwill The following table presents goodwill attributed to the business segments. (in millions) September 30, December 31, Consumer & Community Banking $ 31,038 $ 30,984 Corporate & Investment Bank 6,941 6,770 Commercial Banking 2,982 2,860 Asset & Wealth Management 6,857 6,857 Total goodwill $ 47,818 $ 47,471 The following table presents changes in the carrying amount of goodwill. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Balance at beginning of period $ 47,477 $ 47,488 $ 47,471 $ 47,507 Changes during the period from: Business combinations (a) 348 — 348 — Other (b) (7 ) (5 ) (1 ) (24 ) Balance at September 30, $ 47,818 $ 47,483 $ 47,818 $ 47,483 (a) For the three and nine months periods ended September 30, 2019, represents goodwill associated with the July 24, 2019 acquisition of InstaMed. This goodwill was allocated to CIB, CB and CCB. (b) Primarily relates to foreign currency adjustments. Goodwill impairment testing Refer to Impairment testing on pages 252–253 of JPMorgan Chase ’s 2018 Form 10-K for a further description of the Firm’s goodwill impairment testing, including the primary method used to estimate the fair value of the reporting units, and the assumptions used in the goodwill impairment test. The Firm reviewed current economic conditions, estimated market cost of equity, as well as actual and projections of business performance for all its businesses. Based upon such reviews, the Firm concluded that the goodwill allocated to its reporting units was not impaired as of September 30, 2019 or December 31, 2018 , nor was goodwill written off due to impairment during the nine months ended September 30, 2019 or 2018 . Declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units or their associated goodwill to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill. Mortgage servicing rights MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Note s 2 and 15 of JPMorgan Chase ’s 2018 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs. The following table summarizes MSR activity for the three and nine months ended September 30, 2019 and 2018 . As of or for the three months As of or for the nine months (in millions, except where otherwise noted) 2019 2018 2019 2018 Fair value at beginning of period $ 5,093 $ 6,241 $ 6,130 $ 6,030 MSR activity: Originations of MSRs 390 278 1,146 611 Purchase of MSRs (2 ) 13 104 159 Disposition of MSRs (a) (359 ) (2 ) (687 ) (401 ) Net additions/(dispositions) 29 289 563 369 Changes due to collection/realization of expected cash flows (256 ) (195 ) (702 ) (542 ) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (b) (433 ) 150 (1,274 ) 635 Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) 17 14 (333 ) (e) 14 Discount rates — — 153 24 Prepayment model changes and other (c) (31 ) (66 ) (118 ) (97 ) Total changes in valuation due to other inputs and assumptions (14 ) (52 ) (298 ) (59 ) Total changes in valuation due to inputs and assumptions (447 ) 98 (1,572 ) 576 Fair value at September 30, $ 4,419 $ 6,433 $ 4,419 $ 6,433 Change in unrealized gains/(losses) included in income related to MSRs held at September 30, $ (447 ) $ 98 $ (1,572 ) $ 576 Contractual service fees, late fees and other ancillary fees included in income 397 428 1,254 1,339 Third-party mortgage loans serviced at September 30, (in billions) 537 528 537 528 Servicer advances, net of an allowance for uncollectible amounts, at September 30, (in billions) (d) 2.0 3.1 2.0 3.1 (a) Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities. (b) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (c) Represents changes in prepayments other than those attributable to changes in market interest rates. (d) Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements. (e) The decrease in projected cash flows was largely related to default servicing assumption updates. The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and nine months ended September 30, 2019 and 2018 . Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 CCB mortgage fees and related income Net production revenue $ 738 $ 108 $ 1,291 $ 296 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 351 435 1,172 1,389 Changes in MSR asset fair value due to collection/realization of expected cash flows (256 ) (195 ) (702 ) (542 ) Total operating revenue 95 240 470 847 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) (433 ) 150 (1,274 ) 636 Other changes in MSR asset fair value due to other inputs and assumptions in model (b) (14 ) (52 ) (298 ) (59 ) Change in derivative fair value and other 500 (186 ) 1,372 (671 ) Total risk management 53 (88 ) (200 ) (94 ) Total net mortgage servicing revenue 148 152 270 753 Total CCB mortgage fees and related income 886 260 1,561 1,049 All other 1 2 1 2 Mortgage fees and related income $ 887 $ 262 $ 1,562 $ 1,051 (a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (b) Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices). The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at September 30, 2019 , and December 31, 2018 , and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. (in millions, except rates) Sep 30, Dec 31, Weighted-average prepayment speed assumption (constant prepayment rate) 13.81 % 8.78 % Impact on fair value of 10% adverse change $ (206 ) $ (205 ) Impact on fair value of 20% adverse change (393 ) (397 ) Weighted-average option adjusted spread (a)(b) 8.26 % 7.87 % Impact on fair value of a 100 basis point adverse change $ (150 ) $ (235 ) Impact on fair value of a 200 basis point adverse change (289 ) (452 ) (a) Includes the impact of operational risk and regulatory capital. (b) The prior period amount has been revised to conform with the current period presentation. Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In this table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Deposits | Deposits Refer to Note 17 of JPMorgan Chase’s 2018 Form 10-K for further information on deposits . At September 30, 2019 , and December 31, 2018 , noninterest-bearing and interest-bearing deposits were as follows. (in millions) September 30, December 31, 2018 U.S. offices Noninterest-bearing (included $23,225 and $17,204 at fair value) (a)(b) $ 393,522 $ 386,709 Interest-bearing (included $2,523 and $2,487 at fair value) (a)(b) 844,137 813,881 Total deposits in U.S. offices 1,237,659 1,200,590 Non-U.S. offices Noninterest-bearing (included $2,289 and $2,367 at fair value) (a)(b) 21,455 21,459 Interest-bearing (included $1,318 and $1,159 at fair value) (a)(b) 266,147 248,617 Total deposits in non-U.S. offices 287,602 270,076 Total deposits $ 1,525,261 $ 1,470,666 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 of JPMorgan Chase’s 2018 Form 10-K for a further discussion. (b) In the second quarter of 2019, the Firm reclassified balances related to certain structured notes from interest-bearing to noninterest-bearing deposits as the associated returns are recorded in principal transactions revenue and not in net interest income. This change was applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases Lease commitments Effective January 1, 2019, the Firm adopted new guidance that requires lessees to recognize on the Consolidated balance sheets all leases with lease terms greater than twelve months as a lease liability with a corresponding right-of-use (“ROU”) asset. Accordingly, the Firm recognized operating lease liabilities and ROU assets of $ 8.2 billion and $8.1 billion , respectively. The adoption of the new lease guidance did not have a material impact on the Firm’s Consolidated statements of income. The change in accounting due to the adoption of the new lease guidance did not result in a material change to the future net minimum rental payments/receivables or to the net rental expense when compared to December 31, 2018. Firm as lessee At September 30, 2019 , JPMorgan Chase and its subsidiaries were obligated under a number of noncancelable leases, predominantly operating leases for premises and equipment used primarily for business purposes. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Firm is reasonably certain that it will exercise those options. None of these lease agreements impose restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements. Certain of these leases contain escalation clauses that will increase rental payments based on maintenance, utility and tax increases, which are non-lease components. The Firm elected not to separate lease and non-lease components of a contract for its real estate leases. As such, real estate lease payments represent payments on both lease and non-lease components. Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that represents the Firm’s collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU asset, included in premises and equipment, also includes any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. Rental expense associated with operating leases is recognized on a straight-line basis over the lease term, and generally included in occupancy expense in the Consolidated statements of income. The following tables provide information related to the Firm’s operating leases: As of September 30, (in millions, except where otherwise noted) 2019 Right-of-use assets $ 8,160 Lease liabilities 8,425 Weighted average remaining lease term (in years) 8.7 Weighted average discount rate 3.73 % Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 1,177 Supplemental non-cash information Right-of-use assets obtained in exchange for operating lease obligations $ 990 (in millions) Three months ended September 30, 2019 Nine months ended September 30, 2019 Rental expense Gross rental expense $ 517 $ 1,537 Sublease rental income (49 ) (137 ) Net rental expense $ 468 $ 1,400 The following table presents future payments under operating leases as of September 30, 2019 : Year ended December 31, (in millions) 2019 (excluding nine months ended September 30, 2019) $ 394 2020 1,569 2021 1,394 2022 1,198 2023 1,027 After 2023 4,442 Total future minimum lease payments 10,024 Less: Imputed interest (1,599 ) Total $ 8,425 In addition to the table above, as of September 30, 2019 , the Firm had additional future operating lease commitments of $1.3 billion that were signed but had not yet commenced. These operating leases will commence between 2019 and 2022 with lease terms up to 25 years . Firm as lessor The Firm provides auto and equipment lease financing to its customers through lease arrangements with lease terms that may contain renewal, termination and/or purchase options. Generally, the Firm’s lease financings are operating leases. These assets are recognized in other assets on the Firm’s Consolidated balance sheets and are depreciated on a straight-line basis over the lease term to reduce the asset to its estimated residual value. Depreciation expense is included in technology, communications and equipment expense in the Consolidated statements of income. The Firm’s lease income is generally recognized on a straight-line basis over the lease term and is included in other income in the Consolidated statements of income. On a periodic basis, the Firm assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment loss is recognized. The risk of loss on auto and equipment leased assets relating to the residual value of the leased assets is monitored through projections of the asset residual values at lease origination and periodic review of residual values, and is mitigated through arrangements with certain manufacturers or lessees. The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets: (in millions) September 30, 2019 December 31, 2018 Carrying value of assets subject to operating leases, net of accumulated depreciation $ 22,953 $ 21,428 Accumulated depreciation 5,848 5,303 The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income: Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Operating lease income $ 1,384 $ 1,157 $ 4,027 $ 3,316 Depreciation expense 1,053 901 3,038 2,564 The following table presents future receipts under operating leases as of September 30, 2019 : Year ended December 31, (in millions) 2019 (excluding nine months ended September 30, 2019) $ 1,121 2020 3,785 2021 2,303 2022 660 2023 74 After 2023 137 Total future minimum lease payments $ 8,080 |
Leases | Leases Lease commitments Effective January 1, 2019, the Firm adopted new guidance that requires lessees to recognize on the Consolidated balance sheets all leases with lease terms greater than twelve months as a lease liability with a corresponding right-of-use (“ROU”) asset. Accordingly, the Firm recognized operating lease liabilities and ROU assets of $ 8.2 billion and $8.1 billion , respectively. The adoption of the new lease guidance did not have a material impact on the Firm’s Consolidated statements of income. The change in accounting due to the adoption of the new lease guidance did not result in a material change to the future net minimum rental payments/receivables or to the net rental expense when compared to December 31, 2018. Firm as lessee At September 30, 2019 , JPMorgan Chase and its subsidiaries were obligated under a number of noncancelable leases, predominantly operating leases for premises and equipment used primarily for business purposes. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Firm is reasonably certain that it will exercise those options. None of these lease agreements impose restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements. Certain of these leases contain escalation clauses that will increase rental payments based on maintenance, utility and tax increases, which are non-lease components. The Firm elected not to separate lease and non-lease components of a contract for its real estate leases. As such, real estate lease payments represent payments on both lease and non-lease components. Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that represents the Firm’s collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU asset, included in premises and equipment, also includes any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. Rental expense associated with operating leases is recognized on a straight-line basis over the lease term, and generally included in occupancy expense in the Consolidated statements of income. The following tables provide information related to the Firm’s operating leases: As of September 30, (in millions, except where otherwise noted) 2019 Right-of-use assets $ 8,160 Lease liabilities 8,425 Weighted average remaining lease term (in years) 8.7 Weighted average discount rate 3.73 % Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 1,177 Supplemental non-cash information Right-of-use assets obtained in exchange for operating lease obligations $ 990 (in millions) Three months ended September 30, 2019 Nine months ended September 30, 2019 Rental expense Gross rental expense $ 517 $ 1,537 Sublease rental income (49 ) (137 ) Net rental expense $ 468 $ 1,400 The following table presents future payments under operating leases as of September 30, 2019 : Year ended December 31, (in millions) 2019 (excluding nine months ended September 30, 2019) $ 394 2020 1,569 2021 1,394 2022 1,198 2023 1,027 After 2023 4,442 Total future minimum lease payments 10,024 Less: Imputed interest (1,599 ) Total $ 8,425 In addition to the table above, as of September 30, 2019 , the Firm had additional future operating lease commitments of $1.3 billion that were signed but had not yet commenced. These operating leases will commence between 2019 and 2022 with lease terms up to 25 years . Firm as lessor The Firm provides auto and equipment lease financing to its customers through lease arrangements with lease terms that may contain renewal, termination and/or purchase options. Generally, the Firm’s lease financings are operating leases. These assets are recognized in other assets on the Firm’s Consolidated balance sheets and are depreciated on a straight-line basis over the lease term to reduce the asset to its estimated residual value. Depreciation expense is included in technology, communications and equipment expense in the Consolidated statements of income. The Firm’s lease income is generally recognized on a straight-line basis over the lease term and is included in other income in the Consolidated statements of income. On a periodic basis, the Firm assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment loss is recognized. The risk of loss on auto and equipment leased assets relating to the residual value of the leased assets is monitored through projections of the asset residual values at lease origination and periodic review of residual values, and is mitigated through arrangements with certain manufacturers or lessees. The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets: (in millions) September 30, 2019 December 31, 2018 Carrying value of assets subject to operating leases, net of accumulated depreciation $ 22,953 $ 21,428 Accumulated depreciation 5,848 5,303 The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income: Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Operating lease income $ 1,384 $ 1,157 $ 4,027 $ 3,316 Depreciation expense 1,053 901 3,038 2,564 The following table presents future receipts under operating leases as of September 30, 2019 : Year ended December 31, (in millions) 2019 (excluding nine months ended September 30, 2019) $ 1,121 2020 3,785 2021 2,303 2022 660 2023 74 After 2023 137 Total future minimum lease payments $ 8,080 |
Preferred Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock | Preferred stock Refer to Note 20 of JPMorgan Chase’s 2018 Form 10-K for a further discussion on preferred stock. The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of September 30, 2019 and December 31, 2018, and the quarterly dividend declarations for the three and nine months ended September 30, 2019 and 2018. Shares Carrying value (in millions) Contractual rate in effect at September 30, 2019 Earliest redemption date (b) Floating annualized rate of three-month LIBOR/Term SOFR plus: Dividend declared per share (c) September 30, 2019 (a) December 31, 2018 (a) September 30, 2019 December 31, 2018 Issue date Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Fixed-rate: Series P 90,000 90,000 $ 900 $ 900 2/5/2013 5.450 % 3/1/2018 NA $ 136.25 $136.25 $ 408.75 $408.75 Series T — 92,500 — 925 1/30/2014 — 3/1/2019 NA NA 167.50 167.50 502.50 Series W — 88,000 — 880 6/23/2014 — 9/1/2019 NA NA 157.50 472.50 472.50 Series Y 143,000 143,000 1,430 1,430 2/12/2015 6.125 3/1/2020 NA 153.13 153.13 459.39 459.39 Series AA 142,500 142,500 1,425 1,425 6/4/2015 6.100 9/1/2020 NA 152.50 152.50 457.50 457.50 Series BB 115,000 115,000 1,150 1,150 7/29/2015 6.150 9/1/2020 NA 153.75 153.75 461.25 461.25 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 143.75 NA 431.25 NA Series EE 185,000 — 1,850 — 1/24/2019 6.000 3/1/2024 NA 150.00 NA 361.67 NA Fixed-to-floating-rate: Series I 430,375 430,375 $ 4,304 $ 4,304 4/23/2008 LIBOR + 3.47% 4/30/2018 LIBOR + 3.47% $ 146.58 $148.45 $ 455.09 $493.29 (d) Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 LIBOR + 3.25 128.75 128.75 386.25 386.25 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 LIBOR + 3.30 150.00 150.00 450.00 450.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 LIBOR + 3.78 168.75 168.75 506.25 506.25 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 LIBOR + 3.33 153.13 153.13 459.38 459.38 Series V 250,000 250,000 2,500 2,500 6/9/2014 LIBOR + 3.32% 7/1/2019 LIBOR + 3.32 144.11 125.00 394.11 375.00 (e) Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 LIBOR + 3.33 152.50 152.50 457.50 457.50 Series Z 200,000 200,000 2,000 2,000 4/21/2015 5.300 5/1/2020 LIBOR + 3.80 132.50 132.50 397.50 397.50 Series CC 125,750 125,750 1,258 1,258 10/20/2017 4.625 11/1/2022 LIBOR + 2.58 115.63 115.63 346.88 346.88 Series FF 225,000 — 2,250 — 7/31/2019 5.000 8/1/2024 SOFR + 3.38 126.39 NA 126.39 NA (f) Total preferred stock 2,836,250 2,606,750 $ 28,363 $ 26,068 (a) Represented by depositary shares. (b) Fixed-to-floating rate notes convert to a floating rate at the earliest redemption date. (c) Dividends are declared quarterly. Dividends are payable quarterly on fixed-rate preferred stock. Dividends are payable semiannually on fixed-to-floating-rate preferred stock while at a fixed rate, and payable quarterly after converting to a floating rate. (d) Prior to April 30, 2018, the dividend rate was fixed at 7.90% . (e) Prior to July 1, 2019, the dividend rate was fixed at 5% . (f) Dividends in the amount of $126.39 per share were declared on September 9, 2019 and include dividends from the original issue date of July 31, 2019 through October 31, 2019. On October 31, 2019, the Firm announced and priced an offering of depositary shares representing $900 million of 4.75% non-cumulative preferred stock, Series GG. This issuance is expected to close on November 7, 2019. On November 1, 2019, the Firm announced that it will redeem all $900 million of its 5.45% non-cumulative preferred stock, Series P on December 1, 2019. On October 30, 2019, the Firm redeemed $1.37 billion of its Series I fixed-to-floating rate non-cumulative perpetual preferred stock. On September 1, 2019, the Firm redeemed all $880 million of its 6.3% non-cumulative preferred stock, series W. On July 31, 2019, the Firm issued $2.25 billion of fixed-to-floating rate non-cumulative preferred stock, Series FF. On January 24, 2019, the Firm issued $1.85 billion of 6.00% non-cumulative preferred stock, Series EE, and on March 1, 2019, the Firm redeemed all $925 million of its 6.70% |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per share Refer to Note 22 of JPMorgan Chase ’s 2018 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2019 and 2018 . (in millions, except per share amounts) Three months ended Nine months ended 2019 2018 2019 2018 Basic earnings per share Net income $ 9,080 $ 8,380 $ 27,911 $ 25,408 Less: Preferred stock dividends 423 379 1,201 1,167 Net income applicable to common equity 8,657 8,001 26,710 24,241 Less: Dividends and undistributed earnings allocated to participating securities 51 53 159 174 Net income applicable to common stockholders $ 8,606 $ 7,948 $ 26,551 $ 24,067 Total weighted-average basic shares outstanding 3,198.5 3,376.1 3,248.7 3,416.5 Net income per share $ 2.69 $ 2.35 $ 8.17 $ 7.04 Diluted earnings per share Net income applicable to common stockholders $ 8,606 $ 7,948 $ 26,551 $ 24,067 Total weighted-average basic shares outstanding 3,198.5 3,376.1 3,248.7 3,416.5 Add: Employee stock options, SARs, warrants and unvested PSUs 8.7 18.2 9.3 19.7 Total weighted-average diluted shares outstanding 3,207.2 3,394.3 3,258.0 3,436.2 Net income per share $ 2.68 $ 2.34 $ 8.15 $ 7.00 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income/(Loss) | Accumulated other comprehensive income/(loss) AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and on fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA). As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at July 1, 2019 $ 3,709 $ (652 ) $ (73 ) $ 126 $ (2,231 ) $ 235 $ 1,114 Net change 479 (165 ) (1 ) 195 46 132 686 Balance at September 30, 2019 $ 4,188 $ (817 ) $ (74 ) $ 321 $ (2,185 ) $ 367 $ 1,800 As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at July 1, 2018 $ 1,599 $ (632 ) (162 ) $ (147 ) $ (1,876 ) $ 80 $ (1,138 ) Net change (819 ) (31 ) 34 (88 ) 19 (402 ) (1,287 ) Balance at September 30, 2018 $ 780 $ (663 ) $ (128 ) $ (235 ) $ (1,857 ) $ (322 ) $ (2,425 ) As of or for the nine months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2019 $ 1,202 $ (727 ) $ (161 ) $ (109 ) $ (2,308 ) $ 596 $ (1,507 ) Net change 2,986 (90 ) 87 430 123 (229 ) 3,307 Balance at September 30, 2019 $ 4,188 $ (817 ) $ (74 ) $ 321 $ (2,185 ) $ 367 $ 1,800 As of or for the nine months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2018 $ 2,164 $ (470 ) $ — $ 76 $ (1,521 ) $ (368 ) $ (119 ) Cumulative effect of changes in accounting principles (a) 896 (277 ) $ (54 ) 16 (414 ) (79 ) 88 Net change (2,280 ) 84 (74 ) (327 ) 78 125 (2,394 ) Balance at September 30, 2018 $ 780 $ (663 ) $ (128 ) $ (235 ) $ (1,857 ) $ (322 ) $ (2,425 ) (a) Represents the adjustment to AOCI as a result of the accounting standards adopted in the first quarter of 2018, refer to Note 1 of JPMorgan Chase’s 2018 Form 10-K. The following table presents the pre-tax and after-tax changes in the components of OCI. 2019 2018 Three months ended September 30, Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ 708 $ (169 ) $ 539 $ (1,117 ) $ 262 $ (855 ) Reclassification adjustment for realized (gains)/losses included in net income (a) (78 ) 18 (60 ) 46 (10 ) 36 Net change 630 (151 ) 479 (1,071 ) 252 (819 ) Translation adjustments: Translation (861 ) 40 (821 ) (314 ) 45 (269 ) Hedges 866 (210 ) 656 311 (73 ) 238 Net change 5 (170 ) (165 ) (3 ) (28 ) (31 ) Fair value hedges, net change (b) : (1 ) — (1 ) 45 (11 ) 34 Cash flow hedges: Net unrealized gains/(losses) arising during the period 222 (55 ) 167 (122 ) 27 (95 ) Reclassification adjustment for realized (gains)/losses included in net income (c) 37 (9 ) 28 9 (2 ) 7 Net change 259 (64 ) 195 (113 ) 25 (88 ) Defined benefit pension and OPEB plans: Net gain/(loss) arising during the period — — — — — — Reclassification adjustments included in net income (d) : Amortization of net loss 42 (10 ) 32 26 (6 ) 20 Amortization of prior service cost/(credit) — — — (7 ) 2 (5 ) Foreign exchange and other 18 (4 ) 14 7 (3 ) 4 Net change 60 (14 ) 46 26 (7 ) 19 DVA on fair value option elected liabilities, net change: 173 (41 ) 132 (527 ) 125 (402 ) Total other comprehensive income/(loss) $ 1,126 $ (440 ) $ 686 $ (1,643 ) $ 356 $ (1,287 ) 2019 2018 Nine months ended September 30, Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ 4,074 $ (985 ) $ 3,089 $ (3,351 ) $ 787 $ (2,564 ) Reclassification adjustment for realized (gains)/losses included in net income (a) (135 ) 32 (103 ) 371 (87 ) 284 Net change 3,939 (953 ) 2,986 (2,980 ) 700 (2,280 ) Translation adjustments (e) : Translation (697 ) 76 (621 ) (981 ) 188 (793 ) Hedges 700 (169 ) 531 1,149 (272 ) 877 Net change 3 (93 ) (90 ) 168 (84 ) 84 Fair value hedges, net change (b) : 114 (27 ) 87 (96 ) 22 (74 ) Cash flow hedges: Net unrealized gains/(losses) arising during the period 464 (112 ) 352 (365 ) 85 (280 ) Reclassification adjustment for realized (gains)/losses included in net income (c) 102 (24 ) 78 (62 ) 15 (47 ) Net change 566 (136 ) 430 (427 ) 100 (327 ) Defined benefit pension and OPEB plans: Net gain/(loss) arising during the period 2 (2 ) — 25 (6 ) 19 Reclassification adjustments included in net income (d) : Amortization of net loss 125 (26 ) 99 78 (18 ) 60 Amortization of prior service cost/(credit) 2 (1 ) 1 (19 ) 5 (14 ) Settlement (gain)/loss — — — — — — Foreign exchange and other 19 4 23 19 (6 ) 13 Net change 148 (25 ) 123 103 (25 ) 78 DVA on fair value option elected liabilities, net change: $ (296 ) $ 67 $ (229 ) $ 163 $ (38 ) $ 125 Total other comprehensive income/(loss) $ 4,474 $ (1,167 ) $ 3,307 $ (3,069 ) $ 675 $ (2,394 ) (a) The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income. (b) Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swap. (c) The pre-tax amounts are predominantly recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income. (d) The pre-tax amount is reported in other expense in the Consolidated statements of income. (e) Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. During the nine months ended September 30, 2019, the Firm reclassified net pre-tax gains of $6 million to other income and $1 million to other expense, respectively. These amounts, which related to the liquidation of certain legal entities, are comprised of $5 million related to net investment hedge gains and $2 million related to cumulative translation adjustments. During the nine months ended September 30, 2018, the Firm reclassified a net pre-tax loss of $174 million to other expense related to the liquidation of a legal entity, $23 million related to net investment hedge losses and $151 million related to cumulative translation adjustments. |
Restricted Cash and Other Restr
Restricted Cash and Other Restricted Assets | 9 Months Ended |
Sep. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash and Other Restricted Assets | Restricted cash and other restricted assets Refer to Note 25 of JPMorgan Chase’s 2018 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets. Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries . The Firm is also subject to rules and regulations established by other U.S. and non U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets. The following table presents the components of the Firm’s restricted cash: (in billions) September 30, December 31, 2018 Cash reserves – Federal Reserve Banks $ 26.7 $ 22.1 Segregated for the benefit of securities and futures brokerage customers 16.8 14.6 Cash reserves at non-U.S. central banks and held for other general purposes 3.6 4.1 Total restricted cash (a) $ 47.1 $ 40.8 (a) Comprises $45.9 billion and $39.6 billion in deposits with banks as of September 30, 2019 and December 31, 2018 , respectively, and $1.2 billion in cash and due from banks as of September 30, 2019 and December 31, 2018 , on the Consolidated balance sheets. Also, as of September 30, 2019 and December 31, 2018 , the Firm had the following other restricted assets: • Cash and securities pledged with clearing organizations for the benefit of customers of $23.6 billion and $20.6 billion , respectively. • Securities with a fair value of $13.1 billion and $9.7 billion , respectively, were also restricted in relation to customer activity. |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | Regulatory capital Refer to Note 26 of JPMorgan Chase’s 2018 Form 10-K for a detailed discussion on regulatory capital. The Federal Reserve establishes capital requirements, including well-capitalized standards, for the consolidated financial holding company. The Office of the Comptroller of the Currency (“OCC”) establishes similar minimum capital requirements and standards for the Firm’s insured depository institutions (“IDI”), including JPMorgan Chase Bank, N.A. Effective January 1, 2019, the capital adequacy of the Firm and JPMorgan Chase Bank, N.A. is evaluated against the fully phased-in measures under Basel III and represents the lower of the Standardized or Advanced approaches. During 2018, the required capital measures were subject to the transitional rules and as of December 31, 2018 were the same on a fully phased-in and on a transitional basis. Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1, Tier 1, Total, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. IDI subsidiaries are also subject to these capital requirements by their respective primary regulators. The following table represents the minimum and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of September 30, 2019 . Minimum capital ratios Well-capitalized ratios BHC (a)(e)(f) IDI (b)(e)(f) BHC (c) IDI (d) Capital ratios CET1 10.5 % 7.0 % N/A 6.5 % Tier 1 12.0 8.5 6.0 8.0 Total 14.0 10.5 10.0 10.0 Tier 1 leverage 4.0 4.0 N/A 5.0 SLR 5.0 6.0 N/A 6.0 Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject. (a) Represents the minimum capital ratios applicable to the Firm under Basel III. The CET1 minimum capital ratio includes a capital conservation buffer of 2.5% and GSIB surcharge of 3.5% as calculated under Method 2. (b) Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1 minimum capital ratio includes a capital conservation buffer of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge. (c) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (d) Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act. (e) For the period ended December 31, 2018 , the CET1, Tier 1, Total and Tier 1 leverage minimum capital ratios applicable to the Firm were 9.0% , 10.5% , 12.5% , and 4.0% and the CET1, Tier 1, Total and Tier 1 leverage minimum capital ratios applicable to the Firm’s IDI subsidiaries were 6.375% , 7.875% , 9.875% , and 4.0% , respectively. (f) Represents minimum SLR requirement of 3.0% , as well as, supplementary leverage buffers of 2.0% and 3.0% for BHC and IDI, respectively. The following tables present the risk-based and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. under both the Basel III Standardized and Basel III Advanced Approaches. As of September 30, 2019 and December 31, 2018 , JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. September 30, 2019 Basel III Standardized Fully Phased-In Basel III Advanced Fully Phased-In JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. Regulatory capital CET1 capital $ 188,151 $ 205,347 $ 188,151 $ 205,347 Tier 1 capital 214,831 205,347 214,831 205,347 Total capital 243,500 223,038 233,203 212,919 Assets Risk-weighted 1,527,762 1,445,648 1,435,693 1,302,749 Adjusted average (a) 2,717,852 2,339,858 2,717,852 2,339,858 Capital ratios (b) CET1 12.3 % 14.2 % 13.1 % 15.8 % Tier 1 14.1 14.2 15.0 15.8 Total 15.9 15.4 16.2 16.3 Tier 1 leverage (c) 7.9 8.8 7.9 8.8 December 31, 2018 Basel III Standardized Transitional Basel III Advanced Transitional JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. (d) JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. (d) Regulatory capital CET1 capital $ 183,474 $ 211,671 $ 183,474 $ 211,671 Tier 1 capital 209,093 211,671 209,093 211,671 Total capital 237,511 229,952 227,435 220,025 Assets Risk-weighted 1,528,916 1,446,529 1,421,205 1,283,146 Adjusted average (a) 2,589,887 2,250,480 2,589,887 2,250,480 Capital ratios (b) CET1 12.0 % 14.6 % 12.9 % 16.5 % Tier 1 13.7 14.6 14.7 16.5 Total 15.5 15.9 16.0 17.1 Tier 1 leverage (c) 8.1 9.4 8.1 9.4 (a) Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets. (b) For each of the risk-based capital ratios, the capital adequacy of the Firm and JPMorgan Chase Bank, N.A. is evaluated against the lower of the two ratios as calculated under Basel III approaches (Standardized or Advanced). (c) The Tier 1 leverage ratio is not a risk-based measure of capital. (d) On May 18, 2019, Chase Bank USA, N.A. merged with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A as the surviving entity. The December 31, 2018 amounts reported for JPMorgan Chase Bank, N.A. retrospectively reflect the impact of the merger. September 30, 2019 December 31, 2018 Basel III Advanced Fully Phased-In Basel III Advanced Fully Phased-In (in millions, except ratios) JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. (a) Total leverage exposure $ 3,404,535 $ 3,007,280 $ 3,269,988 $ 2,915,541 SLR 6.3 % 6.8 % 6.4 % 7.3 % (a) On May 18, 2019, Chase Bank USA, N.A. merged with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A as the surviving entity. The December 31, 2018 amounts reported for JPMorgan Chase Bank, N.A. retrospectively reflect the impact of the merger. |
Off-balance Sheet Lending-relat
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments | 9 Months Ended |
Sep. 30, 2019 | |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments | Off–balance sheet lending-related financial instruments, guarantees, and other commitments JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees are refinanced, extended, cancelled, or expire without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 27 of JPMorgan Chase ’s 2018 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies. To provide for probable credit losses inherent in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments. The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at September 30, 2019 , and December 31, 2018 . The amounts in the table below for credit card and home equity lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower. Off–balance sheet lending-related financial instruments, guarantees and other commitments Contractual amount Carrying value (g) September 30, 2019 Dec 31, Sep 30, Dec 31, By remaining maturity Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Home equity $ 597 $ 1,156 $ 2,353 $ 17,077 $ 21,183 $ 20,901 $ 12 $ 12 Residential mortgage (a) 10,904 — — 12 10,916 5,481 — — Auto 8,062 1,238 118 49 9,467 8,011 2 2 Consumer & Business Banking 10,324 643 106 952 12,025 11,673 19 19 Total consumer, excluding credit card 29,887 3,037 2,577 18,090 53,591 46,066 33 33 Credit card 645,880 — — — 645,880 605,379 — — Total consumer (b) 675,767 3,037 2,577 18,090 699,471 651,445 33 33 Wholesale: Other unfunded commitments to extend credit (c) 55,258 128,911 161,963 11,200 357,332 351,490 912 852 Standby letters of credit and other financial guarantees (c) 16,373 10,525 5,349 1,842 34,089 33,498 605 521 Other letters of credit (c) 3,853 305 40 — 4,198 2,825 5 3 Total wholesale (b) 75,484 139,741 167,352 13,042 395,619 387,813 1,522 1,376 Total lending-related $ 751,251 $ 142,778 $ 169,929 $ 31,132 $ 1,095,090 $ 1,039,258 $ 1,555 $ 1,409 Other guarantees and commitments Securities lending indemnification agreements and guarantees (d) $ 214,338 $ — $ — $ — $ 214,338 $ 186,077 $ — $ — Derivatives qualifying as guarantees 1,772 196 12,081 40,369 54,418 55,271 231 367 Unsettled resale and securities borrowed agreements 122,946 1,125 66 — 124,137 102,008 — — Unsettled repurchase and securities loaned agreements 120,679 670 — — 121,349 57,732 — — Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 61 89 Loans sold with recourse NA NA NA NA 1,001 1,019 27 30 Exchange & clearing house guarantees and commitments (e) 161,580 — — — 161,580 58,960 — — Other guarantees and commitments (f) 4,098 590 260 2,832 7,780 8,183 (89 ) (73 ) (a) Includes certain commitments to purchase loans from correspondents. (b) Predominantly all consumer and wholesale lending-related commitments are in the U.S. (c) At September 30, 2019 , and December 31, 2018 , reflected the contractual amount net of risk participations totaling $198 million and $282 million respectively, for other unfunded commitments to extend credit; $9.7 billion and $10.4 billion , respectively, for standby letters of credit and other financial guarantees; and $705 million and $385 million , respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. (d) At September 30, 2019 , and December 31, 2018 , collateral held by the Firm in support of securities lending indemnification agreements was $226.5 billion and $195.6 billion , respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies. (e) At September 30, 2019 , and December 31, 2018 , includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses. (f) At September 30, 2019 , and December 31, 2018 , primarily includes letters of credit hedged by derivative transactions and managed on a market risk basis, and unfunded commitments related to institutional lending. Additionally, includes unfunded commitments predominantly related to certain tax-oriented equity investments. (g) For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, the carrying value represents the fair value. Other unfunded commitments to extend credit Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit. Standby letters of credit and other financial guarantees Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade and similar transactions. The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of September 30, 2019 , and December 31, 2018 . Standby letters of credit, other financial guarantees and other letters of credit September 30, 2019 December 31, 2018 (in millions) Standby letters of Other letters of credit Standby letters of Other letters of credit Investment-grade (a) $ 27,131 $ 3,249 $ 26,420 $ 2,079 Noninvestment-grade (a) 6,958 949 7,078 746 Total contractual amount $ 34,089 $ 4,198 $ 33,498 $ 2,825 Allowance for lending-related commitments $ 215 $ 5 $ 167 $ 3 Guarantee liability 390 — 354 — Total carrying value $ 605 $ 5 $ 521 $ 3 Commitments with collateral $ 17,690 $ 877 $ 17,400 $ 583 (a) The ratings scale is based on the Firm’s internal ratings which generally correspond to ratings as defined by S&P and Moody’s. Derivatives qualifying as guarantees The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K for further information on these derivatives. The following table summarizes the derivatives qualifying as guarantees as of September 30, 2019 , and December 31, 2018 . (in millions) September 30, 2019 December 31, 2018 Notional amounts Derivative guarantees $ 54,418 $ 55,271 Stable value contracts with contractually limited exposure 28,886 28,637 Maximum exposure of stable value contracts with contractually limited exposure 2,960 2,963 Fair value Derivative payables 231 367 Derivative receivables — — In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives. Loan sales- and securitization-related indemnifications In connection with the Firm’s mortgage loan sale and securitization activities with GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm. Further, although the Firm’s securitizations are predominantly nonrecourse, the Firm does provide recourse servicing in certain limited cases where it agrees to share credit risk with the owner of the mortgage loans. Refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K for additional information. The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 29 of JPMorgan Chase’s 2018 Form 10-K for additional information regarding litigation. Sponsored member repo program In 2018 the Firm commenced the sponsored member repo program, wherein the Firm acts as a sponsoring member to clear eligible overnight resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these overnight guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house therefore the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 157 . Refer to Note 11 of JPMorgan Chase’s 2018 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements. Guarantees of subsidiaries The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100% -owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company. These guarantees, which rank on a parity with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 157 of this Note. Refer to Note 19 of JPMorgan Chase’s 2018 Form 10-K for additional information. |
Pledged Assets and Collateral
Pledged Assets and Collateral | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Pledged Assets and Collateral | Pledged assets and collateral Refer to Note 28 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the Firm’s pledged assets and collateral. Pledged assets The Firm may pledge financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, pledged assets are used for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits . Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged. The following table presents the Firm ’s pledged assets . (in billions) September 30, 2019 December 31, 2018 Assets that may be sold or repledged or otherwise used by secured parties $ 154.2 $ 104.0 Assets that may not be sold or repledged or otherwise used by secured parties 94.5 83.7 Assets pledged at Federal Reserve banks and FHLBs 487.1 475.3 Total assets pledged $ 735.8 $ 663.0 Total assets pledged do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 19 of JPMorgan Chase’s 2018 Form 10-K for additional information on the Firm’s long-term debt. Collateral The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. The following table presents the fair value of collateral accepted. (in billions) September 30, 2019 December 31, 2018 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,264.1 $ 1,245.3 Collateral sold, repledged, delivered or otherwise used 1,017.3 998.3 |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2019 | |
Litigation [Abstract] | |
Litigation | Litigation Contingencies As of September 30, 2019, the Firm and its subsidiaries and affiliates are defendants, putative defendants or respondents in numerous legal proceedings, including private, civil litigations and regulatory/government investigations. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories. The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.3 billion at September 30, 2019. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given: • the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages, • the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined, • the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and • the attendant uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect. In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of reasonably possible losses will change from time to time, and actual losses may vary significantly. Set forth below are descriptions of the Firm’s material legal proceedings. Federal Republic of Nigeria Litigation. JPMorgan Chase Bank, N.A. operated an escrow and depository account for the Federal Government of Nigeria (“FGN”) and two major international oil companies. The account held approximately $1.1 billion in connection with a dispute among the clients over rights to an oil field. Following the settlement of the dispute, JPMorgan Chase Bank, N.A. paid out the monies in the account in 2011 and 2013 in accordance with directions received from its clients. In November 2017, the Federal Republic of Nigeria (“FRN”) commenced a claim in the English High Court for approximately $875 million in payments made out of the accounts. The FRN, claiming to be the same entity as the FGN, alleges that the payments were instructed as part of a complex fraud not involving JPMorgan Chase Bank, N.A., but that JPMorgan Chase Bank, N.A. was or should have been on notice that the payments may be fraudulent. JPMorgan Chase Bank, N.A. applied for summary judgment and was unsuccessful. The claim is ongoing and no trial date has been set. Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. FX-related investigations and inquiries by government authorities, including competition authorities, are ongoing, and the Firm is cooperating with and working to resolve those matters. In May 2015, the Firm pleaded guilty to a single violation of federal antitrust law. In January 2017, the Firm was sentenced, with judgment entered thereafter and a term of probation ending in January 2020. The Department of Labor has granted the Firm a five-year exemption of disqualification that allows the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) until January 2023. The Firm will need to reapply in due course for a further exemption to cover the remainder of the ten-year disqualification period. In addition, the Firm has paid fines totaling approximately $265 million in connection with the settlement of FX-related investigations conducted by the European Commission and the Swiss Competition Commission which were announced in May 2019 and June 2019, respectively. Separately, in February 2017 the South Africa Competition Commission referred its FX investigation of the Firm and other banks to the South Africa Competition Tribunal, which is conducting civil proceedings concerning that matter. In August 2018, the United States District Court for the Southern District of New York granted final approval to the Firm’s settlement of a consolidated class action brought by U.S.-based plaintiffs, which principally alleged violations of federal antitrust laws based on an alleged conspiracy to manipulate foreign exchange rates and also sought damages on behalf of persons who transacted in FX futures and options on futures. Certain members of the settlement class filed requests to the Court to be excluded from the class, and certain of them filed a complaint against the Firm and a number of other foreign exchange dealers in November 2018 (the “opt-out action”). The two FX-related actions brought by participants or beneficiaries of qualified ERISA plans have been dismissed. Putative class actions on behalf of consumers who purchased foreign currencies at allegedly inflated rates (the “consumer action”) and purported indirect purchasers of FX instruments (the “indirect purchaser action”) remain pending in the District Court. In addition, some FX related individual and putative class actions have been filed outside the U.S., including in the U.K., Israel and Australia, which are based on similar alleged underlying conduct. Interchange Litigation. A group of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted respective rules in violation of antitrust laws. The parties settled the cases for a cash payment, a temporary reduction of credit card interchange, and modifications to certain credit card network rules. In December 2013, the District Court granted final approval of the settlement. A number of merchants appealed the settlement to the United States Court of Appeals for the Second Circuit, which, in June 2016, vacated the District Court’s certification of the class action and reversed the approval of the class settlement. In March 2017, the U.S. Supreme Court declined petitions seeking review of the decision of the Court of Appeals. The case was remanded to the District Court for further proceedings consistent with the appellate decision. The original class action was divided into two separate actions, one seeking primarily monetary relief and the other seeking primarily injunctive relief. In September 2018, the parties to the class action seeking monetary relief finalized an agreement which amends and supersedes the prior settlement agreement, and the plaintiffs filed a motion seeking preliminary approval of the modified settlement. Pursuant to this settlement, the defendants have collectively contributed an additional $900 million to the approximately $5.3 billion previously held in escrow from the original settlement. In January 2019, the amended agreement was preliminarily approved by the District Court, and formal notice of the class settlement has been completed in accordance with the District Court’s order. A fairness hearing is scheduled before the District Court in November 2019. The class action seeking primarily injunctive relief continues separately. In addition, certain merchants have filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks, and those actions are proceeding. LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has received subpoenas and requests for documents and, in some cases, interviews, from federal and state agencies and entities, including the U.S. Commodity Futures Trading Commission and various state attorneys general, as well as the European Commission (“EC”), the Swiss Competition Commission (“ComCo”) and other regulatory authorities and banking associations around the world relating primarily to the process by which interest rates were submitted to the British Bankers Association (“BBA”) in connection with the setting of the BBA’s London Interbank Offered Rate (“LIBOR”) for various currencies, principally in 2007 and 2008. Some of the inquiries also relate to similar processes by which information on rates was submitted to the European Banking Federation (“EBF”) in connection with the setting of the EBF’s Euro Interbank Offered Rate (“EURIBOR”). The Firm continues to cooperate with these investigations to the extent that they are ongoing. ComCo’s investigation relating to EURIBOR, to which the Firm and other banks are subject, continues. In December 2016, the EC issued a decision against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. The Firm has filed an appeal of that decision with the European General Court, and that appeal is pending. In addition, the Firm has been named as a defendant along with other banks in a series of individual and putative class actions related to benchmarks, including U.S. dollar LIBOR during the period that it was administered by the BBA and, in a separate consolidated putative class action, during the period that it was administered by ICE Benchmark Administration. These actions have been filed, or consolidated for pre-trial purposes, in the United States District Court for the Southern District of New York. In these actions, plaintiffs make varying allegations that in various periods, starting in 2000 or later, defendants either individually or collectively manipulated various benchmark rates by submitting rates that were artificially low or high. Plaintiffs allege that they transacted in loans, derivatives or other financial instruments whose values are affected by changes in these rates and assert a variety of claims including antitrust claims seeking treble damages. These actions are in various stages of litigation. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the District Court dismissed certain claims, including antitrust claims brought by some plaintiffs whom the District Court found did not have standing to assert such claims, and permitted certain claims to proceed, including antitrust, Commodity Exchange Act, Section 10(b) of the Securities Exchange Act and common law claims. The plaintiffs whose antitrust claims were dismissed for lack of standing have filed an appeal. The District Court granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants and denied class certification motions filed by other plaintiffs. The Firm has agreed to settle putative class actions related to Swiss franc LIBOR, the Singapore Interbank Offered Rate, the Singapore Swap Offer Rate and the Australian Bank Bill Swap Reference Rate, as well as certain of the putative class actions related to U.S. dollar LIBOR. The District Court declined to grant preliminary approval to the settlement involving the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate and instead dismissed the litigation after concluding that the plaintiff lacked standing. Plaintiff’s appeal of the District Court’s decision is pending. The remaining settlements are all subject to further documentation and court approval. Metals Investigations and Litigation. Various authorities, including the Department of Justice’s Criminal Division, are conducting investigations relating to trading practices in the metals markets and related conduct. The Firm is responding to and cooperating with these investigations. Several putative class action complaints have been filed in the United States District Court for the Southern District of New York against the Firm and certain former employees, alleging a precious metals futures and options price manipulation scheme in violation of the Commodity Exchange Act. Some of the complaints also allege unjust enrichment and deceptive acts or practices under the General Business Law of the State of New York. The Court consolidated these putative class actions in February 2019. The Firm is also a defendant in a consolidated action filed in the United States District Court for the Southern District of New York alleging monopolization of silver futures in violation of the Sherman Act. Wendel. Since 2012, the French criminal authorities have been investigating a series of transactions entered into by senior managers of Wendel Investissement (“Wendel”) during the period from 2004 through 2007 to restructure their shareholdings in Wendel. JPMorgan Chase Bank, N.A., Paris branch provided financing for the transactions to a number of managers of Wendel in 2007. JPMorgan Chase has cooperated with the investigation. The investigating judges issued an ordonnance de renvoi in November 2016, referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel for alleged complicity in tax fraud. No date for trial has been set by the court. In January 2018, the Paris Court of Appeal issued a decision cancelling the mise en examen of JPMorgan Chase Bank, N.A. In September 2018, the Court of Cassation, France’s highest court, ruled that a mise en examen is a prerequisite for an ordonnance de renvoi and remanded the case to the Court of Appeal. In June 2019, the Court of Appeal declined to annul the ordonnance de renvoi referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel , and the Firm has reapplied to the Court of Cassation for a determination as to whether the Court of Appeal’s decision is consistent with the Court of Cassation’s September 2018 ruling. Any further actions in the criminal proceedings are stayed pending the outcome of that application. In addition, a number of the managers have commenced civil proceedings against JPMorgan Chase Bank, N.A. The claims are separate, involve different allegations and are at various stages of proceedings. * * * In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future. The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upwards or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense/(benefit) was $10 million and $20 million for the three months ended September 30, 2019 and 2018, respectively, and $(2) million and $90 million for the nine months ended September 30, 2019 and 2018, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future. In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Business segments The Firm is managed on a line of business basis. There are four major reportable business segments - Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment. The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Segment results below, and Note 31 of JPMorgan Chase ’s 2018 Form 10-K for a further discussion concerning JPMorgan Chase ’s business segments. Segment results The following tables provide a summary of the Firm’s segment results as of or for the three and nine months ended September 30, 2019 and 2018 , on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 31 of JPMorgan Chase’s 2018 Form 10-K for additional information on the Firm’s managed basis. Business segment capital allocation The amount of capital assigned to each business is referred to as equity. On at least an annual basis, the assumptions and methodologies used in capital allocation are assessed and as a result, the capital allocated to lines of business may change. Refer to Line of business equity on page 91 of JPMorgan Chase’s 2018 Form 10-K for additional information on business segment capital allocation. Segment results and reconciliation (a) As of or for the three months ended September 30, Consumer & Corporate & Commercial Banking Asset & Wealth Management 2019 2018 2019 2018 2019 2018 2019 2018 Noninterest revenue $ 5,095 $ 4,176 $ 7,182 $ 6,505 $ 599 $ 576 $ 2,713 $ 2,680 Net interest income 9,164 9,114 2,156 2,300 1,608 1,695 855 879 Total net revenue 14,259 13,290 9,338 8,805 2,207 2,271 3,568 3,559 Provision for credit losses 1,311 980 92 (42 ) 67 (15 ) 44 23 Noninterest expense 7,290 6,982 5,348 5,175 881 853 2,622 2,585 Income before income tax expense 5,658 5,328 3,898 3,672 1,259 1,433 902 951 Income tax expense 1,385 1,242 1,089 1,046 322 344 234 227 Net income $ 4,273 $ 4,086 $ 2,809 $ 2,626 $ 937 $ 1,089 $ 668 $ 724 Average equity $ 52,000 $ 51,000 $ 80,000 $ 70,000 $ 22,000 $ 20,000 $ 10,500 $ 9,000 Total assets 532,487 560,432 1,023,132 928,148 222,483 217,194 174,226 166,716 ROE 32 % 31 % 13 % 14 % 16 % 21 % 24 % 31 % Overhead ratio 51 53 57 59 40 38 73 73 As of or for the three months ended September 30, Corporate Reconciling Items (a) Total 2019 2018 2019 2018 2019 2018 Noninterest revenue $ 120 $ (177 ) $ (596 ) $ (408 ) $ 15,113 $ 13,352 Net interest income 572 74 (127 ) (154 ) 14,228 13,908 Total net revenue 692 (103 ) (723 ) (562 ) 29,341 27,260 Provision for credit losses — 2 — — 1,514 948 Noninterest expense 281 28 — — 16,422 15,623 Income/(loss) before income tax expense/(benefit) 411 (133 ) (723 ) (562 ) 11,405 10,689 Income tax expense/(benefit) 18 12 (723 ) (562 ) 2,325 2,309 Net income/(loss) $ 393 $ (145 ) $ — $ — $ 9,080 $ 8,380 Average equity $ 71,113 $ 80,439 $ — $ — $ 235,613 $ 230,439 Total assets 812,333 742,693 NA NA 2,764,661 2,615,183 ROE NM NM NM NM 15 % 14 % Overhead ratio NM NM NM NM 56 57 (a) Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. Segment results and reconciliation (a) As of or for the nine months ended September 30, Consumer & Corporate & Commercial Banking Asset & Wealth Management 2019 2018 2019 2018 2019 2018 2019 2018 Noninterest revenue $ 13,868 $ 12,063 $ 22,328 $ 21,954 $ 1,806 $ 1,758 $ 7,989 $ 7,997 Net interest income 27,975 26,321 6,499 7,257 4,950 4,995 2,627 2,640 Total net revenue 41,843 38,384 28,827 29,211 6,756 6,753 10,616 10,637 Provision for credit losses 3,745 3,405 179 (142 ) 186 23 48 40 Noninterest expense 21,663 20,770 16,288 16,237 2,618 2,541 7,865 7,732 Income before income tax expense 16,435 14,209 12,360 13,116 3,952 4,189 2,703 2,865 Income tax expense 4,025 3,385 3,365 3,318 966 988 655 616 Net income $ 12,410 $ 10,824 $ 8,995 $ 9,798 $ 2,986 $ 3,201 $ 2,048 $ 2,249 Average equity $ 52,000 $ 51,000 $ 80,000 $ 70,000 $ 22,000 $ 20,000 $ 10,500 $ 9,000 Total assets 532,487 560,432 1,023,132 928,148 222,483 217,194 174,226 166,716 Return on equity 31 % 27 % 14 % 18 % 17 % 20 % 25 % 32 % Overhead ratio 52 54 57 56 39 38 74 73 As of or for the nine months ended September 30, Corporate Reconciling Items (a) Total 2019 2018 2019 2018 2019 2018 Noninterest revenue $ 3 $ (220 ) $ (1,777 ) $ (1,337 ) $ 44,217 $ 42,215 Net interest income 1,436 (35 ) (408 ) (473 ) 43,079 40,705 Total net revenue 1,439 (255 ) (2,185 ) (1,810 ) 87,296 82,920 Provision for credit losses — (3 ) — — 4,158 3,323 Noninterest expense 724 394 — — 49,158 47,674 Income/(loss) before income tax expense/(benefit) 715 (646 ) (2,185 ) (1,810 ) 33,980 31,923 Income tax expense/(benefit) (757 ) 18 (2,185 ) (1,810 ) 6,069 6,515 Net income/(loss) $ 1,472 $ (664 ) $ — $ — $ 27,911 $ 25,408 Average equity $ 68,417 $ 78,995 $ — $ — $ 232,917 $ 228,995 Total assets 812,333 742,693 NA NA 2,764,661 2,615,183 Return on equity NM NM NM NM 15 % 14 % Overhead ratio NM NM NM NM 56 57 (a) Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation policy | The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities. |
Use of estimates in the preparation of consolidated financial statements policy | The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly presented. |
Reclassifications policy | Certain amounts reported in prior periods have been reclassified to conform with the current presentation. |
Consolidation policy | The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated. Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets. The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. |
Offsetting assets and liabilities policy | U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. Refer to Note 1 of JPMorgan Chase ’s 2018 Form 10-K for further information on offsetting assets and liabilities. |
Loan securitizations policy | The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, and commercial mortgage. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table presents the assets and liabilities reported at fair value as of September 30, 2019 , and December 31, 2018 , by major product category and fair value hierarchy . Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy Derivative (f) September 30, 2019 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 13,705 $ — $ — $ 13,705 Securities borrowed — 5,784 — — 5,784 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 70,617 811 — 71,428 Residential – nonagency — 2,253 24 — 2,277 Commercial – nonagency — 1,613 5 — 1,618 Total mortgage-backed securities — 74,483 840 — 75,323 U.S. Treasury, GSEs and government agencies (a) 76,953 9,446 — — 86,399 Obligations of U.S. states and municipalities — 6,229 627 — 6,856 Certificates of deposit, bankers’ acceptances and commercial paper — 2,180 — — 2,180 Non-U.S. government debt securities 38,162 36,634 146 — 74,942 Corporate debt securities — 20,461 484 — 20,945 Loans (b) — 43,308 1,746 — 45,054 Asset-backed securities — 2,996 38 — 3,034 Total debt instruments 115,115 195,737 3,881 — 314,733 Equity securities 100,829 249 170 — 101,248 Physical commodities (c) 7,690 3,075 — — 10,765 Other — 13,172 332 — 13,504 Total debt and equity instruments (d) 223,634 212,233 4,383 — 440,250 Derivative receivables: Interest rate 1,312 372,834 1,787 (347,426 ) 28,507 Credit — 15,072 645 (14,879 ) 838 Foreign exchange 3,681 158,893 558 (150,451 ) 12,681 Equity — 44,064 2,314 (38,969 ) 7,409 Commodity — 20,969 269 (15,096 ) 6,142 Total derivative receivables 4,993 611,832 5,573 (566,821 ) 55,577 Total trading assets (e) 228,627 824,065 9,956 (566,821 ) 495,827 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 105,581 — — 105,581 Residential – nonagency — 12,901 1 — 12,902 Commercial – nonagency — 5,324 — — 5,324 Total mortgage-backed securities — 123,806 1 — 123,807 U.S. Treasury and government agencies 141,529 — — — 141,529 Obligations of U.S. states and municipalities — 31,064 — — 31,064 Certificates of deposit — 74 — — 74 Non-U.S. government debt securities 13,604 8,554 — — 22,158 Corporate debt securities — 1,634 — — 1,634 Asset-backed securities: Collateralized loan obligations — 27,908 — — 27,908 Other — 5,247 — — 5,247 Total available-for-sale securities 155,133 198,287 1 — 353,421 Loans — 5,759 1 — 5,760 Mortgage servicing rights — — 4,419 — 4,419 Other assets (e) 7,467 37 746 — 8,250 Total assets measured at fair value on a recurring basis $ 391,227 $ 1,047,637 $ 15,123 $ (566,821 ) $ 887,166 Deposits $ — $ 25,719 $ 3,636 $ — $ 29,355 Federal funds purchased and securities loaned or sold under repurchase agreements — 933 — — 933 Short-term borrowings — 4,496 2,001 — 6,497 Trading liabilities: Debt and equity instruments (d) 66,515 23,970 68 — 90,553 Derivative payables: Interest rate 1,206 335,401 2,106 (328,490 ) 10,223 Credit — 16,100 962 (14,903 ) 2,159 Foreign exchange 3,583 160,760 1,399 (150,726 ) 15,016 Equity — 45,109 5,782 (40,288 ) 10,603 Commodity — 25,495 316 (16,022 ) 9,789 Total derivative payables 4,789 582,865 10,565 (550,429 ) 47,790 Total trading liabilities 71,304 606,835 10,633 (550,429 ) 138,343 Accounts payable and other liabilities 2,355 37 19 — 2,411 Beneficial interests issued by consolidated VIEs — 39 — — 39 Long-term debt — 49,608 22,349 — 71,957 Total liabilities measured at fair value on a recurring basis $ 73,659 $ 687,667 $ 38,638 $ (550,429 ) $ 249,535 Fair value hierarchy Derivative (f) December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 13,235 $ — $ — $ 13,235 Securities borrowed — 5,105 — — 5,105 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 76,249 549 — 76,798 Residential – nonagency — 1,798 64 — 1,862 Commercial – nonagency — 1,501 11 — 1,512 Total mortgage-backed securities — 79,548 624 — 80,172 U.S. Treasury, GSEs and government agencies (a) 51,477 7,702 — — 59,179 Obligations of U.S. states and municipalities — 7,121 689 — 7,810 Certificates of deposit, bankers’ acceptances and commercial paper — 1,214 — — 1,214 Non-U.S. government debt securities 27,878 27,056 155 — 55,089 Corporate debt securities — 18,655 334 — 18,989 Loans (b) — 40,047 1,706 — 41,753 Asset-backed securities — 2,756 127 — 2,883 Total debt instruments 79,355 184,099 3,635 — 267,089 Equity securities 71,119 482 232 — 71,833 Physical commodities (c) 5,182 1,855 — — 7,037 Other — 13,192 301 — 13,493 Total debt and equity instruments (d) 155,656 199,628 4,168 — 359,452 Derivative receivables: Interest rate 682 266,380 1,642 (245,490 ) 23,214 Credit — 19,235 860 (19,483 ) 612 Foreign exchange 771 166,238 676 (154,235 ) 13,450 Equity — 46,777 2,508 (39,339 ) 9,946 Commodity — 20,339 131 (13,479 ) 6,991 Total derivative receivables 1,453 518,969 5,817 (472,026 ) 54,213 Total trading assets (e) 157,109 718,597 9,985 (472,026 ) 413,665 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 68,646 — — 68,646 Residential – nonagency — 8,519 1 — 8,520 Commercial – nonagency — 6,654 — — 6,654 Total mortgage-backed securities — 83,819 1 — 83,820 U.S. Treasury and government agencies 56,059 — — — 56,059 Obligations of U.S. states and municipalities — 37,723 — — 37,723 Certificates of deposit — 75 — — 75 Non-U.S. government debt securities 15,313 8,789 — — 24,102 Corporate debt securities — 1,918 — — 1,918 Asset-backed securities: Collateralized loan obligations — 19,437 — — 19,437 Other — 7,260 — — 7,260 Total available-for-sale securities 71,372 159,021 1 — 230,394 Loans — 3,029 122 — 3,151 Mortgage servicing rights — — 6,130 — 6,130 Other assets (e) 7,810 195 927 — 8,932 Total assets measured at fair value on a recurring basis $ 236,291 $ 899,182 $ 17,165 $ (472,026 ) $ 680,612 Deposits $ — $ 19,048 $ 4,169 $ — $ 23,217 Federal funds purchased and securities loaned or sold under repurchase agreements — 935 — — 935 Short-term borrowings — 5,607 1,523 — 7,130 Trading liabilities: Debt and equity instruments (d) 80,199 22,755 50 — 103,004 Derivative payables: Interest rate 1,526 239,576 1,680 (234,998 ) 7,784 Credit — 19,309 967 (18,609 ) 1,667 Foreign exchange 695 163,549 973 (152,432 ) 12,785 Equity — 46,462 4,733 (41,034 ) 10,161 Commodity — 21,158 1,260 (13,046 ) 9,372 Total derivative payables 2,221 490,054 9,613 (460,119 ) 41,769 Total trading liabilities 82,420 512,809 9,663 (460,119 ) 144,773 Accounts payable and other liabilities 3,063 196 10 — 3,269 Beneficial interests issued by consolidated VIEs — 27 1 — 28 Long-term debt — 35,468 19,418 — 54,886 Total liabilities measured at fair value on a recurring basis $ 85,483 $ 574,090 $ 34,784 $ (460,119 ) $ 234,238 (a) At September 30, 2019 , and December 31, 2018 , included total U.S. GSE obligations of $133.6 billion and $92.3 billion , respectively, which were mortgage-related. (b) At September 30, 2019 , and December 31, 2018 , included within trading loans were $16.1 billion and $13.2 billion , respectively, of residential first-lien mortgages, and $4.2 billion and $2.3 billion , respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $10.3 billion and $7.6 billion , respectively. (c) Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented. (d) Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). (e) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At September 30, 2019 , and December 31, 2018 , the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $714 million and $747 million , respectively. Included in these balances at September 30, 2019 , and December 31, 2018 , were trading assets of $48 million and $49 million , respectively, and other assets of $666 million and $698 million , respectively. (f) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral. |
Fair value inputs, assets and liabilities, quantitative information | Level 3 inputs (a) September 30, 2019 Product/Instrument Fair value (in millions) Principal valuation technique Unobservable inputs (g) Range of input values Weighted average Residential mortgage-backed securities and loans (b) $ 1,132 Discounted cash flows Yield 0 % – 19 % 5 % Prepayment speed 0 % – 22 % 14 % Conditional default rate 0 % – 4 % 1 % Loss severity 0 % – 100 % 2 % Commercial mortgage-backed securities and loans (c) 147 Market comparables Price $ 0 – $ 102 $ 80 Obligations of U.S. states and municipalities 627 Market comparables Price $ 68 – $ 100 $ 97 Corporate debt securities 484 Market comparables Price $ 4 – $ 116 $ 79 Loans (d) 194 Discounted cash flows Yield 5 % – 22 % 7 % 1,115 Market comparables Price $ 12 – $ 101 $ 78 Asset-backed securities 38 Market comparables Price $ 1 – $ 100 $ 53 Net interest rate derivatives (388 ) Option pricing Interest rate spread volatility 20 bps – 30 bps Interest rate correlation (28 )% – 96 % IR-FX correlation 53 % – 60 % 69 Discounted cash flows Prepayment speed 4 % – 30 % Net credit derivatives (353 ) Discounted cash flows Credit correlation 30 % – 60 % Credit spread 4 bps – 1,315 bps Recovery rate 15 % – 70 % Conditional default rate 2 % – 93 % Loss severity 100% 36 Market comparables Price $ 1 – $ 115 Net foreign exchange derivatives (679 ) Option pricing IR-FX correlation (58 )% – 60 % (162 ) Discounted cash flows Prepayment speed 9% Net equity derivatives (3,468 ) Option pricing Equity volatility 11 % – 82 % Equity correlation 10 % – 98 % Equity-FX correlation (81 )% – 59 % Equity-IR correlation 25 % – 60 % Net commodity derivatives (47 ) Option pricing Forward commodity price $ 30 – $ 61 per barrel Commodity volatility 5 % – 111 % Commodity correlation (48 )% – 95 % MSRs 4,419 Discounted cash flows Refer to Note 14 Other assets 303 Discounted cash flows Credit spread 45 bps 45 bps Yield 12% 12 % 775 Market comparables Price $ 18 – $ 115 $ 36 Long-term debt, short-term borrowings, and deposits (e) 27,986 Option pricing Interest rate spread volatility 20 bps – 30 bps Interest rate correlation (28 )% – 96 % IR-FX correlation (58 )% – 60 % Equity correlation 10 % – 98 % Equity-FX correlation (81 )% – 59 % Equity-IR correlation 25 % – 60 % Other level 3 assets and liabilities, net (f) 229 (a) The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ. (b) Comprises U.S. GSEs and government agency securities of $811 million , nonagency securities of $24 million and trading loans of $297 million . (c) Comprises nonagency securities of $5 million , trading loans of $141 million and non-trading loans of $1 million . (d) Comprises trading loans. (e) Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables. (f) Includes level 3 assets and liabilities that are insignificant both individually and in aggregate. (g) Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100 . |
Changes in level 3 recurring fair value measurements | The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and nine months ended September 30, 2019 and 2018. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments. Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 617 $ (71 ) $ 424 $ (104 ) $ (45 ) $ — $ (10 ) $ 811 $ (70 ) Residential – nonagency 42 — 2 (3 ) — — (17 ) 24 (1 ) Commercial – nonagency 9 — 3 (5 ) — — (2 ) 5 — Total mortgage-backed securities 668 (71 ) 429 (112 ) (45 ) — (29 ) 840 (71 ) U.S. Treasury, GSEs and government agencies — — — — — — — — — Obligations of U.S. states and municipalities 680 (2 ) 27 (77 ) (1 ) — — 627 (2 ) Non-U.S. government debt securities 190 (1 ) 40 (74 ) — 3 (12 ) 146 (1 ) Corporate debt securities 562 45 56 (167 ) — 17 (29 ) 484 3 Loans 1,778 (44 ) 152 (82 ) (132 ) 211 (137 ) 1,746 (46 ) Asset-backed securities 33 — 11 (2 ) (2 ) 3 (5 ) 38 (2 ) Total debt instruments 3,911 (73 ) 715 (514 ) (180 ) 234 (212 ) 3,881 (119 ) Equity securities 147 (14 ) 10 (10 ) — 46 (9 ) 170 (16 ) Other 311 18 35 (15 ) (15 ) — (2 ) 332 23 Total trading assets – debt and equity instruments 4,369 (69 ) (c) 760 (539 ) (195 ) 280 (223 ) 4,383 (112 ) (c) Net derivative receivables: (b) Interest rate (544 ) 88 39 (15 ) 53 10 50 (319 ) (15 ) Credit (232 ) (65 ) 3 (3 ) (23 ) 3 — (317 ) (68 ) Foreign exchange (193 ) (653 ) 2 (1 ) (1 ) 6 (1 ) (841 ) (657 ) Equity (2,560 ) (382 ) 174 (118 ) (377 ) (203 ) (2 ) (3,468 ) (362 ) Commodity (908 ) 8 22 (69 ) 6 18 876 (47 ) 40 Total net derivative receivables (4,437 ) (1,004 ) (c) 240 (206 ) (342 ) (166 ) 923 (4,992 ) (1,062 ) (c) Available-for-sale securities: Mortgage-backed securities — — 1 — — — — 1 — Asset-backed securities — — — — — — — — — Total available-for-sale securities — — 1 — — — — 1 — Loans 5 — — — (4 ) — — 1 — Mortgage servicing rights 5,093 (447 ) (d) 388 (359 ) (256 ) — — 4,419 (447 ) (d) Other assets 861 (56 ) (c) 19 (72 ) (6 ) — — 746 (56 ) (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized (gains)/ Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 4,066 $ — $ — $ — $ 153 $ (188 ) $ 12 $ (407 ) $ 3,636 $ 16 (c)(e) Short-term borrowings 2,052 24 (c)(e) — — 949 (1,040 ) 17 (1 ) 2,001 28 (c)(e) Trading liabilities – debt and equity instruments 45 — (5 ) 25 — 1 2 — 68 — Accounts payable and other liabilities 92 (6 ) (c) (71 ) 4 — — — — 19 (2 ) (c) Beneficial interests issued by consolidated VIEs — — — — — — — — — — Long-term debt 21,863 187 (c)(e) — — 2,230 (1,758 ) 49 (222 ) 22,349 89 (c)(e) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 478 $ 2 $ 14 $ (28 ) $ (17 ) $ 83 $ (3 ) $ 529 $ — Residential – nonagency 87 1 — (6 ) (3 ) 18 (20 ) 77 1 Commercial – nonagency 18 (1 ) — — 9 (13 ) 13 (1 ) Total mortgage-backed securities 583 2 14 (34 ) (20 ) 110 (36 ) 619 — U.S. Treasury, GSEs and government agencies — — — — — — — — — Obligations of U.S. states and municipalities 736 8 26 (70 ) (1 ) — — 699 7 Non-U.S. government debt securities 183 (9 ) 44 (29 ) (2 ) 1 (24 ) 164 (9 ) Corporate debt securities 274 (2 ) 156 (87 ) (4 ) 82 (24 ) 395 (3 ) Loans 1,986 17 188 (146 ) (199 ) 48 (361 ) 1,533 3 Asset-backed securities 87 6 5 (7 ) (13 ) 5 (7 ) 76 3 Total debt instruments 3,849 22 433 (373 ) (239 ) 246 (452 ) 3,486 1 Equity securities 288 20 6 (48 ) 82 (19 ) 329 (18 ) Other 406 30 13 — (37 ) 2 (1 ) 413 10 Total trading assets – debt and equity instruments 4,543 72 (c) 452 (421 ) (276 ) 330 (472 ) 4,228 (7 ) (c) Net derivative receivables: (b) Interest rate 489 236 28 (22 ) (101 ) 68 (7 ) 691 216 Credit (24 ) (19 ) 1 — 47 6 16 27 (15 ) Foreign exchange (245 ) (56 ) 29 (7 ) (49 ) (2 ) 28 (302 ) (54 ) Equity (2,578 ) (94 ) 643 (635 ) 622 (251 ) 16 (2,277 ) (121 ) Commodity (752 ) 318 — — (113 ) 15 7 (525 ) 138 Total net derivative receivables (3,110 ) 385 (c) 701 (664 ) 406 (164 ) 60 (2,386 ) 164 (c) Available-for-sale securities: Mortgage-backed securities 1 — — — — — — 1 — Asset-backed securities 147 — — — (86 ) — — 61 — Total available-for-sale securities 148 — — — (86 ) — — 62 — Loans 159 (1 ) (c) 1 — (19 ) — — 140 (1 ) (c) Mortgage servicing rights 6,241 98 (d) 291 (2 ) (195 ) — — 6,433 98 (d) Other assets 1,225 (160 ) (c) 2 — (7 ) 3 — 1,063 (160 ) (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 4,305 $ (84 ) (c)(e) $ — $ — $ 517 $ (170 ) $ 1 $ (129 ) $ 4,440 $ (82 ) (c)(e) Short-term borrowings 2,209 (47 ) (c)(e) — — 713 (885 ) 6 (25 ) 1,971 (31 ) (c)(e) Trading liabilities – debt and equity instruments 43 36 (c) (6 ) 19 — (2 ) 7 (1 ) 96 36 (c) Accounts payable and other liabilities 8 1 (c) — — — — 3 — 12 1 (c) Beneficial interests issued by consolidated VIEs 1 — — — — — — — 1 — Long-term debt 17,632 (i) 194 (c)(e) — — 3,551 (1,809 ) 59 (219 ) 19,408 (i) 192 (c)(e) Fair value measurements using significant unobservable inputs Nine months ended Fair value at Total realized/unrealized gains/(losses) Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 549 $ (111 ) $ 747 $ (272 ) $ (83 ) $ 1 $ (20 ) $ 811 $ (116 ) Residential – nonagency 64 25 83 (86 ) (20 ) 15 (57 ) 24 (1 ) Commercial – nonagency 11 2 19 (24 ) (14 ) 15 (4 ) 5 1 Total mortgage-backed securities 624 (84 ) 849 (382 ) (117 ) 31 (81 ) 840 (116 ) U.S. Treasury, GSEs and government agencies — — — — — — — — — Obligations of U.S. states and municipalities 689 12 85 (152 ) (7 ) — — 627 13 Non-U.S. government debt securities 155 (2 ) 228 (231 ) — 14 (18 ) 146 3 Corporate debt securities 334 74 340 (236 ) (53 ) 96 (71 ) 484 15 Loans 1,706 95 609 (416 ) (408 ) 509 (349 ) 1,746 44 Asset-backed securities 127 — 30 (81 ) (39 ) 23 (22 ) 38 (3 ) Total debt instruments 3,635 95 2,141 (1,498 ) (624 ) 673 (541 ) 3,881 (44 ) Equity securities 232 (28 ) 33 (92 ) (22 ) 142 (95 ) 170 (21 ) Other 301 42 50 (16 ) (41 ) 1 (5 ) 332 55 Total trading assets – debt and equity instruments 4,168 109 (c) 2,224 (1,606 ) (687 ) 816 (641 ) 4,383 (10 ) (c) Net derivative receivables: (b) Interest rate (38 ) (575 ) 86 (102 ) (i) 174 (i) 22 114 (319 ) (694 ) Credit (107 ) (209 ) 16 (5 ) (13 ) 7 (6 ) (317 ) (169 ) Foreign exchange (297 ) (840 ) 13 (18 ) 294 (19 ) 26 (841 ) (815 ) Equity (2,225 ) 328 335 (573 ) (1,062 ) (418 ) 147 (3,468 ) (1,193 ) Commodity (1,129 ) 370 32 (240 ) 51 2 867 (47 ) 634 Total net derivative receivables (3,796 ) (926 ) (c) 482 (938 ) (556 ) (406 ) 1,148 (4,992 ) (2,237 ) (c) Available-for-sale securities: Mortgage-backed securities 1 — 1 — (1 ) — — 1 — Asset-backed securities — — — — — — — — — Total available-for-sale securities 1 — 1 — (1 ) — — 1 — Loans 122 4 (c) — — (125 ) — — 1 — Mortgage servicing rights 6,130 (1,572 ) (d) 1,250 (687 ) (702 ) — — 4,419 (1,572 ) (d) Other assets 927 (152 ) (c) 170 (160 ) (33 ) 1 (7 ) 746 (145 ) (c) Fair value measurements using significant unobservable inputs Nine months ended Fair value at Total realized/unrealized (gains)/losses Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized (gains)/ Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 4,169 $ 241 (c)(e) $ — $ — $ 580 $ (504 ) $ 12 $ (862 ) $ 3,636 $ 250 (c)(e) Short-term borrowings 1,523 142 (c)(e) — — 2,637 (2,265 ) 85 (121 ) 2,001 74 (c)(e) Trading liabilities – debt and equity instruments 50 — (12 ) 41 — 1 9 (21 ) 68 (1 ) (c) Accounts payable and other liabilities 10 (7 ) (c) (79 ) 94 — — 1 — 19 4 (c) Beneficial interests issued by consolidated VIEs 1 (1 ) (c) — — — — — — — — Long-term debt 19,418 1,915 (c)(e) — — 6,929 (5,675 ) 522 (760 ) 22,349 2,010 (c)(e) Fair value measurements using significant unobservable inputs Nine months ended Fair value at Total realized/unrealized gains/(losses) Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 307 $ 5 $ 348 $ (126 ) $ (56 ) $ 92 $ (41 ) $ 529 $ 3 Residential – nonagency 60 1 45 (19 ) (6 ) 58 (62 ) 77 4 Commercial – nonagency 11 2 7 (8 ) (13 ) 30 (16 ) 13 (1 ) Total mortgage-backed securities 378 8 400 (153 ) (75 ) 180 (119 ) 619 6 U.S. Treasury, GSEs and government agencies 1 — — — — — (1 ) — — Obligations of U.S. states and municipalities 744 (3 ) 107 (70 ) (79 ) — — 699 (3 ) Non-U.S. government debt securities 78 (19 ) 395 (213 ) (2 ) 18 (93 ) 164 (18 ) Corporate debt securities 312 (6 ) 297 (227 ) (15 ) 249 (215 ) 395 (1 ) Loans 2,719 58 1,223 (1,680 ) (528 ) 422 (681 ) 1,533 (22 ) Asset-backed securities 153 15 64 (29 ) (53 ) 18 (92 ) 76 8 Total debt instruments 4,385 53 2,486 (2,372 ) (752 ) 887 (1,201 ) 3,486 (30 ) Equity securities 295 (1 ) 99 (108 ) (1 ) 86 (41 ) 329 11 Other 690 (209 ) 47 (40 ) (75 ) 3 (3 ) 413 (250 ) Total trading assets – debt and equity instruments 5,370 (157 ) (c) 2,632 (2,520 ) (828 ) 976 (1,245 ) 4,228 (269 ) (c) Net derivative receivables: (b) Interest rate 264 576 83 (77 ) (234 ) 40 39 691 498 Credit (35 ) 19 3 (7 ) 22 5 20 27 7 Foreign exchange (396 ) 184 42 (15 ) (46 ) (114 ) 43 (302 ) 42 Equity (3,409 ) 688 1,467 (1,919 ) 1,043 (324 ) 177 (2,277 ) 31 Commodity (674 ) 468 — — (287 ) 7 (39 ) (525 ) 158 Total net derivative receivables (4,250 ) 1,935 (c) 1,595 (2,018 ) 498 (386 ) 240 (2,386 ) 736 (c) Available-for-sale securities: Mortgage-backed securities 1 — — — — — — 1 — Asset-backed securities 276 1 — — (216 ) — — 61 1 Total available-for-sale securities 277 1 (j) — — (216 ) — — 62 1 (j) Loans 276 (5 ) (c) 123 — (180 ) — (74 ) 140 (5 ) (c) Mortgage servicing rights 6,030 576 (d) 770 (401 ) (542 ) — — 6,433 576 (d) Other assets 1,265 (210 ) (c) 49 (16 ) (28 ) 4 (1 ) 1,063 (217 ) (c) Fair value measurements using significant unobservable inputs Nine months ended Fair value at Total realized/unrealized (gains)/losses Transfers into (h) Transfers (out of) level 3 (h) Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 4,142 $ (125 ) (c)(e) $ — $ — $ 1,272 $ (425 ) $ 2 $ (426 ) $ 4,440 $ (115 ) (c)(e) Short-term borrowings 1,665 (229 ) (c)(e) — — 2,783 (2,245 ) 61 (64 ) 1,971 26 (c)(e) Trading liabilities – debt and equity instruments 39 28 (c) (68 ) 95 — (1 ) 9 (6 ) 96 11 (c) Accounts payable and other liabilities 13 — (6 ) 1 — — 4 — 12 — Beneficial interests issued by consolidated VIEs 39 — — — — (38 ) — — 1 — Long-term debt 16,125 (396 ) (c)(e) — — 9,792 (i) (6,195 ) (i) 653 (571 ) 19,408 (i) (576 ) (c)(e) (a) Level 3 assets as a percentage of total Firm assets accounted for at fair value (including assets measured at fair value on a nonrecurring basis) were 2% and 3% at September 30, 2019 and December 31, 2018, respectively. Level 3 liabilities as a percentage of total Firm liabilities accounted for at fair value (including liabilities measured at fair value on a nonrecurring basis) were 15% at both September 30, 2019 and December 31, 2018 , respectively. (b) All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty. (c) Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income. (d) Changes in fair value for MSRs are reported in mortgage fees and related income. (e) Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and they were not material for the three and nine months ended September 30, 2019 and 2018, respectively. Unrealized (gains)/losses are reported in OCI, and they were $(62) million and $123 million for the three months ended September 30, 2019 and 2018, respectively and $108 million for the nine months ended September 30, 2019 and were no t material for the nine months ended September 30, 2018. (f) Loan originations are included in purchases. (g) Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items. (h) All transfers into and/or out of level 3 are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur. (i) The prior period amounts have been revised to conform with the current period presentation. (j) Realized gains/(losses) on AFS securities, as well as other-than-temporary impairment (“OTTI”) losses that are recorded in earnings, are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. There were no realized gains/(losses) recorded in income on AFS securities for the three and nine months ended September 30, 2019 and 2018 , respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were zero for both the three months ended September 30, 2019 and 2018 , respectively and zero and $1 million for the nine months ended September 30, 2019 and 2018 , respectively. |
Impact of credit adjustments on earnings | The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Credit and funding adjustments: Derivatives CVA $ 55 $ 66 $ 71 $ 223 Derivatives FVA (83 ) 88 (20 ) 102 |
Assets and liabilities measured at fair value on a nonrecurring basis | The following tables present the assets held as of September 30, 2019 and 2018 , respectively, for which a nonrecurring fair value adjustment was recorded during the nine months ended September 30, 2019 and 2018, respectively, by major product category and fair value hierarchy. Fair value hierarchy Total fair value September 30, 2019 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 5,338 (b) $ 246 (c) $ 5,584 Other assets (a) — 18 775 793 Total assets measured at fair value on a nonrecurring basis $ — $ 5,356 $ 1,021 $ 6,377 Fair value hierarchy Total fair value September 30, 2018 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 492 $ 243 $ 735 Other assets — 216 826 1,042 Total assets measured at fair value on a nonrecurring basis $ — $ 708 $ 1,069 $ 1,777 (a) Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $775 million in level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2019, $638 million related to such equity securities. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. (b) Primarily includes certain mortgage loans that were reclassified to held-for-sale. (c) Of the $246 million in level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2019, $200 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans and other loans charged off in accordance with regulatory guidance). These amounts are classified as level 3 as they are valued using information from broker’s price opinions, appraisals and automated valuation models and discounted based upon the Firm’s experience with actual liquidation values. These discounts ranged from 14% to 49% with a weighted average of 29% . The following table presents the total change in value of assets for which a fair value adjustment has been recognized for the three and nine months ended September 30, 2019 and 2018, related to assets held at those dates. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Loans $ (142 ) (b) $ (22 ) $ (232 ) (b) $ (36 ) Other assets (a) 23 (117 ) 123 383 Total nonrecurring fair value gains/(losses) $ (119 ) $ (139 ) $ (109 ) $ 347 (a) Included $34 million and $(113) million for the three months ended September 30, 2019 and 2018, respectively and $132 million and $384 million for the nine months ended September 30, 2019 and 2018 , respectively, of net gains as a result of the measurement alternative. (b) Primarily includes the impact of certain mortgage loans that were reclassified to held-for-sale. |
Schedule of equity securities without readily determinable fair values measured under the measurement alternative and related adjustments | The following table presents the carrying value of equity securities without readily determinable fair values still held as of September 30, 2019 and 2018 , that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Three months ended Nine months ended September 30, September 30, As of or for the period ended, (in millions) 2019 2018 2019 2018 Other assets Carrying value (a) $ 2,771 $ 1,801 $ 2,771 $ 1,801 Upward carrying value changes (b) 34 14 169 540 Downward carrying value changes/impairment (c) — (127 ) (37 ) (156 ) (a) The carrying value as of December 31, 2018 was $1.5 billion . (b) The cumulative upward carrying value changes between January 1, 2018 and September 30, 2019 were $479 million . (c) The cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2019 were $(197) million . |
Carrying value and estimated fair value of financial assets and liabilities | The following table presents by fair value hierarchy classification the carrying values and estimated fair values at September 30, 2019 , and December 31, 2018 , of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy. September 30, 2019 December 31, 2018 Estimated fair value hierarchy Estimated fair value hierarchy (in billions) Carrying value Level 1 Level 2 Level 3 Total estimated fair value Carrying value Level 1 Level 2 Level 3 Total estimated fair value Financial assets Cash and due from banks $ 21.2 $ 21.2 $ — $ — $ 21.2 $ 22.3 $ 22.3 $ — $ — $ 22.3 Deposits with banks 235.4 235.4 — — 235.4 256.5 256.5 — — 256.5 Accrued interest and accounts receivable 87.9 — 87.9 — 87.9 72.0 — 71.9 0.1 72.0 Federal funds sold and securities purchased under resale agreements 243.7 — 243.7 — 243.7 308.4 — 308.4 — 308.4 Securities borrowed 132.6 — 132.6 — 132.6 106.9 — 106.9 — 106.9 Investment securities, held-to-maturity 40.8 — 42.4 — 42.4 31.4 — 31.5 — 31.5 Loans, net of allowance for loan losses (a) 926.2 — 218.9 720.7 939.6 968.0 — 241.5 728.5 970.0 Other 60.6 — 59.8 0.9 60.7 60.5 — 59.6 1.0 60.6 Financial liabilities Deposits $ 1,495.9 $ — $ 1,496.3 $ — $ 1,496.3 $ 1,447.4 $ — $ 1,447.5 $ — $ 1,447.5 Federal funds purchased and securities loaned or sold under repurchase agreements 246.8 — 246.8 — 246.8 181.4 — 181.4 — 181.4 Short-term borrowings 42.4 — 42.4 — 42.4 62.1 — 62.1 — 62.1 Accounts payable and other liabilities 181.5 0.7 177.0 3.4 181.1 160.6 0.2 157.0 3.0 160.2 Beneficial interests issued by consolidated VIEs 18.5 — 18.5 — 18.5 20.2 — 20.2 — 20.2 Long-term debt and junior subordinated deferrable interest debentures 224.3 — 223.5 3.4 226.9 227.1 — 224.6 3.3 227.9 (a) Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. The difference between the estimated fair value and carrying value of a financial asset or liability is the result of the different methodologies used to determine fair value as compared with carrying value. For example, credit losses are estimated for a financial asset’s remaining life in a fair value calculation but are estimated for a loss emergence period in the allowance for loan loss calculation; future loan income (interest and fees) is incorporated in a fair value calculation but is generally not considered in the allowance for loan losses. |
The carrying value and estimated fair value of wholesale lending- related commitments | The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value of the wholesale allowance for lending-related commitments and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated. September 30, 2019 December 31, 2018 Estimated fair value hierarchy Estimated fair value hierarchy (in billions) Carrying value (a) Level 1 Level 2 Level 3 Total estimated fair value Carrying value (a) Level 1 Level 2 Level 3 Total estimated fair value (b) Wholesale lending-related commitments $ 1.1 $ — $ — $ 1.9 $ 1.9 $ 1.0 $ — $ — $ 1.9 $ 1.9 (a) Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees. (b) The prior period amounts have been revised to conform with the current period presentation. |
Fair Value Option (Tables)
Fair Value Option (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Changes in fair value under the fair value option election | The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended September 30, 2019 and 2018 , for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table. Three months ended September 30, 2019 2018 (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ (23 ) $ — $ (23 ) $ (23 ) $ — $ (23 ) Securities borrowed 99 — 99 (24 ) — (24 ) Trading assets: Debt and equity instruments, excluding loans 546 — 546 (45 ) 5 (c) (40 ) Loans reported as trading assets: Changes in instrument-specific credit risk 111 (4 ) (c) 107 122 1 (c) 123 Other changes in fair value 74 320 (c) 394 (6 ) 49 (c) 43 Loans: Changes in instrument-specific credit risk (4 ) — (4 ) (1 ) — (1 ) Other changes in fair value — — — 1 — 1 Other assets (6 ) — (6 ) 2 16 (d) 18 Deposits (a) (397 ) — (397 ) 32 — 32 Federal funds purchased and securities loaned or sold under repurchase agreements 2 — 2 8 — 8 Short-term borrowings (a) 173 — 173 (25 ) — (25 ) Trading liabilities — — — 2 — 2 Other liabilities 1 — 1 — — — Long-term debt (a)(b) (614 ) — (614 ) 259 — 259 Nine months ended September 30, 2019 2018 (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ 10 $ — $ 10 $ (49 ) $ — $ (49 ) Securities borrowed 179 — 179 (22 ) — (22 ) Trading assets: Debt and equity instruments, excluding loans 2,104 — 2,104 (490 ) 6 (c) (484 ) Loans reported as trading assets: Changes in instrument-specific credit risk 558 1 (c) 559 458 5 (c) 463 Other changes in fair value 274 885 (c) 1,159 64 24 (c) 88 Loans: Changes in instrument-specific credit risk (12 ) — (12 ) (2 ) — (2 ) Other changes in fair value 1 — 1 (1 ) — (1 ) Other assets (3 ) 3 (d) — 4 6 (d) 10 Deposits (a) (1,589 ) — (1,589 ) 371 — 371 Federal funds purchased and securities loaned or sold under repurchase agreements (18 ) — (18 ) 27 — 27 Short-term borrowings (a) (601 ) — (601 ) 86 — 86 Trading liabilities 5 — 5 1 — 1 Other liabilities (7 ) — (7 ) — — — Long-term debt (a)(b) (5,220 ) — (5,220 ) 1,486 — 1,486 (a) Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected is recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the three and nine months ended September 30, 2019 and 2018 , respectively. (b) Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk. (c) Reported in mortgage fees and related income. (d) Reported in other income. (e) Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than hybrid financial instruments. Refer to Note 6 for further information regarding interest income and interest expense. |
Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding | The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of September 30, 2019 , and December 31, 2018 , for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. September 30, 2019 December 31, 2018 (in millions) Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Loans (a) Nonaccrual loans Loans reported as trading assets $ 3,884 $ 1,151 $ (2,733 ) $ 4,240 $ 1,350 $ (2,890 ) Loans 181 151 (30 ) 39 — (39 ) Subtotal 4,065 1,302 (2,763 ) 4,279 1,350 (2,929 ) All other performing loans Loans reported as trading assets 45,315 43,903 (1,412 ) 42,215 40,403 (1,812 ) Loans 5,686 5,609 (77 ) 3,186 3,151 (35 ) Total loans $ 55,066 $ 50,814 $ (4,252 ) $ 49,680 $ 44,904 $ (4,776 ) Long-term debt Principal-protected debt $ 40,750 (c) $ 37,635 $ (3,115 ) $ 32,674 (c) $ 28,718 $ (3,956 ) Nonprincipal-protected debt (b) NA 34,322 NA NA 26,168 NA Total long-term debt NA $ 71,957 NA NA $ 54,886 NA Long-term beneficial interests Nonprincipal-protected debt (b) NA $ 39 NA NA $ 28 NA Total long-term beneficial interests NA $ 39 NA NA $ 28 NA (a) There were no performing loans that were ninety days or more past due as of September 30, 2019 , and December 31, 2018 , respectively. (b) Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes. (c) Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date. |
Fair value option, structured notes by balance sheet classification and primary embedded derivative risk | The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type. September 30, 2019 December 31, 2018 (in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total Risk exposure Interest rate $ 33,402 $ 54 $ 17,547 $ 51,003 $ 24,137 $ 62 $ 12,372 $ 36,571 Credit 5,207 817 — 6,024 4,009 995 — 5,004 Foreign exchange 3,570 45 8 3,623 3,169 157 38 3,364 Equity 27,644 5,565 8,190 41,399 21,382 5,422 7,368 34,172 Commodity 504 7 1,352 1,863 372 34 1,207 1,613 Total structured notes $ 70,327 $ 6,488 $ 27,097 $ 103,912 $ 53,069 $ 6,670 $ 20,985 $ 80,724 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of uses and disclosure of derivatives | The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category. Type of Derivative Use of Derivative Designation and disclosure Affected segment or unit 10-Q page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: • Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 109-110 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 111 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 109-110 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 111 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 112 • Commodity Hedge commodity inventory Fair value hedge CIB 109-110 Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: • Interest rate Manage the risk of the mortgage pipeline, warehouse loans and MSRs Specified risk management CCB 112 • Credit Manage the credit risk of wholesale lending exposures Specified risk management CIB 112 • Interest rate and foreign exchange Manage the risk of certain other specified assets and liabilities Specified risk management Corporate 112 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 112 • Various Other derivatives Market-making and other CIB, AWM, Corporate 112 |
Notional amount of derivative contracts | The following table summarizes the notional amount of derivative contracts outstanding as of September 30, 2019 , and December 31, 2018 . Notional amounts (b) (in billions) September 30, 2019 December 31, 2018 Interest rate contracts Swaps $ 25,099 $ 21,763 Futures and forwards 4,887 3,562 Written options 4,290 3,997 Purchased options 4,697 4,322 Total interest rate contracts 38,973 33,644 Credit derivatives (a) 1,365 1,501 Foreign exchange contracts Cross-currency swaps 3,886 3,548 Spot, futures and forwards 7,111 5,871 Written options 832 835 Purchased options 852 830 Total foreign exchange contracts 12,681 11,084 Equity contracts Swaps 389 346 Futures and forwards 131 101 Written options 692 528 Purchased options 632 490 Total equity contracts 1,844 1,465 Commodity contracts Swaps 148 134 Spot, futures and forwards 218 156 Written options 166 135 Purchased options 153 120 Total commodity contracts 685 545 Total derivative notional amounts $ 55,548 $ 48,239 (a) Refer to the Credit derivatives discussion on page 113 for more information on volumes and types of credit derivative contracts. (b) Represents the sum of gross long and gross short third-party notional derivative contracts. |
Impact of derivatives on the Consolidated Balance Sheets | The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of September 30, 2019 , and December 31, 2018 , by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type. Free-standing derivative receivables and payables (a) Gross derivative receivables Gross derivative payables September 30, 2019 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 375,082 $ 851 $ 375,933 $ 28,507 $ 338,711 $ 2 $ 338,713 $ 10,223 Credit 15,717 — 15,717 838 17,062 — 17,062 2,159 Foreign exchange 162,364 768 163,132 12,681 164,583 1,159 165,742 15,016 Equity 46,378 — 46,378 7,409 50,891 — 50,891 10,603 Commodity 20,985 253 21,238 6,142 25,470 341 25,811 9,789 Total fair value of trading assets and liabilities $ 620,526 $ 1,872 $ 622,398 $ 55,577 $ 596,717 $ 1,502 $ 598,219 $ 47,790 Gross derivative receivables Gross derivative payables December 31, 2018 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 267,871 $ 833 $ 268,704 $ 23,214 $ 242,782 $ — $ 242,782 $ 7,784 Credit 20,095 — 20,095 612 20,276 — 20,276 1,667 Foreign exchange 167,057 628 167,685 13,450 164,392 825 165,217 12,785 Equity 49,285 — 49,285 9,946 51,195 — 51,195 10,161 Commodity 20,223 247 20,470 6,991 22,297 121 22,418 9,372 Total fair value of trading assets and liabilities $ 524,531 $ 1,708 $ 526,239 $ 54,213 $ 500,942 $ 946 $ 501,888 $ 41,769 (a) Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information. (b) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists. |
Offsetting assets | The following tables present, as of September 30, 2019 , and December 31, 2018 , gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below. In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation: • collateral that consists of non-cash financial instruments (generally U.S. government and agency securities and other G7 government securities) and cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables below, up to the fair value exposure amount. • the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and • collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below. September 30, 2019 December 31, 2018 (in millions) Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables U.S. GAAP nettable derivative receivables Interest rate contracts: Over-the-counter (“OTC”) $ 356,075 $ (332,566 ) $ 23,509 $ 258,227 $ (239,498 ) $ 18,729 OTC–cleared 14,438 (14,343 ) 95 6,404 (5,856 ) 548 Exchange-traded (a) 577 (517 ) 60 322 (136 ) 186 Total interest rate contracts 371,090 (347,426 ) 23,664 264,953 (245,490 ) 19,463 Credit contracts: OTC 11,168 (10,682 ) 486 12,648 (12,261 ) 387 OTC–cleared 4,321 (4,197 ) 124 7,267 (7,222 ) 45 Total credit contracts 15,489 (14,879 ) 610 19,915 (19,483 ) 432 Foreign exchange contracts: OTC 160,181 (150,271 ) 9,910 163,862 (153,988 ) 9,874 OTC–cleared 176 (174 ) 2 235 (226 ) 9 Exchange-traded (a) 20 (6 ) 14 32 (21 ) 11 Total foreign exchange contracts 160,377 (150,451 ) 9,926 164,129 (154,235 ) 9,894 Equity contracts: OTC 22,195 (20,281 ) 1,914 26,178 (23,879 ) 2,299 Exchange-traded (a) 21,678 (18,688 ) 2,990 18,876 (15,460 ) 3,416 Total equity contracts 43,873 (38,969 ) 4,904 45,054 (39,339 ) 5,715 Commodity contracts: OTC 7,714 (5,954 ) 1,760 7,448 (5,261 ) 2,187 OTC–cleared 26 (25 ) 1 — — — Exchange-traded (a) 9,151 (9,117 ) 34 8,815 (8,218 ) 597 Total commodity contracts 16,891 (15,096 ) 1,795 16,263 (13,479 ) 2,784 Derivative receivables with appropriate legal opinion 607,720 (566,821 ) 40,899 (d) 510,314 (472,026 ) 38,288 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 14,678 14,678 15,925 15,925 Total derivative receivables recognized on the Consolidated balance sheets $ 622,398 $ 55,577 $ 526,239 $ 54,213 Collateral not nettable on the Consolidated balance sheets (b)(c) (13,224 ) (13,046 ) Net amounts $ 42,353 $ 41,167 |
Offsetting liabilities | September 30, 2019 December 31, 2018 (in millions) Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables U.S. GAAP nettable derivative payables Interest rate contracts: OTC $ 321,553 $ (313,017 ) $ 8,536 $ 233,404 $ (228,369 ) $ 5,035 OTC–cleared 15,176 (14,960 ) 216 7,163 (6,494 ) 669 Exchange-traded (a) 585 (513 ) 72 210 (135 ) 75 Total interest rate contracts 337,314 (328,490 ) 8,824 240,777 (234,998 ) 5,779 Credit contracts: OTC 13,130 (11,254 ) 1,876 13,412 (11,895 ) 1,517 OTC–cleared 3,797 (3,649 ) 148 6,716 (6,714 ) 2 Total credit contracts 16,927 (14,903 ) 2,024 20,128 (18,609 ) 1,519 Foreign exchange contracts: OTC 162,336 (150,537 ) 11,799 160,930 (152,161 ) 8,769 OTC–cleared 190 (185 ) 5 274 (268 ) 6 Exchange-traded (a) 14 (4 ) 10 16 (3 ) 13 Total foreign exchange contracts 162,540 (150,726 ) 11,814 161,220 (152,432 ) 8,788 Equity contracts: OTC 27,010 (21,600 ) 5,410 29,437 (25,544 ) 3,893 Exchange-traded (a) 20,365 (18,688 ) 1,677 16,285 (15,490 ) 795 Total equity contracts 47,375 (40,288 ) 7,087 45,722 (41,034 ) 4,688 Commodity contracts: OTC 10,450 (6,874 ) 3,576 8,930 (4,838 ) 4,092 OTC–cleared 25 (25 ) — — — — Exchange-traded (a) 10,004 (9,123 ) 881 8,259 (8,208 ) 51 Total commodity contracts 20,479 (16,022 ) 4,457 17,189 (13,046 ) 4,143 Derivative payables with appropriate legal opinion 584,635 (550,429 ) 34,206 (d) 485,036 (460,119 ) 24,917 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 13,584 13,584 16,852 16,852 Total derivative payables recognized on the Consolidated balance sheets $ 598,219 $ 47,790 $ 501,888 $ 41,769 Collateral not nettable on the Consolidated balance sheets (b)(c) (9,236 ) (4,449 ) Net amounts $ 38,554 $ 37,320 (a) Exchange-traded derivative balances that relate to futures contracts are settled daily. (b) Represents liquid security collateral as well as cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty. (c) Derivative collateral relates only to OTC and OTC-cleared derivative instruments. (d) Net derivatives receivable included cash collateral netted of $78.8 billion and $55.2 billion at September 30, 2019 , and December 31, 2018 , respectively. Net derivatives payable included cash collateral netted of $62.4 billion and $43.3 billion at September 30, 2019 , and December 31, 2018 , respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments. |
Current credit risk of derivative receivables and liquidity risk of derivative payables | The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at September 30, 2019 , and December 31, 2018 . OTC and OTC-cleared derivative payables containing downgrade triggers (in millions) September 30, 2019 December 31, 2018 Aggregate fair value of net derivative payables $ 15,466 $ 9,396 Collateral posted 14,388 8,907 The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries , predominantly JPMorgan Chase Bank, N.A., at September 30, 2019 , and December 31, 2018 , related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral, (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract. Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives September 30, 2019 December 31, 2018 (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 223 $ 1,420 $ 76 $ 947 Amount required to settle contracts with termination triggers upon downgrade (b) 184 1,475 172 764 (a) Includes the additional collateral to be posted for initial margin. (b) Amounts represent fair values of derivative payables, and do not reflect collateral posted. |
Fair value hedge gains and losses | The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three and nine months ended September 30, 2019 and 2018 , respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item. Gains/(losses) recorded in income Income statement impact of (e) OCI impact Three months ended September 30, 2019 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 1,770 $ (1,550 ) $ 220 $ — $ 228 $ — Foreign exchange (c) (167 ) 293 126 (224 ) 126 (1 ) Commodity (d) 278 (232 ) 46 — 49 — Total $ 1,881 $ (1,489 ) $ 392 $ (224 ) $ 403 $ (1 ) Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Three months ended September 30, 2018 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (870 ) $ 1,032 $ 162 $ — $ 160 $ — Foreign exchange (c) 277 (165 ) 112 (137 ) 112 45 Commodity (d) 454 (461 ) (7 ) — (5 ) — Total $ (139 ) $ 406 $ 267 $ (137 ) $ 267 $ 45 Gains/(losses) recorded in income Income statement impact of (e) OCI impact Nine months ended September 30, 2019 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 4,996 $ (4,399 ) $ 597 $ — $ 596 $ — Foreign exchange (c) (31 ) 401 370 (675 ) 370 114 Commodity (d) (164 ) 237 73 — 67 — Total $ 4,801 $ (3,761 ) $ 1,040 $ (675 ) $ 1,033 $ 114 Gains/(losses) recorded in income Income statement impact of (e) OCI impact Nine months ended September 30, 2018 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (2,747 ) $ 3,214 $ 467 $ — $ 459 $ — Foreign exchange (c) 797 (452 ) 345 (404 ) 345 (96 ) Commodity (d) 649 (626 ) 23 — 29 — Total $ (1,301 ) $ 2,136 $ 835 $ (404 ) $ 833 $ (96 ) (a) Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income. (b) Excludes the amortization expense associated with the inception hedge accounting adjustment applied to the hedged item. This expense is recorded in net interest income and substantially offsets the income statement impact of the excluded components. Also excludes the accrual of interest on interest rate swaps and the related hedged items. (c) Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income. (d) Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue. (e) The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. The initial amount of the excluded components may be amortized into income over the life of the derivative, or changes in fair value may be recognized in current period earnings. (f) Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative. |
Schedule of amounts recorded on Consolidated Balance Sheets related to certain cumulative fair value hedge basis adjustments | As of September 30, 2019 and December 31, 2018, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield. Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: September 30, 2019 Active hedging relationships Discontinued hedging relationships (d) Total Assets Investment securities - AFS $ 123,914 (c) $ 3,664 $ 261 $ 3,925 Liabilities Long-term debt $ 163,494 $ 9,957 $ 125 $ 10,082 Beneficial interests issued by consolidated VIEs 2,362 — (11 ) (11 ) Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: December 31, 2018 Active hedging relationships Discontinued hedging relationships (d) Total Assets Investment securities - AFS $ 55,313 (c) $ (1,105 ) $ 381 $ (724 ) Liabilities Long-term debt $ 139,915 $ 141 $ 8 $ 149 Beneficial interests issued by consolidated VIEs 6,987 — (33 ) (33 ) (a) Excludes physical commodities with a carrying value of $10.3 billion and $6.8 billion at September 30, 2019 and December 31, 2018, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Given the Firm exits these positions at fair value, there is no incremental impact to net income in future periods. (b) Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At September 30, 2019 and December 31, 2018, the carrying amount excluded for available-for-sale securities is $15.3 billion and $14.6 billion , respectively, and for long-term debt is $4.1 billion and $7.3 billion , respectively. (c) Carrying amount represents the amortized cost. (d) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date. |
Cash flow hedge gains and losses | The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three and nine months ended September 30, 2019 and 2018 , respectively. The Firm includes the gain/(loss) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item . Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended September 30, 2019 Amounts reclassified from AOCI to income Amounts recorded in OCI Total change Contract type Interest rate (a) $ (16 ) $ 290 $ 306 Foreign exchange (b) (21 ) (68 ) (47 ) Total $ (37 ) $ 222 $ 259 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended September 30, 2018 Amounts reclassified from AOCI to income Amounts recorded in OCI Total change Contract type Interest rate (a) $ 10 $ (30 ) $ (40 ) Foreign exchange (b) (19 ) (92 ) (73 ) Total $ (9 ) $ (122 ) $ (113 ) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Nine months ended September 30, 2019 Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period Contract type Interest rate (a) $ (12 ) $ 501 $ 513 Foreign exchange (b) (90 ) (37 ) 53 Total $ (102 ) $ 464 $ 566 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Nine months ended September 30, 2018 Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period Contract type Interest rate (a) $ 36 $ (141 ) $ (177 ) Foreign exchange (b) 26 (224 ) (250 ) Total $ 62 $ (365 ) $ (427 ) (a) Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income. (b) |
Net investment hedge gains and losses | The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three and nine months ended September 30, 2019 and 2018 . Gains/(losses) recorded in income and other comprehensive income/(loss) 2019 2018 Three months ended September 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Foreign exchange derivatives $ 17 $ 866 $ 2 $ 311 Gains/(losses) recorded in income and other comprehensive income/(loss) 2019 2018 Nine months ended September 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b)(c) Amounts recorded in OCI Foreign exchange derivatives $ 65 $ 705 $ (8 ) $ 1,126 (a) Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income. (b) Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. During the nine months ended September 30, 2019, the Firm reclassified net pre-tax gains of $5 million to other income related to the liquidation of certain legal entities. During the nine months ended September 30, 2018, the Firm reclassified net pre-tax losses of $23 million to other expense related to the liquidation of a legal entity. (c) The prior period amount has been revised to conform with the current period presentation. |
Risk management derivatives gains and losses (not designated as hedging instruments) | The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from the mortgage pipeline, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities. Derivatives gains/(losses) recorded in income Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Contract type Interest rate (a) $ 769 $ (42 ) $ 1,718 $ (277 ) Credit (b) (21 ) (7 ) (33 ) (17 ) Foreign exchange (c) 40 52 15 167 (d) Total $ 788 $ 3 $ 1,700 $ (127 ) (d) (a) Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in the mortgage pipeline, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income. (b) Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue. (c) Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue. (d) The prior period amounts have been revised to conform with the current period presentation. |
Credit derivatives table | Total credit derivatives and credit-related notes Maximum payout/Notional amount September 30, 2019 (in millions) Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) Credit derivatives Credit default swaps $ (610,946 ) $ 623,709 $ 12,763 $ 3,630 Other credit derivatives (a) (55,919 ) 61,847 5,928 8,503 Total credit derivatives (666,865 ) 685,556 18,691 12,133 Credit-related notes — — — 9,297 Total $ (666,865 ) $ 685,556 $ 18,691 $ 21,430 Maximum payout/Notional amount December 31, 2018 (in millions) Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) Credit derivatives Credit default swaps $ (697,220 ) $ 707,282 $ 10,062 $ 4,053 Other credit derivatives (a) (41,244 ) 42,484 1,240 8,488 Total credit derivatives (738,464 ) 749,766 11,302 12,541 Credit-related notes — — — 8,425 Total $ (738,464 ) $ 749,766 $ 11,302 $ 20,966 (a) Other credit derivatives predominantly consist of credit swap options and total return swaps. (b) Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. (c) Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value. (d) Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. |
Protection sold - credit derivatives and credit-related notes ratings/maturity profile | The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives and credit-related notes as of September 30, 2019 , and December 31, 2018 , where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives and credit-related notes where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below. Protection sold — credit derivatives and credit-related notes ratings (a) /maturity profile September 30, 2019 <1 year 1–5 years >5 years Total notional amount Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (106,698 ) $ (316,946 ) $ (75,615 ) $ (499,259 ) $ 5,621 $ (1,260 ) $ 4,361 Noninvestment-grade (39,180 ) (103,249 ) (25,177 ) (167,606 ) 4,699 (3,415 ) 1,284 Total $ (145,878 ) $ (420,195 ) $ (100,792 ) $ (666,865 ) $ 10,320 $ (4,675 ) $ 5,645 December 31, 2018 <1 year 1–5 years >5 years Total notional amount Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (115,443 ) $ (402,325 ) $ (43,611 ) $ (561,379 ) $ 5,720 $ (2,791 ) $ 2,929 Noninvestment-grade (45,897 ) (119,348 ) (11,840 ) (177,085 ) 4,719 (5,660 ) (941 ) Total $ (161,340 ) $ (521,673 ) $ (55,451 ) $ (738,464 ) $ 10,439 $ (8,451 ) $ 1,988 (a) The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s. (b) |
Noninterest Revenue and Nonin_2
Noninterest Revenue and Noninterest Expense (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Noninterest Income (Expense) [Abstract] | |
Components of investment banking fees | The following table presents the components of investment banking fees. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Underwriting Equity $ 517 $ 417 $ 1,293 $ 1,342 Debt 955 836 2,720 2,596 Total underwriting 1,472 1,253 4,013 3,938 Advisory 495 579 1,645 1,798 Total investment banking fees $ 1,967 $ 1,832 $ 5,658 $ 5,736 |
Principal transactions revenue | The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and cash deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual line of business. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Trading revenue by instrument type Interest rate $ 835 $ 338 $ 1,901 $ 1,784 Credit 328 202 1,375 1,230 Foreign exchange 892 937 2,509 2,706 Equity 1,003 1,363 4,530 4,376 Commodity 372 277 982 800 Total trading revenue 3,430 3,117 11,297 10,896 Private equity gains/(losses) (a) 19 (153 ) (58 ) (198 ) Principal transactions $ 3,449 $ 2,964 $ 11,239 $ 10,698 (a) The third quarter of 2018 included markdowns of approximately $220 million on certain private equity investments in Corporate, with $170 million recorded within principal transactions revenue and $50 million in other income. |
Components of lending and deposit-related fees | The following table presents the components of lending- and deposit-related fees. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Lending-related fees $ 286 $ 284 $ 861 $ 838 Deposit-related fees 1,340 1,258 3,782 3,676 Total lending- and deposit-related fees $ 1,626 $ 1,542 $ 4,643 $ 4,514 |
Components of asset management, administration and commissions | The following table presents the components of Firmwide asset management, administration and commissions. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Asset management fees Investment management fees (a) $ 2,738 $ 2,716 $ 8,013 $ 8,081 All other asset management fees (b) 82 79 229 211 Total asset management fees 2,820 2,795 8,242 8,292 Total administration fees (c) 567 533 1,646 1,651 Commissions and other fees Brokerage commissions 634 604 1,861 1,887 All other commissions and fees 330 378 1,069 1,093 Total commissions and fees 964 982 2,930 2,980 Total asset management, administration and commissions $ 4,351 $ 4,310 $ 12,818 $ 12,923 (a) Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. (b) Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients. (c) Predominantly includes fees for custody, securities lending, funds services and securities clearance. |
Schedule of components of card income | The following table presents the components of card income: Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Interchange and merchant processing income $ 5,127 $ 4,781 $ 15,032 $ 13,863 Rewards costs and partner payments (a) (3,669 ) (3,276 ) (10,515 ) (9,687 ) Other card income (b) (175 ) (177 ) (594 ) (553 ) Total card income $ 1,283 $ 1,328 $ 3,923 $ 3,623 (a) The three and nine months ended September 30, 2018, included an adjustment to the credit card rewards liability of approximately $330 million . (b) Predominantly represents annual fees and new account origination costs, which are deferred and recognized on a straight-line basis over a 12 -month period. |
Components of noninterest expense | Other expense on the Firm’s Consolidated statements of income included the following: Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Legal expense/(benefit) $ 10 $ 20 $ (2 ) $ 90 FDIC-related expense 114 349 378 1,100 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Interest Income (Expense), Net [Abstract] | |
Details of interest income and interest expense | The following table presents the components of interest income and interest expense. Three months ended Nine months ended (in millions) 2019 2018 2019 2018 Interest income Loans (a) $ 12,586 $ 12,207 $ 38,192 $ 34,915 Taxable securities 2,132 1,402 5,712 4,098 Non-taxable securities (b) 318 394 1,021 1,199 Total investment securities (a) 2,450 1,796 6,733 5,297 Trading assets - debt instruments 2,659 2,155 8,343 6,369 Federal funds sold and securities purchased under resale agreements 1,542 952 4,865 2,490 Securities borrowed (c) 434 248 1,298 549 Deposits with banks 898 1,585 3,200 4,449 All other interest-earning assets (c)(d) 552 496 1,482 1,430 Total interest income (c) 21,121 19,439 64,113 55,499 Interest expense Interest-bearing deposits 2,409 1,621 7,010 4,021 Federal funds purchased and securities loaned or sold under repurchase agreements 1,241 827 3,577 2,164 Short-term borrowings (e) 261 288 1,051 757 Trading liabilities – debt and all other interest-bearing liabilities (c)(f) 660 617 2,141 1,674 Long-term debt 2,188 2,056 6,796 5,812 Beneficial interest issued by consolidated VIEs 134 122 459 366 Total interest expense (c) 6,893 5,531 21,034 14,794 Net interest income 14,228 13,908 43,079 40,705 Provision for credit losses 1,514 948 4,158 3,323 Net interest income after provision for credit losses $ 12,714 $ 12,960 $ 38,921 $ 37,382 (a) Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts, net deferred fees/costs, etc.). (b) Represents securities which are tax-exempt for U.S. federal income tax purposes. (c) In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related held-for-investment customer receivables and payables that are currently presented as a single margin account on the balance sheet. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation. (d) Includes prime brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets. (e) Includes commercial paper. (f) Other interest-bearing liabilities include prime brokerage-related customer payables. |
Pension and Other Postretirem_2
Pension and Other Postretirement Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit costs reported in the Consolidated Statements of Income | The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income for the Firm’s U.S. and non-U.S. defined benefit pension, defined contribution and OPEB plans. (in millions) Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 2019 2018 2019 2018 Pension plans OPEB plans Pension plans OPEB plans Components of net periodic benefit cost Benefits earned during the period $ 88 $ 88 $ — $ — $ 266 $ 267 $ — $ — Interest cost on benefit obligations 148 139 6 6 447 417 18 18 Expected return on plan assets (227 ) (246 ) (28 ) (25 ) (686 ) (741 ) (84 ) (77 ) Amortization: Net (gain)/loss 42 26 — — 125 78 — — Prior service (credit)/cost — (7 ) — — 2 (19 ) — — Net periodic defined benefit cost 51 — (22 ) (19 ) 154 2 (66 ) (59 ) Other defined benefit pension plans (a) 7 6 NA NA 20 21 NA NA Total defined benefit plans 58 6 (22 ) (19 ) 174 23 (66 ) (59 ) Total defined contribution plans 255 229 NA NA 718 661 NA NA Total pension and OPEB cost included in noninterest expense $ 313 $ 235 $ (22 ) $ (19 ) $ 892 $ 684 $ (66 ) $ (59 ) (a) Includes various defined benefit pension plans which are individually immaterial. |
Schedule of Fair Values of Plan Assets | The following table presents the fair values of plan assets for the U.S. defined benefit pension and OPEB plans and for the material non-U.S. defined benefit pension plans. (in billions) September 30, December 31, 2018 Fair value of plan assets Defined benefit pension plans $ 20.1 $ 18.1 OPEB plans 2.9 2.6 |
Employee Share-based Incentiv_2
Employee Share-based Incentives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Noncash compensation expense related to employee stock-based incentive plans | The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income. Three months ended Nine months ended (in millions) 2019 2018 2019 2018 Cost of prior grants of RSUs, performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods $ 265 $ 282 $ 882 $ 956 Accrual of estimated costs of share-based awards to be granted in future periods including those to full-career eligible employees 294 240 900 852 Total noncash compensation expense related to employee share-based incentive plans $ 559 $ 522 $ 1,782 $ 1,808 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized costs and estimated fair values | The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. September 30, 2019 December 31, 2018 (in millions) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies (a) $ 103,086 $ 2,556 $ 61 $ 105,581 $ 69,026 $ 594 $ 974 $ 68,646 Residential: U.S. 10,083 273 6 10,350 5,877 79 31 5,925 Non-U.S. 2,490 64 2 2,552 2,529 72 6 2,595 Commercial 5,228 100 4 5,324 6,758 43 147 6,654 Total mortgage-backed securities 120,887 2,993 73 123,807 84,190 788 1,158 83,820 U.S. Treasury and government agencies 141,646 376 493 141,529 55,771 366 78 56,059 Obligations of U.S. states and municipalities 28,871 2,193 — 31,064 36,221 1,582 80 37,723 Certificates of deposit 74 — — 74 75 — — 75 Non-U.S. government debt securities 21,644 524 10 22,158 23,771 351 20 24,102 Corporate debt securities 1,596 39 1 1,634 1,904 23 9 1,918 Asset-backed securities: Collateralized loan obligations 27,942 18 52 27,908 19,612 1 176 19,437 Other 5,199 57 9 5,247 7,225 57 22 7,260 Total available-for-sale securities 347,859 6,200 638 353,421 228,769 3,168 1,543 230,394 Held-to-maturity securities Mortgage-backed securities: U.S. GSEs and government agencies (a) 35,976 1,250 20 37,206 26,610 134 200 26,544 Total mortgage-backed securities 35,976 1,250 20 37,206 26,610 134 200 26,544 U.S. Treasury and government agencies 51 — — 51 — — — — Obligations of U.S. states and municipalities 4,803 317 — 5,120 4,824 105 15 4,914 Total held-to-maturity securities 40,830 1,567 20 42,377 31,434 239 215 31,458 Total investment securities $ 388,689 $ 7,767 $ 658 $ 395,798 $ 260,203 $ 3,407 $ 1,758 $ 261,852 (a) Includes AFS U.S. GSE obligations with fair values of $78.8 billion and $50.7 billion , and HTM U.S. GSE obligations with amortized cost of $30.8 billion and $20.9 billion , at September 30, 2019 , and December 31, 2018 , respectively. As of September 30, 2019 , mortgage-backed securities issued by Fannie Mae and Freddie Mac each exceeded 10% of JPMorgan Chase’s total stockholders’ equity; the amortized cost and fair value of such securities was $69.8 billion and $72.0 billion , and $37.8 billion and $38.8 billion , respectively. |
Securities impairment | The following tables present the fair value and gross unrealized losses for investment securities by aging category at September 30, 2019 , and December 31, 2018 . Investment securities with gross unrealized losses Less than 12 months 12 months or more September 30, 2019 (in millions) Fair value Gross unrealized losses Fair value Gross unrealized losses Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 8,505 $ 37 $ 2,952 $ 24 $ 11,457 $ 61 Residential: U.S. — — 558 6 558 6 Non-U.S. 47 — 472 2 519 2 Commercial 752 4 165 — 917 4 Total mortgage-backed securities 9,304 41 4,147 32 13,451 73 U.S. Treasury and government agencies 84,152 489 540 4 84,692 493 Obligations of U.S. states and municipalities 41 — 23 — 64 — Certificates of deposit 74 — — — 74 — Non-U.S. government debt securities 3,189 6 1,357 4 4,546 10 Corporate debt securities 83 — 36 1 119 1 Asset-backed securities: Collateralized loan obligations 7,086 8 6,684 44 13,770 52 Other 506 3 1,598 6 2,104 9 Total available-for-sale securities 104,435 547 14,385 91 118,820 638 Held-to-maturity securities Mortgage-backed securities U.S. GSEs and government agencies 2,240 20 86 — 2,326 20 Total mortgage-backed securities 2,240 20 86 — 2,326 20 U.S. Treasury and government agencies 51 — — — 51 — Obligations of U.S. states and municipalities — — — — — — Total held-to-maturity securities 2,291 20 86 — 2,377 20 Total investment securities with gross unrealized losses $ 106,726 $ 567 $ 14,471 $ 91 $ 121,197 $ 658 Investment securities with gross unrealized losses Less than 12 months 12 months or more December 31, 2018 (in millions) Fair value Gross unrealized losses Fair value Gross unrealized losses Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 17,656 $ 318 $ 22,728 $ 656 $ 40,384 $ 974 Residential: U.S. 623 4 1,445 27 2,068 31 Non-U.S. 907 5 165 1 1,072 6 Commercial 974 6 3,172 141 4,146 147 Total mortgage-backed securities 20,160 333 27,510 825 47,670 1,158 U.S. Treasury and government agencies 4,792 7 2,391 71 7,183 78 Obligations of U.S. states and municipalities 1,808 15 2,477 65 4,285 80 Certificates of deposit 75 — — — 75 — Non-U.S. government debt securities 3,123 5 1,937 15 5,060 20 Corporate debt securities 478 8 37 1 515 9 Asset-backed securities: Collateralized loan obligations 18,681 176 — — 18,681 176 Other 1,208 6 2,354 16 3,562 22 Total available-for-sale securities 50,325 550 36,706 993 87,031 1,543 Held-to-maturity securities Mortgage-backed securities U.S. GSEs and government agencies 4,385 23 7,082 177 11,467 200 Total mortgage-backed securities 4,385 23 7,082 177 11,467 200 U.S. Treasury and government agencies — — — — — — Obligations of U.S. states and municipalities 12 — 1,114 15 1,126 15 Total held-to-maturity securities 4,397 23 8,196 192 12,593 215 Total investment securities with gross unrealized losses $ 54,722 $ 573 $ 44,902 $ 1,185 $ 99,624 $ 1,758 |
Securities gains and losses | The following table presents realized gains and losses and OTTI from AFS securities that were recognized in income. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Realized gains $ 78 $ 58 $ 454 $ 137 Realized losses — (103 ) (319 ) (507 ) OTTI losses (a) — (1 ) — (1 ) Net investment securities gains/(losses) $ 78 $ (46 ) $ 135 $ (371 ) (a) Represents OTTI losses recognized in income on investment securities the Firm intends to sell. Excludes realized losses on securities sold of $21 million for the nine months ended September 30, 2018 that had been previously reported as an OTTI loss due to the intention to sell the securities. |
Amortized cost and estimated fair value by contractual maturity | The following table presents the amortized cost and estimated fair value at September 30, 2019 , of JPMorgan Chase ’s investment securities portfolio by contractual maturity. By remaining maturity September 30, 2019 (in millions) Due in one year or less Due after one year through five years Due after five years through 10 years Due after 10 years (b) Total Available-for-sale securities Mortgage-backed securities Amortized cost $ 14 $ 59 $ 10,230 $ 110,584 $ 120,887 Fair value 14 60 10,476 113,257 123,807 Average yield (a) 3.59 % 2.73 % 2.92 % 3.45 % 3.40 % U.S. Treasury and government agencies Amortized cost $ 10,904 $ 95,139 $ 25,557 $ 10,046 $ 141,646 Fair value 10,901 95,231 25,659 9,738 141,529 Average yield (a) 1.99 % 1.96 % 2.02 % 2.04 % 1.98 % Obligations of U.S. states and municipalities Amortized cost $ 170 $ 228 $ 1,089 $ 27,384 $ 28,871 Fair value 172 236 1,135 29,521 31,064 Average yield (a) 3.32 % 4.00 % 5.60 % 4.94 % 4.95 % Certificates of deposit Amortized cost $ 74 $ — $ — $ — $ 74 Fair value 74 — — — 74 Average yield (a) 0.49 % — % — % — % 0.49 % Non-U.S. government debt securities Amortized cost $ 6,342 $ 11,580 $ 3,416 $ 306 $ 21,644 Fair value 6,350 11,870 3,633 305 22,158 Average yield (a) 2.23 % 1.99 % 1.34 % 1.67 % 1.95 % Corporate debt securities Amortized cost $ 216 $ 718 $ 662 $ — $ 1,596 Fair value 218 737 679 — 1,634 Average yield (a) 4.83 % 3.91 % 3.78 % — % 3.98 % Asset-backed securities Amortized cost $ — $ 1,873 $ 9,411 $ 21,857 $ 33,141 Fair value — 1,876 9,412 21,867 33,155 Average yield (a) — % 2.94 % 3.17 % 3.03 % 3.06 % Total available-for-sale securities Amortized cost $ 17,720 $ 109,597 $ 50,365 $ 170,177 $ 347,859 Fair value 17,729 110,010 50,994 174,688 353,421 Average yield (a) 2.12 % 2.00 % 2.47 % 3.55 % 2.83 % Held-to-maturity securities Mortgage-backed securities Amortized cost $ — $ — $ 4,655 $ 31,321 $ 35,976 Fair value — — 5,049 32,157 37,206 Average yield (a) — % — % 3.29 % 3.12 % 3.14 % U.S. Treasury and government agencies Amortized cost $ — $ 51 $ — $ — $ 51 Fair value — 51 — — 51 Average yield (a) — % 1.47 % — % — % 1.47 % Obligations of U.S. states and municipalities Amortized cost $ — $ — $ 55 $ 4,748 $ 4,803 Fair value — — 58 5,062 5,120 Average yield (a) — % — % 3.89 % 4.02 % 4.02 % Total held-to-maturity securities Amortized cost $ — $ 51 $ 4,710 $ 36,069 $ 40,830 Fair value — 51 5,107 37,219 42,377 Average yield (a) — % 1.47 % 3.30 % 3.24 % 3.24 % (a) Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. (b) Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately 5 years for agency residential MBS, 3 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations. |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Securities Financing Transactions Disclosures [Abstract] | |
Schedule of securities sold under repurchase agreements, netting & securities loaned | The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of September 30, 2019 and December 31, 2018 . When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. September 30, 2019 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets (b) Amounts not nettable on the Consolidated balance sheets (c) Net amounts (d) Assets Securities purchased under resale agreements $ 630,033 $ (372,650 ) $ 257,383 $ (244,241 ) $ 13,142 Securities borrowed 160,304 (21,968 ) 138,336 (104,517 ) 33,819 Liabilities Securities sold under repurchase agreements $ 608,618 $ (372,650 ) $ 235,968 $ (213,150 ) $ 22,818 Securities loaned and other (a) 34,104 (21,968 ) 12,136 (11,878 ) 258 December 31, 2018 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets (b) Amounts not nettable on the Consolidated balance sheets (c) Net amounts (d) Assets Securities purchased under resale agreements $ 691,116 $ (369,612 ) $ 321,504 $ (308,854 ) $ 12,650 Securities borrowed 132,955 (20,960 ) 111,995 (79,747 ) 32,248 Liabilities Securities sold under repurchase agreements $ 541,587 $ (369,612 ) $ 171,975 $ (149,125 ) $ 22,850 Securities loaned and other (a) 33,700 (20,960 ) 12,740 (12,358 ) 382 (a) Includes securities-for-securities lending agreements of $2.4 billion and $3.3 billion at September 30, 2019 and December 31, 2018 , respectively, accounted for at fair value, where the Firm is acting as lender. In the Consolidated balance sheets, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities. (b) Includes securities financing agreements accounted for at fair value. At September 30, 2019 and December 31, 2018 , included securities purchased under resale agreements of $13.7 billion and $13.2 billion , respectively; securities sold under repurchase agreements of $933 million and $935 million , respectively; and securities borrowed of $5.8 billion and $5.1 billion , respectively. There were no securities loaned accounted for at fair value in either period. (c) In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty. (d) Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At September 30, 2019 and December 31, 2018 , included $9.1 billion and $7.9 billion , respectively, of securities purchased under resale agreements; $30.6 billion and $30.3 billion , respectively, of securities borrowed; $21.9 billion and $21.5 billion , respectively, of securities sold under repurchase agreements; and $96 million and $25 million , respectively, of securities loaned and other. |
Schedule of types of assets pledged in secured financing transactions | The tables below present as of September 30, 2019 , and December 31, 2018 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance September 30, 2019 December 31, 2018 (in millions) Securities sold under repurchase agreements Securities loaned and other Securities sold under repurchase agreements Securities loaned and other Mortgage-backed securities U.S. GSEs and government agencies $ 33,399 $ — $ 34,311 (a) $ — Residential - nonagency 1,804 — 2,165 — Commercial - nonagency 1,778 — 1,390 — U.S. Treasury, GSEs and government agencies 366,820 8 317,578 (a) 69 Obligations of U.S. states and municipalities 1,400 — 1,150 — Non-U.S. government debt 165,568 1,769 154,900 4,313 Corporate debt securities 13,067 1,361 13,898 428 Asset-backed securities 1,746 — 3,867 — Equity securities 23,036 30,966 12,328 28,890 Total $ 608,618 $ 34,104 $ 541,587 $ 33,700 (a) The prior period amounts have been revised to conform with the current period presentation. Remaining contractual maturity of the agreements Overnight and continuous Greater than 90 days September 30, 2019 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 336,082 $ 132,662 $ 53,504 $ 86,370 $ 608,618 Total securities loaned and other 30,172 231 748 2,953 34,104 Remaining contractual maturity of the agreements Overnight and continuous Greater than 90 days December 31, 2018 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 247,579 $ 174,971 $ 71,637 $ 47,400 $ 541,587 Total securities loaned and other 28,402 997 2,132 2,169 33,700 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loan portfolio segment descriptions | The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class. Consumer, excluding credit card (a) Credit card Wholesale (f) Residential real estate – excluding PCI • Residential mortgage (b) • Home equity (c) Other consumer loans (d) • Auto • Consumer & Business Banking (e) Residential real estate – PCI • Home equity • Prime mortgage • Subprime mortgage • Option ARMs • Credit card loans • Commercial and industrial • Real estate • Financial institutions • Governments & Agencies • Other (g) (a) Includes loans held in CCB, scored prime mortgage and scored home equity loans held in AWM and prime mortgage loans held in Corporate . (b) Predominantly includes prime loans (including option ARMs). (c) Includes senior and junior lien home equity loans. (d) Includes certain business banking and auto dealer risk-rated loans that apply the wholesale methodology for determining the allowance for loan losses; these loans are managed by CCB, and therefore, for consistency in presentation, are included with the other consumer loan classes. (e) Predominantly includes Business Banking loans. (f) Includes loans held in CIB, CB, AWM and Corporate. Excludes scored prime mortgage and scored home equity loans held in AWM and prime mortgage loans held in Corporate. Classes are internally defined and may not align with regulatory definitions. (g) Includes loans to: individuals and individual entities (predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. Refer to Note 14 of JPMorgan Chase ’s 2018 Form 10-K f or more information on SPEs. |
Schedule of loans by portfolio segment | The following tables summarize the Firm’s loan balances by portfolio segment. September 30, 2019 Consumer, excluding credit card Credit card (a) Wholesale Total (in millions) Retained $ 331,809 $ 159,571 $ 437,507 $ 928,887 (b) Held-for-sale 4,821 — 5,750 10,571 At fair value — — 5,760 5,760 Total $ 336,630 $ 159,571 $ 449,017 $ 945,218 December 31, 2018 Consumer, excluding credit card Credit card (a) Wholesale Total (in millions) Retained $ 373,637 $ 156,616 $ 439,162 $ 969,415 (b) Held-for-sale 95 16 11,877 11,988 At fair value — — 3,151 3,151 Total $ 373,732 $ 156,632 $ 454,190 $ 984,554 (a) Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income. (b) Loans (other than PCI loans and loans for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of September 30, 2019 , and December 31, 2018 . The following table provides information about retained consumer loans, excluding credit card, by class. (in millions) September 30, December 31, Residential real estate – excluding PCI Residential mortgage $ 197,456 $ 231,078 Home equity 24,954 28,340 Other consumer loans Auto 61,410 63,573 Consumer & Business Banking 26,699 26,612 Residential real estate – PCI Home equity 7,753 8,963 Prime mortgage 4,164 4,690 Subprime mortgage 1,797 1,945 Option ARMs 7,576 8,436 Total retained loans $ 331,809 $ 373,637 |
Schedule of retained loans purchased, sold and reclassified to held-for-sale | The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Reclassifications of loans to held-for sale are non-cash transactions. The Firm manages its exposure to credit risk on an ongoing basis. Selling loans is one way that the Firm reduces its credit exposures. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table. 2019 2018 Three months ended September 30, Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Purchases $ 259 (a)(b) $ — $ 453 $ 712 $ 561 (a)(b) $ — $ 285 $ 846 Sales 14,970 — 5,559 20,529 1,789 — 4,197 5,986 Retained loans reclassified to held-for-sale 3,889 — 359 4,248 — — 666 666 2019 2018 Nine months ended September 30, Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Purchases $ 1,044 (a)(b) $ — $ 1,041 $ 2,085 $ 2,164 (a)(b) $ — $ 1,915 $ 4,079 Sales 30,484 — 16,404 46,888 4,661 — 12,829 17,490 Retained loans reclassified to held-for-sale 8,950 — 1,784 10,734 36 — 1,926 1,962 (a) Purchases predominantly represent the Firm’s voluntary repurchase of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA. (b) Excludes purchases of retained loans sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. Such purchases were $4.7 billion and $5.6 billion for the three months ended September 30, 2019 and 2018 , respectively, and $12.2 billion and $14.5 billion for the nine months ended September 30, 2019 and 2018 , respectively. |
Schedule of financing receivable credit quality indicators | The table below sets forth information about the Firm’s consumer, excluding credit card, PCI loans. Home equity Prime mortgage Subprime mortgage Option ARMs Total PCI Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Carrying value (a) $ 7,753 $ 8,963 $ 4,164 $ 4,690 $ 1,797 $ 1,945 $ 7,576 $ 8,436 $ 21,290 $ 24,034 Loan delinquency (based on unpaid principal balance) Current $ 7,543 $ 8,624 $ 3,759 $ 4,226 $ 1,915 $ 2,033 $ 6,876 $ 7,592 $ 20,093 $ 22,475 30–149 days past due 234 278 241 259 247 286 362 398 1,084 1,221 150 or more days past due 165 242 183 223 99 123 350 457 797 1,045 Total loans $ 7,942 $ 9,144 $ 4,183 $ 4,708 $ 2,261 $ 2,442 $ 7,588 $ 8,447 $ 21,974 $ 24,741 % of 30+ days past due to total loans 5.02 % 5.69 % 10.14 % 10.24 % 15.30 % 16.75 % 9.38 % 10.12 % 8.56 % 9.16 % Current estimated LTV ratios (based on unpaid principal balance) (b)(c) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 13 $ 17 $ 2 $ 1 $ — $ — $ 3 $ 3 $ 18 $ 21 Less than 660 10 13 6 7 7 9 5 7 28 36 101% to 125% and refreshed FICO scores: Equal to or greater than 660 96 135 6 6 7 4 18 17 127 162 Less than 660 46 65 19 22 24 35 18 33 107 155 80% to 100% and refreshed FICO scores: Equal to or greater than 660 643 805 58 75 52 54 102 119 855 1,053 Less than 660 271 388 71 112 109 161 128 190 579 851 Lower than 80% and refreshed FICO scores: Equal to or greater than 660 5,031 5,548 2,559 2,689 809 739 4,932 5,111 13,331 14,087 Less than 660 1,613 1,908 1,283 1,568 1,155 1,327 2,093 2,622 6,144 7,425 No FICO/LTV available 219 265 179 228 98 113 289 345 785 951 Total unpaid principal balance $ 7,942 $ 9,144 $ 4,183 $ 4,708 $ 2,261 $ 2,442 $ 7,588 $ 8,447 $ 21,974 $ 24,741 Geographic region (based on unpaid principal balance) (d) California $ 4,704 $ 5,420 $ 2,280 $ 2,578 $ 549 $ 593 $ 4,355 $ 4,798 $ 11,888 $ 13,389 Florida 865 976 295 332 218 234 630 713 2,008 2,255 New York 469 525 338 365 249 268 452 502 1,508 1,660 Illinois 207 233 139 154 115 123 181 199 642 709 Washington 348 419 85 98 38 44 155 177 626 738 New Jersey 184 210 117 134 81 88 222 258 604 690 Massachusetts 56 65 103 113 69 73 216 240 444 491 Maryland 43 48 89 95 90 96 160 178 382 417 Virginia 47 54 82 91 35 37 190 211 354 393 Arizona 138 165 60 69 39 43 99 112 336 389 All other 881 1,029 595 679 778 843 928 1,059 3,182 3,610 Total unpaid principal balance $ 7,942 $ 9,144 $ 4,183 $ 4,708 $ 2,261 $ 2,442 $ 7,588 $ 8,447 $ 21,974 $ 24,741 (a) Carrying value includes the effect of fair value adjustments that were applied to the consumer PCI portfolio at the date of acquisition. (b) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. (c) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. (d) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2019 . The following table represents the Firm’s delinquency statistics for PCI junior lien home equity loans and lines of credit based on the unpaid principal balance as of September 30, 2019 , and December 31, 2018 . Total loans Total 30+ day delinquency rate (in millions, except ratios) Sep 30, Dec 31, Sep 30, Dec 31, HELOCs (a)(b) 5,623 6,531 3.66 % 4.00 % HELOANs 234 280 2.99 3.57 Total $ 5,857 $ 6,811 3.64 % 3.98 % (a) In general, these HELOCs are revolving loans for a 10 -year period, after which time the HELOC converts to an interest-only loan with a balloon payment at the end of the loan’s term. Substantially all HELOCs are beyond the revolving period. (b) Includes loans modified into fixed rate amortizing loans. The table below provides information for other consumer retained loan classes, including auto and business banking loans. (in millions, except ratios) Auto Consumer & Business Banking Total other consumer Sep 30, 2019 Dec 31, 2018 Sep 30, 2019 Dec 31, 2018 Sep 30, 2019 Dec 31, 2018 Loan delinquency Current $ 60,872 $ 62,984 $ 26,346 $ 26,249 $ 87,218 $ 89,233 30–119 days past due 534 589 231 252 765 841 120 or more days past due 4 — 122 111 126 111 Total retained loans $ 61,410 $ 63,573 $ 26,699 $ 26,612 $ 88,109 $ 90,185 % of 30+ days past due to total retained loans 0.88 % 0.93 % 1.32 % 1.36 % 1.01 % 1.06 % Nonaccrual loans (a) 112 128 268 245 380 373 Geographic region (b) California $ 8,016 $ 8,330 $ 5,744 $ 5,520 $ 13,760 $ 13,850 Texas 6,644 6,531 3,042 2,993 9,686 9,524 New York 3,627 3,863 4,339 4,381 7,966 8,244 Illinois 3,438 3,716 1,737 2,046 5,175 5,762 Florida 3,280 3,256 1,565 1,502 4,845 4,758 Arizona 1,990 2,084 1,268 1,491 3,258 3,575 Ohio 1,900 1,973 1,189 1,305 3,089 3,278 New Jersey 1,920 1,981 805 723 2,725 2,704 Michigan 1,279 1,357 1,264 1,329 2,543 2,686 Louisiana 1,598 1,587 768 860 2,366 2,447 All other 27,718 28,895 4,978 4,462 32,696 33,357 Total retained loans $ 61,410 $ 63,573 $ 26,699 $ 26,612 $ 88,109 $ 90,185 Loans by risk ratings (c) Noncriticized $ 13,823 $ 15,749 $ 18,738 $ 18,743 $ 32,561 $ 34,492 Criticized performing 394 273 747 751 1,141 1,024 Criticized nonaccrual — — 218 191 218 191 (a) There were no loans that were 90 or more days past due and still accruing interest at September 30, 2019 , and December 31, 2018 . (b) The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at September 30, 2019 . (c) For risk-rated business banking and auto loans, the primary credit quality indicator is the risk rating of the loan, including whether the loans are considered to be criticized and/or nonaccrual. The following table provides information by class for retained residential real estate – excluding PCI loans. Residential real estate – excluding PCI loans (in millions, except ratios) Residential mortgage Home equity Total residential real estate – excluding PCI Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Loan delinquency (a) Current $ 196,354 $ 225,899 $ 24,398 $ 27,611 $ 220,752 $ 253,510 30–149 days past due 691 2,763 355 453 1,046 3,216 150 or more days past due 411 2,416 201 276 612 2,692 Total retained loans $ 197,456 $ 231,078 $ 24,954 $ 28,340 $ 222,410 $ 259,418 % of 30+ days past due to total retained loans (b) 0.53 % 0.48 % 2.23 % 2.57 % 0.72 % 0.71 % 90 or more days past due and government guaranteed (c) $ 40 $ 2,541 $ — $ — $ 40 $ 2,541 Nonaccrual loans 1,629 1,765 1,208 1,323 2,837 3,088 Current estimated LTV ratios (d)(e) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 25 $ 25 $ 4 $ 6 $ 29 $ 31 Less than 660 20 13 2 1 22 14 101% to 125% and refreshed FICO scores: Equal to or greater than 660 22 37 68 111 90 148 Less than 660 35 53 23 38 58 91 80% to 100% and refreshed FICO scores: Equal to or greater than 660 4,650 3,977 697 986 5,347 4,963 Less than 660 212 281 214 326 426 607 Less than 80% and refreshed FICO scores: Equal to or greater than 660 185,438 212,505 20,394 22,632 205,832 235,137 Less than 660 6,035 6,457 2,842 3,355 8,877 9,812 No FICO/LTV available 952 813 710 885 1,662 1,698 U.S. government-guaranteed 67 6,917 — — 67 6,917 Total retained loans $ 197,456 $ 231,078 $ 24,954 $ 28,340 $ 222,410 $ 259,418 Geographic region (f) California $ 66,166 $ 74,759 $ 5,074 $ 5,695 $ 71,240 $ 80,454 New York 25,442 28,847 5,074 5,769 30,516 34,616 Illinois 13,304 15,249 1,868 2,131 15,172 17,380 Texas 12,345 13,769 1,640 1,819 13,985 15,588 Florida 10,195 10,704 1,366 1,575 11,561 12,279 Washington 7,638 8,304 762 869 8,400 9,173 Colorado 7,577 8,140 458 521 8,035 8,661 New Jersey 5,749 7,302 1,447 1,642 7,196 8,944 Massachusetts 5,610 6,574 208 236 5,818 6,810 Arizona 3,862 4,434 986 1,158 4,848 5,592 All other (g) 39,568 52,996 6,071 6,925 45,639 59,921 Total retained loans $ 197,456 $ 231,078 $ 24,954 $ 28,340 $ 222,410 $ 259,418 (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $20 million and $2.8 billion ; 30 – 149 days past due included $16 million and $2.1 billion ; and 150 or more days past due included $31 million and $2.0 billion at September 30, 2019 , and December 31, 2018 , respectively. (b) At September 30, 2019 , and December 31, 2018 , residential mortgage loans excluded mortgage loans insured by U.S. government agencies of $47 million and $4.1 billion , respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee. (c) These balances, which are 90 days or more past due, were excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At September 30, 2019 , and December 31, 2018 , these balances included $38 million and $999 million , respectively, of loans that are no longer accruing interest based on the agreed-upon servicing guidelines. For the remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at September 30, 2019 , and December 31, 2018 . (d) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. (e) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. (f) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2019 . (g) At September 30, 2019 , and December 31, 2018 , included mortgage loans insured by U.S. government agencies of $67 million and $6.9 billion , respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee. Approximately 37% of the home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following table provides the Firm’s delinquency statistics for junior lien home equity loans and lines of credit as of September 30, 2019 , and December 31, 2018 . Total loans Total 30+ day delinquency rate (in millions, except ratios) Sep 30, Dec 31, Sep 30, Dec 31, HELOCs: (a) Within the revolving period (b) $ 5,625 $ 5,608 0.37 % 0.25 % Beyond the revolving period 9,283 11,286 2.47 2.80 HELOANs 827 1,030 2.42 2.82 Total $ 15,735 $ 17,924 1.72 % 2.00 % (a) These HELOCs are predominantly revolving loans for a 10 -year period, after which time the HELOC converts to a loan with a 20 -year amortization period, but also include HELOCs that allow interest-only payments beyond the revolving period. (b) The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are experiencing financial difficulty. The table below sets forth information about the Firm’s credit card loans. (in millions, except ratios) September 30, December 31, Loan delinquency Current and less than 30 days past due and still accruing $ 156,629 $ 153,746 30–89 days past due and still accruing 1,500 1,426 90 or more days past due and still accruing 1,442 1,444 Total retained loans $ 159,571 $ 156,616 Loan delinquency ratios % of 30+ days past due to total retained loans 1.84 % 1.83 % % of 90+ days past due to total retained loans 0.90 0.92 Geographic region (a) California $ 24,313 $ 23,757 Texas 15,790 15,085 New York 13,940 13,601 Florida 10,101 9,770 Illinois 9,125 8,938 New Jersey 6,821 6,739 Ohio 5,093 5,094 Pennsylvania 4,918 4,996 Colorado 4,543 4,309 Michigan 3,942 3,912 All other 60,985 60,415 Total retained loans $ 159,571 $ 156,616 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 83.6 % 84.2 % Less than 660 15.6 15.0 No FICO available 0.8 0.8 (a) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2019 . The following table presents additional information on the real estate class of loans within the Wholesale portfolio for the periods indicated. Refer to Note 12 of JPMorgan Chase ’s 2018 Form 10-K for further information on real estate loans. (in millions, except ratios) Multifamily Other commercial Total real estate loans Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Real estate retained loans $ 79,169 $ 79,184 $ 36,657 $ 36,553 $ 115,826 $ 115,737 Criticized exposure 533 388 340 366 873 754 % of total criticized exposure to total real estate retained loans 0.67 % 0.49 % 0.93 % 1.00 % 0.75 % 0.65 % Criticized nonaccrual $ 34 $ 57 $ 31 $ 77 $ 65 $ 134 % of criticized nonaccrual loans to total real estate retained loans 0.04 % 0.07 % 0.08 % 0.21 % 0.06 % 0.12 % The table below provides information by class of receivable for the retained loans in the Wholesale portfolio segment. Commercial and industrial Real estate Financial Governments & Agencies Other (d) Total (in millions, except ratios) Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Loans by risk ratings Investment-grade $ 61,709 $ 73,497 $ 101,379 $ 100,107 $ 39,492 $ 32,178 $ 12,905 $ 13,984 $ 121,813 $ 119,963 $ 337,298 $ 339,729 Noninvestment-grade: Noncriticized 52,484 51,720 13,574 14,876 16,123 15,316 206 201 11,059 11,478 93,446 93,591 Criticized performing 3,743 3,738 808 620 202 150 — 2 540 182 5,293 4,692 Criticized nonaccrual 1,291 851 65 134 22 4 — — 92 161 1,470 1,150 Total noninvestment- grade 57,518 56,309 14,447 15,630 16,347 15,470 206 203 11,691 11,821 100,209 99,433 Total retained loans $ 119,227 $ 129,806 $ 115,826 $ 115,737 $ 55,839 $ 47,648 $ 13,111 $ 14,187 $ 133,504 $ 131,784 $ 437,507 $ 439,162 % of total criticized exposure to total retained loans 4.22 % 3.54 % 0.75 % 0.65 % 0.40 % 0.32 % — % 0.01 % 0.47 % 0.26 % 1.55 % 1.33 % % of criticized nonaccrual to total retained loans 1.08 0.66 0.06 0.12 0.04 0.01 — — 0.07 0.12 0.34 0.26 Loans by geographic distribution (a) Total non-U.S. $ 28,850 $ 29,572 $ 3,202 $ 2,967 $ 17,112 $ 18,524 $ 2,699 $ 3,150 $ 48,394 $ 48,433 $ 100,257 $ 102,646 Total U.S. 90,377 100,234 112,624 112,770 38,727 29,124 10,412 11,037 85,110 83,351 337,250 336,516 Total retained loans $ 119,227 $ 129,806 $ 115,826 $ 115,737 $ 55,839 $ 47,648 $ 13,111 $ 14,187 $ 133,504 $ 131,784 $ 437,507 $ 439,162 Loan delinquency (b) Current and less than 30 days past due and still accruing $ 117,621 $ 128,678 $ 115,733 $ 115,533 $ 55,764 $ 47,622 $ 13,097 $ 14,165 $ 132,844 $ 130,918 $ 435,059 $ 436,916 30–89 days past due and still accruing 279 109 22 67 51 12 13 18 568 702 933 908 90 or more days past due and still accruing (c) 36 168 6 3 2 10 1 4 — 3 45 188 Criticized nonaccrual 1,291 851 65 134 22 4 — — 92 161 1,470 1,150 Total retained loans $ 119,227 $ 129,806 $ 115,826 $ 115,737 $ 55,839 $ 47,648 $ 13,111 $ 14,187 $ 133,504 $ 131,784 $ 437,507 $ 439,162 (a) The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower. (b) The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. Refer to Note 12 of JPMorgan Chase ’s 2018 Form 10-K for a further discussion. (c) Represents loans that are considered well-collateralized and therefore still accruing interest. (d) Other includes individuals and individual entities (predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. Refer to Note 14 of JPMorgan Chase ’s 2018 Form 10-K for more information on SPEs. |
Schedule of impaired financing receivables | The table below sets forth information about the Firm’s residential real estate impaired loans, excluding PCI loans. These loans are considered to be impaired as they have been modified in a TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 13 of JPMorgan Chase ’s 2018 Form 10-K . Residential mortgage Home equity Total residential real estate – excluding PCI Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Impaired loans With an allowance $ 2,958 $ 3,381 $ 1,062 $ 1,142 $ 4,020 $ 4,523 Without an allowance (a) 1,160 1,184 899 870 2,059 2,054 Total impaired loans (b)(c) $ 4,118 $ 4,565 $ 1,961 $ 2,012 $ 6,079 $ 6,577 Allowance for loan losses related to impaired loans $ 63 $ 88 $ 14 $ 45 $ 77 $ 133 Unpaid principal balance of impaired loans (d) 5,578 6,207 3,355 3,466 8,933 9,673 Impaired loans on nonaccrual status (e) 1,376 1,459 981 955 2,357 2,414 (a) Represents collateral-dependent residential real estate loans that are charged off to the fair value of the underlying collateral less cost to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At September 30, 2019 , Chapter 7 residential real estate loans included approximately 12% of residential mortgages and 7% of home equity that were 30 days or more past due. (b) At September 30, 2019 , and December 31, 2018 , $16 million and $4.1 billion , respectively, of loans modified subsequent to repurchase from Ginnie Mae in accordance with the standards of the appropriate government agency (i.e., FHA, VA, RHS) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure. (c) Predominantly all impaired loans in the table above are in the U.S. (d) Represents the contractual amount of principal owed at September 30, 2019 , and December 31, 2018 . The unpaid principal balance differs from the impaired loan balances due to various factors including charge-offs, net deferred loan fees or costs, and unamortized discounts or premiums on purchased loans. (e) At September 30, 2019 and December 31, 2018 , nonaccrual loans included $1.9 billion and $2.0 billion , respectively, of TDRs for which the borrowers were less than 90 days past due. Refer to the Loan accounting framework in Note 12 of JPMorgan Chase ’s 2018 Form 10-K for additional information about loans modified in a TDR that are on nonaccrual status. The table below sets forth information about the Firm’s other consumer impaired loans, including risk-rated business banking and auto loans that have been placed on nonaccrual status, and loans that have been modified in TDRs. (in millions) September 30, December 31, Impaired loans With an allowance $ 242 $ 222 Without an allowance (a) 20 29 Total impaired loans (b)(c) $ 262 $ 251 Allowance for loan losses related to impaired loans $ 68 $ 63 Unpaid principal balance of impaired loans (d) 357 355 Impaired loans on nonaccrual status 240 229 (a) When discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged off and/or there have been interest payments received and applied to the loan balance. (b) Predominantly all other consumer impaired loans are in the U.S. (c) Other consumer average impaired loans were $254 million and $271 million for the three months ended September 30, 2019 and 2018 , respectively, and $248 million and $281 million for the nine months ended September 30, 2019 and 2018 , respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the three and nine months ended September 30, 2019 and 2018 . (d) Represents the contractual amount of principal owed at September 30, 2019 , and December 31, 2018 . The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs, interest payments received and applied to the principal balance, net deferred loan fees or costs, and unamortized discounts or premiums on purchased loans. The table below sets forth information about the Firm’s impaired credit card loans. All of these loans are considered to be impaired as they have been modified in TDRs. (in millions) September 30, December 31, Impaired credit card loans with an allowance (a)(b)(c) $ 1,423 $ 1,319 Allowance for loan losses related to impaired credit card loans 488 440 (a) The carrying value and the unpaid principal balance are the same for credit card impaired loans. (b) There were no impaired loans without an allowance. (c) Predominantly all impaired credit card loans are in the U.S. The table below sets forth information about the Firm’s wholesale impaired retained loans. (in millions) Commercial and industrial Real estate Financial institutions Governments & Agencies Other Total retained loans Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Impaired loans With an allowance $ 1,068 $ 807 $ 46 $ 107 $ 22 $ 4 $ — $ — $ 96 $ 152 $ 1,232 $ 1,070 Without an allowance (a) 279 140 21 27 — — — — 4 13 304 180 Total impaired loans $ 1,347 $ 947 $ 67 $ 134 $ 22 $ 4 $ — $ — $ 100 $ 165 $ 1,536 (c) $ 1,250 (c) Allowance for loan losses related to impaired loans $ 320 $ 252 $ 13 $ 25 $ 7 $ 1 $ — $ — $ 2 $ 19 $ 342 $ 297 Unpaid principal balance of impaired loans (b) 1,532 1,043 104 203 23 4 — — 336 473 1,995 1,723 (a) When the discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged-off and/or there have been interest payments received and applied to the loan balance. (b) Represents the contractual amount of principal owed at September 30, 2019 , and December 31, 2018 . The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs; interest payments received and applied to the carrying value; net deferred loan fees or costs; and unamortized discount or premiums on purchased loans. (c) Based upon the domicile of the borrower, largely consists of loans in the U.S. |
Schedule of impaired financing receivables, average recorded investment | The following tables present average impaired loans and the related interest income reported by the Firm. Three months ended September 30, Average impaired loans Interest income on impaired loans (a) Interest income on impaired (a) 2019 2018 2019 2018 2019 2018 Residential mortgage $ 4,200 $ 4,872 $ 55 $ 61 $ 17 $ 19 Home equity 1,938 2,065 33 33 21 21 Total residential real estate – excluding PCI $ 6,138 $ 6,937 $ 88 $ 94 $ 38 $ 40 Nine months ended September 30, Average impaired loans Interest income on impaired loans (a) Interest income on impaired loans on a cash basis (a) 2019 2018 2019 2018 2019 2018 Residential mortgage $ 4,390 $ 5,242 $ 171 $ 197 $ 52 $ 58 Home equity 1,973 2,092 99 98 62 63 Total residential real estate – excluding PCI $ 6,363 $ 7,334 $ 270 $ 295 $ 114 $ 121 (a) Generally, interest income on loans modified in TDRs is recognized on a cash basis until the borrower has made a minimum of six payments under the new terms, unless the loan is deemed to be collateral-dependent. The following table presents average balances of impaired credit card loans and interest income recognized on those loans. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Average impaired credit card loans $ 1,406 $ 1,267 $ 1,371 $ 1,245 Interest income on impaired credit card loans 18 17 53 48 The following table presents the Firm’s average impaired retained loans for the periods indicated. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Commercial and industrial $ 1,073 $ 838 $ 1,082 $ 1,095 Real estate 80 134 105 138 Financial institutions 9 45 11 76 Governments & Agencies — — — — Other 123 202 207 214 Total (a) $ 1,285 $ 1,219 $ 1,405 $ 1,523 (a) The related interest income on accruing impaired loans and interest income recognized on a cash basis were not material for the three and nine months ended September 30, 2019 and 2018 . |
Troubled debt restructuring on financing receivables | The following table presents new TDRs reported by the Firm. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Residential mortgage $ 50 $ 67 $ 181 $ 314 Home equity 100 55 214 241 Total residential real estate – excluding PCI $ 150 $ 122 $ 395 $ 555 |
Troubled debt restructuring on financing receivables nature and extent of modifications | The following tables provide information about how residential real estate loans, excluding PCI loans, were modified under the Firm’s loss mitigation programs described above during the periods presented. These tables exclude Chapter 7 loans where the sole concession granted is the discharge of debt. Three months ended September 30, Total residential real estate – excluding PCI Residential mortgage Home equity 2019 2018 2019 2018 2019 2018 Number of loans approved for a trial modification 365 513 854 586 1,219 1,099 Number of loans permanently modified 307 719 855 939 1,162 1,658 Concession granted: (a) Interest rate reduction 78 % 58 % 93 % 77 % 89 % 69 % Term or payment extension 94 83 59 88 68 86 Principal and/or interest deferred 21 30 6 11 10 19 Principal forgiveness 7 9 4 7 5 8 Other (b) 53 36 85 58 76 49 Nine months ended September 30, Total residential Residential mortgage Home equity 2019 2018 2019 2018 2019 2018 Number of loans approved for a trial modification 1,603 1,789 1,786 1,895 3,389 3,684 Number of loans permanently modified 1,178 2,374 2,778 4,005 3,956 6,379 Concession granted: (a) Interest rate reduction 65 % 36 % 83 % 57 % 78 % 49 % Term or payment extension 91 49 64 62 72 57 Principal and/or interest deferred 26 47 7 22 13 31 Principal forgiveness 6 7 5 7 5 7 Other (b) 44 40 71 58 63 52 (a) Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications. (b) Includes variable interest rate to fixed interest rate modifications and forbearances that meet the definition of a TDR for the three and nine months ended September 30, 2019 and 2018 . Forbearances suspend or reduce monthly payments for a specific period of time to address a temporary hardship. |
Troubled debt restructuring on financing receivables, financial effects of modifications and re-defaults | The following tables provide information about the financial effects of the various concessions granted in modifications of residential real estate loans, excluding PCI loans, under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following tables present only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. These tables also exclude Chapter 7 loans where the sole concession granted is the discharge of debt. Three months ended September 30, Residential mortgage Home equity Total residential real estate – excluding PCI 2019 2018 2019 2018 2019 2018 Weighted-average interest rate of loans with interest rate reductions – before TDR 5.68 % 6.13 % 5.50 % 5.69 % 5.57 % 5.89 % Weighted-average interest rate of loans with interest rate reductions – after TDR 3.99 4.23 3.30 3.83 3.58 4.01 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 21 22 19 18 20 21 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 39 39 39 39 39 39 Charge-offs recognized upon permanent modification $ — $ — $ — $ — $ — $ — Principal deferred 5 7 1 2 6 9 Principal forgiven 1 3 1 1 2 4 Balance of loans that redefaulted within one year of permanent modification (a) $ 36 $ 27 $ 17 $ 19 $ 53 $ 46 Nine months ended September 30, Residential mortgage Home equity Total residential real estate – excluding PCI 2019 2018 2019 2018 2019 2018 Weighted-average interest rate of loans with interest rate reductions – before TDR 6.08 % 5.45 % 5.56 % 5.34 % 5.77 % 5.39 % Weighted-average interest rate of loans with interest rate reductions – after TDR 4.36 3.64 3.60 3.39 3.90 3.49 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 21 24 20 18 20 22 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 39 38 40 39 39 38 Charge-offs recognized upon permanent modification $ 1 $ — $ — $ 1 $ 1 $ 1 Principal deferred 13 17 4 7 17 24 Principal forgiven 3 9 3 5 6 14 Balance of loans that redefaulted within one year of permanent modification (a) $ 87 $ 69 $ 45 $ 49 $ 132 $ 118 (a) Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it is probable that the loan will ultimately be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last 12 months may not be representative of ultimate redefault levels. The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. (in millions, except weighted-average data) Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Weighted-average interest rate of loans – before TDR 19.18 % 18.25 % 19.23 % 17.82 % Weighted-average interest rate of loans – after TDR 4.65 5.10 4.80 5.12 Loans that redefaulted within one year of modification (a) $ 42 $ 31 $ 108 $ 82 (a) Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted. |
Certain loans acquired in transfer accretable yield movement roll forward | The table below presents the accretable yield activity for the Firm’s PCI consumer loans for the three and nine months ended September 30, 2019 and 2018 , and represents the Firm’s estimate of gross interest income expected to be earned over the remaining life of the PCI loan portfolios. The table excludes the cost to fund the PCI portfolios, and therefore the accretable yield does not represent net interest income expected to be earned on these portfolios. Total PCI (in millions, except ratios) Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Beginning balance $ 7,699 $ 8,722 $ 8,422 $ 11,159 Accretion into interest income (272 ) (303 ) (841 ) (958 ) Changes in interest rates on variable-rate loans (308 ) 37 (402 ) (231 ) Other changes in expected cash flows (a) 255 46 195 (1,468 ) Balance at September 30 $ 7,374 $ 8,502 $ 7,374 $ 8,502 Accretable yield percentage 5.27 % 4.95 % 5.32 % 4.88 % (a) Other changes in expected cash flows may vary from period to period as the Firm continues to refine its cash flow model, for example cash flows expected to be collected due to the impact of modifications and changes in prepayment assumptions. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Allowance for Credit Losses [Abstract] | |
Allowance for credit losses on financing receivables | The table below summarizes information about the allowances for loan losses and lending-related commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. 2019 2018 Nine months ended September 30, Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Allowance for loan losses Beginning balance at January 1, $ 4,146 $ 5,184 $ 4,115 $ 13,445 $ 4,579 $ 4,884 $ 4,141 $ 13,604 Gross charge-offs 702 4,050 270 5,022 776 3,777 264 4,817 Gross recoveries (420 ) (433 ) (34 ) (887 ) (681 ) (370 ) (146 ) (1,197 ) Net charge-offs 282 3,617 236 4,135 95 3,407 118 3,620 Write-offs of PCI loans (a) 132 — — 132 151 — — 151 Provision for loan losses (265 ) 4,017 296 4,048 (152 ) 3,557 (111 ) 3,294 Other — (1 ) 10 9 1 — — 1 Ending balance at September 30, $ 3,467 $ 5,583 $ 4,185 $ 13,235 $ 4,182 $ 5,034 $ 3,912 $ 13,128 Allowance for loan losses by impairment methodology Asset-specific (b) $ 145 $ 488 (c) $ 342 $ 975 $ 204 $ 421 (c) $ 280 $ 905 Formula-based 2,066 5,095 3,843 11,004 2,154 4,613 3,632 10,399 PCI 1,256 — — 1,256 1,824 — — 1,824 Total allowance for loan losses $ 3,467 $ 5,583 $ 4,185 $ 13,235 $ 4,182 $ 5,034 $ 3,912 $ 13,128 Loans by impairment methodology Asset-specific $ 6,341 $ 1,423 $ 1,536 $ 9,300 $ 7,046 $ 1,284 $ 1,051 $ 9,381 Formula-based 304,178 158,148 435,971 898,297 343,703 146,572 422,783 913,058 PCI 21,290 — — 21,290 25,209 — 3 25,212 Total retained loans $ 331,809 $ 159,571 $ 437,507 $ 928,887 $ 375,958 $ 147,856 $ 423,837 $ 947,651 Impaired collateral-dependent loans Net charge-offs $ 28 $ — $ 23 $ 51 $ 15 $ — $ — $ 15 Loans measured at fair value of collateral less cost to sell 2,083 — 113 2,196 2,077 — 258 2,335 Allowance for lending-related commitments Beginning balance at January 1, $ 33 $ — $ 1,022 $ 1,055 $ 33 $ — $ 1,035 $ 1,068 Provision for lending-related commitments — — 110 110 — — 29 29 Other — — — — — — — — Ending balance at September 30, $ 33 $ — $ 1,132 $ 1,165 $ 33 $ — $ 1,064 $ 1,097 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 135 $ 135 $ — $ — $ 71 $ 71 Formula-based 33 — 997 1,030 33 — 993 1,026 Total allowance for lending-related commitments $ 33 $ — $ 1,132 $ 1,165 $ 33 $ — $ 1,064 $ 1,097 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 446 $ 446 $ — $ — $ 252 $ 252 Formula-based 53,591 645,880 395,173 1,094,644 50,630 600,728 397,064 1,048,422 Total lending-related commitments $ 53,591 $ 645,880 $ 395,619 $ 1,095,090 $ 50,630 $ 600,728 $ 397,316 $ 1,048,674 (a) Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool. (b) Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a TDR. (c) The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Schedule of significant types of variable interest entities by business segment | The following table summarizes the most significant types of Firm- sponsored VIEs by business segment. Line of Business Transaction Type Activity Form 10-Q page reference CCB Credit card securitization trusts Securitization of originated credit card receivables 139 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 139-141 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 139-141 Multi-seller conduits Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs 141 Municipal bond vehicles Financing of municipal bond investments 141 |
Firm-sponsored mortgage and other consumer securitization trusts | The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. Refer to Securitization activity on page 143 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 143–144 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies. Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) September 30, 2019 (in millions) Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 61,480 $ 2,966 $ 49,826 $ 522 $ 728 $ — $ 1,250 Subprime 15,156 — 14,085 16 — — 16 Commercial and other (b) 101,624 — 86,302 919 708 234 1,861 Total $ 178,260 $ 2,966 $ 150,213 $ 1,457 $ 1,436 $ 234 $ 3,127 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2018 (in millions) Total assets held by securitization VIEs Assets held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Chase Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 63,350 $ 3,237 $ 50,679 $ 623 $ 647 $ — $ 1,270 Subprime 16,729 32 15,434 53 — — 53 Commercial and other (b) 102,961 — 79,387 783 801 210 1,794 Total $ 183,040 $ 3,269 $ 145,500 $ 1,459 $ 1,448 $ 210 $ 3,117 (a) Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. Refer to pages 143–144 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies. (b) Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties. (c) Excludes the following: retained servicing (refer to Note 14 for a discussion of MSRs); securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities (Refer to Note 4 for further information on derivatives); senior and subordinated securities of $168 million and $69 million , respectively, at September 30, 2019 , and $87 million and $28 million , respectively, at December 31, 2018 , which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of September 30, 2019 , and December 31, 2018 , 67% and 60% , respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.2 billion and $1.3 billion of investment-grade, and $55 million and $16 million of noninvestment-grade at September 30, 2019 , and December 31, 2018 , respectively. The retained interests in commercial and other securitizations trusts consisted of $1.3 billion and $1.2 billion of investment-grade retained interests at September 30, 2019 and December 31, 2018 , and $567 million and $623 million of noninvestment-grade retained interests at September 30, 2019 , and December 31, 2018 , respectively. |
Schedule of re-securitizations | The following table presents the principal amount of securities transferred to re-securitization VIEs. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Transfers of securities to VIEs U.S. GSEs and government agencies $ 5,377 $ 2,540 $ 12,444 $ 11,321 The following table presents information on nonconsolidated re-securitization VIEs. Nonconsolidated re-securitization VIEs (in millions) September 30, 2019 December 31, 2018 Firm-sponsored private-label Assets held in VIEs with continuing involvement (a) $ 21 $ 118 Interest in VIEs — 10 U.S. GSEs and government agencies Interest in VIEs 2,097 3,058 (a) Represents the principal amount and includes the notional amount of interest-only securities. |
Information on assets and liabilities related to VIEs that are consolidated by the Firm | The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of September 30, 2019 , and December 31, 2018 . Assets Liabilities September 30, 2019 (in millions) Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total liabilities VIE program type Firm-sponsored credit card trusts $ — $ 27,377 $ 370 $ 27,747 $ 6,457 $ 6 $ 6,463 Firm-administered multi-seller conduits 3 22,708 334 23,045 10,514 35 10,549 Municipal bond vehicles 1,280 — 3 1,283 1,249 2 1,251 Mortgage securitization entities (a) 70 2,937 58 3,065 295 137 432 Other 108 — 209 317 — 121 121 Total $ 1,461 $ 53,022 $ 974 $ 55,457 $ 18,515 $ 301 $ 18,816 Assets Liabilities December 31, 2018 (in millions) Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total liabilities VIE program type Firm-sponsored credit card trusts $ — $ 31,760 $ 491 $ 32,251 $ 13,404 $ 12 $ 13,416 Firm-administered multi-seller conduits — 24,411 300 24,711 4,842 33 4,875 Municipal bond vehicles 1,779 — 4 1,783 1,685 3 1,688 Mortgage securitization entities (a) 53 3,285 40 3,378 308 161 469 Other 134 — 178 312 2 103 105 Total $ 1,966 $ 59,456 $ 1,013 $ 62,435 $ 20,241 $ 312 $ 20,553 (a) Includes residential and commercial mortgage securitizations. (b) Includes assets classified as cash and other assets on the Consolidated balance sheets. (c) The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. (d) The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase . Refer to note 14 of JPMorgan Chase’s 2018 Form 10-K for conduits program-wide credit enhancements. Included in beneficial interests in VIE assets are long-term beneficial interests of $6.8 billion and $13.7 billion at September 30, 2019 , and December 31, 2018 . (e) Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets. |
Securitization activities | The following table provides information related to the Firm’s securitization activities for the three and nine months ended September 30, 2019 and 2018 , related to assets held in Firm -sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization. Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (in millions) Residential mortgage (e) Commercial and other (f) Residential mortgage (e) Commercial and other (f) Residential mortgage (e) Commercial and other (f) Residential mortgage (e) Commercial and other (f) Principal securitized $ 3,225 $ 1,477 $ 1,513 $ 3,533 $ 7,132 $ 4,215 $ 5,972 $ 8,705 All cash flows during the period (a) : Proceeds received from loan sales as financial instruments (b)(c) $ 3,327 $ 1,506 $ 1,524 $ 3,558 $ 7,337 $ 4,329 $ 5,984 $ 8,745 Servicing fees collected (d) 70 — 80 1 220 1 240 1 Cash flows received on interests 115 34 99 99 314 183 328 230 (a) Excludes re-securitization transactions. (b) Predominantly includes Level 2 assets. (c) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. (d) The prior period amounts have been revised to conform with the current period presentation. (e) Includes prime mortgages only. Excludes loan securitization activity related to U.S. GSEs and government agencies. (f) Includes commercial mortgage and other consumer loans. |
Summary of loan sale activities | The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Carrying value of loans sold $ 35,556 $ 11,968 $ 73,873 $ 28,804 Proceeds received from loan sales as cash 3 1 73 1 Proceeds from loan sales as securities (a)(b) 35,512 11,713 73,172 28,291 Total proceeds received from loan sales (c) $ 35,515 $ 11,714 $ 73,245 $ 28,292 Gains on loan sales (d)(e) $ 342 $ 9 $ 495 $ 32 (a) Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s Investment securities portfolio. (b) Included in level 2 assets. (c) Excludes the value of MSRs retained upon the sale of loans. (d) Gains on loan sales include the value of MSRs. (e) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. |
Schedule options to repurchase delinquent loans | The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of September 30, 2019 and December 31, 2018 . Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies. (in millions) Sep 30, Dec 31, Loans repurchased or option to repurchase (a) $ 4,761 $ 7,021 Real estate owned 50 75 Foreclosed government-guaranteed residential mortgage loans (b) 241 361 (a) Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools. (b) Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable. |
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets | The table below includes information about components of nonconsolidated securitized financial assets held in Firm -sponsored private-label securitization entities, in which the Firm has continuing involvement, and delinquencies as of September 30, 2019 , and December 31, 2018 . Net liquidation losses (a) Securitized assets 90 days past due Three months ended September 30, Nine months ended September 30, (in millions) Sep 30, Dec 31, Sep 30, Dec 31, 2019 2018 2019 2018 Securitized loans Residential mortgage: Prime / Alt-A & option ARMs $ 49,826 $ 50,679 $ 2,679 $ 3,354 $ 146 $ 182 $ 474 $ 453 Subprime 14,085 15,434 1,962 2,478 145 155 456 (307 ) Commercial and other 86,302 79,387 153 225 118 71 283 119 Total loans securitized $ 150,213 $ 145,500 $ 4,794 $ 6,057 $ 409 $ 408 $ 1,213 $ 265 (a) Includes liquidation gains as a result of private label mortgage settlement payments during the first quarter of 2018, which were reflected as asset recoveries by trustees. |
Goodwill and Mortgage Servici_2
Goodwill and Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill attributed to the business segments | The following table presents goodwill attributed to the business segments. (in millions) September 30, December 31, Consumer & Community Banking $ 31,038 $ 30,984 Corporate & Investment Bank 6,941 6,770 Commercial Banking 2,982 2,860 Asset & Wealth Management 6,857 6,857 Total goodwill $ 47,818 $ 47,471 The following table presents changes in the carrying amount of goodwill. Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Balance at beginning of period $ 47,477 $ 47,488 $ 47,471 $ 47,507 Changes during the period from: Business combinations (a) 348 — 348 — Other (b) (7 ) (5 ) (1 ) (24 ) Balance at September 30, $ 47,818 $ 47,483 $ 47,818 $ 47,483 (a) For the three and nine months periods ended September 30, 2019, represents goodwill associated with the July 24, 2019 acquisition of InstaMed. This goodwill was allocated to CIB, CB and CCB. (b) Primarily relates to foreign currency adjustments. |
Mortgage servicing rights activity | The following table summarizes MSR activity for the three and nine months ended September 30, 2019 and 2018 . As of or for the three months As of or for the nine months (in millions, except where otherwise noted) 2019 2018 2019 2018 Fair value at beginning of period $ 5,093 $ 6,241 $ 6,130 $ 6,030 MSR activity: Originations of MSRs 390 278 1,146 611 Purchase of MSRs (2 ) 13 104 159 Disposition of MSRs (a) (359 ) (2 ) (687 ) (401 ) Net additions/(dispositions) 29 289 563 369 Changes due to collection/realization of expected cash flows (256 ) (195 ) (702 ) (542 ) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (b) (433 ) 150 (1,274 ) 635 Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) 17 14 (333 ) (e) 14 Discount rates — — 153 24 Prepayment model changes and other (c) (31 ) (66 ) (118 ) (97 ) Total changes in valuation due to other inputs and assumptions (14 ) (52 ) (298 ) (59 ) Total changes in valuation due to inputs and assumptions (447 ) 98 (1,572 ) 576 Fair value at September 30, $ 4,419 $ 6,433 $ 4,419 $ 6,433 Change in unrealized gains/(losses) included in income related to MSRs held at September 30, $ (447 ) $ 98 $ (1,572 ) $ 576 Contractual service fees, late fees and other ancillary fees included in income 397 428 1,254 1,339 Third-party mortgage loans serviced at September 30, (in billions) 537 528 537 528 Servicer advances, net of an allowance for uncollectible amounts, at September 30, (in billions) (d) 2.0 3.1 2.0 3.1 (a) Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities. (b) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (c) Represents changes in prepayments other than those attributable to changes in market interest rates. (d) Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements. (e) The decrease in projected cash flows was largely related to default servicing assumption updates. |
CCB mortgage fees and related income | The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and nine months ended September 30, 2019 and 2018 . Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 CCB mortgage fees and related income Net production revenue $ 738 $ 108 $ 1,291 $ 296 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 351 435 1,172 1,389 Changes in MSR asset fair value due to collection/realization of expected cash flows (256 ) (195 ) (702 ) (542 ) Total operating revenue 95 240 470 847 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) (433 ) 150 (1,274 ) 636 Other changes in MSR asset fair value due to other inputs and assumptions in model (b) (14 ) (52 ) (298 ) (59 ) Change in derivative fair value and other 500 (186 ) 1,372 (671 ) Total risk management 53 (88 ) (200 ) (94 ) Total net mortgage servicing revenue 148 152 270 753 Total CCB mortgage fees and related income 886 260 1,561 1,049 All other 1 2 1 2 Mortgage fees and related income $ 887 $ 262 $ 1,562 $ 1,051 (a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (b) Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices). |
Key economic assumptions used to determine FV of MSRs | The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at September 30, 2019 , and December 31, 2018 , and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. (in millions, except rates) Sep 30, Dec 31, Weighted-average prepayment speed assumption (constant prepayment rate) 13.81 % 8.78 % Impact on fair value of 10% adverse change $ (206 ) $ (205 ) Impact on fair value of 20% adverse change (393 ) (397 ) Weighted-average option adjusted spread (a)(b) 8.26 % 7.87 % Impact on fair value of a 100 basis point adverse change $ (150 ) $ (235 ) Impact on fair value of a 200 basis point adverse change (289 ) (452 ) (a) Includes the impact of operational risk and regulatory capital. (b) The prior period amount has been revised to conform with the current period presentation. |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Noninterest-bearing and interest-bearing deposits | At September 30, 2019 , and December 31, 2018 , noninterest-bearing and interest-bearing deposits were as follows. (in millions) September 30, December 31, 2018 U.S. offices Noninterest-bearing (included $23,225 and $17,204 at fair value) (a)(b) $ 393,522 $ 386,709 Interest-bearing (included $2,523 and $2,487 at fair value) (a)(b) 844,137 813,881 Total deposits in U.S. offices 1,237,659 1,200,590 Non-U.S. offices Noninterest-bearing (included $2,289 and $2,367 at fair value) (a)(b) 21,455 21,459 Interest-bearing (included $1,318 and $1,159 at fair value) (a)(b) 266,147 248,617 Total deposits in non-U.S. offices 287,602 270,076 Total deposits $ 1,525,261 $ 1,470,666 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 of JPMorgan Chase’s 2018 Form 10-K for a further discussion. (b) In the second quarter of 2019, the Firm reclassified balances related to certain structured notes from interest-bearing to noninterest-bearing deposits as the associated returns are recorded in principal transactions revenue and not in net interest income. This change was applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of information related to operating leases | The following tables provide information related to the Firm’s operating leases: As of September 30, (in millions, except where otherwise noted) 2019 Right-of-use assets $ 8,160 Lease liabilities 8,425 Weighted average remaining lease term (in years) 8.7 Weighted average discount rate 3.73 % Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 1,177 Supplemental non-cash information Right-of-use assets obtained in exchange for operating lease obligations $ 990 (in millions) Three months ended September 30, 2019 Nine months ended September 30, 2019 Rental expense Gross rental expense $ 517 $ 1,537 Sublease rental income (49 ) (137 ) Net rental expense $ 468 $ 1,400 |
Schedule of future payments under operating leases | The following table presents future payments under operating leases as of September 30, 2019 : Year ended December 31, (in millions) 2019 (excluding nine months ended September 30, 2019) $ 394 2020 1,569 2021 1,394 2022 1,198 2023 1,027 After 2023 4,442 Total future minimum lease payments 10,024 Less: Imputed interest (1,599 ) Total $ 8,425 |
Schedule of carrying value of assets subject to leases | The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets: (in millions) September 30, 2019 December 31, 2018 Carrying value of assets subject to operating leases, net of accumulated depreciation $ 22,953 $ 21,428 Accumulated depreciation 5,848 5,303 |
Schedule of operating lease income and related depreciation expense | The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income: Three months ended September 30, Nine months ended September 30, (in millions) 2019 2018 2019 2018 Operating lease income $ 1,384 $ 1,157 $ 4,027 $ 3,316 Depreciation expense 1,053 901 3,038 2,564 |
Schedule of future receipts under operating leases | The following table presents future receipts under operating leases as of September 30, 2019 : Year ended December 31, (in millions) 2019 (excluding nine months ended September 30, 2019) $ 1,121 2020 3,785 2021 2,303 2022 660 2023 74 After 2023 137 Total future minimum lease payments $ 8,080 |
Preferred Stock (Tables)
Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock by class | The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of September 30, 2019 and December 31, 2018, and the quarterly dividend declarations for the three and nine months ended September 30, 2019 and 2018. Shares Carrying value (in millions) Contractual rate in effect at September 30, 2019 Earliest redemption date (b) Floating annualized rate of three-month LIBOR/Term SOFR plus: Dividend declared per share (c) September 30, 2019 (a) December 31, 2018 (a) September 30, 2019 December 31, 2018 Issue date Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Fixed-rate: Series P 90,000 90,000 $ 900 $ 900 2/5/2013 5.450 % 3/1/2018 NA $ 136.25 $136.25 $ 408.75 $408.75 Series T — 92,500 — 925 1/30/2014 — 3/1/2019 NA NA 167.50 167.50 502.50 Series W — 88,000 — 880 6/23/2014 — 9/1/2019 NA NA 157.50 472.50 472.50 Series Y 143,000 143,000 1,430 1,430 2/12/2015 6.125 3/1/2020 NA 153.13 153.13 459.39 459.39 Series AA 142,500 142,500 1,425 1,425 6/4/2015 6.100 9/1/2020 NA 152.50 152.50 457.50 457.50 Series BB 115,000 115,000 1,150 1,150 7/29/2015 6.150 9/1/2020 NA 153.75 153.75 461.25 461.25 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 143.75 NA 431.25 NA Series EE 185,000 — 1,850 — 1/24/2019 6.000 3/1/2024 NA 150.00 NA 361.67 NA Fixed-to-floating-rate: Series I 430,375 430,375 $ 4,304 $ 4,304 4/23/2008 LIBOR + 3.47% 4/30/2018 LIBOR + 3.47% $ 146.58 $148.45 $ 455.09 $493.29 (d) Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 LIBOR + 3.25 128.75 128.75 386.25 386.25 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 LIBOR + 3.30 150.00 150.00 450.00 450.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 LIBOR + 3.78 168.75 168.75 506.25 506.25 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 LIBOR + 3.33 153.13 153.13 459.38 459.38 Series V 250,000 250,000 2,500 2,500 6/9/2014 LIBOR + 3.32% 7/1/2019 LIBOR + 3.32 144.11 125.00 394.11 375.00 (e) Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 LIBOR + 3.33 152.50 152.50 457.50 457.50 Series Z 200,000 200,000 2,000 2,000 4/21/2015 5.300 5/1/2020 LIBOR + 3.80 132.50 132.50 397.50 397.50 Series CC 125,750 125,750 1,258 1,258 10/20/2017 4.625 11/1/2022 LIBOR + 2.58 115.63 115.63 346.88 346.88 Series FF 225,000 — 2,250 — 7/31/2019 5.000 8/1/2024 SOFR + 3.38 126.39 NA 126.39 NA (f) Total preferred stock 2,836,250 2,606,750 $ 28,363 $ 26,068 (a) Represented by depositary shares. (b) Fixed-to-floating rate notes convert to a floating rate at the earliest redemption date. (c) Dividends are declared quarterly. Dividends are payable quarterly on fixed-rate preferred stock. Dividends are payable semiannually on fixed-to-floating-rate preferred stock while at a fixed rate, and payable quarterly after converting to a floating rate. (d) Prior to April 30, 2018, the dividend rate was fixed at 7.90% . (e) Prior to July 1, 2019, the dividend rate was fixed at 5% . (f) Dividends in the amount of $126.39 per share were declared on September 9, 2019 and include dividends from the original issue date of July 31, 2019 through October 31, 2019. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share basic and diluted | The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2019 and 2018 . (in millions, except per share amounts) Three months ended Nine months ended 2019 2018 2019 2018 Basic earnings per share Net income $ 9,080 $ 8,380 $ 27,911 $ 25,408 Less: Preferred stock dividends 423 379 1,201 1,167 Net income applicable to common equity 8,657 8,001 26,710 24,241 Less: Dividends and undistributed earnings allocated to participating securities 51 53 159 174 Net income applicable to common stockholders $ 8,606 $ 7,948 $ 26,551 $ 24,067 Total weighted-average basic shares outstanding 3,198.5 3,376.1 3,248.7 3,416.5 Net income per share $ 2.69 $ 2.35 $ 8.17 $ 7.04 Diluted earnings per share Net income applicable to common stockholders $ 8,606 $ 7,948 $ 26,551 $ 24,067 Total weighted-average basic shares outstanding 3,198.5 3,376.1 3,248.7 3,416.5 Add: Employee stock options, SARs, warrants and unvested PSUs 8.7 18.2 9.3 19.7 Total weighted-average diluted shares outstanding 3,207.2 3,394.3 3,258.0 3,436.2 Net income per share $ 2.68 $ 2.34 $ 8.15 $ 7.00 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income/(loss) | AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and on fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA). As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at July 1, 2019 $ 3,709 $ (652 ) $ (73 ) $ 126 $ (2,231 ) $ 235 $ 1,114 Net change 479 (165 ) (1 ) 195 46 132 686 Balance at September 30, 2019 $ 4,188 $ (817 ) $ (74 ) $ 321 $ (2,185 ) $ 367 $ 1,800 As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at July 1, 2018 $ 1,599 $ (632 ) (162 ) $ (147 ) $ (1,876 ) $ 80 $ (1,138 ) Net change (819 ) (31 ) 34 (88 ) 19 (402 ) (1,287 ) Balance at September 30, 2018 $ 780 $ (663 ) $ (128 ) $ (235 ) $ (1,857 ) $ (322 ) $ (2,425 ) As of or for the nine months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2019 $ 1,202 $ (727 ) $ (161 ) $ (109 ) $ (2,308 ) $ 596 $ (1,507 ) Net change 2,986 (90 ) 87 430 123 (229 ) 3,307 Balance at September 30, 2019 $ 4,188 $ (817 ) $ (74 ) $ 321 $ (2,185 ) $ 367 $ 1,800 As of or for the nine months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2018 $ 2,164 $ (470 ) $ — $ 76 $ (1,521 ) $ (368 ) $ (119 ) Cumulative effect of changes in accounting principles (a) 896 (277 ) $ (54 ) 16 (414 ) (79 ) 88 Net change (2,280 ) 84 (74 ) (327 ) 78 125 (2,394 ) Balance at September 30, 2018 $ 780 $ (663 ) $ (128 ) $ (235 ) $ (1,857 ) $ (322 ) $ (2,425 ) (a) Represents the adjustment to AOCI as a result of the accounting standards adopted in the first quarter of 2018, refer to Note 1 of JPMorgan Chase’s 2018 Form 10-K. |
Changes of the components of accumulated other comprehensive income (loss) | The following table presents the pre-tax and after-tax changes in the components of OCI. 2019 2018 Three months ended September 30, Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ 708 $ (169 ) $ 539 $ (1,117 ) $ 262 $ (855 ) Reclassification adjustment for realized (gains)/losses included in net income (a) (78 ) 18 (60 ) 46 (10 ) 36 Net change 630 (151 ) 479 (1,071 ) 252 (819 ) Translation adjustments: Translation (861 ) 40 (821 ) (314 ) 45 (269 ) Hedges 866 (210 ) 656 311 (73 ) 238 Net change 5 (170 ) (165 ) (3 ) (28 ) (31 ) Fair value hedges, net change (b) : (1 ) — (1 ) 45 (11 ) 34 Cash flow hedges: Net unrealized gains/(losses) arising during the period 222 (55 ) 167 (122 ) 27 (95 ) Reclassification adjustment for realized (gains)/losses included in net income (c) 37 (9 ) 28 9 (2 ) 7 Net change 259 (64 ) 195 (113 ) 25 (88 ) Defined benefit pension and OPEB plans: Net gain/(loss) arising during the period — — — — — — Reclassification adjustments included in net income (d) : Amortization of net loss 42 (10 ) 32 26 (6 ) 20 Amortization of prior service cost/(credit) — — — (7 ) 2 (5 ) Foreign exchange and other 18 (4 ) 14 7 (3 ) 4 Net change 60 (14 ) 46 26 (7 ) 19 DVA on fair value option elected liabilities, net change: 173 (41 ) 132 (527 ) 125 (402 ) Total other comprehensive income/(loss) $ 1,126 $ (440 ) $ 686 $ (1,643 ) $ 356 $ (1,287 ) 2019 2018 Nine months ended September 30, Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ 4,074 $ (985 ) $ 3,089 $ (3,351 ) $ 787 $ (2,564 ) Reclassification adjustment for realized (gains)/losses included in net income (a) (135 ) 32 (103 ) 371 (87 ) 284 Net change 3,939 (953 ) 2,986 (2,980 ) 700 (2,280 ) Translation adjustments (e) : Translation (697 ) 76 (621 ) (981 ) 188 (793 ) Hedges 700 (169 ) 531 1,149 (272 ) 877 Net change 3 (93 ) (90 ) 168 (84 ) 84 Fair value hedges, net change (b) : 114 (27 ) 87 (96 ) 22 (74 ) Cash flow hedges: Net unrealized gains/(losses) arising during the period 464 (112 ) 352 (365 ) 85 (280 ) Reclassification adjustment for realized (gains)/losses included in net income (c) 102 (24 ) 78 (62 ) 15 (47 ) Net change 566 (136 ) 430 (427 ) 100 (327 ) Defined benefit pension and OPEB plans: Net gain/(loss) arising during the period 2 (2 ) — 25 (6 ) 19 Reclassification adjustments included in net income (d) : Amortization of net loss 125 (26 ) 99 78 (18 ) 60 Amortization of prior service cost/(credit) 2 (1 ) 1 (19 ) 5 (14 ) Settlement (gain)/loss — — — — — — Foreign exchange and other 19 4 23 19 (6 ) 13 Net change 148 (25 ) 123 103 (25 ) 78 DVA on fair value option elected liabilities, net change: $ (296 ) $ 67 $ (229 ) $ 163 $ (38 ) $ 125 Total other comprehensive income/(loss) $ 4,474 $ (1,167 ) $ 3,307 $ (3,069 ) $ 675 $ (2,394 ) (a) The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income. (b) Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swap. (c) The pre-tax amounts are predominantly recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income. (d) The pre-tax amount is reported in other expense in the Consolidated statements of income. (e) Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. During the nine months ended September 30, 2019, the Firm reclassified net pre-tax gains of $6 million to other income and $1 million to other expense, respectively. These amounts, which related to the liquidation of certain legal entities, are comprised of $5 million related to net investment hedge gains and $2 million related to cumulative translation adjustments. During the nine months ended September 30, 2018, the Firm reclassified a net pre-tax loss of $174 million to other expense related to the liquidation of a legal entity, $23 million related to net investment hedge losses and $151 million related to cumulative translation adjustments. |
Restricted Cash and Other Res_2
Restricted Cash and Other Restricted Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Components of restricted cash | The following table presents the components of the Firm’s restricted cash: (in billions) September 30, December 31, 2018 Cash reserves – Federal Reserve Banks $ 26.7 $ 22.1 Segregated for the benefit of securities and futures brokerage customers 16.8 14.6 Cash reserves at non-U.S. central banks and held for other general purposes 3.6 4.1 Total restricted cash (a) $ 47.1 $ 40.8 (a) Comprises $45.9 billion and $39.6 billion in deposits with banks as of September 30, 2019 and December 31, 2018 , respectively, and $1.2 billion in cash and due from banks as of September 30, 2019 and December 31, 2018 , on the Consolidated balance sheets. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
Reconciliation of the Firm's regulatory capital, assets and risk-based capital ratios | The following table represents the minimum and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of September 30, 2019 . Minimum capital ratios Well-capitalized ratios BHC (a)(e)(f) IDI (b)(e)(f) BHC (c) IDI (d) Capital ratios CET1 10.5 % 7.0 % N/A 6.5 % Tier 1 12.0 8.5 6.0 8.0 Total 14.0 10.5 10.0 10.0 Tier 1 leverage 4.0 4.0 N/A 5.0 SLR 5.0 6.0 N/A 6.0 Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject. (a) Represents the minimum capital ratios applicable to the Firm under Basel III. The CET1 minimum capital ratio includes a capital conservation buffer of 2.5% and GSIB surcharge of 3.5% as calculated under Method 2. (b) Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1 minimum capital ratio includes a capital conservation buffer of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge. (c) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (d) Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act. (e) For the period ended December 31, 2018 , the CET1, Tier 1, Total and Tier 1 leverage minimum capital ratios applicable to the Firm were 9.0% , 10.5% , 12.5% , and 4.0% and the CET1, Tier 1, Total and Tier 1 leverage minimum capital ratios applicable to the Firm’s IDI subsidiaries were 6.375% , 7.875% , 9.875% , and 4.0% , respectively. (f) Represents minimum SLR requirement of 3.0% , as well as, supplementary leverage buffers of 2.0% and 3.0% for BHC and IDI, respectively. The following tables present the risk-based and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. under both the Basel III Standardized and Basel III Advanced Approaches. As of September 30, 2019 and December 31, 2018 , JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. September 30, 2019 Basel III Standardized Fully Phased-In Basel III Advanced Fully Phased-In JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. Regulatory capital CET1 capital $ 188,151 $ 205,347 $ 188,151 $ 205,347 Tier 1 capital 214,831 205,347 214,831 205,347 Total capital 243,500 223,038 233,203 212,919 Assets Risk-weighted 1,527,762 1,445,648 1,435,693 1,302,749 Adjusted average (a) 2,717,852 2,339,858 2,717,852 2,339,858 Capital ratios (b) CET1 12.3 % 14.2 % 13.1 % 15.8 % Tier 1 14.1 14.2 15.0 15.8 Total 15.9 15.4 16.2 16.3 Tier 1 leverage (c) 7.9 8.8 7.9 8.8 December 31, 2018 Basel III Standardized Transitional Basel III Advanced Transitional JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. (d) JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. (d) Regulatory capital CET1 capital $ 183,474 $ 211,671 $ 183,474 $ 211,671 Tier 1 capital 209,093 211,671 209,093 211,671 Total capital 237,511 229,952 227,435 220,025 Assets Risk-weighted 1,528,916 1,446,529 1,421,205 1,283,146 Adjusted average (a) 2,589,887 2,250,480 2,589,887 2,250,480 Capital ratios (b) CET1 12.0 % 14.6 % 12.9 % 16.5 % Tier 1 13.7 14.6 14.7 16.5 Total 15.5 15.9 16.0 17.1 Tier 1 leverage (c) 8.1 9.4 8.1 9.4 (a) Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets. (b) For each of the risk-based capital ratios, the capital adequacy of the Firm and JPMorgan Chase Bank, N.A. is evaluated against the lower of the two ratios as calculated under Basel III approaches (Standardized or Advanced). (c) The Tier 1 leverage ratio is not a risk-based measure of capital. (d) On May 18, 2019, Chase Bank USA, N.A. merged with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A as the surviving entity. The December 31, 2018 amounts reported for JPMorgan Chase Bank, N.A. retrospectively reflect the impact of the merger. September 30, 2019 December 31, 2018 Basel III Advanced Fully Phased-In Basel III Advanced Fully Phased-In (in millions, except ratios) JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. (a) Total leverage exposure $ 3,404,535 $ 3,007,280 $ 3,269,988 $ 2,915,541 SLR 6.3 % 6.8 % 6.4 % 7.3 % (a) On May 18, 2019, Chase Bank USA, N.A. merged with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A as the surviving entity. The December 31, 2018 amounts reported for JPMorgan Chase Bank, N.A. retrospectively reflect the impact of the merger. |
Off-balance Sheet Lending-rel_2
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |
Off-balance sheet lending related financial instruments, guarantees and other commitments | The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at September 30, 2019 , and December 31, 2018 . The amounts in the table below for credit card and home equity lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower. Off–balance sheet lending-related financial instruments, guarantees and other commitments Contractual amount Carrying value (g) September 30, 2019 Dec 31, Sep 30, Dec 31, By remaining maturity Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Home equity $ 597 $ 1,156 $ 2,353 $ 17,077 $ 21,183 $ 20,901 $ 12 $ 12 Residential mortgage (a) 10,904 — — 12 10,916 5,481 — — Auto 8,062 1,238 118 49 9,467 8,011 2 2 Consumer & Business Banking 10,324 643 106 952 12,025 11,673 19 19 Total consumer, excluding credit card 29,887 3,037 2,577 18,090 53,591 46,066 33 33 Credit card 645,880 — — — 645,880 605,379 — — Total consumer (b) 675,767 3,037 2,577 18,090 699,471 651,445 33 33 Wholesale: Other unfunded commitments to extend credit (c) 55,258 128,911 161,963 11,200 357,332 351,490 912 852 Standby letters of credit and other financial guarantees (c) 16,373 10,525 5,349 1,842 34,089 33,498 605 521 Other letters of credit (c) 3,853 305 40 — 4,198 2,825 5 3 Total wholesale (b) 75,484 139,741 167,352 13,042 395,619 387,813 1,522 1,376 Total lending-related $ 751,251 $ 142,778 $ 169,929 $ 31,132 $ 1,095,090 $ 1,039,258 $ 1,555 $ 1,409 Other guarantees and commitments Securities lending indemnification agreements and guarantees (d) $ 214,338 $ — $ — $ — $ 214,338 $ 186,077 $ — $ — Derivatives qualifying as guarantees 1,772 196 12,081 40,369 54,418 55,271 231 367 Unsettled resale and securities borrowed agreements 122,946 1,125 66 — 124,137 102,008 — — Unsettled repurchase and securities loaned agreements 120,679 670 — — 121,349 57,732 — — Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 61 89 Loans sold with recourse NA NA NA NA 1,001 1,019 27 30 Exchange & clearing house guarantees and commitments (e) 161,580 — — — 161,580 58,960 — — Other guarantees and commitments (f) 4,098 590 260 2,832 7,780 8,183 (89 ) (73 ) (a) Includes certain commitments to purchase loans from correspondents. (b) Predominantly all consumer and wholesale lending-related commitments are in the U.S. (c) At September 30, 2019 , and December 31, 2018 , reflected the contractual amount net of risk participations totaling $198 million and $282 million respectively, for other unfunded commitments to extend credit; $9.7 billion and $10.4 billion , respectively, for standby letters of credit and other financial guarantees; and $705 million and $385 million , respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. (d) At September 30, 2019 , and December 31, 2018 , collateral held by the Firm in support of securities lending indemnification agreements was $226.5 billion and $195.6 billion , respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies. (e) At September 30, 2019 , and December 31, 2018 , includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses. (f) At September 30, 2019 , and December 31, 2018 , primarily includes letters of credit hedged by derivative transactions and managed on a market risk basis, and unfunded commitments related to institutional lending. Additionally, includes unfunded commitments predominantly related to certain tax-oriented equity investments. (g) |
Standby letters of credit, other financial guarantees and other letters of credit | The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of September 30, 2019 , and December 31, 2018 . Standby letters of credit, other financial guarantees and other letters of credit September 30, 2019 December 31, 2018 (in millions) Standby letters of Other letters of credit Standby letters of Other letters of credit Investment-grade (a) $ 27,131 $ 3,249 $ 26,420 $ 2,079 Noninvestment-grade (a) 6,958 949 7,078 746 Total contractual amount $ 34,089 $ 4,198 $ 33,498 $ 2,825 Allowance for lending-related commitments $ 215 $ 5 $ 167 $ 3 Guarantee liability 390 — 354 — Total carrying value $ 605 $ 5 $ 521 $ 3 Commitments with collateral $ 17,690 $ 877 $ 17,400 $ 583 (a) The ratings scale is based on the Firm’s internal ratings which generally correspond to ratings as defined by S&P and Moody’s. |
Derivatives qualifying as guarantees | The following table summarizes the derivatives qualifying as guarantees as of September 30, 2019 , and December 31, 2018 . (in millions) September 30, 2019 December 31, 2018 Notional amounts Derivative guarantees $ 54,418 $ 55,271 Stable value contracts with contractually limited exposure 28,886 28,637 Maximum exposure of stable value contracts with contractually limited exposure 2,960 2,963 Fair value Derivative payables 231 367 Derivative receivables — — |
Pledged Assets and Collateral (
Pledged Assets and Collateral (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of pledged assets | The following table presents the Firm ’s pledged assets . (in billions) September 30, 2019 December 31, 2018 Assets that may be sold or repledged or otherwise used by secured parties $ 154.2 $ 104.0 Assets that may not be sold or repledged or otherwise used by secured parties 94.5 83.7 Assets pledged at Federal Reserve banks and FHLBs 487.1 475.3 Total assets pledged $ 735.8 $ 663.0 |
Schedule of collateral received | The following table presents the fair value of collateral accepted. (in billions) September 30, 2019 December 31, 2018 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,264.1 $ 1,245.3 Collateral sold, repledged, delivered or otherwise used 1,017.3 998.3 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment results and reconciliation | The following tables provide a summary of the Firm’s segment results as of or for the three and nine months ended September 30, 2019 and 2018 , on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 31 of JPMorgan Chase’s 2018 Form 10-K for additional information on the Firm’s managed basis. Business segment capital allocation The amount of capital assigned to each business is referred to as equity. On at least an annual basis, the assumptions and methodologies used in capital allocation are assessed and as a result, the capital allocated to lines of business may change. Refer to Line of business equity on page 91 of JPMorgan Chase’s 2018 Form 10-K for additional information on business segment capital allocation. Segment results and reconciliation (a) As of or for the three months ended September 30, Consumer & Corporate & Commercial Banking Asset & Wealth Management 2019 2018 2019 2018 2019 2018 2019 2018 Noninterest revenue $ 5,095 $ 4,176 $ 7,182 $ 6,505 $ 599 $ 576 $ 2,713 $ 2,680 Net interest income 9,164 9,114 2,156 2,300 1,608 1,695 855 879 Total net revenue 14,259 13,290 9,338 8,805 2,207 2,271 3,568 3,559 Provision for credit losses 1,311 980 92 (42 ) 67 (15 ) 44 23 Noninterest expense 7,290 6,982 5,348 5,175 881 853 2,622 2,585 Income before income tax expense 5,658 5,328 3,898 3,672 1,259 1,433 902 951 Income tax expense 1,385 1,242 1,089 1,046 322 344 234 227 Net income $ 4,273 $ 4,086 $ 2,809 $ 2,626 $ 937 $ 1,089 $ 668 $ 724 Average equity $ 52,000 $ 51,000 $ 80,000 $ 70,000 $ 22,000 $ 20,000 $ 10,500 $ 9,000 Total assets 532,487 560,432 1,023,132 928,148 222,483 217,194 174,226 166,716 ROE 32 % 31 % 13 % 14 % 16 % 21 % 24 % 31 % Overhead ratio 51 53 57 59 40 38 73 73 As of or for the three months ended September 30, Corporate Reconciling Items (a) Total 2019 2018 2019 2018 2019 2018 Noninterest revenue $ 120 $ (177 ) $ (596 ) $ (408 ) $ 15,113 $ 13,352 Net interest income 572 74 (127 ) (154 ) 14,228 13,908 Total net revenue 692 (103 ) (723 ) (562 ) 29,341 27,260 Provision for credit losses — 2 — — 1,514 948 Noninterest expense 281 28 — — 16,422 15,623 Income/(loss) before income tax expense/(benefit) 411 (133 ) (723 ) (562 ) 11,405 10,689 Income tax expense/(benefit) 18 12 (723 ) (562 ) 2,325 2,309 Net income/(loss) $ 393 $ (145 ) $ — $ — $ 9,080 $ 8,380 Average equity $ 71,113 $ 80,439 $ — $ — $ 235,613 $ 230,439 Total assets 812,333 742,693 NA NA 2,764,661 2,615,183 ROE NM NM NM NM 15 % 14 % Overhead ratio NM NM NM NM 56 57 (a) Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. Segment results and reconciliation (a) As of or for the nine months ended September 30, Consumer & Corporate & Commercial Banking Asset & Wealth Management 2019 2018 2019 2018 2019 2018 2019 2018 Noninterest revenue $ 13,868 $ 12,063 $ 22,328 $ 21,954 $ 1,806 $ 1,758 $ 7,989 $ 7,997 Net interest income 27,975 26,321 6,499 7,257 4,950 4,995 2,627 2,640 Total net revenue 41,843 38,384 28,827 29,211 6,756 6,753 10,616 10,637 Provision for credit losses 3,745 3,405 179 (142 ) 186 23 48 40 Noninterest expense 21,663 20,770 16,288 16,237 2,618 2,541 7,865 7,732 Income before income tax expense 16,435 14,209 12,360 13,116 3,952 4,189 2,703 2,865 Income tax expense 4,025 3,385 3,365 3,318 966 988 655 616 Net income $ 12,410 $ 10,824 $ 8,995 $ 9,798 $ 2,986 $ 3,201 $ 2,048 $ 2,249 Average equity $ 52,000 $ 51,000 $ 80,000 $ 70,000 $ 22,000 $ 20,000 $ 10,500 $ 9,000 Total assets 532,487 560,432 1,023,132 928,148 222,483 217,194 174,226 166,716 Return on equity 31 % 27 % 14 % 18 % 17 % 20 % 25 % 32 % Overhead ratio 52 54 57 56 39 38 74 73 As of or for the nine months ended September 30, Corporate Reconciling Items (a) Total 2019 2018 2019 2018 2019 2018 Noninterest revenue $ 3 $ (220 ) $ (1,777 ) $ (1,337 ) $ 44,217 $ 42,215 Net interest income 1,436 (35 ) (408 ) (473 ) 43,079 40,705 Total net revenue 1,439 (255 ) (2,185 ) (1,810 ) 87,296 82,920 Provision for credit losses — (3 ) — — 4,158 3,323 Noninterest expense 724 394 — — 49,158 47,674 Income/(loss) before income tax expense/(benefit) 715 (646 ) (2,185 ) (1,810 ) 33,980 31,923 Income tax expense/(benefit) (757 ) 18 (2,185 ) (1,810 ) 6,069 6,515 Net income/(loss) $ 1,472 $ (664 ) $ — $ — $ 27,911 $ 25,408 Average equity $ 68,417 $ 78,995 $ — $ — $ 232,917 $ 228,995 Total assets 812,333 742,693 NA NA 2,764,661 2,615,183 Return on equity NM NM NM NM 15 % 14 % Overhead ratio NM NM NM NM 56 57 (a) Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Billions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Effective tax rate | 20.40% | 21.60% | 17.90% | 20.40% |
Tax benefits related to resolution of certain tax audits | $ 1 | |||
Reduction in effective tax rate due to resolution of certain tax audits | 3.00% |
Fair Value Measurement - Recurr
Fair Value Measurement - Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | $ 622,398 | $ 526,239 | ||||
Derivative netting adjustments | (566,821) | (472,026) | ||||
Net derivative receivables | 55,577 | 54,213 | ||||
Trading assets | 495,875 | 413,714 | ||||
Available-for-sale securities | 353,421 | 230,394 | ||||
Loans | 5,760 | 3,151 | ||||
Mortgage servicing rights | 4,419 | $ 5,093 | 6,130 | $ 6,433 | $ 6,241 | $ 6,030 |
Gross derivative payables | 598,219 | 501,888 | ||||
Derivative netting adjustments | (550,429) | (460,119) | ||||
Net derivative payables | 47,790 | 41,769 | ||||
Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 375,933 | 268,704 | ||||
Derivative netting adjustments | (347,426) | (245,490) | ||||
Net derivative receivables | 28,507 | 23,214 | ||||
Gross derivative payables | 338,713 | 242,782 | ||||
Derivative netting adjustments | (328,490) | (234,998) | ||||
Net derivative payables | 10,223 | 7,784 | ||||
Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 15,717 | 20,095 | ||||
Derivative netting adjustments | (14,879) | (19,483) | ||||
Net derivative receivables | 838 | 612 | ||||
Gross derivative payables | 17,062 | 20,276 | ||||
Derivative netting adjustments | (14,903) | (18,609) | ||||
Net derivative payables | 2,159 | 1,667 | ||||
Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 163,132 | 167,685 | ||||
Derivative netting adjustments | (150,451) | (154,235) | ||||
Net derivative receivables | 12,681 | 13,450 | ||||
Gross derivative payables | 165,742 | 165,217 | ||||
Derivative netting adjustments | (150,726) | (152,432) | ||||
Net derivative payables | 15,016 | 12,785 | ||||
Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 46,378 | 49,285 | ||||
Derivative netting adjustments | (38,969) | (39,339) | ||||
Net derivative receivables | 7,409 | 9,946 | ||||
Gross derivative payables | 50,891 | 51,195 | ||||
Derivative netting adjustments | (40,288) | (41,034) | ||||
Net derivative payables | 10,603 | 10,161 | ||||
Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 21,238 | 20,470 | ||||
Derivative netting adjustments | (15,096) | (13,479) | ||||
Net derivative receivables | 6,142 | 6,991 | ||||
Gross derivative payables | 25,811 | 22,418 | ||||
Derivative netting adjustments | (16,022) | (13,046) | ||||
Net derivative payables | 9,789 | 9,372 | ||||
Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 123,807 | 83,820 | ||||
Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 5,324 | 6,654 | ||||
U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 141,529 | 56,059 | ||||
Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 31,064 | 37,723 | ||||
Certificates of deposit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 74 | 75 | ||||
Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 22,158 | 24,102 | ||||
Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 1,634 | 1,918 | ||||
Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 33,155 | |||||
Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 27,908 | 19,437 | ||||
U.S. GSE obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 78,800 | 50,700 | ||||
Fair Value Measured at Net Asset Value Per Share | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets | 48 | 49 | ||||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||||
Alternative investments, net asset value, fair value | 714 | 747 | ||||
Other assets | 666 | 698 | ||||
Recurring | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Federal funds sold and securities purchased under resale agreements | 13,705 | 13,235 | ||||
Securities borrowed | 5,784 | 5,105 | ||||
Trading assets, debt and equity instruments | 440,250 | 359,452 | ||||
Derivative netting adjustments | (566,821) | (472,026) | ||||
Net derivative receivables | 55,577 | 54,213 | ||||
Trading assets | 495,827 | 413,665 | ||||
Available-for-sale securities | 353,421 | 230,394 | ||||
Loans | 5,760 | 3,151 | ||||
Mortgage servicing rights | 4,419 | 6,130 | ||||
Total assets measured at fair value on a recurring basis | 887,166 | 680,612 | ||||
Deposits | 29,355 | 23,217 | ||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 933 | 935 | ||||
Short-term borrowings | 6,497 | 7,130 | ||||
Trading liabilities, Debt and equity instruments | 90,553 | 103,004 | ||||
Derivative netting adjustments | (550,429) | (460,119) | ||||
Net derivative payables | 47,790 | 41,769 | ||||
Trading liabilities | 138,343 | 144,773 | ||||
Accounts payable and other liabilities | 2,411 | 3,269 | ||||
Beneficial interests issued by consolidated VIEs | 39 | 28 | ||||
Long-term debt | 71,957 | 54,886 | ||||
Total liabilities measured at fair value on a recurring basis | 249,535 | 234,238 | ||||
Recurring | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (347,426) | (245,490) | ||||
Net derivative receivables | 28,507 | 23,214 | ||||
Derivative netting adjustments | (328,490) | (234,998) | ||||
Net derivative payables | 10,223 | 7,784 | ||||
Recurring | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (14,879) | (19,483) | ||||
Net derivative receivables | 838 | 612 | ||||
Derivative netting adjustments | (14,903) | (18,609) | ||||
Net derivative payables | 2,159 | 1,667 | ||||
Recurring | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (150,451) | (154,235) | ||||
Net derivative receivables | 12,681 | 13,450 | ||||
Derivative netting adjustments | (150,726) | (152,432) | ||||
Net derivative payables | 15,016 | 12,785 | ||||
Recurring | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (38,969) | (39,339) | ||||
Net derivative receivables | 7,409 | 9,946 | ||||
Derivative netting adjustments | (40,288) | (41,034) | ||||
Net derivative payables | 10,603 | 10,161 | ||||
Recurring | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (15,096) | (13,479) | ||||
Net derivative receivables | 6,142 | 6,991 | ||||
Derivative netting adjustments | (16,022) | (13,046) | ||||
Net derivative payables | 9,789 | 9,372 | ||||
Recurring | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 8,250 | 8,932 | ||||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||||
Other assets | 8,916 | 9,630 | ||||
Recurring | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 314,733 | 267,089 | ||||
Recurring | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 75,323 | 80,172 | ||||
Available-for-sale securities | 123,807 | 83,820 | ||||
Recurring | Mortgage-backed securities, U.S. GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 71,428 | 76,798 | ||||
Available-for-sale securities | 105,581 | 68,646 | ||||
Recurring | Mortgage-backed securities, Residential - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,277 | 1,862 | ||||
Available-for-sale securities | 12,902 | 8,520 | ||||
Recurring | Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 1,618 | 1,512 | ||||
Available-for-sale securities | 5,324 | 6,654 | ||||
Recurring | U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 86,399 | 59,179 | ||||
Available-for-sale securities | 141,529 | 56,059 | ||||
Recurring | Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 6,856 | 7,810 | ||||
Available-for-sale securities | 31,064 | 37,723 | ||||
Recurring | Certificates of deposit, bankers’ acceptances and commercial paper | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,180 | 1,214 | ||||
Recurring | Certificates of deposit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 74 | 75 | ||||
Recurring | Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 74,942 | 55,089 | ||||
Available-for-sale securities | 22,158 | 24,102 | ||||
Recurring | Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 20,945 | 18,989 | ||||
Available-for-sale securities | 1,634 | 1,918 | ||||
Recurring | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 45,054 | 41,753 | ||||
Recurring | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 3,034 | 2,883 | ||||
Recurring | Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 27,908 | 19,437 | ||||
Recurring | Asset-backed securities, Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 5,247 | 7,260 | ||||
Recurring | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 101,248 | 71,833 | ||||
Recurring | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 10,765 | 7,037 | ||||
Recurring | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 13,504 | 13,493 | ||||
Recurring | U.S. GSE obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 133,600 | 92,300 | ||||
Recurring | Residential mortgage | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 16,100 | 13,200 | ||||
Recurring | Commercial mortgage | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 4,200 | 2,300 | ||||
Recurring | Residential conforming mortgage intended for sale to U.S. GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 10,300 | 7,600 | ||||
Recurring | Level 1 | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||||
Securities borrowed | 0 | 0 | ||||
Trading assets, debt and equity instruments | 223,634 | 155,656 | ||||
Gross derivative receivables | 4,993 | 1,453 | ||||
Trading assets | 228,627 | 157,109 | ||||
Available-for-sale securities | 155,133 | 71,372 | ||||
Loans | 0 | 0 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Total assets measured at fair value on a recurring basis | 391,227 | 236,291 | ||||
Deposits | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||||
Short-term borrowings | 0 | 0 | ||||
Trading liabilities, Debt and equity instruments | 66,515 | 80,199 | ||||
Gross derivative payables | 4,789 | 2,221 | ||||
Trading liabilities | 71,304 | 82,420 | ||||
Accounts payable and other liabilities | 2,355 | 3,063 | ||||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Total liabilities measured at fair value on a recurring basis | 73,659 | 85,483 | ||||
Recurring | Level 1 | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 1,312 | 682 | ||||
Gross derivative payables | 1,206 | 1,526 | ||||
Recurring | Level 1 | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 0 | 0 | ||||
Gross derivative payables | 0 | 0 | ||||
Recurring | Level 1 | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 3,681 | 771 | ||||
Gross derivative payables | 3,583 | 695 | ||||
Recurring | Level 1 | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 0 | 0 | ||||
Gross derivative payables | 0 | 0 | ||||
Recurring | Level 1 | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 0 | 0 | ||||
Gross derivative payables | 0 | 0 | ||||
Recurring | Level 1 | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 7,467 | 7,810 | ||||
Recurring | Level 1 | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 115,115 | 79,355 | ||||
Recurring | Level 1 | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Mortgage-backed securities, Residential - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 76,953 | 51,477 | ||||
Available-for-sale securities | 141,529 | 56,059 | ||||
Recurring | Level 1 | Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 1 | Certificates of deposit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 38,162 | 27,878 | ||||
Available-for-sale securities | 13,604 | 15,313 | ||||
Recurring | Level 1 | Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 1 | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 1 | Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Asset-backed securities, Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 100,829 | 71,119 | ||||
Recurring | Level 1 | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 7,690 | 5,182 | ||||
Recurring | Level 1 | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 2 | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Federal funds sold and securities purchased under resale agreements | 13,705 | 13,235 | ||||
Securities borrowed | 5,784 | 5,105 | ||||
Trading assets, debt and equity instruments | 212,233 | 199,628 | ||||
Gross derivative receivables | 611,832 | 518,969 | ||||
Trading assets | 824,065 | 718,597 | ||||
Available-for-sale securities | 198,287 | 159,021 | ||||
Loans | 5,759 | 3,029 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Total assets measured at fair value on a recurring basis | 1,047,637 | 899,182 | ||||
Deposits | 25,719 | 19,048 | ||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 933 | 935 | ||||
Short-term borrowings | 4,496 | 5,607 | ||||
Trading liabilities, Debt and equity instruments | 23,970 | 22,755 | ||||
Gross derivative payables | 582,865 | 490,054 | ||||
Trading liabilities | 606,835 | 512,809 | ||||
Accounts payable and other liabilities | 37 | 196 | ||||
Beneficial interests issued by consolidated VIEs | 39 | 27 | ||||
Long-term debt | 49,608 | 35,468 | ||||
Total liabilities measured at fair value on a recurring basis | 687,667 | 574,090 | ||||
Recurring | Level 2 | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 372,834 | 266,380 | ||||
Gross derivative payables | 335,401 | 239,576 | ||||
Recurring | Level 2 | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 15,072 | 19,235 | ||||
Gross derivative payables | 16,100 | 19,309 | ||||
Recurring | Level 2 | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 158,893 | 166,238 | ||||
Gross derivative payables | 160,760 | 163,549 | ||||
Recurring | Level 2 | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 44,064 | 46,777 | ||||
Gross derivative payables | 45,109 | 46,462 | ||||
Recurring | Level 2 | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 20,969 | 20,339 | ||||
Gross derivative payables | 25,495 | 21,158 | ||||
Recurring | Level 2 | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 37 | 195 | ||||
Recurring | Level 2 | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 195,737 | 184,099 | ||||
Recurring | Level 2 | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 74,483 | 79,548 | ||||
Available-for-sale securities | 123,806 | 83,819 | ||||
Recurring | Level 2 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 70,617 | 76,249 | ||||
Available-for-sale securities | 105,581 | 68,646 | ||||
Recurring | Level 2 | Mortgage-backed securities, Residential - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,253 | 1,798 | ||||
Available-for-sale securities | 12,901 | 8,519 | ||||
Recurring | Level 2 | Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 1,613 | 1,501 | ||||
Available-for-sale securities | 5,324 | 6,654 | ||||
Recurring | Level 2 | U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 9,446 | 7,702 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 2 | Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 6,229 | 7,121 | ||||
Available-for-sale securities | 31,064 | 37,723 | ||||
Recurring | Level 2 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,180 | 1,214 | ||||
Recurring | Level 2 | Certificates of deposit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 74 | 75 | ||||
Recurring | Level 2 | Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 36,634 | 27,056 | ||||
Available-for-sale securities | 8,554 | 8,789 | ||||
Recurring | Level 2 | Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 20,461 | 18,655 | ||||
Available-for-sale securities | 1,634 | 1,918 | ||||
Recurring | Level 2 | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 43,308 | 40,047 | ||||
Recurring | Level 2 | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,996 | 2,756 | ||||
Recurring | Level 2 | Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 27,908 | 19,437 | ||||
Recurring | Level 2 | Asset-backed securities, Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 5,247 | 7,260 | ||||
Recurring | Level 2 | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 249 | 482 | ||||
Recurring | Level 2 | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 3,075 | 1,855 | ||||
Recurring | Level 2 | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 13,172 | 13,192 | ||||
Recurring | Level 3 | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||||
Securities borrowed | 0 | 0 | ||||
Trading assets, debt and equity instruments | 4,383 | 4,168 | ||||
Gross derivative receivables | 5,573 | 5,817 | ||||
Trading assets | 9,956 | 9,985 | ||||
Available-for-sale securities | 1 | 1 | ||||
Loans | 1 | 122 | ||||
Mortgage servicing rights | 4,419 | 6,130 | ||||
Total assets measured at fair value on a recurring basis | 15,123 | 17,165 | ||||
Deposits | 3,636 | 4,169 | ||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||||
Short-term borrowings | 2,001 | 1,523 | ||||
Trading liabilities, Debt and equity instruments | 68 | 50 | ||||
Gross derivative payables | 10,565 | 9,613 | ||||
Trading liabilities | 10,633 | 9,663 | ||||
Accounts payable and other liabilities | 19 | 10 | ||||
Beneficial interests issued by consolidated VIEs | 0 | 1 | ||||
Long-term debt | 22,349 | 19,418 | ||||
Total liabilities measured at fair value on a recurring basis | 38,638 | 34,784 | ||||
Recurring | Level 3 | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 1,787 | 1,642 | ||||
Gross derivative payables | 2,106 | 1,680 | ||||
Recurring | Level 3 | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 645 | 860 | ||||
Gross derivative payables | 962 | 967 | ||||
Recurring | Level 3 | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 558 | 676 | ||||
Gross derivative payables | 1,399 | 973 | ||||
Recurring | Level 3 | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 2,314 | 2,508 | ||||
Gross derivative payables | 5,782 | 4,733 | ||||
Recurring | Level 3 | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 269 | 131 | ||||
Gross derivative payables | 316 | 1,260 | ||||
Recurring | Level 3 | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 746 | 927 | ||||
Recurring | Level 3 | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 3,881 | 3,635 | ||||
Recurring | Level 3 | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 840 | 624 | ||||
Available-for-sale securities | 1 | 1 | ||||
Recurring | Level 3 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 811 | 549 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Mortgage-backed securities, Residential - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 24 | 64 | ||||
Available-for-sale securities | 1 | 1 | ||||
Recurring | Level 3 | Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 5 | 11 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 627 | 689 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 3 | Certificates of deposit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 146 | 155 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 484 | 334 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 1,746 | 1,706 | ||||
Recurring | Level 3 | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 38 | 127 | ||||
Recurring | Level 3 | Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Asset-backed securities, Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 170 | 232 | ||||
Recurring | Level 3 | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 3 | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | $ 332 | $ 301 |
Fair Value Measurement - Level
Fair Value Measurement - Level 3 Inputs (Details) $ in Millions | Sep. 30, 2019USD ($)$ / shares$ / bbl | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | $ 5,760 | $ 3,151 | ||||
MSRs | $ 4,419 | $ 5,093 | 6,130 | $ 6,433 | $ 6,241 | $ 6,030 |
Assumed par value for price input (in dollars per share) | $ / shares | $ 100 | |||||
Level 3 | Yield | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Other assets, measurement inputs | 0.12 | |||||
Level 3 | Yield | Discounted cash flows | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Other assets, measurement inputs | 0.12 | |||||
Level 3 | Price (in dollars per share) | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Other assets, measurement inputs | $ / shares | 18 | |||||
Level 3 | Price (in dollars per share) | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Other assets, measurement inputs | $ / shares | 115 | |||||
Level 3 | Price (in dollars per share) | Market comparables | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Other assets, measurement inputs | $ / shares | 36 | |||||
Level 3 | Interest rate spread volatility | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0020 | |||||
Level 3 | Interest rate spread volatility | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0030 | |||||
Level 3 | Interest rate correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.28) | |||||
Level 3 | Interest rate correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.96 | |||||
Level 3 | IR-FX correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.58) | |||||
Level 3 | IR-FX correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.60 | |||||
Level 3 | Credit spread | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Other assets, measurement inputs | 0.0045 | |||||
Level 3 | Credit spread | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Other assets, measurement inputs | 0.0045 | |||||
Level 3 | Credit spread | Discounted cash flows | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Other assets, measurement inputs | 0.0045 | |||||
Level 3 | Equity correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.10 | |||||
Level 3 | Equity correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.98 | |||||
Level 3 | Equity-FX correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.81) | |||||
Level 3 | Equity-FX correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.59 | |||||
Level 3 | Equity-IR correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.25 | |||||
Level 3 | Equity-IR correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.60 | |||||
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0 | |||||
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.19 | |||||
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.05 | |||||
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0 | |||||
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.22 | |||||
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.14 | |||||
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0 | |||||
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.04 | |||||
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.01 | |||||
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0 | |||||
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 1 | |||||
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.02 | |||||
Level 3 | Commercial mortgage-backed securities and loans | Price (in dollars per share) | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | $ / shares | 0 | |||||
Level 3 | Commercial mortgage-backed securities and loans | Price (in dollars per share) | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | $ / shares | 102 | |||||
Level 3 | Commercial mortgage-backed securities and loans | Price (in dollars per share) | Market comparables | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | $ / shares | 80 | |||||
Level 3 | Obligations of U.S. states and municipalities | Price (in dollars per share) | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 68 | |||||
Level 3 | Obligations of U.S. states and municipalities | Price (in dollars per share) | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 100 | |||||
Level 3 | Obligations of U.S. states and municipalities | Price (in dollars per share) | Market comparables | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 97 | |||||
Level 3 | Corporate debt securities | Price (in dollars per share) | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 4 | |||||
Level 3 | Corporate debt securities | Price (in dollars per share) | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 116 | |||||
Level 3 | Corporate debt securities | Price (in dollars per share) | Market comparables | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 79 | |||||
Level 3 | Loans | Yield | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans, measurement input | 0.05 | |||||
Level 3 | Loans | Yield | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans, measurement input | 0.22 | |||||
Level 3 | Loans | Yield | Discounted cash flows | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans, measurement input | 0.07 | |||||
Level 3 | Loans | Price (in dollars per share) | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans, measurement input | $ / shares | 12 | |||||
Level 3 | Loans | Price (in dollars per share) | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans, measurement input | $ / shares | 101 | |||||
Level 3 | Loans | Price (in dollars per share) | Market comparables | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans, measurement input | $ / shares | 78 | |||||
Level 3 | Asset-backed securities | Price (in dollars per share) | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 1 | |||||
Level 3 | Asset-backed securities | Price (in dollars per share) | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 100 | |||||
Level 3 | Asset-backed securities | Price (in dollars per share) | Market comparables | Weighted average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 53 | |||||
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.04 | |||||
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.30 | |||||
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0020 | |||||
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0030 | |||||
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.28) | |||||
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.96 | |||||
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.53 | |||||
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.60 | |||||
Level 3 | Net credit derivatives | Conditional default rate | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.02 | |||||
Level 3 | Net credit derivatives | Conditional default rate | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.93 | |||||
Level 3 | Net credit derivatives | Loss severity | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1 | |||||
Level 3 | Net credit derivatives | Loss severity | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1 | |||||
Level 3 | Net credit derivatives | Price (in dollars per share) | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1 | |||||
Level 3 | Net credit derivatives | Price (in dollars per share) | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 115 | |||||
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.30 | |||||
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.60 | |||||
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0004 | |||||
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.1315 | |||||
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.15 | |||||
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.70 | |||||
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.09 | |||||
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.09 | |||||
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.58) | |||||
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.60 | |||||
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.11 | |||||
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.82 | |||||
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.10 | |||||
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.98 | |||||
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.81) | |||||
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.59 | |||||
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.25 | |||||
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.60 | |||||
Level 3 | Net commodity derivatives | Forward commodity price | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | $ / bbl | 30 | |||||
Level 3 | Net commodity derivatives | Forward commodity price | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | $ / bbl | 61 | |||||
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.05 | |||||
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1.11 | |||||
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.48) | |||||
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.95 | |||||
Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | $ 5,760 | 3,151 | ||||
MSRs | 4,419 | 6,130 | ||||
Long-term debt, short-term borrowings, and deposits | 249,535 | 234,238 | ||||
Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | 1 | 122 | ||||
MSRs | 4,419 | 6,130 | ||||
Long-term debt, short-term borrowings, and deposits | 38,638 | $ 34,784 | ||||
Other level 3 asset and liabilities, net | 229 | |||||
Recurring | Level 3 | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
MSRs | 4,419 | |||||
Other assets | 303 | |||||
Recurring | Level 3 | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Other assets | 775 | |||||
Recurring | Level 3 | Option pricing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits | 27,986 | |||||
Recurring | Level 3 | Residential mortgage-backed securities and loans | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 1,132 | |||||
Recurring | Level 3 | Commercial mortgage-backed securities and loans | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 147 | |||||
Recurring | Level 3 | Obligations of U.S. states and municipalities | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading | 627 | |||||
Recurring | Level 3 | Corporate debt securities | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading | 484 | |||||
Recurring | Level 3 | Loans | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | 194 | |||||
Recurring | Level 3 | Loans | Discounted cash flows | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 297 | |||||
Recurring | Level 3 | Loans | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | 1,115 | |||||
Recurring | Level 3 | Loans | Market comparables | Commercial | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 141 | |||||
Recurring | Level 3 | Asset-backed securities | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading | 38 | |||||
Recurring | Level 3 | Net interest rate derivatives | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | 69 | |||||
Recurring | Level 3 | Net interest rate derivatives | Option pricing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (388) | |||||
Recurring | Level 3 | Net credit derivatives | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (353) | |||||
Recurring | Level 3 | Net credit derivatives | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | 36 | |||||
Recurring | Level 3 | Net foreign exchange derivatives | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (162) | |||||
Recurring | Level 3 | Net foreign exchange derivatives | Option pricing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (679) | |||||
Recurring | Level 3 | Net equity derivatives | Option pricing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (3,468) | |||||
Recurring | Level 3 | Net commodity derivatives | Option pricing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (47) | |||||
Recurring | Level 3 | Mortgage-backed securities, U.S. GSEs and government agencies | Discounted cash flows | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 811 | |||||
Recurring | Level 3 | Residential mortgage-backed securities | Discounted cash flows | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 24 | |||||
Recurring | Level 3 | Commercial | Market comparables | Commercial | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 5 | |||||
Recurring | Level 3 | Nontrading loans | Market comparables | Commercial | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | $ 1 |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Level 3 Recurring Measurements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Net derivative receivables: | |||||
Fair value, beginning balance | $ (4,437,000,000) | $ (3,110,000,000) | $ (3,796,000,000) | $ (4,250,000,000) | |
Total realized/unrealized gains/(losses) | (1,004,000,000) | 385,000,000 | (926,000,000) | 1,935,000,000 | |
Purchases | 240,000,000 | 701,000,000 | 482,000,000 | 1,595,000,000 | |
Sales | (206,000,000) | (664,000,000) | (938,000,000) | (2,018,000,000) | |
Settlements | (342,000,000) | 406,000,000 | (556,000,000) | 498,000,000 | |
Transfers into level 3 | (166,000,000) | (164,000,000) | (406,000,000) | (386,000,000) | |
Transfers (out of) level 3 | 923,000,000 | 60,000,000 | 1,148,000,000 | 240,000,000 | |
Fair value, ending balance | (4,992,000,000) | (2,386,000,000) | (4,992,000,000) | (2,386,000,000) | |
Change in unrealized gains/(losses) related to financial instruments held | $ (1,062,000,000) | 164,000,000 | $ (2,237,000,000) | 736,000,000 | |
Level 3 Rollforward Supplemental Data [Abstract] | |||||
Level 3 assets as a percentage of total firm assets at fair value | 2.00% | 2.00% | 3.00% | ||
Level 3 liabilities as a percentage of total firm liabilities at fair value | 15.00% | 15.00% | 15.00% | ||
Deposits | |||||
Liabilities: | |||||
Fair value, beginning balance | $ 4,066,000,000 | 4,305,000,000 | $ 4,169,000,000 | 4,142,000,000 | |
Total realized/unrealized (gains)/losses | 0 | (84,000,000) | 241,000,000 | (125,000,000) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 153,000,000 | 517,000,000 | 580,000,000 | 1,272,000,000 | |
Settlements | (188,000,000) | (170,000,000) | (504,000,000) | (425,000,000) | |
Transfers into level 3 | 12,000,000 | 1,000,000 | 12,000,000 | 2,000,000 | |
Transfers (out of) level 3 | (407,000,000) | (129,000,000) | (862,000,000) | (426,000,000) | |
Fair value, ending balance | 3,636,000,000 | 4,440,000,000 | 3,636,000,000 | 4,440,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | 16,000,000 | (82,000,000) | 250,000,000 | (115,000,000) | |
Short-term borrowings | |||||
Liabilities: | |||||
Fair value, beginning balance | 2,052,000,000 | 2,209,000,000 | 1,523,000,000 | 1,665,000,000 | |
Total realized/unrealized (gains)/losses | 24,000,000 | (47,000,000) | 142,000,000 | (229,000,000) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 949,000,000 | 713,000,000 | 2,637,000,000 | 2,783,000,000 | |
Settlements | (1,040,000,000) | (885,000,000) | (2,265,000,000) | (2,245,000,000) | |
Transfers into level 3 | 17,000,000 | 6,000,000 | 85,000,000 | 61,000,000 | |
Transfers (out of) level 3 | (1,000,000) | (25,000,000) | (121,000,000) | (64,000,000) | |
Fair value, ending balance | 2,001,000,000 | 1,971,000,000 | 2,001,000,000 | 1,971,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | 28,000,000 | (31,000,000) | 74,000,000 | 26,000,000 | |
Total debt and equity instruments | |||||
Liabilities: | |||||
Fair value, beginning balance | 45,000,000 | 43,000,000 | 50,000,000 | 39,000,000 | |
Total realized/unrealized (gains)/losses | 0 | 36,000,000 | 0 | 28,000,000 | |
Purchases | (5,000,000) | (6,000,000) | (12,000,000) | (68,000,000) | |
Sales | 25,000,000 | 19,000,000 | 41,000,000 | 95,000,000 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 1,000,000 | (2,000,000) | 1,000,000 | (1,000,000) | |
Transfers into level 3 | 2,000,000 | 7,000,000 | 9,000,000 | 9,000,000 | |
Transfers (out of) level 3 | 0 | (1,000,000) | (21,000,000) | (6,000,000) | |
Fair value, ending balance | 68,000,000 | 96,000,000 | 68,000,000 | 96,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | 0 | 36,000,000 | (1,000,000) | 11,000,000 | |
Accounts payable and other liabilities | |||||
Liabilities: | |||||
Fair value, beginning balance | 92,000,000 | 8,000,000 | 10,000,000 | 13,000,000 | |
Total realized/unrealized (gains)/losses | (6,000,000) | 1,000,000 | (7,000,000) | 0 | |
Purchases | (71,000,000) | 0 | (79,000,000) | (6,000,000) | |
Sales | 4,000,000 | 0 | 94,000,000 | 1,000,000 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 3,000,000 | 1,000,000 | 4,000,000 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 19,000,000 | 12,000,000 | 19,000,000 | 12,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | (2,000,000) | 1,000,000 | 4,000,000 | 0 | |
Beneficial interests issued by consolidated VIEs | |||||
Liabilities: | |||||
Fair value, beginning balance | 0 | 1,000,000 | 1,000,000 | 39,000,000 | |
Total realized/unrealized (gains)/losses | 0 | 0 | (1,000,000) | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | (38,000,000) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 0 | 1,000,000 | 0 | 1,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | 0 | 0 | 0 | 0 | |
Long-term debt | |||||
Liabilities: | |||||
Fair value, beginning balance | 21,863,000,000 | 17,632,000,000 | 19,418,000,000 | 16,125,000,000 | |
Total realized/unrealized (gains)/losses | 187,000,000 | 194,000,000 | 1,915,000,000 | (396,000,000) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 2,230,000,000 | 3,551,000,000 | 6,929,000,000 | 9,792,000,000 | |
Settlements | (1,758,000,000) | (1,809,000,000) | (5,675,000,000) | (6,195,000,000) | |
Transfers into level 3 | 49,000,000 | 59,000,000 | 522,000,000 | 653,000,000 | |
Transfers (out of) level 3 | (222,000,000) | (219,000,000) | (760,000,000) | (571,000,000) | |
Fair value, ending balance | 22,349,000,000 | 19,408,000,000 | 22,349,000,000 | 19,408,000,000 | |
Change in unrealized (gains)/losses related to financials instruments held | 89,000,000 | 192,000,000 | 2,010,000,000 | (576,000,000) | |
Debit valuation adjustment for fair value option financial liabilities | |||||
Level 3 Rollforward Supplemental Data [Abstract] | |||||
Unrealized (gains)/losses on liabilities recorded in OCI | (62,000,000) | 123,000,000 | 108,000,000 | 0 | |
Interest rate | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (544,000,000) | 489,000,000 | (38,000,000) | 264,000,000 | |
Total realized/unrealized gains/(losses) | 88,000,000 | 236,000,000 | (575,000,000) | 576,000,000 | |
Purchases | 39,000,000 | 28,000,000 | 86,000,000 | 83,000,000 | |
Sales | (15,000,000) | (22,000,000) | (102,000,000) | (77,000,000) | |
Settlements | 53,000,000 | (101,000,000) | 174,000,000 | (234,000,000) | |
Transfers into level 3 | 10,000,000 | 68,000,000 | 22,000,000 | 40,000,000 | |
Transfers (out of) level 3 | 50,000,000 | (7,000,000) | 114,000,000 | 39,000,000 | |
Fair value, ending balance | (319,000,000) | 691,000,000 | (319,000,000) | 691,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (15,000,000) | 216,000,000 | (694,000,000) | 498,000,000 | |
Credit | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (232,000,000) | (24,000,000) | (107,000,000) | (35,000,000) | |
Total realized/unrealized gains/(losses) | (65,000,000) | (19,000,000) | (209,000,000) | 19,000,000 | |
Purchases | 3,000,000 | 1,000,000 | 16,000,000 | 3,000,000 | |
Sales | (3,000,000) | 0 | (5,000,000) | (7,000,000) | |
Settlements | (23,000,000) | 47,000,000 | (13,000,000) | 22,000,000 | |
Transfers into level 3 | 3,000,000 | 6,000,000 | 7,000,000 | 5,000,000 | |
Transfers (out of) level 3 | 0 | 16,000,000 | (6,000,000) | 20,000,000 | |
Fair value, ending balance | (317,000,000) | 27,000,000 | (317,000,000) | 27,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (68,000,000) | (15,000,000) | (169,000,000) | 7,000,000 | |
Foreign exchange | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (193,000,000) | (245,000,000) | (297,000,000) | (396,000,000) | |
Total realized/unrealized gains/(losses) | (653,000,000) | (56,000,000) | (840,000,000) | 184,000,000 | |
Purchases | 2,000,000 | 29,000,000 | 13,000,000 | 42,000,000 | |
Sales | (1,000,000) | (7,000,000) | (18,000,000) | (15,000,000) | |
Settlements | (1,000,000) | (49,000,000) | 294,000,000 | (46,000,000) | |
Transfers into level 3 | 6,000,000 | (2,000,000) | (19,000,000) | (114,000,000) | |
Transfers (out of) level 3 | (1,000,000) | 28,000,000 | 26,000,000 | 43,000,000 | |
Fair value, ending balance | (841,000,000) | (302,000,000) | (841,000,000) | (302,000,000) | |
Change in unrealized gains/(losses) related to financial instruments held | (657,000,000) | (54,000,000) | (815,000,000) | 42,000,000 | |
Equity | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (2,560,000,000) | (2,578,000,000) | (2,225,000,000) | (3,409,000,000) | |
Total realized/unrealized gains/(losses) | (382,000,000) | (94,000,000) | 328,000,000 | 688,000,000 | |
Purchases | 174,000,000 | 643,000,000 | 335,000,000 | 1,467,000,000 | |
Sales | (118,000,000) | (635,000,000) | (573,000,000) | (1,919,000,000) | |
Settlements | (377,000,000) | 622,000,000 | (1,062,000,000) | 1,043,000,000 | |
Transfers into level 3 | (203,000,000) | (251,000,000) | (418,000,000) | (324,000,000) | |
Transfers (out of) level 3 | (2,000,000) | 16,000,000 | 147,000,000 | 177,000,000 | |
Fair value, ending balance | (3,468,000,000) | (2,277,000,000) | (3,468,000,000) | (2,277,000,000) | |
Change in unrealized gains/(losses) related to financial instruments held | (362,000,000) | (121,000,000) | (1,193,000,000) | 31,000,000 | |
Commodity | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (908,000,000) | (752,000,000) | (1,129,000,000) | (674,000,000) | |
Total realized/unrealized gains/(losses) | 8,000,000 | 318,000,000 | 370,000,000 | 468,000,000 | |
Purchases | 22,000,000 | 0 | 32,000,000 | 0 | |
Sales | (69,000,000) | 0 | (240,000,000) | 0 | |
Settlements | 6,000,000 | (113,000,000) | 51,000,000 | (287,000,000) | |
Transfers into level 3 | 18,000,000 | 15,000,000 | 2,000,000 | 7,000,000 | |
Transfers (out of) level 3 | 876,000,000 | 7,000,000 | 867,000,000 | (39,000,000) | |
Fair value, ending balance | (47,000,000) | (525,000,000) | (47,000,000) | (525,000,000) | |
Change in unrealized gains/(losses) related to financial instruments held | 40,000,000 | 138,000,000 | 634,000,000 | 158,000,000 | |
Total mortgage-backed securities | |||||
Assets: | |||||
Fair value, beginning balance | 668,000,000 | 583,000,000 | 624,000,000 | 378,000,000 | |
Total realized/unrealized gains/(losses) | (71,000,000) | 2,000,000 | (84,000,000) | 8,000,000 | |
Purchases | 429,000,000 | 14,000,000 | 849,000,000 | 400,000,000 | |
Sales | (112,000,000) | (34,000,000) | (382,000,000) | (153,000,000) | |
Settlements | (45,000,000) | (20,000,000) | (117,000,000) | (75,000,000) | |
Transfers into level 3 | 0 | 110,000,000 | 31,000,000 | 180,000,000 | |
Transfers (out of) level 3 | (29,000,000) | (36,000,000) | (81,000,000) | (119,000,000) | |
Fair value, ending balance | 840,000,000 | 619,000,000 | 840,000,000 | 619,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (71,000,000) | 0 | (116,000,000) | 6,000,000 | |
Mortgage-backed securities, U.S. GSEs and government agencies | |||||
Assets: | |||||
Fair value, beginning balance | 617,000,000 | 478,000,000 | 549,000,000 | 307,000,000 | |
Total realized/unrealized gains/(losses) | (71,000,000) | 2,000,000 | (111,000,000) | 5,000,000 | |
Purchases | 424,000,000 | 14,000,000 | 747,000,000 | 348,000,000 | |
Sales | (104,000,000) | (28,000,000) | (272,000,000) | (126,000,000) | |
Settlements | (45,000,000) | (17,000,000) | (83,000,000) | (56,000,000) | |
Transfers into level 3 | 0 | 83,000,000 | 1,000,000 | 92,000,000 | |
Transfers (out of) level 3 | (10,000,000) | (3,000,000) | (20,000,000) | (41,000,000) | |
Fair value, ending balance | 811,000,000 | 529,000,000 | 811,000,000 | 529,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (70,000,000) | 0 | (116,000,000) | 3,000,000 | |
Mortgage-backed securities, Residential - nonagency | |||||
Assets: | |||||
Fair value, beginning balance | 42,000,000 | 87,000,000 | 64,000,000 | 60,000,000 | |
Total realized/unrealized gains/(losses) | 0 | 1,000,000 | 25,000,000 | 1,000,000 | |
Purchases | 2,000,000 | 0 | 83,000,000 | 45,000,000 | |
Sales | (3,000,000) | (6,000,000) | (86,000,000) | (19,000,000) | |
Settlements | 0 | (3,000,000) | (20,000,000) | (6,000,000) | |
Transfers into level 3 | 0 | 18,000,000 | 15,000,000 | 58,000,000 | |
Transfers (out of) level 3 | (17,000,000) | (20,000,000) | (57,000,000) | (62,000,000) | |
Fair value, ending balance | 24,000,000 | 77,000,000 | 24,000,000 | 77,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (1,000,000) | 1,000,000 | (1,000,000) | 4,000,000 | |
Mortgage-backed securities, Commercial - nonagency | |||||
Assets: | |||||
Fair value, beginning balance | 9,000,000 | 18,000,000 | 11,000,000 | 11,000,000 | |
Total realized/unrealized gains/(losses) | 0 | (1,000,000) | 2,000,000 | 2,000,000 | |
Purchases | 3,000,000 | 0 | 19,000,000 | 7,000,000 | |
Sales | (5,000,000) | 0 | (24,000,000) | (8,000,000) | |
Settlements | 0 | (14,000,000) | (13,000,000) | ||
Transfers into level 3 | 0 | 9,000,000 | 15,000,000 | 30,000,000 | |
Transfers (out of) level 3 | (2,000,000) | (13,000,000) | (4,000,000) | (16,000,000) | |
Fair value, ending balance | 5,000,000 | 13,000,000 | 5,000,000 | 13,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | (1,000,000) | 1,000,000 | (1,000,000) | |
Total debt and equity instruments | |||||
Assets: | |||||
Fair value, beginning balance | 4,369,000,000 | 4,543,000,000 | 4,168,000,000 | 5,370,000,000 | |
Total realized/unrealized gains/(losses) | (69,000,000) | 72,000,000 | 109,000,000 | (157,000,000) | |
Purchases | 760,000,000 | 452,000,000 | 2,224,000,000 | 2,632,000,000 | |
Sales | (539,000,000) | (421,000,000) | (1,606,000,000) | (2,520,000,000) | |
Settlements | (195,000,000) | (276,000,000) | (687,000,000) | (828,000,000) | |
Transfers into level 3 | 280,000,000 | 330,000,000 | 816,000,000 | 976,000,000 | |
Transfers (out of) level 3 | (223,000,000) | (472,000,000) | (641,000,000) | (1,245,000,000) | |
Fair value, ending balance | 4,383,000,000 | 4,228,000,000 | 4,383,000,000 | 4,228,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (112,000,000) | (7,000,000) | (10,000,000) | (269,000,000) | |
Total debt instruments | |||||
Assets: | |||||
Fair value, beginning balance | 3,911,000,000 | 3,849,000,000 | 3,635,000,000 | 4,385,000,000 | |
Total realized/unrealized gains/(losses) | (73,000,000) | 22,000,000 | 95,000,000 | 53,000,000 | |
Purchases | 715,000,000 | 433,000,000 | 2,141,000,000 | 2,486,000,000 | |
Sales | (514,000,000) | (373,000,000) | (1,498,000,000) | (2,372,000,000) | |
Settlements | (180,000,000) | (239,000,000) | (624,000,000) | (752,000,000) | |
Transfers into level 3 | 234,000,000 | 246,000,000 | 673,000,000 | 887,000,000 | |
Transfers (out of) level 3 | (212,000,000) | (452,000,000) | (541,000,000) | (1,201,000,000) | |
Fair value, ending balance | 3,881,000,000 | 3,486,000,000 | 3,881,000,000 | 3,486,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (119,000,000) | 1,000,000 | (44,000,000) | (30,000,000) | |
U.S. Treasury, GSEs and government agencies | |||||
Assets: | |||||
Fair value, beginning balance | 0 | 0 | 0 | 1,000,000 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | (1,000,000) | |
Fair value, ending balance | 0 | 0 | 0 | 0 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 | 0 | |
Obligations of U.S. states and municipalities | |||||
Assets: | |||||
Fair value, beginning balance | 680,000,000 | 736,000,000 | 689,000,000 | 744,000,000 | |
Total realized/unrealized gains/(losses) | (2,000,000) | 8,000,000 | 12,000,000 | (3,000,000) | |
Purchases | 27,000,000 | 26,000,000 | 85,000,000 | 107,000,000 | |
Sales | (77,000,000) | (70,000,000) | (152,000,000) | (70,000,000) | |
Settlements | (1,000,000) | (1,000,000) | (7,000,000) | (79,000,000) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 627,000,000 | 699,000,000 | 627,000,000 | 699,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (2,000,000) | 7,000,000 | 13,000,000 | (3,000,000) | |
Non-U.S. government debt securities | |||||
Assets: | |||||
Fair value, beginning balance | 190,000,000 | 183,000,000 | 155,000,000 | 78,000,000 | |
Total realized/unrealized gains/(losses) | (1,000,000) | (9,000,000) | (2,000,000) | (19,000,000) | |
Purchases | 40,000,000 | 44,000,000 | 228,000,000 | 395,000,000 | |
Sales | (74,000,000) | (29,000,000) | (231,000,000) | (213,000,000) | |
Settlements | 0 | (2,000,000) | 0 | (2,000,000) | |
Transfers into level 3 | 3,000,000 | 1,000,000 | 14,000,000 | 18,000,000 | |
Transfers (out of) level 3 | (12,000,000) | (24,000,000) | (18,000,000) | (93,000,000) | |
Fair value, ending balance | 146,000,000 | 164,000,000 | 146,000,000 | 164,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (1,000,000) | (9,000,000) | 3,000,000 | (18,000,000) | |
Corporate debt securities | |||||
Assets: | |||||
Fair value, beginning balance | 562,000,000 | 274,000,000 | 334,000,000 | 312,000,000 | |
Total realized/unrealized gains/(losses) | 45,000,000 | (2,000,000) | 74,000,000 | (6,000,000) | |
Purchases | 56,000,000 | 156,000,000 | 340,000,000 | 297,000,000 | |
Sales | (167,000,000) | (87,000,000) | (236,000,000) | (227,000,000) | |
Settlements | 0 | (4,000,000) | (53,000,000) | (15,000,000) | |
Transfers into level 3 | 17,000,000 | 82,000,000 | 96,000,000 | 249,000,000 | |
Transfers (out of) level 3 | (29,000,000) | (24,000,000) | (71,000,000) | (215,000,000) | |
Fair value, ending balance | 484,000,000 | 395,000,000 | 484,000,000 | 395,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 3,000,000 | (3,000,000) | 15,000,000 | (1,000,000) | |
Loans | |||||
Assets: | |||||
Fair value, beginning balance | 1,778,000,000 | 1,986,000,000 | 1,706,000,000 | 2,719,000,000 | |
Total realized/unrealized gains/(losses) | (44,000,000) | 17,000,000 | 95,000,000 | 58,000,000 | |
Purchases | 152,000,000 | 188,000,000 | 609,000,000 | 1,223,000,000 | |
Sales | (82,000,000) | (146,000,000) | (416,000,000) | (1,680,000,000) | |
Settlements | (132,000,000) | (199,000,000) | (408,000,000) | (528,000,000) | |
Transfers into level 3 | 211,000,000 | 48,000,000 | 509,000,000 | 422,000,000 | |
Transfers (out of) level 3 | (137,000,000) | (361,000,000) | (349,000,000) | (681,000,000) | |
Fair value, ending balance | 1,746,000,000 | 1,533,000,000 | 1,746,000,000 | 1,533,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (46,000,000) | 3,000,000 | 44,000,000 | (22,000,000) | |
Asset-backed securities | |||||
Assets: | |||||
Fair value, beginning balance | 33,000,000 | 87,000,000 | 127,000,000 | 153,000,000 | |
Total realized/unrealized gains/(losses) | 0 | 6,000,000 | 0 | 15,000,000 | |
Purchases | 11,000,000 | 5,000,000 | 30,000,000 | 64,000,000 | |
Sales | (2,000,000) | (7,000,000) | (81,000,000) | (29,000,000) | |
Settlements | (2,000,000) | (13,000,000) | (39,000,000) | (53,000,000) | |
Transfers into level 3 | 3,000,000 | 5,000,000 | 23,000,000 | 18,000,000 | |
Transfers (out of) level 3 | (5,000,000) | (7,000,000) | (22,000,000) | (92,000,000) | |
Fair value, ending balance | 38,000,000 | 76,000,000 | 38,000,000 | 76,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (2,000,000) | 3,000,000 | (3,000,000) | 8,000,000 | |
Equity securities | |||||
Assets: | |||||
Fair value, beginning balance | 147,000,000 | 288,000,000 | 232,000,000 | 295,000,000 | |
Total realized/unrealized gains/(losses) | (14,000,000) | 20,000,000 | (28,000,000) | (1,000,000) | |
Purchases | 10,000,000 | 6,000,000 | 33,000,000 | 99,000,000 | |
Sales | (10,000,000) | (48,000,000) | (92,000,000) | (108,000,000) | |
Settlements | 0 | (22,000,000) | (1,000,000) | ||
Transfers into level 3 | 46,000,000 | 82,000,000 | 142,000,000 | 86,000,000 | |
Transfers (out of) level 3 | (9,000,000) | (19,000,000) | (95,000,000) | (41,000,000) | |
Fair value, ending balance | 170,000,000 | 329,000,000 | 170,000,000 | 329,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (16,000,000) | (18,000,000) | (21,000,000) | 11,000,000 | |
Other | |||||
Assets: | |||||
Fair value, beginning balance | 311,000,000 | 406,000,000 | 301,000,000 | 690,000,000 | |
Total realized/unrealized gains/(losses) | 18,000,000 | 30,000,000 | 42,000,000 | (209,000,000) | |
Purchases | 35,000,000 | 13,000,000 | 50,000,000 | 47,000,000 | |
Sales | (15,000,000) | 0 | (16,000,000) | (40,000,000) | |
Settlements | (15,000,000) | (37,000,000) | (41,000,000) | (75,000,000) | |
Transfers into level 3 | 0 | 2,000,000 | 1,000,000 | 3,000,000 | |
Transfers (out of) level 3 | (2,000,000) | (1,000,000) | (5,000,000) | (3,000,000) | |
Fair value, ending balance | 332,000,000 | 413,000,000 | 332,000,000 | 413,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 23,000,000 | 10,000,000 | 55,000,000 | (250,000,000) | |
Total available-for-sale securities | |||||
Assets: | |||||
Fair value, beginning balance | 0 | 148,000,000 | 1,000,000 | 277,000,000 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 | 1,000,000 | |
Purchases | 1,000,000 | 0 | 1,000,000 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | 0 | (86,000,000) | (1,000,000) | (216,000,000) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 1,000,000 | 62,000,000 | 1,000,000 | 62,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 | 1,000,000 | |
Level 3 Rollforward Supplemental Data [Abstract] | |||||
Realized gains/(losses) recorded in income | 0 | 0 | 0 | 0 | |
Unrealized gains/(losses) recorded in OCI | 0 | 0 | 0 | 1,000,000 | |
Mortgage-backed securities | |||||
Assets: | |||||
Fair value, beginning balance | 0 | 1,000,000 | 1,000,000 | 1,000,000 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 | 0 | |
Purchases | 1,000,000 | 0 | 1,000,000 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | (1,000,000) | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 | 0 | |
Asset-backed securities | |||||
Assets: | |||||
Fair value, beginning balance | 0 | 147,000,000 | 0 | 276,000,000 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 | 1,000,000 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | 0 | (86,000,000) | 0 | (216,000,000) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 0 | 61,000,000 | 0 | 61,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 | 1,000,000 | |
Loans | |||||
Assets: | |||||
Fair value, beginning balance | 5,000,000 | 159,000,000 | 122,000,000 | 276,000,000 | |
Total realized/unrealized gains/(losses) | 0 | (1,000,000) | 4,000,000 | (5,000,000) | |
Purchases | 0 | 1,000,000 | 0 | 123,000,000 | |
Sales | 0 | 0 | 0 | 0 | |
Settlements | (4,000,000) | (19,000,000) | (125,000,000) | (180,000,000) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | (74,000,000) | |
Fair value, ending balance | 1,000,000 | 140,000,000 | 1,000,000 | 140,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | (1,000,000) | 0 | (5,000,000) | |
Mortgage servicing rights | |||||
Assets: | |||||
Fair value, beginning balance | 5,093,000,000 | 6,241,000,000 | 6,130,000,000 | 6,030,000,000 | |
Total realized/unrealized gains/(losses) | (447,000,000) | 98,000,000 | (1,572,000,000) | 576,000,000 | |
Purchases | 388,000,000 | 291,000,000 | 1,250,000,000 | 770,000,000 | |
Sales | (359,000,000) | (2,000,000) | (687,000,000) | (401,000,000) | |
Settlements | (256,000,000) | (195,000,000) | (702,000,000) | (542,000,000) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 4,419,000,000 | 6,433,000,000 | 4,419,000,000 | 6,433,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | (447,000,000) | 98,000,000 | (1,572,000,000) | 576,000,000 | |
Other assets | |||||
Assets: | |||||
Fair value, beginning balance | 861,000,000 | 1,225,000,000 | 927,000,000 | 1,265,000,000 | |
Total realized/unrealized gains/(losses) | (56,000,000) | (160,000,000) | (152,000,000) | (210,000,000) | |
Purchases | 19,000,000 | 2,000,000 | 170,000,000 | 49,000,000 | |
Sales | (72,000,000) | 0 | (160,000,000) | (16,000,000) | |
Settlements | (6,000,000) | (7,000,000) | (33,000,000) | (28,000,000) | |
Transfers into level 3 | 0 | 3,000,000 | 1,000,000 | 4,000,000 | |
Transfers (out of) level 3 | 0 | 0 | (7,000,000) | (1,000,000) | |
Fair value, ending balance | 746,000,000 | 1,063,000,000 | 746,000,000 | 1,063,000,000 | |
Change in unrealized gains/(losses) related to financial instruments held | $ (56,000,000) | $ (160,000,000) | $ (145,000,000) | $ (217,000,000) |
Fair Value Measurement - Leve_2
Fair Value Measurement - Level 3 Analysis (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Percentage of level 3 assets in total Firm assets | 0.60% | 0.60% | |||
Total realized/unrealized gains/(losses) | $ (1,004) | $ 385 | $ (926) | $ 1,935 | |
Equity | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Total realized/unrealized gains/(losses) | (382) | (94) | 328 | 688 | |
Commodity | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Total realized/unrealized gains/(losses) | 8 | 318 | 370 | 468 | |
Total debt and equity instruments | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Decrease in level 3 liabilities | 0 | 1 | 21 | 6 | |
Increase in level 3 liabilities | 2 | 7 | 9 | 9 | |
Recurring | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Assets fair value | 887,166 | 887,166 | $ 680,612 | ||
Recurring | Total debt and equity instruments | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Decrease in level 3 liabilities | 1,200 | ||||
Recurring | Derivative payables | Equity | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Decrease in level 3 liabilities | 1,200 | ||||
Increase in level 3 liabilities | 1,000 | ||||
Recurring | Derivative payables | Commodity | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Decrease in level 3 liabilities | 906 | 927 | |||
Recurring | Derivative receivables | Equity | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Decrease in level 3 assets | 674 | 1,000 | |||
Recurring | Level 3 | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Assets fair value | 15,123 | 15,123 | $ 17,165 | ||
Decrease in level 3 assets | 1,400 | 2,000 | |||
Recurring | Level 3 | Liabilities | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Total realized/unrealized gains/(losses) | (205) | 100 | (2,300) | 722 | |
Recurring | Level 3 | Assets | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Total realized/unrealized gains/(losses) | (1,600) | $ 394 | (2,500) | $ 2,100 | |
Recurring | Level 3 | MSRs | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Decrease in level 3 assets | $ 619 | $ 1,700 |
Fair Value Measurement - Impact
Fair Value Measurement - Impact of Credit Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Credit and funding adjustments: | ||||
Derivatives CVA | $ 55 | $ 66 | $ 71 | $ 223 |
Derivatives FVA | $ (83) | $ 88 | $ (20) | $ 102 |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities without readily determinable fair values | $ 2,771 | $ 1,801 | $ 2,771 | $ 1,801 | $ 1,500 |
Net gains as a result of measurement alternative | 34 | 14 | 169 | 540 | |
Net losses as a result of measurement alternative | 0 | 127 | $ 37 | 156 | |
Residential mortgage | Broker price opinions | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value inputs, liquidation value discount | 14.00% | ||||
Residential mortgage | Broker price opinions | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value inputs, liquidation value discount | 49.00% | ||||
Residential mortgage | Broker price opinions | Weighted average | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value inputs, liquidation value discount | 29.00% | ||||
Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 6,377 | 1,777 | $ 6,377 | 1,777 | |
Total nonrecurring fair value gains/(losses) | (119) | (139) | (109) | 347 | |
Nonrecurring | Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 5,584 | 735 | 5,584 | 735 | |
Total nonrecurring fair value gains/(losses) | (142) | (22) | (232) | (36) | |
Nonrecurring | Other assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 793 | 1,042 | 793 | 1,042 | |
Total nonrecurring fair value gains/(losses) | 23 | (117) | 123 | 383 | |
Net gains as a result of measurement alternative | 34 | 132 | 384 | ||
Net losses as a result of measurement alternative | 113 | ||||
Nonrecurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
Nonrecurring | Level 1 | Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
Nonrecurring | Level 1 | Other assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
Nonrecurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 5,356 | 708 | 5,356 | 708 | |
Nonrecurring | Level 2 | Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 5,338 | 492 | 5,338 | 492 | |
Nonrecurring | Level 2 | Other assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 18 | 216 | 18 | 216 | |
Nonrecurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 1,021 | 1,069 | 1,021 | 1,069 | |
Nonrecurring | Level 3 | Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 246 | 243 | 246 | 243 | |
Nonrecurring | Level 3 | Other assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 775 | $ 826 | 775 | $ 826 | |
Equity securities without readily determinable fair values | 638 | 638 | |||
Nonrecurring | Level 3 | Residential mortgage | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | $ 200 | $ 200 |
Fair Value Measurement - Equity
Fair Value Measurement - Equity Securities Without Readily Determinable Fair Value (Details) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Fair Value Disclosures [Abstract] | |||||
Carrying value | $ 2,771 | $ 1,801 | $ 2,771 | $ 1,801 | $ 1,500 |
Upward carrying value changes | 34 | 14 | 169 | 540 | |
Downward carrying value changes/impairment | 0 | $ (127) | (37) | $ (156) | |
Cumulative upward carrying value changes | 479 | 479 | |||
Cumulative downward carrying value changes/impairment | $ 197 | $ 197 | |||
Common stock | Class B | VISA | |||||
Investment Holdings [Line Items] | |||||
Interest owned, included in other assets (in shares) | shares | 40 | 40 | |||
Conversion rate | 1.6228 | 1.6228 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financial assets | ||
Cash and due from banks | $ 21,215 | $ 22,324 |
Deposits with banks | 235,382 | 256,469 |
Federal funds sold and securities purchased under resale agreements | 257,391 | 321,588 |
Investment securities, held-to-maturity | 42,377 | 31,458 |
Loans, net of allowance for loan losses | 5,760 | 3,151 |
Financial liabilities | ||
Beneficial interests issued by consolidated VIEs | 18,515 | 20,241 |
Carrying value | ||
Financial assets | ||
Cash and due from banks | 21,200 | 22,300 |
Deposits with banks | 235,400 | 256,500 |
Accrued interest and accounts receivable | 87,900 | 72,000 |
Federal funds sold and securities purchased under resale agreements | 243,700 | 308,400 |
Securities borrowed | 132,600 | 106,900 |
Investment securities, held-to-maturity | 40,800 | 31,400 |
Loans, net of allowance for loan losses | 926,200 | 968,000 |
Other | 60,600 | 60,500 |
Financial liabilities | ||
Deposits | 1,495,900 | 1,447,400 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 246,800 | 181,400 |
Short-term borrowings | 42,400 | 62,100 |
Accounts payable and other liabilities | 181,500 | 160,600 |
Beneficial interests issued by consolidated VIEs | 18,500 | 20,200 |
Long-term debt and junior subordinated deferrable interest debentures | 224,300 | 227,100 |
Wholesale lending-related commitments | 1,100 | 1,000 |
Total estimated fair value | ||
Financial assets | ||
Cash and due from banks | 21,200 | 22,300 |
Deposits with banks | 235,400 | 256,500 |
Accrued interest and accounts receivable | 87,900 | 72,000 |
Federal funds sold and securities purchased under resale agreements | 243,700 | 308,400 |
Securities borrowed | 132,600 | 106,900 |
Investment securities, held-to-maturity | 42,400 | 31,500 |
Loans, net of allowance for loan losses | 939,600 | 970,000 |
Other | 60,700 | 60,600 |
Financial liabilities | ||
Deposits | 1,496,300 | 1,447,500 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 246,800 | 181,400 |
Short-term borrowings | 42,400 | 62,100 |
Accounts payable and other liabilities | 181,100 | 160,200 |
Beneficial interests issued by consolidated VIEs | 18,500 | 20,200 |
Long-term debt and junior subordinated deferrable interest debentures | 226,900 | 227,900 |
Wholesale lending-related commitments | 1,900 | 1,900 |
Total estimated fair value | Level 1 | ||
Financial assets | ||
Cash and due from banks | 21,200 | 22,300 |
Deposits with banks | 235,400 | 256,500 |
Accrued interest and accounts receivable | 0 | 0 |
Federal funds sold and securities purchased under resale agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Investment securities, held-to-maturity | 0 | 0 |
Loans, net of allowance for loan losses | 0 | 0 |
Other | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accounts payable and other liabilities | 700 | 200 |
Beneficial interests issued by consolidated VIEs | 0 | 0 |
Long-term debt and junior subordinated deferrable interest debentures | 0 | 0 |
Wholesale lending-related commitments | 0 | 0 |
Total estimated fair value | Level 2 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 0 | 0 |
Accrued interest and accounts receivable | 87,900 | 71,900 |
Federal funds sold and securities purchased under resale agreements | 243,700 | 308,400 |
Securities borrowed | 132,600 | 106,900 |
Investment securities, held-to-maturity | 42,400 | 31,500 |
Loans, net of allowance for loan losses | 218,900 | 241,500 |
Other | 59,800 | 59,600 |
Financial liabilities | ||
Deposits | 1,496,300 | 1,447,500 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 246,800 | 181,400 |
Short-term borrowings | 42,400 | 62,100 |
Accounts payable and other liabilities | 177,000 | 157,000 |
Beneficial interests issued by consolidated VIEs | 18,500 | 20,200 |
Long-term debt and junior subordinated deferrable interest debentures | 223,500 | 224,600 |
Wholesale lending-related commitments | 0 | 0 |
Total estimated fair value | Level 3 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 0 | 0 |
Accrued interest and accounts receivable | 0 | 100 |
Federal funds sold and securities purchased under resale agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Investment securities, held-to-maturity | 0 | 0 |
Loans, net of allowance for loan losses | 720,700 | 728,500 |
Other | 900 | 1,000 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accounts payable and other liabilities | 3,400 | 3,000 |
Beneficial interests issued by consolidated VIEs | 0 | 0 |
Long-term debt and junior subordinated deferrable interest debentures | 3,400 | 3,300 |
Wholesale lending-related commitments | $ 1,900 | $ 1,900 |
Fair Value Option - Changes in
Fair Value Option - Changes in Fair Value Under the Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Federal funds sold and securities purchased under resale agreements | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | $ (23) | $ (23) | $ 10 | $ (49) |
Federal funds sold and securities purchased under resale agreements | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (23) | (23) | 10 | (49) |
Federal funds sold and securities purchased under resale agreements | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Securities borrowed | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 99 | (24) | 179 | (22) |
Securities borrowed | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 99 | (24) | 179 | (22) |
Securities borrowed | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Debt and equity instruments, excluding loans | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 546 | (40) | 2,104 | (484) |
Debt and equity instruments, excluding loans | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 546 | (45) | 2,104 | (490) |
Debt and equity instruments, excluding loans | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 5 | 0 | 6 |
Loans reported as trading assets: Changes in instrument-specific credit risk | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 107 | 123 | 559 | 463 |
Loans reported as trading assets: Changes in instrument-specific credit risk | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 111 | 122 | 558 | 458 |
Loans reported as trading assets: Changes in instrument-specific credit risk | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (4) | 1 | 1 | 5 |
Loans reported as trading assets: Other changes in fair value | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 394 | 43 | 1,159 | 88 |
Loans reported as trading assets: Other changes in fair value | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 74 | (6) | 274 | 64 |
Loans reported as trading assets: Other changes in fair value | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 320 | 49 | 885 | 24 |
Loans: Changes in instrument-specific credit risk | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (4) | (1) | (12) | (2) |
Loans: Changes in instrument-specific credit risk | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (4) | (1) | (12) | (2) |
Loans: Changes in instrument-specific credit risk | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Loans: Other changes in fair value | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 1 | 1 | (1) |
Loans: Other changes in fair value | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 1 | 1 | (1) |
Loans: Other changes in fair value | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Other assets | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (6) | 18 | 0 | 10 |
Other assets | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (6) | 2 | (3) | 4 |
Other assets | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 16 | 3 | 6 |
Deposits | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (397) | 32 | (1,589) | 371 |
Deposits | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (397) | 32 | (1,589) | 371 |
Deposits | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 2 | 8 | (18) | 27 |
Federal funds purchased and securities loaned or sold under repurchase agreements | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 2 | 8 | (18) | 27 |
Federal funds purchased and securities loaned or sold under repurchase agreements | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Short-term borrowings | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 173 | (25) | (601) | 86 |
Short-term borrowings | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 173 | (25) | (601) | 86 |
Short-term borrowings | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Trading liabilities | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 2 | 5 | 1 |
Trading liabilities | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 2 | 5 | 1 |
Trading liabilities | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Other liabilities | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 1 | 0 | (7) | 0 |
Other liabilities | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 1 | 0 | (7) | 0 |
Other liabilities | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Long-term debt | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (614) | 259 | (5,220) | 1,486 |
Long-term debt | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (614) | 259 | (5,220) | 1,486 |
Long-term debt | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Option - Aggregate D
Fair Value Option - Aggregate Differences (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Long-term beneficial interests | ||
Performing loans, ninety days or more past due | $ 0 | $ 0 |
Lending-related commitments, fair value option elected | ||
Long-term beneficial interests | ||
Contractual amount of lending-related commitments | 6,500,000,000 | 6,900,000,000 |
Contractual lending-related commitments, fair value | (91,000,000) | (82,000,000) |
Contractual principal outstanding | ||
Loans | ||
Nonaccrual loans | 4,065,000,000 | 4,279,000,000 |
Total loans | 55,066,000,000 | 49,680,000,000 |
Contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Total long-term debt | 40,750,000,000 | 32,674,000,000 |
Contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 3,884,000,000 | 4,240,000,000 |
All other performing loans | 45,315,000,000 | 42,215,000,000 |
Contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans | 181,000,000 | 39,000,000 |
All other performing loans | 5,686,000,000 | 3,186,000,000 |
Fair value | ||
Loans | ||
Nonaccrual loans | 1,302,000,000 | 1,350,000,000 |
Total loans | 50,814,000,000 | 44,904,000,000 |
Long-term debt | ||
Total long-term debt | 71,957,000,000 | 54,886,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 39,000,000 | 28,000,000 |
Fair value | Principal-protected debt | ||
Long-term debt | ||
Total long-term debt | 37,635,000,000 | 28,718,000,000 |
Fair value | Nonprincipal-protected debt | ||
Long-term debt | ||
Total long-term debt | 34,322,000,000 | 26,168,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 39,000,000 | 28,000,000 |
Fair value | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 1,151,000,000 | 1,350,000,000 |
All other performing loans | 43,903,000,000 | 40,403,000,000 |
Fair value | Loans | ||
Loans | ||
Nonaccrual loans | 151,000,000 | 0 |
All other performing loans | 5,609,000,000 | 3,151,000,000 |
Fair value over/(under) contractual principal outstanding | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,763,000,000) | (2,929,000,000) |
Total loans | (4,252,000,000) | (4,776,000,000) |
Fair value over/(under) contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Long-term debt, Fair value over/(under) contractual principal outstanding | (3,115,000,000) | (3,956,000,000) |
Fair value over/(under) contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,733,000,000) | (2,890,000,000) |
All other performing loans | (1,412,000,000) | (1,812,000,000) |
Fair value over/(under) contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (30,000,000) | (39,000,000) |
All other performing loans | $ (77,000,000) | $ (35,000,000) |
Fair Value Option - Structured
Fair Value Option - Structured Note Products by Balance Sheet Classification and Risk Component (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | $ 103,912 | $ 80,724 |
Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 51,003 | 36,571 |
Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 6,024 | 5,004 |
Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,623 | 3,364 |
Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 41,399 | 34,172 |
Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 1,863 | 1,613 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 70,327 | 53,069 |
Long-term debt | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 33,402 | 24,137 |
Long-term debt | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 5,207 | 4,009 |
Long-term debt | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,570 | 3,169 |
Long-term debt | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 27,644 | 21,382 |
Long-term debt | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 504 | 372 |
Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 6,488 | 6,670 |
Short-term borrowings | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 54 | 62 |
Short-term borrowings | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 817 | 995 |
Short-term borrowings | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 45 | 157 |
Short-term borrowings | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 5,565 | 5,422 |
Short-term borrowings | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 7 | 34 |
Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 27,097 | 20,985 |
Deposits | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 17,547 | 12,372 |
Deposits | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 0 | 0 |
Deposits | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 8 | 38 |
Deposits | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 8,190 | 7,368 |
Deposits | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | $ 1,352 | $ 1,207 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amount of Derivative Contracts (Details) - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 55,548 | $ 48,239 |
Interest rate contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 38,973 | 33,644 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 25,099 | 21,763 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 4,887 | 3,562 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 4,290 | 3,997 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 4,697 | 4,322 |
Credit derivatives | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 1,365 | 1,501 |
Foreign exchange contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 12,681 | 11,084 |
Cross-currency swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,886 | 3,548 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 7,111 | 5,871 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 832 | 835 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 852 | 830 |
Equity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 1,844 | 1,465 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 389 | 346 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 131 | 101 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 692 | 528 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 632 | 490 |
Commodity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 685 | 545 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 148 | 134 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 218 | 156 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 166 | 135 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 153 | $ 120 |
Derivative Instruments - Impact
Derivative Instruments - Impact on Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | $ 622,398 | $ 526,239 |
Net derivative receivables | 55,577 | 54,213 |
Gross derivative payables | 598,219 | 501,888 |
Net derivative payables | 47,790 | 41,769 |
Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 375,933 | 268,704 |
Net derivative receivables | 28,507 | 23,214 |
Gross derivative payables | 338,713 | 242,782 |
Net derivative payables | 10,223 | 7,784 |
Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 15,717 | 20,095 |
Net derivative receivables | 838 | 612 |
Gross derivative payables | 17,062 | 20,276 |
Net derivative payables | 2,159 | 1,667 |
Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 163,132 | 167,685 |
Net derivative receivables | 12,681 | 13,450 |
Gross derivative payables | 165,742 | 165,217 |
Net derivative payables | 15,016 | 12,785 |
Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 46,378 | 49,285 |
Net derivative receivables | 7,409 | 9,946 |
Gross derivative payables | 50,891 | 51,195 |
Net derivative payables | 10,603 | 10,161 |
Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 21,238 | 20,470 |
Net derivative receivables | 6,142 | 6,991 |
Gross derivative payables | 25,811 | 22,418 |
Net derivative payables | 9,789 | 9,372 |
Not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 620,526 | 524,531 |
Gross derivative payables | 596,717 | 500,942 |
Not designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 375,082 | 267,871 |
Gross derivative payables | 338,711 | 242,782 |
Not designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 15,717 | 20,095 |
Gross derivative payables | 17,062 | 20,276 |
Not designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 162,364 | 167,057 |
Gross derivative payables | 164,583 | 164,392 |
Not designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 46,378 | 49,285 |
Gross derivative payables | 50,891 | 51,195 |
Not designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 20,985 | 20,223 |
Gross derivative payables | 25,470 | 22,297 |
Designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 1,872 | 1,708 |
Gross derivative payables | 1,502 | 946 |
Designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 851 | 833 |
Gross derivative payables | 2 | 0 |
Designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 0 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 768 | 628 |
Gross derivative payables | 1,159 | 825 |
Designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 0 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 253 | 247 |
Gross derivative payables | $ 341 | $ 121 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Netting (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | $ 607,720 | $ 510,314 |
Amounts netted on the Consolidated balance sheets | (566,821) | (472,026) |
Net derivative receivables | 40,899 | 38,288 |
Derivative receivables where an appropriate legal opinion has not been either sought or obtained | 14,678 | 15,925 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 622,398 | 526,239 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 55,577 | 54,213 |
Collateral not nettable on the Consolidated balance sheets | (13,224) | (13,046) |
Net amounts | 42,353 | 41,167 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 584,635 | 485,036 |
Amounts netted on the Consolidated balance sheets | (550,429) | (460,119) |
Net derivative payables | 34,206 | 24,917 |
Derivative payables where an appropriate legal opinion has not been either sought or obtained | 13,584 | 16,852 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 598,219 | 501,888 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 47,790 | 41,769 |
Collateral not nettable on the Consolidated balance sheets | (9,236) | (4,449) |
Net amounts | 38,554 | 37,320 |
Net cash collateral receivables | 78,800 | 55,200 |
Net cash collateral payables | 62,400 | 43,300 |
Interest rate contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 371,090 | 264,953 |
Amounts netted on the Consolidated balance sheets | (347,426) | (245,490) |
Net derivative receivables | 23,664 | 19,463 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 375,933 | 268,704 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 28,507 | 23,214 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 337,314 | 240,777 |
Amounts netted on the Consolidated balance sheets | (328,490) | (234,998) |
Net derivative payables | 8,824 | 5,779 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 338,713 | 242,782 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 10,223 | 7,784 |
Interest rate contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 356,075 | 258,227 |
Amounts netted on the Consolidated balance sheets | (332,566) | (239,498) |
Net derivative receivables | 23,509 | 18,729 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 321,553 | 233,404 |
Amounts netted on the Consolidated balance sheets | (313,017) | (228,369) |
Net derivative payables | 8,536 | 5,035 |
Interest rate contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 14,438 | 6,404 |
Amounts netted on the Consolidated balance sheets | (14,343) | (5,856) |
Net derivative receivables | 95 | 548 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 15,176 | 7,163 |
Amounts netted on the Consolidated balance sheets | (14,960) | (6,494) |
Net derivative payables | 216 | 669 |
Interest rate contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 577 | 322 |
Amounts netted on the Consolidated balance sheets | (517) | (136) |
Net derivative receivables | 60 | 186 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 585 | 210 |
Amounts netted on the Consolidated balance sheets | (513) | (135) |
Net derivative payables | 72 | 75 |
Net credit derivatives | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 15,489 | 19,915 |
Amounts netted on the Consolidated balance sheets | (14,879) | (19,483) |
Net derivative receivables | 610 | 432 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 15,717 | 20,095 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 838 | 612 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 16,927 | 20,128 |
Amounts netted on the Consolidated balance sheets | (14,903) | (18,609) |
Net derivative payables | 2,024 | 1,519 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 17,062 | 20,276 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 2,159 | 1,667 |
Net credit derivatives | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 11,168 | 12,648 |
Amounts netted on the Consolidated balance sheets | (10,682) | (12,261) |
Net derivative receivables | 486 | 387 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 13,130 | 13,412 |
Amounts netted on the Consolidated balance sheets | (11,254) | (11,895) |
Net derivative payables | 1,876 | 1,517 |
Net credit derivatives | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 4,321 | 7,267 |
Amounts netted on the Consolidated balance sheets | (4,197) | (7,222) |
Net derivative receivables | 124 | 45 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 3,797 | 6,716 |
Amounts netted on the Consolidated balance sheets | (3,649) | (6,714) |
Net derivative payables | 148 | 2 |
Foreign exchange contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 160,377 | 164,129 |
Amounts netted on the Consolidated balance sheets | (150,451) | (154,235) |
Net derivative receivables | 9,926 | 9,894 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 163,132 | 167,685 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 12,681 | 13,450 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 162,540 | 161,220 |
Amounts netted on the Consolidated balance sheets | (150,726) | (152,432) |
Net derivative payables | 11,814 | 8,788 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 165,742 | 165,217 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 15,016 | 12,785 |
Foreign exchange contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 160,181 | 163,862 |
Amounts netted on the Consolidated balance sheets | (150,271) | (153,988) |
Net derivative receivables | 9,910 | 9,874 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 162,336 | 160,930 |
Amounts netted on the Consolidated balance sheets | (150,537) | (152,161) |
Net derivative payables | 11,799 | 8,769 |
Foreign exchange contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 176 | 235 |
Amounts netted on the Consolidated balance sheets | (174) | (226) |
Net derivative receivables | 2 | 9 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 190 | 274 |
Amounts netted on the Consolidated balance sheets | (185) | (268) |
Net derivative payables | 5 | 6 |
Foreign exchange contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 20 | 32 |
Amounts netted on the Consolidated balance sheets | (6) | (21) |
Net derivative receivables | 14 | 11 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 14 | 16 |
Amounts netted on the Consolidated balance sheets | (4) | (3) |
Net derivative payables | 10 | 13 |
Equity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 43,873 | 45,054 |
Amounts netted on the Consolidated balance sheets | (38,969) | (39,339) |
Net derivative receivables | 4,904 | 5,715 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 46,378 | 49,285 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 7,409 | 9,946 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 47,375 | 45,722 |
Amounts netted on the Consolidated balance sheets | (40,288) | (41,034) |
Net derivative payables | 7,087 | 4,688 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 50,891 | 51,195 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 10,603 | 10,161 |
Equity contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 22,195 | 26,178 |
Amounts netted on the Consolidated balance sheets | (20,281) | (23,879) |
Net derivative receivables | 1,914 | 2,299 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 27,010 | 29,437 |
Amounts netted on the Consolidated balance sheets | (21,600) | (25,544) |
Net derivative payables | 5,410 | 3,893 |
Equity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 21,678 | 18,876 |
Amounts netted on the Consolidated balance sheets | (18,688) | (15,460) |
Net derivative receivables | 2,990 | 3,416 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 20,365 | 16,285 |
Amounts netted on the Consolidated balance sheets | (18,688) | (15,490) |
Net derivative payables | 1,677 | 795 |
Commodity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 16,891 | 16,263 |
Amounts netted on the Consolidated balance sheets | (15,096) | (13,479) |
Net derivative receivables | 1,795 | 2,784 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 21,238 | 20,470 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 6,142 | 6,991 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 20,479 | 17,189 |
Amounts netted on the Consolidated balance sheets | (16,022) | (13,046) |
Net derivative payables | 4,457 | 4,143 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 25,811 | 22,418 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 9,789 | 9,372 |
Commodity contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 7,714 | 7,448 |
Amounts netted on the Consolidated balance sheets | (5,954) | (5,261) |
Net derivative receivables | 1,760 | 2,187 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 10,450 | 8,930 |
Amounts netted on the Consolidated balance sheets | (6,874) | (4,838) |
Net derivative payables | 3,576 | 4,092 |
Commodity contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 26 | 0 |
Amounts netted on the Consolidated balance sheets | (25) | 0 |
Net derivative receivables | 1 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 25 | 0 |
Amounts netted on the Consolidated balance sheets | (25) | 0 |
Net derivative payables | 0 | 0 |
Commodity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 9,151 | 8,815 |
Amounts netted on the Consolidated balance sheets | (9,117) | (8,218) |
Net derivative receivables | 34 | 597 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 10,004 | 8,259 |
Amounts netted on the Consolidated balance sheets | (9,123) | (8,208) |
Net derivative payables | $ 881 | $ 51 |
Derivative Instruments - Liquid
Derivative Instruments - Liquidity Risk and Credit-Related Contingent Features (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregate fair value of net derivative payables | $ 15,466 | $ 9,396 |
Collateral posted | 14,388 | 8,907 |
Single-notch downgrade | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of additional collateral to be posted upon downgrade | 223 | 76 |
Amount required to settle contracts with termination triggers upon downgrade | 184 | 172 |
Two-notch downgrade | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of additional collateral to be posted upon downgrade | 1,420 | 947 |
Amount required to settle contracts with termination triggers upon downgrade | $ 1,475 | $ 764 |
Derivative Instruments - Impa_2
Derivative Instruments - Impact on Statements of Income, Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Gains/(losses) recorded in income | ||||
Derivatives | $ 1,881 | $ (139) | $ 4,801 | $ (1,301) |
Hedged items | (1,489) | 406 | (3,761) | 2,136 |
Income statement impact | 392 | 267 | 1,040 | 835 |
Income statement impact of excluded components: | ||||
Amortization approach | (224) | (137) | (675) | (404) |
Changes in fair value | 403 | 267 | 1,033 | 833 |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | (1) | 45 | 114 | (96) |
Interest rate | ||||
Gains/(losses) recorded in income | ||||
Derivatives | 1,770 | (870) | 4,996 | (2,747) |
Hedged items | (1,550) | 1,032 | (4,399) | 3,214 |
Income statement impact | 220 | 162 | 597 | 467 |
Income statement impact of excluded components: | ||||
Amortization approach | 0 | 0 | 0 | 0 |
Changes in fair value | 228 | 160 | 596 | 459 |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | 0 | 0 | 0 | 0 |
Foreign exchange | ||||
Gains/(losses) recorded in income | ||||
Derivatives | (167) | 277 | (31) | 797 |
Hedged items | 293 | (165) | 401 | (452) |
Income statement impact | 126 | 112 | 370 | 345 |
Income statement impact of excluded components: | ||||
Amortization approach | (224) | (137) | (675) | (404) |
Changes in fair value | 126 | 112 | 370 | 345 |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | (1) | 45 | 114 | (96) |
Commodity | ||||
Gains/(losses) recorded in income | ||||
Derivatives | 278 | 454 | (164) | 649 |
Hedged items | (232) | (461) | 237 | (626) |
Income statement impact | 46 | (7) | 73 | 23 |
Income statement impact of excluded components: | ||||
Amortization approach | 0 | 0 | 0 | 0 |
Changes in fair value | 49 | (5) | 67 | 29 |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Cumula
Derivative Instruments - Cumulative Fair Value Hedging Adjustments (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Commodity contracts | ||
Assets | ||
Carrying amount of the hedged items | $ 10,300 | $ 6,800 |
Long-term debt | ||
Liabilities | ||
Carrying amount of the hedged items | 163,494 | 139,915 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | 9,957 | 141 |
Discontinued hedging relationships | 125 | 8 |
Total | 10,082 | 149 |
Long-term debt | Not designated as hedges | ||
Liabilities | ||
Carrying amount of the hedged items | 4,100 | 7,300 |
Beneficial interests issued by consolidated VIEs | ||
Liabilities | ||
Carrying amount of the hedged items | 2,362 | 6,987 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | 0 | 0 |
Discontinued hedging relationships | (11) | (33) |
Total | (11) | (33) |
Investment securities - AFS | ||
Assets | ||
Carrying amount of the hedged items | 123,914 | 55,313 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | 3,664 | (1,105) |
Discontinued hedging relationships | 261 | 381 |
Total | 3,925 | (724) |
Investment securities - AFS | Not designated as hedges | ||
Assets | ||
Carrying amount of the hedged items | $ 15,300 | $ 14,600 |
Derivative Instruments - Impa_3
Derivative Instruments - Impact on Statements of Income, Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Recognition of gain (loss) related to cash flow hedges in Income | $ (130) | |||
Maximum length of time hedged in forecasted transactions, terminated cash flow hedges | 5 years | |||
Maximum length of time hedged in forecasted transactions, open cash flow hedges | 7 years | |||
Cash Flow Hedging | ||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts reclassified from AOCI to income | $ (37) | $ (9) | $ (102) | $ 62 |
Amounts recorded in OCI | 222 | (122) | 464 | (365) |
Total change in OCI for period | 259 | (113) | 566 | (427) |
Cash Flow Hedging | Interest rate | ||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts reclassified from AOCI to income | (16) | 10 | (12) | 36 |
Amounts recorded in OCI | 290 | (30) | 501 | (141) |
Total change in OCI for period | 306 | (40) | 513 | (177) |
Cash Flow Hedging | Foreign exchange | ||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts reclassified from AOCI to income | (21) | (19) | (90) | 26 |
Amounts recorded in OCI | (68) | (92) | (37) | (224) |
Total change in OCI for period | $ (47) | $ (73) | $ 53 | $ (250) |
Derivative Instruments - Impa_4
Derivative Instruments - Impact on Statements of Income, Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Unrealized gains/(losses) on net investment hedges | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | $ 5 | |||
Unrealized gains/(losses) on net investment hedges | Other income | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | 5 | |||
Unrealized gains/(losses) on net investment hedges | Other expense | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | $ (23) | |||
Net Investment Hedging | Foreign exchange | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts recorded in income | $ 17 | $ 2 | 65 | (8) |
Amounts recorded in OCI | $ 866 | $ 311 | $ 705 | $ 1,126 |
Derivative Instruments - Impa_5
Derivative Instruments - Impact on Statements of Income, Risk Management Derivatives (Details) - Risk Management Activities - Not designated as hedges - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | $ 788 | $ 3 | $ 1,700 | $ (127) |
Interest rate | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | 769 | (42) | 1,718 | (277) |
Credit | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | (21) | (7) | (33) | (17) |
Foreign exchange | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | $ 40 | $ 52 | $ 15 | $ 167 |
Derivative Instruments - Credit
Derivative Instruments - Credit Derivatives (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Total credit derivatives and credit-related notes | ||
Protection sold | $ (666,865) | $ (738,464) |
Protection purchased with identical underlyings | 685,556 | 749,766 |
Net protection (sold)/purchased | 18,691 | 11,302 |
Other protection purchased | 21,430 | 20,966 |
Total credit derivatives | ||
Total credit derivatives and credit-related notes | ||
Protection sold | (666,865) | (738,464) |
Protection purchased with identical underlyings | 685,556 | 749,766 |
Net protection (sold)/purchased | 18,691 | 11,302 |
Other protection purchased | 12,133 | 12,541 |
Credit default swaps | ||
Total credit derivatives and credit-related notes | ||
Protection sold | (610,946) | (697,220) |
Protection purchased with identical underlyings | 623,709 | 707,282 |
Net protection (sold)/purchased | 12,763 | 10,062 |
Other protection purchased | 3,630 | 4,053 |
Other credit derivatives | ||
Total credit derivatives and credit-related notes | ||
Protection sold | (55,919) | (41,244) |
Protection purchased with identical underlyings | 61,847 | 42,484 |
Net protection (sold)/purchased | 5,928 | 1,240 |
Other protection purchased | 8,503 | 8,488 |
Credit-related notes | ||
Total credit derivatives and credit-related notes | ||
Protection sold | 0 | 0 |
Protection purchased with identical underlyings | 0 | 0 |
Net protection (sold)/purchased | 0 | 0 |
Other protection purchased | $ 9,297 | $ 8,425 |
Derivative Instruments - Cred_2
Derivative Instruments - Credit Derivatives, Protection Sold, Notional and Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile - less than 1 year | $ (145,878) | $ (161,340) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from 1-5 years | (420,195) | (521,673) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than 5 years | (100,792) | (55,451) |
Total notional amount | (666,865) | (738,464) |
Fair value of receivables | 10,320 | 10,439 |
Fair value of payables | (4,675) | (8,451) |
Net fair value | 5,645 | 1,988 |
Investment-grade | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile - less than 1 year | (106,698) | (115,443) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from 1-5 years | (316,946) | (402,325) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than 5 years | (75,615) | (43,611) |
Total notional amount | (499,259) | (561,379) |
Fair value of receivables | 5,621 | 5,720 |
Fair value of payables | (1,260) | (2,791) |
Net fair value | 4,361 | 2,929 |
Noninvestment-grade | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile - less than 1 year | (39,180) | (45,897) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - from 1-5 years | (103,249) | (119,348) |
Protection sold credit derivatives and credit-related notes ratings/maturity profile - more than 5 years | (25,177) | (11,840) |
Total notional amount | (167,606) | (177,085) |
Fair value of receivables | 4,699 | 4,719 |
Fair value of payables | (3,415) | (5,660) |
Net fair value | $ 1,284 | $ (941) |
Noninterest Revenue and Nonin_3
Noninterest Revenue and Noninterest Expense - Investment Banking Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule of Noninterest revenue [Line Items] | ||||
Underwriting | $ 1,472 | $ 1,253 | $ 4,013 | $ 3,938 |
Advisory | 495 | 579 | 1,645 | 1,798 |
Total investment banking fees | 1,967 | 1,832 | 5,658 | 5,736 |
Equity | ||||
Schedule of Noninterest revenue [Line Items] | ||||
Underwriting | 517 | 417 | 1,293 | 1,342 |
Debt | ||||
Schedule of Noninterest revenue [Line Items] | ||||
Underwriting | $ 955 | $ 836 | $ 2,720 | $ 2,596 |
Noninterest Revenue and Nonin_4
Noninterest Revenue and Noninterest Expense - Principal Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Principal transactions revenue | ||||
Total trading revenue | $ 3,430 | $ 3,117 | $ 11,297 | $ 10,896 |
Private equity gains/(losses) | 19 | (153) | (58) | (198) |
Principal transactions | 3,449 | 2,964 | 11,239 | 10,698 |
Corporate | ||||
Principal transactions revenue | ||||
Private equity gains/(losses) | 220 | |||
Corporate | Principal transactions revenue | ||||
Principal transactions revenue | ||||
Private equity gains/(losses) | 170 | |||
Corporate | Other income | ||||
Principal transactions revenue | ||||
Private equity gains/(losses) | 50 | |||
Interest rate | ||||
Principal transactions revenue | ||||
Total trading revenue | 835 | 338 | 1,901 | 1,784 |
Credit | ||||
Principal transactions revenue | ||||
Total trading revenue | 328 | 202 | 1,375 | 1,230 |
Foreign exchange | ||||
Principal transactions revenue | ||||
Total trading revenue | 892 | 937 | 2,509 | 2,706 |
Equity | ||||
Principal transactions revenue | ||||
Total trading revenue | 1,003 | 1,363 | 4,530 | 4,376 |
Commodity | ||||
Principal transactions revenue | ||||
Total trading revenue | $ 372 | $ 277 | $ 982 | $ 800 |
Noninterest Revenue and Nonin_5
Noninterest Revenue and Noninterest Expense - Lending and Deposit-Related Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Noninterest Income (Expense) [Abstract] | ||||
Lending-related fees | $ 286 | $ 284 | $ 861 | $ 838 |
Deposit-related fees | 1,340 | 1,258 | 3,782 | 3,676 |
Total lending- and deposit-related fees | $ 1,626 | $ 1,542 | $ 4,643 | $ 4,514 |
Noninterest Revenue and Nonin_6
Noninterest Revenue and Noninterest Expense - Asset Management, Administration and Commissions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Asset management fees | ||||
Investment management fees | $ 2,738 | $ 2,716 | $ 8,013 | $ 8,081 |
All other asset management fees | 82 | 79 | 229 | 211 |
Total asset management fees | 2,820 | 2,795 | 8,242 | 8,292 |
Total administration fees | 567 | 533 | 1,646 | 1,651 |
Commissions and other fees | ||||
Brokerage commissions | 634 | 604 | 1,861 | 1,887 |
All other commissions and fees | 330 | 378 | 1,069 | 1,093 |
Total commissions and fees | 964 | 982 | 2,930 | 2,980 |
Total asset management, administration and commissions | $ 4,351 | $ 4,310 | $ 12,818 | $ 12,923 |
Noninterest Revenue and Nonin_7
Noninterest Revenue and Noninterest Expense - Card Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total card income | $ 1,283 | $ 1,328 | $ 3,923 | $ 3,623 |
Interchange and merchant processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Total card income | 5,127 | 4,781 | 15,032 | 13,863 |
Rewards costs and partner payments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total card income | (3,669) | (3,276) | (10,515) | (9,687) |
Adjustment to credit card rewards liability | 330 | 330 | ||
Other card income | ||||
Disaggregation of Revenue [Line Items] | ||||
Total card income | $ (175) | $ (177) | $ (594) | $ (553) |
Deferred revenues, recognition period | 12 months | 12 months |
Noninterest Revenue and Nonin_8
Noninterest Revenue and Noninterest Expense - Components of Noninterest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Noninterest Income (Expense) [Abstract] | ||||
Legal expense/(benefit) | $ 10 | $ 20 | $ (2) | $ 90 |
FDIC-related expense | $ 114 | $ 349 | $ 378 | $ 1,100 |
Interest Income and Interest _3
Interest Income and Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Interest income | |||||
Loans | $ 12,586 | $ 12,207 | $ 38,192 | $ 34,915 | |
Taxable securities | 2,132 | 1,402 | 5,712 | 4,098 | |
Non-taxable securities | 318 | 394 | 1,021 | 1,199 | |
Total investment securities | 2,450 | 1,796 | 6,733 | 5,297 | |
Trading assets - debt instruments | 2,659 | 2,155 | 8,343 | 6,369 | |
Federal funds sold and securities purchased under resale agreements | 1,542 | 952 | 4,865 | 2,490 | |
Securities borrowed | 434 | 248 | 1,298 | 549 | |
Deposits with banks | 898 | 1,585 | 3,200 | 4,449 | |
All other interest-earning assets | 552 | 496 | 1,482 | 1,430 | |
Total interest income | [1] | 21,121 | 19,439 | 64,113 | 55,499 |
Interest expense | |||||
Interest-bearing deposits | 2,409 | 1,621 | 7,010 | 4,021 | |
Federal funds purchased and securities loaned or sold under repurchase agreements | 1,241 | 827 | 3,577 | 2,164 | |
Short-term borrowings | 261 | 288 | 1,051 | 757 | |
Trading liabilities – debt and all other interest-bearing liabilities | 660 | 617 | 2,141 | 1,674 | |
Long-term debt | 2,188 | 2,056 | 6,796 | 5,812 | |
Beneficial interest issued by consolidated VIEs | 134 | 122 | 459 | 366 | |
Total interest expense | [1] | 6,893 | 5,531 | 21,034 | 14,794 |
Net interest income | 14,228 | 13,908 | 43,079 | 40,705 | |
Provision for credit losses | 1,514 | 948 | 4,158 | 3,323 | |
Net interest income after provision for credit losses | $ 12,714 | $ 12,960 | $ 38,921 | $ 37,382 | |
[1] | In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation. Refer to Note 6 for additional information. |
Pension and Other Postretirem_3
Pension and Other Postretirement Employee Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension plans | ||||
Components of net periodic benefit cost | ||||
Benefits earned during the period | $ 88 | $ 88 | $ 266 | $ 267 |
Interest cost on benefit obligations | 148 | 139 | 447 | 417 |
Expected return on plan assets | (227) | (246) | (686) | (741) |
Amortization: | ||||
Net (gain)/loss | 42 | 26 | 125 | 78 |
Prior service (credit)/cost | 0 | (7) | 2 | (19) |
Net periodic defined benefit cost | 51 | 0 | 154 | 2 |
Other defined benefit pension plans | 7 | 6 | 20 | 21 |
Total defined benefit plans | 58 | 6 | 174 | 23 |
Total defined contribution plans | 255 | 229 | 718 | 661 |
Total pension and OPEB cost included in noninterest expense | 313 | 235 | 892 | 684 |
OPEB plans | ||||
Components of net periodic benefit cost | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 |
Interest cost on benefit obligations | 6 | 6 | 18 | 18 |
Expected return on plan assets | (28) | (25) | (84) | (77) |
Amortization: | ||||
Net (gain)/loss | 0 | 0 | 0 | 0 |
Prior service (credit)/cost | 0 | 0 | 0 | 0 |
Net periodic defined benefit cost | (22) | (19) | (66) | (59) |
Total defined benefit plans | (22) | (19) | (66) | (59) |
Total pension and OPEB cost included in noninterest expense | $ (22) | $ (19) | $ (66) | $ (59) |
Pension and Other Postretirem_4
Pension and Other Postretirement Employee Benefit Plans - Schedule of Fair Values of Plan Assets (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Expected contributions for 2019 | $ 0 | |
Pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20,100,000,000 | $ 18,100,000,000 |
OPEB plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2,900,000,000 | $ 2,600,000,000 |
Employee Share-based Incentiv_3
Employee Share-based Incentives - Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Cost of prior grants of RSUs, performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods | $ 265 | $ 282 | $ 882 | $ 956 |
Accrual of estimated costs of share-based awards to be granted in future periods including those to full-career eligible employees | 294 | 240 | 900 | 852 |
Total noncash compensation expense related to employee share-based incentive plans | $ 559 | $ 522 | $ 1,782 | $ 1,808 |
Employee Share-based Incentiv_4
Employee Share-based Incentives - Narrative (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | shares | 21,000 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 98.98 |
PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | shares | 630 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 98.96 |
Investment Securities - Amortiz
Investment Securities - Amortized Costs and Estimated Fair Values (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Available-for-sale securities | ||
Amortized cost | $ 347,859 | $ 228,769 |
Gross unrealized gains | 6,200 | 3,168 |
Gross unrealized losses | 638 | 1,543 |
Fair value | 353,421 | 230,394 |
Held-to-maturity securities | ||
Amortized cost | 40,830 | 31,434 |
Gross unrealized gains | 1,567 | 239 |
Gross unrealized losses | 20 | 215 |
Fair value | 42,377 | 31,458 |
Total investment securities | ||
Amortized cost | 388,689 | 260,203 |
Gross unrealized gains | 7,767 | 3,407 |
Gross unrealized losses | 658 | 1,758 |
Fair value | 395,798 | 261,852 |
Total mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost | 120,887 | 84,190 |
Gross unrealized gains | 2,993 | 788 |
Gross unrealized losses | 73 | 1,158 |
Fair value | 123,807 | 83,820 |
Held-to-maturity securities | ||
Amortized cost | 35,976 | 26,610 |
Gross unrealized gains | 1,250 | 134 |
Gross unrealized losses | 20 | 200 |
Fair value | 37,206 | 26,544 |
Total mortgage-backed securities | Fannie Mae | ||
Total investment securities | ||
Securities exceeding 10% of total stockholders' equity, Amortized cost | 69,800 | |
Securities exceeding 10% of total stockholders' equity, Fair value | 72,000 | |
Total mortgage-backed securities | Freddie Mac | ||
Total investment securities | ||
Securities exceeding 10% of total stockholders' equity, Amortized cost | 37,800 | |
Securities exceeding 10% of total stockholders' equity, Fair value | 38,800 | |
U.S. GSEs and government agencies | ||
Available-for-sale securities | ||
Amortized cost | 103,086 | 69,026 |
Gross unrealized gains | 2,556 | 594 |
Gross unrealized losses | 61 | 974 |
Fair value | 105,581 | 68,646 |
Held-to-maturity securities | ||
Amortized cost | 35,976 | 26,610 |
Gross unrealized gains | 1,250 | 134 |
Gross unrealized losses | 20 | 200 |
Fair value | 37,206 | 26,544 |
Residential: U.S. | ||
Available-for-sale securities | ||
Amortized cost | 10,083 | 5,877 |
Gross unrealized gains | 273 | 79 |
Gross unrealized losses | 6 | 31 |
Fair value | 10,350 | 5,925 |
Residential: Non-U.S. | ||
Available-for-sale securities | ||
Amortized cost | 2,490 | 2,529 |
Gross unrealized gains | 64 | 72 |
Gross unrealized losses | 2 | 6 |
Fair value | 2,552 | 2,595 |
Commercial | ||
Available-for-sale securities | ||
Amortized cost | 5,228 | 6,758 |
Gross unrealized gains | 100 | 43 |
Gross unrealized losses | 4 | 147 |
Fair value | 5,324 | 6,654 |
U.S. Treasury and government agencies | ||
Available-for-sale securities | ||
Amortized cost | 141,646 | 55,771 |
Gross unrealized gains | 376 | 366 |
Gross unrealized losses | 493 | 78 |
Fair value | 141,529 | 56,059 |
Held-to-maturity securities | ||
Amortized cost | 51 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 51 | 0 |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities | ||
Amortized cost | 28,871 | 36,221 |
Gross unrealized gains | 2,193 | 1,582 |
Gross unrealized losses | 0 | 80 |
Fair value | 31,064 | 37,723 |
Held-to-maturity securities | ||
Amortized cost | 4,803 | 4,824 |
Gross unrealized gains | 317 | 105 |
Gross unrealized losses | 0 | 15 |
Fair value | 5,120 | 4,914 |
Certificates of deposit | ||
Available-for-sale securities | ||
Amortized cost | 74 | 75 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 74 | 75 |
Non-U.S. government debt securities | ||
Available-for-sale securities | ||
Amortized cost | 21,644 | 23,771 |
Gross unrealized gains | 524 | 351 |
Gross unrealized losses | 10 | 20 |
Fair value | 22,158 | 24,102 |
Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost | 1,596 | 1,904 |
Gross unrealized gains | 39 | 23 |
Gross unrealized losses | 1 | 9 |
Fair value | 1,634 | 1,918 |
Asset-backed securities: Collateralized loan obligations | ||
Available-for-sale securities | ||
Amortized cost | 27,942 | 19,612 |
Gross unrealized gains | 18 | 1 |
Gross unrealized losses | 52 | 176 |
Fair value | 27,908 | 19,437 |
Asset-backed securities: Other | ||
Available-for-sale securities | ||
Amortized cost | 5,199 | 7,225 |
Gross unrealized gains | 57 | 57 |
Gross unrealized losses | 9 | 22 |
Fair value | 5,247 | 7,260 |
U.S. GSE obligations | ||
Available-for-sale securities | ||
Fair value | 78,800 | 50,700 |
Held-to-maturity securities | ||
Amortized cost | $ 30,800 | $ 20,900 |
Investment Securities - Fair Va
Investment Securities - Fair Value and Gross Unrealized Losses by Aging Category (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Available-for-sale securities | ||
Less than 12 months, Fair value | $ 104,435 | $ 50,325 |
Less than 12 months, Gross unrealized losses | 547 | 550 |
12 months or more, Fair Value | 14,385 | 36,706 |
12 months or more, Gross unrealized losses | 91 | 993 |
Total fair value | 118,820 | 87,031 |
Total gross unrealized losses | 638 | 1,543 |
Held-to-maturity securities | ||
Less than 12 months, Fair value | 2,291 | 4,397 |
Less than 12 months, Gross unrealized losses | 20 | 23 |
12 months or more, Fair value | 86 | 8,196 |
12 months or more, Gross unrealized losses | 0 | 192 |
Total fair value | 2,377 | 12,593 |
Total gross unrealized losses | 20 | 215 |
Total investment securities with gross unrealized losses | ||
Less than 12 months, Fair value | 106,726 | 54,722 |
Less than 12 months, Gross unrealized losses | 567 | 573 |
12 months or more, Fair value | 14,471 | 44,902 |
12 months or more, Gross unrealized losses | 91 | 1,185 |
Total fair value | 121,197 | 99,624 |
Total gross unrealized losses | 658 | 1,758 |
Total mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 9,304 | 20,160 |
Less than 12 months, Gross unrealized losses | 41 | 333 |
12 months or more, Fair Value | 4,147 | 27,510 |
12 months or more, Gross unrealized losses | 32 | 825 |
Total fair value | 13,451 | 47,670 |
Total gross unrealized losses | 73 | 1,158 |
Held-to-maturity securities | ||
Less than 12 months, Fair value | 2,240 | 4,385 |
Less than 12 months, Gross unrealized losses | 20 | 23 |
12 months or more, Fair value | 86 | 7,082 |
12 months or more, Gross unrealized losses | 0 | 177 |
Total fair value | 2,326 | 11,467 |
Total gross unrealized losses | 20 | 200 |
U.S. GSEs and government agencies | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 8,505 | 17,656 |
Less than 12 months, Gross unrealized losses | 37 | 318 |
12 months or more, Fair Value | 2,952 | 22,728 |
12 months or more, Gross unrealized losses | 24 | 656 |
Total fair value | 11,457 | 40,384 |
Total gross unrealized losses | 61 | 974 |
Held-to-maturity securities | ||
Less than 12 months, Fair value | 2,240 | 4,385 |
Less than 12 months, Gross unrealized losses | 20 | 23 |
12 months or more, Fair value | 86 | 7,082 |
12 months or more, Gross unrealized losses | 0 | 177 |
Total fair value | 2,326 | 11,467 |
Total gross unrealized losses | 20 | 200 |
Residential: U.S. | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 0 | 623 |
Less than 12 months, Gross unrealized losses | 0 | 4 |
12 months or more, Fair Value | 558 | 1,445 |
12 months or more, Gross unrealized losses | 6 | 27 |
Total fair value | 558 | 2,068 |
Total gross unrealized losses | 6 | 31 |
Residential: Non-U.S. | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 47 | 907 |
Less than 12 months, Gross unrealized losses | 0 | 5 |
12 months or more, Fair Value | 472 | 165 |
12 months or more, Gross unrealized losses | 2 | 1 |
Total fair value | 519 | 1,072 |
Total gross unrealized losses | 2 | 6 |
Commercial | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 752 | 974 |
Less than 12 months, Gross unrealized losses | 4 | 6 |
12 months or more, Fair Value | 165 | 3,172 |
12 months or more, Gross unrealized losses | 0 | 141 |
Total fair value | 917 | 4,146 |
Total gross unrealized losses | 4 | 147 |
U.S. Treasury and government agencies | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 84,152 | 4,792 |
Less than 12 months, Gross unrealized losses | 489 | 7 |
12 months or more, Fair Value | 540 | 2,391 |
12 months or more, Gross unrealized losses | 4 | 71 |
Total fair value | 84,692 | 7,183 |
Total gross unrealized losses | 493 | 78 |
Held-to-maturity securities | ||
Less than 12 months, Fair value | 51 | 0 |
Less than 12 months, Gross unrealized losses | 0 | 0 |
12 months or more, Fair value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 51 | 0 |
Total gross unrealized losses | 0 | 0 |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 41 | 1,808 |
Less than 12 months, Gross unrealized losses | 0 | 15 |
12 months or more, Fair Value | 23 | 2,477 |
12 months or more, Gross unrealized losses | 0 | 65 |
Total fair value | 64 | 4,285 |
Total gross unrealized losses | 0 | 80 |
Held-to-maturity securities | ||
Less than 12 months, Fair value | 0 | 12 |
Less than 12 months, Gross unrealized losses | 0 | 0 |
12 months or more, Fair value | 0 | 1,114 |
12 months or more, Gross unrealized losses | 0 | 15 |
Total fair value | 0 | 1,126 |
Total gross unrealized losses | 0 | 15 |
Certificates of deposit | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 74 | 75 |
Less than 12 months, Gross unrealized losses | 0 | 0 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 74 | 75 |
Total gross unrealized losses | 0 | 0 |
Non-U.S. government debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 3,189 | 3,123 |
Less than 12 months, Gross unrealized losses | 6 | 5 |
12 months or more, Fair Value | 1,357 | 1,937 |
12 months or more, Gross unrealized losses | 4 | 15 |
Total fair value | 4,546 | 5,060 |
Total gross unrealized losses | 10 | 20 |
Corporate debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 83 | 478 |
Less than 12 months, Gross unrealized losses | 0 | 8 |
12 months or more, Fair Value | 36 | 37 |
12 months or more, Gross unrealized losses | 1 | 1 |
Total fair value | 119 | 515 |
Total gross unrealized losses | 1 | 9 |
Asset-backed securities: Collateralized loan obligations | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 7,086 | 18,681 |
Less than 12 months, Gross unrealized losses | 8 | 176 |
12 months or more, Fair Value | 6,684 | 0 |
12 months or more, Gross unrealized losses | 44 | 0 |
Total fair value | 13,770 | 18,681 |
Total gross unrealized losses | 52 | 176 |
Asset-backed securities: Other | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 506 | 1,208 |
Less than 12 months, Gross unrealized losses | 3 | 6 |
12 months or more, Fair Value | 1,598 | 2,354 |
12 months or more, Gross unrealized losses | 6 | 16 |
Total fair value | 2,104 | 3,562 |
Total gross unrealized losses | $ 9 | $ 22 |
Investment Securities - Realize
Investment Securities - Realized Gains and Losses and OTTI Losses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Securities gains and losses | ||||
Realized gains | $ 78,000,000 | $ 58,000,000 | $ 454,000,000 | $ 137,000,000 |
Realized losses | 0 | (103,000,000) | (319,000,000) | (507,000,000) |
OTTI losses | 0 | (1,000,000) | 0 | (1,000,000) |
Net investment securities gains/(losses) | $ 78,000,000 | $ (46,000,000) | 135,000,000 | (371,000,000) |
Realized losses on securities that had previously been reported as an OTTI loss due to the intention to sell the securities | 21,000,000 | |||
Credit-related losses recognized in income | ||||
Securities gains and losses | ||||
OTTI losses | $ 0 | $ 0 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 17,720 | |
Due after one year through five years | 109,597 | |
Due after five years through 10 years | 50,365 | |
Due after 10 years | 170,177 | |
Amortized cost | 347,859 | $ 228,769 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 17,729 | |
Due after one year through five years | 110,010 | |
Due after five years through 10 years | 50,994 | |
Due after 10 years | 174,688 | |
Fair value | $ 353,421 | 230,394 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 2.12% | |
Due after one year through five years | 2.00% | |
Due after five years through 10 years | 2.47% | |
Due after 10 years | 3.55% | |
Average yield | 2.83% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 51 | |
Due after five years through 10 years | 4,710 | |
Due after 10 years | 36,069 | |
Amortized cost | 40,830 | 31,434 |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 51 | |
Due after five years through 10 years | 5,107 | |
Due after 10 years | 37,219 | |
Fair value | $ 42,377 | 31,458 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 1.47% | |
Due after five years through 10 years | 3.30% | |
Due after 10 years | 3.24% | |
Average yield | 3.24% | |
Supplemental information | ||
US government agencies and US government sponsored enterprises residential MBS estimated duration | 5 years | |
US government agencies and US government sponsored enterprises residential collateralized mortgage obligations estimated duration | 3 years | |
U.S. nonagency residential collateralized mortgage obligations estimated duration | 3 years | |
Minimum | ||
Supplemental information | ||
Due period of mortgage-backed securities and collateralized mortgage obligations | 10 years | |
Mortgage-backed securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 14 | |
Due after one year through five years | 59 | |
Due after five years through 10 years | 10,230 | |
Due after 10 years | 110,584 | |
Amortized cost | 120,887 | 84,190 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 14 | |
Due after one year through five years | 60 | |
Due after five years through 10 years | 10,476 | |
Due after 10 years | 113,257 | |
Fair value | $ 123,807 | 83,820 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 3.59% | |
Due after one year through five years | 2.73% | |
Due after five years through 10 years | 2.92% | |
Due after 10 years | 3.45% | |
Average yield | 3.40% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 4,655 | |
Due after 10 years | 31,321 | |
Amortized cost | 35,976 | 26,610 |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 5,049 | |
Due after 10 years | 32,157 | |
Fair value | $ 37,206 | 26,544 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 0.00% | |
Due after five years through 10 years | 3.29% | |
Due after 10 years | 3.12% | |
Average yield | 3.14% | |
U.S. Treasury and government agencies | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 10,904 | |
Due after one year through five years | 95,139 | |
Due after five years through 10 years | 25,557 | |
Due after 10 years | 10,046 | |
Amortized cost | 141,646 | 55,771 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 10,901 | |
Due after one year through five years | 95,231 | |
Due after five years through 10 years | 25,659 | |
Due after 10 years | 9,738 | |
Fair value | $ 141,529 | 56,059 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 1.99% | |
Due after one year through five years | 1.96% | |
Due after five years through 10 years | 2.02% | |
Due after 10 years | 2.04% | |
Average yield | 1.98% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 51 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Amortized cost | 51 | 0 |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 51 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Fair value | $ 51 | 0 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 1.47% | |
Due after five years through 10 years | 0.00% | |
Due after 10 years | 0.00% | |
Average yield | 1.47% | |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 170 | |
Due after one year through five years | 228 | |
Due after five years through 10 years | 1,089 | |
Due after 10 years | 27,384 | |
Amortized cost | 28,871 | 36,221 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 172 | |
Due after one year through five years | 236 | |
Due after five years through 10 years | 1,135 | |
Due after 10 years | 29,521 | |
Fair value | $ 31,064 | 37,723 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 3.32% | |
Due after one year through five years | 4.00% | |
Due after five years through 10 years | 5.60% | |
Due after 10 years | 4.94% | |
Average yield | 4.95% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 55 | |
Due after 10 years | 4,748 | |
Amortized cost | 4,803 | 4,824 |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 58 | |
Due after 10 years | 5,062 | |
Fair value | $ 5,120 | 4,914 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 0.00% | |
Due after five years through 10 years | 3.89% | |
Due after 10 years | 4.02% | |
Average yield | 4.02% | |
Certificates of deposit | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 74 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Amortized cost | 74 | 75 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 74 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Fair value | $ 74 | 75 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0.49% | |
Due after one year through five years | 0.00% | |
Due after five years through 10 years | 0.00% | |
Due after 10 years | 0.00% | |
Average yield | 0.49% | |
Non-U.S. government debt securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 6,342 | |
Due after one year through five years | 11,580 | |
Due after five years through 10 years | 3,416 | |
Due after 10 years | 306 | |
Amortized cost | 21,644 | 23,771 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 6,350 | |
Due after one year through five years | 11,870 | |
Due after five years through 10 years | 3,633 | |
Due after 10 years | 305 | |
Fair value | $ 22,158 | 24,102 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 2.23% | |
Due after one year through five years | 1.99% | |
Due after five years through 10 years | 1.34% | |
Due after 10 years | 1.67% | |
Average yield | 1.95% | |
Corporate debt securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 216 | |
Due after one year through five years | 718 | |
Due after five years through 10 years | 662 | |
Due after 10 years | 0 | |
Amortized cost | 1,596 | 1,904 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 218 | |
Due after one year through five years | 737 | |
Due after five years through 10 years | 679 | |
Due after 10 years | 0 | |
Fair value | $ 1,634 | $ 1,918 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 4.83% | |
Due after one year through five years | 3.91% | |
Due after five years through 10 years | 3.78% | |
Due after 10 years | 0.00% | |
Average yield | 3.98% | |
Asset-backed securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 1,873 | |
Due after five years through 10 years | 9,411 | |
Due after 10 years | 21,857 | |
Amortized cost | 33,141 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 1,876 | |
Due after five years through 10 years | 9,412 | |
Due after 10 years | 21,867 | |
Fair value | $ 33,155 | |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 2.94% | |
Due after five years through 10 years | 3.17% | |
Due after 10 years | 3.03% | |
Average yield | 3.06% |
Securities Financing Activiti_3
Securities Financing Activities - Gross and Net Amounts of Securities Financing Agreements (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Securities purchased under resale agreements, Gross amounts | $ 630,033,000,000 | $ 691,116,000,000 |
Securities purchased under resale agreements, Amounts netted on the Consolidated balance sheets | (372,650,000,000) | (369,612,000,000) |
Securities purchased under resale agreements, Amounts presented on the Consolidated balance sheets | 257,383,000,000 | 321,504,000,000 |
Securities purchased under resale agreements, Amounts not nettable on the Consolidated balance sheets | (244,241,000,000) | (308,854,000,000) |
Securities purchased under resale agreements, Net amounts | 13,142,000,000 | 12,650,000,000 |
Securities borrowed, Gross amounts | 160,304,000,000 | 132,955,000,000 |
Securities borrowed, Amounts netted on the Consolidated balance sheets | (21,968,000,000) | (20,960,000,000) |
Securities borrowed, Amounts presented on the Consolidated balance sheets | 138,336,000,000 | 111,995,000,000 |
Securities borrowed, Amounts not nettable on the Consolidated balance sheets | (104,517,000,000) | (79,747,000,000) |
Securities borrowed, Net amounts | 33,819,000,000 | 32,248,000,000 |
Liabilities | ||
Securities sold under repurchase agreements, Gross amounts | 608,618,000,000 | 541,587,000,000 |
Securities sold under repurchase agreements, Amounts netted on the Consolidated balance sheets | (372,650,000,000) | (369,612,000,000) |
Securities sold under repurchase agreements, Amounts presented on the Consolidated balance sheets | 235,968,000,000 | 171,975,000,000 |
Securities sold under repurchase agreements, Amounts not nettable on the Consolidated balance sheets | (213,150,000,000) | (149,125,000,000) |
Securities sold under repurchase agreements, Net amounts | 22,818,000,000 | 22,850,000,000 |
Securities loaned and other, Gross amounts | 34,104,000,000 | 33,700,000,000 |
Securities loaned and other, Amounts netted on the Consolidated balance sheets | (21,968,000,000) | (20,960,000,000) |
Securities loaned and other, Amounts presented on the Consolidated balance sheets | 12,136,000,000 | 12,740,000,000 |
Securities loaned and other, Amounts not nettable on the Consolidated balance sheets | (11,878,000,000) | (12,358,000,000) |
Securities loaned and other, Net amounts | 258,000,000 | 382,000,000 |
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained, Gross asset balance | 9,100,000,000 | 7,900,000,000 |
Securities borrowed where an appropriate legal opinion has not been either sought or obtained | 30,600,000,000 | 30,300,000,000 |
Securities sold under agreements to repurchase | 21,900,000,000 | 21,500,000,000 |
Securities loaned and other | 96,000,000 | 25,000,000 |
Securities-for-securities | ||
Liabilities | ||
Securities loaned and other, Amounts presented on the Consolidated balance sheets | 2,400,000,000 | 3,300,000,000 |
Securities financing agreements accounted for at fair value | ||
Assets | ||
Securities purchased under resale agreements, Amounts presented on the Consolidated balance sheets | 13,700,000,000 | 13,200,000,000 |
Liabilities | ||
Securities sold under repurchase agreements, Amounts presented on the Consolidated balance sheets | 933,000,000 | 935,000,000 |
Securities borrowed, fair value | 5,800,000,000 | 5,100,000,000 |
Securities financing agreements accounted for at fair value | Securities loaned | ||
Liabilities | ||
Securities loaned accounted for at fair value | $ 0 | $ 0 |
Securities Financing Activiti_4
Securities Financing Activities - Types of Financial Assets Pledged and Remaining Maturity (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | $ 608,618 | $ 541,587 |
Securities loaned and other | 34,104 | 33,700 |
Overnight and continuous | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 336,082 | 247,579 |
Securities loaned and other | 30,172 | 28,402 |
Up to 30 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 132,662 | 174,971 |
Securities loaned and other | 231 | 997 |
30 – 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 53,504 | 71,637 |
Securities loaned and other | 748 | 2,132 |
Greater than 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 86,370 | 47,400 |
Securities loaned and other | 2,953 | 2,169 |
Mortgage-backed securities, U.S. GSEs and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 33,399 | 34,311 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Residential - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,804 | 2,165 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Commercial - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,778 | 1,390 |
Securities loaned and other | 0 | 0 |
U.S. Treasury, GSEs and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 366,820 | 317,578 |
Securities loaned and other | 8 | 69 |
Obligations of U.S. states and municipalities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,400 | 1,150 |
Securities loaned and other | 0 | 0 |
Non-U.S. government debt | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 165,568 | 154,900 |
Securities loaned and other | 1,769 | 4,313 |
Corporate debt securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 13,067 | 13,898 |
Securities loaned and other | 1,361 | 428 |
Asset-backed securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,746 | 3,867 |
Securities loaned and other | 0 | 0 |
Equity securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 23,036 | 12,328 |
Securities loaned and other | $ 30,966 | $ 28,890 |
Securities Financing Activiti_5
Securities Financing Activities - Transfers Not Qualifying for Sale Accounting (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Securities Financing Transactions Disclosures [Abstract] | ||
Transfers not qualifying for sale accounting | $ 654 | $ 2,100 |
Loans - By Portfolio Segment (D
Loans - By Portfolio Segment (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($)loan_segment | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | |
Receivables [Abstract] | |||
Number of portfolio segments | loan_segment | 3 | ||
Loan balances by portfolio segment: | |||
Retained loans | $ 928,887 | $ 969,415 | $ 947,651 |
Held-for-sale | 10,571 | 11,988 | |
At fair value | 5,760 | 3,151 | |
Total | 945,218 | 984,554 | |
Consumer, excluding credit card | |||
Loan balances by portfolio segment: | |||
Retained loans | 331,809 | 373,637 | 375,958 |
Held-for-sale | 4,821 | 95 | |
At fair value | 0 | 0 | |
Total | 336,630 | 373,732 | |
Credit card | |||
Loan balances by portfolio segment: | |||
Retained loans | 159,571 | 156,616 | |
Held-for-sale | 0 | 16 | |
At fair value | 0 | 0 | |
Total | 159,571 | 156,632 | |
Wholesale | |||
Loan balances by portfolio segment: | |||
Retained loans | 437,507 | 439,162 | $ 423,837 |
Held-for-sale | 5,750 | 11,877 | |
At fair value | 5,760 | 3,151 | |
Total | $ 449,017 | $ 454,190 |
Loans - Purchased, Sold and Rec
Loans - Purchased, Sold and Reclassified to Held-for-Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | $ 712 | $ 846 | $ 2,085 | $ 4,079 |
Sales | 20,529 | 5,986 | 46,888 | 17,490 |
Retained loans reclassified to held-for-sale | 4,248 | 666 | 10,734 | 1,962 |
Consumer, excluding credit card | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 259 | 561 | 1,044 | 2,164 |
Sales | 14,970 | 1,789 | 30,484 | 4,661 |
Retained loans reclassified to held-for-sale | 3,889 | 0 | 8,950 | 36 |
Excluded retained loans purchased from correspondents that were originated in accordance with the Firm's underwriting standards | 4,700 | 5,600 | 12,200 | 14,500 |
Credit card | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Retained loans reclassified to held-for-sale | 0 | 0 | 0 | 0 |
Wholesale | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 453 | 285 | 1,041 | 1,915 |
Sales | 5,559 | 4,197 | 16,404 | 12,829 |
Retained loans reclassified to held-for-sale | $ 359 | $ 666 | $ 1,784 | $ 1,926 |
Loans - Net Gains and Losses on
Loans - Net Gains and Losses on Sales of Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Receivables [Abstract] | ||||
Net gains on sales of loans (including adjustments to record loans held-for-sale at lower of cost or fair value) | $ 254 | $ 0 | $ 433 | $ 0 |
Loans - Consumer, Excluding Cre
Loans - Consumer, Excluding Credit Card Loan Portfolio (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 928,887 | $ 969,415 | $ 947,651 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 331,809 | 373,637 | $ 375,958 |
Consumer, excluding credit card | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 197,456 | 231,078 | |
Consumer, excluding credit card | Residential mortgage | Residential real estate – PCI | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 21,290 | 24,034 | |
Consumer, excluding credit card | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 24,954 | 28,340 | |
Consumer, excluding credit card | Home equity | Residential real estate – PCI | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 7,753 | 8,963 | |
Consumer, excluding credit card | Auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 61,410 | 63,573 | |
Consumer, excluding credit card | Consumer & Business Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 26,699 | 26,612 | |
Consumer, excluding credit card | Fixed Rate Residential Mortgage | Prime mortgage | Residential real estate – PCI | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,164 | 4,690 | |
Consumer, excluding credit card | Fixed Rate Residential Mortgage | Subprime mortgage | Residential real estate – PCI | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,797 | 1,945 | |
Consumer, excluding credit card | Option ARMs | Residential real estate – PCI | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 7,576 | $ 8,436 |
Loans - Consumer, Excluding C_2
Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate, Excluding PCI Loans (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 928,887,000,000 | $ 969,415,000,000 | $ 947,651,000,000 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 331,809,000,000 | 373,637,000,000 | $ 375,958,000,000 |
90 or more days past due and government guaranteed | 0 | 0 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 222,410,000,000 | $ 259,418,000,000 | |
% of 30 plus days past due to total retained loans | 0.72% | 0.71% | |
Nonaccrual loans | $ 2,837,000,000 | $ 3,088,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 71,240,000,000 | 80,454,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 30,516,000,000 | 34,616,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 15,172,000,000 | 17,380,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 13,985,000,000 | 15,588,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 11,561,000,000 | 12,279,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 8,400,000,000 | 9,173,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Colorado | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 8,035,000,000 | 8,661,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 7,196,000,000 | 8,944,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,818,000,000 | 6,810,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,848,000,000 | 5,592,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 45,639,000,000 | 59,921,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 67,000,000 | 6,917,000,000 | |
90 or more days past due and government guaranteed | 40,000,000 | 2,541,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | U.S. government-guaranteed | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 67,000,000 | 6,900,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,662,000,000 | 1,698,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 29,000,000 | 31,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 22,000,000 | 14,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 90,000,000 | 148,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 58,000,000 | 91,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,347,000,000 | 4,963,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 426,000,000 | 607,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Less than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 205,832,000,000 | 235,137,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Less than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 8,877,000,000 | 9,812,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 220,752,000,000 | 253,510,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Current | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 20,000,000 | 2,800,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,046,000,000 | 3,216,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 30–149 days past due | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 16,000,000 | 2,100,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 612,000,000 | 2,692,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 150 or more days past due | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 31,000,000 | 2,000,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 30 or more days past due | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 47,000,000 | 4,100,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 90 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 0 | 0 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 90 or more days past due | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 38,000,000 | 999,000,000 | |
Consumer, excluding credit card | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 197,456,000,000 | $ 231,078,000,000 | |
% of 30 plus days past due to total retained loans | 0.53% | 0.48% | |
Nonaccrual loans | $ 1,629,000,000 | $ 1,765,000,000 | |
Consumer, excluding credit card | Residential mortgage | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 66,166,000,000 | 74,759,000,000 | |
Consumer, excluding credit card | Residential mortgage | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 25,442,000,000 | 28,847,000,000 | |
Consumer, excluding credit card | Residential mortgage | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 13,304,000,000 | 15,249,000,000 | |
Consumer, excluding credit card | Residential mortgage | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 12,345,000,000 | 13,769,000,000 | |
Consumer, excluding credit card | Residential mortgage | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 10,195,000,000 | 10,704,000,000 | |
Consumer, excluding credit card | Residential mortgage | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 7,638,000,000 | 8,304,000,000 | |
Consumer, excluding credit card | Residential mortgage | Colorado | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 7,577,000,000 | 8,140,000,000 | |
Consumer, excluding credit card | Residential mortgage | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,749,000,000 | 7,302,000,000 | |
Consumer, excluding credit card | Residential mortgage | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,610,000,000 | 6,574,000,000 | |
Consumer, excluding credit card | Residential mortgage | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,862,000,000 | 4,434,000,000 | |
Consumer, excluding credit card | Residential mortgage | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 39,568,000,000 | 52,996,000,000 | |
Consumer, excluding credit card | Residential mortgage | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 67,000,000 | 6,917,000,000 | |
90 or more days past due and government guaranteed | 40,000,000 | 2,541,000,000 | |
Consumer, excluding credit card | Residential mortgage | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 952,000,000 | 813,000,000 | |
Consumer, excluding credit card | Residential mortgage | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 25,000,000 | 25,000,000 | |
Consumer, excluding credit card | Residential mortgage | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 20,000,000 | 13,000,000 | |
Consumer, excluding credit card | Residential mortgage | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 22,000,000 | 37,000,000 | |
Consumer, excluding credit card | Residential mortgage | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 35,000,000 | 53,000,000 | |
Consumer, excluding credit card | Residential mortgage | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,650,000,000 | 3,977,000,000 | |
Consumer, excluding credit card | Residential mortgage | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 212,000,000 | 281,000,000 | |
Consumer, excluding credit card | Residential mortgage | Less than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 185,438,000,000 | 212,505,000,000 | |
Consumer, excluding credit card | Residential mortgage | Less than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 6,035,000,000 | 6,457,000,000 | |
Consumer, excluding credit card | Residential mortgage | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 196,354,000,000 | 225,899,000,000 | |
Consumer, excluding credit card | Residential mortgage | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 691,000,000 | 2,763,000,000 | |
Consumer, excluding credit card | Residential mortgage | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 411,000,000 | 2,416,000,000 | |
Consumer, excluding credit card | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 24,954,000,000 | $ 28,340,000,000 | |
% of 30 plus days past due to total retained loans | 2.23% | 2.57% | |
Nonaccrual loans | $ 1,208,000,000 | $ 1,323,000,000 | |
Consumer, excluding credit card | Home equity | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,074,000,000 | 5,695,000,000 | |
Consumer, excluding credit card | Home equity | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,074,000,000 | 5,769,000,000 | |
Consumer, excluding credit card | Home equity | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,868,000,000 | 2,131,000,000 | |
Consumer, excluding credit card | Home equity | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,640,000,000 | 1,819,000,000 | |
Consumer, excluding credit card | Home equity | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,366,000,000 | 1,575,000,000 | |
Consumer, excluding credit card | Home equity | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 762,000,000 | 869,000,000 | |
Consumer, excluding credit card | Home equity | Colorado | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 458,000,000 | 521,000,000 | |
Consumer, excluding credit card | Home equity | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,447,000,000 | 1,642,000,000 | |
Consumer, excluding credit card | Home equity | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 208,000,000 | 236,000,000 | |
Consumer, excluding credit card | Home equity | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 986,000,000 | 1,158,000,000 | |
Consumer, excluding credit card | Home equity | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 6,071,000,000 | 6,925,000,000 | |
Consumer, excluding credit card | Home equity | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 0 | 0 | |
90 or more days past due and government guaranteed | 0 | 0 | |
Consumer, excluding credit card | Home equity | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 710,000,000 | 885,000,000 | |
Consumer, excluding credit card | Home equity | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,000,000 | 6,000,000 | |
Consumer, excluding credit card | Home equity | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2,000,000 | 1,000,000 | |
Consumer, excluding credit card | Home equity | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 68,000,000 | 111,000,000 | |
Consumer, excluding credit card | Home equity | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 23,000,000 | 38,000,000 | |
Consumer, excluding credit card | Home equity | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 697,000,000 | 986,000,000 | |
Consumer, excluding credit card | Home equity | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 214,000,000 | 326,000,000 | |
Consumer, excluding credit card | Home equity | Less than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 20,394,000,000 | 22,632,000,000 | |
Consumer, excluding credit card | Home equity | Less than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2,842,000,000 | 3,355,000,000 | |
Consumer, excluding credit card | Home equity | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 24,398,000,000 | 27,611,000,000 | |
Consumer, excluding credit card | Home equity | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 355,000,000 | 453,000,000 | |
Consumer, excluding credit card | Home equity | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 201,000,000 | $ 276,000,000 |
Loans - Consumer, Excluding C_3
Loans - Consumer, Excluding Credit Card Loan Portfolio, Delinquency Statistics Junior Lien Home Equity Loans (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 928,887 | $ 969,415 | $ 947,651 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 331,809 | 373,637 | $ 375,958 |
Consumer, excluding credit card | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 24,954 | $ 28,340 | |
Total 30 plus day delinquency rate | 2.23% | 2.57% | |
Consumer, excluding credit card | Total | Senior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of senior liens to total financing receivables | 37.00% | ||
Consumer, excluding credit card | Total | Junior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 15,735 | $ 17,924 | |
Total 30 plus day delinquency rate | 1.72% | 2.00% | |
Consumer, excluding credit card | HELOANs | Junior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 827 | $ 1,030 | |
Total 30 plus day delinquency rate | 2.42% | 2.82% | |
Consumer, excluding credit card | HELOCs, Within the revolving period | HELOCs | Junior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,625 | $ 5,608 | |
Total 30 plus day delinquency rate | 0.37% | 0.25% | |
Open-ended revolving period | 10 years | ||
Consumer, excluding credit card | HELOCs, Beyond the revolving period | HELOCs | Junior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 9,283 | $ 11,286 | |
Total 30 plus day delinquency rate | 2.47% | 2.80% | |
Amortization period | 20 years |
Loans - Consumer, Excluding C_4
Loans - Consumer, Excluding Credit Card Loan Portfolio, Impaired Loans (Details) - Consumer, excluding credit card $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)payment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Impaired loans | |||||
Loans modified subsequent to repurchase from Ginnie Mae | $ 16 | $ 16 | $ 4,100 | ||
TDRs less than 90 days past due | 1,900 | 1,900 | 2,000 | ||
Total residential real estate – excluding PCI | |||||
Impaired loans | |||||
With an allowance | 4,020 | 4,020 | 4,523 | ||
Without an allowance | 2,059 | 2,059 | 2,054 | ||
Total impaired loans | 6,079 | 6,079 | 6,577 | ||
Allowance for loan losses related to impaired loans | 77 | 77 | 133 | ||
Unpaid principal balance of impaired loans | 8,933 | 8,933 | 9,673 | ||
Impaired loans on nonaccrual status | 2,357 | 2,357 | 2,414 | ||
Average impaired loans | 6,138 | $ 6,937 | 6,363 | $ 7,334 | |
Interest income on impaired loans | 88 | 94 | 270 | 295 | |
Interest income on impaired loans on a cash basis | 38 | 40 | $ 114 | 121 | |
Number of payments under modified terms to recognize interest on cash basis | payment | 6 | ||||
Residential mortgage | |||||
Impaired loans | |||||
With an allowance | 2,958 | $ 2,958 | 3,381 | ||
Without an allowance | 1,160 | 1,160 | 1,184 | ||
Total impaired loans | 4,118 | 4,118 | 4,565 | ||
Allowance for loan losses related to impaired loans | 63 | 63 | 88 | ||
Unpaid principal balance of impaired loans | 5,578 | 5,578 | 6,207 | ||
Impaired loans on nonaccrual status | 1,376 | 1,376 | 1,459 | ||
Average impaired loans | 4,200 | 4,872 | 4,390 | 5,242 | |
Interest income on impaired loans | 55 | 61 | 171 | 197 | |
Interest income on impaired loans on a cash basis | 17 | 19 | $ 52 | 58 | |
Residential mortgage | Permanent Modification | |||||
Impaired loans | |||||
Rate of default for modified loans, estimated weighted average | 12.00% | ||||
Home equity | |||||
Impaired loans | |||||
With an allowance | 1,062 | $ 1,062 | 1,142 | ||
Without an allowance | 899 | 899 | 870 | ||
Total impaired loans | 1,961 | 1,961 | 2,012 | ||
Allowance for loan losses related to impaired loans | 14 | 14 | 45 | ||
Unpaid principal balance of impaired loans | 3,355 | 3,355 | 3,466 | ||
Impaired loans on nonaccrual status | 981 | 981 | $ 955 | ||
Average impaired loans | 1,938 | 2,065 | 1,973 | 2,092 | |
Interest income on impaired loans | 33 | 33 | 99 | 98 | |
Interest income on impaired loans on a cash basis | $ 21 | $ 21 | $ 62 | $ 63 | |
Home equity | Permanent Modification | |||||
Impaired loans | |||||
Rate of default for modified loans, estimated weighted average | 7.00% |
Loans - Consumer, Excluding C_5
Loans - Consumer, Excluding Credit Card Loan Portfolio, Loan Modifications, New TDRs (Details) - Consumer, excluding credit card - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Total residential real estate – excluding PCI | ||||
Financing Receivable, Impaired [Line Items] | ||||
New TDRs | $ 150 | $ 122 | $ 395 | $ 555 |
Residential mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
New TDRs | 50 | 67 | 181 | 314 |
Home equity | ||||
Financing Receivable, Impaired [Line Items] | ||||
New TDRs | $ 100 | $ 55 | $ 214 | $ 241 |
Loans - Consumer, Excluding C_6
Loans - Consumer, Excluding Credit Card Loan Portfolio, Loan Modifications, Nature and Extent of Modifications (Details) - Consumer, excluding credit card - loan | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Percentage, sum of items by type, may exceed | 100.00% | |||
Total residential real estate – excluding PCI | Trial Modification | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loans modified | 1,219 | 1,099 | 3,389 | 3,684 |
Total residential real estate – excluding PCI | Permanent Modification | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loans modified | 1,162 | 1,658 | 3,956 | 6,379 |
Total residential real estate – excluding PCI | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 89.00% | 69.00% | 78.00% | 49.00% |
Total residential real estate – excluding PCI | Term or payment extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 68.00% | 86.00% | 72.00% | 57.00% |
Total residential real estate – excluding PCI | Principal and/or interest deferred | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 10.00% | 19.00% | 13.00% | 31.00% |
Total residential real estate – excluding PCI | Principal forgiveness | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 5.00% | 8.00% | 5.00% | 7.00% |
Total residential real estate – excluding PCI | Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 76.00% | 49.00% | 63.00% | 52.00% |
Residential mortgage | Trial Modification | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loans modified | 365 | 513 | 1,603 | 1,789 |
Residential mortgage | Permanent Modification | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loans modified | 307 | 719 | 1,178 | 2,374 |
Residential mortgage | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 78.00% | 58.00% | 65.00% | 36.00% |
Residential mortgage | Term or payment extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 94.00% | 83.00% | 91.00% | 49.00% |
Residential mortgage | Principal and/or interest deferred | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 21.00% | 30.00% | 26.00% | 47.00% |
Residential mortgage | Principal forgiveness | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 7.00% | 9.00% | 6.00% | 7.00% |
Residential mortgage | Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 53.00% | 36.00% | 44.00% | 40.00% |
Home equity | Trial Modification | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loans modified | 854 | 586 | 1,786 | 1,895 |
Home equity | Permanent Modification | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loans modified | 855 | 939 | 2,778 | 4,005 |
Home equity | Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 93.00% | 77.00% | 83.00% | 57.00% |
Home equity | Term or payment extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 59.00% | 88.00% | 64.00% | 62.00% |
Home equity | Principal and/or interest deferred | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 6.00% | 11.00% | 7.00% | 22.00% |
Home equity | Principal forgiveness | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 4.00% | 7.00% | 5.00% | 7.00% |
Home equity | Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 85.00% | 58.00% | 71.00% | 58.00% |
Loans - Consumer, Excluding C_7
Loans - Consumer, Excluding Credit Card Loan Portfolio, Financial Effects of Modifications and Redefaults (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)loan_payment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Impaired [Line Items] | |||||
Carrying value | $ 928,887 | $ 947,651 | $ 928,887 | $ 947,651 | $ 969,415 |
Consumer, excluding credit card | |||||
Financing Receivable, Impaired [Line Items] | |||||
Carrying value | 331,809 | $ 375,958 | 331,809 | $ 375,958 | 373,637 |
Consumer, excluding credit card | In Process of Active or Suspended Foreclosure | |||||
Financing Receivable, Impaired [Line Items] | |||||
Carrying value | 546 | $ 546 | 653 | ||
Consumer, excluding credit card | Maximum | |||||
Financing Receivable, Impaired [Line Items] | |||||
Number of years before payment default under a modified loan | 1 year | ||||
Consumer, excluding credit card | Total residential real estate – excluding PCI | |||||
Financing Receivable, Impaired [Line Items] | |||||
Number of payments past due for deemed payment | loan_payment | 2 | ||||
Carrying value | $ 222,410 | $ 222,410 | 259,418 | ||
Consumer, excluding credit card | Total residential real estate – excluding PCI | Maximum | |||||
Financing Receivable, Impaired [Line Items] | |||||
Number of months before a payment redefault under modified loans | 12 months | ||||
Consumer, excluding credit card | Total residential real estate – excluding PCI | Permanent Modification | |||||
Financing Receivable, Impaired [Line Items] | |||||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 5.57% | 5.89% | 5.77% | 5.39% | |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 3.58% | 4.01% | 3.90% | 3.49% | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 20 years | 21 years | 20 years | 22 years | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 39 years | 39 years | 39 years | 38 years | |
Charge-offs recognized upon permanent modification | $ 0 | $ 0 | $ 1 | $ 1 | |
Principal deferred | 6 | 9 | 17 | 24 | |
Principal forgiven | 2 | 4 | 6 | 14 | |
Balance of loans that redefaulted within one year of permanent modification | 53 | $ 46 | 132 | $ 118 | |
Consumer, excluding credit card | Residential mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Carrying value | $ 197,456 | $ 197,456 | 231,078 | ||
Consumer, excluding credit card | Residential mortgage | Permanent Modification | |||||
Financing Receivable, Impaired [Line Items] | |||||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 5.68% | 6.13% | 6.08% | 5.45% | |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 3.99% | 4.23% | 4.36% | 3.64% | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 21 years | 22 years | 21 years | 24 years | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 39 years | 39 years | 39 years | 38 years | |
Charge-offs recognized upon permanent modification | $ 0 | $ 0 | $ 1 | $ 0 | |
Principal deferred | 5 | 7 | 13 | 17 | |
Principal forgiven | 1 | 3 | 3 | 9 | |
Balance of loans that redefaulted within one year of permanent modification | 36 | $ 27 | $ 87 | $ 69 | |
Modifications, weighted-average remaining life | 10 years | ||||
Consumer, excluding credit card | Home equity | |||||
Financing Receivable, Impaired [Line Items] | |||||
Carrying value | $ 24,954 | $ 24,954 | $ 28,340 | ||
Consumer, excluding credit card | Home equity | Permanent Modification | |||||
Financing Receivable, Impaired [Line Items] | |||||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 5.50% | 5.69% | 5.56% | 5.34% | |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 3.30% | 3.83% | 3.60% | 3.39% | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 19 years | 18 years | 20 years | 18 years | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 39 years | 39 years | 40 years | 39 years | |
Charge-offs recognized upon permanent modification | $ 0 | $ 0 | $ 0 | $ 1 | |
Principal deferred | 1 | 2 | 4 | 7 | |
Principal forgiven | 1 | 1 | 3 | 5 | |
Balance of loans that redefaulted within one year of permanent modification | $ 17 | $ 19 | $ 45 | $ 49 | |
Modifications, weighted-average remaining life | 9 years |
Loans - Consumer, Excluding C_8
Loans - Consumer, Excluding Credit Card Loan Portfolio, Other Consumer Loans (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 928,887,000,000 | $ 969,415,000,000 | $ 947,651,000,000 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 331,809,000,000 | 373,637,000,000 | $ 375,958,000,000 |
90 or more days past due and still accruing | 0 | 0 | |
Consumer, excluding credit card | Auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 61,410,000,000 | $ 63,573,000,000 | |
% of 30 plus days past due to total retained loans | 0.88% | 0.93% | |
Nonaccrual loans | $ 112,000,000 | $ 128,000,000 | |
Consumer, excluding credit card | Auto | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 13,823,000,000 | 15,749,000,000 | |
Consumer, excluding credit card | Auto | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 394,000,000 | 273,000,000 | |
Consumer, excluding credit card | Auto | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 0 | 0 | |
Consumer, excluding credit card | Auto | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 8,016,000,000 | 8,330,000,000 | |
Consumer, excluding credit card | Auto | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 6,644,000,000 | 6,531,000,000 | |
Consumer, excluding credit card | Auto | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,627,000,000 | 3,863,000,000 | |
Consumer, excluding credit card | Auto | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,438,000,000 | 3,716,000,000 | |
Consumer, excluding credit card | Auto | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,280,000,000 | 3,256,000,000 | |
Consumer, excluding credit card | Auto | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,990,000,000 | 2,084,000,000 | |
Consumer, excluding credit card | Auto | Ohio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,900,000,000 | 1,973,000,000 | |
Consumer, excluding credit card | Auto | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,920,000,000 | 1,981,000,000 | |
Consumer, excluding credit card | Auto | Michigan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,279,000,000 | 1,357,000,000 | |
Consumer, excluding credit card | Auto | Louisiana | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,598,000,000 | 1,587,000,000 | |
Consumer, excluding credit card | Auto | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 27,718,000,000 | 28,895,000,000 | |
Consumer, excluding credit card | Auto | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 60,872,000,000 | 62,984,000,000 | |
Consumer, excluding credit card | Auto | 30–119 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 534,000,000 | 589,000,000 | |
Consumer, excluding credit card | Auto | 120 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,000,000 | 0 | |
Consumer, excluding credit card | Consumer & Business Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 26,699,000,000 | $ 26,612,000,000 | |
% of 30 plus days past due to total retained loans | 1.32% | 1.36% | |
Nonaccrual loans | $ 268,000,000 | $ 245,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 18,738,000,000 | 18,743,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 747,000,000 | 751,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 218,000,000 | 191,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,744,000,000 | 5,520,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,042,000,000 | 2,993,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,339,000,000 | 4,381,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,737,000,000 | 2,046,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,565,000,000 | 1,502,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,268,000,000 | 1,491,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Ohio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,189,000,000 | 1,305,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 805,000,000 | 723,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Michigan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,264,000,000 | 1,329,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Louisiana | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 768,000,000 | 860,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,978,000,000 | 4,462,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 26,346,000,000 | 26,249,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | 30–119 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 231,000,000 | 252,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | 120 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 122,000,000 | 111,000,000 | |
Consumer, excluding credit card | Total other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 88,109,000,000 | $ 90,185,000,000 | |
% of 30 plus days past due to total retained loans | 1.01% | 1.06% | |
Nonaccrual loans | $ 380,000,000 | $ 373,000,000 | |
Consumer, excluding credit card | Total other consumer | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 32,561,000,000 | 34,492,000,000 | |
Consumer, excluding credit card | Total other consumer | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,141,000,000 | 1,024,000,000 | |
Consumer, excluding credit card | Total other consumer | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 218,000,000 | 191,000,000 | |
Consumer, excluding credit card | Total other consumer | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 13,760,000,000 | 13,850,000,000 | |
Consumer, excluding credit card | Total other consumer | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 9,686,000,000 | 9,524,000,000 | |
Consumer, excluding credit card | Total other consumer | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 7,966,000,000 | 8,244,000,000 | |
Consumer, excluding credit card | Total other consumer | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,175,000,000 | 5,762,000,000 | |
Consumer, excluding credit card | Total other consumer | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,845,000,000 | 4,758,000,000 | |
Consumer, excluding credit card | Total other consumer | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,258,000,000 | 3,575,000,000 | |
Consumer, excluding credit card | Total other consumer | Ohio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,089,000,000 | 3,278,000,000 | |
Consumer, excluding credit card | Total other consumer | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2,725,000,000 | 2,704,000,000 | |
Consumer, excluding credit card | Total other consumer | Michigan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2,543,000,000 | 2,686,000,000 | |
Consumer, excluding credit card | Total other consumer | Louisiana | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2,366,000,000 | 2,447,000,000 | |
Consumer, excluding credit card | Total other consumer | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 32,696,000,000 | 33,357,000,000 | |
Consumer, excluding credit card | Total other consumer | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 87,218,000,000 | 89,233,000,000 | |
Consumer, excluding credit card | Total other consumer | 30–119 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 765,000,000 | 841,000,000 | |
Consumer, excluding credit card | Total other consumer | 120 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 126,000,000 | $ 111,000,000 |
Loans - Consumer, Excluding C_9
Loans - Consumer, Excluding Credit Card Loan Portfolio, Other Consumer Impaired Loans and Loan Modifications (Details) - Consumer, excluding credit card - Other consumer - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
With an allowance | $ 242 | $ 242 | $ 222 | ||
Without an allowance | 20 | 20 | 29 | ||
Total impaired loans | 262 | 262 | 251 | ||
Allowance for loan losses related to impaired loans | 68 | 68 | 63 | ||
Unpaid principal balance of impaired loans | 357 | 357 | 355 | ||
Impaired loans on nonaccrual status | 240 | 240 | 229 | ||
Average impaired loans | 254 | $ 271 | 248 | $ 281 | |
Loans modified in TDRs | 77 | 77 | 79 | ||
TDRs on nonaccrual status | $ 55 | $ 55 | $ 57 |
Loans - Consumer, Excluding _10
Loans - Consumer, Excluding Credit Card Loan Portfolio, PCI Loans (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | $ 928,887 | $ 969,415 | $ 947,651 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 331,809 | 373,637 | $ 375,958 |
Consumer, excluding credit card | Total PCI | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 197,456 | 231,078 | |
Unpaid principal balance of impaired loans | 5,578 | 6,207 | |
Consumer, excluding credit card | Total PCI | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 66,166 | 74,759 | |
Consumer, excluding credit card | Total PCI | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 10,195 | 10,704 | |
Consumer, excluding credit card | Total PCI | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 25,442 | 28,847 | |
Consumer, excluding credit card | Total PCI | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 13,304 | 15,249 | |
Consumer, excluding credit card | Total PCI | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 7,638 | 8,304 | |
Consumer, excluding credit card | Total PCI | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 5,749 | 7,302 | |
Consumer, excluding credit card | Total PCI | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 5,610 | 6,574 | |
Consumer, excluding credit card | Total PCI | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 3,862 | 4,434 | |
Consumer, excluding credit card | Total PCI | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 39,568 | 52,996 | |
Consumer, excluding credit card | Total PCI | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 952 | 813 | |
Consumer, excluding credit card | Total PCI | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 25 | 25 | |
Consumer, excluding credit card | Total PCI | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 20 | 13 | |
Consumer, excluding credit card | Total PCI | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 22 | 37 | |
Consumer, excluding credit card | Total PCI | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 35 | 53 | |
Consumer, excluding credit card | Total PCI | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 4,650 | 3,977 | |
Consumer, excluding credit card | Total PCI | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 212 | 281 | |
Consumer, excluding credit card | Total PCI | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 185,438 | 212,505 | |
Consumer, excluding credit card | Total PCI | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 6,035 | 6,457 | |
Consumer, excluding credit card | Total PCI | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 196,354 | 225,899 | |
Consumer, excluding credit card | Total PCI | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 691 | 2,763 | |
Consumer, excluding credit card | Total PCI | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 411 | 2,416 | |
Consumer, excluding credit card | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 24,954 | 28,340 | |
Unpaid principal balance of impaired loans | 3,355 | 3,466 | |
Consumer, excluding credit card | Home equity | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 5,074 | 5,695 | |
Consumer, excluding credit card | Home equity | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 1,366 | 1,575 | |
Consumer, excluding credit card | Home equity | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 5,074 | 5,769 | |
Consumer, excluding credit card | Home equity | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 1,868 | 2,131 | |
Consumer, excluding credit card | Home equity | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 762 | 869 | |
Consumer, excluding credit card | Home equity | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 1,447 | 1,642 | |
Consumer, excluding credit card | Home equity | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 208 | 236 | |
Consumer, excluding credit card | Home equity | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 986 | 1,158 | |
Consumer, excluding credit card | Home equity | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 6,071 | 6,925 | |
Consumer, excluding credit card | Home equity | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 710 | 885 | |
Consumer, excluding credit card | Home equity | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 4 | 6 | |
Consumer, excluding credit card | Home equity | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 2 | 1 | |
Consumer, excluding credit card | Home equity | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 68 | 111 | |
Consumer, excluding credit card | Home equity | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 23 | 38 | |
Consumer, excluding credit card | Home equity | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 697 | 986 | |
Consumer, excluding credit card | Home equity | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 214 | 326 | |
Consumer, excluding credit card | Home equity | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 20,394 | 22,632 | |
Consumer, excluding credit card | Home equity | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 2,842 | 3,355 | |
Consumer, excluding credit card | Home equity | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 24,398 | 27,611 | |
Consumer, excluding credit card | Home equity | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 355 | 453 | |
Consumer, excluding credit card | Home equity | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 201 | 276 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 21,290 | 24,034 | |
Unpaid principal balance of impaired loans | $ 21,974 | $ 24,741 | |
% of 30 days past due to total loans | 8.56% | 9.16% | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | $ 11,888 | $ 13,389 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 2,008 | 2,255 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 1,508 | 1,660 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 642 | 709 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 626 | 738 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 604 | 690 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 444 | 491 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Maryland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 382 | 417 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Virginia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 354 | 393 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 336 | 389 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 3,182 | 3,610 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 785 | 951 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 18 | 21 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 28 | 36 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 127 | 162 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 107 | 155 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 855 | 1,053 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 579 | 851 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 13,331 | 14,087 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 6,144 | 7,425 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 20,093 | 22,475 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 1,084 | 1,221 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 797 | 1,045 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 7,753 | 8,963 | |
Unpaid principal balance of impaired loans | $ 7,942 | $ 9,144 | |
% of 30 days past due to total loans | 5.02% | 5.69% | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | $ 4,704 | $ 5,420 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 865 | 976 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 469 | 525 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 207 | 233 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 348 | 419 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 184 | 210 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 56 | 65 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Maryland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 43 | 48 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Virginia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 47 | 54 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 138 | 165 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 881 | 1,029 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 219 | 265 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 13 | 17 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 10 | 13 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 96 | 135 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 46 | 65 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 643 | 805 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 271 | 388 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 5,031 | 5,548 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 1,613 | 1,908 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 7,543 | 8,624 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 234 | 278 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 165 | 242 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 4,164 | 4,690 | |
Unpaid principal balance of impaired loans | $ 4,183 | $ 4,708 | |
% of 30 days past due to total loans | 10.14% | 10.24% | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | $ 2,280 | $ 2,578 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 295 | 332 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 338 | 365 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 139 | 154 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 85 | 98 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 117 | 134 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 103 | 113 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Maryland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 89 | 95 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Virginia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 82 | 91 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 60 | 69 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 595 | 679 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 179 | 228 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 2 | 1 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 6 | 7 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 6 | 6 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 19 | 22 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 58 | 75 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 71 | 112 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 2,559 | 2,689 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 1,283 | 1,568 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 3,759 | 4,226 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 241 | 259 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Prime mortgage | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 183 | 223 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 1,797 | 1,945 | |
Unpaid principal balance of impaired loans | $ 2,261 | $ 2,442 | |
% of 30 days past due to total loans | 15.30% | 16.75% | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | $ 549 | $ 593 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 218 | 234 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 249 | 268 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 115 | 123 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 38 | 44 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 81 | 88 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 69 | 73 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Maryland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 90 | 96 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Virginia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 35 | 37 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 39 | 43 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 778 | 843 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 98 | 113 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 0 | 0 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 7 | 9 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 7 | 4 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 24 | 35 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 52 | 54 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 109 | 161 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 809 | 739 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 1,155 | 1,327 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 1,915 | 2,033 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 247 | 286 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgage | Subprime mortgage | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 99 | 123 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value | 7,576 | 8,436 | |
Unpaid principal balance of impaired loans | $ 7,588 | $ 8,447 | |
% of 30 days past due to total loans | 9.38% | 10.12% | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | $ 4,355 | $ 4,798 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 630 | 713 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 452 | 502 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 181 | 199 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Washington | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 155 | 177 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 222 | 258 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Massachusetts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 216 | 240 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Maryland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 160 | 178 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Virginia | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 190 | 211 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Arizona | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 99 | 112 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 928 | 1,059 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | No FICO/LTV available | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 289 | 345 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 3 | 3 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 5 | 7 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 18 | 17 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 18 | 33 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 102 | 119 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 128 | 190 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 4,932 | 5,111 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 2,093 | 2,622 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 6,876 | 7,592 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | 362 | 398 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of impaired loans | $ 350 | $ 457 |
Loans - Consumer, Excluding _11
Loans - Consumer, Excluding Credit Card Loan Portfolio, PCI Delinquency Statistics (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 928,887 | $ 969,415 | $ 947,651 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 331,809 | 373,637 | $ 375,958 |
Consumer, excluding credit card | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 24,954 | $ 28,340 | |
Total 30 day delinquency rate | 2.23% | 2.57% | |
Consumer, excluding credit card | Total | Senior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of senior liens to total financing receivables | 37.00% | ||
Consumer, excluding credit card | Total | Junior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 15,735 | $ 17,924 | |
Total 30 day delinquency rate | 1.72% | 2.00% | |
Consumer, excluding credit card | HELOANs | Junior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 827 | $ 1,030 | |
Total 30 day delinquency rate | 2.42% | 2.82% | |
Consumer, excluding credit card | Residential real estate – PCI | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 7,753 | $ 8,963 | |
Consumer, excluding credit card | Residential real estate – PCI | Total | Senior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of senior liens to total financing receivables | 26.00% | ||
Consumer, excluding credit card | Residential real estate – PCI | Total | Junior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,857 | $ 6,811 | |
Total 30 day delinquency rate | 3.64% | 3.98% | |
Consumer, excluding credit card | Residential real estate – PCI | HELOCs | Junior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,623 | $ 6,531 | |
Total 30 day delinquency rate | 3.66% | 4.00% | |
Open-ended revolving period | 10 years | ||
Consumer, excluding credit card | Residential real estate – PCI | HELOANs | Junior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 234 | $ 280 | |
Total 30 day delinquency rate | 2.99% | 3.57% |
Loans - Consumer, Excluding _12
Loans - Consumer, Excluding Credit Card Loan Portfolio, PCI Accretable Yield Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||||
Loans | $ 928,887 | $ 947,651 | $ 928,887 | $ 947,651 | $ 969,415 |
Consumer, excluding credit card | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||||
Loans | 331,809 | 375,958 | 331,809 | 375,958 | 373,637 |
Consumer, excluding credit card | In Process of Active or Suspended Foreclosure | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||||
Loans | 546 | 546 | 653 | ||
Consumer, excluding credit card | Total PCI | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||||
Loans | 197,456 | 197,456 | 231,078 | ||
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||||
Beginning balance | 7,699 | 8,722 | 8,422 | 11,159 | |
Accretion into interest income | (272) | (303) | (841) | (958) | |
Changes in interest rates on variable-rate loans | (308) | 37 | (402) | (231) | |
Other changes in expected cash flows | 255 | 46 | 195 | (1,468) | |
Ending balance | $ 7,374 | $ 8,502 | $ 7,374 | $ 8,502 | |
Accretable yield percentage | 5.27% | 4.95% | 5.32% | 4.88% | |
Loans | $ 21,290 | $ 21,290 | 24,034 | ||
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | In Process of Active or Suspended Foreclosure | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||||
Loans | $ 776 | $ 776 | $ 964 |
Loans - Credit Card Loan Portfo
Loans - Credit Card Loan Portfolio (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 928,887 | $ 969,415 | $ 947,651 |
Credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 159,571 | $ 156,616 | |
% of 30 plus days past due to total retained loans | 1.84% | 1.83% | |
% of 90 plus days past due to total retained loans | 0.90% | 0.92% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Equal to or greater than 660 | 83.60% | 84.20% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Less than 660 | 15.60% | 15.00% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, No FICO available | 0.80% | 0.80% | |
Credit card | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 24,313 | $ 23,757 | |
Credit card | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 15,790 | 15,085 | |
Credit card | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 13,940 | 13,601 | |
Credit card | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 10,101 | 9,770 | |
Credit card | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 9,125 | 8,938 | |
Credit card | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 6,821 | 6,739 | |
Credit card | Ohio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,093 | 5,094 | |
Credit card | Pennsylvania | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,918 | 4,996 | |
Credit card | Colorado | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,543 | 4,309 | |
Credit card | Michigan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,942 | 3,912 | |
Credit card | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 60,985 | 60,415 | |
Credit card | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 156,629 | 153,746 | |
Credit card | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,500 | 1,426 | |
Credit card | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,442 | $ 1,444 |
Loans - Credit Card Portfolio -
Loans - Credit Card Portfolio - Impaired Loans (Details) - Credit card - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired credit card loans with an allowance | $ 1,423 | $ 1,423 | $ 1,319 | ||
Allowance for loan losses related to impaired credit card loans | 488 | 488 | $ 440 | ||
Average impaired credit card loans | 1,406 | $ 1,267 | 1,371 | $ 1,245 | |
Interest income on impaired credit card loans | $ 18 | $ 17 | $ 53 | $ 48 |
Loans - Credit Card Portfolio_2
Loans - Credit Card Portfolio - Loan Modifications (Details) - Credit card $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)payment | Sep. 30, 2018USD ($) | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Fixed payment plan period | 60 months | ||||
New TDRs | $ 242 | $ 215 | $ 717 | $ 640 | |
New enrollments, percent of total retained credit card loans (less than) | 1.00% | ||||
Weighted-average interest rate of loans – before TDR | 19.18% | 18.25% | 19.23% | 17.82% | |
Weighted-average interest rate of loans – after TDR | 4.65% | 5.10% | 4.80% | 5.12% | |
Loans that redefaulted within one year of modification | $ 42 | $ 31 | $ 108 | $ 82 | |
Number of years before payment default under a modified loan | 1 year | ||||
Modified loans, payment default, number of payments past due | payment | 2 | ||||
Rate of default for modified loans, estimated weighted average | 34.30% | 33.38% |
Loans - Wholesale Loan Portfoli
Loans - Wholesale Loan Portfolio - By Class of Receivable (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 928,887 | $ 969,415 | $ 947,651 |
Wholesale | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 437,507 | $ 439,162 | $ 423,837 |
% of total criticized exposure to total retained loans | 1.55% | 1.33% | |
% of criticized nonaccrual to total retained loans | 0.34% | 0.26% | |
Wholesale | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 435,059 | $ 436,916 | |
Wholesale | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 933 | 908 | |
Wholesale | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 45 | 188 | |
Wholesale | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 100,257 | 102,646 | |
Wholesale | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 337,250 | 336,516 | |
Wholesale | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 337,298 | 339,729 | |
Wholesale | Total noninvestment- grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 100,209 | 99,433 | |
Wholesale | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 93,446 | 93,591 | |
Wholesale | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,293 | 4,692 | |
Wholesale | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,470 | 1,150 | |
Wholesale | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 119,227 | $ 129,806 | |
% of total criticized exposure to total retained loans | 4.22% | 3.54% | |
% of criticized nonaccrual to total retained loans | 1.08% | 0.66% | |
Wholesale | Commercial and industrial | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 117,621 | $ 128,678 | |
Wholesale | Commercial and industrial | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 279 | 109 | |
Wholesale | Commercial and industrial | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 36 | 168 | |
Wholesale | Commercial and industrial | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 28,850 | 29,572 | |
Wholesale | Commercial and industrial | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 90,377 | 100,234 | |
Wholesale | Commercial and industrial | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 61,709 | 73,497 | |
Wholesale | Commercial and industrial | Total noninvestment- grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 57,518 | 56,309 | |
Wholesale | Commercial and industrial | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 52,484 | 51,720 | |
Wholesale | Commercial and industrial | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,743 | 3,738 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1,291 | 851 | |
Wholesale | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 115,826 | $ 115,737 | |
% of total criticized exposure to total retained loans | 0.75% | 0.65% | |
% of criticized nonaccrual to total retained loans | 0.06% | 0.12% | |
Wholesale | Real estate | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 115,733 | $ 115,533 | |
Wholesale | Real estate | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 22 | 67 | |
Wholesale | Real estate | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 6 | 3 | |
Wholesale | Real estate | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,202 | 2,967 | |
Wholesale | Real estate | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 112,624 | 112,770 | |
Wholesale | Real estate | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 101,379 | 100,107 | |
Wholesale | Real estate | Total noninvestment- grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 14,447 | 15,630 | |
Wholesale | Real estate | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 13,574 | 14,876 | |
Wholesale | Real estate | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 808 | 620 | |
Wholesale | Real estate | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 65 | 134 | |
Wholesale | Financial institutions | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 55,839 | $ 47,648 | |
% of total criticized exposure to total retained loans | 0.40% | 0.32% | |
% of criticized nonaccrual to total retained loans | 0.04% | 0.01% | |
Wholesale | Financial institutions | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 55,764 | $ 47,622 | |
Wholesale | Financial institutions | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 51 | 12 | |
Wholesale | Financial institutions | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2 | 10 | |
Wholesale | Financial institutions | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 17,112 | 18,524 | |
Wholesale | Financial institutions | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 38,727 | 29,124 | |
Wholesale | Financial institutions | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 39,492 | 32,178 | |
Wholesale | Financial institutions | Total noninvestment- grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 16,347 | 15,470 | |
Wholesale | Financial institutions | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 16,123 | 15,316 | |
Wholesale | Financial institutions | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 202 | 150 | |
Wholesale | Financial institutions | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 22 | 4 | |
Wholesale | Governments & Agencies | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 13,111 | $ 14,187 | |
% of total criticized exposure to total retained loans | 0.00% | 0.01% | |
% of criticized nonaccrual to total retained loans | 0.00% | 0.00% | |
Wholesale | Governments & Agencies | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 13,097 | $ 14,165 | |
Wholesale | Governments & Agencies | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 13 | 18 | |
Wholesale | Governments & Agencies | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 1 | 4 | |
Wholesale | Governments & Agencies | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 2,699 | 3,150 | |
Wholesale | Governments & Agencies | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 10,412 | 11,037 | |
Wholesale | Governments & Agencies | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 12,905 | 13,984 | |
Wholesale | Governments & Agencies | Total noninvestment- grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 206 | 203 | |
Wholesale | Governments & Agencies | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 206 | 201 | |
Wholesale | Governments & Agencies | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 0 | 2 | |
Wholesale | Governments & Agencies | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 0 | 0 | |
Wholesale | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 133,504 | $ 131,784 | |
% of total criticized exposure to total retained loans | 0.47% | 0.26% | |
% of criticized nonaccrual to total retained loans | 0.07% | 0.12% | |
Wholesale | Other | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 132,844 | $ 130,918 | |
Wholesale | Other | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 568 | 702 | |
Wholesale | Other | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 0 | 3 | |
Wholesale | Other | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 48,394 | 48,433 | |
Wholesale | Other | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 85,110 | 83,351 | |
Wholesale | Other | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 121,813 | 119,963 | |
Wholesale | Other | Total noninvestment- grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 11,691 | 11,821 | |
Wholesale | Other | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 11,059 | 11,478 | |
Wholesale | Other | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 540 | 182 | |
Wholesale | Other | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 92 | $ 161 |
Loans - Wholesale Loan Portfo_2
Loans - Wholesale Loan Portfolio - Real Estate Class of Loans (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 928,887 | $ 969,415 | $ 947,651 |
Wholesale | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 437,507 | $ 439,162 | $ 423,837 |
% of total criticized exposure to total retained loans | 1.55% | 1.33% | |
% of criticized nonaccrual loans to total real estate retained loans | 0.34% | 0.26% | |
Wholesale | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 1,470 | $ 1,150 | |
Wholesale | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 115,826 | $ 115,737 | |
% of total criticized exposure to total retained loans | 0.75% | 0.65% | |
% of criticized nonaccrual loans to total real estate retained loans | 0.06% | 0.12% | |
Wholesale | Real estate | Multifamily | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 79,169 | $ 79,184 | |
% of total criticized exposure to total retained loans | 0.67% | 0.49% | |
% of criticized nonaccrual loans to total real estate retained loans | 0.04% | 0.07% | |
Wholesale | Real estate | Other commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 36,657 | $ 36,553 | |
% of total criticized exposure to total retained loans | 0.93% | 1.00% | |
% of criticized nonaccrual loans to total real estate retained loans | 0.08% | 0.21% | |
Wholesale | Real estate | Criticized exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 873 | $ 754 | |
Wholesale | Real estate | Criticized exposure | Multifamily | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 533 | 388 | |
Wholesale | Real estate | Criticized exposure | Other commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 340 | 366 | |
Wholesale | Real estate | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 65 | 134 | |
Wholesale | Real estate | Criticized nonaccrual | Multifamily | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 34 | 57 | |
Wholesale | Real estate | Criticized nonaccrual | Other commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 31 | $ 77 |
Loans - Wholesale Loan Portfo_3
Loans - Wholesale Loan Portfolio - Impaired Loans (Details) - Wholesale - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Impaired loans | |||||
With an allowance | $ 1,232 | $ 1,232 | $ 1,070 | ||
Without an allowance | 304 | 304 | 180 | ||
Total impaired loans | 1,536 | 1,536 | 1,250 | ||
Allowance for loan losses related to impaired loans | 342 | 342 | 297 | ||
Unpaid principal balance of impaired loans | 1,995 | 1,995 | 1,723 | ||
Average impaired credit card loans | 1,285 | $ 1,219 | 1,405 | $ 1,523 | |
Troubled debt restructuring | 498 | 498 | 576 | ||
Commercial and industrial | |||||
Impaired loans | |||||
With an allowance | 1,068 | 1,068 | 807 | ||
Without an allowance | 279 | 279 | 140 | ||
Total impaired loans | 1,347 | 1,347 | 947 | ||
Allowance for loan losses related to impaired loans | 320 | 320 | 252 | ||
Unpaid principal balance of impaired loans | 1,532 | 1,532 | 1,043 | ||
Average impaired credit card loans | 1,073 | 838 | 1,082 | 1,095 | |
Real estate | |||||
Impaired loans | |||||
With an allowance | 46 | 46 | 107 | ||
Without an allowance | 21 | 21 | 27 | ||
Total impaired loans | 67 | 67 | 134 | ||
Allowance for loan losses related to impaired loans | 13 | 13 | 25 | ||
Unpaid principal balance of impaired loans | 104 | 104 | 203 | ||
Average impaired credit card loans | 80 | 134 | 105 | 138 | |
Financial institutions | |||||
Impaired loans | |||||
With an allowance | 22 | 22 | 4 | ||
Without an allowance | 0 | 0 | 0 | ||
Total impaired loans | 22 | 22 | 4 | ||
Allowance for loan losses related to impaired loans | 7 | 7 | 1 | ||
Unpaid principal balance of impaired loans | 23 | 23 | 4 | ||
Average impaired credit card loans | 9 | 45 | 11 | 76 | |
Governments & Agencies | |||||
Impaired loans | |||||
With an allowance | 0 | 0 | 0 | ||
Without an allowance | 0 | 0 | 0 | ||
Total impaired loans | 0 | 0 | 0 | ||
Allowance for loan losses related to impaired loans | 0 | 0 | 0 | ||
Unpaid principal balance of impaired loans | 0 | 0 | 0 | ||
Average impaired credit card loans | 0 | 0 | 0 | 0 | |
Other | |||||
Impaired loans | |||||
With an allowance | 96 | 96 | 152 | ||
Without an allowance | 4 | 4 | 13 | ||
Total impaired loans | 100 | 100 | 165 | ||
Allowance for loan losses related to impaired loans | 2 | 2 | 19 | ||
Unpaid principal balance of impaired loans | 336 | 336 | $ 473 | ||
Average impaired credit card loans | $ 123 | $ 202 | $ 207 | $ 214 |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Allowance for loan losses | |||||||
Gross charge-offs/Write-offs of PCI loans | $ 132 | $ 151 | |||||
Provision for loan losses/lending-related commitments | $ 1,514 | $ 948 | 4,158 | 3,323 | |||
Loans by impairment methodology | |||||||
Asset-specific | $ 9,300 | $ 9,381 | |||||
Formula-based | 898,297 | 913,058 | |||||
PCI | 21,290 | 25,212 | |||||
Total retained loans | 928,887 | $ 969,415 | 947,651 | ||||
Lending-related commitments by impairment methodology | |||||||
Asset-specific | 446 | 252 | |||||
Formula-based | 1,094,644 | 1,048,422 | |||||
Total lending-related commitments | 1,095,090 | 1,039,258 | 1,048,674 | ||||
Impaired collateral-dependent loans | |||||||
Allowance for loan losses | |||||||
Net charge-offs | 51 | 15 | |||||
Impaired collateral-dependent loans | |||||||
Loans measured at fair value of collateral less cost to sell | 2,196 | 2,335 | |||||
Allowance for loan losses | |||||||
Allowance for loan losses | |||||||
Beginning balance | 13,445 | 13,604 | |||||
Gross charge-offs/Write-offs of PCI loans | 5,022 | 4,817 | |||||
Gross recoveries | (887) | (1,197) | |||||
Net charge-offs | 4,135 | 3,620 | |||||
Provision for loan losses/lending-related commitments | 4,048 | 3,294 | |||||
Other | 9 | 1 | |||||
Ending balance | 13,235 | 13,128 | 13,235 | 13,128 | |||
Allowance for loan losses/lending-related commitments by impairment methodology | |||||||
Asset-specific | 975 | 905 | |||||
Formula-based | 11,004 | 10,399 | |||||
PCI | 1,256 | 1,824 | |||||
Total allowance for loan losses/lending-related commitments | 13,235 | 13,128 | 13,445 | 13,604 | 13,235 | 13,445 | 13,128 |
Allowance for lending-related commitments | |||||||
Allowance for loan losses | |||||||
Beginning balance | 1,055 | 1,068 | |||||
Provision for loan losses/lending-related commitments | 110 | 29 | |||||
Other | 0 | 0 | |||||
Ending balance | 1,165 | 1,097 | 1,165 | 1,097 | |||
Allowance for loan losses/lending-related commitments by impairment methodology | |||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 135 | 71 | |||||
Allowance for lending-related commitments by impairment methodology, Formula-based | 1,030 | 1,026 | |||||
Total allowance for loan losses/lending-related commitments | 1,165 | 1,097 | 1,055 | 1,068 | 1,165 | 1,055 | 1,097 |
Consumer, excluding credit card | |||||||
Allowance for loan losses | |||||||
Gross charge-offs/Write-offs of PCI loans | 132 | 151 | |||||
Loans by impairment methodology | |||||||
Asset-specific | 6,341 | 7,046 | |||||
Formula-based | 304,178 | 343,703 | |||||
PCI | 21,290 | 25,209 | |||||
Total retained loans | 331,809 | 373,637 | 375,958 | ||||
Lending-related commitments by impairment methodology | |||||||
Asset-specific | 0 | 0 | |||||
Formula-based | 53,591 | 50,630 | |||||
Total lending-related commitments | 53,591 | 50,630 | |||||
Consumer, excluding credit card | Impaired collateral-dependent loans | |||||||
Allowance for loan losses | |||||||
Net charge-offs | 28 | 15 | |||||
Impaired collateral-dependent loans | |||||||
Loans measured at fair value of collateral less cost to sell | 2,083 | 2,077 | |||||
Consumer, excluding credit card | Allowance for loan losses | |||||||
Allowance for loan losses | |||||||
Beginning balance | 4,146 | 4,579 | |||||
Gross charge-offs/Write-offs of PCI loans | 702 | 776 | |||||
Gross recoveries | (420) | (681) | |||||
Net charge-offs | 282 | 95 | |||||
Provision for loan losses/lending-related commitments | (265) | (152) | |||||
Other | 0 | 1 | |||||
Ending balance | 3,467 | 4,182 | 3,467 | 4,182 | |||
Allowance for loan losses/lending-related commitments by impairment methodology | |||||||
Asset-specific | 145 | 204 | |||||
Formula-based | 2,066 | 2,154 | |||||
PCI | 1,256 | 1,824 | |||||
Total allowance for loan losses/lending-related commitments | 3,467 | 4,182 | 4,146 | 4,579 | 3,467 | 4,146 | 4,182 |
Consumer, excluding credit card | Allowance for lending-related commitments | |||||||
Allowance for loan losses | |||||||
Beginning balance | 33 | 33 | |||||
Provision for loan losses/lending-related commitments | 0 | 0 | |||||
Other | 0 | 0 | |||||
Ending balance | 33 | 33 | 33 | 33 | |||
Allowance for loan losses/lending-related commitments by impairment methodology | |||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 0 | 0 | |||||
Allowance for lending-related commitments by impairment methodology, Formula-based | 33 | 33 | |||||
Total allowance for loan losses/lending-related commitments | 33 | 33 | 33 | 33 | 33 | 33 | 33 |
Credit card | |||||||
Allowance for loan losses | |||||||
Gross charge-offs/Write-offs of PCI loans | 0 | 0 | |||||
Loans by impairment methodology | |||||||
Asset-specific | 1,423 | 1,284 | |||||
Formula-based | 158,148 | 146,572 | |||||
PCI | 0 | 0 | |||||
Total retained loans | 159,571 | 147,856 | |||||
Lending-related commitments by impairment methodology | |||||||
Asset-specific | 0 | 0 | |||||
Formula-based | 645,880 | 600,728 | |||||
Total lending-related commitments | 645,880 | 600,728 | |||||
Credit card | Impaired collateral-dependent loans | |||||||
Allowance for loan losses | |||||||
Net charge-offs | 0 | 0 | |||||
Impaired collateral-dependent loans | |||||||
Loans measured at fair value of collateral less cost to sell | 0 | 0 | |||||
Credit card | Allowance for loan losses | |||||||
Allowance for loan losses | |||||||
Beginning balance | 5,184 | 4,884 | |||||
Gross charge-offs/Write-offs of PCI loans | 4,050 | 3,777 | |||||
Gross recoveries | (433) | (370) | |||||
Net charge-offs | 3,617 | 3,407 | |||||
Provision for loan losses/lending-related commitments | 4,017 | 3,557 | |||||
Other | (1) | 0 | |||||
Ending balance | 5,583 | 5,034 | 5,583 | 5,034 | |||
Allowance for loan losses/lending-related commitments by impairment methodology | |||||||
Asset-specific | 488 | 421 | |||||
Formula-based | 5,095 | 4,613 | |||||
PCI | 0 | 0 | |||||
Total allowance for loan losses/lending-related commitments | 5,583 | 5,034 | 5,184 | 4,884 | 5,583 | 5,184 | 5,034 |
Credit card | Allowance for lending-related commitments | |||||||
Allowance for loan losses | |||||||
Beginning balance | 0 | 0 | |||||
Provision for loan losses/lending-related commitments | 0 | 0 | |||||
Other | 0 | 0 | |||||
Ending balance | 0 | 0 | 0 | 0 | |||
Allowance for loan losses/lending-related commitments by impairment methodology | |||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 0 | 0 | |||||
Allowance for lending-related commitments by impairment methodology, Formula-based | 0 | 0 | |||||
Total allowance for loan losses/lending-related commitments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Wholesale | |||||||
Allowance for loan losses | |||||||
Gross charge-offs/Write-offs of PCI loans | 0 | 0 | |||||
Loans by impairment methodology | |||||||
Asset-specific | 1,536 | 1,051 | |||||
Formula-based | 435,971 | 422,783 | |||||
PCI | 0 | 3 | |||||
Total retained loans | 437,507 | 439,162 | 423,837 | ||||
Lending-related commitments by impairment methodology | |||||||
Asset-specific | 446 | 252 | |||||
Formula-based | 395,173 | 397,064 | |||||
Total lending-related commitments | 395,619 | 397,316 | |||||
Wholesale | Impaired collateral-dependent loans | |||||||
Allowance for loan losses | |||||||
Net charge-offs | 23 | 0 | |||||
Impaired collateral-dependent loans | |||||||
Loans measured at fair value of collateral less cost to sell | 113 | 258 | |||||
Wholesale | Allowance for loan losses | |||||||
Allowance for loan losses | |||||||
Beginning balance | 4,115 | 4,141 | |||||
Gross charge-offs/Write-offs of PCI loans | 270 | 264 | |||||
Gross recoveries | (34) | (146) | |||||
Net charge-offs | 236 | 118 | |||||
Provision for loan losses/lending-related commitments | 296 | (111) | |||||
Other | 10 | 0 | |||||
Ending balance | 4,185 | 3,912 | 4,185 | 3,912 | |||
Allowance for loan losses/lending-related commitments by impairment methodology | |||||||
Asset-specific | 342 | 280 | |||||
Formula-based | 3,843 | 3,632 | |||||
PCI | 0 | 0 | |||||
Total allowance for loan losses/lending-related commitments | 4,185 | 3,912 | 4,115 | 4,141 | 4,185 | 4,115 | 3,912 |
Wholesale | Allowance for lending-related commitments | |||||||
Allowance for loan losses | |||||||
Beginning balance | 1,022 | 1,035 | |||||
Provision for loan losses/lending-related commitments | 110 | 29 | |||||
Other | 0 | 0 | |||||
Ending balance | 1,132 | 1,064 | 1,132 | 1,064 | |||
Allowance for loan losses/lending-related commitments by impairment methodology | |||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 135 | 71 | |||||
Allowance for lending-related commitments by impairment methodology, Formula-based | 997 | 993 | |||||
Total allowance for loan losses/lending-related commitments | $ 1,132 | $ 1,064 | $ 1,022 | $ 1,035 | $ 1,132 | $ 1,022 | $ 1,064 |
Variable Interest Entities - Fi
Variable Interest Entities - Firm Sponsored VIEs (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | $ 178,260 | $ 183,040 |
Retained securitization interests, risk-rated 'A' or better, at fair value | 67.00% | 60.00% |
Corporate & Investment Bank | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Senior securities purchased in connection with CIB's secondary market-making activities | $ 168 | $ 87 |
Subordinated securities purchased in connection with CIB's secondary market-making activities | 69 | 28 |
Residential mortgage | Investment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 1,200 | 1,300 |
Residential mortgage | Noninvestment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 55 | 16 |
Residential mortgage | Prime / Alt-A & option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 61,480 | 63,350 |
Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 15,156 | 16,729 |
Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 101,624 | 102,961 |
Commercial and other | Investment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 1,300 | 1,200 |
Commercial and other | Noninvestment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 567 | 623 |
VIEs consolidated by the Firm | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 2,966 | 3,269 |
VIEs consolidated by the Firm | Residential mortgage | Prime / Alt-A & option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 2,966 | 3,237 |
VIEs consolidated by the Firm | Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 0 | 32 |
VIEs consolidated by the Firm | Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 0 | 0 |
Nonconsolidated re-securitization VIEs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 150,213 | 145,500 |
Interest in securitized assets in nonconsolidated VIEs | 3,127 | 3,117 |
Nonconsolidated re-securitization VIEs | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 1,457 | 1,459 |
Nonconsolidated re-securitization VIEs | Investment securities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 1,436 | 1,448 |
Nonconsolidated re-securitization VIEs | Other financial assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 234 | 210 |
Nonconsolidated re-securitization VIEs | Residential mortgage | Prime / Alt-A & option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 49,826 | 50,679 |
Interest in securitized assets in nonconsolidated VIEs | 1,250 | 1,270 |
Nonconsolidated re-securitization VIEs | Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 14,085 | 15,434 |
Interest in securitized assets in nonconsolidated VIEs | 16 | 53 |
Nonconsolidated re-securitization VIEs | Residential mortgage | Trading assets | Prime / Alt-A & option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 522 | 623 |
Nonconsolidated re-securitization VIEs | Residential mortgage | Trading assets | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 16 | 53 |
Nonconsolidated re-securitization VIEs | Residential mortgage | Investment securities | Prime / Alt-A & option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 728 | 647 |
Nonconsolidated re-securitization VIEs | Residential mortgage | Investment securities | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated re-securitization VIEs | Residential mortgage | Other financial assets | Prime / Alt-A & option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated re-securitization VIEs | Residential mortgage | Other financial assets | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated re-securitization VIEs | Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 86,302 | 79,387 |
Interest in securitized assets in nonconsolidated VIEs | 1,861 | 1,794 |
Nonconsolidated re-securitization VIEs | Commercial and other | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 919 | 783 |
Nonconsolidated re-securitization VIEs | Commercial and other | Investment securities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 708 | 801 |
Nonconsolidated re-securitization VIEs | Commercial and other | Other financial assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | $ 234 | $ 210 |
Variable Interest Entities - Re
Variable Interest Entities - Re-securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Transfers of securities to VIEs | |||||
U.S. GSEs and government agencies | $ 5,377 | $ 2,540 | $ 12,444 | $ 11,321 | |
Variable Interest Entity [Line Items] | |||||
Assets held in VIEs with continuing involvement | 178,260 | 178,260 | $ 183,040 | ||
Firm-sponsored private-label | Nonconsolidated re-securitization VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Assets held in VIEs with continuing involvement | 21 | 21 | 118 | ||
Interest in VIEs | 0 | 0 | 10 | ||
U.S. GSEs and government agencies | Nonconsolidated re-securitization VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Interest in VIEs | $ 2,097 | $ 2,097 | $ 3,058 |
Variable Interest Entities - Mu
Variable Interest Entities - Multi-seller conduits (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Variable Interest Entity [Line Items] | |||
Unfunded lending-related commitments | $ 1,095,090 | $ 1,039,258 | $ 1,048,674 |
Multi-seller conduits | |||
Variable Interest Entity [Line Items] | |||
Commercial paper eliminated in consolidation | 12,600 | 20,100 | |
Multi-seller conduits | Commercial and other | |||
Variable Interest Entity [Line Items] | |||
Unfunded lending-related commitments | $ 8,500 | $ 8,000 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | $ 495,875 | $ 413,714 | ||||
Loans | 928,887 | 969,415 | $ 947,651 | |||
Other | 123,045 | 121,022 | ||||
Total assets | 2,764,661 | [1] | 2,622,532 | [1] | $ 2,615,183 | |
Beneficial interests in VIE assets | 18,515 | 20,241 | ||||
Total liabilities | [1] | 2,500,313 | 2,366,017 | |||
VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 1,461 | 1,966 | ||||
Loans | 53,022 | 59,456 | ||||
Other | 974 | 1,013 | ||||
Total assets | 55,457 | 62,435 | ||||
Beneficial interests in VIE assets | 18,515 | 20,241 | ||||
Other | 301 | 312 | ||||
Total liabilities | 18,816 | 20,553 | ||||
Beneficial interests in VIE assets, long term | 6,800 | 13,700 | ||||
VIEs consolidated by the Firm | Debt and equity securities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 1,461 | 1,966 | ||||
VIEs consolidated by the Firm | Firm-sponsored credit card trusts | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 27,377 | 31,760 | ||||
Other | 370 | 491 | ||||
Total assets | 27,747 | 32,251 | ||||
Beneficial interests in VIE assets | 6,457 | 13,404 | ||||
Other | 6 | 12 | ||||
Total liabilities | 6,463 | 13,416 | ||||
VIEs consolidated by the Firm | Firm-sponsored credit card trusts | Debt and equity securities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 0 | 0 | ||||
VIEs consolidated by the Firm | Firm-administered multi-seller conduits | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 22,708 | 24,411 | ||||
Other | 334 | 300 | ||||
Total assets | 23,045 | 24,711 | ||||
Beneficial interests in VIE assets | 10,514 | 4,842 | ||||
Other | 35 | 33 | ||||
Total liabilities | 10,549 | 4,875 | ||||
VIEs consolidated by the Firm | Firm-administered multi-seller conduits | Debt and equity securities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 3 | 0 | ||||
VIEs consolidated by the Firm | Municipal bond vehicles | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 0 | 0 | ||||
Other | 3 | 4 | ||||
Total assets | 1,283 | 1,783 | ||||
Beneficial interests in VIE assets | 1,249 | 1,685 | ||||
Other | 2 | 3 | ||||
Total liabilities | 1,251 | 1,688 | ||||
VIEs consolidated by the Firm | Municipal bond vehicles | Debt and equity securities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 1,280 | 1,779 | ||||
VIEs consolidated by the Firm | Mortgage securitization entities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 2,937 | 3,285 | ||||
Other | 58 | 40 | ||||
Total assets | 3,065 | 3,378 | ||||
Beneficial interests in VIE assets | 295 | 308 | ||||
Other | 137 | 161 | ||||
Total liabilities | 432 | 469 | ||||
VIEs consolidated by the Firm | Mortgage securitization entities | Debt and equity securities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 70 | 53 | ||||
VIEs consolidated by the Firm | Other | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 0 | 0 | ||||
Other | 209 | 178 | ||||
Total assets | 317 | 312 | ||||
Beneficial interests in VIE assets | 0 | 2 | ||||
Other | 121 | 103 | ||||
Total liabilities | 121 | 105 | ||||
VIEs consolidated by the Firm | Other | Debt and equity securities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | $ 108 | $ 134 | ||||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at September 30, 2019 , and December 31, 2018 . The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase . The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 f or a further discussion. (in millions) September 30, 2019 December 31, 2018 Assets Trading assets $ 1,461 $ 1,966 Loans 53,022 59,456 All other assets 974 1,013 Total assets $ 55,457 $ 62,435 Liabilities Beneficial interests issued by consolidated VIEs $ 18,515 $ 20,241 All other liabilities 301 312 Total liabilities $ 18,816 $ 20,553 |
Variable Interest Entities - VI
Variable Interest Entities - VIEs Sponsored by Third Parties (Details) - Nonconsolidated entities - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
Tax credit vehicles | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure | $ 17 | $ 16.5 |
Unfunded commitments | 4.8 | 4 |
Municipal bond vehicles | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure | 5.3 | 4.8 |
Fair value of assets held by VIE | $ 8.6 | $ 7.7 |
Variable Interest Entities - Se
Variable Interest Entities - Securitization Activity (Details) - Securitization entities not consolidated - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Residential mortgage | ||||
Securitization activity [Abstract] | ||||
Principal securitized | $ 3,225 | $ 1,513 | $ 7,132 | $ 5,972 |
All cash flows during the period: | ||||
Proceeds received from loan sales as financial instruments | 3,327 | 1,524 | 7,337 | 5,984 |
Servicing fees collected | 70 | 80 | 220 | 240 |
Cash flows received on interests | 115 | 99 | 314 | 328 |
Commercial and other | ||||
Securitization activity [Abstract] | ||||
Principal securitized | 1,477 | 3,533 | 4,215 | 8,705 |
All cash flows during the period: | ||||
Proceeds received from loan sales as financial instruments | 1,506 | 3,558 | 4,329 | 8,745 |
Servicing fees collected | 0 | 1 | 1 | 1 |
Cash flows received on interests | $ 34 | $ 99 | $ 183 | $ 230 |
Variable Interest Entities - Lo
Variable Interest Entities - Loans Sold to Third-Party Sponsored Securitization Entities (Details) - Nonconsolidated entities - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Summary of loan sale activities [Abstract] | ||||
Carrying value of loans sold | $ 35,556 | $ 11,968 | $ 73,873 | $ 28,804 |
Proceeds received from loan sales as cash | 3 | 1 | 73 | 1 |
Proceeds from loans sales as securities | 35,512 | 11,713 | 73,172 | 28,291 |
Total proceeds received from loan sales | 35,515 | 11,714 | 73,245 | 28,292 |
Gains on loan sales | $ 342 | $ 9 | $ 495 | $ 32 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Options to Repurchase Delinquent Loans (Details) - Nonconsolidated entities - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Loans repurchased or option to repurchase | $ 4,761 | $ 7,021 |
Real estate acquired through foreclosure | 50 | 75 |
Residential mortgage | ||
Variable Interest Entity [Line Items] | ||
Real estate acquired through foreclosure | $ 241 | $ 361 |
Variable Interest Entities - _2
Variable Interest Entities - Loan Delinquencies and Net Charge-offs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Securitized loans | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
90 days past due | $ 4,794 | $ 4,794 | $ 6,057 | ||
Net liquidation losses | 409 | $ 408 | 1,213 | $ 265 | |
Securitized loans | Commercial and other | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
90 days past due | 153 | 153 | 225 | ||
Net liquidation losses | 118 | 71 | 283 | 119 | |
Nonconsolidated entities | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | 150,213 | 150,213 | 145,500 | ||
Nonconsolidated entities | Commercial and other | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | 86,302 | 86,302 | 79,387 | ||
Prime / Alt-A & option ARMs | Securitized loans | Residential mortgage | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
90 days past due | 2,679 | 2,679 | 3,354 | ||
Net liquidation losses | 146 | 182 | 474 | 453 | |
Prime / Alt-A & option ARMs | Nonconsolidated entities | Residential mortgage | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | 49,826 | 49,826 | 50,679 | ||
Subprime | Securitized loans | Residential mortgage | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
90 days past due | 1,962 | 1,962 | 2,478 | ||
Net liquidation losses | 145 | $ 155 | 456 | $ (307) | |
Subprime | Nonconsolidated entities | Residential mortgage | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | $ 14,085 | $ 14,085 | $ 15,434 |
Goodwill and Mortgage Servici_3
Goodwill and Mortgage Servicing Rights - by Business Segment (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | ||||||
Total goodwill | $ 47,818 | $ 47,477 | $ 47,471 | $ 47,483 | $ 47,488 | $ 47,507 |
Consumer & Community Banking | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | 31,038 | 30,984 | ||||
Corporate & Investment Bank | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | 6,941 | 6,770 | ||||
Commercial Banking | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | 2,982 | 2,860 | ||||
Asset & Wealth Management | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | $ 6,857 | $ 6,857 |
Goodwill and Mortgage Servici_4
Goodwill and Mortgage Servicing Rights - Changes During Period (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of period | $ 47,477 | $ 47,488 | $ 47,471 | $ 47,507 |
Changes during the period from: | ||||
Business combinations | 348 | 0 | 348 | 0 |
Other | (7) | (5) | (1) | (24) |
Balance at end of period | $ 47,818 | $ 47,483 | $ 47,818 | $ 47,483 |
Goodwill and Mortgage Servici_5
Goodwill and Mortgage Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Mortgage servicing rights activity [Abstract] | ||||
Fair value at beginning of period | $ 5,093 | $ 6,241 | $ 6,130 | $ 6,030 |
MSR activity: | ||||
Originations of MSRs | 390 | 278 | 1,146 | 611 |
Purchase of MSRs | (2) | 13 | 104 | 159 |
Disposition of MSRs | (359) | (2) | (687) | (401) |
Net additions/(dispositions) | 29 | 289 | 563 | 369 |
Changes due to collection/realization of expected cash flows | (256) | (195) | (702) | (542) |
Changes in valuation due to inputs and assumptions: | ||||
Changes due to market interest rates and other | (433) | 150 | (1,274) | 635 |
Changes in valuation due to other inputs and assumptions: | ||||
Projected cash flows (e.g., cost to service) | 17 | 14 | (333) | 14 |
Discount rates | 0 | 0 | 153 | 24 |
Prepayment model changes and other | (31) | (66) | (118) | (97) |
Total changes in valuation due to other inputs and assumptions | (14) | (52) | (298) | (59) |
Total changes in valuation due to inputs and assumptions | (447) | 98 | (1,572) | 576 |
Fair value at end of period | 4,419 | 6,433 | 4,419 | 6,433 |
Change in unrealized gains/(losses) included in income related to MSRs | (447) | 98 | (1,572) | 576 |
Contractual service fees, late fees and other ancillary fees included in income | 397 | 428 | 1,254 | 1,339 |
Third-party mortgage loans serviced | 537,000 | 528,000 | 537,000 | 528,000 |
Servicer advances, net of an allowance for uncollectible amounts | $ 2,000 | $ 3,100 | $ 2,000 | $ 3,100 |
Goodwill and Mortgage Servici_6
Goodwill and Mortgage Servicing Rights - Mortgage Fees and Related Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Risk management: | ||||
All other | $ 1 | $ 2 | $ 1 | $ 2 |
Mortgage fees and related income | 887 | 262 | 1,562 | 1,051 |
Consumer & Community Banking | ||||
CCB mortgage fees and related income | ||||
Net production revenue | 738 | 108 | 1,291 | 296 |
Operating revenue: | ||||
Loan servicing revenue | 351 | 435 | 1,172 | 1,389 |
Changes in MSR asset fair value due to collection/realization of expected cash flows | (256) | (195) | (702) | (542) |
Total operating revenue | 95 | 240 | 470 | 847 |
Risk management: | ||||
Changes in MSR asset fair value due to market interest rates and other | (433) | 150 | (1,274) | 636 |
Other changes in MSR asset fair value due to other inputs and assumptions in model | (14) | (52) | (298) | (59) |
Change in derivative fair value and other | 500 | (186) | 1,372 | (671) |
Total risk management | 53 | (88) | (200) | (94) |
Total net mortgage servicing revenue | 148 | 152 | 270 | 753 |
Mortgage fees and related income | $ 886 | $ 260 | $ 1,561 | $ 1,049 |
Goodwill and Mortgage Servici_7
Goodwill and Mortgage Servicing Rights - Key Economic Assumptions (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted-average prepayment speed assumption (constant prepayment rate) | 13.81% | 8.78% |
Impact on fair value of 10% adverse change | $ (206) | $ (205) |
Impact on fair value of 20% adverse change | $ (393) | $ (397) |
Weighted-average option adjusted spread | 8.26% | 7.87% |
Impact on fair value of a 100 basis point adverse change | $ (150) | $ (235) |
Impact on fair value of a 200 basis point adverse change | $ (289) | $ (452) |
Deposits - Noninterest and Inte
Deposits - Noninterest and Interest-bearing (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
U.S. offices | ||
Noninterest-bearing (included $23,225 and $17,204 at fair value) | $ 393,522 | $ 386,709 |
Interest-bearing (included $2,523 and $2,487 at fair value) | 844,137 | 813,881 |
Total deposits in U.S. offices | 1,237,659 | 1,200,590 |
Non-U.S. offices | ||
Noninterest-bearing (included $2,289 and $2,367 at fair value) | 21,455 | 21,459 |
Interest-bearing (included $1,318 and $1,159 at fair value) | 266,147 | 248,617 |
Total deposits in non-U.S. offices | 287,602 | 270,076 |
Total deposits | 1,525,261 | 1,470,666 |
Fair value | ||
U.S. offices | ||
Noninterest-bearing (included $23,225 and $17,204 at fair value) | 23,225 | 17,204 |
Interest-bearing, fair value | 2,523 | 2,487 |
Non-U.S. offices | ||
Noninterest-bearing (included $2,289 and $2,367 at fair value) | 2,289 | 2,367 |
Interest-bearing, fair value | $ 1,318 | $ 1,159 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities | $ 8,425 | |
Operating lease ROU assets | $ 8,160 | |
Operating lease, general lease terms (or less) | 20 years | |
Additional future operating lease commitments not yet commenced | $ 1,300 | |
Operating leases not yet commenced, lease terms (up to) | 25 years | |
Accounting Standards Update 2016-02 | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities | $ 8,200 | |
Operating lease ROU assets | $ 8,100 |
Leases - Information Related to
Leases - Information Related to Operating Leases (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Leases [Abstract] | ||
Right-of-use assets | $ 8,160 | $ 8,160 |
Lease liabilities | $ 8,425 | $ 8,425 |
Weighted average remaining lease term (in years) | 8 years 8 months 12 days | 8 years 8 months 12 days |
Weighted average discount rate | 3.73% | 3.73% |
Supplemental cash flow information | ||
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows | $ 1,177 | |
Supplemental non-cash information | ||
Right-of-use assets obtained in exchange for operating lease obligations | 990 | |
Rental expense | ||
Gross rental expense | $ 517 | 1,537 |
Sublease rental income | (49) | (137) |
Net rental expense | $ 468 | $ 1,400 |
Leases - Future Payments Under
Leases - Future Payments Under Operating Leases (Details) $ in Millions | Sep. 30, 2019USD ($) |
Operating Leases | |
2019 (excluding nine months ended September 30, 2019) | $ 394 |
2020 | 1,569 |
2021 | 1,394 |
2022 | 1,198 |
2023 | 1,027 |
After 2023 | 4,442 |
Total future minimum lease payments | 10,024 |
Less: Imputed interest | (1,599) |
Total | $ 8,425 |
Leases - Carrying Value of Asse
Leases - Carrying Value of Assets Subject to Operating Leases (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||
Carrying value of assets subject to operating leases, net of accumulated depreciation | $ 25,117 | $ 14,934 |
Carrying value of assets subject to operating leases, net of accumulated depreciation | 21,428 | |
Accumulated depreciation | $ 5,303 | |
Assets subject to operating leases | ||
Lessee, Lease, Description [Line Items] | ||
Carrying value of assets subject to operating leases, net of accumulated depreciation | 22,953 | |
Accumulated depreciation | $ 5,848 |
Leases - Operating Lease Income
Leases - Operating Lease Income and Related Depreciation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | ||||
Operating lease income | $ 1,384 | $ 4,027 | ||
Operating lease income | $ 1,157 | $ 3,316 | ||
Lessee, Lease, Description [Line Items] | ||||
Depreciation expense | $ 901 | $ 2,564 | ||
Assets subject to operating leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Depreciation expense | $ 1,053 | $ 3,038 |
Leases - Future Receipts Under
Leases - Future Receipts Under Operating Leases (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (excluding nine months ended September 30, 2019) | $ 1,121 |
2020 | 3,785 |
2021 | 2,303 |
2022 | 660 |
2023 | 74 |
After 2023 | 137 |
Total future minimum lease payments | $ 8,080 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 01, 2019 | Nov. 07, 2019 | Oct. 30, 2019 | Sep. 09, 2019 | Sep. 01, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Mar. 01, 2019 | Jan. 24, 2019 | Apr. 29, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 2,836,250 | 2,836,250 | 2,606,750 | ||||||||||||
Carrying value | $ 28,363 | $ 28,363 | $ 26,068 | ||||||||||||
Series P | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 90,000 | 90,000 | 90,000 | ||||||||||||
Carrying value | $ 900 | $ 900 | $ 900 | ||||||||||||
Issue date | Feb. 5, 2013 | ||||||||||||||
Contractual rate in effect | 5.45% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 136.25 | $ 136.25 | $ 408.75 | $ 408.75 | |||||||||||
Series P | Subsequent Event | Forecast | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Contractual rate in effect | 5.45% | ||||||||||||||
Redemption of outstanding non-cumulative preferred stock | $ 900 | ||||||||||||||
Series P | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Mar. 1, 2018 | ||||||||||||||
Series T | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 0 | 0 | 92,500 | ||||||||||||
Carrying value | $ 0 | $ 0 | $ 925 | ||||||||||||
Issue date | Jan. 30, 2014 | ||||||||||||||
Contractual rate in effect | 6.70% | 0.00% | |||||||||||||
Dividend declared per share (in dollars per share) | 167.50 | $ 167.50 | 502.50 | ||||||||||||
Redemption of outstanding non-cumulative preferred stock | $ 925 | ||||||||||||||
Series T | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Mar. 1, 2019 | ||||||||||||||
Series W | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 0 | 0 | 88,000 | ||||||||||||
Carrying value | $ 0 | $ 0 | $ 880 | ||||||||||||
Issue date | Jun. 23, 2014 | ||||||||||||||
Contractual rate in effect | 6.30% | 0.00% | |||||||||||||
Dividend declared per share (in dollars per share) | 157.50 | $ 472.50 | 472.50 | ||||||||||||
Redemption of outstanding non-cumulative preferred stock | $ 880 | ||||||||||||||
Series W | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Sep. 1, 2019 | ||||||||||||||
Series Y | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 143,000 | 143,000 | 143,000 | ||||||||||||
Carrying value | $ 1,430 | $ 1,430 | $ 1,430 | ||||||||||||
Issue date | Feb. 12, 2015 | ||||||||||||||
Contractual rate in effect | 6.125% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 153.13 | 153.13 | $ 459.39 | 459.39 | |||||||||||
Series Y | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Mar. 1, 2020 | ||||||||||||||
Series AA | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 142,500 | 142,500 | 142,500 | ||||||||||||
Carrying value | $ 1,425 | $ 1,425 | $ 1,425 | ||||||||||||
Issue date | Jun. 4, 2015 | ||||||||||||||
Contractual rate in effect | 6.10% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 152.50 | 152.50 | $ 457.50 | 457.50 | |||||||||||
Series AA | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Sep. 1, 2020 | ||||||||||||||
Series BB | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 115,000 | 115,000 | 115,000 | ||||||||||||
Carrying value | $ 1,150 | $ 1,150 | $ 1,150 | ||||||||||||
Issue date | Jul. 29, 2015 | ||||||||||||||
Contractual rate in effect | 6.15% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 153.75 | 153.75 | $ 461.25 | 461.25 | |||||||||||
Series BB | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Sep. 1, 2020 | ||||||||||||||
Series DD | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 169,625 | 169,625 | 169,625 | ||||||||||||
Carrying value | $ 1,696 | $ 1,696 | $ 1,696 | ||||||||||||
Issue date | Sep. 21, 2018 | ||||||||||||||
Contractual rate in effect | 5.75% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 143.75 | $ 431.25 | |||||||||||||
Series DD | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Dec. 1, 2023 | ||||||||||||||
Series EE | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 185,000 | 185,000 | 0 | ||||||||||||
Carrying value | $ 1,850 | $ 1,850 | $ 0 | ||||||||||||
Issue date | Jan. 24, 2019 | ||||||||||||||
Contractual rate in effect | 6.00% | 6.00% | |||||||||||||
Dividend declared per share (in dollars per share) | $ 150 | $ 361.67 | |||||||||||||
Preferred stock, shares issued | $ 1,850 | ||||||||||||||
Series EE | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Mar. 1, 2024 | ||||||||||||||
Series I | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 430,375 | 430,375 | 430,375 | ||||||||||||
Carrying value | $ 4,304 | $ 4,304 | $ 4,304 | ||||||||||||
Issue date | Apr. 23, 2008 | ||||||||||||||
Contractual rate in effect | 7.90% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 146.58 | 148.45 | $ 455.09 | 493.29 | |||||||||||
Series I | Subsequent Event | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Redemption of outstanding non-cumulative preferred stock | $ 1,370 | ||||||||||||||
Series I | Three-month LIBOR | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||||||||||||||
Preferred stock dividend rate, variable, basis spread | 3.47% | ||||||||||||||
Series I | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Apr. 30, 2018 | ||||||||||||||
Series Q | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 150,000 | 150,000 | 150,000 | ||||||||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | ||||||||||||
Issue date | Apr. 23, 2013 | ||||||||||||||
Contractual rate in effect | 5.15% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 128.75 | 128.75 | $ 386.25 | 386.25 | |||||||||||
Series Q | Three-month LIBOR | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||||||||||||||
Preferred stock dividend rate, variable, basis spread | 3.25% | ||||||||||||||
Series Q | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | May 1, 2023 | ||||||||||||||
Series R | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 150,000 | 150,000 | 150,000 | ||||||||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | ||||||||||||
Issue date | Jul. 29, 2013 | ||||||||||||||
Contractual rate in effect | 6.00% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 150 | 150 | $ 450 | 450 | |||||||||||
Series R | Three-month LIBOR | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||||||||||||||
Preferred stock dividend rate, variable, basis spread | 3.30% | ||||||||||||||
Series R | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Aug. 1, 2023 | ||||||||||||||
Series S | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 200,000 | 200,000 | 200,000 | ||||||||||||
Carrying value | $ 2,000 | $ 2,000 | $ 2,000 | ||||||||||||
Issue date | Jan. 22, 2014 | ||||||||||||||
Contractual rate in effect | 6.75% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 168.75 | 168.75 | $ 506.25 | 506.25 | |||||||||||
Series S | Three-month LIBOR | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||||||||||||||
Preferred stock dividend rate, variable, basis spread | 3.78% | ||||||||||||||
Series S | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Feb. 1, 2024 | ||||||||||||||
Series U | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 100,000 | 100,000 | 100,000 | ||||||||||||
Carrying value | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||||||
Issue date | Mar. 10, 2014 | ||||||||||||||
Contractual rate in effect | 6.125% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 153.13 | 153.13 | $ 459.38 | 459.38 | |||||||||||
Series U | Three-month LIBOR | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||||||||||||||
Preferred stock dividend rate, variable, basis spread | 3.33% | ||||||||||||||
Series U | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Apr. 30, 2024 | ||||||||||||||
Series V | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 250,000 | 250,000 | 250,000 | ||||||||||||
Carrying value | $ 2,500 | $ 2,500 | $ 2,500 | ||||||||||||
Issue date | Jun. 9, 2014 | ||||||||||||||
Contractual rate in effect | 5.00% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 144.11 | 125 | $ 394.11 | 375 | |||||||||||
Series V | Three-month LIBOR | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||||||||||||||
Preferred stock dividend rate, variable, basis spread | 3.32% | ||||||||||||||
Series V | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Jul. 1, 2019 | ||||||||||||||
Series X | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 160,000 | 160,000 | 160,000 | ||||||||||||
Carrying value | $ 1,600 | $ 1,600 | $ 1,600 | ||||||||||||
Issue date | Sep. 23, 2014 | ||||||||||||||
Contractual rate in effect | 6.10% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 152.50 | 152.50 | $ 457.50 | 457.50 | |||||||||||
Series X | Three-month LIBOR | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||||||||||||||
Preferred stock dividend rate, variable, basis spread | 3.33% | ||||||||||||||
Series X | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Oct. 1, 2024 | ||||||||||||||
Series Z | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 200,000 | 200,000 | 200,000 | ||||||||||||
Carrying value | $ 2,000 | $ 2,000 | $ 2,000 | ||||||||||||
Issue date | Apr. 21, 2015 | ||||||||||||||
Contractual rate in effect | 5.30% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 132.50 | 132.50 | $ 397.50 | 397.50 | |||||||||||
Series Z | Three-month LIBOR | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||||||||||||||
Preferred stock dividend rate, variable, basis spread | 3.80% | ||||||||||||||
Series Z | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | May 1, 2020 | ||||||||||||||
Series CC | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 125,750 | 125,750 | 125,750 | ||||||||||||
Carrying value | $ 1,258 | $ 1,258 | $ 1,258 | ||||||||||||
Issue date | Oct. 20, 2017 | ||||||||||||||
Contractual rate in effect | 4.625% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 115.63 | $ 115.63 | $ 346.88 | $ 346.88 | |||||||||||
Series CC | Three-month LIBOR | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Preferred stock dividend rate, variable, description of basis | three-month LIBOR | ||||||||||||||
Preferred stock dividend rate, variable, basis spread | 2.58% | ||||||||||||||
Series CC | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Nov. 1, 2022 | ||||||||||||||
Series FF | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Shares (in shares) | 225,000 | 225,000 | 0 | ||||||||||||
Carrying value | $ 2,250 | $ 2,250 | $ 0 | ||||||||||||
Issue date | Jul. 31, 2019 | ||||||||||||||
Contractual rate in effect | 5.00% | ||||||||||||||
Dividend declared per share (in dollars per share) | $ 126.39 | $ 126.39 | $ 126.39 | ||||||||||||
Preferred stock, shares issued | $ 2,250 | ||||||||||||||
Series FF | Term SOFR | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Preferred stock dividend rate, variable, description of basis | Term SOFR | ||||||||||||||
Preferred stock dividend rate, variable, basis spread | 3.38% | ||||||||||||||
Series FF | Minimum | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Earliest redemption date | Aug. 1, 2024 | ||||||||||||||
Series GG | Subsequent Event | Forecast | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||
Contractual rate in effect | 4.75% | ||||||||||||||
Preferred stock, shares issued | $ 900 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Basic earnings per share | ||||
Net income | $ 9,080 | $ 8,380 | $ 27,911 | $ 25,408 |
Less: Preferred stock dividends | 423 | 379 | 1,201 | 1,167 |
Net income applicable to common equity | 8,657 | 8,001 | 26,710 | 24,241 |
Less: Dividends and undistributed earnings allocated to participating securities | 51 | 53 | 159 | 174 |
Net income applicable to common stockholders | $ 8,606 | $ 7,948 | $ 26,551 | $ 24,067 |
Total weighted-average basic shares outstanding (in shares) | 3,198.5 | 3,376.1 | 3,248.7 | 3,416.5 |
Net income per share (in dollars per share) | $ 2.69 | $ 2.35 | $ 8.17 | $ 7.04 |
Diluted earnings per share | ||||
Net income applicable to common stockholders | $ 8,606 | $ 7,948 | $ 26,551 | $ 24,067 |
Total weighted-average basic shares outstanding (in shares) | 3,198.5 | 3,376.1 | 3,248.7 | 3,416.5 |
Add: Employee stock options, SARs, warrants and unvested PSUs (in shares) | 8.7 | 18.2 | 9.3 | 19.7 |
Total weighted-average diluted shares outstanding (in shares) | 3,207.2 | 3,394.3 | 3,258 | 3,436.2 |
Net income per share (in dollars per share) | $ 2.68 | $ 2.34 | $ 8.15 | $ 7 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) - Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | $ 256,515 | |||||
Cumulative effect of changes in accounting principles | $ 88 | |||||
Net change | $ 686 | $ (1,287) | 3,307 | $ (2,394) | ||
Ending balance | 264,348 | 258,956 | 264,348 | 258,956 | ||
Unrealized gains/(losses) on investment securities | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | 3,709 | 1,599 | 1,202 | 2,164 | ||
Cumulative effect of changes in accounting principles | 896 | |||||
Net change | 479 | (819) | 2,986 | (2,280) | ||
Ending balance | 4,188 | 780 | 4,188 | 780 | ||
Translation adjustments, net of hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (652) | (632) | (727) | (470) | ||
Cumulative effect of changes in accounting principles | (277) | |||||
Net change | (165) | (31) | (90) | 84 | ||
Ending balance | (817) | (663) | (817) | (663) | ||
Fair value hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (73) | (162) | (161) | 0 | ||
Cumulative effect of changes in accounting principles | (54) | |||||
Net change | (1) | 34 | 87 | (74) | ||
Ending balance | (74) | (128) | (74) | (128) | ||
Cash flow hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | 126 | (147) | (109) | 76 | ||
Cumulative effect of changes in accounting principles | 16 | |||||
Net change | 195 | (88) | 430 | (327) | ||
Ending balance | 321 | (235) | 321 | (235) | ||
Defined benefit pension and OPEB plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (2,231) | (1,876) | (2,308) | (1,521) | ||
Cumulative effect of changes in accounting principles | (414) | |||||
Net change | 46 | 19 | 123 | 78 | ||
Ending balance | (2,185) | (1,857) | (2,185) | (1,857) | ||
DVA on fair value option elected liabilities | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | 235 | 80 | 596 | (368) | ||
Cumulative effect of changes in accounting principles | (79) | |||||
Net change | 132 | (402) | (229) | 125 | ||
Ending balance | 367 | (322) | 367 | (322) | ||
Accumulated other comprehensive income/(loss) | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | 1,114 | (1,138) | (1,507) | (119) | ||
Cumulative effect of changes in accounting principles | $ 0 | $ 88 | ||||
Net change | 686 | (1,287) | 3,307 | (2,394) | ||
Ending balance | $ 1,800 | $ (2,425) | $ 1,800 | $ (2,425) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | $ 1,126 | $ (1,643) | $ 4,474 | $ (3,069) |
Net change, Tax effect | (440) | 356 | (1,167) | 675 |
Total other comprehensive income/(loss), after–tax | 686 | (1,287) | 3,307 | (2,394) |
Accumulated other comprehensive income/(loss) | ||||
Unrealized gains/(losses) on investment securities: | ||||
Total other comprehensive income/(loss), after–tax | 686 | (1,287) | 3,307 | (2,394) |
Accumulated other comprehensive income/(loss) | Other income | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | 6 | |||
Accumulated other comprehensive income/(loss) | Other expense | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | 1 | (174) | ||
Unrealized gains/(losses) on investment securities | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 708 | (1,117) | 4,074 | (3,351) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (169) | 262 | (985) | 787 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 539 | (855) | 3,089 | (2,564) |
Reclassification, Pre-tax | (78) | 46 | (135) | 371 |
Reclassification, Tax effect | 18 | (10) | 32 | (87) |
Reclassifications, After-tax | (60) | 36 | (103) | 284 |
Net change, Pre-tax | 630 | (1,071) | 3,939 | (2,980) |
Net change, Tax effect | (151) | 252 | (953) | 700 |
Total other comprehensive income/(loss), after–tax | 479 | (819) | 2,986 | (2,280) |
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | 5 | |||
Unrealized gains/(losses) on investment securities | Other income | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | 5 | |||
Unrealized gains/(losses) on investment securities | Other expense | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | (23) | |||
Translation adjustments | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | (861) | (314) | (697) | (981) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | 40 | 45 | 76 | 188 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | (821) | (269) | (621) | (793) |
Reclassification, Pre-tax | 866 | 311 | 700 | 1,149 |
Reclassification, Tax effect | (210) | (73) | (169) | (272) |
Reclassifications, After-tax | 656 | 238 | 531 | 877 |
Net change, Pre-tax | 5 | (3) | 3 | 168 |
Net change, Tax effect | (170) | (28) | (93) | (84) |
Total other comprehensive income/(loss), after–tax | (165) | (31) | (90) | 84 |
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | 2 | |||
Translation adjustments | Other expense | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | (151) | |||
Fair value hedges, net change | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | (1) | 45 | 114 | (96) |
Net change, Tax effect | 0 | (11) | (27) | 22 |
Total other comprehensive income/(loss), after–tax | (1) | 34 | 87 | (74) |
Cash flow hedges | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 222 | (122) | 464 | (365) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (55) | 27 | (112) | 85 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 167 | (95) | 352 | (280) |
Reclassification, Pre-tax | 37 | 9 | 102 | (62) |
Reclassification, Tax effect | (9) | (2) | (24) | 15 |
Reclassifications, After-tax | 28 | 7 | 78 | (47) |
Net change, Pre-tax | 259 | (113) | 566 | (427) |
Net change, Tax effect | (64) | 25 | (136) | 100 |
Total other comprehensive income/(loss), after–tax | 195 | (88) | 430 | (327) |
Defined benefit pension and OPEB plans | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | 60 | 26 | 148 | 103 |
Net change, Tax effect | (14) | (7) | (25) | (25) |
Total other comprehensive income/(loss), after–tax | 46 | 19 | 123 | 78 |
Net gain/(loss)/Amortization of net loss | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 0 | 0 | 2 | 25 |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | 0 | 0 | (2) | (6) |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 0 | 0 | 0 | 19 |
Reclassification, Pre-tax | 42 | 26 | 125 | 78 |
Reclassification, Tax effect | (10) | (6) | (26) | (18) |
Reclassifications, After-tax | 32 | 20 | 99 | 60 |
Amortization of prior service cost/(credit) | ||||
Unrealized gains/(losses) on investment securities: | ||||
Reclassification, Pre-tax | 0 | (7) | 2 | (19) |
Reclassification, Tax effect | 0 | 2 | (1) | 5 |
Reclassifications, After-tax | 0 | (5) | 1 | (14) |
Settlement (gain)/loss | ||||
Unrealized gains/(losses) on investment securities: | ||||
Reclassification, Pre-tax | 0 | 0 | ||
Reclassification, Tax effect | 0 | 0 | ||
Reclassifications, After-tax | 0 | 0 | ||
Foreign exchange and other | ||||
Unrealized gains/(losses) on investment securities: | ||||
Reclassification, Pre-tax | 18 | 7 | 19 | 19 |
Reclassification, Tax effect | (4) | (3) | 4 | (6) |
Reclassifications, After-tax | 14 | 4 | 23 | 13 |
DVA on fair value option elected liabilities, net change | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | 173 | (527) | (296) | 163 |
Net change, Tax effect | (41) | 125 | 67 | (38) |
Total other comprehensive income/(loss), after–tax | $ 132 | $ (402) | $ (229) | $ 125 |
Restricted Cash and Other Res_3
Restricted Cash and Other Restricted Assets (Details) - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $ 47.1 | $ 40.8 |
Cash and securities pledged with clearing organizations for the benefit of customers | 23.6 | 20.6 |
Fair value of securities restricted in relation to customer activity | 13.1 | 9.7 |
Deposits with banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 45.9 | 39.6 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 1.2 | 1.2 |
Cash reserves – Federal Reserve Banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 26.7 | 22.1 |
Segregated for the benefit of securities and futures brokerage customers | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 16.8 | 14.6 |
Cash reserves at non-U.S. central banks and held for other general purposes | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $ 3.6 | $ 4.1 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Basel III Standardized Fully Phased-In | JPMorgan Chase & Co. | ||
Regulatory capital | ||
CET1 capital | $ 188,151 | |
Tier 1 capital | 214,831 | |
Total capital | 243,500 | |
Assets | ||
Risk-weighted | 1,527,762 | |
Adjusted average | $ 2,717,852 | |
Capital ratios | ||
CET1 | 12.30% | |
Tier 1 | 14.10% | |
Total | 15.90% | |
Tier 1 leverage | 7.90% | |
Basel III Advanced Fully Phased-In | JPMorgan Chase & Co. | ||
Regulatory capital | ||
CET1 capital | $ 188,151 | |
Tier 1 capital | 214,831 | |
Total capital | 233,203 | |
Assets | ||
Risk-weighted | 1,435,693 | |
Adjusted average | $ 2,717,852 | |
Capital ratios | ||
CET1 | 13.10% | |
Tier 1 | 15.00% | |
Total | 16.20% | |
Tier 1 leverage | 7.90% | |
Total leverage exposure | $ 3,404,535 | $ 3,269,988 |
SLR | 6.30% | 6.40% |
Basel III Standardized Transitional | JPMorgan Chase & Co. | ||
Regulatory capital | ||
CET1 capital | $ 183,474 | |
Tier 1 capital | 209,093 | |
Total capital | 237,511 | |
Assets | ||
Risk-weighted | 1,528,916 | |
Adjusted average | $ 2,589,887 | |
Capital ratios | ||
CET1 | 12.00% | |
Tier 1 | 13.70% | |
Total | 15.50% | |
Tier 1 leverage | 8.10% | |
Basel III Advanced Transitional | JPMorgan Chase & Co. | ||
Regulatory capital | ||
CET1 capital | $ 183,474 | |
Tier 1 capital | 209,093 | |
Total capital | 227,435 | |
Assets | ||
Risk-weighted | 1,421,205 | |
Adjusted average | $ 2,589,887 | |
Capital ratios | ||
CET1 | 12.90% | |
Tier 1 | 14.70% | |
Total | 16.00% | |
Tier 1 leverage | 8.10% | |
Bank Holding Companies | Basel III | ||
Minimum capital ratios | ||
CET1 | 10.50% | 9.00% |
Tier 1 | 12.00% | 10.50% |
Total | 14.00% | 12.50% |
Tier 1 leverage | 4.00% | 4.00% |
SLR | 5.00% | |
Well-capitalized ratios | ||
Tier 1 | 6.00% | |
Total | 10.00% | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | ||
Capital conservation buffer | 2.50% | |
GSIB surcharge | 3.50% | |
SLR, minimum requirement | 3.00% | |
SLR, supplementary leverage buffer | 2.00% | |
Insured Depository Institutions | Basel III | ||
Minimum capital ratios | ||
CET1 | 7.00% | 6.375% |
Tier 1 | 8.50% | 7.875% |
Total | 10.50% | 9.875% |
Tier 1 leverage | 4.00% | 4.00% |
SLR | 6.00% | |
Well-capitalized ratios | ||
CET1 | 6.50% | |
Tier 1 | 8.00% | |
Total | 10.00% | |
Tier 1 leverage | 5.00% | |
SLR | 6.00% | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | ||
Capital conservation buffer | 2.50% | |
SLR, minimum requirement | 3.00% | |
SLR, supplementary leverage buffer | 3.00% | |
JPMorgan Chase Bank, N.A. | Basel III Standardized Fully Phased-In | ||
Regulatory capital | ||
CET1 capital | $ 205,347 | |
Tier 1 capital | 205,347 | |
Total capital | 223,038 | |
Assets | ||
Risk-weighted | 1,445,648 | |
Adjusted average | $ 2,339,858 | |
Capital ratios | ||
CET1 | 14.20% | |
Tier 1 | 14.20% | |
Total | 15.40% | |
Tier 1 leverage | 8.80% | |
JPMorgan Chase Bank, N.A. | Basel III Advanced Fully Phased-In | ||
Regulatory capital | ||
CET1 capital | $ 205,347 | |
Tier 1 capital | 205,347 | |
Total capital | 212,919 | |
Assets | ||
Risk-weighted | 1,302,749 | |
Adjusted average | $ 2,339,858 | |
Capital ratios | ||
CET1 | 15.80% | |
Tier 1 | 15.80% | |
Total | 16.30% | |
Tier 1 leverage | 8.80% | |
Total leverage exposure | $ 3,007,280 | $ 2,915,541 |
SLR | 6.80% | 7.30% |
JPMorgan Chase Bank, N.A. | Basel III Standardized Transitional | ||
Regulatory capital | ||
CET1 capital | $ 211,671 | |
Tier 1 capital | 211,671 | |
Total capital | 229,952 | |
Assets | ||
Risk-weighted | 1,446,529 | |
Adjusted average | $ 2,250,480 | |
Capital ratios | ||
CET1 | 14.60% | |
Tier 1 | 14.60% | |
Total | 15.90% | |
Tier 1 leverage | 9.40% | |
JPMorgan Chase Bank, N.A. | Basel III Advanced Transitional | ||
Regulatory capital | ||
CET1 capital | $ 211,671 | |
Tier 1 capital | 211,671 | |
Total capital | 220,025 | |
Assets | ||
Risk-weighted | 1,283,146 | |
Adjusted average | $ 2,250,480 | |
Capital ratios | ||
CET1 | 16.50% | |
Tier 1 | 16.50% | |
Total | 17.10% | |
Tier 1 leverage | 9.40% |
Off-balance Sheet Lending-rel_3
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | $ 1,095,090 | $ 1,039,258 | $ 1,048,674 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 751,251 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 142,778 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 169,929 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 31,132 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 1,555 | 1,409 | |
Warranty Reserves | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 61 | 89 | |
Total Consumer | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 699,471 | 651,445 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 675,767 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 3,037 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 2,577 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 18,090 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 33 | 33 | |
Total consumer, excluding credit card | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 53,591 | 46,066 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 29,887 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 3,037 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 2,577 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 18,090 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 33 | 33 | |
Home equity | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 21,183 | 20,901 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 597 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 1,156 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 2,353 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 17,077 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 12 | 12 | |
Residential mortgage | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 10,916 | 5,481 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 10,904 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 12 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 0 | 0 | |
Auto | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 9,467 | 8,011 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 8,062 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 1,238 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 118 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 49 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 2 | 2 | |
Consumer & Business Banking | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 12,025 | 11,673 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 10,324 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 643 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 106 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 952 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 19 | 19 | |
Credit card | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 645,880 | 605,379 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 645,880 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 0 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 0 | 0 | |
Total wholesale | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 395,619 | 387,813 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 75,484 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 139,741 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 167,352 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 13,042 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 1,522 | 1,376 | |
Other unfunded commitments to extend credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 357,332 | 351,490 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 55,258 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 128,911 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 161,963 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 11,200 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 912 | 852 | |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Risk participations for other unfunded commitments to extend credit | 198 | 282 | |
Standby letters of credit and other financial guarantees | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 34,089 | 33,498 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 16,373 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 10,525 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 5,349 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 1,842 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 605 | 521 | |
Other guarantees and commitments, Carrying value | 390 | 354 | |
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 215 | 167 | |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Risk participations for standby letters of credit and other financial guarantees | 9,700 | 10,400 | |
Other letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 4,198 | 2,825 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 3,853 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 305 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 40 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 0 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 5 | 3 | |
Other guarantees and commitments, Carrying value | 0 | 0 | |
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 5 | 3 | |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Risk participations for other letters of credit | 705 | 385 | |
Securities lending indemnification agreements and guarantees | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, Contractual amount | 214,338 | 186,077 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 214,338 | ||
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | ||
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | ||
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | ||
Other guarantees and commitments, Carrying value | 0 | 0 | |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Indemnification agreement securities lending guarantees collateral held in support of | 226,500 | 195,600 | |
Derivatives qualifying as guarantees | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, Contractual amount | 54,418 | 55,271 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 1,772 | ||
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 196 | ||
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 12,081 | ||
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 40,369 | ||
Other guarantees and commitments, Carrying value | 231 | 367 | |
Unsettled resale and securities borrowed agreements | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, Contractual amount | 124,137 | 102,008 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 122,946 | ||
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 1,125 | ||
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 66 | ||
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | ||
Other guarantees and commitments, Carrying value | 0 | 0 | |
Unsettled repurchase and securities loaned agreements | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, Contractual amount | 121,349 | 57,732 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 120,679 | ||
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 670 | ||
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | ||
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | ||
Other guarantees and commitments, Carrying value | 0 | 0 | |
Loans sold with recourse | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loan sale and securitization-related indemnifications, Loans sold with recourse, Contractual amount | 1,001 | 1,019 | |
Loan sale and securitization-related indemnifications, Loans sold with recourse, Carrying value | 27 | 30 | |
Exchange & clearing house guarantees and commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, Contractual amount | 161,580 | 58,960 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 161,580 | ||
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | ||
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | ||
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | ||
Other guarantees and commitments, Carrying Value | 0 | 0 | |
Other guarantees and commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, Contractual amount | 7,780 | 8,183 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 4,098 | ||
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 590 | ||
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 260 | ||
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 2,832 | ||
Other guarantees and commitments, Carrying Value | $ (89) | $ (73) | |
Days Past Due, 60 or More | Credit card | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Line of credit close criteria, period past due | 60 days |
Off-balance Sheet Lending-rel_4
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Standby Letters of Credit and Other Financial Guarantees (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | |||
Total lending-related commitments | $ 1,095,090 | $ 1,039,258 | $ 1,048,674 |
Total carrying value | 1,555 | 1,409 | |
Standby letters of credit and other financial guarantees | |||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | |||
Investment-grade | 27,131 | 26,420 | |
Noninvestment-grade | 6,958 | 7,078 | |
Total lending-related commitments | 34,089 | 33,498 | |
Allowance for lending-related commitments | 215 | 167 | |
Guarantee liability | 390 | 354 | |
Total carrying value | 605 | 521 | |
Commitments with collateral | 17,690 | 17,400 | |
Other letters of credit | |||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | |||
Investment-grade | 3,249 | 2,079 | |
Noninvestment-grade | 949 | 746 | |
Total lending-related commitments | 4,198 | 2,825 | |
Allowance for lending-related commitments | 5 | 3 | |
Guarantee liability | 0 | 0 | |
Total carrying value | 5 | 3 | |
Commitments with collateral | $ 877 | $ 583 |
Off-balance Sheet Lending-rel_5
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Schedule of Derivatives Qualifying as Guarantees (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Notional amounts | ||
Stable value contracts with contractually limited exposure | $ 55,548,000 | $ 48,239,000 |
JPMorgan Chase Financial Company LLC | ||
Fair value | ||
Direct-owned finance subsidiary ownership | 100.00% | |
Derivatives qualifying as guarantees | ||
Notional amounts | ||
Derivative guarantees | $ 54,418 | 55,271 |
Stable value contracts with contractually limited exposure | 28,886 | 28,637 |
Maximum exposure of stable value contracts with contractually limited exposure | 2,960 | 2,963 |
Fair value | ||
Derivative payables | 231 | 367 |
Derivative receivables | $ 0 | $ 0 |
Pledged Assets and Collateral -
Pledged Assets and Collateral - Schedule of Pledged Assets (Details) - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
Pledged assets and Collateral | ||
Assets that may be sold or repledged or otherwise used by secured parties | $ 154.2 | $ 104 |
Assets that may not be sold or repledged or otherwise used by secured parties | 94.5 | 83.7 |
Total assets pledged | 735.8 | 663 |
Assets pledged at Federal Reserve banks and FHLBs | ||
Pledged assets and Collateral | ||
Total assets pledged | $ 487.1 | $ 475.3 |
Pledged Assets and Collateral_2
Pledged Assets and Collateral - Schedule of Collateral Received (Details) - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Collateral permitted to be sold or repledged, delivered, or otherwise used | $ 1,264.1 | $ 1,245.3 |
Collateral sold, repledged, delivered or otherwise used | $ 1,017.3 | $ 998.3 |
Litigation (Details)
Litigation (Details) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 36 Months Ended | ||||||
Sep. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Mar. 31, 2017action | Jan. 31, 2017 | Dec. 31, 2013USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($)action | Sep. 30, 2018USD ($) | Dec. 31, 2013USD ($) | |
Loss Contingencies [Line Items] | |||||||||||
Legal expense/(benefit) | $ 10,000,000 | $ 20,000,000 | $ (2,000,000) | $ 90,000,000 | |||||||
Threatened or Pending Litigation | Minimum | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency range of possible loss | 0 | $ 0 | 0 | ||||||||
Threatened or Pending Litigation | Maximum | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency range of possible loss | $ 1,300,000,000 | 1,300,000,000 | $ 1,300,000,000 | ||||||||
Federal Republic of Nigeria Litigation | Federal Government of Nigeria and Two Major International Oil Companies | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Amount paid out of monies in account following settlement of dispute | $ 1,100,000,000 | ||||||||||
Federal Republic of Nigeria Litigation | Federal Republic of Nigeria | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Amount of claim | $ 875,000,000 | ||||||||||
Foreign Exchange Investigations and Litigation | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Exemption of disqualification period | 5 years | ||||||||||
Disqualification period | 10 years | ||||||||||
Payments for fines in connection with legal settlement | $ 265,000,000 | ||||||||||
Number of actions dismissed | action | 2 | ||||||||||
Interchange Litigation | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of separate actions | action | 2 | ||||||||||
Interchange Litigation | The Defendants | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Settlement amount | $ 900,000,000 | $ 5,300,000,000 |
Business Segments (Details)
Business Segments (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | [1] | |||
Segment Reporting Information [Line Items] | ||||||||
Number of reportable segments | segment | 4 | |||||||
Noninterest revenue | $ 15,113 | $ 13,352 | $ 44,217 | $ 42,215 | ||||
Net interest income | 14,228 | 13,908 | 43,079 | 40,705 | ||||
Total net revenue | 29,341 | 27,260 | 87,296 | 82,920 | ||||
Provision for credit losses | 1,514 | 948 | 4,158 | 3,323 | ||||
Noninterest expense | 16,422 | 15,623 | 49,158 | 47,674 | ||||
Income before income tax expense | 11,405 | 10,689 | 33,980 | 31,923 | ||||
Income tax expense/(benefit) | 2,325 | 2,309 | 6,069 | 6,515 | ||||
Net income | 9,080 | 8,380 | 27,911 | 25,408 | ||||
Average equity | 235,613 | 230,439 | 232,917 | 228,995 | ||||
Total assets | $ 2,764,661 | [1] | $ 2,615,183 | $ 2,764,661 | [1] | $ 2,615,183 | $ 2,622,532 | |
ROE | 15.00% | 14.00% | 15.00% | 14.00% | ||||
Overhead ratio | 56.00% | 57.00% | 56.00% | 57.00% | ||||
Operating Segments | Consumer & Community Banking | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | $ 5,095 | $ 4,176 | $ 13,868 | $ 12,063 | ||||
Net interest income | 9,164 | 9,114 | 27,975 | 26,321 | ||||
Total net revenue | 14,259 | 13,290 | 41,843 | 38,384 | ||||
Provision for credit losses | 1,311 | 980 | 3,745 | 3,405 | ||||
Noninterest expense | 7,290 | 6,982 | 21,663 | 20,770 | ||||
Income before income tax expense | 5,658 | 5,328 | 16,435 | 14,209 | ||||
Income tax expense/(benefit) | 1,385 | 1,242 | 4,025 | 3,385 | ||||
Net income | 4,273 | 4,086 | 12,410 | 10,824 | ||||
Average equity | 52,000 | 51,000 | 52,000 | 51,000 | ||||
Total assets | $ 532,487 | $ 560,432 | $ 532,487 | $ 560,432 | ||||
ROE | 32.00% | 31.00% | 31.00% | 27.00% | ||||
Overhead ratio | 51.00% | 53.00% | 52.00% | 54.00% | ||||
Operating Segments | Corporate & Investment Bank | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | $ 7,182 | $ 6,505 | $ 22,328 | $ 21,954 | ||||
Net interest income | 2,156 | 2,300 | 6,499 | 7,257 | ||||
Total net revenue | 9,338 | 8,805 | 28,827 | 29,211 | ||||
Provision for credit losses | 92 | (42) | 179 | (142) | ||||
Noninterest expense | 5,348 | 5,175 | 16,288 | 16,237 | ||||
Income before income tax expense | 3,898 | 3,672 | 12,360 | 13,116 | ||||
Income tax expense/(benefit) | 1,089 | 1,046 | 3,365 | 3,318 | ||||
Net income | 2,809 | 2,626 | 8,995 | 9,798 | ||||
Average equity | 80,000 | 70,000 | 80,000 | 70,000 | ||||
Total assets | $ 1,023,132 | $ 928,148 | $ 1,023,132 | $ 928,148 | ||||
ROE | 13.00% | 14.00% | 14.00% | 18.00% | ||||
Overhead ratio | 57.00% | 59.00% | 57.00% | 56.00% | ||||
Operating Segments | Commercial Banking | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | $ 599 | $ 576 | $ 1,806 | $ 1,758 | ||||
Net interest income | 1,608 | 1,695 | 4,950 | 4,995 | ||||
Total net revenue | 2,207 | 2,271 | 6,756 | 6,753 | ||||
Provision for credit losses | 67 | (15) | 186 | 23 | ||||
Noninterest expense | 881 | 853 | 2,618 | 2,541 | ||||
Income before income tax expense | 1,259 | 1,433 | 3,952 | 4,189 | ||||
Income tax expense/(benefit) | 322 | 344 | 966 | 988 | ||||
Net income | 937 | 1,089 | 2,986 | 3,201 | ||||
Average equity | 22,000 | 20,000 | 22,000 | 20,000 | ||||
Total assets | $ 222,483 | $ 217,194 | $ 222,483 | $ 217,194 | ||||
ROE | 16.00% | 21.00% | 17.00% | 20.00% | ||||
Overhead ratio | 40.00% | 38.00% | 39.00% | 38.00% | ||||
Operating Segments | Asset & Wealth Management | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | $ 2,713 | $ 2,680 | $ 7,989 | $ 7,997 | ||||
Net interest income | 855 | 879 | 2,627 | 2,640 | ||||
Total net revenue | 3,568 | 3,559 | 10,616 | 10,637 | ||||
Provision for credit losses | 44 | 23 | 48 | 40 | ||||
Noninterest expense | 2,622 | 2,585 | 7,865 | 7,732 | ||||
Income before income tax expense | 902 | 951 | 2,703 | 2,865 | ||||
Income tax expense/(benefit) | 234 | 227 | 655 | 616 | ||||
Net income | 668 | 724 | 2,048 | 2,249 | ||||
Average equity | 10,500 | 9,000 | 10,500 | 9,000 | ||||
Total assets | $ 174,226 | $ 166,716 | $ 174,226 | $ 166,716 | ||||
ROE | 24.00% | 31.00% | 25.00% | 32.00% | ||||
Overhead ratio | 73.00% | 73.00% | 74.00% | 73.00% | ||||
Operating Segments | Corporate | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | $ 120 | $ (177) | $ 3 | $ (220) | ||||
Net interest income | 572 | 74 | 1,436 | (35) | ||||
Total net revenue | 692 | (103) | 1,439 | (255) | ||||
Provision for credit losses | 0 | 2 | 0 | (3) | ||||
Noninterest expense | 281 | 28 | 724 | 394 | ||||
Income before income tax expense | 411 | (133) | 715 | (646) | ||||
Income tax expense/(benefit) | 18 | 12 | (757) | 18 | ||||
Net income | 393 | (145) | 1,472 | (664) | ||||
Average equity | 71,113 | 80,439 | 68,417 | 78,995 | ||||
Total assets | 812,333 | 742,693 | 812,333 | 742,693 | ||||
Reconciling Items | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noninterest revenue | (596) | (408) | (1,777) | (1,337) | ||||
Net interest income | (127) | (154) | (408) | (473) | ||||
Total net revenue | (723) | (562) | (2,185) | (1,810) | ||||
Provision for credit losses | 0 | 0 | 0 | 0 | ||||
Noninterest expense | 0 | 0 | 0 | 0 | ||||
Income before income tax expense | (723) | (562) | (2,185) | (1,810) | ||||
Income tax expense/(benefit) | (723) | (562) | (2,185) | (1,810) | ||||
Net income | 0 | 0 | 0 | 0 | ||||
Average equity | $ 0 | $ 0 | $ 0 | $ 0 | ||||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at September 30, 2019 , and December 31, 2018 . The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase . The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 f or a further discussion. (in millions) September 30, 2019 December 31, 2018 Assets Trading assets $ 1,461 $ 1,966 Loans 53,022 59,456 All other assets 974 1,013 Total assets $ 55,457 $ 62,435 Liabilities Beneficial interests issued by consolidated VIEs $ 18,515 $ 20,241 All other liabilities 301 312 Total liabilities $ 18,816 $ 20,553 |
Uncategorized Items - corpq3201
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 62,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (183,000,000) |