Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 354,989,423,493 | ||
Entity Common Stock, Shares Outstanding | 3,073,976,616 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for the annual meeting of stockholders to be held on May 19, 2020 , are incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III. | ||
Entity Central Index Key | 0000019617 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
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 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 | ||
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG | ||
Trading Symbol | JPM PR J | ||
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 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue | ||||
Investment banking fees | $ 7,501 | $ 7,550 | $ 7,412 | |
Principal transactions | 14,018 | 12,059 | 11,347 | |
Lending- and deposit-related fees | 6,369 | 6,052 | 5,933 | |
Asset management, administration and commissions | 17,165 | 17,118 | 16,287 | |
Investment securities gains/(losses) | 258 | (395) | (66) | |
Mortgage fees and related income | 2,036 | 1,254 | 1,616 | |
Card income | 5,304 | 4,989 | 4,433 | |
Other income | 5,731 | 5,343 | 3,646 | |
Noninterest revenue | 58,382 | 53,970 | 50,608 | |
Interest income | [1] | 84,040 | 76,100 | 63,971 |
Interest expense | [1] | 26,795 | 21,041 | 13,874 |
Net interest income | 57,245 | 55,059 | 50,097 | |
Total net revenue | 115,627 | 109,029 | 100,705 | |
Provision for credit losses | 5,585 | 4,871 | 5,290 | |
Noninterest expense | ||||
Compensation expense | 34,155 | 33,117 | 31,208 | |
Occupancy expense | 4,322 | 3,952 | 3,723 | |
Technology, communications and equipment expense | 9,821 | 8,802 | 7,715 | |
Professional and outside services | 8,533 | 8,502 | 7,890 | |
Marketing | 3,579 | 3,290 | 2,900 | |
Other expense | 5,087 | 5,731 | 6,079 | |
Total noninterest expense | 65,497 | 63,394 | 59,515 | |
Income before income tax expense | 44,545 | 40,764 | 35,900 | |
Income tax expense | 8,114 | 8,290 | 11,459 | |
Net income | 36,431 | 32,474 | 24,441 | |
Net income applicable to common stockholders | $ 34,642 | $ 30,709 | $ 22,567 | |
Net income per common share data | ||||
Basic earnings per share (in dollars per share) | $ 10.75 | $ 9.04 | $ 6.35 | |
Diluted earnings per share (in dollars per share) | $ 10.72 | $ 9 | $ 6.31 | |
Weighted-average basic shares (in shares) | 3,221.5 | 3,396.4 | 3,551.6 | |
Weighted-average diluted shares (in shares) | 3,230.4 | 3,414 | 3,576.8 | |
[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 7 for additional information. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 36,431 | $ 32,474 | $ 24,441 |
Other comprehensive income/(loss), after–tax | |||
Unrealized gains/(losses) on investment securities | 2,855 | (1,858) | 640 |
Translation adjustments, net of hedges | 20 | 20 | (306) |
Fair value hedges | 30 | (107) | |
Cash flow hedges | 172 | (201) | |
Cash flow hedges | 176 | ||
Defined benefit pension and OPEB plans | 964 | (373) | 738 |
DVA on fair value option elected liabilities | (965) | 1,043 | (192) |
Total other comprehensive income/(loss), after–tax | 3,076 | (1,476) | 1,056 |
Comprehensive income | $ 39,507 | $ 30,998 | $ 25,497 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and due from banks | $ 21,704 | $ 22,324 | |
Deposits with banks | 241,927 | 256,469 | |
Federal funds sold and securities purchased under resale agreements (included $14,561 and $13,235 at fair value) | 249,157 | 321,588 | |
Securities borrowed (included $6,237 and $5,105 at fair value) | 139,758 | 111,995 | |
Trading assets (included assets pledged of $111,522 and $89,073) | 411,103 | 413,714 | |
Investment securities (included $350,699 and $230,394 at fair value and assets pledged of $10,325 and $11,432) | 398,239 | 261,828 | |
Loans (included $7,104 and $3,151 at fair value) | 959,769 | 984,554 | |
Allowance for loan losses | (13,123) | (13,445) | |
Loans, net of allowance for loan losses | 946,646 | 971,109 | |
Accrued interest and accounts receivable | 72,861 | 73,200 | |
Premises and equipment | 25,813 | 14,934 | |
Goodwill, MSRs and other intangible assets | 53,341 | 54,349 | |
Other assets (included $9,111 and $9,630 at fair value and assets pledged of $3,349 and $3,457) | 126,830 | 121,022 | |
Total assets | [1] | 2,687,379 | 2,622,532 |
Liabilities | |||
Deposits (included $28,589 and $23,217 at fair value) | 1,562,431 | 1,470,666 | |
Federal funds purchased and securities loaned or sold under repurchase agreements (included $549 and $935 at fair value) | 183,675 | 182,320 | |
Short-term borrowings (included $5,920 and $7,130 at fair value) | 40,920 | 69,276 | |
Trading liabilities | 119,277 | 144,773 | |
Accounts payable and other liabilities (included $3,728 and $3,269 at fair value) | 210,407 | 196,710 | |
Beneficial interests issued by consolidated VIEs (included $36 and $28 at fair value) | 17,841 | 20,241 | |
Long-term debt (included $75,745 and $54,886 at fair value) | 291,498 | 282,031 | |
Total liabilities | [1] | 2,426,049 | 2,366,017 |
Commitments and contingencies (refer to Notes 28, 29 and 30) | |||
Stockholders’ equity | |||
Preferred stock ($1 par value; authorized 200,000,000 shares: issued 2,699,250 and 2,606,750 shares) | 26,993 | 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 | 88,522 | 89,162 | |
Retained earnings | 223,211 | 199,202 | |
Accumulated other comprehensive income/loss | 1,569 | (1,507) | |
Shares held in restricted stock units (“RSU”) trust, at cost (472,953 shares) | (21) | (21) | |
Treasury stock, at cost (1,020,912,567 and 829,167,674 shares) | (83,049) | (60,494) | |
Total stockholders’ equity | 261,330 | 256,515 | |
Total liabilities and stockholders’ equity | 2,687,379 | 2,622,532 | |
VIEs consolidated by the Firm | |||
Assets | |||
Trading assets (included assets pledged of $111,522 and $89,073) | 2,633 | 1,966 | |
Loans (included $7,104 and $3,151 at fair value) | 42,931 | 59,456 | |
Other assets (included $9,111 and $9,630 at fair value and assets pledged of $3,349 and $3,457) | 881 | 1,013 | |
Total assets | 46,445 | 62,435 | |
Liabilities | |||
Beneficial interests issued by consolidated VIEs (included $36 and $28 at fair value) | 17,841 | 20,241 | |
All other liabilities | 447 | 312 | |
Total liabilities | $ 18,288 | $ 20,553 | |
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2019 and 2018 . The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests 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 14 for a further discussion. December 31, (in millions) 2019 2018 Assets Trading assets $ 2,633 $ 1,966 Loans 42,931 59,456 All other assets 881 1,013 Total assets $ 46,445 $ 62,435 Liabilities Beneficial interests issued by consolidated VIEs $ 17,841 $ 20,241 All other liabilities 447 312 Total liabilities $ 18,288 $ 20,553 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Assets pledged | $ 125,200 | $ 104,000 |
Fair value | 350,699 | 230,394 |
Loans | $ 7,104 | $ 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) | 2,699,250 | 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, shares (in shares) | 472,953 | 472,953 |
Treasury stock, shares (in shares) | 1,020,912,567 | 829,167,674 |
Trading assets | ||
Assets | ||
Assets pledged | $ 111,522 | $ 89,073 |
Securities | ||
Assets | ||
Assets pledged | 10,325 | 11,432 |
Other assets | ||
Assets | ||
Assets pledged | 3,349 | 3,457 |
Recurring | ||
Assets | ||
Federal funds sold and securities purchased under resale agreements | 14,561 | 13,235 |
Securities borrowed | 6,237 | 5,105 |
Fair value | 350,699 | 230,394 |
Loans | 7,104 | 3,151 |
Liabilities | ||
Deposits | 28,589 | 23,217 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 549 | 935 |
Short-term borrowings | 5,920 | 7,130 |
Accounts payable and other liabilities | 3,728 | 3,269 |
Beneficial interests issued by consolidated VIEs | 36 | 28 |
Long-term debt | 75,745 | 54,886 |
Recurring | Other assets | ||
Assets | ||
Other assets | $ 9,111 | $ 9,630 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income | Shares held in RSU Trust, at cost | Treasury stock, at cost |
Beginning balance at Dec. 31, 2016 | $ 26,068 | $ 4,105 | $ 91,627 | $ 162,440 | $ (1,175) | $ (21) | $ (28,854) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 1,258 | |||||||
Redemption | (1,258) | |||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | (734) | |||||||
Other | (314) | |||||||
Net income | $ 24,441 | 24,441 | ||||||
Dividends declared: | ||||||||
Preferred stock | (1,663) | |||||||
Common stock ($3.40, $2.72 and $2.12 per share for 2019, 2018 and 2017, respectively) | (7,542) | |||||||
Other comprehensive income/(loss), after-tax | 1,056 | 1,056 | ||||||
Repurchase | (15,410) | (15,410) | ||||||
Reissuance | 1,669 | |||||||
Ending balance at Dec. 31, 2017 | 255,693 | 26,068 | 4,105 | 90,579 | 177,676 | (119) | (21) | (42,595) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 1,696 | |||||||
Redemption | (1,696) | |||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | (738) | |||||||
Other | (679) | |||||||
Net income | 32,474 | 32,474 | ||||||
Dividends declared: | ||||||||
Preferred stock | (1,551) | |||||||
Common stock ($3.40, $2.72 and $2.12 per share for 2019, 2018 and 2017, respectively) | (9,214) | |||||||
Other comprehensive income/(loss), after-tax | (1,476) | (1,476) | ||||||
Repurchase | (19,983) | (19,983) | ||||||
Reissuance | 2,084 | |||||||
Ending 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 | 5,000 | |||||||
Redemption | (4,075) | |||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | (591) | |||||||
Other | (49) | |||||||
Net income | 36,431 | 36,431 | ||||||
Dividends declared: | ||||||||
Preferred stock | (1,587) | |||||||
Common stock ($3.40, $2.72 and $2.12 per share for 2019, 2018 and 2017, respectively) | (10,897) | |||||||
Other comprehensive income/(loss), after-tax | 3,076 | 3,076 | ||||||
Repurchase | (24,121) | (24,121) | ||||||
Reissuance | 1,566 | |||||||
Ending balance at Dec. 31, 2019 | $ 261,330 | $ 26,993 | $ 4,105 | $ 88,522 | $ 223,211 | $ 1,569 | $ (21) | $ (83,049) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, dividends declared (in dollars per share) | $ 3.40 | $ 2.72 | $ 2.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net income | $ 36,431 | $ 32,474 | $ 24,441 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||
Provision for credit losses | 5,585 | 4,871 | 5,290 |
Depreciation and amortization | 8,368 | 7,791 | 6,179 |
Deferred tax expense | 949 | 1,721 | 2,312 |
Other | 1,996 | 2,717 | 2,136 |
Originations and purchases of loans held-for-sale | (70,980) | (102,141) | (94,628) |
Proceeds from sales, securitizations and paydowns of loans held-for-sale | 79,182 | 93,453 | 93,270 |
Net change in: | |||
Trading assets | (652) | (38,371) | 5,673 |
Securities borrowed | (27,631) | (6,861) | (8,653) |
Accrued interest and accounts receivable | (78) | (5,849) | (15,868) |
Other assets | (17,949) | (8,833) | 3,982 |
Trading liabilities | (14,516) | 18,290 | (26,256) |
Accounts payable and other liabilities | (352) | 14,630 | (16,508) |
Other operating adjustments | 5,693 | 295 | 7,803 |
Net cash provided by/(used in) operating activities | 6,046 | 14,187 | (10,827) |
Net change in: | |||
Federal funds sold and securities purchased under resale agreements | 72,396 | (123,201) | 31,448 |
Held-to-maturity securities: | |||
Proceeds from paydowns and maturities | 3,423 | 2,945 | 4,563 |
Purchases | (13,427) | (9,368) | (2,349) |
Available-for-sale securities: | |||
Proceeds from paydowns and maturities | 52,200 | 37,401 | 56,117 |
Proceeds from sales | 70,181 | 46,067 | 90,201 |
Purchases | (242,149) | (95,091) | (105,309) |
Proceeds from sales and securitizations of loans held-for-investment | 62,095 | 29,826 | 15,791 |
Other changes in loans, net | (53,697) | (81,586) | (61,650) |
All other investing activities, net | (5,035) | (4,986) | (563) |
Net cash provided by/(used in) investing activities | (54,013) | (197,993) | 28,249 |
Net change in: | |||
Deposits | 101,002 | 26,728 | 57,022 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 1,347 | 23,415 | (6,739) |
Short-term borrowings | (28,561) | ||
Short-term borrowings | 18,476 | 16,540 | |
Beneficial interests issued by consolidated VIEs | 4,289 | 1,712 | (1,377) |
Proceeds from long-term borrowings | 61,085 | 71,662 | 56,271 |
Payments of long-term borrowings | (69,610) | (76,313) | (83,079) |
Proceeds from issuance of preferred stock | 5,000 | 1,696 | 1,258 |
Redemption of preferred stock | (4,075) | (1,696) | (1,258) |
Treasury stock repurchased | (24,001) | (19,983) | (15,410) |
Dividends paid | (12,343) | (10,109) | (8,993) |
All other financing activities, net | (1,146) | (1,430) | 407 |
Net cash provided by financing activities | 32,987 | 34,158 | 14,642 |
Effect of exchange rate changes on cash and due from banks and deposits with banks | (182) | (2,863) | 8,086 |
Net increase/(decrease) in cash and due from banks and deposits with banks | (15,162) | (152,511) | 40,150 |
Cash and due from banks and deposits with banks at the beginning of the period | 278,793 | 431,304 | 391,154 |
Cash and due from banks and deposits with banks at the end of the period | 263,631 | 278,793 | 431,304 |
Cash interest paid | 29,918 | 21,152 | 14,153 |
Cash income taxes paid, net | $ 5,624 | $ 3,542 | $ 4,325 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 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 business, commercial banking, financial transaction processing and asset management. Refer to Note 32 for a 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. 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. Voting interest entities Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that enable them to make significant decisions relating to the entity’s operations. For these types of entities, the Firm’s determination of whether it has a controlling interest is primarily based on the amount of voting equity interests held. Entities in which the Firm has a controlling financial interest, through ownership of the majority of the entities’ voting equity interests, or through other contractual rights that give the Firm control, are consolidated by the Firm. Investments in companies in which the Firm has significant influence over operating and financing decisions (but does not own a majority of the voting equity interests) are accounted for (i) in accordance with the equity method of accounting (which requires the Firm to recognize its proportionate share of the entity’s net earnings), or (ii) at fair value if the fair value option was elected. These investments are generally included in other assets, with income or loss included in noninterest revenue. Certain Firm -sponsored asset management funds are structured as limited partnerships or limited liability companies. For many of these entities, the Firm is the general partner or managing member, but the non-affiliated partners or members have the ability to remove the Firm as the general partner or managing member without cause (i.e., kick-out rights), based on a simple majority vote, or the non-affiliated partners or members have rights to participate in important decisions. Accordingly, the Firm does not consolidate these voting interest entities. However, in the limited cases where the non-managing partners or members do not have substantive kick-out or participating rights, the Firm evaluates the funds as VIEs and consolidates the funds if the Firm is t h e general partner or managing member and has a potentially significant interest. The Firm’s investment companies and asset management funds have investments in both publicly-held and privately-held entities , including investments in buyouts, growth equity and venture opportunities. These investments are accounted for under investment company guidelines and, accordingly, irrespective of the percentage of equity ownership interests held, are carried on the Consolidated balance sheets at fair value, and are recorded in other assets, with income or loss included in noninterest revenue. If consolidated, the Firm retains such specialized investment company guidelines. Variable interest entities VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The most common type of VIE is a n SPE. SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. The basic SPE structure involves a company selling assets to the SPE; the SPE funds the purchase of those assets by issuing securities to investors. The legal documents that govern the transaction specify how the cash earned on the assets must be allocated to the SPE’s investors and other parties that have rights to those cash flows. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether the Firm has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Firm considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (such as asset managers, collateral managers, servicers, or owners of call options or liquidation rights over the VIE’s assets) or have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether the Firm has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Firm considers all of its economic interests, including debt and equity investments, servicing fees, and derivatives or other arrangements deemed to be variable interests in the VIE. This assessment requires that the Firm apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Firm. The Firm performs on-going reassessments of: (1) whether entities previously evaluated under the majority voting-interest framework have become VIEs, based on certain events, and are therefore subject to the VIE consolidation framework; and (2) whether changes in the facts and circumstances regarding the Firm’s involvement with a VIE cause the Firm’s consolidation conclusion to change. Refer to Note 14 for further discussion of the Firm’s VIEs. Revenue recognition Interest income The Firm recognizes interest income on loans, debt securities, and other debt instruments, generally on a level-yield basis, based on the underlying contractual rate. Refer to Note 7 for further discussion of interest income. Revenue from contracts with customers JPMorgan Chase recognizes noninterest revenue from certain contracts with customers , in investment banking fees, deposit-related fees, asset management administration and commissions, and components of card income, when the Firm’s related performance obligations are satisfied. Refer to Note 6 for further discussion of the Firm’s revenue from contracts with customers. Principal transactions revenue JPMorgan Chase carries a portion of its assets and liabilities at fair value. Changes in fair value are reported primarily in principal transactions revenue. Refer to Notes 2 and 3 for further discussion of fair value measurement. Refer to Note 6 for further discussion of principal transactions revenue. Use of estimates in the preparation of consolidated financial statements The preparation of the Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. Foreign currency translation JPMorgan Chase revalues assets, liabilities, revenue and expense denominated in non-U.S. currencies into U.S. dollars using applicable exchange rates. Gains and losses relating to translating functional currency financial statements for U.S. reporting are included in the Consolidated statements of comprehensive income. Gains and losses relating to nonfunctional currency transactions, including non-U.S. operations where the functional currency is the U.S. dollar, are reported in the Consolidated statements of income. 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 sold and purchased under repurchase agreements and securities borrowed or loaned under securities loan agreements to be presented net 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. The Firm uses master netting agreements to mitigate counterparty credit risk in certain transactions, including derivative contracts, resale, repurchase, securities borrowed and securities loaned agreements. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due). Upon the exercise of derivatives termination rights by the non-defaulting party (i) all transactions are terminated, (ii) all transactions are valued and the positive values of “in the money” transactions are netted against the negative values of “out of the money” transactions and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Upon exercise of default rights under repurchase agreements and securities loan agreements in general (i) all transactions are terminated and accelerated, (ii) all values of securities or cash held or to be delivered are calculated, and all such sums are netted against each other and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Typical master netting agreements for these types of transactions also often contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to set-off any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty. Refer to Note 5 for further discussion of the Firm’s derivative instruments. Refer to Note 11 for further discussion of the Firm’s securities financing agreements. Statements of cash flows For JPMorgan Chase’s Consolidated statements of cash flows, cash is defined as those amounts included in cash and due from banks and deposits with banks. Accounting standard adopted January 1, 2020 Financial Instruments – Credit Losses (“CECL”) The adoption of this guidance established a single allowance framework for all financial assets carried at amortized cost and certain off-balance sheet credit exposures. This framework requires that management’s estimate reflects credit losses over the full remaining expected life and considers expected future changes in macroeconomic conditions. The following table presents the impacts to the allowance for credit losses and retained earnings upon adoption of this guidance on January 1, 2020: (in billions) December 31, 2019 CECL adoption impact January 1, 2020 Allowance for credit losses Consumer, excluding credit card $ 3.2 $ 0.2 $ 3.4 Credit card 5.7 5.5 11.2 Wholesale 5.4 (1.4 ) 4.0 Firmwide $ 14.3 $ 4.3 $ 18.6 Retained earnings Firmwide allowance increase $ 4.3 Balance sheet reclassification (a) (0.8 ) Total pre-tax impact 3.5 Tax effect (0.8 ) Decrease to retained earnings $ 2.7 (a) Represents the recognition of the nonaccretable difference on purchased credit deteriorated assets and the Firm's election to recognize the reserve for uncollectible accrued interest on credit card loans in the allowance, both of which resulted in a corresponding increase to loans. Accounting standards adopted January 1, 2018 Effective January 1, 2018, the Firm adopted several accounting standards resulting in a net decrease of $183 million to retained earnings and a net increase of $88 million to AOCI. Certain of these standards were adopted retrospectively and, accordingly, prior period amounts were revised. The adoption of the recognition and measurement guidance resulted in $505 million of fair value gains in the first quarter of 2018, recorded in total net revenue, on certain equity investments that were previously held at cost. Significant accounting policies The following table identifies JPMorgan Chase’s other significant accounting policies and the Note and page where a detailed description of each policy can be found. Fair value measurement Note 2 page 154 Fair value option Note 3 page 175 Derivative instruments Note 5 page 180 Noninterest revenue and noninterest expense Note 6 page 195 Interest income and Interest expense Note 7 page 198 Pension and other postretirement employee benefit plans Note 8 page 199 Employee share-based incentives Note 9 page 206 Investment securities Note 10 page 208 Securities financing activities Note 11 page 214 Loans Note 12 page 217 Allowance for credit losses Note 13 page 237 Variable interest entities Note 14 page 242 Goodwill and Mortgage servicing rights Note 15 page 250 Premises and equipment Note 16 page 254 Leases Note 18 page 254 Long-term debt Note 20 page 257 Income taxes Note 25 page 265 Off–balance sheet lending-related financial instruments, guarantees and other commitments Note 28 page 272 Litigation Note 30 page 279 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair value measurement JPMorgan Chase carries a portion of its assets and liabilities at fair value. These assets and liabilities are predominantly carried at fair value on a recurring basis (i.e., assets and liabilities that are measured and reported at fair value on the Firm’s Consolidated balance sheets). Certain assets, liabilities and unfunded lending-related commitments are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is based on quoted market prices or inputs, where available. If prices or quotes are not available, fair value is based on valuation models and other valuation techniques that consider relevant transaction characteristics (such as maturity) and use, as inputs, observable or unobservable market parameters, including yield curves, interest rates, volatilities, prices (such as commodity, equity or debt prices), correlations, foreign exchange rates and credit curves. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, as described below. The level of precision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios. The Firm uses various methodologies and assumptions in the determination of fair value. The use of different methodologies or assumptions by other market participants compared with those used by the Firm could result in the Firm deriving a different estimate of fair value at the reporting date. Valuation process Risk-taking functions are responsible for providing fair value estimates for assets and liabilities carried on the Consolidated balance sheets at fair value. The Firm’s VCG , which is part of the Firm’s Finance function and independent of the risk-taking functions, is responsible for verifying these estimates and determining any fair value adjustments that may be required to ensure that the Firm’s positions are recorded at fair value. The VGF is composed of senior finance and risk executives and is responsible for overseeing the management of risks arising from valuation activities conducted across the Firm. The Firmwide VGF is chaired by the Firmwide head of the VCG (under the direction of the Firm’s Controller), and includes sub-forums covering the CIB, CCB, CB, AWM and certain corporate functions including Treasury and CIO. Price verification process The VCG verifies fair value estimates provided by the risk-taking functions by leveraging independently derived prices, valuation inputs and other market data, where available. Where independent prices or inputs are not available, the VCG performs additional review to ensure the reasonableness of the estimates. The additional review may include evaluating the limited market activity including client unwinds, benchmarking valuation inputs to those used for similar instruments, decomposing the valuation of structured instruments into individual components, comparing expected to actual cash flows, reviewing profit and loss trends, and reviewing trends in collateral valuation. There are also additional levels of management review for more significant or complex positions. The VCG determines any valuation adjustments that may be required to the estimates provided by the risk-taking functions. No adjustments to quoted prices are applied for instruments classified within level 1 of the fair value hierarchy (refer to the discussion below for further information on the fair value hierarchy). For other positions, judgment is required to assess the need for valuation adjustments to appropriately reflect liquidity considerations, unobservable parameters, and, for certain portfolios that meet specified criteria, the size of the net open risk position. The determination of such adjustments follows a consistent framework across the Firm: • Liquidity valuation adjustments are considered where an observable external price or valuation parameter exists but is of lower reliability, potentially due to lower market activity. Liquidity valuation adjustments are made based on current market conditions. Factors that may be considered in determining the liquidity adjustment include analysis of: (1) the estimated bid-offer spread for the instrument being traded; (2) alternative pricing points for similar instruments in active markets; and (3) the range of reasonable values that the price or parameter could take. • The Firm manages certain portfolios of financial instruments on the basis of net open risk exposure and, as permitted by U.S. GAAP, has elected to estimate the fair value of such portfolios on the basis of a transfer of the entire net open risk position in an orderly transaction. Where this is the case, valuation adjustments may be necessary to reflect the cost of exiting a larger-than-normal market-size net open risk position. Where applied, such adjustments are based on factors that a relevant market participant would consider in the transfer of the net open risk position, including the size of the adverse market move that is likely to occur during the period required to reduce the net open risk position to a normal market-size. • Uncertainty adjustments related to unobservable parameters may be made when positions are valued using prices or input parameters to valuation models that are unobservable due to a lack of market activity or because they cannot be implied from observable market data. Such prices or parameters must be estimated and are, therefore, subject to management judgment. Adjustments are made to reflect the uncertainty inherent in the resulting valuation estimate. • Where appropriate, the Firm also applies adjustments to its estimates of fair value in order to appropriately reflect counterparty credit quality (CVA), the Firm’s own creditworthiness (DVA) and the impact of funding ( FVA ), using a consistent framework across the Firm. Refer to Credit and funding adjustments on page 171 of this Note for more information on such adjustments. Valuation model review and approval If prices or quotes are not available for an instrument or a similar instrument, fair value is generally determined using valuation models that consider relevant transaction terms such as maturity and use as inputs market-based or independently sourced parameters. Where this is the case the price verification process described above is applied to the inputs in those models. Under the Firm’s Estimations and Model Risk Management Policy, the Model Risk function reviews and approves new models, as well as material changes to existing models, prior to implementation in the operating environment. In certain circumstances exceptions may be granted to the Firm’s policy to allow a model to be used prior to review or approval. The Model Risk function may also require the user to take appropriate actions to mitigate the model risk if it is to be used in the interim. These actions will depend on the model and may include, for example, limitation of trading activity. Valuation hierarchy A three-level valuation hierarchy has been established under U.S. GAAP for disclosure of fair value measurements. The valuation hierarchy is based on the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows. • Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – one or more inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table describes the valuation methodologies generally used by the Firm to measure its significant products/instruments at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Product/instrument Valuation methodology Classifications in the valuation hierarchy Securities financing agreements Valuations are based on discounted cash flows, which consider: Predominantly level 2 • Derivative features: refer to the discussion of derivatives below for further information. • Market rates for the respective maturity • Collateral characteristics Loans and lending-related commitments — wholesale Loans carried at fair value (e.g., trading loans and non-trading loans) and associated lending-related commitments Where observable market data is available, valuations are based on: Level 2 or 3 • Observed market prices (circumstances are infrequent) • Relevant broker quotes • Observed market prices for similar instruments Where observable market data is unavailable or limited, valuations are based on discounted cash flows, which consider the following: • Credit spreads derived from the cost of CDS; or benchmark credit curves developed by the Firm, by industry and credit rating • Prepayment speed • Collateral characteristics Loans — consumer Trading loans — conforming residential mortgage loans expected to be sold Fair value is based on observable prices for mortgage-backed securities with similar collateral and incorporates adjustments to these prices to account for differences between the securities and the value of the underlying loans, which include credit characteristics, portfolio composition, and liquidity. Predominantly level 2 Investment and trading securities Quoted market prices Level 1 In the absence of quoted market prices, securities are valued based on: Level 2 or 3 • Observable market prices for similar securities • Relevant broker quotes • Discounted cash flows In addition, the following inputs to discounted cash flows are used for the following products: Mortgage- and asset-backed securities specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Current market assumptions related to yield, prepayment speed, conditional default rates and loss severity Collateralized loan obligations (“CLOs”) specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Expected prepayment speed, conditional default rates, loss severity • Credit spreads • Credit rating data Physical commodities Valued using observable market prices or data. Level 1 or 2 Product/instrument Valuation methodology Classifications in the valuation hierarchy Derivatives Exchange-traded derivatives that are actively traded and valued using the exchange price. Level 1 Derivatives that are valued using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs as well as considering the contractual terms. The key valuation inputs used will depend on the type of derivative and the nature of the underlying instruments and may include equity prices, commodity prices, interest rate yield curves, foreign exchange rates, volatilities, correlations, CDS spreads and recovery rates. Additionally, the credit quality of the counterparty and of the Firm as well as market funding levels may also be considered. Level 2 or 3 In addition, specific inputs used for derivatives that are valued based on models with significant unobservable inputs are as follows: Structured credit derivatives specific inputs include: • CDS spreads and recovery rates • Credit correlation between the underlying debt instruments Equity option specific inputs include: • Forward equity price • Equity volatility • Equity correlation • Equity-FX correlation • Equity-IR correlation Interest rate and FX exotic options specific inputs include: • Interest rate volatility • Interest rate spread volatility • Interest rate correlation • Foreign exchange correlation • Interest rate-FX correlation Commodity derivatives specific inputs include: • Commodity volatility • Forward commodity price Additionally, adjustments are made to reflect counterparty credit quality (CVA) and the impact of funding (FVA). Refer to page 171 of this Note. Mortgage servicing rights Refer to Mortgage servicing rights in Note 15. Level 3 Private equity direct investments Fair value is estimated using all available information; the range of potential inputs include: Level 2 or 3 • Transaction prices • Trading multiples of comparable public companies • Operating performance of the underlying portfolio company • Adjustments as required, since comparable public companies are not identical to the company being valued, and for company-specific issues and lack of liquidity. • Additional available inputs relevant to the investment. Fund investments (e.g., mutual/collective investment funds, private equity funds, hedge funds, and real estate funds) Net asset value • NAV is supported by the ability to redeem and purchase at the NAV level. Level 1 • Adjustments to the NAV as required, for restrictions on redemption (e.g., lock-up periods or withdrawal limitations) or where observable activity is limited. Level 2 or 3 (a) Beneficial interests issued by consolidated VIEs Valued using observable market information, where available. Level 2 or 3 In the absence of observable market information, valuations are based on the fair value of the underlying assets held by the VIE. (a) Excludes certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. Product/instrument Valuation methodology Classification in the valuation hierarchy Structured notes (included in deposits, short-term borrowings and long-term debt) • Valuations are based on discounted cash flow analyses that consider the embedded derivative and the terms and payment structure of the note. • The embedded derivative features are considered using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs, depending on the embedded derivative. The specific inputs used vary according to the nature of the embedded derivative features, as described in the discussion above regarding derivatives valuation. Adjustments are then made to this base valuation to reflect the Firm’s own credit risk (DVA). Refer to page 171 of this Note. Level 2 or 3 The following table presents the assets and liabilities reported at fair value as of December 31, 2019 and 2018 , by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy December 31, 2019 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments (f) Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 14,561 $ — $ — $ 14,561 Securities borrowed — 6,237 — — 6,237 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 44,510 797 — 45,307 Residential – nonagency — 1,977 23 — 2,000 Commercial – nonagency — 1,486 4 — 1,490 Total mortgage-backed securities — 47,973 824 — 48,797 U.S. Treasury, GSEs and government agencies (a) 78,289 10,295 — — 88,584 Obligations of U.S. states and municipalities — 6,468 10 — 6,478 Certificates of deposit, bankers’ acceptances and commercial paper — 252 — — 252 Non-U.S. government debt securities 26,600 27,169 155 — 53,924 Corporate debt securities — 17,956 558 — 18,514 Loans (b) — 47,047 1,382 — 48,429 Asset-backed securities — 2,593 37 — 2,630 Total debt instruments 104,889 159,753 2,966 — 267,608 Equity securities 71,890 244 196 — 72,330 Physical commodities (c) 3,638 3,579 — — 7,217 Other — 13,896 232 — 14,128 Total debt and equity instruments (d) 180,417 177,472 3,394 — 361,283 Derivative receivables: Interest rate 721 311,173 1,400 (285,873 ) 27,421 Credit — 14,252 624 (14,175 ) 701 Foreign exchange 117 137,938 432 (129,482 ) 9,005 Equity — 43,642 2,085 (39,250 ) 6,477 Commodity — 17,058 184 (11,080 ) 6,162 Total derivative receivables 838 524,063 4,725 (479,860 ) 49,766 Total trading assets (e) 181,255 701,535 8,119 (479,860 ) 411,049 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 110,117 — — 110,117 Residential – nonagency — 12,989 1 — 12,990 Commercial – nonagency — 5,188 — — 5,188 Total mortgage-backed securities — 128,294 1 — 128,295 U.S. Treasury and government agencies 139,436 — — — 139,436 Obligations of U.S. states and municipalities — 29,810 — — 29,810 Certificates of deposit — 77 — — 77 Non-U.S. government debt securities 12,966 8,821 — — 21,787 Corporate debt securities — 845 — — 845 Asset-backed securities: Collateralized loan obligations — 24,991 — — 24,991 Other — 5,458 — — 5,458 Total available-for-sale securities 152,402 198,296 1 — 350,699 Loans — 7,104 — — 7,104 Mortgage servicing rights — — 4,699 — 4,699 Other assets (e) 7,305 452 724 — 8,481 Total assets measured at fair value on a recurring basis $ 340,962 $ 928,185 $ 13,543 $ (479,860 ) $ 802,830 Deposits $ — $ 25,229 $ 3,360 $ — $ 28,589 Federal funds purchased and securities loaned or sold under repurchase agreements — 549 — — 549 Short-term borrowings — 4,246 1,674 — 5,920 Trading liabilities: Debt and equity instruments (d) 59,047 16,481 41 — 75,569 Derivative payables: Interest rate 795 276,746 1,732 (270,670 ) 8,603 Credit — 14,358 763 (13,469 ) 1,652 Foreign exchange 109 143,960 1,039 (131,950 ) 13,158 Equity — 47,261 5,480 (40,204 ) 12,537 Commodity — 19,685 200 (12,127 ) 7,758 Total derivative payables 904 502,010 9,214 (468,420 ) 43,708 Total trading liabilities 59,951 518,491 9,255 (468,420 ) 119,277 Accounts payable and other liabilities 3,231 452 45 — 3,728 Beneficial interests issued by consolidated VIEs — 36 — — 36 Long-term debt — 52,406 23,339 — 75,745 Total liabilities measured at fair value on a recurring basis $ 63,182 $ 601,409 $ 37,673 $ (468,420 ) $ 233,844 Fair value hierarchy December 31, 2018 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments (f) 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 December 31, 2019 and 2018 , included total U.S. GSE obligations of $104.5 billion and $92.3 billion , respectively, which were mortgage-related. (b) At December 31, 2019 and 2018 , included within trading loans were $19.8 billion and $13.2 billion , respectively, of residential first-lien mortgages, and $3.4 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 $13.6 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 5 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 December 31, 2019 and 2018 , the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $684 million and $747 million , respectively. Included in these balances at December 31, 2019 and 2018 , were trading assets of $54 million and $49 million , respectively, and other assets of $630 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 The Firm has established well-structured processes for determining fair value, including for instruments where fair value is estimated using significant unobservable inputs (level 3). Refer to pages 154–158 of this Note for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments. Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2. In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, due to the lack of observability of significant inputs, management must assess relevant empirical data in deriving valuation inputs including transaction details, yield curves, interest rates, prepayment speed, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. 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 December 31, 2019 , interest rate correlation inputs used in estimating fair value were distributed across 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 forward equity prices and the interest rate-foreign exchange (“IR-FX”) correlation inputs were distributed across the range. In addition, the interest rate volatility and 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 in the middle 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 were concentrated towards the lower end of the range; conditional default rates and 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) December 31, 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) $ 976 Discounted cash flows Yield 2% – 18% 6% Prepayment speed 0% – 26% 13% Conditional default rate 0% – 5% 0% Loss severity 0% – 100% 5% Commercial mortgage-backed securities and loans (c) 99 Market comparables Price $0 – $100 $79 Obligations of U.S. states and municipalities 10 Market comparables Price $71 – $100 $95 Corporate debt securities 558 Market comparables Price $4 – $112 $72 Loans (d) 193 Discounted cash flows Yield 5% – 28% 8% 939 Market comparables Price $2 – $116 $70 Asset-backed securities 37 Market comparables Price $1 – $102 $71 Net interest rate derivatives (395 ) Option pricing Interest rate volatility 6% – 44% Interest rate spread volatility 20bps – 30bps Interest rate correlation (65)% – 94% IR-FX correlation (58)% – 40% 63 Discounted cash flows Prepayment speed 4% – 30% Net credit derivatives (174 ) Discounted cash flows Credit correlation 31% – 59% Credit spread 3bps – 1,308bps Recovery rate 15% – 70% Conditional default rate 2% – 18% Loss severity 100% 35 Market comparables Price $1 – $115 Net foreign exchange derivatives (469 ) Option pricing IR-FX correlation (58)% – 65% (138 ) Discounted cash flows Prepayment speed 9% Net equity derivatives (3,395 ) Option pricing Forward equity price (h) 92% – 105% Equity volatility 9% – 93% Equity correlation 10% – 97% Equity-FX correlation (81)% – 60% Equity-IR correlation 25% – 35% Net commodity derivatives (16 ) Option pricing Forward commodity price $39 – $ 76 per barrel Commodity volatility 5% – 105% Commodity correlation (48)% – 95% MSRs 4,699 Discounted cash flows Refer to Note 15 Other assets 222 Discounted cash flows Credit spread 45bps 45bps Yield 12% 12% 734 Market comparables Price $17 – $117 $37 Long-term debt, short-term borrowings, and deposits (e) 28,373 Option pricing Interest rate volatility 6% – 44% Interest rate correlation (65)% – 94% IR-FX correlation (58)% – 40% Equity correlation 10% – 97% Equity-FX correlation (81)% – 60% Equity-IR correlation 25% – 35% Other level 3 assets and liabilities, net (f) 265 (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 $797 million , nonagency securities of $24 million and trading loans of $155 million . (c) Comprises nonagency securities of $4 million and trading loans of $95 milli |
Fair Value Option
Fair Value Option | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Option [Abstract] | |
Fair Value Option | Fair value option The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments. The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis. The Firm’s election of fair value includes the following instruments: • Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments • Certain securities financing agreements, such as those with an embedded derivative and/or a maturity of greater than one year • Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument • Structured notes, which are predominantly financial instruments that contain embedded derivatives, that are issued as part of client-driven activities • Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value 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 years ended December 31, 2019 , 2018 and 2017 , 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. 2019 2018 2017 December 31, (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) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ (36 ) $ — $ (36 ) $ (35 ) $ — $ (35 ) $ (97 ) $ — $ (97 ) Securities borrowed 133 — 133 22 — 22 50 — 50 Trading assets: Debt and equity instruments, excluding loans 2,482 (1 ) (c) 2,481 (1,680 ) 1 (c) (1,679 ) 1,943 2 (c) 1,945 Loans reported as trading assets: Changes in instrument-specific credit risk 763 2 (c) 765 414 1 (c) 415 330 14 (c) 344 Other changes in fair value 254 1,224 (c) 1,478 160 185 (c) 345 217 747 (c) 964 Loans: Changes in instrument-specific credit risk (26 ) — (26 ) (1 ) — (1 ) (1 ) — (1 ) Other changes in fair value 1 — 1 (1 ) — (1 ) (12 ) 3 (c) (9 ) Other assets 5 6 (d) 11 5 (45 ) (d) (40 ) 11 (55 ) (d) (44 ) Deposits (a) (1,730 ) — (1,730 ) 181 — 181 (533 ) — (533 ) Federal funds purchased and securities loaned or sold under repurchase agreements (8 ) — (8 ) 11 — 11 11 — 11 Short-term borrowings (a) (693 ) — (693 ) 862 — 862 (747 ) — (747 ) Trading liabilities 6 — 6 1 — 1 (1 ) — (1 ) Other liabilities (16 ) — (16 ) — — — — — — Long-term debt (a)(b) (6,173 ) 1 (c) (6,172 ) 2,695 — 2,695 (2,022 ) — (2,022 ) (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 years ended December 31, 2019, 2018 and 2017. (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 7 for further information regarding interest income and interest expense. Determination of instrument-specific credit risk for items for which a fair value election was made The following describes how the gains and losses that are attributable to changes in instrument-specific credit risk, were determined. • Loans and lending-related commitments: For floating-rate instruments, all changes in value are attributed to instrument-specific credit risk. For fixed-rate instruments, an allocation of the changes in value for the period is made between those changes in value that are interest rate-related and changes in value that are credit-related. Allocations are generally based on an analysis of borrower-specific credit spread and recovery information, where available, or benchmarking to similar entities or industries. • Long-term debt: Changes in value attributable to instrument-specific credit risk were derived principally from observable changes in the Firm’s credit spread as observed in the bond market. • Securities financing agreements: Generally, for these types of agreements, there is a requirement that collateral be maintained with a market value equal to or in excess of the principal amount loaned; as a result, there would be no adjustment or an immaterial adjustment for instrument-specific credit risk related to these agreements. 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 December 31, 2019 and 2018 , for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. 2019 2018 December 31, (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 $ 3,717 $ 1,111 $ (2,606 ) $ 4,240 $ 1,350 $ (2,890 ) Loans 178 139 (39 ) 39 — (39 ) Subtotal 3,895 1,250 (2,645 ) 4,279 1,350 (2,929 ) All other performing loans Loans reported as trading assets 48,570 47,318 (1,252 ) 42,215 40,403 (1,812 ) Loans 7,046 6,965 (81 ) 3,186 3,151 (35 ) Total loans $ 59,511 $ 55,533 $ (3,978 ) $ 49,680 $ 44,904 $ (4,776 ) Long-term debt Principal-protected debt $ 40,124 (c) $ 39,246 $ (878 ) $ 32,674 (c) $ 28,718 $ (3,956 ) Nonprincipal-protected debt (b) NA 36,499 NA NA 26,168 NA Total long-term debt NA $ 75,745 NA NA $ 54,886 NA Long-term beneficial interests Nonprincipal-protected debt (b) NA $ 36 NA NA $ 28 NA Total long-term beneficial interests NA $ 36 NA NA $ 28 NA (a) There were no performing loans that were ninety days or more past due as of December 31, 2019 and 2018 . (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 December 31, 2019 and 2018 , the contractual amount of lending-related commitments for which the fair value option was elected was $4.6 billion and $6.9 billion , respectively, with a corresponding fair value of $(94) million and $(92) million , respectively. Refer to Note 28 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. December 31, 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 $ 35,470 $ 34 $ 16,692 $ 52,196 $ 24,137 $ 62 $ 12,372 $ 36,571 Credit 5,715 875 — 6,590 4,009 995 — 5,004 Foreign exchange 3,862 48 5 3,915 3,169 157 38 3,364 Equity 29,294 4,852 8,177 42,323 21,382 5,422 7,368 34,172 Commodity 472 32 1,454 1,958 372 34 1,207 1,613 Total structured notes $ 74,813 $ 5,841 $ 26,328 $ 106,982 $ 53,069 $ 6,670 $ 20,985 $ 80,724 |
Credit Risk Concentrations
Credit Risk Concentrations | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Credit Risk Concentrations | Credit risk concentrations Concentrations of credit risk arise when a number of clients, counterparties or customers are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. JPMorgan Chase regularly monitors various segments of its credit portfolios to assess potential credit risk concentrations and to obtain additional collateral when deemed necessary and permitted under the Firm’s agreements. Senior management is significantly involved in the credit approval and review process, and risk levels are adjusted as needed to reflect the Firm’s risk appetite. In the Firm’s consumer portfolio, concentrations are managed primarily by product and by U.S. geographic region, with a key focus on trends and concentrations at the portfolio level, where potential credit risk concentrations can be remedied through changes in underwriting policies and portfolio guidelines. Refer to Note 12 for additional information on the geographic composition of the Firm’s consumer loan portfolios . In the wholesale portfolio, credit risk concentrations are evaluated primarily by industry and monitored regularly on both an aggregate portfolio level and on an individual client or counterparty basis. The Firm’s wholesale exposure is managed through loan syndications and participations, loan sales, securitizations, credit derivatives, master netting agreements, collateral and other risk-reduction techniques. Refer to Note 12 for additional information on loans. The Firm does not believe that its exposure to any particular loan product or industry segment (e.g., real estate), or its exposure to residential real estate loans with high LTV ratios, results in a significant concentration of credit risk. Terms of loan products and collateral coverage are included in the Firm’s assessment when extending credit and establishing its allowance for loan losses. The table below presents both on–balance sheet and off–balance sheet consumer and wholesale-related credit exposure by the Firm’s three credit portfolio segments as of December 31, 2019 and 2018 . 2019 2018 Credit exposure (g) On-balance sheet Off-balance sheet (h) Credit exposure (g) On-balance sheet Off-balance sheet (h) December 31, (in millions) Loans Derivatives Loans Derivatives Consumer, excluding credit card $ 386,452 $ 335,040 $ — $ 51,412 $ 419,798 $ 373,732 $ — $ 46,066 Receivables from customers — — — — 154 — — — Total Consumer, excluding credit card 386,452 335,040 — 51,412 419,952 373,732 — 46,066 Credit card 819,644 168,924 — 650,720 762,011 156,632 — 605,379 Total consumer-related 1,206,096 503,964 — 702,132 1,181,963 530,364 — 651,445 Wholesale-related (a) Real Estate 149,267 116,244 619 32,404 143,316 115,737 164 27,415 Individuals and Individual Entities (b) 102,292 91,980 694 9,618 97,077 86,586 1,017 9,474 Consumer & Retail 99,331 30,879 1,424 67,028 94,815 36,921 1,093 56,801 Technology, Media & Telecommunications 59,021 14,680 2,766 41,575 72,646 16,980 2,667 52,999 Industrials 58,250 19,096 878 38,276 58,528 19,126 958 38,444 Asset Managers 51,775 23,939 7,160 20,676 42,807 16,806 9,033 16,968 Banks & Finance Cos 50,091 30,639 5,165 14,287 49,920 28,825 5,903 15,192 Healthcare 46,638 13,951 2,078 30,609 48,142 16,347 1,874 29,921 Oil & Gas 41,570 13,064 852 27,654 42,600 13,008 559 29,033 Utilities 34,753 5,085 2,573 27,095 28,172 5,591 1,740 20,841 State & Municipal Govt (c) 26,697 9,924 2,000 14,773 27,351 10,319 2,000 15,032 Automotive 17,317 5,408 368 11,541 17,339 5,170 399 11,770 Chemicals & Plastics 17,276 4,710 459 12,107 16,035 4,902 181 10,952 Metals & Mining 15,337 5,202 402 9,733 15,359 5,370 488 9,501 Central Govt 14,843 2,818 10,477 1,548 18,456 3,867 12,869 1,720 Transportation 13,917 4,804 715 8,398 15,660 6,391 1,102 8,167 Insurance 12,202 1,269 2,282 8,651 12,639 1,356 2,569 8,714 Securities Firms 7,335 752 4,507 2,076 4,558 645 2,029 1,884 Financial Markets Infrastructure 4,116 9 2,482 1,625 7,484 18 5,941 1,525 All other (d) 76,492 50,186 1,865 24,441 68,284 45,197 1,627 21,460 Subtotal 898,520 444,639 49,766 404,115 881,188 439,162 54,213 387,813 Loans held-for-sale and loans at fair value 11,166 11,166 — — 15,028 15,028 — — Receivables from customers and other (e) 33,706 — — — 30,063 — — — Total wholesale-related 943,392 455,805 49,766 404,115 926,279 454,190 54,213 387,813 Total exposure (f)(g) $ 2,149,488 $ 959,769 $ 49,766 $ 1,106,247 $ 2,108,242 $ 984,554 $ 54,213 $ 1,039,258 (a) The industry rankings presented in the table as of December 31, 2018 , are based on the industry rankings of the corresponding exposures at December 31, 2019 , not actual rankings of such exposures at December 31, 2018 . (b) Individuals and Individual Entities predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts. (c) In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at December 31, 2019 and 2018 , noted above, the Firm held: $6.5 billion and $7.8 billion , respectively, of trading assets; $29.8 billion and $37.7 billion , respectively, of AFS securities; and $4.8 billion at both periods of held-to-maturity (“HTM”) securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 10 for further information. (d) All other includes: SPEs and Private education and civic organizations, representing approximately 92% and 8% , respectively, at both December 31, 2019 and 2018 . Refer to Note 14 for more information on exposures to SPEs. (e) Receivables from customers primarily represent held-for-investment margin loans to brokerage clients in CIB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (e.g., cash on deposit, liquid and readily marketable debt or equity securities), as such no allowance is held against these receivables. To manage its credit risk the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets. (f) Excludes cash placed with banks of $254.0 billion and $268.1 billion , at December 31, 2019 and 2018 , respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks. (g) Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables. (h) Represents lending-related financial instruments. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative instruments Derivative contracts derive their value from underlying asset prices, indices, reference rates, other inputs or a combination of these factors and may expose counterparties to risks and rewards of an underlying asset or liability without having to initially invest in, own or exchange the asset or liability. JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Predominantly all of the Firm’s derivatives are entered into for market-making or risk management purposes. Market-making derivatives The majority of the Firm’s derivatives are entered into for market-making purposes. Clients use derivatives to mitigate or modify interest rate, credit, foreign exchange, equity and commodity risks. The Firm actively manages the risks from its exposure to these derivatives by entering into other derivative contracts or by purchasing or selling other financial instruments that partially or fully offset the exposure from client derivatives. Risk management derivatives The Firm manages certain market and credit risk exposures using derivative instruments, including derivatives in hedge accounting relationships and other derivatives that are used to manage risks associated with specified assets and liabilities. The Firm generally uses interest rate derivatives to manage the risk associated with changes in interest rates. Fixed-rate assets and liabilities appreciate or depreciate in market value as interest rates change. Similarly, interest income and expense increase or decrease as a result of variable-rate assets and liabilities resetting to current market rates, and as a result of the repayment and subsequent origination or issuance of fixed-rate assets and liabilities at current market rates. Gains and losses on the derivative instruments related to these assets and liabilities are expected to substantially offset this variability. Foreign currency derivatives are used to manage the foreign exchange risk associated with certain foreign currency–denominated (i.e., non-U.S. dollar) assets and liabilities and forecasted transactions, as well as the Firm’s net investments in certain non-U.S. subsidiaries or branches whose functional currencies are not the U.S. dollar. As a result of fluctuations in foreign currencies, the U.S. dollar–equivalent values of the foreign currency–denominated assets and liabilities or the forecasted revenues or expenses increase or decrease. Gains or losses on the derivative instruments related to these foreign currency–denominated assets or liabilities, or forecasted transactions, are expected to substantially offset this variability. Commodities derivatives are used to manage the price risk of certain commodities inventories. Gains or losses on these derivative instruments are expected to substantially offset the depreciation or appreciation of the related inventory. Credit derivatives are used to manage the counterparty credit risk associated with loans and lending-related commitments. Credit derivatives compensate the purchaser when the entity referenced in the contract experiences a credit event, such as bankruptcy or a failure to pay an obligation when due. Credit derivatives primarily consist of CDS. Refer to the discussion in the Credit derivatives section on pages 191–194 of this Note for a further discussion of credit derivatives. Refer to the risk management derivatives gains and losses table on page 191 of this Note, and the hedge accounting gains and losses tables on pages 188–191 of this Note for more information about risk management derivatives. Derivative counterparties and settlement types The Firm enters into OTC derivatives , which are negotiated and settled bilaterally with the derivative counterparty. The Firm also enters into, as principal, certain ETD such as futures and options, and OTC-cleared derivative contracts with CCPs. ETD contracts are generally standardized contracts traded on an exchange and cleared by the CCP, which is the Firm’s counterparty from the inception of the transactions. OTC-cleared derivatives are traded on a bilateral basis and then novated to the CCP for clearing. Derivative clearing services The Firm provides clearing services for clients in which the Firm acts as a clearing member at certain derivative exchanges and clearing houses. The Firm does not reflect the clients’ derivative contracts in its Consolidated Financial Statements. Refer to Note 28 f or further information on the Firm’s clearing services. Accounting for derivatives All free-standing derivatives that the Firm executes for its own account are required to be recorded on the Consolidated balance sheets at fair value. As permitted under U.S. GAAP , the Firm nets derivative assets and liabilities, and the related cash collateral receivables and payables, when a legally enforceable master netting agreement exists between the Firm and the derivative counterparty. Refer to Note 1 for further discussion of the offsetting of assets and liabilities. The accounting for changes in value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. The tabular disclosures on pages 184–191 of this Note provide additional information on the amount of, and reporting for, derivative assets, liabilities, gains and losses. Refer to Notes 2 and 3 for further discussion of derivatives embedded in structured notes. Derivatives designated as hedges The Firm applies hedge accounting to certain derivatives executed for risk management purposes – generally interest rate, foreign exchange and commodity derivatives. However, JPMorgan Chase does not seek to apply hedge accounting to all of the derivatives involved in the Firm’s risk management activities. For example, the Firm does not apply hedge accounting to purchased CDS used to manage the credit risk of loans and lending-related commitments, because of the difficulties in qualifying such contracts as hedges. For the same reason, the Firm does not apply hedge accounting to certain interest rate , foreign exchange , and commodity derivatives used for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. To assess effectiveness, the Firm uses statistical methods such as regression analysis, nonstatistical methods such as dollar-value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item, and qualitative comparisons of critical terms and the evaluation of any changes in those terms. The extent to which a derivative has been, and is expected to continue to be, highly effective at offsetting changes in the fair value or cash flows of the hedged item must be assessed and documented at least quarterly. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. There are three types of hedge accounting designations: fair value hedges, cash flow hedges and net investment hedges. JPMorgan Chase uses fair value hedges primarily to hedge fixed-rate long-term debt, AFS securities and certain commodities inventories. For qualifying fair value hedges, the changes in the fair value of the derivative, and in the value of the hedged item for the risk being hedged, are recognized in earnings. Certain amounts excluded from the assessment of effectiveness are recorded in OCI and recognized in earnings over the life of the derivative. If the hedge relationship is terminated, then the adjustment to the hedged item continues to be reported as part of the basis of the hedged item, and for benchmark interest rate hedges, is amortized to earnings as a yield adjustment. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily net interest income and principal transactions revenue. JPMorgan Chase uses cash flow hedges primarily to hedge the exposure to variability in forecasted cash flows from floating-rate assets and liabilities and foreign currency–denominated revenue and expense. For qualifying cash flow hedges, changes in the fair value of the derivative are recorded in OCI and recognized in earnings as the hedged item affects earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily noninterest revenue, net interest income and compensation expense. If the hedge relationship is terminated, then the change in value of the derivative recorded in AOCI is recognized in earnings when the cash flows that were hedged affect earnings. For hedge relationships that are discontinued because a forecasted transaction is not expected to occur according to the original hedge forecast, any related derivative values recorded in AOCI are immediately recognized in earnings. JPMorgan Chase uses net investment hedges to protect the value of the Firm’s net investments in certain non-U.S. subsidiaries or branches whose functional currencies are not the U.S. dollar. For qualifying net investment hedges, changes in the fair value of the derivatives due to changes in spot foreign exchange rates are recorded in OCI as translation adjustments. Amounts excluded from the assessment of effectiveness are recorded directly in earnings. 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 Page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: • Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 188 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 190 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 188 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 190 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 191 • Commodity Hedge commodity inventory Fair value hedge CIB 188 Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: • Interest rate Manage the risk associated with mortgage commitments, warehouse loans and MSRs Specified risk management CCB 191 • Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB 191 • Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate 191 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 191 • Various Other derivatives Market-making and other CIB, AWM, Corporate 191 Notional amount of derivative contracts The following table summarizes the notional amount of derivative contracts outstanding as of December 31, 2019 and 2018 . Notional amounts (b) December 31, (in billions) 2019 2018 Interest rate contracts Swaps $ 21,228 $ 21,763 Futures and forwards 3,152 3,562 Written options 3,938 3,997 Purchased options 4,361 4,322 Total interest rate contracts 32,679 33,644 Credit derivatives (a) 1,242 1,501 Foreign exchange contracts Cross-currency swaps 3,604 3,548 Spot, futures and forwards 5,577 5,871 Written options 700 835 Purchased options 718 830 Total foreign exchange contracts 10,599 11,084 Equity contracts Swaps 406 346 Futures and forwards 142 101 Written options 646 528 Purchased options 611 490 Total equity contracts 1,805 1,465 Commodity contracts Swaps 147 134 Spot, futures and forwards 211 156 Written options 135 135 Purchased options 124 120 Total commodity contracts 617 545 Total derivative notional amounts $ 46,942 $ 48,239 (a) Refer to the Credit derivatives discussion on pages 191–194 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 simply a reference amount used 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 December 31, 2019 and 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 December 31, 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 $ 312,451 $ 843 $ 313,294 $ 27,421 $ 279,272 $ 1 $ 279,273 $ 8,603 Credit 14,876 — 14,876 701 15,121 — 15,121 1,652 Foreign exchange 138,179 308 138,487 9,005 144,125 983 145,108 13,158 Equity 45,727 — 45,727 6,477 52,741 — 52,741 12,537 Commodity 16,914 328 17,242 6,162 19,736 149 19,885 7,758 Total fair value of trading assets and liabilities $ 528,147 $ 1,479 $ 529,626 $ 49,766 $ 510,995 $ 1,133 $ 512,128 $ 43,708 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 as hedges 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 December 31, 2019 and 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. 2019 2018 December 31, (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: OTC $ 299,205 $ (276,255 ) $ 22,950 $ 258,227 $ (239,498 ) $ 18,729 OTC–cleared 9,442 (9,360 ) 82 6,404 (5,856 ) 548 Exchange-traded (a) 347 (258 ) 89 322 (136 ) 186 Total interest rate contracts 308,994 (285,873 ) 23,121 264,953 (245,490 ) 19,463 Credit contracts: OTC 10,743 (10,317 ) 426 12,648 (12,261 ) 387 OTC–cleared 3,864 (3,858 ) 6 7,267 (7,222 ) 45 Total credit contracts 14,607 (14,175 ) 432 19,915 (19,483 ) 432 Foreign exchange contracts: OTC 136,252 (129,324 ) 6,928 163,862 (153,988 ) 9,874 OTC–cleared 185 (152 ) 33 235 (226 ) 9 Exchange-traded (a) 10 (6 ) 4 32 (21 ) 11 Total foreign exchange contracts 136,447 (129,482 ) 6,965 164,129 (154,235 ) 9,894 Equity contracts: OTC 23,106 (20,820 ) 2,286 26,178 (23,879 ) 2,299 Exchange-traded (a) 19,654 (18,430 ) 1,224 18,876 (15,460 ) 3,416 Total equity contracts 42,760 (39,250 ) 3,510 45,054 (39,339 ) 5,715 Commodity contracts: OTC 7,093 (5,149 ) 1,944 7,448 (5,261 ) 2,187 OTC–cleared 28 (28 ) — — — — Exchange-traded (a) 6,154 (5,903 ) 251 8,815 (8,218 ) 597 Total commodity contracts 13,275 (11,080 ) 2,195 16,263 (13,479 ) 2,784 Derivative receivables with appropriate legal opinion 516,083 (479,860 ) 36,223 (d) 510,314 (472,026 ) 38,288 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 13,543 13,543 15,925 15,925 Total derivative receivables recognized on the Consolidated balance sheets $ 529,626 $ 49,766 $ 526,239 $ 54,213 Collateral not nettable on the Consolidated balance sheets (b)(c) (14,226 ) (13,046 ) Net amounts $ 35,540 $ 41,167 2019 2018 December 31, (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 $ 267,311 $ (260,229 ) $ 7,082 $ 233,404 $ (228,369 ) $ 5,035 OTC–cleared 10,217 (10,138 ) 79 7,163 (6,494 ) 669 Exchange-traded (a) 365 (303 ) 62 210 (135 ) 75 Total interest rate contracts 277,893 (270,670 ) 7,223 240,777 (234,998 ) 5,779 Credit contracts: OTC 11,570 (10,080 ) 1,490 13,412 (11,895 ) 1,517 OTC–cleared 3,390 (3,389 ) 1 6,716 (6,714 ) 2 Total credit contracts 14,960 (13,469 ) 1,491 20,128 (18,609 ) 1,519 Foreign exchange contracts: OTC 142,360 (131,792 ) 10,568 160,930 (152,161 ) 8,769 OTC–cleared 186 (152 ) 34 274 (268 ) 6 Exchange-traded (a) 12 (6 ) 6 16 (3 ) 13 Total foreign exchange contracts 142,558 (131,950 ) 10,608 161,220 (152,432 ) 8,788 Equity contracts: OTC 27,594 (21,778 ) 5,816 29,437 (25,544 ) 3,893 Exchange-traded (a) 20,216 (18,426 ) 1,790 16,285 (15,490 ) 795 Total equity contracts 47,810 (40,204 ) 7,606 45,722 (41,034 ) 4,688 Commodity contracts: OTC 8,714 (6,235 ) 2,479 8,930 (4,838 ) 4,092 OTC–cleared 30 (30 ) — — — — Exchange-traded (a) 6,012 (5,862 ) 150 8,259 (8,208 ) 51 Total commodity contracts 14,756 (12,127 ) 2,629 17,189 (13,046 ) 4,143 Derivative payables with appropriate legal opinion 497,977 (468,420 ) 29,557 (d) 485,036 (460,119 ) 24,917 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 14,151 14,151 16,852 16,852 Total derivative payables recognized on the Consolidated balance sheets $ 512,128 $ 43,708 $ 501,888 $ 41,769 Collateral not nettable on the Consolidated balance sheets (b)(c) (7,896 ) (4,449 ) Net amounts $ 35,812 $ 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 $65.9 billion and $55.2 billion at December 31, 2019 and 2018 , respectively. Net derivatives payable included cash collateral netted of $54.4 billion and $43.3 billion at December 31, 2019 and 2018 , respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments. Liquidity risk and credit-related contingent features In addition to the specific market risks introduced by each derivative contract type, derivatives expose JPMorgan Chase to credit risk — the risk that derivative counterparties may fail to meet their payment obligations under the derivative contracts and the collateral, if any, held by the Firm proves to be of insufficient value to cover the payment obligation. It is the policy of JPMorgan Chase to actively pursue, where possible, the use of legally enforceable master netting arrangements and collateral agreements to mitigate derivative counterparty credit risk inherent in derivative receivables. While derivative receivables expose the Firm to credit risk, derivative payables expose the Firm to liquidity risk, as the derivative contracts typically require the Firm to post cash or securities collateral with counterparties as the fair value of the contracts moves in the counterparties’ favor or upon specified downgrades in the Firm’s and its subsidiaries’ respective credit ratings. Certain derivative contracts also provide for termination of the contract, generally upon a downgrade of either the Firm or the counterparty, at the fair value of the 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 December 31, 2019 and 2018 . OTC and OTC-cleared derivative payables containing downgrade triggers December 31, (in millions) 2019 2018 Aggregate fair value of net derivative payables $ 14,819 $ 9,396 Collateral posted 13,329 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 December 31, 2019 and 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 2019 2018 December 31, (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 189 $ 1,467 $ 76 $ 947 Amount required to settle contracts with termination triggers upon downgrade (b) 104 1,398 172 764 (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 11 , 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 December 31, 2019 and 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 years ended December 31, 2019 , 2018 and 2017 , 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 (f) OCI impact Year ended December 31, 2019 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (g) Contract type Interest rate (a)(b) $ 3,204 $ (2,373 ) $ 831 $ — $ 828 $ — Foreign exchange (c) 154 328 482 (866 ) 482 39 Commodity (d) (77 ) 148 71 — 63 — Total $ 3,281 $ (1,897 ) $ 1,384 $ (866 ) $ 1,373 $ 39 Gains/(losses) recorded in income Income statement impact of excluded components (f) OCI impact Year ended December 31, 2018 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (g) Contract type Interest rate (a)(b) $ (1,145 ) $ 1,782 $ 637 $ — $ 623 $ — Foreign exchange (c) 1,092 (616 ) 476 (566 ) 476 (140 ) Commodity (d) 789 (754 ) 35 — 26 — Total $ 736 $ 412 $ 1,148 $ (566 ) $ 1,125 $ (140 ) Gains/(losses) recorded in income Income statement impact due to: Year ended December 31, 2017 (in millions) Derivatives Hedged items Income statement impact Hedge ineffectiveness (e) Excluded components (f) Contract type Interest rate (a)(b) $ (481 ) $ 1,359 $ 878 $ (18 ) $ 896 Foreign exchange (c) (3,509 ) 3,507 (2 ) — (2 ) Commodity (d) (1,275 ) 1,348 73 29 44 Total $ (5,265 ) $ 6,214 $ 949 $ 11 $ 938 (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) Hedge ineffectiveness is the amount by which the gain or loss on the designated derivative instrument does not exactly offset the gain or loss on the hedged item attributable to the hedged risk. (f) 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. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative or through fair value changes recognized in the current period. (g) 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 December 31, 2019, 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: December 31, 2019 Active hedging relationships Discontinued hedging relationships (d) Total Assets Investment securities - AFS $ 125,860 (c) $ 2,110 $ 278 $ 2,388 Liabilities Long-term debt $ 157,545 $ 6,719 $ 161 $ 6,880 Beneficial interests issued by consolidated VIEs 2,365 — (8 ) (8 ) 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 $6.5 billion and $6.8 billion at December 31, 2019 and 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. Since 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 December 31, 2019 and 2018, the carrying amount excluded for available-for-sale securities is $14.9 billion and $14.6 billion , respectively, and for long-term debt is $2.8 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 years e |
Interest Income and Interest Ex
Interest Income and Interest Expense | 12 Months Ended |
Dec. 31, 2019 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest income and Interest expense Interest income and interest expense are recorded in the Consolidated statements of income and classified based on the nature of the underlying asset or liability. The following table presents the components of interest income and interest expense: Year ended December 31, (in millions) 2019 2018 2017 Interest income Loans (a) $ 50,375 $ 47,620 $ 41,008 Taxable securities 7,962 5,653 5,534 Non-taxable securities (b) 1,329 1,595 1,848 Total investment securities (a) 9,291 7,248 7,382 Trading assets - debt instruments 10,800 8,703 7,610 Federal funds sold and securities purchased under resale agreements 6,146 3,819 2,327 Securities borrowed (c) 1,574 913 94 Deposits with banks 3,887 5,907 4,238 All other interest-earning assets (c)(d) 1,967 1,890 1,312 Total interest income (c) $ 84,040 $ 76,100 $ 63,971 Interest expense Interest bearing deposits $ 8,957 $ 5,973 $ 2,857 Federal funds purchased and securities loaned or sold under repurchase agreements 4,630 3,066 1,611 Short-term borrowings (e) 1,248 1,144 481 Trading liabilities - debt and all other interest-bearing liabilities (c)(f) 2,585 2,387 1,669 Long-term debt 8,807 7,978 6,753 Beneficial interest issued by consolidated VIEs 568 493 503 Total interest expense (c) $ 26,795 $ 21,041 $ 13,874 Net interest income $ 57,245 $ 55,059 $ 50,097 Provision for credit losses 5,585 4,871 5,290 Net interest income after provision for credit losses $ 51,660 $ 50,188 $ 44,807 (a) Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts, net deferred fees/costs, etc.). (b) Represents securities that 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 interest earned on 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 includes interest expense on prime brokerage-related customer payables. Interest income and interest expense includes the current-period interest accruals for financial instruments measured at fair value, except for derivatives and financial instruments containing embedded derivatives that would be separately accounted for in accordance with U.S. GAAP, absent the fair value option election; for those instruments, all changes in fair value including any interest elements, are reported in principal transactions revenue. For financial instruments that are not measured at fair value, the related interest is included within interest income or interest expense, as applicable. Refer to Notes 12 , 10 , 11 and 20 , for further information on accounting for interest income and interest expense related to loans, investment securities, securities financing activities (i.e., securities purchased or sold under resale or repurchase agreements; securities borrowed; and securities loaned) and long-term debt, respectively. |
Noninterest Revenue and Noninte
Noninterest Revenue and Noninterest Expense | 12 Months Ended |
Dec. 31, 2019 | |
Noninterest Income (Expense) [Abstract] | |
Noninterest Revenue and Noninterest Expense | Noninterest revenue and noninterest expense Noninterest revenue The Firm records noninterest revenue from certain contracts with customers in investment banking fees, deposit-related fees, asset management, administration, and commissions, and components of card income. The related contracts are often terminable on demand and the Firm has no remaining obligation to deliver future services. For arrangements with a fixed term, the Firm may commit to deliver services in the future. Revenue associated with these remaining performance obligations typically depends on the occurrence of future events or underlying asset values, and is not recognized until the outcome of those events or values are known. Investment banking fees This revenue category includes debt and equity underwriting and advisory fees. As an underwriter, the Firm helps clients raise capital via public offering and private placement of various types of debt and equity instruments. Underwriting fees are primarily based on the issuance price and quantity of the underlying instruments, and are recognized as revenue typically upon execution of the client’s transaction. The Firm also manages and syndicates loan arrangements. Credit arrangement and syndication fees, included within debt underwriting fees, are recorded as revenue after satisfying certain retention, timing and yield criteria. The Firm also provides advisory services, by assisting its clients with mergers and acquisitions, divestitures, restructuring and other complex transactions. Advisory fees are recognized as revenue typically upon execution of the client’s transaction. The following table presents the components of investment banking fees. Year ended December 31, 2019 2018 2017 Underwriting Equity $ 1,648 $ 1,684 $ 1,466 Debt 3,513 3,347 3,802 Total underwriting 5,161 5,031 5,268 Advisory 2,340 2,519 2,144 Total investment banking fees $ 7,501 $ 7,550 $ 7,412 Investment banking fees are earned primarily by CIB. Refer to Note 32 for segment results. Principal transactions Principal transactions revenue is driven by many factors, including: • the bid-offer spread, which is the difference between the price at which a market participant is willing and able to sell an instrument to the Firm and the price at which another market participant is willing and able to buy it from the Firm , and vice versa; and • realized and unrealized gains and losses on financial instruments and commodities transactions, including those accounted for under the fair value option, primarily used in client-driven market-making activities, and on private equity investments. – Realized gains and losses result from the sale of instruments, closing out or termination of transactions, or interim cash payments. – Unrealized gains and losses result from changes in valuation. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities, including physical commodities inventories and financial instruments that reference commodities. Principal transactions revenue also includes realized and unrealized gains and losses related to: • derivatives designated in qualifying hedge accounting relationships, primarily fair value hedges of commodity and foreign exchange risk; • derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk . Refer to Note 5 for further information on the income statement classification of gains and losses from derivatives activities. In the financial commodity markets, the Firm transacts in OTC derivatives (e.g., swaps, forwards, options) and ETD that reference a wide range of underlying commodities. In the physical commodity markets, the Firm primarily purchases and sells precious and base metals and may hold other commodities inventories under financing and other arrangements with clients. 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 7 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 LOB. Year ended December 31, 2019 2018 2017 Trading revenue by instrument type Interest rate $ 2,552 $ 1,961 $ 2,479 Credit 1,611 1,395 1,329 Foreign exchange 3,171 3,222 2,746 Equity 5,812 4,924 3,873 Commodity 1,122 906 661 Total trading revenue 14,268 12,408 11,088 Private equity gains/(losses) (250 ) (349 ) 259 Principal transactions $ 14,018 $ 12,059 $ 11,347 Principal transactions revenue is earned primarily by CIB. Refer to Note 32 for segment results. Lending- and deposit-related fees Lending-related fees include fees earned from loan commitments, standby letters of credit, financial guarantees, and other loan-servicing activities. Deposit-related fees include fees earned in lieu of compensating balances, and fees earned from performing cash management activities and other deposit account services. Lending- and deposit-related fees in this revenue category are recognized over the period in which the related service is provided. The following table presents the components of lending- and deposit-related fees. Year ended December 31, (in millions) 2019 2018 2017 Lending-related fees $ 1,184 $ 1,117 $ 1,110 Deposit-related fees 5,185 4,935 4,823 Total lending- and deposit-related fees $ 6,369 $ 6,052 $ 5,933 Lending- and deposit-related fees are earned by CCB, CIB, CB, and AWM. Refer to Note 32 for segment results. Asset management, administration and commissions This revenue category includes fees from investment management and related services, custody, brokerage services and other products. The Firm manages assets on behalf of its clients, including investors in Firm -sponsored funds and owners of separately managed investment accounts. Management fees are typically based on the value of assets under management and are collected and recognized at the end of each period over which the management services are provided and the value of the managed assets is known. The Firm also receives performance-based management fees, which are earned based on exceeding certain benchmarks or other performance targets and are accrued and recognized when the probability of reversal is remote, typically at the end of the related billing period. The Firm has contractual arrangements with third parties to provide distribution and other services in connection with its asset management activities. Amounts paid to these third-party service providers are generally recorded in professional and outside services expense. The following table presents the components of Firmwide asset management, administration and commissions. Year ended December 31, (in millions) 2019 2018 2017 Asset management fees Investment management fees (a) $ 10,865 $ 10,768 $ 10,434 All other asset management fees (b) 315 270 296 Total asset management fees 11,180 11,038 10,730 Total administration fees (c) 2,197 2,179 2,029 Commissions and other fees Brokerage commissions (d) 2,439 2,505 2,239 All other commissions and fees 1,349 1,396 1,289 Total commissions and fees 3,788 3,901 3,528 Total asset management, administration and commissions $ 17,165 $ 17,118 $ 16,287 (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. These fees are recorded as revenue at the time the service is rendered or, in the case of certain distribution fees based on the underlying fund’s asset value and/or investor redemption, recorded over time as the investor remains in the fund or upon investor redemption. (c) Predominantly includes fees for custody, securities lending, funds services and securities clearance. These fees are recorded as revenue over the period in which the related service is provided. (d) Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. Brokerage commissions are collected and recognized as revenue upon occurrence of the client transaction. The Firm reports certain costs paid to third-party clearing houses and exchanges net against commission revenue. Asset management, administration and commissions are earned primarily by AWM, CIB, CCB, and CB. Refer to Note 32 for segment results. Mortgage fees and related income This revenue category primarily reflects CCB’s Home Lending net production and net mortgage servicing revenue. Net production revenue includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Net production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option. Net mortgage servicing revenue includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies. Refer to Note 15 for further information on risk management activities and MSRs. Net interest income from mortgage loans is recorded in interest income. Card income This revenue category includes interchange and other income from credit and debit card transactions, and fees earned from processing card transactions for merchants, both of which are recognized when purchases are made by a cardholder and presented net of certain transaction-related costs. Card income also includes account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12 -month period. Certain Chase credit card products offer the cardholder the ability to earn points based on account activity, which the cardholder can choose to redeem for cash and non-cash rewards. The cost to the Firm related to these proprietary rewards programs varies based on multiple factors including the terms and conditions of the rewards programs, cardholder activity, cardholder reward redemption rates and cardholder reward selections. The Firm maintains a liability for its obligations under its rewards programs and reports the current-period cost as a reduction of card income. Credit card revenue sharing agreements The Firm has contractual agreements with numerous co-brand partners that grant the Firm exclusive rights to issue co-branded credit card products and market them to the customers of such partners. These partners endorse the co-brand credit card programs and provide their customer or member lists to the Firm. The partners may also conduct marketing activities and provide rewards redeemable under their own loyalty programs that the Firm will grant to co-brand credit cardholders based on account activity. The terms of these agreements generally range from five to ten years. The Firm typically makes payments to the co-brand credit card partners based on the cost of partners’ marketing activities and loyalty program rewards provided to credit cardholders, new account originations and sales volumes. Payments to partners based on marketing efforts undertaken by the partners are expensed by the Firm as incurred and reported as marketing expense. Payments for partner loyalty program rewards are reported as a reduction of card income when incurred. Payments to partners based on new credit card account originations are accounted for as direct loan origination costs and are deferred and recognized as a reduction of card income on a straight-line basis over a 12 -month period. Payments to partners based on sales volumes are reported as a reduction of card income when the related interchange income is earned. The following table presents the components of card income: Year ended December 31, 2019 2018 2017 Interchange and merchant processing income $ 20,370 $ 18,808 $ 17,080 Reward costs and partner payments (14,312 ) (13,074 ) (b) (10,820 ) Other card income (a) (754 ) (745 ) (1,827 ) Total card income $ 5,304 $ 4,989 $ 4,433 (a) Predominantly represents account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12 -month period. (b) Includes an adjustment to the credit card rewards liability of approximately $330 million , recorded in the second quarter of 2018. Card income is earned primarily by CCB and CB. Refer to Note 32 for segment results. Refer to Note 18 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: Year ended December 31, 2019 2018 2017 Legal expense/(benefit) $ 239 $ 72 $ (35 ) FDIC-related expense 457 1,239 1,492 |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | Pension and other postretirement employee benefit plans The Firm has various defined benefit pension plans and OPEB plans that provide benefits to its employees in the U.S. and certain non-U.S. locations. The Firm also provides a qualified defined contribution plan in the U.S. and maintains other similar arrangements in certain non-U.S. locations. The principal defined benefit pension plan in the U.S. is a qualified noncontributory plan that provides benefits to substantially all U.S. employees . In connection with changes to the U.S. Retirement Savings Program during the fourth quarter of 2018, the Firm announced that it will freeze the U.S. defined benefit pension plan (the “Plan Freeze”). Commencing on January 1, 2020 (and January 1, 2019 for new hires), new pay credits are directed to the U.S. defined contribution plan. Interest credits on the U.S. defined benefit pension plan will continue to accrue. As a result, a curtailment was triggered and a remeasurement of the U.S. defined benefit pension obligation and plan assets occurred as of November 30, 2018. The plan design change did not have a material impact on the U.S. defined benefit pension plan or the Firm’s Consolidated Financial Statements. The Firm also has defined benefit pension plans that are offered in certain non-U.S. locations based on factors such as eligible compensation, age and/or years of service. It is the Firm’s policy to fund the pension plans in amounts sufficient to meet the requirements under applicable laws. The Firm does not anticipate at this time making any contribution to the U.S. defined benefit pension plan in 2020. The 2020 contributions to the non-U.S. defined benefit pension plans are expected to be $49 million , of which $34 million are contractually required. The Firm also has a number of nonqualified noncontributory defined benefit pension plans that are unfunded. These plans provide supplemental defined pension benefits to certain employees. The Firm offers postretirement medical and life insurance benefits to certain U.S. retirees and postretirement medical benefits to certain qualifying U.S. and U.K. employees . The Firm partially defrays the cost of its U.S. OPEB obligation through corporate-owned life insurance (“COLI”) purchased on the lives of eligible employees and retirees. While the Firm owns the COLI policies, certain COLI proceeds (death benefits, withdrawals and other distributions) may be used only to reimburse the Firm for its net postretirement benefit claim payments and related administrative expense. The Firm has prefunded its U.S. postretirement benefit obligations. The U.K. OPEB plan is unfunded. Pension and OPEB accounting guidance generally requires that the difference between plan assets at fair value and the benefit obligation be measured and recorded on the balance sheet. Plans that are overfunded (excess of plan assets over benefit obligation) are recorded in other assets and plans that are underfunded (excess benefit obligation over plan assets) are recorded in other liabilities. Gains or losses resulting from changes in the benefit obligation and the value of plan assets are recorded in OCI and recognized as part of the net periodic benefit cost over subsequent periods as discussed in the Gains and losses section of this Note. Additionally, benefits earned during the year are reported in compensation expense; all other components of net periodic defined benefit costs are reported in other expense in the Consolidated statements of income. The following table presents the changes in benefit obligations, plan assets, the net funded status, and the pretax pension and OPEB amounts recorded in AOCI on the Consolidated balance sheets for the Firm’s defined benefit pension and OPEB plans , and the weighted-average actuarial annualized assumptions for the projected and accumulated postretirement benefit obligations. As of or for the year ended December 31, Defined benefit OPEB plans (in millions) 2019 2018 2019 2018 Change in benefit obligation Benefit obligation, beginning of year $ (15,512 ) $ (16,700 ) $ (612 ) $ (684 ) Benefits earned during the year (356 ) (354 ) — — Interest cost on benefit obligations (596 ) (556 ) (24 ) (24 ) Plan amendments (5 ) (29 ) — — Plan curtailment — 123 — — Employee contributions (8 ) (7 ) (14 ) (15 ) Net gain/(loss) (1,296 ) (g) 938 (g) (51 ) 40 Benefits paid 820 873 67 69 Plan settlements — 15 — — Foreign exchange impact and other (116 ) 185 (2 ) 2 Benefit obligation, end of year (a) $ (17,069 ) $ (15,512 ) $ (636 ) $ (612 ) Change in plan assets Fair value of plan assets, beginning of year $ 18,052 $ 19,603 $ 2,633 $ 2,757 Actual return on plan assets 2,932 (548 ) 454 (28 ) Firm contributions 80 75 2 2 Employee contributions 8 7 14 15 Benefits paid (820 ) (873 ) (110 ) (113 ) Plan settlements — (15 ) — — Foreign exchange impact and other 121 (197 ) — — Fair value of plan assets, end of year (a)(b) $ 20,373 $ 18,052 $ 2,993 $ 2,633 Net funded status (c)(d) $ 3,304 $ 2,540 $ 2,357 $ 2,021 Accumulated benefit obligation, end of year $ (17,047 ) $ (15,494 ) NA NA Pretax pension and OPEB amounts recorded in AOCI Net gain/(loss) $ (2,260 ) $ (3,134 ) $ 470 $ 184 Prior service credit/(cost) (26 ) (23 ) — — Accumulated other comprehensive income/(loss), pretax, end of year $ (2,286 ) $ (3,157 ) $ 470 $ 184 Weighted-average actuarial assumptions used to determine benefit obligations Discount rate (e) 0.20 - 3.30% 0.60 - 4.30 % 3.20 % 4.20 % Rate of compensation increase (e) 2.25 - 3.00 2.25 – 3.00 NA NA Interest crediting rate (e) 1.78 - 4.65% 1.81 - 4.90% NA NA Health care cost trend rate (f) Assumed for next year NA NA 5.00 5.00 Ultimate NA NA 5.00 5.00 Year when rate will reach ultimate NA NA 2020 2019 (a) At December 31, 2019 and 2018 , included non-U.S. benefit obligations of $(3.8) billion and $(3.3) billion , and plan assets of $4.0 billion and $3.5 billion , respectively, predominantly in the U.K. (b) At December 31, 2019 and 2018 , defined benefit pension plan amounts that were not measured at fair value included $1.3 billion and $340 million , respectively, of accrued receivables, and $1.7 billion and $503 million , respectively, of accrued liabilities. (c) Represents plans with an aggregate overfunded balance of $6.3 billion and $5.1 billion at December 31, 2019 and 2018 , respectively, and plans with an aggregate underfunded balance of $618 million and $547 million at December 31, 2019 and 2018 , respectively. (d) For pension plans with a projected benefit obligation exceeding plan assets, the projected benefit obligation and fair value of plan assets was $1.5 billion and $885 million at December 31, 2019 , respectively and $1.3 billion and $762 million at December 31, 2018 , respectively. For pension plans with an accumulated benefit obligation exceeding plan assets, the accumulated benefit obligation and fair value of plan assets was $1.4 billion and $885 million at December 31, 2019 , respectively, and $1.3 billion and $762 million at December 31, 2018 , respectively. For OPEB plans with a projected benefit obligation exceeding plan assets, the projected benefit obligation was $43 million and $26 million at December 31, 2019 and 2018 , respectively, and they had no plan assets. (e) For the U.S. defined benefit pension plans, the discount rate assumption was 3.30% and 4.30% , and the interest crediting rate was 4.65% and 4.90% , for 2019 and 2018 , respectively. The rate of compensation increase was not applicable to the U.S. plan in 2019 due to the Plan Freeze, and was 2.30% in 2018. The rate of compensation increase presented in the table for 2019 applies to the non-U.S. plans. (f) Excludes participants whose benefits under the plan are capped. (g) At December 31, 2019 and 2018, the gain/(loss) was primarily attributable to the change in the discount rate. Gains and losses For the Firm’s defined benefit pension plans, fair value is used to determine the expected return on plan assets. Amortization of net gains and losses is included in annual net periodic benefit cost if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the projected benefit obligation or the fair value of the plan assets. Any excess is amortized over the average future service period of defined benefit pension plan participants, which for the U.S. defined benefit pension plan is currently eight years and for the non-U.S. defined benefit pension plans is the period appropriate for the affected plan. As a result of the Plan Freeze, beginning in 2020, any excess for the U.S. defined benefit pension plan will be amortized over the average expected lifetime of plan participants which is currently 38 years. In addition, prior service costs are amortized over the average remaining service period of active employees expected to receive benefits under the plan when the prior service cost is first recognized. For the Firm’s OPEB plans, a calculated value that recognizes changes in fair value over a five -year period is used to determine the expected return on plan assets. This value is referred to as the market-related value of assets. Amortization of net gains and losses, adjusted for gains and losses not yet recognized, is included in annual net periodic benefit cost if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the accumulated postretirement benefit obligation or the market-related value of assets. Any excess is amortized over the average expected lifetime of retired participants, which is currently eleven years . 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, and in other comprehensive income for the defined benefit pension and OPEB plans, and the weighted-average annualized actuarial assumptions for the net periodic benefit cost. Pension plans OPEB plans Year ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost Benefits earned during the year $ 356 $ 354 $ 330 $ — $ — $ — Interest cost on benefit obligations 596 556 598 24 24 28 Expected return on plan assets (915 ) (981 ) (968 ) (112 ) (103 ) (97 ) Amortization: Net (gain)/loss 167 103 250 — — — Prior service (credit)/cost 3 (23 ) (36 ) — — — Curtailment (gain)/loss — 21 — — — — Settlement (gain)/loss — 2 2 — — — Net periodic defined benefit cost (a) $ 207 $ 32 $ 176 $ (88 ) $ (79 ) $ (69 ) Other defined benefit pension plans (b) 25 20 24 NA NA NA Total defined benefit plans $ 232 $ 52 $ 200 $ (88 ) $ (79 ) $ (69 ) Total defined contribution plans 952 872 814 NA NA NA Total pension and OPEB cost included in noninterest expense $ 1,184 $ 924 $ 1,014 $ (88 ) $ (79 ) $ (69 ) Changes in plan assets and benefit obligations recognized in other comprehensive income Prior service (credit)/cost arising during the year 5 29 — — — — Net (gain)/loss arising during the year (719 ) 467 (669 ) (286 ) 91 (133 ) Amortization of net loss (167 ) (103 ) (250 ) — — — Amortization of prior service (cost)/credit (3 ) 23 36 — — — Curtailment gain/(loss) — (21 ) — — — — Settlement gain/(loss) — (2 ) (2 ) — — — Foreign exchange impact and other 13 (30 ) 54 — (4 ) — Total recognized in other comprehensive income $ (871 ) $ 363 $ (831 ) $ (286 ) $ 87 $ (133 ) Total recognized in net periodic benefit cost and other comprehensive income $ (664 ) $ 395 $ (655 ) $ (374 ) $ 8 $ (202 ) Weighted-average assumptions used to determine net periodic benefit costs Discount rate (c) 0.60 - 4.30% 0.60 - 4.50 % 0.60 - 4.30 % 4.20 % 3.70 % 4.20 % Expected long-term rate of return on plan assets (c) 0.00 - 5.50 0.70 - 5.50 0.70 - 6.00 4.30 4.00 5.00 Rate of compensation increase (c) 2.25 - 3.00 2.25 - 3.00 2.25 - 3.00 NA NA NA Interest crediting rate (c) 1.81 - 4.90% 1.81- 4.90% 1.81- 4.90% NA NA NA Health care cost trend rate (d) Assumed for next year NA NA NA 5.00 5.00 5.00 Ultimate NA NA NA 5.00 5.00 5.00 Year when rate will reach ultimate NA NA NA 2019 2018 2017 (a) Benefits earned during the year are reported in compensation expense; all other components of net periodic defined benefit costs are reported within other expense in the Consolidated statements of income. (b) Includes various defined benefit pension plans which are individually immaterial. (c) The rate assumptions for the U.S. defined benefit pension plans are at the upper end of the range, except for the rate of compensation increase, which was 2.30% for 2019 , 2018 and 2017 , respectively. (d) Excludes participants whose benefits under the plan are capped. Plan assumptions The Firm’s expected long-term rate of return for defined benefit pension and OPEB plan assets is a blended weighted average, by asset allocation of the projected long-term returns for the various asset classes, taking into consideration local market conditions and the specific allocation of plan assets. Returns on asset classes are developed using a forward-looking approach and are not strictly based on historical returns. Consideration is also given to current market conditions and the short-term portfolio mix of each plan. The discount rate used in determining the benefit obligation under the U.S. defined benefit pension and OPEB plans was provided by the Firm’s actuaries. This rate was selected by reference to the yields on portfolios of bonds with maturity dates and coupons that closely match each of the plan’s projected cash flows. The discount rate for the U.K. defined benefit pension plan represents a rate of appropriate duration from the analysis of yield curves provided by the Firm’s actuaries. At December 31, 2019 , the Firm decreased the discount rates used to determine its benefit obligations for the U.S. defined benefit pension and OPEB plans in light of current market interest rates, which is expected to decrease expense by approximately $69 million in 2020 . The 2020 expected long-term rate of return on U.S. defined benefit pension plan assets and U.S. OPEB plan assets are 4.00% and 4.11% , respectively. The following table represents the effect of a 25-basis point decline in the two listed rates below on estimated 2020 defined benefit pension and OPEB plan expense, as well as the effect on the postretirement benefit obligations. (in millions) Defined benefit pension and OPEB plan expense Benefit obligation Expected long-term rate of return $ 57 NA Discount rate $ 6 $ 544 Investment strategy and asset allocation The assets of the Firm’s defined benefit pension plans are held in various trusts and are invested in well-diversified portfolios of equity and fixed income securities, cash and cash equivalents, and alternative investments. The trust-owned assets of the Firm’s U.S. OPEB plan are invested primarily in fixed income securities. COLI policies used to partially defray the cost of the Firm’s U.S. OPEB plan are invested in separate accounts of an insurance company and are allocated to investments intended to replicate equity and fixed income indices. The investment policies for the assets of the Firm’s defined benefit pension plans are to optimize the risk-return relationship as appropriate to the needs and goals of each plan using a global portfolio of various asset classes diversified by market segment, economic sector, and issuer. Assets are managed by a combination of internal and external investment managers. The Firm regularly reviews the asset allocations and asset managers, as well as other factors that impact the portfolios, which are rebalanced when deemed necessary. Investments held by the plans include financial instruments which are exposed to various risks such as interest rate, market and credit risks. Exposure to a concentration of credit risk is mitigated by the broad diversification of both U.S. and non-U.S. investments. Additionally, the investments in each of the collective investment funds and/or registered investment companies are further diversified into various financial instruments. As of December 31, 2019 , assets held by the Firm’s defined benefit pension and OPEB plans do not include securities issued by JPMorgan Chase or its affiliates, except through indirect exposures through investments in ETFs, mutual funds and collective investment funds managed by third-parties. The plans hold investments that are sponsored or managed by affiliates of JPMorgan Chase in the amount of $3.1 billion and $3.7 billion , as of December 31, 2019 and 2018 , respectively. The following table presents the weighted-average asset allocation of the fair values of total plan assets at December 31 for the years indicated, as well as the respective approved asset allocation ranges by asset class. Defined benefit pension plans (a) OPEB plan (d) Asset % of plan assets Asset % of plan assets December 31, Allocation 2019 2018 Allocation 2019 2018 Asset class Debt securities (b) 42-100% 74 % 48 % 30-70% 60 % 61 % Equity securities 0-40 16 37 30-70 40 39 Real estate 0-6 1 2 — — — Alternatives (c) 0-24 9 13 — — — Total 100 % 100 % 100 % 100 % 100 % 100 % (a) Represents the U.S. defined benefit pension plan only, as that is the most significant plan. (b) Debt securities primarily includes cash and cash equivalents, corporate debt, U.S. federal, state, local and non-U.S. government, asset-backed and mortgage-backed securities. (c) Alternatives primarily include limited partnerships. (d) Represents the U.S. OPEB plan only, as the U.K. OPEB plan is unfunded. Fair value measurement of the plans’ assets and liabilities Refer to Note 2 for information on fair value measurements, including descriptions of level 1, 2, and 3 of the fair value hierarchy and the valuation methods employed by the Firm. Pension and OPEB plan assets and liabilities measured at fair value Defined benefit pension plans 2019 2018 December 31 , (in millions) Level 1 Level 2 Level 3 Total fair value Level 1 Level 2 Level 3 Total fair value Cash and cash equivalents $ 157 $ 1 $ — $ 158 $ 343 $ 1 $ — $ 344 Equity securities 3,240 184 2 3,426 5,342 162 2 5,506 Collective investment funds (a) 265 — — 265 161 — — 161 Limited partnerships (b) 187 — — 187 40 — — 40 Corporate debt securities (c) — 7,090 2 7,092 — 3,540 3 3,543 U.S. federal, state, local and non-U.S. government debt securities 1,790 1,054 — 2,844 1,191 743 — 1,934 Mortgage-backed securities 314 701 4 1,019 82 272 3 357 Derivative receivables — 337 — 337 — 143 — 143 Other (d) 785 132 250 1,167 885 80 302 1,267 Total assets measured at fair value (e) $ 6,738 $ 9,499 $ 258 $ 16,495 $ 8,044 $ 4,941 $ 310 $ 13,295 Derivative payables $ — $ (118 ) $ — $ (118 ) $ — $ (96 ) $ — $ (96 ) Total liabilities measured at fair value (e) $ — $ (118 ) $ — $ (118 ) $ — $ (96 ) $ — $ (96 ) (a) At December 31, 2019 and 2018 , collective investment funds primarily included a mix of short-term investment funds, U.S. and non-U.S. equity investments (including index) and real estate funds. (b) Unfunded commitments to purchase limited partnership investments for the plans were $451 million and $521 million for 2019 and 2018 , respectively. (c) Corporate debt securities include debt securities of U.S. and non-U.S. corporations. (d) Other consists primarily of mutual funds, money market funds and participating annuity contracts. Mutual funds and money market funds are primarily classified within level 1 of the fair value hierarchy given they are valued using market observable prices. Participating annuity contracts are classified within level 3 of the fair value hierarchy due to a lack of market mechanisms for transferring each policy and surrender restrictions. (e) At December 31, 2019 and 2018 , excludes $4.4 billion and $5.0 billion of certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient, which are not required to be classified in the fair value hierarchy, $1.3 billion and $340 million of defined benefit pension plan receivables for investments sold and dividends and interest receivables, $1.7 billion and $479 million of defined benefit pension plan payables for investments purchased, and $25 million and $24 million of other liabilities, respectively. At December 31, 2019 and 2018 , the assets of the U.S. OPEB plan consisted of $562 million and $561 million , respectively, in cash and cash equivalents, corporate debt securities, U.S. federal, state, local and non-U.S. government debt securities and other assets classified in level 1 and level 2 of the valuation hierarchy and $2.4 billion and $2.1 billion , respectively, of COLI policies classified in level 3 of the valuation hierarchy. Changes in level 3 fair value measurements using significant unobservable inputs (in millions) Fair value, Beginning balance Actual return on plan assets Purchases, sales and settlements, net (b) Transfers in and/or out of level 3 Fair value, Ending balance Realized gains/(losses) Unrealized gains/(losses) (b) Year ended December 31, 2019 U.S. defined benefit pension plan Annuity contracts and other (a) $ 310 $ — $ 31 $ (85 ) $ 2 $ 258 U.S. OPEB plan COLI policies $ 2,072 $ — $ 401 $ (42 ) $ — $ 2,431 Year ended December 31, 2018 U.S. defined benefit pension plan Annuity contracts and other (a) $ 310 $ — $ — $ (1 ) $ 1 $ 310 U.S. OPEB plan COLI policies $ 2,157 $ — $ (42 ) $ (43 ) $ — $ 2,072 (a) Substantially all are participating annuity contracts. (b) The prior period amounts have been revised to conform with the current period presentation. Estimated future benefit payments The following table presents benefit payments expected to be paid, which include the effect of expected future service, for the years indicated. The OPEB medical and life insurance payments are net of expected retiree contributions. Year ended December 31, (in millions) Defined benefit pension plans OPEB before Medicare Part D subsidy Medicare Part D subsidy 2020 $ 1,030 $ 59 $ 1 2021 1,020 57 1 2022 1,020 54 — 2023 980 52 — 2024 970 50 — Years 2025–2029 4,613 211 1 |
Employee Share-Based Incentives
Employee Share-Based Incentives | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Employee Share-Based Incentives | Employee share-based incentives Employee share-based awards In 2019 , 2018 and 2017 , JPMorgan Chase granted long-term share-based awards to certain employees under its LTIP, as amended and restated effective May 15, 2018. Under the terms of the LTIP, as of December 31, 2019 , 75 million shares of common stock were available for issuance through May 2022. The LTIP is the only active plan under which the Firm is currently granting share-based incentive awards. In the following discussion, the LTIP, plus prior Firm plans and plans assumed as the result of acquisitions, are referred to collectively as the “LTI Plans,” and such plans constitute the Firm’s share-based incentive plans. RSUs are awarded at no cost to the recipient upon their grant. Generally, RSUs are granted annually and vest at a rate of 50% after two years and 50% after three years and are converted into shares of common stock as of the vesting date. In addition, RSUs typically include full-career eligibility provisions, which allow employees to continue to vest upon voluntary termination based on age or service-related requirements, subject to post-employment and other restrictions. All RSU awards are subject to forfeiture until vested and contain clawback provisions that may result in cancellation under certain specified circumstances. Predominantly all RSUs entitle the recipient to receive cash payments equivalent to any dividends paid on the underlying common stock during the period the RSUs are outstanding . Performance share units (“PSUs”) are granted annually, and approved by the Firm’s Board of Directors, to members of the Firm’s Operating Committee under the variable compensation program. PSUs are subject to the Firm’s achievement of specified performance criteria over a three-year period. The number of awards that vest can range from zero to 150% of the grant amount. In addition, dividends that accrue during the vesting period are reinvested in dividend equivalent share units. PSUs and the related dividend equivalent share units are converted into shares of common stock after vesting. Once the PSUs and dividend equivalent share units have vested, the shares of common stock that are delivered, after applicable tax withholding, must be held for an additional two-year period, for a total combined vesting and holding period of approximately five to eight years from the grant date depending on regulations in certain countries. Under the LTI Plans, stock appreciation rights (“SARs”) and stock options have generally been granted with an exercise price equal to the fair value of JPMorgan Chase’s common stock on the grant date. SARs and stock options generally expire ten years after the grant date. There were no material grants of employee SARs or stock options in 2019, 2018 and 2017. The Firm separately recognizes compensation expense for each tranche of each award, net of estimated forfeitures, as if it were a separate award with its own vesting date. Generally, for each tranche granted, compensation expense is recognized on a straight-line basis from the grant date until the vesting date of the respective tranche, provided that the employees will not become full-career eligible during the vesting period. For awards with full-career eligibility provisions and awards granted with no future substantive service requirement, the Firm accrues the estimated value of awards expected to be awarded to employees as of the grant date without giving consideration to the impact of post-employment restrictions. For each tranche granted to employees who will become full-career eligible during the vesting period, compensation expense is recognized on a straight-line basis from the grant date until the earlier of the employee’s full-career eligibility date or the vesting date of the respective tranche. The Firm’s policy for issuing shares upon settlement of employee share-based incentive awards is to issue either new shares of common stock or treasury shares. During 2019 , 2018 and 2017 , the Firm settled all of its employee share-based awards by issuing treasury shares. Refer to Note 23 for further information on the classification of share-based awards for purposes of calculating earnings per share. RSUs, PSUs, employee SARs and stock options activity Generally, compensation expense for RSUs and PSUs is measured based on the number of units granted multiplied by the stock price at the grant date, and for employee SARs and stock options, is measured at the grant date using the Black-Scholes valuation model. Compensation expense for these awards is recognized in net income as described previously. The following table summarizes JPMorgan Chase ’s RSUs, PSUs, employee SARs and stock options activity for 2019 . RSUs/PSUs SARs/Options Year ended December 31, 2019 Number of units Weighted-average grant date fair value Number of awards Weighted-average exercise price Weighted-average remaining contractual life (in years) Aggregate intrinsic value (in thousands, except weighted-average data, and where otherwise stated) Outstanding, January 1 58,809 $ 85.04 12,463 $ 41.46 Granted 23,811 99.79 18 111.01 Exercised or vested (28,754 ) 69.98 (6,923 ) 41.50 Forfeited (1,627 ) 98.58 — — Canceled NA NA (31 ) 89.71 Outstanding, December 31 52,239 $ 99.62 5,527 $ 41.36 1.9 $ 539,071 Exercisable, December 31 NA NA 5,522 41.29 1.9 538,971 The total fair value of RSUs that vested during the years ended December 31, 2019 , 2018 and 2017 , was $2.9 billion , $ 3.6 billion and $2.9 billion , respectively. The total intrinsic value of options exercised during the years ended December 31, 2019 , 2018 and 2017 , was $503 million , $370 million and $651 million , respectively. Compensation expense The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income. Year ended December 31, (in millions) 2019 2018 2017 Cost of prior grants of RSUs, PSUs, SARs and employee stock options that are amortized over their applicable vesting periods $ 1,141 $ 1,241 $ 1,125 Accrual of estimated costs of share-based awards to be granted in future periods including those to full-career eligible employees 1,115 1,081 945 Total noncash compensation expense related to employee share-based incentive plans $ 2,256 $ 2,322 $ 2,070 At December 31, 2019 , approximately $693 million (pretax) of compensation expense related to unvested awards had not yet been charged to net income. That cost is expected to be amortized into compensation expense over a weighted-average period of 1.6 years. The Firm does not capitalize any compensation expense related to share-based compensation awards to employees. Tax benefits Excess tax benefits (including tax benefits from dividends or dividend equivalents) on share-based payment awards are recognized within income tax expense in the Consolidated statements of income. Income tax benefits related to share-based incentive arrangements recognized in the Firm’s Consolidated statements of income for the years ended December 31, 2019 , 2018 and 2017 , were $895 million , $1.1 billion and $1.0 billion , respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 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 December 31, 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). The Firm’s internal risk ratings generally align with the qualitative characteristics (e.g., borrower capacity to meet financial commitments and vulnerability to changes in the economic environment) defined by S&P and Moody’s, however the quantitative characteristics (e.g., PDs and LGDs) may differ as they reflect internal historical experiences and assumptions. AFS securities are carried at fair value on the Consolidated balance sheets. Unrealized gains and losses, after any applicable hedge accounting adjustments, are reported as net increases or decreases to AOCI. The specific identification method is used to determine realized gains and losses on AFS securities, which are included in securities gains/(losses) on the Consolidated statements of income. HTM debt securities, which the Firm has the intent and ability to hold until maturity, are carried at amortized cost on the Consolidated balance sheets. For both AFS and HTM debt securities, purchase discounts or premiums are generally amortized into interest income on a level-yield basis over the contractual life of the security. However, premiums on certain callable debt securities are amortized to the earliest call date. During the fourth quarter of 2019, the Firm transferred $6.2 billion of collateralized loan obligations from AFS to HTM for capital management purposes. These securities were transferred at fair value in a non-cash transaction. The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. 2019 2018 December 31, (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) $ 107,811 $ 2,395 $ 89 $ 110,117 $ 69,026 $ 594 $ 974 $ 68,646 Residential: U.S 10,223 233 6 10,450 5,877 79 31 5,925 Non-U.S. 2,477 64 1 2,540 2,529 72 6 2,595 Commercial 5,137 64 13 5,188 6,758 43 147 6,654 Total mortgage-backed securities 125,648 2,756 109 128,295 84,190 788 1,158 83,820 U.S. Treasury and government agencies 139,162 449 175 139,436 55,771 366 78 56,059 Obligations of U.S. states and municipalities 27,693 2,118 1 29,810 36,221 1,582 80 37,723 Certificates of deposit 77 — — 77 75 — — 75 Non-U.S. government debt securities 21,427 377 17 21,787 23,771 351 20 24,102 Corporate debt securities 823 22 — 845 1,904 23 9 1,918 Asset-backed securities: Collateralized loan obligations 25,038 9 56 24,991 19,612 1 176 19,437 Other 5,438 40 20 5,458 7,225 57 22 7,260 Total available-for-sale securities 345,306 5,771 378 350,699 228,769 3,168 1,543 230,394 Held-to-maturity securities Mortgage-backed securities: U.S. GSEs and government agencies (a) 36,523 1,165 62 37,626 26,610 134 200 26,544 Total mortgage-backed securities 36,523 1,165 62 37,626 26,610 134 200 26,544 U.S. Treasury and government agencies 51 — 1 50 — — — — Obligations of U.S. states and municipalities 4,797 299 — 5,096 4,824 105 15 4,914 Asset-backed securities: Collateralized loan obligations 6,169 — — 6,169 — — — — Total held-to-maturity securities 47,540 1,464 63 48,941 31,434 239 215 31,458 Total investment securities $ 392,846 $ 7,235 $ 441 $ 399,640 $ 260,203 $ 3,407 $ 1,758 $ 261,852 (a) Includes AFS U.S. GSE obligations with fair values of $78.5 billion and $50.7 billion , and HTM U.S. GSE obligations with amortized cost of $31.6 billion and $20.9 billion , at December 31, 2019 and 2018 , respectively. As of December 31, 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 were $69.4 billion and $71.4 billion , and $38.7 billion and $39.6 billion , respectively. Investment securities impairment The following tables present the fair value and gross unrealized losses for investment securities by aging category at December 31, 2019 and 2018 . Investment securities with gross unrealized losses Less than 12 months 12 months or more December 31, 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 $ 16,966 $ 53 $ 3,058 $ 36 $ 20,024 $ 89 Residential: U.S 1,072 3 423 3 1,495 6 Non-U.S. 13 — 420 1 433 1 Commercial 1,287 12 199 1 1,486 13 Total mortgage-backed securities 19,338 68 4,100 41 23,438 109 U.S. Treasury and government agencies 23,003 145 5,695 30 28,698 175 Obligations of U.S. states and municipalities 186 1 — — 186 1 Certificates of deposit 77 — — — 77 — Non-U.S. government debt securities 3,970 13 1,406 4 5,376 17 Corporate debt securities — — — — — — Asset-backed securities: Collateralized loan obligations 10,364 11 7,756 45 18,120 56 Other 1,639 9 753 11 2,392 20 Total available-for-sale securities 58,577 247 19,710 131 78,287 378 Held-to-maturity securities Mortgage-backed securities: U.S. GSEs and government agencies 5,186 62 81 — 5,267 62 Total mortgage-backed securities 5,186 62 81 — 5,267 62 U.S. Treasury and government agencies 50 1 — — 50 1 Obligations of U.S. states and municipalities — — — — — — Asset-backed securities: Collateralized loan obligations 3,421 — 1,375 — 4,796 — Total held-to-maturity securities 8,657 63 1,456 — 10,113 63 Total investment securities with gross unrealized losses $ 67,234 $ 310 $ 21,166 $ 131 $ 88,400 $ 441 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 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 AFS and HTM debt securities in unrealized loss positions are analyzed as part of the Firm’s ongoing assessment of OTTI. The Firm considers a decline in fair value to be other-than-temporary when the Firm does not expect to recover the entire amortized cost basis of the security. For AFS debt securities, the Firm recognizes OTTI losses in earnings if the Firm has the intent to sell the debt security, or if it is more likely than not that the Firm will be required to sell the debt security before recovery of its amortized cost basis. In these circumstances the impairment loss is equal to the full difference between the amortized cost basis and the fair value of the securities. For debt securities in an unrealized loss position that the Firm has the intent and ability to hold, the securities are evaluated to determine if a credit loss exists. In the event of a credit loss, only the amount of impairment associated with the credit loss is recognized in income. Amounts relating to factors other than credit losses are recorded in OCI. Factors considered in evaluating potential OTTI include adverse conditions specifically related to the industry, geographic area or financial condition of the issuer or underlying collateral of a security; payment structure of the security; changes to the rating of the security by a rating agency; the volatility of the fair value changes; and the Firm’s intent and ability to hold the security until recovery. The Firm’s cash flow evaluations take into account the factors noted above and expectations of relevant market and economic data as of the end of the reporting period. When assessing securities issued in a securitization for OTTI, the Firm estimates cash flows considering underlying loan-level data and structural features of the securitization, such as subordination, excess spread, overcollateralization or other forms of credit enhancement, and compares the losses projected for the underlying collateral (“pool losses”) against the level of credit enhancement in the securitization structure to determine whether these features are sufficient to absorb the pool losses, or whether a credit loss exists. The Firm also performs other analyses to support its cash flow projections, such as first-loss analyses or stress scenarios. For beneficial interests in securitizations that are rated below “AA” at their acquisition, or that can be contractually prepaid or otherwise settled in such a way that the Firm would not recover substantially all of its recorded investment, the Firm considers an impairment to be other-than-temporary when there is an adverse change in expected cash flows. 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 December 31, 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 year ended December 31, 2019 . Based on its assessment, the Firm believes that the investment securities with an unrealized loss in AOCI as of December 31, 2019 , are not other-than-temporarily impaired. Investment securities gains and losses The following table presents realized gains and losses and OTTI from AFS securities that were recognized in income. Year ended December 31, 2019 2018 2017 Realized gains $ 650 $ 211 $ 1,013 Realized losses (392 ) (606 ) (1,072 ) OTTI losses (a) — — (7 ) Net investment securities gains/(losses) 258 (395 ) (66 ) (a) Represents OTTI losses recognized in income on investment securities the Firm intends to sell. Excludes realized losses on securities sold of $22 million and $6 million for the years ended December 31, 2018 and 2017 , respectively, 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 years ended December 31, 2019 , 2018 and 2017 . Contractual maturities and yields The following table presents the amortized cost and estimated fair value at December 31, 2019 , of JPMorgan Chase ’s investment securities portfolio by contractual maturity. By remaining maturity December 31, 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 $ 1 $ 58 $ 11,073 $ 114,516 $ 125,648 Fair value 1 58 11,251 116,985 128,295 Average yield (a) 1.99 % 2.78 % 2.76 % 3.40 % 3.34 % U.S. Treasury and government agencies Amortized cost $ 10,687 $ 92,805 $ 26,353 $ 9,317 $ 139,162 Fair value 10,700 93,039 26,446 9,251 139,436 Average yield (a) 1.82 % 1.84 % 1.90 % 1.98 % 1.86 % Obligations of U.S. states and municipalities Amortized cost $ 123 $ 193 $ 825 $ 26,552 $ 27,693 Fair value 124 202 883 28,601 29,810 Average yield (a) 4.13 % 4.68 % 5.28 % 4.86 % 4.87 % Certificates of deposit Amortized cost $ 77 $ — $ — $ — $ 77 Fair value 77 — — — 77 Average yield (a) 0.50 % — % — % — % 0.50 % Non-U.S. government debt securities Amortized cost $ 6,672 $ 11,544 $ 2,898 $ 313 $ 21,427 Fair value 6,682 11,791 3,001 313 21,787 Average yield (a) 2.17 % 1.84 % 1.29 % 1.67 % 1.87 % Corporate debt securities Amortized cost $ 205 $ 206 $ 412 $ — $ 823 Fair value 207 212 426 — 845 Average yield (a) 4.49 % 4.14 % 3.50 % — % 3.91 % Asset-backed securities Amortized cost $ 17 $ 2,352 $ 7,184 $ 20,923 $ 30,476 Fair value 17 2,353 7,177 20,902 30,449 Average yield (a) 0.62 % 2.78 % 2.86 % 2.77 % 2.79 % Total available-for-sale securities Amortized cost $ 17,782 $ 107,158 $ 48,745 $ 171,621 $ 345,306 Fair value 17,808 107,655 49,184 176,052 350,699 Average yield (a) 1.99 % 1.87 % 2.27 % 3.47 % 2.73 % Held-to-maturity securities Mortgage-backed securities Amortized Cost $ — $ — $ 5,850 $ 30,673 $ 36,523 Fair value — — 6,114 31,512 37,626 Average yield (a) — % — % 3.06 % 3.10 % 3.10 % U.S. Treasury and government agencies Amortized cost $ — $ 51 $ — $ — $ 51 Fair value — 50 — — 50 Average yield (a) — % 1.47 % — % — % 1.47 % Obligations of U.S. states and municipalities Amortized cost $ — $ — $ 99 $ 4,698 $ 4,797 Fair value — — 106 4,990 5,096 Average yield (a) — % — % 3.91 % 4.04 % 4.04 % Asset-backed securities Amortized cost $ — $ — $ 5,296 $ 873 $ 6,169 Fair value — — 5,296 873 6,169 Average yield (a) — % — % 3.19 % 3.11 % 3.18 % Total held-to-maturity securities Amortized cost $ — $ 51 $ 11,245 $ 36,244 $ 47,540 Fair value — 50 11,516 37,375 48,941 Average yield (a) — % 1.47 % 3.13 % 3.23 % 3.20 % (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 6 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 | 12 Months Ended |
Dec. 31, 2019 | |
Securities Financing Transactions Disclosures [Abstract] | |
Securities Financing Activities | Securities financing activities JPMorgan Chase enters into resale, repurchase, securities borrowed and securities loaned agreements (collectively, “securities financing agreements”) primarily to finance the Firm’s inventory positions, acquire securities to cover short sales, accommodate customers’ financing needs, settle other securities obligations and to deploy the Firm’s excess cash. Securities financing agreements are treated as collateralized financings on the Firm’s Consolidated balance sheets. Resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased. Securities borrowed and securities loaned agreements are generally carried at the amount of cash collateral advanced or received. Where appropriate under applicable accounting guidance, securities financing agreements with the same counterparty are reported on a net basis. Refer to Note 1 for further discussion of the offsetting of assets and liabilities. Fees received and paid in connection with securities financing agreements are recorded over the life of the agreement in interest income and interest expense on the Consolidated statements of income. The Firm has elected the fair value option for certain securities financing agreements. Refer to Note 3 for further information regarding the fair value option. The securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements, securities loaned or sold under repurchase agreements, and securities borrowed on the Consolidated balance sheets. Generally, for agreements carried at fair value, current-period interest accruals are recorded within interest income and interest expense, with changes in fair value reported in principal transactions revenue. However, for financial instruments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments, all changes in fair value, including any interest elements, are reported in principal transactions revenue. Securities financing agreements expose the Firm primarily to credit and liquidity risk. To manage these risks, the Firm monitors the value of the underlying securities (predominantly high-quality securities collateral, including government-issued debt and U.S. GSEs and government agencies MBS) that it has received from or provided to its counterparties compared to the value of cash proceeds and exchanged collateral, and either requests additional collateral or returns securities or collateral when appropriate. Margin levels are initially established based upon the counterparty, the type of underlying securities, and the permissible collateral, and are monitored on an ongoing basis. In resale and securities borrowed agreements, the Firm is exposed to credit risk to the extent that the value of the securities received is less than initial cash principal advanced and any collateral amounts exchanged. In repurchase and securities loaned agreements, credit risk exposure arises to the extent that the value of underlying securities advanced exceeds the value of the initial cash principal received, and any collateral amounts exchanged. Additionally, the Firm typically enters into master netting agreements and other similar arrangements with its counterparties, which provide for the right to liquidate the underlying securities and any collateral amounts exchanged in the event of a counterparty default. It is also the Firm’s policy to take possession, where possible, of the securities underlying resale and securities borrowed agreements. Refer to Note 29 for further information regarding assets pledged and collateral received in securities financing agreements. As a result of the Firm’s credit risk mitigation practices with respect to resale and securities borrowed agreements as described above, the Firm did not hold any reserves for credit impairment with respect to these agreements as of December 31, 2019 and 2018. The table below summarizes the gross and net amounts of the Firm’s securities financing agreements, as of December 31, 2019 and 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. 2019 December 31, (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) Assets Securities purchased under resale agreements $ 628,609 $ (379,463 ) $ 249,146 $ (233,818 ) $ 15,328 Securities borrowed 166,718 (26,960 ) 139,758 (104,990 ) 34,768 Liabilities Securities sold under repurchase agreements $ 555,172 $ (379,463 ) $ 175,709 $ (151,566 ) $ 24,143 Securities loaned and other (a) 36,649 (26,960 ) 9,689 (9,654 ) 35 2018 December 31, (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) 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 $3.7 billion and $3.3 billion at December 31, 2019 and 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) 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. (c) 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 December 31, 2019 and 2018 , included $11.0 billion and $7.9 billion , respectively, of securities purchased under resale agreements; $31.9 billion and $30.3 billion , respectively, of securities borrowed; $22.7 billion and $21.5 billion , respectively, of securities sold under repurchase agreements; and $7 million and $25 million , respectively, of securities loaned and other. The tables below present as of December 31, 2019 and 2018 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance 2019 2018 December 31, (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 $ 34,119 $ — $ 34,311 (a) $ — Residential - nonagency 1,239 — 2,165 — Commercial - nonagency 1,612 — 1,390 — U.S. Treasury, GSEs and government agencies 334,398 29 317,578 (a) 69 Obligations of U.S. states and municipalities 1,181 — 1,150 — Non-U.S. government debt 145,548 1,528 154,900 4,313 Corporate debt securities 13,826 1,580 13,898 428 Asset-backed securities 1,794 — 3,867 — Equity securities 21,455 33,512 12,328 28,890 Total $ 555,172 $ 36,649 $ 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 2019 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 225,134 $ 199,870 $ 57,305 $ 72,863 $ 555,172 Total securities loaned and other 32,028 1,706 937 1,978 36,649 Remaining contractual maturity of the agreements Overnight and continuous Greater than 90 days 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 December 31, 2019 and 2018 , the Firm held $743 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 | 12 Months Ended |
Dec. 31, 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 The following provides a detailed accounting discussion of these loan categories: Loans held-for-investment (other than PCI loans) Originated or purchased loans held-for-investment, other than PCI loans, are recorded at the principal amount outstanding, net of the following: charge-offs; interest applied to principal (for loans accounted for on the cost recovery method); unamortized discounts and premiums; and net deferred loan fees or costs. Credit card loans also include billed finance charges and fees net of an allowance for uncollectible amounts. Interest income Interest income on performing loans held-for-investment, other than PCI loans, is accrued and recognized as interest income at the contractual rate of interest. Purchase price discounts or premiums, as well as net deferred loan fees or costs, are amortized into interest income over the contractual life of the loan as an adjustment of yield. Nonaccrual loans Nonaccrual loans are those on which the accrual of interest has been suspended. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status and considered nonperforming when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more, unless the loan is both well-secured and in the process of collection. A loan is determined to be past due when the minimum payment is not received from the borrower by the contractually specified due date or for certain loans (e.g., residential real estate loans), when a monthly payment is due and unpaid for 30 days or more. Finally, collateral-dependent loans are typically maintained on nonaccrual status. On the date a loan is placed on nonaccrual status, all interest accrued but not collected is reversed against interest income. In addition, the amortization of deferred amounts is suspended. Interest income on nonaccrual loans may be recognized as cash interest payments are received (i.e., on a cash basis) if the recorded loan balance is deemed fully collectible; however, if there is doubt regarding the ultimate collectibility of the recorded loan balance, all interest cash receipts are applied to reduce the carrying value of the loan (the cost recovery method). For consumer loans, application of this policy typically results in the Firm recognizing interest income on nonaccrual consumer loans on a cash basis. A loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, the terms of the restructured loan. As permitted by regulatory guidance, credit card loans are generally exempt from being placed on nonaccrual status; accordingly, interest and fees related to credit card loans continue to accrue until the loan is charged off or paid in full. The Firm separately establishes an allowance, which reduces loans and is charged to interest income, for the estimated uncollectible portion of accrued and billed interest and fee income on credit card loans. Allowance for loan losses The allowance for loan losses represents the estimated probable credit losses inherent in the held-for-investment loan portfolio at the balance sheet date and is recognized on the balance sheet as a contra asset, which brings the recorded investment to the net carrying value. Changes in the allowance for loan losses are recorded in the provision for credit losses on the Firm’s Consolidated statements of income. Refer to Note 13 for further information on the Firm’s accounting policies for the allowance for loan losses. Charge-offs Consumer loans, other than risk-rated business banking and auto loans, and PCI loans, are generally charged off or charged down to the net realizable value of the underlying collateral (i.e., fair value less costs to sell), with an offset to the allowance for loan losses, upon reaching specified stages of delinquency in accordance with standards established by the FFIEC. Residential real estate loans and non-modified credit card loans are generally charged off no later than 180 days past due. Scored auto and modified credit card loans are charged off no later than 120 days past due. Certain consumer loans will be charged off or charged down to their net realizable value earlier than the FFIEC charge-off standards in certain circumstances as follows: • Loans modified in a TDR that are determined to be collateral-dependent. • Loans to borrowers who have experienced an event that suggests a loss is either known or highly certain are subject to accelerated charge-off standards (e.g., residential real estate and auto loans are charged off within 60 days of receiving notification of a bankruptcy filing). • Auto loans upon repossession of the automobile. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs on government-guaranteed loans. Wholesale loans, risk-rated business banking loans and risk-rated auto loans are charged off when it is highly certain that a loss has been realized, including situations where a loan is determined to be both impaired and collateral-dependent. The determination of whether to recognize a charge-off includes many factors, including the prioritization of the Firm’s claim in bankruptcy, expectations of the workout/restructuring of the loan and valuation of the borrower’s equity or the loan collateral. When a loan is charged down to the estimated net realizable value, the determination of the fair value of the collateral depends on the type of collateral (e.g., securities, real estate). In cases where the collateral is in the form of liquid securities, the fair value is based on quoted market prices or broker quotes. For illiquid securities or other financial assets, the fair value of the collateral is generally estimated using a discounted cash flow model. For residential real estate loans, collateral values are based upon external valuation sources. When it becomes likely that a borrower is either unable or unwilling to pay, the Firm utilizes a broker’s price opinion, appraisal and/or an automated valuation model of the home based on an exterior-only valuation (“exterior opinions”), which is then updated at least every twelve months , or more frequently depending on various market factors. As soon as practicable after the Firm receives the property in satisfaction of a debt (e.g., by taking legal title or physical possession), the Firm generally obtains an appraisal based on an inspection that includes the interior of the home (“interior appraisals”). Exterior opinions and interior appraisals are discounted based upon the Firm’s experience with actual liquidation values as compared with the estimated values provided by exterior opinions and interior appraisals, considering state-specific factors. For commercial real estate loans, collateral values are generally based on appraisals from internal and external valuation sources. Collateral values are typically updated every six to twelve months , either by obtaining a new appraisal or by performing an internal analysis, in accordance with the Firm’s policies. The Firm also considers both borrower- and market-specific factors, which may result in obtaining appraisal updates or broker price opinions at more frequent intervals. Loans held-for-sale Loans held-for-sale are measured at the lower of cost or fair value, with valuation changes recorded in noninterest revenue. For consumer loans, the valuation is performed on a portfolio basis. For wholesale loans, the valuation is performed on an individual loan basis. Interest income on loans held-for-sale is accrued and recognized based on the contractual rate of interest. Loan origination fees or costs and purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred fees or costs and discounts or premiums are an adjustment to the basis of the loan and therefore are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. Because these loans are recognized at the lower of cost or fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. However, loans held-for-sale are subject to the nonaccrual policies described above. Loans at fair value Loans used in a market-making strategy or risk managed on a fair value basis are measured at fair value, with changes in fair value recorded in noninterest revenue. Interest income on these loans is accrued and recognized based on the contractual rate of interest. Changes in fair value are recognized in noninterest revenue. Loan origination fees are recognized upfront in noninterest revenue. Loan origination costs are recognized in the associated expense category as incurred. Because these loans are recognized at fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. However, loans at fair value are subject to the nonaccrual policies described above. Refer to Note 3 for further information on the Firm’s elections of fair value accounting under the fair value option. Refer to Note 2 and Note 3 for further information on loans carried at fair value and classified as trading assets. PCI loans PCI loans held-for-investment are initially measured at fair value. PCI loans have evidence of credit deterioration since the loan’s origination date and therefore it is probable, at acquisition, that all contractually required payments will not be collected. Because PCI loans are initially measured at fair value, which includes an estimate of future credit losses, no allowance for loan losses related to PCI loans is recorded at the acquisition date. Refer to page 229 of this Note for information on accounting for PCI loans subsequent to their acquisition. Loan classification changes Loans in the held-for-investment portfolio that management decides to sell are transferred to the held-for-sale portfolio at the lower of cost or fair value on the date of transfer. Credit-related losses are charged against the allowance for loan losses; non-credit related losses such as those due to changes in interest rates or foreign currency exchange rates are recognized in noninterest revenue. In the event that management decides to retain a loan in the held-for-sale portfolio, the loan is transferred to the held-for-investment portfolio at the lower of cost or fair value on the date of transfer. These loans are subsequently assessed for impairment based on the Firm’s allowance methodology. Refer to Note 13 for a further discussion of the methodologies used in establishing the Firm’s allowance for loan losses. Loan modifications The Firm seeks to modify certain loans in conjunction with its loss-mitigation activities. Through the modification, JPMorgan Chase grants one or more concessions to a borrower who is experiencing financial difficulty in order to minimize the Firm’s economic loss and avoid foreclosure or repossession of the collateral, and to ultimately maximize payments received by the Firm from the borrower. The concessions granted vary by program and by borrower-specific characteristics, and may include interest rate reductions, term extensions, payment deferrals, principal forgiveness, or the acceptance of equity or other assets in lieu of payments. Such modifications are accounted for and reported as TDRs. A loan that has been modified in a TDR is generally considered to be impaired until it matures, is repaid, or is otherwise liquidated, regardless of whether the borrower performs under the modified terms. In certain limited cases, the effective interest rate applicable to the modified loan is at or above the current market rate at the time of the restructuring. In such circumstances, and assuming that the loan subsequently performs under its modified terms and the Firm expects to collect all contractual principal and interest cash flows, the loan is disclosed as impaired and as a TDR only during the year of the modification; in subsequent years, the loan is not disclosed as an impaired loan or as a TDR so long as repayment of the restructured loan under its modified terms is reasonably assured. Loans, except for credit card loans, modified in a TDR are generally placed on nonaccrual status, although in many cases such loans were already on nonaccrual status prior to modification. These loans may be returned to performing status (the accrual of interest is resumed) if the following criteria are met: (i) the borrower has performed under the modified terms for a minimum of six months and/or six payments, and (ii) the Firm has an expectation that repayment of the modified loan is reasonably assured based on, for example, the borrower’s debt capacity and level of future earnings, collateral values, LTV ratios, and other current market considerations. In certain limited and well-defined circumstances in which the loan is current at the modification date, such loans are not placed on nonaccrual status at the time of modification. Because loans modified in TDRs are considered to be impaired, these loans are measured for impairment using the Firm’s established asset-specific allowance methodology, which considers the expected re-default rates for the modified loans. A loan modified in a TDR generally remains subject to the asset-specific allowance methodology throughout its remaining life, regardless of whether the loan is performing and has been returned to accrual status and/or the loan has been removed from the impaired loans disclosures (i.e., loans restructured at market rates). Refer to Note 13 for further discussion of the methodology used to estimate the Firm’s asset-specific allowance. Foreclosed property The Firm acquires property from borrowers through loan restructurings, workouts, and foreclosures. Property acquired may include real property (e.g., residential real estate, land, and buildings) and commercial and personal property (e.g., automobiles, aircraft, railcars, and ships). The Firm recognizes foreclosed property upon receiving assets in satisfaction of a loan (e.g., by taking legal title or physical possession). For loans collateralized by real property, the Firm generally recognizes the asset received at foreclosure sale or upon the execution of a deed in lieu of foreclosure transaction with the borrower. Foreclosed assets are reported in other assets on the Consolidated balance sheets and initially recognized at fair value less costs to sell. Each quarter the fair value of the acquired property is reviewed and adjusted, if necessary, to the lower of cost or fair value. Subsequent adjustments to fair value are charged/credited to noninterest revenue. Operating expense, such as real estate taxes and maintenance, are charged to other expense. 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 scored 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 for which the wholesale methodology is applied 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 scored 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 loans to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. Refer to Note 14 for more information on SPEs. The following tables summarize the Firm’s loan balances by portfolio segment. December 31, 2019 Consumer, excluding credit card Credit card (a) Wholesale Total (in millions) Retained $ 332,038 $ 168,924 $ 444,639 $ 945,601 (b) Held-for-sale 3,002 — 4,062 7,064 At fair value — — 7,104 7,104 Total $ 335,040 $ 168,924 $ 455,805 $ 959,769 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 those 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 December 31, 2019 and 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 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 1,282 (a)(b) $ — $ 1,291 $ 2,573 Sales 30,484 — 23,435 53,919 Retained loans reclassified to held-for-sale 9,188 — 2,371 11,559 2018 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 2,543 (a)(b) $ — $ 2,354 $ 4,897 Sales 9,984 — 16,741 26,725 Retained loans reclassified to held-for-sale 36 — 2,276 2,312 2017 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 3,461 (a)(b) $ — $ 1,799 $ 5,260 Sales 3,405 — 11,063 14,468 Retained loans reclassified to held-for-sale 6,340 (c) — 1,229 7,569 (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 $16.6 billion , $18.6 billion and $23.5 billion for the years ended December 31, 2019 , 2018 and 2017 , respectively. (c) Includes the Firm’s student loan portfolio which was sold in 2017. 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 was $394 million for the year ended December 31, 2019 . Gains and losses on sales of loans were not material for the years ended December 31, 2018 and 2017 . 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. December 31, (in millions) 2019 2018 Residential real estate – excluding PCI Residential mortgage $ 199,037 $ 231,078 Home equity 23,917 28,340 Other consumer loans Auto 61,522 63,573 Consumer & Business Banking 27,199 26,612 Residential real estate – PCI Home equity 7,377 8,963 Prime mortgage 3,965 4,690 Subprime mortgage 1,740 1,945 Option ARMs 7,281 8,436 Total retained loans $ 332,038 $ 373,637 Delinquency rates are a primary credit quality indicator for consumer loans. Loans that are more than 30 days past due provide an early warning of borrowers who may be experiencing financial difficulties and/or who may be unable or unwilling to repay the loan. As the loan continues to age, it becomes more clear whether the borrower is likely either unable or unwilling to pay. In the case of residential real estate loans, late-stage delinquencies (greater than 150 days past due) are a strong indicator of loans that will ultimately result in a foreclosure or similar liquidation transaction. In addition to delinquency rates, other credit quality indicators for consumer loans vary based on the class of loan, as follows: • For residential real estate loans, including both non-PCI and PCI portfolios, the current estimated LTV ratio, or the combined LTV ratio in the case of junior lien loans, is an indicator of the potential loss severity in the event of default. Additionally, LTV or combined LTV ratios can provide insight into a borrower’s continued willingness to pay, as the delinquency rate of high-LTV loans tends to be greater than that for loans where the borrower has equity in the collateral. The geographic distribution of the loan collateral also provides insight as to the credit quality of the portfolio, as factors such as the regional economy, home price changes and specific events such as natural disasters, will affect credit quality. The borrower’s current or “refreshed” FICO score is a secondary credit quality indicator for certain loans, as FICO scores are an indication of the borrower’s credit payment history. Thus, a loan to a borrower with a low FICO score (less than 660 ) is considered to be of higher risk than a loan to a borrower with a higher FICO score. Further, a loan to a borrower with a high LTV ratio and a low FICO score is at greater risk of default than a loan to a borrower that has both a high LTV ratio and a high FICO score. • For scored auto and scored business banking loans, geographic distribution is an indicator of the credit performance of the portfolio. Similar to residential real estate loans, geographic distribution provides insights into the portfolio performance based on regional economic activity and events. • Risk-rated business banking and auto loans are similar to wholesale loans in that the primary credit quality indicators are the internal risk ratings that are assigned to the loan and whether the loans are considered to be criticized and/or nonaccrual. Risk ratings are reviewed on a regular and ongoing basis by Credit Risk Management and are adjusted as necessary for updated information about borrowers’ ability to fulfill their obligations. Refer to page 234 of this Note for further information about risk-rated wholesale loan 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 December 31, (in millions, except ratios) Residential mortgage Home equity Total residential real estate – excluding PCI 2019 2018 2019 2018 2019 2018 Loan delinquency (a) Current $ 198,024 $ 225,899 $ 23,385 $ 27,611 $ 221,409 $ 253,510 30–149 days past due 604 2,763 336 453 940 3,216 150 or more days past due 409 2,416 196 276 605 2,692 Total retained loans $ 199,037 $ 231,078 $ 23,917 $ 28,340 $ 222,954 $ 259,418 % of 30+ days past due to total retained loans (b) 0.49 % 0.48 % 2.22 % 2.57 % 0.67 % 0.71 % 90 or more days past due and government guarantee d (c) $ 38 $ 2,541 — — $ 38 $ 2,541 Nonaccrual loans 1,618 1,765 1,162 1,323 2,780 3,088 Current estimated LTV ratios (d)(e) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 18 $ 25 $ 4 $ 6 $ 22 $ 31 Less than 660 8 13 1 1 9 14 101% to 125% and refreshed FICO scores: Equal to or greater than 660 31 37 56 111 87 148 Less than 660 35 53 19 38 54 91 80% to 100% and refreshed FICO scores: Equal to or greater than 660 5,013 3,977 606 986 5,619 4,963 Less than 660 207 281 191 326 398 607 Less than 80% and refreshed FICO scores: Equal to or greater than 660 186,972 212,505 19,597 22,632 206,569 235,137 Less than 660 6,001 6,457 2,776 3,355 8,777 9,812 No FICO/LTV available 689 813 667 885 1,356 1,698 U.S. government-guaranteed 63 6,917 — — 63 6,917 Total retained loans $ 199,037 $ 231,078 $ 23,917 $ 28,340 $ 222,954 $ 259,418 Geographic region (f) California $ 66,278 $ 74,759 $ 4,831 $ 5,695 $ 71,109 $ 80,454 New York 25,706 28,847 4,885 5,769 30,591 34,616 Illinois 13,204 15,249 1,788 2,131 14,992 17,380 Texas 12,601 13,769 1,599 1,819 14,200 15,588 Florida 10,454 10,704 1,325 1,575 11,779 12,279 Washington 7,708 8,304 720 869 8,428 9,173 Colorado 7,777 8,140 444 521 8,221 8,661 New Jersey 5,792 7,302 1,394 1,642 7,186 8,944 Massachusetts 5,596 6,574 202 236 5,798 6,810 Arizona 3,929 4,434 932 1,158 4,861 5,592 All other (g) 39,992 52,996 5,797 6,925 45,789 59,921 Total retained loans $ 199,037 $ 231,078 $ 23,917 $ 28,340 $ 222,954 $ 259,418 (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $17 million and $2.8 billion ; 30 – 149 days past due included $20 million and $2.1 billion ; and 150 or more days past due included $26 million and $2.0 billion at December 31, 2019 and 2018 , respectively. (b) At December 31, 2019 and 2018 , residential mortgage loans excluded mortgage loans insured by U.S. government agencies of $46 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 are 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 December 31, 2019 and 2018 , these balances included $34 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 December 31, 2019 and 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 December 31, 2019 . (g) At December 31, 2019 and 2018 , included mortgage loans insured by U.S. government agencies of $63 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 as of December 31, 2019 and 2018 . Total loans Total 30+ day delinquency rate December 31, (in millions except ratios) 2019 2018 2019 2018 HELOCs: (a) Within the revolving period (b) $ 5,488 $ 5,608 0.35 % 0.25 % Beyond the revolving period 8,724 11,286 2.48 2.80 HELOANs 754 1,030 2.52 2.82 Total $ 14,966 $ 17,924 1.70 % 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 provides 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 . December 31, (in millions) Residential mortgage Home equity Total residential real estate – excluding PCI 2019 2018 2019 2018 2019 2018 Impaired loans With an allowance $ 2,851 $ 3,381 $ 1,042 $ 1,151 $ 3,893 $ 4,532 Without an allowance (a) 1,154 1,184 879 907 2,033 2,091 Total impaired loans (b)(c) $ 4,005 $ 4,565 $ 1,921 $ 2,058 $ 5,926 $ 6,623 Allowance for loan losses related to impaired loans $ 52 $ 88 $ 13 $ 45 $ 65 $ 133 Unpaid principal balance of impaired loans (d) 5,438 6,207 3,301 3,531 8,739 9,738 Impaired loans on nonaccrual status (e) 1,367 1,459 965 963 2,332 2,422 (a) Represents collateral-dependent residential real estate loans that are charged off to the fair value of the underlying collateral less costs 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 December 31, 2019 , Chapter 7 residential real estate loans included approximately 9% of residential mortgages and approximately 7% of home equity that were 30 days or more past due. (b) At December 31, 2019 and 2018 , $14 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 modificat |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2019 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses | Allowance for credit losses JPMorgan Chase ’s allowance for loan losses represents management’s estimate of probable credit losses inherent in the Firm’s retained loan portfolio, which consists of the two consumer portfolio segments (primarily scored) and the wholesale portfolio segment (risk-rated). The allowance for loan losses includes a formula-based component, an asset-specific component, and a component related to PCI loans, as described below. Management also estimates an allowance for wholesale and certain consumer lending-related commitments using methodologies similar to those used to estimate the allowance on the underlying loans. The Firm’s policies used to determine its allowance for credit losses are described in the following paragraphs. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowances for loan losses and lending-related commitments in future periods. At least quarterly, the allowance for credit losses is reviewed by the CRO, the CFO and the Controller of the Firm. As of December 31, 2019 , JPMorgan Chase deemed the allowance for credit losses to be appropriate and sufficient to absorb probable credit losses inherent in the portfolio. Formula-based component The formula-based component is based on a statistical calculation to provide for incurred credit losses in all consumer loans and performing risk-rated loans. All loans restructured in TDRs as well as any impaired risk-rated loans have an allowance assessed as part of the asset-specific component, while PCI loans have an allowance assessed as part of the PCI component. Refer to Note 12 for more information on TDRs, Impaired loans and PCI loans. Formula-based component - Consumer loans and certain lending-related commitments The formula-based allowance for credit losses for the consumer portfolio segments is calculated by applying statistical credit loss factors (estimated PD and loss severities) to the recorded investment balances or loan-equivalent amounts of pools of loan exposures with similar risk characteristics over a loss emergence period to arrive at an estimate of incurred credit losses. Estimated loss emergence periods may vary by product and may change over time; management applies judgment in estimating loss emergence periods, using available credit information and trends. In addition, management applies judgment to the statistical loss estimates for each loan portfolio category, using delinquency trends and other risk characteristics to estimate the total incurred credit losses in the portfolio. Management uses additional statistical methods and considers actual portfolio performance, including actual losses recognized on defaulted loans and collateral valuation trends, to review the appropriateness of the primary statistical loss estimate. The economic impact of potential modifications of residential real estate loans is not included in the statistical calculation because of the uncertainty regarding the type and results of such modifications. The statistical calculation is then adjusted to take into consideration model imprecision, external factors and current economic events that have occurred but that are not yet reflected in the factors used to derive the statistical calculation; these adjustments are accomplished in part by analyzing the historical loss experience for each major product segment. However, it is difficult to predict whether historical loss experience is indicative of future loss levels. Management applies judgment in making this adjustment, taking into account uncertainties associated with current macroeconomic and political conditions, quality of underwriting standards, borrower behavior, and other relevant internal and external factors affecting the credit quality of the portfolio. In certain instances, the interrelationships between these factors create further uncertainties. The application of different inputs into the statistical calculation, and the assumptions used by management to adjust the statistical calculation, are subject to management judgment, and emphasizing one input or assumption over another, or considering other inputs or assumptions, could affect the estimate of the allowance for credit losses for the consumer credit portfolio. Overall, the allowance for credit losses for consumer portfolios is sensitive to changes in the economic environment (e.g., unemployment rates), delinquency rates, the realizable value of collateral (e.g., housing prices), FICO scores, borrower behavior and other risk factors. While all of these factors are important determinants of overall allowance levels, changes in the various factors may not occur at the same time or at the same rate, or changes may be directionally inconsistent such that improvement in one factor may offset deterioration in another. In addition, changes in these factors would not necessarily be consistent across all geographies or product types. Finally, it is difficult to predict the extent to which changes in these factors would ultimately affect the frequency of losses, the severity of losses or both. Formula-based component - Wholesale loans and lending-related commitments The Firm’s methodology for determining the allowance for loan losses and the allowance for lending-related commitments involves the early identification of credits that are deteriorating. The formula-based component of the allowance for wholesale loans and lending-related commitments is calculated by applying statistical credit loss factors (estimated PD and LGD) to the recorded investment balances or loan-equivalent over a loss emergence period to arrive at an estimate of incurred credit losses in the portfolio. Estimated loss emergence periods may vary by the funded versus unfunded status of the instrument and may change over time. The Firm assesses the credit quality of a borrower or counterparty and assigns an internal risk rating. Risk ratings are assigned at origination or acquisition, and if necessary, adjusted for changes in credit quality over the life of the exposure. In assessing the risk rating of a particular loan or lending-related commitment, among the factors considered are the obligor’s debt capacity and financial flexibility, the level of the obligor’s earnings, the amount and sources for repayment, the level and nature of contingencies, management strength, and the industry and geography in which the obligor operates. These factors are based on an evaluation of historical and current information and involve subjective assessment and interpretation. Determining risk ratings involves significant judgment; emphasizing one factor over another or considering additional factors could affect the risk rating assigned by the Firm. A PD estimate is determined based on the Firm’s history of defaults over more than one credit cycle. LGD estimate is a judgment-based estimate assigned to each loan or lending-related commitment. The estimate represents the amount of economic loss if the obligor were to default. The type of obligor, quality of collateral, and the seniority of the Firm’s lending exposure in the obligor’s capital structure affect LGD. The Firm applies judgment in estimating PD, LGD, loss emergence period and loan-equivalent used in calculating the allowance for credit losses. Estimates of PD, LGD, loss emergence period and loan-equivalent used are subject to periodic refinement based on any changes to underlying external or Firm- specific historical data. Changes to the time period used for PD and LGD estimates could also affect the allowance for credit losses. The use of different inputs, estimates or methodologies could change the amount of the allowance for credit losses determined appropriate by the Firm. In addition to the statistical credit loss estimates applied to the wholesale portfolio, management applies its judgment to adjust the statistical estimates for wholesale loans and lending-related commitments, taking into consideration model imprecision, external factors and economic events that have occurred but are not yet reflected in the loss factors. Historical experience of both LGD and PD are considered when estimating these adjustments. Factors related to concentrated and deteriorating industries also are incorporated where relevant. These estimates are based on management’s view of uncertainties that relate to current macroeconomic conditions, quality of underwriting standards and other relevant internal and external factors affecting the credit quality of the current portfolio. Asset-specific component The asset-specific component of the allowance relates to loans considered to be impaired, which includes loans that have been modified in TDRs as well as risk-rated loans that have been placed on nonaccrual status. To determine the asset-specific component of the allowance, larger risk-rated loans (primarily loans in the wholesale portfolio segment) are evaluated individually, while smaller loans (both risk-rated and scored) are evaluated as pools using historical loss experience for the respective class of assets. The Firm generally measures the asset-specific allowance as the difference between the recorded investment in the loan and the present value of the cash flows expected to be collected, discounted at the loan’s original effective interest rate. Subsequent changes in impairment are reported as an adjustment to the allowance for loan losses. In certain cases, the asset-specific allowance is determined using an observable market price, and the allowance is measured as the difference between the recorded investment in the loan and the loan’s fair value. Collateral-dependent loans are charged down to the fair value of collateral less costs to sell. For any of these impaired loans, the amount of the asset-specific allowance required to be recorded, if any, is dependent upon the recorded investment in the loan (including prior charge-offs), and either the expected cash flows or fair value of collateral. Refer to Note 12 for more information about charge-offs and collateral-dependent loans. The asset-specific component of the allowance for impaired loans that have been modified in TDRs (including forgone interest, principal forgiveness, as well as other concessions) incorporates the effect of the modification on the loan’s expected cash flows, which considers the potential for redefault. For residential real estate loans modified in TDRs, the Firm develops product-specific probability of default estimates, which are applied at a loan level to compute expected losses. In developing these probabilities of default, the Firm considers the relationship between the credit quality characteristics of the underlying loans and certain assumptions about home prices and unemployment, based upon industry-wide data. The Firm also considers its own historical loss experience to-date based on actual redefaulted modified loans. For credit card loans modified in TDRs, expected losses incorporate projected redefaults based on the Firm’s historical experience by type of modification program. For wholesale loans modified in TDRs, expected losses incorporate management’s expectation of the borrower’s ability to repay under the modified terms. Estimating the timing and amounts of future cash flows is highly judgmental as these cash flow projections rely upon estimates such as loss severities, asset valuations, default rates (including redefault rates on modified loans), the amounts and timing of interest or principal payments (including any expected prepayments) or other factors that are reflective of current and expected market conditions. These estimates are, in turn, dependent on factors such as the duration of current overall economic conditions, industry-, portfolio-, or borrower-specific factors, the expected outcome of insolvency proceedings as well as, in certain circumstances, other economic factors, including the level of future home prices. All of these estimates and assumptions require significant management judgment and certain assumptions are highly subjective. PCI loans In connection with the acquisition of certain PCI loans, which are accounted for as described in Note 12 , the allowance for loan losses for the PCI portfolio is based on quarterly estimates of the amount of principal and interest cash flows expected to be collected over the estimated remaining lives of the loans. These cash flow projections are based on estimates regarding default rates (including redefault rates on modified loans), loss severities, the amounts and timing of prepayments and other factors that are reflective of current and expected future market conditions. These estimates are dependent on assumptions regarding the level of future home prices, and the duration of current overall economic conditions, among other factors. These estimates and assumptions require significant management judgment and certain assumptions are highly subjective. Allowance for credit losses and related information The table below summarizes information about the allowances for loan losses and lending-relating commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. (Table continued on next page) 2019 Year ended December 31, (in millions) 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 Gross charge-offs 963 5,436 411 6,810 Gross recoveries (551 ) (588 ) (42 ) (1,181 ) Net charge-offs 412 4,848 369 5,629 Write-offs of PCI loans (a) 151 — — 151 Provision for loan losses (383 ) 5,348 484 5,449 Other (1 ) (1 ) 11 9 Ending balance at December 31, $ 3,199 $ 5,683 $ 4,241 $ 13,123 Allowance for loan losses by impairment methodology Asset-specific (b) $ 136 $ 477 (c) $ 234 $ 847 Formula-based 2,076 5,206 4,007 11,289 PCI 987 — — 987 Total allowance for loan losses $ 3,199 $ 5,683 $ 4,241 $ 13,123 Loans by impairment methodology Asset-specific $ 6,172 $ 1,452 $ 912 $ 8,536 Formula-based 305,503 167,472 443,727 916,702 PCI 20,363 — — 20,363 Total retained loans $ 332,038 $ 168,924 $ 444,639 $ 945,601 Impaired collateral-dependent loans Net charge-offs $ 57 $ — $ 25 $ 82 Loans measured at fair value of collateral less cost to sell 2,059 — 81 2,140 Allowance for lending-related commitments Beginning balance at January 1, $ 33 $ — $ 1,022 $ 1,055 Provision for lending-related commitments — — 136 136 Other — — — — Ending balance at December 31, $ 33 $ — $ 1,158 $ 1,191 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 102 $ 102 Formula-based 33 — 1,056 1,089 Total allowance for lending-related commitments $ 33 $ — $ 1,158 $ 1,191 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 474 $ 474 Formula-based 51,412 650,720 403,641 1,105,773 Total lending-related commitments $ 51,412 $ 650,720 $ 404,115 $ 1,106,247 (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. (table continued from previous page) 2018 2017 Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total $ 4,579 $ 4,884 $ 4,141 $ 13,604 $ 5,198 $ 4,034 $ 4,544 $ 13,776 1,025 5,011 313 6,349 1,779 4,521 212 6,512 (842 ) (493 ) (158 ) (1,493 ) (634 ) (398 ) (93 ) (1,125 ) 183 4,518 155 4,856 1,145 4,123 119 5,387 187 — — 187 86 — — 86 (63 ) 4,818 130 4,885 613 4,973 (286 ) 5,300 — — (1 ) (1 ) (1 ) — 2 1 $ 4,146 $ 5,184 $ 4,115 $ 13,445 $ 4,579 $ 4,884 $ 4,141 $ 13,604 $ 196 $ 440 (c) $ 297 $ 933 $ 246 $ 383 (c) $ 461 $ 1,090 2,162 4,744 3,818 10,724 2,108 4,501 3,680 10,289 1,788 — — 1,788 2,225 — — 2,225 $ 4,146 $ 5,184 $ 4,115 $ 13,445 $ 4,579 $ 4,884 $ 4,141 $ 13,604 $ 6,874 $ 1,319 $ 1,250 $ 9,443 $ 8,078 $ 1,215 $ 1,867 $ 11,160 342,729 155,297 437,909 935,935 333,899 148,172 401,028 883,099 24,034 — 3 24,037 30,576 — 3 30,579 $ 373,637 $ 156,616 $ 439,162 $ 969,415 $ 372,553 $ 149,387 $ 402,898 $ 924,838 $ 24 $ — $ 21 $ 45 $ 64 $ — $ 31 $ 95 2,080 — 202 2,282 2,133 — 233 2,366 $ 33 $ — $ 1,035 $ 1,068 $ 26 $ — $ 1,052 $ 1,078 — — (14 ) (14 ) 7 — (17 ) (10 ) — — 1 1 — — — — $ 33 $ — $ 1,022 $ 1,055 $ 33 $ — $ 1,035 $ 1,068 $ — $ — $ 99 $ 99 $ — $ — $ 187 $ 187 33 — 923 956 33 — 848 881 $ 33 $ — $ 1,022 $ 1,055 $ 33 $ — $ 1,035 $ 1,068 $ — $ — $ 469 $ 469 $ — $ — $ 731 $ 731 46,066 605,379 387,344 1,038,789 48,553 572,831 369,367 990,751 $ 46,066 $ 605,379 $ 387,813 $ 1,039,258 $ 48,553 $ 572,831 $ 370,098 $ 991,482 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable interest entities Refer to Note 1 on page 151 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. The Firm considers a “sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase –administered asset-backed commercial paper conduit. Line of Business Transaction Type Activity 2019 Form 10-K page references CCB Credit card securitization trusts Securitization of originated credit card receivables 242–243 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 243–245 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 243–245 Multi-seller conduits Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs 245 Municipal bond vehicles Financing of municipal bond investments 245–246 The Firm’s other business segments are also involved with VIEs (both third-party and Firm -sponsored), but to a lesser extent, as follows: • Asset & Wealth Management: AWM sponsors and manages certain funds that are deemed VIEs. As asset manager of the funds, AWM earns a fee based on assets managed; the fee varies with each fund’s investment objective and is competitively priced. For fund entities that qualify as VIEs, AWM’s interests are, in certain cases, considered to be significant variable interests that result in consolidation of the financial results of these entities. • Commercial Banking: CB provides financing and lending-related services to a wide spectrum of clients, including certain third-party-sponsored entities that may meet the definition of a VIE. CB does not control the activities of these entities and does not consolidate these entities. CB’s maximum loss exposure, regardless of whether the entity is a VIE, is generally limited to loans and lending-related commitments which are reported and disclosed in the same manner as any other third-party transaction. • Corporate : Corporate is involved with entities that may meet the definition of VIEs; however these entities are generally subject to specialized investment company accounting, which does not require the consolidation of investments, including VIEs. In addition, Treasury and CIO invest in securities generally issued by third parties which may meet the definition of VIEs (e.g., issuers of asset-backed securities). In general, the Firm does not have the power to direct the significant activities of these entities and therefore does not consolidate these entities. Refer to Note 10 for further information on the Firm’s investment securities portfolio. In addition, CIB also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to page 247 of this Note for more information on the VIEs sponsored by third parties. Significant Firm-sponsored variable interest entities Credit card securitizations CCB’s Card business may securitize originated credit card loans, primarily through the Chase Issuance Trust (the “Trust”). The Firm’s continuing involvement in credit card securitizations includes servicing the receivables, retaining an undivided seller’s interest in the receivables, retaining certain senior and subordinated securities and maintaining escrow accounts. The Firm is considered to be the primary beneficiary of these Firm- sponsored credit card securitization trusts based on the Firm’s ability to direct the activities of these VIEs through its servicing responsibilities and other duties, including making decisions as to the receivables that are transferred into those trusts and as to any related modifications and workouts. Additionally, the nature and extent of the Firm’s other continuing involvement with the trusts, as indicated above, obligates the Firm to absorb losses and gives the Firm the right to receive certain benefits from these VIEs that could potentially be significant. The underlying securitized credit card receivables and other assets of the securitization trusts are available only for payment of the beneficial interests issued by the securitization trusts; they are not available to pay the Firm’s other obligations or the claims of the Firm’s creditors. The agreements with the credit card securitization trusts require the Firm to maintain a minimum undivided interest in the credit card trusts (generally 5% ). As of December 31, 2019 and 2018 , the Firm held undivided interests in Firm- sponsored credit card securitization trusts of $5.3 billion and $15.1 billion , respectively. The Firm maintained an average undivided interest in principal receivables owned by those trusts of approximately 50% and 37% for the years ended December 31, 2019 and 2018 . The Firm did not retain any senior securities and retained $3.0 billion of subordinated securities in certain of its credit card securitization trusts as of both December 31, 2019 and 2018 , respectively. The Firm’s undivided interests in the credit card trusts and securities retained are eliminated in consolidation. 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. 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. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to Securitization activity on page 248 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 248–249 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) December 31, 2019 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 $ 60,348 $ 2,796 $ 48,734 $ 535 $ 625 $ — $ 1,160 Subprime 14,661 — 13,490 7 — — 7 Commercial and other (b) 111,903 — 80,878 785 773 241 1,799 Total $ 186,912 $ 2,796 $ 143,102 $ 1,327 $ 1,398 $ 241 $ 2,966 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2018 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 248–249 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 15 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 5 for further information on derivatives); senior and subordinated securities of $106 million and $94 million , respectively, at December 31, 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 December 31, 2019 and 2018 , 63% 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 $1.1 billion and $1.3 billion of investment-grade, and $72 million and $16 million of noninvestment-grade at December 31, 2019 and 2018 , respectively. The retained interests in commercial and other securitizations trusts consisted of $1.2 billion of investment-grade for both periods, and $575 million and $623 million of noninvestment-grade retained interests at December 31, 2019 and 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. CCB generally retains servicing for all residential mortgage loans it originated or purchased , and for certain mortgage loans purchased by CIB. For securitizations of loans serviced by CCB, the Firm has the power to direct the significant activities of the VIE because it is responsible for decisions related to loan modifications and workouts. CCB may also retain an interest upon securitization. In addition, CIB engages in underwriting and trading activities involving securities issued by Firm -sponsored securitization trusts. As a result, CIB at times retains senior and/or subordinated interests (including residual interests and amounts required to be held pursuant to credit risk retention rules) in residential mortgage securitizations at the time of securitization, and/or reacquires positions in the secondary market in the normal course of business. In certain instances, as a result of the positions retained or reacquired by CIB or held by CCB, when considered together with the servicing arrangements entered into by CCB, the Firm is deemed to be the primary beneficiary of certain securitization trusts. Refer to the table on page 246 of this Note for more information on consolidated residential mortgage securitizations. The Firm does not consolidate residential mortgage securitizations (Firm -sponsored or third-party-sponsored) when it is not the servicer (and therefore does not have the power to direct the most significant activities of the trust) or does not hold a beneficial interest in the trust that could potentially be significant to the trust. Refer to the table on page 246 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. CIB may retain unsold senior and/or subordinated interests (including amounts required to be held pursuant to credit risk retention rules) in commercial mortgage securitizations at the time of securitization but, generally, the Firm does not service commercial loan securitizations. For commercial mortgage securitizations the power to direct the significant activities of the VIE generally is held by the servicer or investors in a specified class of securities (“controlling class”). The Firm generally does not retain an interest in the controlling class in its sponsored commercial mortgage securitization transactions. Refer to the table on page 246 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 The Firm engages in certain re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. These transfers occur in connection with both U.S. GSEs and government agency sponsored VIEs, which are backed by residential mortgages. The Firm’s consolidation analysis is largely dependent on the Firm’s role and interest in the re-securitization trusts. The following table presents the principal amount of securities transferred to re-securitization VIEs. Year ended December 31, 2019 2018 2017 Transfers of securities to VIEs U.S. GSEs and government agencies 25,852 15,532 12,617 Most re-securitizations with which the Firm is involved are client-driven transactions in which a specific client or group of clients is seeking a specific return or risk profile. For these transactions, the Firm has concluded that the decision-making power of the entity is shared between the Firm and its clients, considering the joint effort and decisions in establishing the re-securitization trust and its assets, as well as the significant economic interest the client holds in the re-securitization trust; therefore the Firm does not consolidate the re-securitization VIE. The Firm did no t transfer any private label securities to re-securitization VIEs during 2019, 2018 and 2017, respectively, and retained interests in any such Firm-sponsored VIEs as of December 31, 2019 and 2018 were immaterial. Additionally, the Firm may invest in beneficial interests of third-party-sponsored re-securitizations and generally purchases these interests in the secondary market. In these circumstances, the Firm does not have the unilateral ability to direct the most significant activities of the re-securitization trust, either because it was not involved in the initial design of the trust, or the Firm is involved with an independent third-party sponsor and demonstrates shared power over the creation of the trust; therefore, the Firm does not consolidate the re-securitization VIE. The following table presents information on nonconsolidated re-securitization VIEs. Nonconsolidated re-securitization VIEs December 31, (in millions) 2019 2018 U.S. GSEs and government agencies Interest in VIEs 2,928 3,058 As of December 31, 2019 and 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 Multi-seller conduit entities are separate bankruptcy remote entities that provide secured financing, collateralized by pools of receivables and other financial assets, to customers of the Firm. The conduits fund their financing facilities through the issuance of highly rated commercial paper. The primary source of repayment of the commercial paper is the cash flows from the pools of assets. In most instances, the assets are structured with deal-specific credit enhancements provided to the conduits by the customers (i.e., sellers) or other third parties. Deal-specific credit enhancements are generally structured to cover a multiple of historical losses expected on the pool of assets, and are typically in the form of overcollateralization provided by the seller. The deal-specific credit enhancements mitigate the Firm’s potential losses on its agreements with the conduits. To ensure timely repayment of the commercial paper, and to provide the conduits with funding to provide financing to customers in the event that the conduits do not obtain funding in the commercial paper market, each asset pool financed by the conduits has a minimum 100% deal-specific liquidity facility associated with it provided by JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. also provides the multi-seller conduit vehicles with uncommitted program-wide liquidity facilities and program-wide credit enhancement in the form of standby letters of credit. The amount of program-wide credit enhancement required is based upon commercial paper issuance and approximates 10% of the outstanding balance of commercial paper. The Firm consolidates its Firm -administered multi-seller conduits, as the Firm has both the power to direct the significant activities of the conduits and a potentially significant economic interest in the conduits. As administrative agent and in its role in structuring transactions, the Firm makes decisions regarding asset types and credit quality, and manages the commercial paper funding needs of the conduits. The Firm’s interests that could potentially be significant to the VIEs include the fees received as administrative agent and liquidity and program-wide credit enhancement provider, as well as the potential exposure created by the liquidity and credit enhancement facilities provided to the conduits. Refer to page 246 of this Note for further information on consolidated VIE assets and liabilities. 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 $16.3 billion and $20.1 billion of the commercial paper issued by the Firm -administered multi-seller conduits at December 31, 2019 and 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 $8.9 billion and $8.0 billion at December 31, 2019 and 2018 , respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 28 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. In a typical TOB transaction, the trust purchases highly rated municipal bond(s) of a single issuer and funds the purchase by issuing two types of securities: (1) puttable floating-rate certificates (“floaters”) and (2) inverse floating-rate residual interests (“residuals”). The floaters are typically purchased by money market funds or other short-term investors and may be tendered, with requisite notice, to the TOB trust. The residuals are retained by the investor seeking to finance its municipal bond investment. TOB transactions where the residual is held by a third-party investor are typically known as customer TOB trusts, and non-customer TOB trusts are transactions where the Residual is retained by the Firm. Customer TOB trusts are sponsored by a third party; refer to page 247 of this Note for further information. The Firm serves as sponsor for all non-customer TOB transactions. The Firm may provide various services to a TOB trust, including remarketing agent, liquidity or tender option provider, and/or sponsor. J.P. Morgan Securities LLC may serve as a remarketing agent on the floaters for TOB trusts. The remarketing agent is responsible for establishing the periodic variable rate on the floaters, conducting the initial placement and remarketing tendered floaters. The remarketing agent may, but is not obligated to, make markets in floaters. Floaters held by the Firm were not material during 2019 and 2018 . JPMorgan Chase Bank, N.A. or J.P. Morgan Securities LLC often serves as the sole liquidity or tender option provider for the TOB trusts. The liquidity provider’s obligation to perform is conditional and is limited by certain events (“Termination Events”), which include bankruptcy or failure to pay by the municipal bond issuer or credit enhancement provider, an event of taxability on the municipal bonds or the immediate downgrade of the municipal bond to below investment grade. In addition, the liquidity provider’s exposure is typically further limited by the high credit quality of the underlying municipal bonds, the excess collateralization in the vehicle, or, in certain transactions, the reimbursement agreements with the Residual holders. Holders of the floaters may “put,” or tender, their floaters to the TOB trust. If the remarketing agent cannot successfully remarket the floaters to another investor, the liquidity provider either provides a loan to the TOB trust for the TOB trust’s purchase of the floaters, or it directly purchases the tendered floaters. TOB trusts are considered to be variable interest entities. The Firm consolidates non-customer TOB trusts because as the Residual holder, the Firm has the right to make decisions that significantly impact the economic performance of the municipal bond vehicle, and it has the right to receive benefits and bear losses that could potentially be significant to the municipal bond vehicle. Consolidated VIE assets and liabilities The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of December 31, 2019 and 2018 . Assets Liabilities December 31, 2019 Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total VIE program type Firm-sponsored credit card trusts $ — $ 14,986 $ 266 $ 15,252 $ 6,461 $ 6 $ 6,467 Firm-administered multi-seller conduits 1 25,183 355 25,539 9,223 36 9,259 Municipal bond vehicles 1,903 — 4 1,907 1,881 3 1,884 Mortgage securitization entities (a) 66 2,762 64 2,892 276 130 406 Other 663 — 192 855 — 272 272 Total $ 2,633 $ 42,931 $ 881 $ 46,445 $ 17,841 $ 447 $ 18,288 Assets Liabilities December 31, 2018 Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total 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 . Included in beneficial interests in VIE assets are long-term beneficial interests of $6.7 billion and $13.7 billion at December 31, 2019 and 2018 , respectively. Refer to Note 20 for additional information on interest-bearing long-term beneficial interests. (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 own and operate affordable housing, energy, and other 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 $19.1 billion and $16.5 billion , of which $5.5 billion and $4.0 billion was unfunded at December 31, 2019 and 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 25 for further information on affordable housing tax credits. Refer to Note 28 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 December 31, 2019 and 2018 , was $5.5 billion and $4.8 billion , respectively. The fair value of assets held by such VIEs at December 31, 2019 and 2018 was $8.6 billion and $7.7 billion , respectively. Refer to Note 28 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. The purposes of these securitization transactions were to satisfy investor demand and to generate liquidity for the Firm. For loan securitizations in which the Firm is not required to consolidate the trust, the Firm records the transfer of the loan receivable to the trust as a sale when all of the following accounting criteria for a sale are met: (1) the transferred financial assets are legally isolated from the Firm’s creditors; (2) the transferee or beneficial interest holder can pledge or exchange the transferred financial assets; and (3) the Firm does not maintain effective control over the transferred financial assets (e.g., the Firm cannot repurchase the transferred assets before their maturity and it does not have the ability to unilaterally cause the holder to return the transferred assets). For loan securitizations accounted for as a sale, the Firm recognizes a gain or loss based on the difference between the value of proceeds received (including cash, beneficial interests, or servicing assets received) and the carrying value of the assets sold. Gains and losses on securitizations are reported in noninterest revenue. Securitization activity The following table provides information related to the Firm’s securitization activities for the years ended December 31, 2019 , 2018 and 2017 , 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. 2019 2018 2017 Year ended December 31, (in millions) Residential mortgage (e) Commercial and other (f) Residential mortgage (e) Commercial and other (f) Residential mortgage (e) Commercial and other (f) Principal securitized $ 9,957 $ 9,390 $ 6,431 $ 10,159 $ 5,532 $ 10,252 All cash flows during the period: (a) Proceeds received from loan sales as financial instruments (b)(c) $ 10,238 $ 9,544 $ 6,449 $ 10,218 $ 5,661 $ 10,340 Servicing fees collected (d) 287 2 319 2 338 3 Cash flows received on interests 507 237 411 301 463 918 (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. Key assumptions used to value retained interests originated during the year are shown in the table below. Year ended December 31, 2019 2018 2017 Residential mortgage retained interest: Weighted-average life (in years) 4.8 7.6 4.8 Weighted-average discount rate 7.4 % 3.6 % 2.9 % Commercial mortgage retained interest: Weighted-average life (in years) 6.4 5.3 7.1 Weighted-average discount rate 4.1 % 4.0 % 4.4 % 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 28 for additional information about the Firm’s loan sales- and securitization-related indemnifications. Refer to Note 15 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. Year ended December 31, 2019 2018 2017 Carrying value of loans sold $ 92,349 $ 44,609 $ 64,542 Proc |
Goodwill and Mortgage Servicing
Goodwill and Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Mortgage Servicing Rights | Goodwill and Mortgage servicing rights Goodwill Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate there may be impairment. The goodwill associated with each business combination is allocated to the related reporting units, which are determined based on how the Firm’s businesses are managed and how they are reviewed by the Firm’s Operating Committee. The following table presents goodwill attributed to the business segments. December 31, (in millions) 2019 2018 2017 Consumer & Community Banking $ 31,041 $ 30,984 $ 31,013 Corporate & Investment Bank 6,942 6,770 6,776 Commercial Banking 2,982 2,860 2,860 Asset & Wealth Management 6,858 6,857 6,858 Total goodwill $ 47,823 $ 47,471 $ 47,507 The following table presents changes in the carrying amount of goodwill. Year ended December 31, (in millions) 2019 2018 2017 Balance at beginning of period $ 47,471 $ 47,507 $ 47,288 Changes during the period from: Business combinations (a) 349 — 199 Other (b) 3 (36 ) 20 Balance at December 31, $ 47,823 $ 47,471 $ 47,507 (a) For 2019, represents goodwill associated with the acquisition of InstaMed. This goodwill was allocated to CIB, CB and CCB. For 2017, represents CCB goodwill in connection with an acquisition. (b) Primarily relates to foreign currency adjustments. Goodwill impairment testing The Firm’s goodwill was no t impaired at December 31, 2019 , 2018 , and 2017 . The goodwill impairment test is performed in two steps. In the first step, the current fair value of each reporting unit is compared with its carrying value. If the fair value is in excess of the carrying value, then the reporting unit’s goodwill is considered not to be impaired. If the fair value is less than the carrying value, then a second step is performed. In the second step, the implied current fair value of the reporting unit’s goodwill is determined by comparing the fair value of the reporting unit (as determined in step one) to the fair value of the net assets of the reporting unit, as if the reporting unit were being acquired in a business combination. The resulting implied current fair value of goodwill is then compared with the carrying value of the reporting unit’s goodwill. If the carrying value of the goodwill exceeds its implied current fair value, then an impairment charge is recognized for the excess. If the carrying value of goodwill is less than its implied current fair value, then no goodwill impairment is recognized. The Firm uses the reporting units’ allocated capital plus goodwill and other intangible assets as a proxy for the carrying values of equity for the reporting units in the goodwill impairment testing. Reporting unit equity is determined on a similar basis as the allocation of capital to the LOBs which takes into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Proposed LOB equity levels are incorporated into the Firm’s annual budget process, which is reviewed by the Firm’s Board of Directors. Allocated capital is further reviewed periodically and updated as needed. The primary method the Firm uses to estimate the fair value of its reporting units is the income approach. This approach projects cash flows for the forecast period and uses the perpetuity growth method to calculate terminal values. These cash flows and terminal values are then discounted using an appropriate discount rate. Projections of cash flows are based on the reporting units’ earnings forecasts which are reviewed with senior management of the Firm. The discount rate used for each reporting unit represents an estimate of the cost of equity for that reporting unit and is determined considering the Firm’s overall estimated cost of equity (estimated using the Capital Asset Pricing Model), as adjusted for the risk characteristics specific to each reporting unit (for example, for higher levels of risk or uncertainty associated with the business or management’s forecasts and assumptions). To assess the reasonableness of the discount rates used for each reporting unit management compares the discount rate to the estimated cost of equity for publicly traded institutions with similar businesses and risk characteristics. In addition, the weighted average cost of equity (aggregating the various reporting units) is compared with the Firm’s overall estimated cost of equity to ensure reasonableness. The valuations derived from the discounted cash flow analysis are then compared with market-based trading and transaction multiples for relevant competitors. Trading and transaction comparables are used as general indicators to assess the general reasonableness of the estimated fair values, although precise conclusions generally cannot be drawn due to the differences that naturally exist between the Firm’s businesses and competitor institutions. Management also takes into consideration a comparison between the aggregate fair values of the Firm’s reporting units and JPMorgan Chase’s market capitalization. In evaluating this comparison, management considers several factors, including (i) a control premium that would exist in a market transaction, (ii) factors related to the level of execution risk that would exist at the firmwide level that do not exist at the reporting unit level and (iii) short-term market volatility and other factors that do not directly affect the value of individual reporting units. 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. As permitted by U.S. GAAP, the Firm has elected to account for its MSRs at fair value. The Firm treats its MSRs as a single class of servicing assets based on the availability of market inputs used to measure the fair value of its MSR asset and its treatment of MSRs as one aggregate pool for risk management purposes. The Firm estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Firm’s prepayment model, and then discounts these cash flows at risk-adjusted rates. The model considers portfolio characteristics, contractually specified servicing fees, prepayment assumptions, delinquency rates, costs to service, late charges and other ancillary revenue, and other economic factors. The Firm compares fair value estimates and assumptions to observable market data where available, and also considers recent market activity and actual portfolio experience. The fair value of MSRs is sensitive to changes in interest rates, including their effect on prepayment speeds. MSRs typically decrease in value when interest rates decline because declining interest rates tend to increase prepayments and therefore reduce the expected life of the net servicing cash flows that comprise the MSR asset. Conversely, securities (e.g., mortgage-backed securities), principal-only certificates and certain derivatives (i.e., those for which the Firm receives fixed-rate interest payments) increase in value when interest rates decline. JPMorgan Chase uses combinations of derivatives and securities to manage the risk of changes in the fair value of MSRs. The intent is to offset any interest-rate related changes in the fair value of MSRs with changes in the fair value of the related risk management instruments. The following table summarizes MSR activity for the years ended December 31, 2019 , 2018 and 2017 . As of or for the year ended December 31, (in millions, except where otherwise noted) 2019 2018 2017 Fair value at beginning of period $ 6,130 $ 6,030 $ 6,096 MSR activity: Originations of MSRs 1,384 931 1,103 Purchase of MSRs 105 315 — Disposition of MSRs (a) (789 ) (636 ) (140 ) Net additions 700 610 963 Changes due to collection/realization of expected cash flows (951 ) (740 ) (797 ) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (b) (893 ) 300 (202 ) Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) (333 ) (e) 15 (102 ) Discount rates 153 24 (19 ) Prepayment model changes and other (c) (107 ) (109 ) 91 Total changes in valuation due to other inputs and assumptions (287 ) (70 ) (30 ) Total changes in valuation due to inputs and assumptions (1,180 ) 230 (232 ) Fair value at December 31, $ 4,699 $ 6,130 $ 6,030 Change in unrealized gains/(losses) included in income related to MSRs held at December 31, $ (1,180 ) $ 230 $ (232 ) Contractual service fees, late fees and other ancillary fees included in income 1,639 1,778 1,886 Third-party mortgage loans serviced at December 31, (in billions) 522.0 521.0 555.0 Servicer advances, net of an allowance for uncollectible amounts, at December 31, (in billions) (d) 2.0 3.0 4.0 (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 years ended December 31, 2019 , 2018 and 2017 . Year ended December 31, 2019 2018 2017 CCB mortgage fees and related income Net production revenue $ 1,618 $ 268 $ 636 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 1,533 1,835 2,014 Changes in MSR asset fair value due to collection/realization of expected cash flows (951 ) (740 ) (795 ) Total operating revenue 582 1,095 1,219 Risk management: Changes in MSR asset fair value (a) (893 ) 300 (202 ) Other changes in MSR asset fair value due to other inputs and assumptions in model (b) (287 ) (70 ) (30 ) Change in derivative fair value and other 1,015 (341 ) (10 ) Total risk management (165 ) (111 ) (242 ) Total net mortgage servicing revenue 417 984 977 Total CCB mortgage fees and related income 2,035 1,252 1,613 All other 1 2 3 Mortgage fees and related income $ 2,036 $ 1,254 $ 1,616 (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 December 31, 2019 and 2018 , and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. December 31, (in millions, except rates) 2019 2018 Weighted-average prepayment speed assumption (constant prepayment rate) 11.67 % 8.78 % Impact on fair value of 10% adverse change $ (200 ) $ (205 ) Impact on fair value of 20% adverse change (384 ) (397 ) Weighted-average option adjusted spread (a)(b) 7.93 % 7.87 % Impact on fair value of 100 basis points adverse change $ (169 ) $ (235 ) Impact on fair value of 200 basis points adverse change (326 ) (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. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment Premises and equipment, including leasehold improvements, are carried at cost less accumulated depreciation and amortization. JPMorgan Chase computes depreciation using the straight-line method over the estimated useful life of an asset. For leasehold improvements, the Firm uses the straight-line method computed over the lesser of the remaining term of the leased facility or the estimated useful life of the leased asset. JPMorgan Chase capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life and reviewed for impairment on an ongoing basis. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Deposits | Deposits At December 31, 2019 and 2018 , noninterest-bearing and interest-bearing deposits were as follows. December 31, (in millions) 2019 2018 U.S. offices Noninterest-bearing (included $22,637 and $17,204 at fair value) (a)(b) $ 395,667 $ 386,709 Interest-bearing (included $2,534 and $2,487 at fair value) (a)(b) 876,156 813,881 Total deposits in U.S. offices 1,271,823 1,200,590 Non-U.S. offices Noninterest-bearing (included $1,980 and $2,367 at fair value) (a)(b) 20,087 21,459 Interest-bearing (included $1,438 and $1,159 at fair value) (a)(b) 270,521 248,617 Total deposits in non-U.S. offices 290,608 270,076 Total deposits $ 1,562,431 $ 1,470,666 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for 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. At December 31, 2019 and 2018 , time deposits in denominations of $250,000 or more were as follows. December 31, (in millions) 2019 2018 U.S. offices $ 44,127 $ 25,119 Non-U.S. offices 50,840 41,661 Total $ 94,967 $ 66,780 At December 31, 2019 , the maturities of interest-bearing time deposits were as follows. December 31, 2019 (in millions) U.S. Non-U.S. Total 2020 $ 60,614 $ 49,443 $ 110,057 2021 3,700 123 3,823 2022 709 89 798 2023 175 13 188 2024 534 357 891 After 5 years 301 39 340 Total $ 66,033 $ 50,064 $ 116,097 |
Leases
Leases | 12 Months Ended |
Dec. 31, 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 December 31, 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: December 31, (in millions, except where otherwise noted) 2019 Right-of-use assets $ 8,190 Lease liabilities 8,505 Weighted average remaining lease term (in years) 8.8 Weighted average discount rate 3.68 % Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 1,572 Supplemental non-cash information Right-of-use assets obtained in exchange for operating lease obligations $ 1,413 Year ended December 31, (in millions) 2019 Rental expense Gross rental expense $ 2,057 Sublease rental income (184 ) Net rental expense $ 1,873 The following table presents future payments under operating leases as of December 31, 2019: Year ended December 31, (in millions) 2020 $ 1,604 2021 1,447 2022 1,257 2023 1,081 2024 944 After 2024 3,757 Total future minimum lease payments 10,090 Less: Imputed interest (1,585 ) Total $ 8,505 In addition to the table above, as of December 31, 2019, the Firm had additional future operating lease commitments of $1.2 billion that were signed but had not yet commenced. These operating leases will commence between 2020 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: December 31, (in millions) 2019 2018 Carrying value of assets subject to operating leases, net of accumulated depreciation $ 23,587 $ 21,428 Accumulated depreciation 6,121 5,303 The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income: Year ended December 31, (in millions) 2019 2018 2017 Operating lease income $ 5,455 $ 4,540 $ 3,611 Depreciation expense 4,157 3,522 2,808 The following table presents future receipts under operating leases as of December 31, 2019: Year ended December 31, (in millions) 2020 $ 4,168 2021 2,733 2022 1,025 2023 86 2024 37 After 2024 52 Total future minimum lease receipts $ 8,101 |
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 December 31, 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: December 31, (in millions, except where otherwise noted) 2019 Right-of-use assets $ 8,190 Lease liabilities 8,505 Weighted average remaining lease term (in years) 8.8 Weighted average discount rate 3.68 % Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 1,572 Supplemental non-cash information Right-of-use assets obtained in exchange for operating lease obligations $ 1,413 Year ended December 31, (in millions) 2019 Rental expense Gross rental expense $ 2,057 Sublease rental income (184 ) Net rental expense $ 1,873 The following table presents future payments under operating leases as of December 31, 2019: Year ended December 31, (in millions) 2020 $ 1,604 2021 1,447 2022 1,257 2023 1,081 2024 944 After 2024 3,757 Total future minimum lease payments 10,090 Less: Imputed interest (1,585 ) Total $ 8,505 In addition to the table above, as of December 31, 2019, the Firm had additional future operating lease commitments of $1.2 billion that were signed but had not yet commenced. These operating leases will commence between 2020 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: December 31, (in millions) 2019 2018 Carrying value of assets subject to operating leases, net of accumulated depreciation $ 23,587 $ 21,428 Accumulated depreciation 6,121 5,303 The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income: Year ended December 31, (in millions) 2019 2018 2017 Operating lease income $ 5,455 $ 4,540 $ 3,611 Depreciation expense 4,157 3,522 2,808 The following table presents future receipts under operating leases as of December 31, 2019: Year ended December 31, (in millions) 2020 $ 4,168 2021 2,733 2022 1,025 2023 86 2024 37 After 2024 52 Total future minimum lease receipts $ 8,101 |
Accounts Payable and Other Liab
Accounts Payable and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Other Liabilities | Accounts payable and other liabilities Accounts payable and other liabilities consist of brokerage payables, which includes payables to customers, dealers and clearing organizations, and payables from security purchases that did not settle; accrued expenses, including income tax payables and credit card rewards liability; and all other liabilities, including obligations to return securities received as collateral and litigation reserves. The following table details the components of accounts payable and other liabilities. December 31, (in millions) 2019 2018 Brokerage payables $ 118,375 $ 114,794 Other payables and liabilities (a) 92,032 81,916 Total accounts payable and other liabilities $ 210,407 $ 196,710 (a) Includes credit card rewards liability of $6.4 billion and $5.8 billion at December 31, 2019 and 2018 , respectively. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt JPMorgan Chase issues long-term debt denominated in various currencies, predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income, except for unrealized gains/(losses) due to DVA which are recorded in OCI. The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2019 . By remaining maturity at December 31, (in millions, except rates) 2019 2018 Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 13,580 $ 51,982 $ 95,636 $ 161,198 $ 145,820 Variable rate 2,788 12,708 3,119 18,615 22,978 Interest rates (a) 0.15-4.95% 0.50-4.63% 0.45-6.40% 0.15-6.40% 0.17-6.40% Subordinated debt: Fixed rate $ — $ 5,109 $ 10,046 $ 15,155 $ 14,308 Variable rate — — 9 9 9 Interest rates (a) — % 3.38-3.88% 3.63-8.00% 3.38-8.00% 3.38-8.53% Subtotal $ 16,368 $ 69,799 $ 108,810 $ 194,977 $ 183,115 Subsidiaries Federal Home Loan Banks advances: Fixed rate $ 4 $ 35 $ 96 $ 135 $ 155 Variable rate 9,500 19,000 — 28,500 44,300 Interest rates (a) 1.88-2.18% 1.67-2.24% — % 1.67-2.24% 2.36-2.96% Senior debt: Fixed rate $ 761 $ 6,955 $ 11,881 $ 19,597 $ 16,434 Variable rate 11,650 24,938 9,273 45,861 35,601 Interest rates (a) 7.50 % 2.15-9.43% 1.00-7.50% 1.00-9.43% 1.00-7.50% Subordinated debt: Fixed rate $ — $ 305 $ — $ 305 $ 301 Variable rate — — — — — Interest rates (a) — % 8.25 % — % 8.25 % 8.25 % Subtotal $ 21,915 $ 51,233 $ 21,250 $ 94,398 $ 96,791 Junior subordinated debt: Fixed rate $ — $ — $ 693 $ 693 $ 659 Variable rate — — 1,430 1,430 1,466 Interest rates (a) — % — % 2.41-8.75% 2.41-8.75% 3.04-8.75% Subtotal $ — $ — $ 2,123 $ 2,123 $ 2,125 Total long-term debt (b)(c)(d) $ 38,283 $ 121,032 $ 132,183 $ 291,498 (f)(g) $ 282,031 Long-term beneficial interests: Fixed rate $ 1,621 $ 1,369 $ — $ 2,990 $ 7,611 Variable rate 900 2,572 276 3,748 6,103 Interest rates 1.49-2.19% 0.00-2.77% 0.84-4.06% 0.00-4.06% 0.00-4.62% Total long-term beneficial interests (e) $ 2,521 $ 3,941 $ 276 $ 6,738 $ 13,714 (a) The interest rates shown are the range of contractual rates in effect at December 31, 2019 and 2018 , respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The use of these derivative instruments modifies the Firm’s exposure to the contractual interest rates disclosed in the table above. Including the effects of the hedge accounting derivatives, the range of modified rates in effect at December 31, 2019 , for total long-term debt was (0.02)% to 9.43% , versus the contractual range of 0.15% to 9.43% presented in the table above. The interest rate ranges shown exclude structured notes accounted for at fair value. (b) Included long-term debt of $32.0 billion and $47.7 billion secured by assets totaling $186.1 billion and $207.0 billion at December 31, 2019 and 2018 , respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $75.7 billion and $54.9 billion of long-term debt accounted for at fair value at December 31, 2019 and 2018 , respectively. (d) Included $13.6 billion and $11.2 billion of outstanding zero-coupon notes at December 31, 2019 and 2018 , respectively. The aggregate principal amount of these notes at their respective maturities is $39.3 billion and $37.4 billion , respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included $36 million and $28 million accounted for at fair value at December 31, 2019 and 2018 , respectively. Excluded short-term commercial paper and other short-term beneficial interests of $11.1 billion and $6.5 billion at December 31, 2019 and 2018 , respectively. (f) At December 31, 2019 , long-term debt in the aggregate of $141.3 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (g) The aggregate carrying values of debt that matures in each of the five years subsequent to 2019 is $38.3 billion in 2020 , $45.8 billion in 2021 , $19.6 billion in 2022 , $29.7 billion in 2023 and $25.9 billion in 2024 . The weighted-average contractual interest rates for total long-term debt excluding structured notes accounted for at fair value were 3.13% and 3.28% as of December 31, 2019 and 2018 , respectively. In order to modify exposure to interest rate and currency exchange rate movements, JPMorgan Chase utilizes derivative instruments, primarily interest rate and cross-currency interest rate swaps, in conjunction with some of its debt issuances. The use of these instruments modifies the Firm’s interest expense on the associated debt. The modified weighted-average interest rates for total long-term debt, including the effects of related derivative instruments, were 3.19% and 3.64% as of December 31, 2019 and 2018 , respectively. JPMorgan Chase & Co. has guaranteed certain long-term debt of its subsidiaries, including both long-term debt and structured notes . These guarantees rank on parity with the Firm’s other unsecured and unsubordinated indebtedness. The amount of such guaranteed long-term debt and structured notes was $14.4 billion and $10.9 billion at December 31, 2019 and 2018 , respectively. The Firm’s unsecured debt does not contain requirements that would call for an acceleration of payments, maturities or changes in the structure of the existing debt, provide any limitations on future borrowings or require additional collateral, based on unfavorable changes in the Firm’s credit ratings, financial ratios , earnings or stock price. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock | Preferred stock At December 31, 2019 and 2018 , JPMorgan Chase was authorized to issue 200 million shares of preferred stock, in one or more series, with a par value of $1 per share. In the event of a liquidation or dissolution of the Firm, JPMorgan Chase ’s preferred stock then outstanding takes precedence over the Firm’s common stock with respect to the payment of dividends and the distribution of assets. The following is a summary of JPMorgan Chase ’s non-cumulative preferred stock outstanding as of December 31, 2019 and 2018 . Shares (a) Carrying value (in millions) Issue date Contractual rate Earliest redemption date (b) Floating annualized Dividend declared per share (c) December 31, December 31, Year ended December 31, 2019 2018 2019 2018 2019 2018 2017 Fixed-rate: Series P — 90,000 $ — $ 900 2/5/2013 — % 3/1/2018 NA $545.00 $545.00 $545.00 Series T — 92,500 — 925 1/30/2014 — 3/1/2019 NA 167.50 670.00 670.00 Series W — 88,000 — 880 6/23/2014 — 9/1/2019 NA 472.50 630.00 630.00 Series Y 143,000 143,000 1,430 1,430 2/12/2015 6.125 3/1/2020 NA 612.52 612.52 612.52 Series AA 142,500 142,500 1,425 1,425 6/4/2015 6.100 9/1/2020 NA 610.00 610.00 610.00 Series BB 115,000 115,000 1,150 1,150 7/29/2015 6.150 9/1/2020 NA 615.00 615.00 615.00 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 575.00 111.81 — Series EE 185,000 — 1,850 — 1/24/2019 6.000 3/1/2024 NA 511.67 — — (d) Series GG 90,000 — 900 — 11/7/2019 4.750 12/1/2024 NA — — — (e) Fixed-to-floating-rate: Series I 293,375 430,375 2,934 4,304 4/23/2008 LIBOR + 3.47% 4/30/2018 LIBOR + 3.47% $593.23 $646.38 $790.00 (f) Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 LIBOR + 3.25 515.00 515.00 515.00 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 LIBOR + 3.30 600.00 600.00 600.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 LIBOR + 3.78 675.00 675.00 675.00 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 LIBOR + 3.33 612.50 612.50 612.50 Series V 250,000 250,000 2,500 2,500 6/9/2014 LIBOR + 3.32% 7/1/2019 LIBOR + 3.32 534.09 500.00 500.00 (g) Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 LIBOR + 3.33 610.00 610.00 610.00 Series Z 200,000 200,000 2,000 2,000 4/21/2015 5.300 5/1/2020 LIBOR + 3.80 530.00 530.00 530.00 Series CC 125,750 125,750 1,258 1,258 10/20/2017 4.625 11/1/2022 LIBOR + 2.58 462.50 462.50 129.76 Series FF 225,000 — 2,250 — 7/31/2019 5.000 8/1/2024 SOFR + 3.38 251.39 — — (h) Total preferred stock 2,699,250 2,606,750 $ 26,993 $ 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) Dividends in the amount of $211.67 per share were declared on April 12, 2019 and include dividends from the original issue date of January 24, 2019 through May 31, 2019. Dividends in the amount of $150.00 per share were declared thereafter on July 10, 2019 and October 9, 2019. (e) No dividends were declared for Series GG from the original issue date of November 7, 2019 through December 31, 2019. (f) The dividend rate for Series I preferred stock became floating and payable quarterly starting on April 30, 2018; prior to which the dividend rate was fixed at 7.90% or $395.00 per share payable semi annually. (g) The dividend rate for Series V preferred stock became floating and payable quarterly starting on July 1, 2019; prior to which the dividend rate was fixed at 5% or $250.00 per share payable semi annually. The Firm declared a dividend of $144.11 and $139.98 per share on outstanding Series V preferred stock on August 15, 2019 and November 15, 2019, respectively. (h) 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. Dividends in the amount of $125.00 per share were declared thereafter on December 10, 2019. Each series of preferred stock has a liquidation value and redemption price per share of $10,000 , plus accrued but unpaid dividends. The aggregate liquidation value was $27.3 billion at December 31, 2019. On February 24, 2020, the Firm issued $1.5 billion of fixed-to- floating rate non-cumulative preferred stock, Series II. On January 31, 2020, the Firm announced that it will redeem all $1.43 billion of its 6.125% non-cumulative preferred stock, Series Y on March 1, 2020. On January 23, 2020, the Firm issued $3.0 billion of fixed-to-floating rate non-cumulative preferred stock, Series HH. On December 1, 2019, the Firm redeemed all $900 million of its 5.45% non-cumulative preferred stock, Series P. On November 7, 2019, the Firm issued $900 million of 4.75% non-cumulative preferred stock, Series GG. On October 30, 2019, the Firm redeemed $1.37 billion of its fixed-to-floating rate non-cumulative perpetual preferred stock, Series I. On September 1, 2019, the Firm redeemed all $880 million of its 6.30% 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 March 1, 2019, the Firm redeemed $925 million of its 6.70% non-cumulative preferred stock, Series T. On January 24, 2019, the Firm issued $1.85 billion of 6.00% non-cumulative preferred stock, Series EE. On October 30, 2018, the Firm redeemed $1.7 billion of its fixed-to-floating rate non-cumulative perpetual preferred stock, Series I. On September 21, 2018, the Firm issued $1.7 billion of 5.75% non-cumulative preferred stock, Series DD. Dividends in the amount of $550.00 per share were declared for series O from January 1, 2017 through redemption on December 1, 2017. Redemption rights Each series of the Firm’s preferred stock may be redeemed on any dividend payment date on or after the earliest redemption date for that series. All outstanding preferred stock series except Series I may also be redeemed following a “capital treatment event,” as described in the terms of each series. Any redemption of the Firm’s preferred stock is subject to non-objection from the Board of Governors of the Federal Reserve System (the “Federal Reserve”). |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | Common stock At December 31, 2019 and 2018 , JPMorgan Chase was authorized to issue 9.0 billion shares of common stock with a par value of $1 per share. Common shares issued (newly issued or reissuance from treasury) by JPMorgan Chase during the years ended December 31, 2019 , 2018 and 2017 were as follows. Year ended December 31, (in millions) 2019 2018 2017 Total issued – balance at January 1 4,104.9 4,104.9 4,104.9 Treasury – balance at January 1 (829.1 ) (679.6 ) (543.7 ) Repurchase (213.0 ) (181.5 ) (166.6 ) Reissuance: Employee benefits and compensation plans 20.4 21.7 24.5 Warrant exercise — 9.4 5.4 Employee stock purchase plans 0.8 0.9 0.8 Total reissuance 21.2 32.0 30.7 Total treasury – balance at December 31 (1,020.9 ) (829.1 ) (679.6 ) Outstanding at December 31 3,084.0 3,275.8 3,425.3 There were no warrants to purchase shares of common stock (“Warrants”) outstanding at December 31, 2019, as any Warrants that were not exercised on or before October 29, 2018, have expired. At December 31, 2017, the Firm had 15.0 million Warrants outstanding. On June 27, 2019 , in conjunction with the Federal Reserve’s release of its 2019 CCAR results, the Firm’s Board of Directors authorized a $29.4 billion common equity repurchase program. As of December 31, 2019 , $15.6 billion of authorized repurchase capacity remained under the program. This authorization includes shares repurchased to offset issuances under the Firm’s share-based compensation plans. The following table sets forth the Firm’s repurchases of common equity for the years ended December 31, 2019 , 2018 and 2017 . There were no Warrants repurchased during any of the years. Year ended December 31, (in millions) 2019 2018 2017 Total number of shares of common stock repurchased 213.0 181.5 166.6 Aggregate purchase price of common stock repurchases $ 24,121 $ 19,983 $ 15,410 The Firm from time to time enters into written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate repurchases in accordance with the common equity repurchase program. A Rule 10b5-1 repurchase plan allows the Firm to repurchase its equity during periods when it would not otherwise be repurchasing common equity — for example, during internal trading “blackout periods.” All purchases under a Rule 10b5-1 plan must be made according to a predefined plan established when the Firm is not aware of material nonpublic information. Refer to Part II, Item 5: Market for registrant’s common equity, related stockholder matters and issuer purchases of equity securities, on page 30 for additional information regarding repurchases of the Firm’s equity securities. As of December 31, 2019 , approximately 70.5 million shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, and directors’ compensation plans. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per share Basic earnings per share (“EPS”) is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. JPMorgan Chase grants RSUs under its share-based compensation programs, predominantly all of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Firm’s common stock. These unvested RSUs meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends, and they are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS; refer to Note 9 for additional information. Diluted EPS incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. For each of the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive. The following table presents the calculation of net income applicable to common stockholders and basic and diluted EPS for the years ended December 31, 2019 , 2018 and 2017 . Year ended December 31, (in millions, except per share amounts) 2019 2018 2017 Basic earnings per share Net income $ 36,431 $ 32,474 $ 24,441 Less: Preferred stock dividends 1,587 1,551 1,663 Net income applicable to common equity 34,844 30,923 22,778 Less: Dividends and undistributed earnings allocated to participating securities 202 214 211 Net income applicable to common stockholders $ 34,642 $ 30,709 $ 22,567 Total weighted-average basic shares outstanding 3,221.5 3,396.4 3,551.6 Net income per share $ 10.75 $ 9.04 $ 6.35 Diluted earnings per share Net income applicable to common stockholders $ 34,642 $ 30,709 $ 22,567 Total weighted-average basic shares outstanding 3,221.5 3,396.4 3,551.6 Add: Dilutive impact of SARs and employee stock options, unvested PSUs and non-dividend-earning RSUs, and warrants 8.9 17.6 25.2 Total weighted-average diluted shares outstanding 3,230.4 3,414.0 3,576.8 Net income per share $ 10.72 $ 9.00 $ 6.31 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 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 fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA). Year ended December 31, (in millions) Unrealized gains/(losses) on investment securities Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and OPEB plans DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at December 31, 2016 $ 1,524 $ (164 ) NA $ (100 ) $ (2,259 ) $ (176 ) $ (1,175 ) Net change 640 (306 ) NA 176 738 (192 ) 1,056 Balance at December 31, 2017 $ 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 (1,858 ) 20 (107 ) (201 ) (373 ) 1,043 (1,476 ) Balance at December 31, 2018 $ 1,202 $ (727 ) $ (161 ) $ (109 ) $ (2,308 ) $ 596 $ (1,507 ) Net change 2,855 20 30 172 964 (965 ) 3,076 Balance at December 31, 2019 $ 4,057 $ (707 ) $ (131 ) $ 63 $ (1,344 ) $ (369 ) $ 1,569 (a) Represents the adjustment to AOCI as a result of the accounting standards adopted in the first quarter of 2018. Refer to Note 1 for additional information. The following table presents the pre-tax and after-tax changes in the components of OCI. 2019 2018 2017 Year ended December 31, (in millions) Pre-tax Tax effect After-tax 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 $ 4,025 $ (974 ) $ 3,051 $ (2,825 ) $ 665 $ (2,160 ) $ 944 $ (346 ) $ 598 Reclassification adjustment for realized (gains)/losses included in net income (a) (258 ) 62 (196 ) 395 (93 ) 302 66 (24 ) 42 Net change 3,767 (912 ) 2,855 (2,430 ) 572 (1,858 ) 1,010 (370 ) 640 Translation adjustments (b) : Translation (49 ) 33 (16 ) (1,078 ) 156 (922 ) 1,313 (801 ) 512 Hedges 46 (10 ) 36 1,236 (294 ) 942 (1,294 ) 476 (818 ) Net change (3 ) 23 20 158 (138 ) 20 19 (325 ) (306 ) Fair value hedges, net change (c) : 39 (9 ) 30 (140 ) 33 (107 ) NA NA NA Cash flow hedges: Net unrealized gains/(losses) arising during the period 122 (28 ) 94 (245 ) 58 (187 ) 147 (55 ) 92 Reclassification adjustment for realized (gains)/losses included in net income (d) 103 (25 ) 78 (18 ) 4 (14 ) 134 (50 ) 84 Net change 225 (53 ) 172 (263 ) 62 (201 ) 281 (105 ) 176 Defined benefit pension and OPEB plans: Prior service credit/(cost) arising during the period (5 ) 1 (4 ) (29 ) 7 (22 ) — — — Net gain/(loss) arising during the period 1,005 (169 ) 836 (558 ) 102 (456 ) 802 (160 ) 642 Reclassification adjustments included in net income (e) : Amortization of net loss 167 (36 ) 131 103 (24 ) 79 250 (90 ) 160 Amortization of prior service cost/(credit) 3 (1 ) 2 (23 ) 6 (17 ) (36 ) 13 (23 ) Curtailment (gain)/loss — — — 21 (5 ) 16 — — — Settlement (gain)/loss — — — 2 — 2 2 (1 ) 1 Foreign exchange and other (13 ) 12 (1 ) 34 (9 ) 25 (54 ) 12 (42 ) Net change 1,157 (193 ) 964 (450 ) 77 (373 ) 964 (226 ) 738 DVA on fair value option elected liabilities, net change: $ (1,264 ) $ 299 $ (965 ) $ 1,364 $ (321 ) $ 1,043 $ (303 ) $ 111 $ (192 ) Total other comprehensive income/(loss) $ 3,921 $ (845 ) $ 3,076 $ (1,761 ) $ 285 $ (1,476 ) $ 1,971 $ (915 ) $ 1,056 (a) The pre-tax amount is reported in investment securities gains/(losses) in the Consolidated statements of income. (b) 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 year ended December 31, 2019 , the Firm reclassified net pre-tax gains of $7 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 $18 million related to net investment hedge gains and $10 million related to cumulative translation adjustments. During the year ended December 31, 2018 , the Firm reclassified a net pre-tax loss of $168 million to other expense related to the liquidation of certain legal entities, $17 million related to net investment hedge losses and $151 million related to cumulative translation adjustments. During the year ended December 31, 2017 , the Firm reclassified a net pre-tax loss of $25 million to other expense related to the liquidation of a legal entity, $50 million related to net investment hedge gains and $75 million related to cumulative translation adjustments. (c) 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. (d) The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income. (e) The pre-tax amount is reported in other expense in the Consolidated statements of income. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes JPMorgan Chase and its eligible subsidiaries file a consolidated U.S. federal income tax return. JPMorgan Chase uses the asset and liability method to provide income taxes on all transactions recorded in the Consolidated Financial Statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the tax rates that the Firm expects to be in effect when the underlying items of income and expense are realized. JPMorgan Chase’s expense for income taxes includes the current and deferred portions of that expense. A valuation allowance is established to reduce deferred tax assets to the amount the Firm expects to realize. Due to the inherent complexities arising from the nature of the Firm’s businesses, and from conducting business and being taxed in a substantial number of jurisdictions, significant judgments and estimates are required to be made. Agreement of tax liabilities between JPMorgan Chase and the many tax jurisdictions in which the Firm files tax returns may not be finalized for several years. Thus, the Firm’s final tax-related assets and liabilities may ultimately be different from those currently reported. Effective tax rate and expense The following table presents a reconciliation of the applicable statutory U.S. federal income tax rate to the effective tax rate. Effective tax rate Year ended December 31, 2019 2018 2017 Statutory U.S. federal tax rate 21.0 % 21.0 % 35.0 % Increase/(decrease) in tax rate resulting from: U.S. state and local income taxes, net of U.S. federal income tax benefit 3.5 4.0 2.2 Tax-exempt income (1.4 ) (1.5 ) (3.3 ) Non-U.S. earnings 1.8 0.6 (3.1 ) (a) Business tax credits (4.4 ) (3.5 ) (4.2 ) Tax audit resolutions (2.3 ) (0.1 ) (0.3 ) Impact of the TCJA — (0.7 ) 5.4 Other, net — 0.5 0.2 Effective tax rate 18.2 % 20.3 % 31.9 % (a) Predominantly includes earnings of U.K. subsidiaries that were deemed to be reinvested indefinitely through December 31, 2017 . Impact of the TCJA 2018 The Firm’s effective tax rate decreased in 2018 due to the TCJA, including the reduction in the U.S. federal statutory income tax rate as well as a $302 million net tax benefit recorded in 2018 resulting from changes in the estimates related to the remeasurement of certain deferred taxes and the deemed repatriation tax on non-U.S. earnings. The change in estimate was recorded under SEC Staff Accounting Bulletin No. 118 (“SAB 118”) and the accounting under SAB 118 is complete. 2017 The Firm’s effective tax rate increased in 2017 driven by a $1.9 billion income tax expense representing the estimated impact of the enactment of the TCJA. The $1.9 billion tax expense was predominantly driven by a deemed repatriation of the Firm’s unremitted non-U.S. earnings and adjustments to the value of certain tax-oriented investments partially offset by a benefit from the revaluation of the Firm’s net deferred tax liability. The deemed repatriation of the Firm’s unremitted non-U.S. earnings is based on the post-1986 earnings and profits of each controlled foreign corporation. The calculation resulted in an estimated income tax expense of $3.7 billion . Furthermore, accounting for income taxes requires the remeasurement of certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. The Firm remeasured its deferred tax asset and liability balances in the fourth quarter of 2017 to the new statutory U.S. federal income tax rate of 21% as well as any federal benefit associated with state and local deferred income taxes. The remeasurement resulted in an estimated income tax benefit of $2.1 billion . Adjustments were also recorded in 2017 to income tax expense for certain tax-oriented investments. These adjustments were driven by changes to affordable housing proportional amortization resulting from the reduction of the federal income tax rate under the TCJA. SAB 118 did not apply to these adjustments. The following table reflects the components of income tax expense/(benefit) included in the Consolidated statements of income. Income tax expense/(benefit) Year ended December 31, 2019 2018 2017 Current income tax expense/(benefit) U.S. federal $ 3,284 $ 2,854 $ 5,718 Non-U.S. 2,103 2,077 2,400 U.S. state and local 1,778 1,638 1,029 Total current income tax expense/(benefit) 7,165 6,569 9,147 Deferred income tax expense/(benefit) U.S. federal 709 1,359 2,174 Non-U.S. 20 (93 ) (144 ) U.S. state and local 220 455 282 Total deferred income tax 949 1,721 2,312 Total income tax expense $ 8,114 $ 8,290 $ 11,459 Total income tax expense includes $1.1 billion , $54 million and $252 million of tax benefits recorded in 2019 , 2018 , and 2017 , respectively, resulting from the resolution of tax audits. Tax effect of items recorded in stockholders’ equity The preceding table does not reflect the tax effect of certain items that are recorded each period directly in stockholders’ equity . The tax effect of all items recorded directly to stockholders’ equity resulted in a decrease of $862 million in 2019 , an increase of $172 million in 2018 , and a decrease of $915 million in 2017 Results from Non-U.S. earnings The following table presents the U.S. and non-U.S. components of income before income tax expense. Year ended December 31, 2019 2018 2017 U.S. $ 36,670 $ 33,052 $ 27,103 Non-U.S. (a) 7,875 7,712 8,797 Income before income tax expense $ 44,545 $ 40,764 $ 35,900 (a) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. Prior to December 31, 2017, U.S. federal income taxes had not been provided on the undistributed earnings of certain non-U.S. subsidiaries, to the extent that such earnings had been reinvested abroad for an indefinite period of time. The Firm is no longer maintaining the indefinite reinvestment assertion on the undistributed earnings of those non-U.S. subsidiaries in light of the enactment of the TCJA. The U.S. federal and state and local income taxes associated with the undistributed and previously untaxed earnings of those non-U.S. subsidiaries was included in the deemed repatriation charge recorded as of December 31, 2017. The Firm will recognize any taxes it may incur on global intangible low tax income as income tax expense in the period in which the tax is incurred. Affordable housing tax credits The Firm recognized $1.5 billion , $1.5 billion and $1.7 billion of tax credits and other tax benefits associated with investments in affordable housing projects within income tax expense for the years 2019 , 2018 and 2017 , respectively. The amount of amortization of such investments reported in income tax expense was $1.1 billion , $1.2 billion and $1.7 billion , respectively. The carrying value of these investments, which are reported in other assets on the Firm’s Consolidated balance sheets, was $8.6 billion and $7.9 billion at December 31, 2019 and 2018 , respectively. The amount of commitments related to these investments, which are reported in accounts payable and other liabilities on the Firm’s Consolidated balance sheets, was $2.8 billion and $2.3 billion at December 31, 2019 and 2018 , respectively. Deferred taxes Deferred income tax expense/(benefit) results from differences between assets and liabilities measured for financial reporting purposes versus income tax return purposes. Deferred tax assets are recognized if, in management’s judgment, their realizability is determined to be more likely than not. If a deferred tax asset is determined to be unrealizable, a valuation allowance is established. The significant components of deferred tax assets and liabilities are reflected in the following table. December 31, (in millions) 2019 2018 Deferred tax assets Allowance for loan losses $ 3,400 $ 3,433 Employee benefits 1,039 1,129 Accrued expenses and other 2,767 2,701 Non-U.S. operations 949 629 Tax attribute carryforwards 605 163 Gross deferred tax assets 8,760 8,055 Valuation allowance (557 ) (89 ) Deferred tax assets, net of valuation allowance $ 8,203 $ 7,966 Deferred tax liabilities Depreciation and amortization $ 2,852 $ 2,533 Mortgage servicing rights, net of hedges 2,354 2,586 Leasing transactions 5,598 4,719 Other, net 4,683 3,713 Gross deferred tax liabilities 15,487 13,551 Net deferred tax (liabilities)/assets $ (7,284 ) $ (5,585 ) JPMorgan Chase has recorded deferred tax assets of $605 million at December 31, 2019 , in connection with U.S. federal and non-U.S. NOL carryforwards, foreign tax credit (“FTC”) carryforwards, and state and local capital loss carryforwards. At December 31, 2019 , total U.S. federal NOL carryforwards were $1.0 billion , non-U.S. NOL carryforwards were $80 million , FTC carryforwards were $329 million , and state and local capital loss carryforwards were $1.1 billion . If not utilized, a portion of the U.S. federal NOL carryforwards will expire between 2022 and 2036 whereas others have an unlimited carryforward period. Similarly, certain non-U.S. NOL carryforwards will expire between 2029 and 2037 whereas others have an unlimited carryforward period. The FTC carryforwards will expire in 2029 and the state and local capital loss carryforwards will expire between 2020 and 2022. The valuation allowance at December 31, 2019 , was due to the state and local capital loss carryforwards, FTC carryforwards, and certain non-U.S. deferred tax assets, including NOL carryforwards. Unrecognized tax benefits At December 31, 2019 , 2018 and 2017 , JPMorgan Chase ’s unrecognized tax benefits, excluding related interest expense and penalties, were $4.0 billion , $4.9 billion and $4.7 billion , respectively, of which $2.8 billion , $3.8 billion and $3.5 billion , respectively, if recognized, would reduce the annual effective tax rate. Included in the amount of unrecognized tax benefits are certain items that would not affect the effective tax rate if they were recognized in the Consolidated statements of income. These unrecognized items include the tax effect of certain temporary differences, the portion of gross state and local unrecognized tax benefits that would be offset by the benefit from associated U.S. federal income tax deductions, and the portion of gross non-U.S. unrecognized tax benefits that would have offsets in other jurisdictions. JPMorgan Chase is presently under audit by a number of taxing authorities, most notably by the Internal Revenue Service as summarized in the Tax examination status table below. As JPMorgan Chase is presently under audit by a number of taxing authorities, it is reasonably possible that over the next 12 months the resolution of these examinations may increase or decrease the gross balance of unrecognized tax benefits by as much as $0.5 billion . Upon settlement of an audit, the change in the unrecognized tax benefit would result from payment or income statement recognition. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits. Year ended December 31, 2019 2018 2017 Balance at January 1, $ 4,861 $ 4,747 $ 3,450 Increases based on tax positions related to the current period 871 980 1,355 Increases based on tax positions related to prior periods 10 649 626 Decreases based on tax positions related to prior periods (706 ) (1,249 ) (350 ) Decreases related to cash settlements with taxing authorities (1,012 ) (266 ) (334 ) Balance at December 31, $ 4,024 $ 4,861 $ 4,747 After-tax interest expense/(benefit) and penalties related to income tax liabilities recognized in income tax expense were $(52) million , $192 million and $102 million in 2019 , 2018 and 2017 , respectively. At December 31, 2019 and 2018 , in addition to the liability for unrecognized tax benefits, the Firm had accrued $817 million and $887 million , respectively, for income tax-related interest and penalties. Tax examination status JPMorgan Chase is continually under examination by the Internal Revenue Service, by taxing authorities throughout the world, and by many state and local jurisdictions throughout the U.S. The following table summarizes the status of significant income tax examinations of JPMorgan Chase and its consolidated subsidiaries as of December 31, 2019 . Periods under examination Status JPMorgan Chase – U.S. 2011 – 2013 Field Examination completed; JPMorgan Chase intends to file amended returns JPMorgan Chase – U.S. 2014 - 2016 Field Examination JPMorgan Chase – New York State 2012 - 2014 Field Examination JPMorgan Chase – New York City 2012 - 2014 Field Examination JPMorgan Chase – California 2011 – 2012 Field Examination JPMorgan Chase – U.K. 2006 – 2017 Field examination of certain select entities |
Restricted Cash, Other Restrict
Restricted Cash, Other Restricted Assets and Intercompany Funds Transfers | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash, Other Restricted Assets and Intercompany Funds Transfers | Restricted cash, other restricted assets and intercompany funds transfers 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 business of JPMorgan Chase Bank, N.A. is subject to examination and regulation by the OCC. The Bank is a member of the U.S. Federal Reserve System, and its deposits in the U.S. are insured by the FDIC , subject to applicable limits. The Federal Reserve requires depository institutions to maintain cash reserves with a Federal Reserve Bank. The average required amount of reserve balances is deposited by the Firm’s bank subsidiaries. In addition, the Firm is required to maintain cash reserves at certain non-US central banks. 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 s ( principally J.P. Morgan Securities LLC in the U.S and J.P. Morgan Securities plc in the U.K. ) are subject to certain restrictions on cash and other assets. The following table presents the components of the Firm’s restricted cash: December 31, (in billions) 2019 2018 Cash reserves – Federal Reserve Banks $ 26.6 $ 22.1 Segregated for the benefit of securities and cleared derivative customers 16.0 14.6 Cash reserves at non-U.S. central banks and held for other general purposes 3.9 4.1 Total restricted cash (a) $ 46.5 $ 40.8 (a) Comprises $45.3 billion and $39.6 billion in deposits with banks as of December 31, 2019 and 2018, respectively, and $1.2 billion in cash and due from banks as of December 31, 2019 and 2018, on the Consolidated balance sheets. Also, as of December 31, 2019 and 2018, the Firm had the following other restricted assets: • Cash and securities pledged with clearing organizations for the benefit of customers of $24.7 billion and $20.6 billion, respectively. • Securities with a fair value of $8.8 billion and $9.7 billion, respectively, were also restricted in relation to customer activity. Intercompany funds transfers Restrictions imposed by U.S. federal law prohibit JPMorgan Chase & Co. (“Parent Company”) and certain of its affiliates from borrowing from banking subsidiaries unless the loans are secured in specified amounts. Such secured loans provided by any banking subsidiary to the Parent Company or to any particular affiliate, together with certain other transactions with such affiliate (collectively referred to as “covered transactions”), are generally limited to 10% of the banking subsidiary’s total capital, as determined by the risk-based capital guidelines; the aggregate amount of covered transactions between any banking subsidiary and all of its affiliates is limited to 20% of the banking subsidiary’s total capital. The Parent Company’s two principal subsidiaries are JPMorgan Chase Bank, N.A. and JPMorgan Chase Holdings LLC, an intermediate holding company (the “IHC”). The IHC holds the stock of substantially all of JPMorgan Chase’s subsidiaries other than JPMorgan Chase Bank, N.A. and its subsidiaries. The IHC also owns other assets and owes intercompany indebtedness to the holding company. The Parent Company is obligated to contribute to the IHC substantially all the net proceeds received from securities issuances (including issuances of senior and subordinated debt securities and of preferred and common stock). The principal sources of income and funding for the Parent Company are dividends from JPMorgan Chase Bank, N.A. and dividends and extensions of credit from the IHC. In addition to dividend restrictions set forth in statutes and regulations, the Federal Reserve, the OCC and the FDIC have authority under the Financial Institutions Supervisory Act to prohibit or to limit the payment of dividends by the banking organizations they supervise, including the Parent Company and its subsidiaries that are banks or bank holding companies, if, in the banking regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the banking organization. The IHC is prohibited from paying dividends or extending credit to the Parent Company if certain capital or liquidity “thresholds” are breached or if limits are otherwise imposed by the Parent Company’s management or Board of Directors. At January 1, 2020, the Parent Company’s banking subsidiaries could pay, in the aggregate, approximately $ 9 billion in dividends to their respective bank holding companies without the prior approval of their relevant banking regulators. The capacity to pay dividends in 2020 will be supplemented by the banking subsidiaries’ earnings during the year. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | Regulatory capital The Federal Reserve establishes capital requirements, including well-capitalized standards, for the consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s IDI subsidiaries, including JPMorgan Chase Bank, N.A. The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. bank holding companies and banks, including the Firm and its IDI subsidiaries, including JPMorgan Chase Bank, N.A. Two comprehensive approaches are prescribed for calculating RWA: a standardized approach (“Basel III Standardized”), and an advanced approach (“Basel III Advanced”). 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 that 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. The three components of regulatory capital under the Basel III rules are as illustrated below: 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 presents the minimum and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of December 31, 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 December 31, 2019 and 2018 , JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. December 31, 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 $ 187,753 $ 206,848 $ 187,753 $ 206,848 Tier 1 capital 214,432 206,851 214,432 206,851 Total capital 242,589 224,390 232,112 214,091 Assets Risk-weighted 1,515,869 1,457,689 1,397,878 1,269,991 Adjusted average (a) 2,730,239 2,353,432 2,730,239 2,353,432 Capital ratios (b) CET1 12.4 % 14.2 % 13.4 % 16.3 % Tier 1 14.1 14.2 15.3 16.3 Total 16.0 15.4 16.6 16.9 Tier 1 leverage (c) 7.9 8.8 7.9 8.8 December 31, 2018 Basel III Standardized Transitional Basel III Advanced Transitional JPMorgan JPMorgan (d) JPMorgan JPMorgan (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. December 31, 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 3,423,431 $ 3,044,509 $ 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 | 12 Months Ended |
Dec. 31, 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. To provide for probable credit losses inherent in wholesale and certain consumer lending-commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 13 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 December 31, 2019 and 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) 2019 2018 2019 2018 By remaining maturity at December 31, Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Home equity $ 680 $ 1,187 $ 2,548 $ 16,704 $ 21,119 $ 20,901 $ 12 $ 12 Residential mortgage (a) 9,086 — — 12 9,098 5,481 — — Auto 8,296 600 197 195 9,288 8,011 2 2 Consumer & Business Banking 9,994 646 105 1,162 11,907 11,673 19 19 Total consumer, excluding credit card 28,056 2,433 2,850 18,073 51,412 46,066 33 33 Credit card 650,720 — — — 650,720 605,379 — — Total consumer (b) 678,776 2,433 2,850 18,073 702,132 651,445 33 33 Wholesale: Other unfunded commitments to extend credit (c) 58,645 129,414 168,400 10,791 367,250 351,490 938 852 Standby letters of credit and other financial guarantees (c) 15,919 11,127 5,117 1,745 33,908 33,498 618 521 Other letters of credit (c) 2,734 183 40 — 2,957 2,825 4 3 Total wholesale (b) 77,298 140,724 173,557 12,536 404,115 387,813 1,560 1,376 Total lending-related $ 756,074 $ 143,157 $ 176,407 $ 30,609 $ 1,106,247 $ 1,039,258 $ 1,593 $ 1,409 Other guarantees and commitments Securities lending indemnification agreements and guarantees (d) $ 204,827 $ — $ — $ — $ 204,827 $ 186,077 $ — $ — Derivatives qualifying as guarantees 1,403 144 11,299 40,243 53,089 55,271 159 367 Unsettled resale and securities borrowed agreements 117,203 748 — — 117,951 102,008 — — Unsettled repurchase and securities loaned agreements 72,790 561 — — 73,351 57,732 — — Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 59 89 Loans sold with recourse NA NA NA NA 944 1,019 27 30 Exchange & clearing house guarantees and commitments (e) 206,432 — — — 206,432 58,960 — — Other guarantees and commitments (f) 2,684 841 293 3,399 7,217 8,183 (73 ) (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 December 31, 2019 and 2018 , reflected the contractual amount net of risk participations totaling $76 million and $282 million , respectively, for other unfunded commitments to extend credit; $9.8 billion and $10.4 billion , respectively, for standby letters of credit and other financial guarantees; and $546 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 December 31, 2019 and 2018 , collateral held by the Firm in support of securities lending indemnification agreements was $216.2 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 December 31, 2019 and 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 December 31, 2019 and 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. Guarantees U.S. GAAP requires that a guarantor recognize, at the inception of a guarantee, a liability in an amount equal to the fair value of the obligation undertaken in issuing the guarantee. U.S. GAAP defines a guarantee as a contract that contingently requires the guarantor to pay a guaranteed party based upon: (a) changes in an underlying asset, liability or equity security of the guaranteed party; or (b) a third party’s failure to perform under a specified agreement. The Firm considers the following off–balance sheet arrangements to be guarantees under U.S. GAAP: standby letters of credit and other financial guarantees, securities lending indemnifications, certain indemnification agreements included within third-party contractual arrangements, certain derivative contracts and the guarantees under the sponsored member repo program. As required by U.S. GAAP, the Firm initially records guarantees at the inception date fair value of the obligation assumed (e.g., the amount of consideration received or the net present value of the premium receivable). For certain types of guarantees, the Firm records this fair value amount in other liabilities with an offsetting entry recorded in cash (for premiums received), or other assets (for premiums receivable). Any premium receivable recorded in other assets is reduced as cash is received under the contract, and the fair value of the liability recorded at inception is amortized into income as lending and deposit-related fees over the life of the guarantee contract. For indemnifications provided in sales agreements, a portion of the sale proceeds is allocated to the guarantee, which adjusts the gain or loss that would otherwise result from the transaction. For these indemnifications, the initial liability is amortized to income as the Firm’s risk is reduced (i.e., over time or when the indemnification expires). Any contingent liability that exists as a result of issuing the guarantee or indemnification is recognized when it becomes probable and reasonably estimable. The contingent portion of the liability is not recognized if the estimated amount is less than the carrying amount of the liability recognized at inception (adjusted for any amortization). The contractual amount and carrying value of guarantees and indemnifications are included in the table on page 273 . For additional information on the guarantees, see below. 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 December 31, 2019 and 2018 . Standby letters of credit, other financial guarantees and other letters of credit 2019 2018 December 31, (in millions) Standby letters of credit and other financial guarantees Other letters of credit Standby letters of credit and Other letters Investment-grade (a) $ 26,647 $ 2,136 $ 26,420 $ 2,079 Noninvestment-grade (a) 7,261 821 7,078 746 Total contractual amount $ 33,908 $ 2,957 $ 33,498 $ 2,825 Allowance for lending-related commitments $ 216 $ 4 $ 167 $ 3 Guarantee liability 402 — 354 — Total carrying value $ 618 $ 4 $ 521 $ 3 Commitments with collateral $ 17,582 $ 726 $ 17,400 $ 583 (a) The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 12 for further information on internal risk ratings. Securities lending indemnifications Through the Firm’s securities lending program, counterparties’ securities, via custodial and non-custodial arrangements, may be lent to third parties. As part of this program, the Firm provides an indemnification in the lending agreements which protects the lender against the failure of the borrower to return the lent securities. To minimize its liability under these indemnification agreements, the Firm obtains cash or other highly liquid collateral with a market value exceeding 100% of the value of the securities on loan from the borrower. Collateral is marked to market daily to help assure that collateralization is adequate. Additional collateral is called from the borrower if a shortfall exists, or collateral may be released to the borrower in the event of overcollateralization. If a borrower defaults, the Firm would use the collateral held to purchase replacement securities in the market or to credit the lending client or counterparty with the cash equivalent thereof. The cash collateral held by the Firm may be invested on behalf of the client in indemnified resale agreements, whereby the Firm indemnifies the client against the loss of principal invested. To minimize its liability under these agreements, the Firm obtains collateral with a market value exceeding 100% of the principal invested. Derivatives qualifying as guarantees The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. These contracts include written put options that require the Firm to purchase assets upon exercise by the option holder at a specified price by a specified date in the future. The Firm may enter into written put option contracts in order to meet client needs, or for other trading purposes. The terms of written put options are typically five years or less. Derivatives deemed to be guarantees also includes stable value contracts, commonly referred to as “stable value products”, that require the Firm to make a payment of the difference between the market value and the book value of a counterparty’s reference portfolio of assets in the event that market value is less than book value and certain other conditions have been met. Stable value products are transacted in order to allow investors to realize investment returns with less volatility than an unprotected portfolio. These contracts are typically longer-term or may have no stated maturity, but allow the Firm to elect to terminate the contract under certain conditions. The notional value of derivatives guarantees generally represents the Firm’s maximum exposure. However, exposure to certain stable value products is contractually limited to a substantially lower percentage of the notional amount. The fair value of derivative guarantees reflects the probability, in the Firm’s view, of whether the Firm will be required to perform under the contract. The Firm reduces exposures to these contracts by entering into offsetting transactions, or by entering into contracts that hedge the market risk related to the derivative guarantees. The following table summarizes the derivatives qualifying as guarantees as of December 31, 2019 and 2018 . (in millions) December 31, 2019 December 31, 2018 Notional amounts Derivative guarantees $ 53,089 $ 55,271 Stable value contracts with contractually limited exposure 28,877 28,637 Maximum exposure of stable value contracts with contractually limited exposure 2,967 2,963 Fair value Derivative payables 159 367 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 5 for a further discussion of credit derivatives. Unsettled securities financing agreements In the normal course of business, the Firm enters into resale and securities borrowed agreements. At settlement, these commitments result in the Firm advancing cash to and receiving securities collateral from the counterparty. The Firm also enters into repurchase and securities loaned agreements. At settlement, these commitments result in the Firm receiving cash from and providing securities collateral to the counterparty. Such agreements settle at a future date. These agreements generally do not meet the definition of a derivative, and therefore, are not recorded on the Consolidated balance sheets until settlement date. These agreements predominantly have regular-way settlement terms. Refer to Note 11 for a further discussion of securities financing agreements. Loan sales- and securitization-related indemnifications Mortgage repurchase liability In connection with the Firm’s mortgage loan sale and securitization activities with U.S. 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. To the extent that repurchase demands that are received relate to loans that the Firm purchased from third parties that remain viable, the Firm typically will have the right to seek a recovery of related repurchase losses from the third party. Generally, the maximum amount of future payments the Firm would be required to make for breaches of these representations and warranties would be equal to the unpaid principal balance of such loans that are deemed to have defects that were sold to purchasers (including securitization-related SPEs) plus, in certain circumstances, accrued interest on such loans and certain expenses. Private label securitizations 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 30 for additional information regarding litigation. Loans sold with recourse The Firm provides servicing for mortgages and certain commercial lending products on both a recourse and nonrecourse basis. In nonrecourse servicing, the principal credit risk to the Firm is the cost of temporary servicing advances of funds (i.e., normal servicing advances). In recourse servicing, the servicer agrees to share credit risk with the owner of the mortgage loans, such as Fannie Mae or Freddie Mac or a private investor, insurer or guarantor. Losses on recourse servicing predominantly occur when foreclosure sales proceeds of the property underlying a defaulted loan are less than the sum of the outstanding principal balance, plus accrued interest on the loan and the cost of holding and disposing of the underlying property. The Firm’s securitizations are predominantly nonrecourse, thereby effectively transferring the risk of future credit losses to the purchaser of the mortgage-backed securities issued by the trust. At December 31, 2019 and 2018 , the unpaid principal balance of loans sold with recourse totaled $944 million and $1.0 billion , respectively. The carrying value of the related liability that the Firm has recorded in accounts payable and other liabilities on the Consolidated balance sheets, which is representative of the Firm’s view of the likelihood it will have to perform under its recourse obligations, was $27 million and $30 million at December 31, 2019 and 2018 , respectively. Other off-balance sheet arrangements Indemnification agreements – general In connection with issuing securities to investors outside the U.S., the Firm may agree to pay additional amounts to the holders of the securities in the event that, due to a change in tax law, certain types of withholding taxes are imposed on payments on the securities. The terms of the securities may also give the Firm the right to redeem the securities if such additional amounts are payable. The Firm may also enter into indemnification clauses in connection with the licensing of software to clients (“software licensees”) or when it sells a business or assets to a third party (“third-party purchasers”), pursuant to which it indemnifies software licensees for claims of liability or damages that may occur subsequent to the licensing of the software, or third-party purchasers for losses they may incur due to actions taken by the Firm prior to the sale of the business or assets. It is difficult to estimate the Firm’s maximum exposure under these indemnification arrangements, since this would require an assessment of future changes in tax law and future claims that may be made against the Firm that have not yet occurred. However, based on historical experience, management expects the risk of loss to be remote. Merchant charge-backs Under the rules of payment networks, the Firm, in its role as a merchant acquirer, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, Merchant Services will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If Merchant Services is unable to collect the amount from the merchant, Merchant Services will bear the loss for the amount credited or refunded to the cardholder. Merchant Services mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, Merchant Services recognizes a valuation allowance that covers the payment or performance risk to the Firm related to charge-backs. For the years ended December 31, 2019 , 2018 and 2017 , Merchant Services processed an aggregate volume of $1,511.5 billion , $1,366.1 billion , and $1,191.7 billion , respectively, and the related losses from merchant charge-backs were not material. Clearing Services – Client Credit Risk The Firm provides clearing services for clients by entering into securities purchases and sales and derivative contracts with CCPs, including ETDs such as futures and options, as well as OTC-cleared derivative contracts. As a clearing member, the Firm stands behind the performance of its clients, collects cash and securities collateral (margin) as well as any settlement amounts due from or to clients, and remits them to the relevant CCP or client in whole or part. There are two types of margin: variation margin is posted on a daily basis based on the value of clients’ derivative contracts and initial margin is posted at inception of a derivative contract, generally on the basis of the potential changes in the variation margin requirement for the contract. As a clearing member, the Firm is exposed to the risk of nonperformance by its clients, but is not liable to clients for the performance of the CCPs. Where possible, the Firm seeks to mitigate its risk to the client through the collection of appropriate amounts of margin at inception and throughout the life of the transactions. The Firm can also cease providing clearing services if clients do not adhere to their obligations under the clearing agreement. In the event of nonperformance by a client, the Firm would close out the client’s positions and access available margin. The CCP would utilize any margin it holds to make itself whole, with any remaining shortfalls required to be paid by the Firm as a clearing member. The Firm reflects its exposure to nonperformance risk of the client through the recognition of margin receivables from clients and margin payables to CCPs; the clients’ underlying securities or derivative contracts are not reflected in the Firm’s Consolidated Financial Statements. It is difficult to estimate the Firm’s maximum possible exposure through its role as a clearing member, as this would require an assessment of transactions that clients may execute in the future. However, based upon historical experience, and the credit risk mitigants available to the Firm, management believes it is unlikely that the Firm will have to make any material payments under these arrangements and the risk of loss is expected to be remote. Refer to Note 5 for information on the derivatives that the Firm executes for its own account and records in its Consolidated Financial Statements. Exchange & Clearing House Memberships The Firm is a member of several securities and derivative exchanges and clearing houses, both in the U.S. and other countries, and it provides clearing services to its clients. Membership in some of these organizations requires the Firm to pay a pro rata share of the losses incurred by the organization as a result of the default of another member. Such obligations vary with different organizations. These obligations may be limited to the amount (or a multiple of the amount) of the Firm’s contribution to the guarantee fund maintained by a clearing house or exchange as part of the resources available to cover any losses in the event of a member default. Alternatively, these obligations may also include a pro rata share of the residual losses after applying the guarantee fund. Additionally, certain clearing houses require the Firm as a member to pay a pro rata share of losses that may result from the clearing house’s investment of guarantee fund contributions and initial margin, unrelated to and independent of the default of another member. Generally a payment would only be required should such losses exceed the resources of the clearing house or exchange that are contractually required to absorb the losses in the first instance. In certain cases, it is difficult to estimate the Firm’s maximum possible exposure under these membership agreements, since this would require an assessment of future claims that may be made against the Firm that have not yet occurred. However, based on historical experience, management expects the risk of loss to the Firm to be remote. Where the Firm’s maximum possible exposure can be estimated, the amount is disclosed in the table on page 273 , in the Exchange & clearing house guarantees and commitments line. 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 273 . Refer to Note 11 for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements. Guarantees of subsidiaries In the normal course of business, the Parent Company may provide counterparties with guarantees of certain of the trading and other obligations of its subsidiaries on a contract-by-contract basis, as negotiated with the Firm’s counterparties. The obligations of the subsidiaries are included on the Firm’s Consolidated balance sheets or are reflected as off-balance sheet commitments; therefore, the Parent Company has not recognized a separate liability for these guarantees. The Firm believes that the occurrence of any event that would trigger payments by the Parent Company under these guarantees is remote. 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 273 of this Note. Refer to Note 20 for additional information. |
Pledged Assets and Collateral
Pledged Assets and Collateral | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Pledged Assets and Collateral | Pledged assets and collateral Pledged assets The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets 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. December 31, (in billions) 2019 2018 Assets that may be sold or repledged or otherwise used by secured parties $ 125.2 $ 104.0 Assets that may not be sold or repledged or otherwise used by secured parties 80.2 83.7 Assets pledged at Federal Reserve banks and FHLBs 478.9 475.3 Total pledged assets $ 684.3 $ 663.0 Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 14 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 11 for additional information on the Firm’s securities financing activities. Refer to Note 20 for additional information on the Firm’s long-term debt. The significant components of the Firm’s pledged assets were as follows. December 31, (in billions) 2019 2018 Investment securities $ 35.9 $ 59.5 Loans 460.4 440.1 Trading assets and other 188.0 163.4 Total pledged assets $ 684.3 $ 663.0 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. December 31, (in billions) 2019 2018 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,282.5 $ 1,245.3 Collateral sold, repledged, delivered or otherwise used 1,000.5 998.3 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2019 | |
Litigation [Abstract] | |
Litigation | Litigation Contingencies As of December 31, 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 December 31, 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 term of probation has concluded, with the Firm remaining in good standing throughout the probation period. 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. A number of these actions remain pending. Further, putative class actions have been filed against the Firm and a number of other foreign exchange dealers on behalf of certain consumers who purchased foreign currencies at allegedly inflated rates and purported indirect purchasers of FX instruments; these actions also remain pending in the District Court. In addition, some FX-related individual and putative class actions based on similar alleged underlying conduct have been filed outside the U.S., including in the U.K., Israel and Australia. Interchange Litigation. G roups 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 related rules in violation of antitrust laws. In 2012, the parties initially settled the cases for a cash payment, a temporary reduction of credit card interchange, and modifications to certain credit card network rules. In 2017, after the approval of that settlement was reversed on appeal, 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. Pursuant to this settlement, the defendants collectively contributed an additional $900 million to the approximately $5.3 billion previously held in escrow from the original settlement. In December 2019, the amended agreement was approved by the District Court. Certain merchants filed notices of appeal of the District Court’s approval order. Based on the percentage of merchants that opted out of the amended class settlement, $700 million has been returned to the defendants from the settlement escrow in accordance with the settlement agreement. 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 responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Swiss Competition Commission’s investigation relating to EURIBOR, to which the Firm and other banks are subject, continues. In December 2016, the European Commission 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’s settlements of putative class actions related to Swiss franc LIBOR, the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate (“SIBOR”), the Australian Bank Bill Swap Reference Rate, and certain of the putative class actions related to U.S. dollar LIBOR remain subject to court approval. In the class actions related to SIBOR and Swiss franc LIBOR, the District Court concluded that the Court lacked subject matter jurisdiction, and plaintiffs’ appeals of those decisions are pending. Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries. 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 also is responding to related requests concerning similar trading-practices issues in markets for other financial instruments, such as U.S. Treasuries. The Firm continues to cooperate with these investigations and is currently engaged in discussions with various regulators about resolving their respective investigations. There is no assurance that such discussions will result in settlements. 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. The Court of Cassation, France’s highest court, ruled in September 2018 that a mise en examen is a prerequisite for an ordonnance de renvoi and in January 2020 ordered the annulment of the ordonnance de renvoi referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel. 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 $239 million , $72 million and $(35) million for the years ended December 31, 2019, 2018 and 2017, 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. |
International Operations
International Operations | 12 Months Ended |
Dec. 31, 2019 | |
Segments, Geographical Areas [Abstract] | |
International Operations | International operations The following table presents income statement and balance sheet-related information for JPMorgan Chase by major international geographic area. The Firm defines international activities for purposes of this footnote presentation as business transactions that involve clients residing outside of the U.S., and the information presented below is based predominantly on the domicile of the client, the location from which the client relationship is managed, booking location or the location of the trading desk. However, many of the Firm’s U.S. operations serve international businesses. As the Firm’s operations are highly integrated, estimates and subjective assumptions have been made to apportion revenue and expense between U.S. and international operations. These estimates and assumptions are consistent with the allocations used for the Firm’s segment reporting as set forth in Note 32 . The Firm’s long-lived assets for the periods presented are not considered by management to be significant in relation to total assets. The majority of the Firm’s long-lived assets are located in the U.S. As of or for the year ended December 31, Revenue (c) Expense (d) Income before income tax Net income Total assets 2019 Europe/Middle East/Africa $ 15,902 $ 9,977 $ 5,925 $ 4,084 $ 388,353 (e) Asia-Pacific 7,270 5,014 2,256 1,511 183,408 Latin America/Caribbean 2,411 1,561 850 613 47,836 Total international 25,583 16,552 9,031 6,208 619,597 North America (a) 90,044 54,530 35,514 30,223 2,067,782 Total $ 115,627 $ 71,082 $ 44,545 $ 36,431 $ 2,687,379 2018 (b) Europe/Middle East/Africa $ 16,468 $ 10,033 $ 6,435 $ 4,583 $ 426,129 (e) Asia-Pacific 6,997 4,877 2,120 1,491 171,637 Latin America/Caribbean 2,365 1,301 1,064 745 43,870 Total international 25,830 16,211 9,619 6,819 641,636 North America (a) 83,199 52,054 31,145 25,655 1,980,896 Total $ 109,029 $ 68,265 $ 40,764 $ 32,474 $ 2,622,532 2017 (b) Europe/Middle East/Africa $ 15,505 $ 9,235 $ 6,270 $ 4,320 $ 409,204 (e) Asia-Pacific 5,835 4,523 1,312 725 163,823 Latin America/Caribbean 1,959 1,527 432 274 42,403 Total international 23,299 15,285 8,014 5,319 615,430 North America (a) 77,406 49,520 27,886 19,122 1,918,170 Total $ 100,705 $ 64,805 $ 35,900 $ 24,441 $ 2,533,600 (a) Substantially reflects the U.S. (b) The prior period amounts have been revised to conform with the current period presentation. (c) Revenue is composed of net interest income and noninterest revenue. (d) Expense is composed of noninterest expense and the provision for credit losses. (e) Total assets for the U.K. were approximately $305 billion , $297 billion , and $310 billion at December 31, 2019 , 2018 and 2017 , respectively. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Business segments The Firm is managed on an LOB 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 of this footnote for a further discussion of JPMorgan Chase ’s business segments. The following is a description of each of the Firm’s business segments, and the products and services they provide to their respective client bases. Consumer & Community Banking Consumer & Community Banking offers services to consumers and businesses through bank branches, ATMs, digital (including mobile and online) and telephone banking. CCB is organized into Consumer & Business Banking (including Consumer Banking/Chase Wealth Management and Business Banking), Home Lending (including Home Lending Production, Home Lending Servicing and Real Estate Portfolios) and Card, Merchant Services & Auto. Consumer & Business Banking offers deposit and investment products and services to consumers, and lending, deposit, and cash management and payment solutions to small businesses. Home Lending includes mortgage origination and servicing activities, as well as portfolios consisting of residential mortgages and home equity loans. Card, Merchant Services & Auto issues credit cards to consumers and small businesses, offers payment processing services to merchants, and originates and services auto loans and leases. Corporate & Investment Bank The Corporate & Investment Bank, which consists of Banking and Markets & Securities Services, offers a broad suite of investment banking, market-making, prime brokerage, and treasury and securities products and services to a global client base of corporations, investors, financial institutions, government and municipal entities. Banking offers a full range of investment banking products and services in all major capital markets, including advising on corporate strategy and structure, capital-raising in equity and debt markets, as well as loan origination and syndication. Banking also includes Treasury Services, which provides transaction services, consisting of cash management and liquidity solutions. Markets & Securities Services is a global market-maker in cash securities and derivative instruments, and also offers sophisticated risk management solutions, prime brokerage, and research. Markets & Securities Services also includes Securities Services, a leading global custodian which provides custody, fund accounting and administration, and securities lending products principally for asset managers, insurance companies and public and private investment funds. Commercial Banking Commercial Banking provides comprehensive financial solutions, including lending, treasury services, investment banking and asset management products across three primary client segments: Middle Market Banking, Corporate Client Banking and Commercial Real Estate Banking. Other includes amounts not aligned with a primary client segment. Middle Market Banking covers small business and midsized corporations, local governments and nonprofit clients. Corporate Client Banking covers large corporations. Commercial Real Estate Banking covers investors, developers, and owners of multifamily, office, retail, industrial and affordable housing properties. Asset & Wealth Management Asset & Wealth Management, with client assets of $3.2 trillion, is a global leader in investment and wealth management. AWM clients include institutions, high-net-worth individuals and retail investors in major markets throughout the world. AWM offers investment management across most major asset classes including equities, fixed income, alternatives and money market funds. AWM also offers multi-asset investment management, providing solutions for a broad range of clients’ investment needs. For Wealth Management clients, AWM also provides retirement products and services, brokerage and banking services including trusts and estates, loans, mortgages and deposits. The majority of AWM’s client assets are in actively managed portfolios. Corporate The Corporate segment consists of Treasury and Chief Investment Office and Other Corporate, which includes corporate staff functions and expense that is centrally managed. Treasury and CIO is predominantly responsible for measuring, monitoring, reporting and managing the Firm’s liquidity, funding, capital, structural interest rate and foreign exchange risks. The major Other Corporate functions include Real Estate, Technology, Legal, Corporate Finance, Human Resources, Internal Audit, Risk Management, Compliance, Control Management, Corporate Responsibility and various Other Corporate groups. Segment results The following table provides a summary of the Firm’s segment results as of or for the years ended December 31, 2019 , 2018 and 2017 , 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. This allows management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense/(benefit). These adjustments have no impact on net income as reported by the Firm as a whole or by the LOBs. Business segment capital allocation Each business segment is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. ROE is measured and internal targets for expected returns are established as key measures of a business segment’s performance. The Firm’s allocation methodology incorporates Basel III Standardized RWA, Basel III Advanced RWA, leverage, the GSIB surcharge, and a simulation of capital in a severe stress environment. Periodically, the assumptions and methodologies used to allocate capital are assessed and as a result, the capital allocated to the LOBs may change. Segment results and reconciliation (Table continued on next page) As of or for the year ended December 31, (in millions, except ratios) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Noninterest revenue $ 18,642 $ 16,260 $ 14,710 $ 29,142 $ 26,968 $ 24,539 $ 2,430 $ 2,343 $ 2,522 $ 10,816 $ 10,539 $ 10,456 Net interest income 37,241 35,819 31,775 9,156 9,480 10,118 6,554 6,716 6,083 3,500 3,537 3,379 Total net revenue 55,883 52,079 46,485 38,298 36,448 34,657 8,984 9,059 8,605 14,316 14,076 13,835 Provision for credit losses 4,952 4,753 5,572 277 (60 ) (45 ) 296 129 (276 ) 61 53 39 Noninterest expense 28,896 27,835 26,062 21,519 20,918 19,407 3,500 3,386 3,327 10,515 10,353 10,218 Income/(loss) before income tax expense/(benefit) 22,035 19,491 14,851 16,502 15,590 15,295 5,188 5,544 5,554 3,740 3,670 3,578 Income tax expense/(benefit) 5,394 4,639 5,456 4,580 3,817 4,482 1,264 1,307 2,015 907 817 1,241 Net income/(loss) $ 16,641 $ 14,852 $ 9,395 $ 11,922 $ 11,773 $ 10,813 $ 3,924 $ 4,237 $ 3,539 $ 2,833 $ 2,853 $ 2,337 Average equity $ 52,000 $ 51,000 $ 51,000 $ 80,000 $ 70,000 $ 70,000 $ 22,000 $ 20,000 $ 20,000 $ 10,500 $ 9,000 $ 9,000 Total assets 539,090 557,441 552,601 908,153 903,051 826,384 220,514 220,229 221,228 182,004 170,024 151,909 Return on equity 31 % 28 % 17 % 14 % 16 % 14 % 17 % 20 % 17 % 26 % 31 % 25 % Overhead ratio 52 53 56 56 57 56 39 37 39 73 74 74 (Table continued from previous page) As of or for the year ended December 31, (in millions, except ratios) Corporate Reconciling Items (a) Total 2019 2018 2017 2019 2018 2017 2019 2018 2017 Noninterest revenue $ (114 ) $ (263 ) $ 1,085 $ (2,534 ) $ (1,877 ) $ (2,704 ) (b) $ 58,382 $ 53,970 $ 50,608 Net interest income 1,325 135 55 (531 ) (628 ) (1,313 ) 57,245 55,059 50,097 Total net revenue 1,211 (128 ) 1,140 (3,065 ) (2,505 ) (4,017 ) 115,627 109,029 100,705 Provision for credit losses (1 ) (4 ) — — — — 5,585 4,871 5,290 Noninterest expense 1,067 902 501 — — — 65,497 63,394 59,515 Income/(loss) before income tax expense/(benefit) 145 (1,026 ) 639 (3,065 ) (2,505 ) (4,017 ) 44,545 40,764 35,900 Income tax expense/(benefit) (966 ) 215 2,282 (3,065 ) (2,505 ) (4,017 ) (b) 8,114 8,290 11,459 Net income/(loss) $ 1,111 $ (1,241 ) $ (1,643 ) $ — $ — $ — $ 36,431 $ 32,474 $ 24,441 Average equity $ 68,407 $ 79,222 $ 80,350 $ — $ — $ — $ 232,907 $ 229,222 $ 230,350 Total assets 837,618 771,787 781,478 NA NA NA 2,687,379 2,622,532 2,533,600 Return on equity NM NM NM NM NM NM 15 % 13 % 10 % Overhead ratio NM NM NM NM NM NM 57 58 59 (a) Segment results on a managed basis reflect revenue on a 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. (b) Included $375 million related to tax-oriented investments as a result of the enactment of the TCJA. |
Parent Company
Parent Company | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company | Parent Company The following tables present Parent Company-only financial statements. Statements of income and comprehensive income Year ended December 31, (in millions) 2019 2018 2017 Income Dividends from subsidiaries and affiliates: Bank and bank holding company $ 26,000 $ 32,501 $ 13,000 Non-bank (a) — 2 540 Interest income from subsidiaries 223 216 72 Other interest income — — 41 Other income from subsidiaries: Bank and bank holding company 2,738 515 1,553 Non-bank 197 (444 ) (88 ) Other income (1,731 ) 888 (623 ) Total income 27,427 33,678 14,495 Expense Interest expense to subsidiaries and affiliates (a) (5,303 ) 2,291 400 Other interest expense 13,246 4,581 5,202 Noninterest expense 1,992 1,793 (1,897 ) Total expense 9,935 8,665 3,705 Income before income tax benefit and undistributed net income of subsidiaries 17,492 25,013 10,790 Income tax benefit 2,033 1,838 1,007 Equity in undistributed net income of subsidiaries 16,906 5,623 12,644 Net income $ 36,431 $ 32,474 $ 24,441 Other comprehensive income, net 3,076 (1,476 ) 1,056 Comprehensive income $ 39,507 $ 30,998 $ 25,497 Balance sheets December 31, (in millions) 2019 2018 Assets Cash and due from banks $ 32 $ 55 Deposits with banking subsidiaries 5,309 5,315 Trading assets 3,011 3,304 Advances to, and receivables from, subsidiaries: Bank and bank holding company 2,358 3,334 Non-bank 84 74 Investments (at equity) in subsidiaries and affiliates: Bank and bank holding company 471,207 449,628 Non-bank 1,044 1,077 Other assets 10,699 10,478 Total assets $ 493,744 $ 473,265 Liabilities and stockholders’ equity Borrowings from, and payables to, subsidiaries and affiliates (a) $ 23,410 $ 20,017 Short-term borrowings 2,616 2,672 Other liabilities 9,288 8,821 Long-term debt (b)(c) 197,100 185,240 Total liabilities (c) 232,414 216,750 Total stockholders’ equity 261,330 256,515 Total liabilities and stockholders’ equity $ 493,744 $ 473,265 Statements of cash flows Year ended December 31, (in millions) 2019 2018 2017 Operating activities Net income $ 36,431 $ 32,474 $ 24,441 Less: Net income of subsidiaries and affiliates (a) 42,906 38,125 26,185 Parent company net loss (6,475 ) (5,651 ) (1,744 ) Cash dividends from subsidiaries and affiliates (a) 26,000 32,501 13,540 Other operating adjustments 9,862 (4,400 ) 4,635 Net cash provided by/(used in) operating activities 29,387 22,450 16,431 Investing activities Net change in: Other changes in loans, net — — 78 Advances to and investments in subsidiaries and affiliates, net (6 ) (e) 8,036 (280 ) All other investing activities, net 71 63 49 Net cash provided by/(used in) investing activities 65 8,099 (153 ) Financing activities Net change in: Borrowings from subsidiaries and affiliates (a) 2,941 (2,273 ) 13,862 Short-term borrowings (56 ) (678 ) (481 ) Proceeds from long-term borrowings 25,569 25,845 25,855 Payments of long-term borrowings (21,226 ) (21,956 ) (29,812 ) Proceeds from issuance of preferred stock 5,000 1,696 1,258 Redemption of preferred stock (4,075 ) (1,696 ) (1,258 ) Treasury stock repurchased (24,001 ) (19,983 ) (15,410 ) Dividends paid (12,343 ) (10,109 ) (8,993 ) All other financing activities, net (1,290 ) (1,526 ) (1,361 ) Net cash used in financing activities (29,481 ) (30,680 ) (16,340 ) Net decrease in cash and due from banks and deposits with banking subsidiaries (29 ) (131 ) (62 ) Cash and due from banks and deposits with banking subsidiaries at the beginning of the year 5,370 5,501 5,563 Cash and due from banks and deposits with banking subsidiaries at the end of the year $ 5,341 $ 5,370 $ 5,501 Cash interest paid $ 7,957 $ 6,911 $ 5,426 Cash income taxes paid, net (d) 3,910 1,782 1,775 (a) Affiliates include trusts that issued guaranteed capital debt securities (“issuer trusts”). (b) At December 31, 2019 , long-term debt that contractually matures in 2020 through 2024 totaled $16.4 billion , $20.4 billion , $12.7 billion , $18.6 billion , and $18.2 billion , respectively. (c) Refer to Notes 20 and 28 for information regarding the Parent Company’s guarantees of its subsidiaries’ obligations. (d) Represents payments, net of refunds, made by the Parent Company to various taxing authorities and includes taxes paid on behalf of certain of its subsidiaries that are subsequently reimbursed. The reimbursements were $6.4 billion , $1.2 billion , and $4.1 billion for the years ended December 31, 2019, 2018, and 2017, respectively. (e) As a result of the merger of Chase Bank USA, N.A. with and into JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A. distributed $13.5 billion to the Parent company as a return of capital, which the Parent company contributed to the IHC. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 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. |
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. Voting interest entities Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that enable them to make significant decisions relating to the entity’s operations. For these types of entities, the Firm’s determination of whether it has a controlling interest is primarily based on the amount of voting equity interests held. Entities in which the Firm has a controlling financial interest, through ownership of the majority of the entities’ voting equity interests, or through other contractual rights that give the Firm control, are consolidated by the Firm. Investments in companies in which the Firm has significant influence over operating and financing decisions (but does not own a majority of the voting equity interests) are accounted for (i) in accordance with the equity method of accounting (which requires the Firm to recognize its proportionate share of the entity’s net earnings), or (ii) at fair value if the fair value option was elected. These investments are generally included in other assets, with income or loss included in noninterest revenue. Certain Firm -sponsored asset management funds are structured as limited partnerships or limited liability companies. For many of these entities, the Firm is the general partner or managing member, but the non-affiliated partners or members have the ability to remove the Firm as the general partner or managing member without cause (i.e., kick-out rights), based on a simple majority vote, or the non-affiliated partners or members have rights to participate in important decisions. Accordingly, the Firm does not consolidate these voting interest entities. However, in the limited cases where the non-managing partners or members do not have substantive kick-out or participating rights, the Firm evaluates the funds as VIEs and consolidates the funds if the Firm is t h e general partner or managing member and has a potentially significant interest. The Firm’s investment companies and asset management funds have investments in both publicly-held and privately-held entities , including investments in buyouts, growth equity and venture opportunities. These investments are accounted for under investment company guidelines and, accordingly, irrespective of the percentage of equity ownership interests held, are carried on the Consolidated balance sheets at fair value, and are recorded in other assets, with income or loss included in noninterest revenue. If consolidated, the Firm retains such specialized investment company guidelines. Variable interest entities VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The most common type of VIE is a n SPE. SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. The basic SPE structure involves a company selling assets to the SPE; the SPE funds the purchase of those assets by issuing securities to investors. The legal documents that govern the transaction specify how the cash earned on the assets must be allocated to the SPE’s investors and other parties that have rights to those cash flows. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether the Firm has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Firm considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (such as asset managers, collateral managers, servicers, or owners of call options or liquidation rights over the VIE’s assets) or have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether the Firm has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Firm considers all of its economic interests, including debt and equity investments, servicing fees, and derivatives or other arrangements deemed to be variable interests in the VIE. This assessment requires that the Firm apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Firm. The Firm performs on-going reassessments of: (1) whether entities previously evaluated under the majority voting-interest framework have become VIEs, based on certain events, and are therefore subject to the VIE consolidation framework; and (2) whether changes in the facts and circumstances regarding the Firm’s involvement with a VIE cause the Firm’s consolidation conclusion to change. |
Revenue recognition policy | Interest income The Firm recognizes interest income on loans, debt securities, and other debt instruments, generally on a level-yield basis, based on the underlying contractual rate. Refer to Note 7 for further discussion of interest income. Revenue from contracts with customers JPMorgan Chase recognizes noninterest revenue from certain contracts with customers , in investment banking fees, deposit-related fees, asset management administration and commissions, and components of card income, when the Firm’s related performance obligations are satisfied. Refer to Note 6 for further discussion of the Firm’s revenue from contracts with customers. Principal transactions revenue JPMorgan Chase carries a portion of its assets and liabilities at fair value. Changes in fair value are reported primarily in principal transactions revenue. Refer to Notes 2 and 3 for further discussion of fair value measurement. Refer to Note 6 for further discussion of principal transactions revenue. Lending- and deposit-related fees Lending-related fees include fees earned from loan commitments, standby letters of credit, financial guarantees, and other loan-servicing activities. Deposit-related fees include fees earned in lieu of compensating balances, and fees earned from performing cash management activities and other deposit account services. Lending- and deposit-related fees in this revenue category are recognized over the period in which the related service is provided. Asset management, administration and commissions This revenue category includes fees from investment management and related services, custody, brokerage services and other products. The Firm manages assets on behalf of its clients, including investors in Firm -sponsored funds and owners of separately managed investment accounts. Management fees are typically based on the value of assets under management and are collected and recognized at the end of each period over which the management services are provided and the value of the managed assets is known. The Firm also receives performance-based management fees, which are earned based on exceeding certain benchmarks or other performance targets and are accrued and recognized when the probability of reversal is remote, typically at the end of the related billing period. The Firm has contractual arrangements with third parties to provide distribution and other services in connection with its asset management activities. Amounts paid to these third-party service providers are generally recorded in professional and outside services expense. Principal transactions Principal transactions revenue is driven by many factors, including: • the bid-offer spread, which is the difference between the price at which a market participant is willing and able to sell an instrument to the Firm and the price at which another market participant is willing and able to buy it from the Firm , and vice versa; and • realized and unrealized gains and losses on financial instruments and commodities transactions, including those accounted for under the fair value option, primarily used in client-driven market-making activities, and on private equity investments. – Realized gains and losses result from the sale of instruments, closing out or termination of transactions, or interim cash payments. – Unrealized gains and losses result from changes in valuation. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities, including physical commodities inventories and financial instruments that reference commodities. Principal transactions revenue also includes realized and unrealized gains and losses related to: • derivatives designated in qualifying hedge accounting relationships, primarily fair value hedges of commodity and foreign exchange risk; • derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk . Refer to Note 5 for further information on the income statement classification of gains and losses from derivatives activities. In the financial commodity markets, the Firm transacts in OTC derivatives (e.g., swaps, forwards, options) and ETD that reference a wide range of underlying commodities. In the physical commodity markets, the Firm primarily purchases and sells precious and base metals and may hold other commodities inventories under financing and other arrangements with clients. Mortgage fees and related income This revenue category primarily reflects CCB’s Home Lending net production and net mortgage servicing revenue. Net production revenue includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Net production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option. Net mortgage servicing revenue includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies. Refer to Note 15 for further information on risk management activities and MSRs. Net interest income from mortgage loans is recorded in interest income. Investment banking fees This revenue category includes debt and equity underwriting and advisory fees. As an underwriter, the Firm helps clients raise capital via public offering and private placement of various types of debt and equity instruments. Underwriting fees are primarily based on the issuance price and quantity of the underlying instruments, and are recognized as revenue typically upon execution of the client’s transaction. The Firm also manages and syndicates loan arrangements. Credit arrangement and syndication fees, included within debt underwriting fees, are recorded as revenue after satisfying certain retention, timing and yield criteria. The Firm also provides advisory services, by assisting its clients with mergers and acquisitions, divestitures, restructuring and other complex transactions. Advisory fees are recognized as revenue typically upon execution of the client’s transaction. Card income This revenue category includes interchange and other income from credit and debit card transactions, and fees earned from processing card transactions for merchants, both of which are recognized when purchases are made by a cardholder and presented net of certain transaction-related costs. Card income also includes account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12 -month period. Certain Chase credit card products offer the cardholder the ability to earn points based on account activity, which the cardholder can choose to redeem for cash and non-cash rewards. The cost to the Firm related to these proprietary rewards programs varies based on multiple factors including the terms and conditions of the rewards programs, cardholder activity, cardholder reward redemption rates and cardholder reward selections. The Firm maintains a liability for its obligations under its rewards programs and reports the current-period cost as a reduction of card income. Credit card revenue sharing agreements The Firm has contractual agreements with numerous co-brand partners that grant the Firm exclusive rights to issue co-branded credit card products and market them to the customers of such partners. These partners endorse the co-brand credit card programs and provide their customer or member lists to the Firm. The partners may also conduct marketing activities and provide rewards redeemable under their own loyalty programs that the Firm will grant to co-brand credit cardholders based on account activity. The terms of these agreements generally range from five to ten years. The Firm typically makes payments to the co-brand credit card partners based on the cost of partners’ marketing activities and loyalty program rewards provided to credit cardholders, new account originations and sales volumes. Payments to partners based on marketing efforts undertaken by the partners are expensed by the Firm as incurred and reported as marketing expense. Payments for partner loyalty program rewards are reported as a reduction of card income when incurred. Payments to partners based on new credit card account originations are accounted for as direct loan origination costs and are deferred and recognized as a reduction of card income on a straight-line basis over a 12 -month period. Payments to partners based on sales volumes are reported as a reduction of card income when the related interchange income is earned. |
Use of estimates in the preparation of consolidated financial statements policy | The preparation of the Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. |
Foreign currency translation policy | JPMorgan Chase revalues assets, liabilities, revenue and expense denominated in non-U.S. currencies into U.S. dollars using applicable exchange rates. Gains and losses relating to translating functional currency financial statements for U.S. reporting are included in the Consolidated statements of comprehensive income. Gains and losses relating to nonfunctional currency transactions, including non-U.S. operations where the functional currency is the U.S. dollar, are reported in the Consolidated statements of income. |
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 sold and purchased under repurchase agreements and securities borrowed or loaned under securities loan agreements to be presented net 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. The Firm uses master netting agreements to mitigate counterparty credit risk in certain transactions, including derivative contracts, resale, repurchase, securities borrowed and securities loaned agreements. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due). Upon the exercise of derivatives termination rights by the non-defaulting party (i) all transactions are terminated, (ii) all transactions are valued and the positive values of “in the money” transactions are netted against the negative values of “out of the money” transactions and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Upon exercise of default rights under repurchase agreements and securities loan agreements in general (i) all transactions are terminated and accelerated, (ii) all values of securities or cash held or to be delivered are calculated, and all such sums are netted against each other and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Typical master netting agreements for these types of transactions also often contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to set-off any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty. |
Statements of cash flows policy | For JPMorgan Chase’s Consolidated statements of cash flows, cash is defined as those amounts included in cash and due from banks and deposits with banks. |
Accounting standard adopted January 1, 2020 and Accounting standards adopted January 1, 2018 | Accounting standard adopted January 1, 2020 Financial Instruments – Credit Losses (“CECL”) The adoption of this guidance established a single allowance framework for all financial assets carried at amortized cost and certain off-balance sheet credit exposures. This framework requires that management’s estimate reflects credit losses over the full remaining expected life and considers expected future changes in macroeconomic conditions. The following table presents the impacts to the allowance for credit losses and retained earnings upon adoption of this guidance on January 1, 2020: (in billions) December 31, 2019 CECL adoption impact January 1, 2020 Allowance for credit losses Consumer, excluding credit card $ 3.2 $ 0.2 $ 3.4 Credit card 5.7 5.5 11.2 Wholesale 5.4 (1.4 ) 4.0 Firmwide $ 14.3 $ 4.3 $ 18.6 Retained earnings Firmwide allowance increase $ 4.3 Balance sheet reclassification (a) (0.8 ) Total pre-tax impact 3.5 Tax effect (0.8 ) Decrease to retained earnings $ 2.7 (a) Represents the recognition of the nonaccretable difference on purchased credit deteriorated assets and the Firm's election to recognize the reserve for uncollectible accrued interest on credit card loans in the allowance, both of which resulted in a corresponding increase to loans. Accounting standards adopted January 1, 2018 Effective January 1, 2018, the Firm adopted several accounting standards resulting in a net decrease of $183 million to retained earnings and a net increase of $88 million to AOCI. Certain of these standards were adopted retrospectively and, accordingly, prior period amounts were revised. The adoption of the recognition and measurement guidance resulted in $505 million of fair value gains in the first quarter of 2018, recorded in total net revenue, on certain equity investments that were previously held at cost. |
Fair value policy | JPMorgan Chase carries a portion of its assets and liabilities at fair value. These assets and liabilities are predominantly carried at fair value on a recurring basis (i.e., assets and liabilities that are measured and reported at fair value on the Firm’s Consolidated balance sheets). Certain assets, liabilities and unfunded lending-related commitments are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). |
Fair value option policy | The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments. The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis. The Firm’s election of fair value includes the following instruments: • Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments • Certain securities financing agreements, such as those with an embedded derivative and/or a maturity of greater than one year • Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument • Structured notes, which are predominantly financial instruments that contain embedded derivatives, that are issued as part of client-driven activities • Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value |
Derivatives policy | All free-standing derivatives that the Firm executes for its own account are required to be recorded on the Consolidated balance sheets at fair value. As permitted under U.S. GAAP , the Firm nets derivative assets and liabilities, and the related cash collateral receivables and payables, when a legally enforceable master netting agreement exists between the Firm and the derivative counterparty. Refer to Note 1 for further discussion of the offsetting of assets and liabilities. The accounting for changes in value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. The tabular disclosures on pages 184–191 of this Note provide additional information on the amount of, and reporting for, derivative assets, liabilities, gains and losses. Refer to Notes 2 and 3 for further discussion of derivatives embedded in structured notes. Derivatives designated as hedges The Firm applies hedge accounting to certain derivatives executed for risk management purposes – generally interest rate, foreign exchange and commodity derivatives. However, JPMorgan Chase does not seek to apply hedge accounting to all of the derivatives involved in the Firm’s risk management activities. For example, the Firm does not apply hedge accounting to purchased CDS used to manage the credit risk of loans and lending-related commitments, because of the difficulties in qualifying such contracts as hedges. For the same reason, the Firm does not apply hedge accounting to certain interest rate , foreign exchange , and commodity derivatives used for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. To assess effectiveness, the Firm uses statistical methods such as regression analysis, nonstatistical methods such as dollar-value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item, and qualitative comparisons of critical terms and the evaluation of any changes in those terms. The extent to which a derivative has been, and is expected to continue to be, highly effective at offsetting changes in the fair value or cash flows of the hedged item must be assessed and documented at least quarterly. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. There are three types of hedge accounting designations: fair value hedges, cash flow hedges and net investment hedges. JPMorgan Chase uses fair value hedges primarily to hedge fixed-rate long-term debt, AFS securities and certain commodities inventories. For qualifying fair value hedges, the changes in the fair value of the derivative, and in the value of the hedged item for the risk being hedged, are recognized in earnings. Certain amounts excluded from the assessment of effectiveness are recorded in OCI and recognized in earnings over the life of the derivative. If the hedge relationship is terminated, then the adjustment to the hedged item continues to be reported as part of the basis of the hedged item, and for benchmark interest rate hedges, is amortized to earnings as a yield adjustment. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily net interest income and principal transactions revenue. JPMorgan Chase uses cash flow hedges primarily to hedge the exposure to variability in forecasted cash flows from floating-rate assets and liabilities and foreign currency–denominated revenue and expense. For qualifying cash flow hedges, changes in the fair value of the derivative are recorded in OCI and recognized in earnings as the hedged item affects earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily noninterest revenue, net interest income and compensation expense. If the hedge relationship is terminated, then the change in value of the derivative recorded in AOCI is recognized in earnings when the cash flows that were hedged affect earnings. For hedge relationships that are discontinued because a forecasted transaction is not expected to occur according to the original hedge forecast, any related derivative values recorded in AOCI are immediately recognized in earnings. JPMorgan Chase uses net investment hedges to protect the value of the Firm’s net investments in certain non-U.S. subsidiaries or branches whose functional currencies are not the U.S. dollar. For qualifying net investment hedges, changes in the fair value of the derivatives due to changes in spot foreign exchange rates are recorded in OCI as translation adjustments. Amounts excluded from the assessment of effectiveness are recorded directly in earnings. |
Interest income and interest expense policy | Interest income and interest expense includes the current-period interest accruals for financial instruments measured at fair value, except for derivatives and financial instruments containing embedded derivatives that would be separately accounted for in accordance with U.S. GAAP, absent the fair value option election; for those instruments, all changes in fair value including any interest elements, are reported in principal transactions revenue. For financial instruments that are not measured at fair value, the related interest is included within interest income or interest expense, as applicable. Refer to Notes 12 , 10 , 11 and 20 , for further information on accounting for interest income and interest expense related to loans, investment securities, securities financing activities (i.e., securities purchased or sold under resale or repurchase agreements; securities borrowed; and securities loaned) and long-term debt, respectively. |
Pension and other postretirement plans policy | The Firm has various defined benefit pension plans and OPEB plans that provide benefits to its employees in the U.S. and certain non-U.S. locations. The Firm also provides a qualified defined contribution plan in the U.S. and maintains other similar arrangements in certain non-U.S. locations. The principal defined benefit pension plan in the U.S. is a qualified noncontributory plan that provides benefits to substantially all U.S. employees . In connection with changes to the U.S. Retirement Savings Program during the fourth quarter of 2018, the Firm announced that it will freeze the U.S. defined benefit pension plan (the “Plan Freeze”). Commencing on January 1, 2020 (and January 1, 2019 for new hires), new pay credits are directed to the U.S. defined contribution plan. Interest credits on the U.S. defined benefit pension plan will continue to accrue. As a result, a curtailment was triggered and a remeasurement of the U.S. defined benefit pension obligation and plan assets occurred as of November 30, 2018. The plan design change did not have a material impact on the U.S. defined benefit pension plan or the Firm’s Consolidated Financial Statements. The Firm also has defined benefit pension plans that are offered in certain non-U.S. locations based on factors such as eligible compensation, age and/or years of service. It is the Firm’s policy to fund the pension plans in amounts sufficient to meet the requirements under applicable laws. The Firm does not anticipate at this time making any contribution to the U.S. defined benefit pension plan in 2020. The 2020 contributions to the non-U.S. defined benefit pension plans are expected to be $49 million , of which $34 million are contractually required. The Firm also has a number of nonqualified noncontributory defined benefit pension plans that are unfunded. These plans provide supplemental defined pension benefits to certain employees. The Firm offers postretirement medical and life insurance benefits to certain U.S. retirees and postretirement medical benefits to certain qualifying U.S. and U.K. employees . The Firm partially defrays the cost of its U.S. OPEB obligation through corporate-owned life insurance (“COLI”) purchased on the lives of eligible employees and retirees. While the Firm owns the COLI policies, certain COLI proceeds (death benefits, withdrawals and other distributions) may be used only to reimburse the Firm for its net postretirement benefit claim payments and related administrative expense. The Firm has prefunded its U.S. postretirement benefit obligations. The U.K. OPEB plan is unfunded. Pension and OPEB accounting guidance generally requires that the difference between plan assets at fair value and the benefit obligation be measured and recorded on the balance sheet. Plans that are overfunded (excess of plan assets over benefit obligation) are recorded in other assets and plans that are underfunded (excess benefit obligation over plan assets) are recorded in other liabilities. Gains or losses resulting from changes in the benefit obligation and the value of plan assets are recorded in OCI and recognized as part of the net periodic benefit cost over subsequent periods as discussed in the Gains and losses section of this Note. Additionally, benefits earned during the year are reported in compensation expense; all other components of net periodic defined benefit costs are reported in other expense in the Consolidated statements of income. |
Share-based compensation, option and incentive plans policy | RSUs are awarded at no cost to the recipient upon their grant. Generally, RSUs are granted annually and vest at a rate of 50% after two years and 50% after three years and are converted into shares of common stock as of the vesting date. In addition, RSUs typically include full-career eligibility provisions, which allow employees to continue to vest upon voluntary termination based on age or service-related requirements, subject to post-employment and other restrictions. All RSU awards are subject to forfeiture until vested and contain clawback provisions that may result in cancellation under certain specified circumstances. Predominantly all RSUs entitle the recipient to receive cash payments equivalent to any dividends paid on the underlying common stock during the period the RSUs are outstanding . Performance share units (“PSUs”) are granted annually, and approved by the Firm’s Board of Directors, to members of the Firm’s Operating Committee under the variable compensation program. PSUs are subject to the Firm’s achievement of specified performance criteria over a three-year period. The number of awards that vest can range from zero to 150% of the grant amount. In addition, dividends that accrue during the vesting period are reinvested in dividend equivalent share units. PSUs and the related dividend equivalent share units are converted into shares of common stock after vesting. Once the PSUs and dividend equivalent share units have vested, the shares of common stock that are delivered, after applicable tax withholding, must be held for an additional two-year period, for a total combined vesting and holding period of approximately five to eight years from the grant date depending on regulations in certain countries. Under the LTI Plans, stock appreciation rights (“SARs”) and stock options have generally been granted with an exercise price equal to the fair value of JPMorgan Chase’s common stock on the grant date. SARs and stock options generally expire ten years after the grant date. There were no material grants of employee SARs or stock options in 2019, 2018 and 2017. The Firm separately recognizes compensation expense for each tranche of each award, net of estimated forfeitures, as if it were a separate award with its own vesting date. Generally, for each tranche granted, compensation expense is recognized on a straight-line basis from the grant date until the vesting date of the respective tranche, provided that the employees will not become full-career eligible during the vesting period. For awards with full-career eligibility provisions and awards granted with no future substantive service requirement, the Firm accrues the estimated value of awards expected to be awarded to employees as of the grant date without giving consideration to the impact of post-employment restrictions. For each tranche granted to employees who will become full-career eligible during the vesting period, compensation expense is recognized on a straight-line basis from the grant date until the earlier of the employee’s full-career eligibility date or the vesting date of the respective tranche. The Firm’s policy for issuing shares upon settlement of employee share-based incentive awards is to issue either new shares of common stock or treasury shares. During 2019 , 2018 and 2017 |
Loans receivable policy | 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 The following provides a detailed accounting discussion of these loan categories: Loans held-for-investment (other than PCI loans) Originated or purchased loans held-for-investment, other than PCI loans, are recorded at the principal amount outstanding, net of the following: charge-offs; interest applied to principal (for loans accounted for on the cost recovery method); unamortized discounts and premiums; and net deferred loan fees or costs. Credit card loans also include billed finance charges and fees net of an allowance for uncollectible amounts. Interest income Interest income on performing loans held-for-investment, other than PCI loans, is accrued and recognized as interest income at the contractual rate of interest. Purchase price discounts or premiums, as well as net deferred loan fees or costs, are amortized into interest income over the contractual life of the loan as an adjustment of yield. Nonaccrual loans Nonaccrual loans are those on which the accrual of interest has been suspended. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status and considered nonperforming when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more, unless the loan is both well-secured and in the process of collection. A loan is determined to be past due when the minimum payment is not received from the borrower by the contractually specified due date or for certain loans (e.g., residential real estate loans), when a monthly payment is due and unpaid for 30 days or more. Finally, collateral-dependent loans are typically maintained on nonaccrual status. On the date a loan is placed on nonaccrual status, all interest accrued but not collected is reversed against interest income. In addition, the amortization of deferred amounts is suspended. Interest income on nonaccrual loans may be recognized as cash interest payments are received (i.e., on a cash basis) if the recorded loan balance is deemed fully collectible; however, if there is doubt regarding the ultimate collectibility of the recorded loan balance, all interest cash receipts are applied to reduce the carrying value of the loan (the cost recovery method). For consumer loans, application of this policy typically results in the Firm recognizing interest income on nonaccrual consumer loans on a cash basis. A loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, the terms of the restructured loan. As permitted by regulatory guidance, credit card loans are generally exempt from being placed on nonaccrual status; accordingly, interest and fees related to credit card loans continue to accrue until the loan is charged off or paid in full. The Firm separately establishes an allowance, which reduces loans and is charged to interest income, for the estimated uncollectible portion of accrued and billed interest and fee income on credit card loans. Allowance for loan losses The allowance for loan losses represents the estimated probable credit losses inherent in the held-for-investment loan portfolio at the balance sheet date and is recognized on the balance sheet as a contra asset, which brings the recorded investment to the net carrying value. Changes in the allowance for loan losses are recorded in the provision for credit losses on the Firm’s Consolidated statements of income. Refer to Note 13 for further information on the Firm’s accounting policies for the allowance for loan losses. Charge-offs Consumer loans, other than risk-rated business banking and auto loans, and PCI loans, are generally charged off or charged down to the net realizable value of the underlying collateral (i.e., fair value less costs to sell), with an offset to the allowance for loan losses, upon reaching specified stages of delinquency in accordance with standards established by the FFIEC. Residential real estate loans and non-modified credit card loans are generally charged off no later than 180 days past due. Scored auto and modified credit card loans are charged off no later than 120 days past due. Certain consumer loans will be charged off or charged down to their net realizable value earlier than the FFIEC charge-off standards in certain circumstances as follows: • Loans modified in a TDR that are determined to be collateral-dependent. • Loans to borrowers who have experienced an event that suggests a loss is either known or highly certain are subject to accelerated charge-off standards (e.g., residential real estate and auto loans are charged off within 60 days of receiving notification of a bankruptcy filing). • Auto loans upon repossession of the automobile. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs on government-guaranteed loans. Wholesale loans, risk-rated business banking loans and risk-rated auto loans are charged off when it is highly certain that a loss has been realized, including situations where a loan is determined to be both impaired and collateral-dependent. The determination of whether to recognize a charge-off includes many factors, including the prioritization of the Firm’s claim in bankruptcy, expectations of the workout/restructuring of the loan and valuation of the borrower’s equity or the loan collateral. When a loan is charged down to the estimated net realizable value, the determination of the fair value of the collateral depends on the type of collateral (e.g., securities, real estate). In cases where the collateral is in the form of liquid securities, the fair value is based on quoted market prices or broker quotes. For illiquid securities or other financial assets, the fair value of the collateral is generally estimated using a discounted cash flow model. For residential real estate loans, collateral values are based upon external valuation sources. When it becomes likely that a borrower is either unable or unwilling to pay, the Firm utilizes a broker’s price opinion, appraisal and/or an automated valuation model of the home based on an exterior-only valuation (“exterior opinions”), which is then updated at least every twelve months , or more frequently depending on various market factors. As soon as practicable after the Firm receives the property in satisfaction of a debt (e.g., by taking legal title or physical possession), the Firm generally obtains an appraisal based on an inspection that includes the interior of the home (“interior appraisals”). Exterior opinions and interior appraisals are discounted based upon the Firm’s experience with actual liquidation values as compared with the estimated values provided by exterior opinions and interior appraisals, considering state-specific factors. For commercial real estate loans, collateral values are generally based on appraisals from internal and external valuation sources. Collateral values are typically updated every six to twelve months , either by obtaining a new appraisal or by performing an internal analysis, in accordance with the Firm’s policies. The Firm also considers both borrower- and market-specific factors, which may result in obtaining appraisal updates or broker price opinions at more frequent intervals. Loans held-for-sale Loans held-for-sale are measured at the lower of cost or fair value, with valuation changes recorded in noninterest revenue. For consumer loans, the valuation is performed on a portfolio basis. For wholesale loans, the valuation is performed on an individual loan basis. Interest income on loans held-for-sale is accrued and recognized based on the contractual rate of interest. Loan origination fees or costs and purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred fees or costs and discounts or premiums are an adjustment to the basis of the loan and therefore are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. Because these loans are recognized at the lower of cost or fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. However, loans held-for-sale are subject to the nonaccrual policies described above. Loans at fair value Loans used in a market-making strategy or risk managed on a fair value basis are measured at fair value, with changes in fair value recorded in noninterest revenue. Interest income on these loans is accrued and recognized based on the contractual rate of interest. Changes in fair value are recognized in noninterest revenue. Loan origination fees are recognized upfront in noninterest revenue. Loan origination costs are recognized in the associated expense category as incurred. Because these loans are recognized at fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. However, loans at fair value are subject to the nonaccrual policies described above. Refer to Note 3 for further information on the Firm’s elections of fair value accounting under the fair value option. Refer to Note 2 and Note 3 for further information on loans carried at fair value and classified as trading assets. PCI loans PCI loans held-for-investment are initially measured at fair value. PCI loans have evidence of credit deterioration since the loan’s origination date and therefore it is probable, at acquisition, that all contractually required payments will not be collected. Because PCI loans are initially measured at fair value, which includes an estimate of future credit losses, no allowance for loan losses related to PCI loans is recorded at the acquisition date. Refer to page 229 of this Note for information on accounting for PCI loans subsequent to their acquisition. Loan classification changes Loans in the held-for-investment portfolio that management decides to sell are transferred to the held-for-sale portfolio at the lower of cost or fair value on the date of transfer. Credit-related losses are charged against the allowance for loan losses; non-credit related losses such as those due to changes in interest rates or foreign currency exchange rates are recognized in noninterest revenue. In the event that management decides to retain a loan in the held-for-sale portfolio, the loan is transferred to the held-for-investment portfolio at the lower of cost or fair value on the date of transfer. These loans are subsequently assessed for impairment based on the Firm’s allowance methodology. Refer to Note 13 for a further discussion of the methodologies used in establishing the Firm’s allowance for loan losses. Loan modifications The Firm seeks to modify certain loans in conjunction with its loss-mitigation activities. Through the modification, JPMorgan Chase grants one or more concessions to a borrower who is experiencing financial difficulty in order to minimize the Firm’s economic loss and avoid foreclosure or repossession of the collateral, and to ultimately maximize payments received by the Firm from the borrower. The concessions granted vary by program and by borrower-specific characteristics, and may include interest rate reductions, term extensions, payment deferrals, principal forgiveness, or the acceptance of equity or other assets in lieu of payments. Such modifications are accounted for and reported as TDRs. A loan that has been modified in a TDR is generally considered to be impaired until it matures, is repaid, or is otherwise liquidated, regardless of whether the borrower performs under the modified terms. In certain limited cases, the effective interest rate applicable to the modified loan is at or above the current market rate at the time of the restructuring. In such circumstances, and assuming that the loan subsequently performs under its modified terms and the Firm expects to collect all contractual principal and interest cash flows, the loan is disclosed as impaired and as a TDR only during the year of the modification; in subsequent years, the loan is not disclosed as an impaired loan or as a TDR so long as repayment of the restructured loan under its modified terms is reasonably assured. Loans, except for credit card loans, modified in a TDR are generally placed on nonaccrual status, although in many cases such loans were already on nonaccrual status prior to modification. These loans may be returned to performing status (the accrual of interest is resumed) if the following criteria are met: (i) the borrower has performed under the modified terms for a minimum of six months and/or six payments, and (ii) the Firm has an expectation that repayment of the modified loan is reasonably assured based on, for example, the borrower’s debt capacity and level of future earnings, collateral values, LTV ratios, and other current market considerations. In certain limited and well-defined circumstances in which the loan is current at the modification date, such loans are not placed on nonaccrual status at the time of modification. Because loans modified in TDRs are considered to be impaired, these loans are measured for impairment using the Firm’s established asset-specific allowance methodology, which considers the expected re-default rates for the modified loans. A loan modified in a TDR generally remains subject to the asset-specific allowance methodology throughout its remaining life, regardless of whether the loan is performing and has been returned to accrual status and/or the loan has been removed from the impaired loans disclosures (i.e., loans restructured at market rates). Refer to Note 13 for further discussion of the methodology used to estimate the Firm’s asset-specific allowance. Foreclosed property The Firm acquires property from borrowers through loan restructurings, workouts, and foreclosures. Property acquired may include real property (e.g., residential real estate, land, and buildings) and commercial and personal property (e.g., automobiles, aircraft, railcars, and ships). The Firm recognizes foreclosed property upon receiving assets in satisfaction of a loan (e.g., by taking legal title or physical possession). For loans collateralized by real property, the Firm generally recognizes the asset received at foreclosure sale or upon the execution of a deed in lieu of foreclosure transaction with the borrower. Foreclosed assets are reported in other assets on the Consolidated balance sheets and initially recognized at fair value less costs to sell. Each quarter the fair value of the acquired property is reviewed and adjusted, if necessary, to the lower of cost or fair value. Subsequent adjustments to fair value are charged/credited to noninterest revenue. Operating expense, such as real estate taxes and maintenance, are charged to other expense. |
Allowance for credit losses policy | JPMorgan Chase ’s allowance for loan losses represents management’s estimate of probable credit losses inherent in the Firm’s retained loan portfolio, which consists of the two consumer portfolio segments (primarily scored) and the wholesale portfolio segment (risk-rated). The allowance for loan losses includes a formula-based component, an asset-specific component, and a component related to PCI loans, as described below. Management also estimates an allowance for wholesale and certain consumer lending-related commitments using methodologies similar to those used to estimate the allowance on the underlying loans. The Firm’s policies used to determine its allowance for credit losses are described in the following paragraphs. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowances for loan losses and lending-related commitments in future periods. At least quarterly, the allowance for credit losses is reviewed by the CRO, the CFO and the Controller of the Firm. As of December 31, 2019 , JPMorgan Chase deemed the allowance for credit losses to be appropriate and sufficient to absorb probable credit losses inherent in the portfolio. Formula-based component The formula-based component is based on a statistical calculation to provide for incurred credit losses in all consumer loans and performing risk-rated loans. All loans restructured in TDRs as well as any impaired risk-rated loans have an allowance assessed as part of the asset-specific component, while PCI loans have an allowance assessed as part of the PCI component. Refer to Note 12 for more information on TDRs, Impaired loans and PCI loans. Formula-based component - Consumer loans and certain lending-related commitments The formula-based allowance for credit losses for the consumer portfolio segments is calculated by applying statistical credit loss factors (estimated PD and loss severities) to the recorded investment balances or loan-equivalent amounts of pools of loan exposures with similar risk characteristics over a loss emergence period to arrive at an estimate of incurred credit losses. Estimated loss emergence periods may vary by product and may change over time; management applies judgment in estimating loss emergence periods, using available credit information and trends. In addition, management applies judgment to the statistical loss estimates for each loan portfolio category, using delinquency trends and other risk characteristics to estimate the total incurred credit losses in the portfolio. Management uses additional statistical methods and considers actual portfolio performance, including actual losses recognized on defaulted loans and collateral valuation trends, to review the appropriateness of the primary statistical loss estimate. The economic impact of potential modifications of residential real estate loans is not included in the statistical calculation because of the uncertainty regarding the type and results of such modifications. The statistical calculation is then adjusted to take into consideration model imprecision, external factors and current economic events that have occurred but that are not yet reflected in the factors used to derive the statistical calculation; these adjustments are accomplished in part by analyzing the historical loss experience for each major product segment. However, it is difficult to predict whether historical loss experience is indicative of future loss levels. Management applies judgment in making this adjustment, taking into account uncertainties associated with current macroeconomic and political conditions, quality of underwriting standards, borrower behavior, and other relevant internal and external factors affecting the credit quality of the portfolio. In certain instances, the interrelationships between these factors create further uncertainties. The application of different inputs into the statistical calculation, and the assumptions used by management to adjust the statistical calculation, are subject to management judgment, and emphasizing one input or assumption over another, or considering other inputs or assumptions, could affect the estimate of the allowance for credit losses for the consumer credit portfolio. Overall, the allowance for credit losses for consumer portfolios is sensitive to changes in the economic environment (e.g., unemployment rates), delinquency rates, the realizable value of collateral (e.g., housing prices), FICO scores, borrower behavior and other risk factors. While all of these factors are important determinants of overall allowance levels, changes in the various factors may not occur at the same time or at the same rate, or changes may be directionally inconsistent such that improvement in one factor may offset deterioration in another. In addition, changes in these factors would not necessarily be consistent across all geographies or product types. Finally, it is difficult to predict the extent to which changes in these factors would ultimately affect the frequency of losses, the severity of losses or both. Formula-based component - Wholesale loans and lending-related commitments The Firm’s methodology for determining the allowance for loan losses and the allowance for lending-related commitments involves the early identification of credits that are deteriorating. The formula-based component of the allowance for wholesale loans and lending-related commitments is calculated by applying statistical credit loss factors (estimated PD and LGD) to the recorded investment balances or loan-equivalent over a loss emergence period to arrive at an estimate of incurred credit losses in the portfolio. Estimated loss emergence periods may vary by the funded versus unfunded status of the instrument and may change over time. The Firm assesses the credit quality of a borrower or counterparty and assigns an internal risk rating. Risk ratings are assigned at origination or acquisition, and if necessary, adjusted for changes in credit quality over the life of the exposure. In assessing the risk rating of a particular loan or lending-related commitment, among the factors considered are the obligor’s debt capacity and financial flexibility, the level of the obligor’s earnings, the amount and sources for repayment, the level and nature of contingencies, management strength, and the industry and geography in which the obligor operates. These factors are based on an evaluation of historical and current information and involve subjective assessment and interpretation. Determining risk ratings involves significant judgment; emphasizing one factor over another or considering additional factors could affect the risk rating assigned by the Firm. A PD estimate is determined based on the Firm’s history of defaults over more than one credit cycle. LGD estimate is a judgment-based estimate assigned to each loan or lending-related commitment. The estimate represents the amount of economic loss if the obligor were to default. The type of obligor, quality of collateral, and the seniority of the Firm’s lending exposure in the obligor’s capital structure affect LGD. The Firm applies judgment in estimating PD, LGD, loss emergence period and loan-equivalent used in calculating the allowance for credit losses. Estimates of PD, LGD, loss emergence period and loan-equivalent used are subject to periodic refinement based on any changes to underlying external or Firm- specific historical data. Changes to the time period used for PD and LGD estimates could also affect the allowance for credit losses. The use of different inputs, estimates or methodologies could change the amount of the allowance for credit losses determined appropriate by the Firm. In addition to the statistical credit loss estimates applied to the wholesale portfolio, management applies its judgment to adjust the statistical estimates for wholesale loans and lending-related commitments, taking into consideration model imprecision, external factors and economic events that have occurred but are not yet reflected in the loss factors. Historical experience of both LGD and PD are considered when estimating these adjustments. Factors related to concentrated and deteriorating industries also are incorporated where relevant. These estimates are based on management’s view of uncertainties that relate to current macroeconomic conditions, quality of underwriting standards and other relevant internal and external factors affecting the credit quality of the current portfolio. Asset-specific component The asset-specific component of the allowance relates to loans considered to be impaired, which includes loans that have been modified in TDRs as well as risk-rated loans that have been placed on nonaccrual status. To determine the asset-specific component of the allowance, larger risk-rated loans (primarily loans in the wholesale portfolio segment) are evaluated individually, while smaller loans (both risk-rated and scored) are evaluated as pools using historical loss experience for the respective class of assets. The Firm generally measures the asset-specific allowance as the difference between the recorded investment in the loan and the present value of the cash flows expected to be collected, discounted at the loan’s original effective interest rate. Subsequent changes in impairment are reported as an adjustment to the allowance for loan losses. In certain cases, the asset-specific allowance is determined using an observable market price, and the allowance is measured as the difference between the recorded investment in the loan and the loan’s fair value. Collateral-dependent loans are charged down to the fair value of collateral less costs to sell. For any of these impaired loans, the amount of the asset-specific allowance required to be recorded, if any, is dependent upon the recorded investment in the loan (including prior charge-offs), and either the expected cash flows or fair value of collateral. Refer to Note 12 for more information about charge-offs and collateral-dependent loans. The asset-specific component of the allowance for impaired loans that have been modified in TDRs (including forgone interest, principal forgiveness, as well as other concessions) incorporates the effect of the modification on the loan’s expected cash flows, which considers the potential for redefault. For residential real estate loans modified in TDRs, the Firm develops product-specific probability of default estimates, which are applied at a loan level to compute expected losses. In developing these probabilities of default, the Firm considers the relationship between the credit quality characteristics of the underlying loans and certain assumptions about home prices and unemployment, based upon industry-wide data. The Firm also considers its own historical loss experience to-date based on actual redefaulted modified loans. For credit card loans modified in TDRs, expected losses incorporate projected redefaults based on the Firm’s historical experience by type of modification program. For wholesale loans modified in TDRs, expected losses incorporate management’s expectation of the borrower’s ability to repay under the modified terms. Estimating the timing and amounts of future cash flows is highly judgmental as these cash flow projections rely upon estimates such as loss severities, asset valuations, default rates (including redefault rates on modified loans), the amounts and timing of interest or principal payments (including any expected prepayments) or other factors that are reflective of current and expected market conditions. These estimates are, in turn, dependent on factors such as the duration of current overall economic conditions, industry-, portfolio-, or borrower-specific factors, the expected outcome of insolvency proceedings as well as, in certain circumstances, other economic factors, including the level of future home prices. All of these estimates and assumptions require significant management judgment and certain assumptions are highly subjective. PCI loans In connection with the acquisition of certain PCI loans, which are accounted for as described in Note 12 , the allowance for loan losses for the PCI portfolio is based on quarterly estimates of the amount of principal and interest cash flows expected to be collected over the estimated remaining lives of the loans. These cash flow projections are based on estimates regarding default rates (including redefault rates on modified loans), loss severities, the amounts and timing of prepayments and other factors that are reflective of current and expected future market conditions. These estimates are dependent on assumptions regarding the level of future home prices, and the duration of current overall economic conditions, among other factors. These estimates and assumptions require significant management judgment and certain assumptions are highly subjective. |
Loan securitizations policy | The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, and commercial mortgage. The purposes of these securitization transactions were to satisfy investor demand and to generate liquidity for the Firm. For loan securitizations in which the Firm is not required to consolidate the trust, the Firm records the transfer of the loan receivable to the trust as a sale when all of the following accounting criteria for a sale are met: (1) the transferred financial assets are legally isolated from the Firm’s creditors; (2) the transferee or beneficial interest holder can pledge or exchange the transferred financial assets; and (3) the Firm does not maintain effective control over the transferred financial assets (e.g., the Firm cannot repurchase the transferred assets before their maturity and it does not have the ability to unilaterally cause the holder to return the transferred assets). For loan securitizations accounted for as a sale, the Firm recognizes a gain or loss based on the difference between the value of proceeds received (including cash, beneficial interests, or servicing assets received) and the carrying value of the assets sold. Gains and losses on securitizations are reported in noninterest revenue. |
Goodwill policy | Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate there may be impairment. |
Mortgage servicing rights policy | 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. As permitted by U.S. GAAP, the Firm has elected to account for its MSRs at fair value. The Firm treats its MSRs as a single class of servicing assets based on the availability of market inputs used to measure the fair value of its MSR asset and its treatment of MSRs as one aggregate pool for risk management purposes. The Firm estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Firm’s prepayment model, and then discounts these cash flows at risk-adjusted rates. The model considers portfolio characteristics, contractually specified servicing fees, prepayment assumptions, delinquency rates, costs to service, late charges and other ancillary revenue, and other economic factors. The Firm compares fair value estimates and assumptions to observable market data where available, and also considers recent market activity and actual portfolio experience. |
Premises and equipment policy | Premises and equipment, including leasehold improvements, are carried at cost less accumulated depreciation and amortization. JPMorgan Chase computes depreciation using the straight-line method over the estimated useful life of an asset. For leasehold improvements, the Firm uses the straight-line method computed over the lesser of the remaining term of the leased facility or the estimated useful life of the leased asset. |
Internal use software policy | JPMorgan Chase capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life and reviewed for impairment on an ongoing basis. |
Debt policy | JPMorgan Chase issues long-term debt denominated in various currencies, predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income, except for unrealized gains/(losses) due to DVA which are recorded in OCI. |
Earnings per share policy | Basic earnings per share (“EPS”) is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. JPMorgan Chase grants RSUs under its share-based compensation programs, predominantly all of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Firm’s common stock. These unvested RSUs meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends, and they are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS; refer to Note 9 for additional information. Diluted EPS incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. For each of the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive. |
Income tax policy | JPMorgan Chase and its eligible subsidiaries file a consolidated U.S. federal income tax return. JPMorgan Chase uses the asset and liability method to provide income taxes on all transactions recorded in the Consolidated Financial Statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the tax rates that the Firm expects to be in effect when the underlying items of income and expense are realized. JPMorgan Chase’s expense for income taxes includes the current and deferred portions of that expense. A valuation allowance is established to reduce deferred tax assets to the amount the Firm expects to realize. |
Off-balance sheet credit exposure policy | U.S. GAAP requires that a guarantor recognize, at the inception of a guarantee, a liability in an amount equal to the fair value of the obligation undertaken in issuing the guarantee. U.S. GAAP defines a guarantee as a contract that contingently requires the guarantor to pay a guaranteed party based upon: (a) changes in an underlying asset, liability or equity security of the guaranteed party; or (b) a third party’s failure to perform under a specified agreement. The Firm considers the following off–balance sheet arrangements to be guarantees under U.S. GAAP: standby letters of credit and other financial guarantees, securities lending indemnifications, certain indemnification agreements included within third-party contractual arrangements, certain derivative contracts and the guarantees under the sponsored member repo program. As required by U.S. GAAP, the Firm initially records guarantees at the inception date fair value of the obligation assumed (e.g., the amount of consideration received or the net present value of the premium receivable). For certain types of guarantees, the Firm records this fair value amount in other liabilities with an offsetting entry recorded in cash (for premiums received), or other assets (for premiums receivable). Any premium receivable recorded in other assets is reduced as cash is received under the contract, and the fair value of the liability recorded at inception is amortized into income as lending and deposit-related fees over the life of the guarantee contract. For indemnifications provided in sales agreements, a portion of the sale proceeds is allocated to the guarantee, which adjusts the gain or loss that would otherwise result from the transaction. For these indemnifications, the initial liability is amortized to income as the Firm’s risk is reduced (i.e., over time or when the indemnification expires). Any contingent liability that exists as a result of issuing the guarantee or indemnification is recognized when it becomes probable and reasonably estimable. The contingent portion of the liability is not recognized if the estimated amount is less than the carrying amount of the liability recognized at inception (adjusted for any amortization). The contractual amount and carrying value of guarantees and indemnifications are included in the table on page 273 . For additional information on the guarantees, see below. To provide for probable credit losses inherent in wholesale and certain consumer lending-commitments, an allowance for credit losses on lending-related commitments is maintained. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of prior period impact of adoption of new accounting standards | The following table presents the impacts to the allowance for credit losses and retained earnings upon adoption of this guidance on January 1, 2020: (in billions) December 31, 2019 CECL adoption impact January 1, 2020 Allowance for credit losses Consumer, excluding credit card $ 3.2 $ 0.2 $ 3.4 Credit card 5.7 5.5 11.2 Wholesale 5.4 (1.4 ) 4.0 Firmwide $ 14.3 $ 4.3 $ 18.6 Retained earnings Firmwide allowance increase $ 4.3 Balance sheet reclassification (a) (0.8 ) Total pre-tax impact 3.5 Tax effect (0.8 ) Decrease to retained earnings $ 2.7 (a) Represents the recognition of the nonaccretable difference on purchased credit deteriorated assets and the Firm's election to recognize the reserve for uncollectible accrued interest on credit card loans in the allowance, both of which resulted in a corresponding increase to loans. |
Schedule of significant accounting policies | The following table identifies JPMorgan Chase’s other significant accounting policies and the Note and page where a detailed description of each policy can be found. Fair value measurement Note 2 page 154 Fair value option Note 3 page 175 Derivative instruments Note 5 page 180 Noninterest revenue and noninterest expense Note 6 page 195 Interest income and Interest expense Note 7 page 198 Pension and other postretirement employee benefit plans Note 8 page 199 Employee share-based incentives Note 9 page 206 Investment securities Note 10 page 208 Securities financing activities Note 11 page 214 Loans Note 12 page 217 Allowance for credit losses Note 13 page 237 Variable interest entities Note 14 page 242 Goodwill and Mortgage servicing rights Note 15 page 250 Premises and equipment Note 16 page 254 Leases Note 18 page 254 Long-term debt Note 20 page 257 Income taxes Note 25 page 265 Off–balance sheet lending-related financial instruments, guarantees and other commitments Note 28 page 272 Litigation Note 30 page 279 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value methodologies | The following table describes the valuation methodologies generally used by the Firm to measure its significant products/instruments at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Product/instrument Valuation methodology Classifications in the valuation hierarchy Securities financing agreements Valuations are based on discounted cash flows, which consider: Predominantly level 2 • Derivative features: refer to the discussion of derivatives below for further information. • Market rates for the respective maturity • Collateral characteristics Loans and lending-related commitments — wholesale Loans carried at fair value (e.g., trading loans and non-trading loans) and associated lending-related commitments Where observable market data is available, valuations are based on: Level 2 or 3 • Observed market prices (circumstances are infrequent) • Relevant broker quotes • Observed market prices for similar instruments Where observable market data is unavailable or limited, valuations are based on discounted cash flows, which consider the following: • Credit spreads derived from the cost of CDS; or benchmark credit curves developed by the Firm, by industry and credit rating • Prepayment speed • Collateral characteristics Loans — consumer Trading loans — conforming residential mortgage loans expected to be sold Fair value is based on observable prices for mortgage-backed securities with similar collateral and incorporates adjustments to these prices to account for differences between the securities and the value of the underlying loans, which include credit characteristics, portfolio composition, and liquidity. Predominantly level 2 Investment and trading securities Quoted market prices Level 1 In the absence of quoted market prices, securities are valued based on: Level 2 or 3 • Observable market prices for similar securities • Relevant broker quotes • Discounted cash flows In addition, the following inputs to discounted cash flows are used for the following products: Mortgage- and asset-backed securities specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Current market assumptions related to yield, prepayment speed, conditional default rates and loss severity Collateralized loan obligations (“CLOs”) specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Expected prepayment speed, conditional default rates, loss severity • Credit spreads • Credit rating data Physical commodities Valued using observable market prices or data. Level 1 or 2 Product/instrument Valuation methodology Classifications in the valuation hierarchy Derivatives Exchange-traded derivatives that are actively traded and valued using the exchange price. Level 1 Derivatives that are valued using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs as well as considering the contractual terms. The key valuation inputs used will depend on the type of derivative and the nature of the underlying instruments and may include equity prices, commodity prices, interest rate yield curves, foreign exchange rates, volatilities, correlations, CDS spreads and recovery rates. Additionally, the credit quality of the counterparty and of the Firm as well as market funding levels may also be considered. Level 2 or 3 In addition, specific inputs used for derivatives that are valued based on models with significant unobservable inputs are as follows: Structured credit derivatives specific inputs include: • CDS spreads and recovery rates • Credit correlation between the underlying debt instruments Equity option specific inputs include: • Forward equity price • Equity volatility • Equity correlation • Equity-FX correlation • Equity-IR correlation Interest rate and FX exotic options specific inputs include: • Interest rate volatility • Interest rate spread volatility • Interest rate correlation • Foreign exchange correlation • Interest rate-FX correlation Commodity derivatives specific inputs include: • Commodity volatility • Forward commodity price Additionally, adjustments are made to reflect counterparty credit quality (CVA) and the impact of funding (FVA). Refer to page 171 of this Note. Mortgage servicing rights Refer to Mortgage servicing rights in Note 15. Level 3 Private equity direct investments Fair value is estimated using all available information; the range of potential inputs include: Level 2 or 3 • Transaction prices • Trading multiples of comparable public companies • Operating performance of the underlying portfolio company • Adjustments as required, since comparable public companies are not identical to the company being valued, and for company-specific issues and lack of liquidity. • Additional available inputs relevant to the investment. Fund investments (e.g., mutual/collective investment funds, private equity funds, hedge funds, and real estate funds) Net asset value • NAV is supported by the ability to redeem and purchase at the NAV level. Level 1 • Adjustments to the NAV as required, for restrictions on redemption (e.g., lock-up periods or withdrawal limitations) or where observable activity is limited. Level 2 or 3 (a) Beneficial interests issued by consolidated VIEs Valued using observable market information, where available. Level 2 or 3 In the absence of observable market information, valuations are based on the fair value of the underlying assets held by the VIE. (a) Excludes certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. Product/instrument Valuation methodology Classification in the valuation hierarchy Structured notes (included in deposits, short-term borrowings and long-term debt) • Valuations are based on discounted cash flow analyses that consider the embedded derivative and the terms and payment structure of the note. • The embedded derivative features are considered using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs, depending on the embedded derivative. The specific inputs used vary according to the nature of the embedded derivative features, as described in the discussion above regarding derivatives valuation. Adjustments are then made to this base valuation to reflect the Firm’s own credit risk (DVA). Refer to page 171 of this Note. Level 2 or 3 |
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 December 31, 2019 and 2018 , by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy December 31, 2019 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments (f) Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 14,561 $ — $ — $ 14,561 Securities borrowed — 6,237 — — 6,237 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 44,510 797 — 45,307 Residential – nonagency — 1,977 23 — 2,000 Commercial – nonagency — 1,486 4 — 1,490 Total mortgage-backed securities — 47,973 824 — 48,797 U.S. Treasury, GSEs and government agencies (a) 78,289 10,295 — — 88,584 Obligations of U.S. states and municipalities — 6,468 10 — 6,478 Certificates of deposit, bankers’ acceptances and commercial paper — 252 — — 252 Non-U.S. government debt securities 26,600 27,169 155 — 53,924 Corporate debt securities — 17,956 558 — 18,514 Loans (b) — 47,047 1,382 — 48,429 Asset-backed securities — 2,593 37 — 2,630 Total debt instruments 104,889 159,753 2,966 — 267,608 Equity securities 71,890 244 196 — 72,330 Physical commodities (c) 3,638 3,579 — — 7,217 Other — 13,896 232 — 14,128 Total debt and equity instruments (d) 180,417 177,472 3,394 — 361,283 Derivative receivables: Interest rate 721 311,173 1,400 (285,873 ) 27,421 Credit — 14,252 624 (14,175 ) 701 Foreign exchange 117 137,938 432 (129,482 ) 9,005 Equity — 43,642 2,085 (39,250 ) 6,477 Commodity — 17,058 184 (11,080 ) 6,162 Total derivative receivables 838 524,063 4,725 (479,860 ) 49,766 Total trading assets (e) 181,255 701,535 8,119 (479,860 ) 411,049 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 110,117 — — 110,117 Residential – nonagency — 12,989 1 — 12,990 Commercial – nonagency — 5,188 — — 5,188 Total mortgage-backed securities — 128,294 1 — 128,295 U.S. Treasury and government agencies 139,436 — — — 139,436 Obligations of U.S. states and municipalities — 29,810 — — 29,810 Certificates of deposit — 77 — — 77 Non-U.S. government debt securities 12,966 8,821 — — 21,787 Corporate debt securities — 845 — — 845 Asset-backed securities: Collateralized loan obligations — 24,991 — — 24,991 Other — 5,458 — — 5,458 Total available-for-sale securities 152,402 198,296 1 — 350,699 Loans — 7,104 — — 7,104 Mortgage servicing rights — — 4,699 — 4,699 Other assets (e) 7,305 452 724 — 8,481 Total assets measured at fair value on a recurring basis $ 340,962 $ 928,185 $ 13,543 $ (479,860 ) $ 802,830 Deposits $ — $ 25,229 $ 3,360 $ — $ 28,589 Federal funds purchased and securities loaned or sold under repurchase agreements — 549 — — 549 Short-term borrowings — 4,246 1,674 — 5,920 Trading liabilities: Debt and equity instruments (d) 59,047 16,481 41 — 75,569 Derivative payables: Interest rate 795 276,746 1,732 (270,670 ) 8,603 Credit — 14,358 763 (13,469 ) 1,652 Foreign exchange 109 143,960 1,039 (131,950 ) 13,158 Equity — 47,261 5,480 (40,204 ) 12,537 Commodity — 19,685 200 (12,127 ) 7,758 Total derivative payables 904 502,010 9,214 (468,420 ) 43,708 Total trading liabilities 59,951 518,491 9,255 (468,420 ) 119,277 Accounts payable and other liabilities 3,231 452 45 — 3,728 Beneficial interests issued by consolidated VIEs — 36 — — 36 Long-term debt — 52,406 23,339 — 75,745 Total liabilities measured at fair value on a recurring basis $ 63,182 $ 601,409 $ 37,673 $ (468,420 ) $ 233,844 Fair value hierarchy December 31, 2018 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments (f) 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 December 31, 2019 and 2018 , included total U.S. GSE obligations of $104.5 billion and $92.3 billion , respectively, which were mortgage-related. (b) At December 31, 2019 and 2018 , included within trading loans were $19.8 billion and $13.2 billion , respectively, of residential first-lien mortgages, and $3.4 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 $13.6 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 5 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 December 31, 2019 and 2018 , the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $684 million and $747 million , respectively. Included in these balances at December 31, 2019 and 2018 , were trading assets of $54 million and $49 million , respectively, and other assets of $630 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 | 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 December 31, 2019 , interest rate correlation inputs used in estimating fair value were distributed across 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 forward equity prices and the interest rate-foreign exchange (“IR-FX”) correlation inputs were distributed across the range. In addition, the interest rate volatility and 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 in the middle 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 were concentrated towards the lower end of the range; conditional default rates and 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) December 31, 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) $ 976 Discounted cash flows Yield 2% – 18% 6% Prepayment speed 0% – 26% 13% Conditional default rate 0% – 5% 0% Loss severity 0% – 100% 5% Commercial mortgage-backed securities and loans (c) 99 Market comparables Price $0 – $100 $79 Obligations of U.S. states and municipalities 10 Market comparables Price $71 – $100 $95 Corporate debt securities 558 Market comparables Price $4 – $112 $72 Loans (d) 193 Discounted cash flows Yield 5% – 28% 8% 939 Market comparables Price $2 – $116 $70 Asset-backed securities 37 Market comparables Price $1 – $102 $71 Net interest rate derivatives (395 ) Option pricing Interest rate volatility 6% – 44% Interest rate spread volatility 20bps – 30bps Interest rate correlation (65)% – 94% IR-FX correlation (58)% – 40% 63 Discounted cash flows Prepayment speed 4% – 30% Net credit derivatives (174 ) Discounted cash flows Credit correlation 31% – 59% Credit spread 3bps – 1,308bps Recovery rate 15% – 70% Conditional default rate 2% – 18% Loss severity 100% 35 Market comparables Price $1 – $115 Net foreign exchange derivatives (469 ) Option pricing IR-FX correlation (58)% – 65% (138 ) Discounted cash flows Prepayment speed 9% Net equity derivatives (3,395 ) Option pricing Forward equity price (h) 92% – 105% Equity volatility 9% – 93% Equity correlation 10% – 97% Equity-FX correlation (81)% – 60% Equity-IR correlation 25% – 35% Net commodity derivatives (16 ) Option pricing Forward commodity price $39 – $ 76 per barrel Commodity volatility 5% – 105% Commodity correlation (48)% – 95% MSRs 4,699 Discounted cash flows Refer to Note 15 Other assets 222 Discounted cash flows Credit spread 45bps 45bps Yield 12% 12% 734 Market comparables Price $17 – $117 $37 Long-term debt, short-term borrowings, and deposits (e) 28,373 Option pricing Interest rate volatility 6% – 44% Interest rate correlation (65)% – 94% IR-FX correlation (58)% – 40% Equity correlation 10% – 97% Equity-FX correlation (81)% – 60% Equity-IR correlation 25% – 35% Other level 3 assets and liabilities, net (f) 265 (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 $797 million , nonagency securities of $24 million and trading loans of $155 million . (c) Comprises nonagency securities of $4 million and trading loans of $95 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 . (h) Forward equity price is expressed as a percentage of the current equity price. |
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 years ended December 31, 2019 , 2018 and 2017 . 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 Year ended Fair value at January 1, 2019 Total realized/unrealized gains/(losses) Transfers into (h) Transfers (out of) level 3 (h) Fair value at Dec. 31, 2019 Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2019 Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 549 $ (62 ) $ 773 $ (310 ) $ (134 ) $ 1 $ (20 ) $ 797 $ (58 ) Residential – nonagency 64 25 83 (86 ) (20 ) 15 (58 ) 23 2 Commercial – nonagency 11 2 20 (26 ) (14 ) 15 (4 ) 4 1 Total mortgage-backed securities 624 (35 ) 876 (422 ) (168 ) 31 (82 ) 824 (55 ) U.S. Treasury, GSEs and government agencies — — — — — — — — — Obligations of U.S. states and municipalities 689 13 85 (159 ) (8 ) — (610 ) 10 13 Non-U.S. government debt securities 155 1 290 (287 ) — 14 (18 ) 155 4 Corporate debt securities 334 47 437 (247 ) (52 ) 112 (73 ) 558 40 Loans 1,706 132 727 (708 ) (562 ) 625 (538 ) 1,382 51 Asset-backed securities 127 — 37 (93 ) (40 ) 28 (22 ) 37 (3 ) Total debt instruments 3,635 158 2,452 (1,916 ) (830 ) 810 (1,343 ) 2,966 50 Equity securities 232 (41 ) 58 (103 ) (22 ) 181 (109 ) 196 (18 ) Other 301 (36 ) 50 (26 ) (54 ) 2 (5 ) 232 91 Total trading assets – debt and equity instruments 4,168 81 (c) 2,560 (2,045 ) (906 ) 993 (1,457 ) 3,394 123 (c) Net derivative receivables: (b) Interest rate (38 ) (394 ) 109 (125 ) 5 (7 ) 118 (332 ) (599 ) Credit (107 ) (36 ) 20 (9 ) 8 29 (44 ) (139 ) (127 ) Foreign exchange (297 ) (551 ) 17 (67 ) 312 (22 ) 1 (607 ) (380 ) Equity (2,225 ) (310 ) 397 (573 ) (503 ) (405 ) 224 (3,395 ) (1,608 ) Commodity (1,129 ) 497 36 (348 ) 89 (6 ) 845 (16 ) 130 Total net derivative receivables (3,796 ) (794 ) (c) 579 (1,122 ) (89 ) (411 ) 1,144 (4,489 ) (2,584 ) (c) Available-for-sale securities: Mortgage-backed securities 1 — — — — — — 1 — Asset-backed securities — — — — — — — — — Total available-for-sale securities 1 — — — — — — 1 — Loans 122 4 (c) — — (125 ) — (1 ) — — Mortgage servicing rights 6,130 (1,180 ) (d) 1,489 (789 ) (951 ) — — 4,699 (1,180 ) (d) Other assets 927 (198 ) (c) 194 (165 ) (33 ) 6 (7 ) 724 (180 ) (c) Fair value measurements using significant unobservable inputs Year ended Fair value at January 1, 2019 Total realized/unrealized (gains)/losses Transfers (out of) level 3 (h) Fair value at Dec. 31, 2019 Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2019 Purchases Sales Issuances Settlements (g) Transfers into (h) Liabilities: (a) Deposits $ 4,169 $ 278 (c)(e) $ — $ — $ 916 $ (806 ) $ 12 $ (1,209 ) $ 3,360 $ 307 (c)(e) Short-term borrowings 1,523 229 (c)(e) — — 3,441 (3,356 ) 85 (248 ) 1,674 155 (c)(e) Trading liabilities – debt and equity instruments 50 2 (c) (22 ) 41 — 1 16 (47 ) 41 3 (c) Accounts payable and other liabilities 10 (2 ) (c) (84 ) 115 — — 6 — 45 29 (c) Beneficial interests issued by consolidated VIEs 1 (1 ) (c) — — — — — — — — Long-term debt 19,418 2,815 (c)(e) — — 10,441 (8,538 ) 651 (1,448 ) 23,339 2,822 (c)(e) Fair value measurements using significant unobservable inputs Year ended (in millions) Fair value at January 1, 2018 Total realized/unrealized gains/(losses) Transfers (out of) level 3 (h) Fair value at Dec. 31, 2018 Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2018 Purchases (f) Sales Settlements (g) Transfers into (h) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 307 $ (23 ) $ 478 $ (164 ) $ (73 ) $ 94 $ (70 ) $ 549 $ (21 ) Residential – nonagency 60 (2 ) 78 (50 ) (7 ) 59 (74 ) 64 1 Commercial – nonagency 11 2 18 (18 ) (17 ) 36 (21 ) 11 (2 ) Total mortgage-backed securities 378 (23 ) 574 (232 ) (97 ) 189 (165 ) 624 (22 ) U.S. Treasury, GSEs and government agencies 1 — — — — — (1 ) — — Obligations of U.S. states and municipalities 744 (17 ) 112 (70 ) (80 ) — — 689 (17 ) Non-U.S. government debt securities 78 (22 ) 459 (277 ) (12 ) 23 (94 ) 155 (9 ) Corporate debt securities 312 (18 ) 364 (309 ) (48 ) 262 (229 ) 334 (1 ) Loans 2,719 26 1,364 (1,793 ) (658 ) 813 (765 ) 1,706 (1 ) Asset-backed securities 153 28 98 (41 ) (55 ) 45 (101 ) 127 22 Total debt instruments 4,385 (26 ) 2,971 (2,722 ) (950 ) 1,332 (1,355 ) 3,635 (28 ) Equity securities 295 (40 ) 118 (120 ) (1 ) 107 (127 ) 232 9 Other 690 (285 ) 55 (40 ) (118 ) 3 (4 ) 301 (301 ) Total trading assets – debt and equity instruments 5,370 (351 ) (c) 3,144 (2,882 ) (1,069 ) 1,442 (1,486 ) 4,168 (320 ) (c) Net derivative receivables: (b) Interest rate 264 150 107 (133 ) (430 ) (15 ) 19 (38 ) 187 Credit (35 ) (40 ) 5 (7 ) (57 ) 4 23 (107 ) (28 ) Foreign exchange (396 ) 103 52 (20 ) 30 (108 ) 42 (297 ) (63 ) Equity (3,409 ) 198 1,676 (2,208 ) 1,805 (617 ) 330 (2,225 ) 561 Commodity (674 ) (73 ) 1 (72 ) (301 ) 7 (17 ) (1,129 ) 146 Total net derivative receivables (4,250 ) 338 (c) 1,841 (2,440 ) 1,047 (729 ) 397 (3,796 ) 803 (c) Available-for-sale securities: Mortgage-backed securities 1 — — — — — — 1 — Asset-backed securities 276 1 — — (277 ) — — — — Total available-for-sale securities 277 1 (i) — — (277 ) — — 1 — Loans 276 (7 ) (c) 123 — (196 ) — (74 ) 122 (7 ) (c) Mortgage servicing rights 6,030 230 (d) 1,246 (636 ) (740 ) — — 6,130 230 (d) Other assets 1,265 (328 ) (c) 61 (37 ) (37 ) 4 (1 ) 927 (340 ) (c) Fair value measurements using significant unobservable inputs Year ended Fair value at January 1, 2018 Total realized/unrealized (gains)/losses Transfers (out of) level 3 (h) Fair value at Dec. 31, 2018 Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2018 Purchases Sales Issuances Settlements (g) Transfers into (h) Liabilities: (a) Deposits $ 4,142 $ (136 ) (c)(e) $ — $ — $ 1,437 $ (736 ) $ 2 $ (540 ) $ 4,169 $ (204 ) (c)(e) Short-term borrowings 1,665 (329 ) (c)(e) — — 3,455 (3,388 ) 272 (152 ) 1,523 (131 ) (c)(e) Trading liabilities – debt and equity instruments 39 19 (c) (99 ) 114 — (1 ) 14 (36 ) 50 16 (c) Accounts payable and other liabilities 13 — (12 ) 5 — — 4 — 10 — Beneficial interests issued by consolidated VIEs 39 — — 1 — (39 ) — — 1 — Long-term debt 16,125 (1,169 ) (c)(e) — — 11,919 (7,769 ) 1,143 (831 ) 19,418 (1,385 ) (c)(e) Fair value measurements using significant unobservable inputs Year ended (in millions) Fair value at January 1, 2017 Total realized/unrealized gains/(losses) Transfers (out of) level 3 (h) Fair value at Dec. 31, 2017 Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2017 Purchases (f) Sales Settlements (g) Transfers into (h) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 392 $ (11 ) $ 161 $ (171 ) $ (70 ) $ 49 $ (43 ) $ 307 $ (20 ) Residential – nonagency 83 19 53 (30 ) (64 ) 132 (133 ) 60 11 Commercial – nonagency 17 9 27 (44 ) (13 ) 64 (49 ) 11 1 Total mortgage-backed securities 492 17 241 (245 ) (147 ) 245 (225 ) 378 (8 ) U.S. Treasury, GSEs and government agencies — — — — — 1 — 1 — Obligations of U.S. states and municipalities 649 18 152 (70 ) (5 ) — — 744 15 Non-U.S. government debt securities 46 — 559 (518 ) — 62 (71 ) 78 — Corporate debt securities 576 11 872 (612 ) (497 ) 157 (195 ) 312 18 Loans 4,837 333 2,389 (2,832 ) (1,323 ) 806 (1,491 ) 2,719 43 Asset-backed securities 302 32 354 (356 ) (56 ) 75 (198 ) 153 — Total debt instruments 6,902 411 4,567 (4,633 ) (2,028 ) 1,346 (2,180 ) 4,385 68 Equity securities 231 39 176 (148 ) (4 ) 59 (58 ) 295 21 Other 761 100 30 (46 ) (162 ) 17 (10 ) 690 39 Total trading assets – debt and equity instruments 7,894 550 (c) 4,773 (4,827 ) (2,194 ) 1,422 (2,248 ) 5,370 128 (c) Net derivative receivables: (b) Interest rate 1,263 72 60 (82 ) (1,040 ) (8 ) (1 ) 264 (473 ) Credit 98 (164 ) 1 (6 ) — 77 (41 ) (35 ) 32 Foreign exchange (1,384 ) 43 13 (10 ) 854 (61 ) 149 (396 ) 42 Equity (2,252 ) (417 ) 1,116 (551 ) (245 ) (1,482 ) 422 (3,409 ) (161 ) Commodity (85 ) (149 ) — — (433 ) (6 ) (1 ) (674 ) (718 ) Total net derivative receivables (2,360 ) (615 ) (c) 1,190 (649 ) (864 ) (1,480 ) 528 (4,250 ) (1,278 ) (c) Available-for-sale securities: Mortgage-backed securities 1 — — — — — — 1 — Asset-backed securities 663 15 — (50 ) (352 ) — — 276 14 Total available-for-sale securities 664 15 (i) — (50 ) (352 ) — — 277 14 (i) Loans 570 35 (c) — (26 ) (303 ) — — 276 3 (c) Mortgage servicing rights 6,096 (232 ) (d) 1,103 (140 ) (797 ) — — 6,030 (232 ) (d) Other assets 2,223 244 (c) 66 (177 ) (870 ) — (221 ) 1,265 74 (c) Fair value measurements using significant unobservable inputs Year ended (in millions) Fair value at January 1, 2017 Total realized/unrealized (gains)/losses Transfers into level 3 (h) Transfers (out of) level 3 (h) Fair value at Dec. 31, 2017 Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2017 Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 2,117 $ 152 (c)(e) $ — $ — $ 3,027 $ (291 ) $ 11 $ (874 ) $ 4,142 $ 198 (c)(e) Short-term borrowings 1,134 42 (c)(e) — — 3,289 (2,748 ) 150 (202 ) 1,665 7 (c)(e) Trading liabilities – debt and equity instruments 43 (3 ) (c) (46 ) 48 — 3 3 (9 ) 39 — Accounts payable and other liabilities 13 (2 ) (c) (1 ) — — 3 — — 13 (2 ) (c) Beneficial interests issued by consolidated VIEs 48 2 (c) (122 ) 39 — (6 ) 78 — 39 — Long-term debt 12,850 1,067 (c)(e) — — 12,458 (10,985 ) 1,660 (925 ) 16,125 552 (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% , 3% and 3% at December 31, 2019, 2018 and 2017, 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 16% , 15% and 15% at December 31, 2019 , 2018 and 2017 , respectively. (b) All level 3 derivatives are presented on a net basis, irrespective of 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 years ended December 31, 2019, 2018 and 2017, respectively. Unrealized (gains)/losses are reported in OCI, and they were $319 million , $(277) million and $(48) million for the years ended December 31, 2019, 2018 and 2017, respectively. (f) Loan originations are included in purchases. (g) Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidation 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) 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) and foreign exchange hedge accounting adjustments recorded in income on AFS securities for the years ended December 31, 2019 and 2017, respectively and $1 million recorded for the year ended December 31, 2018. There were no unrealized gains/(losses) recorded on AFS securities in OCI for the years ended December 31, 2019 and 2018, respectively and $15 million recorded for the year ended December 31, 2017. |
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. Year ended December 31, 2019 2018 2017 Credit and funding adjustments: Derivatives CVA $ 241 $ 193 $ 802 Derivatives FVA 199 (74 ) (295 ) |
Assets and liabilities measured at fair value on a nonrecurring basis | The following tables present the assets held as of December 31, 2019 and 2018, respectively, for which a nonrecurring fair value adjustment was recorded during the years ended December 31, 2019 and 2018, respectively, by major product category and fair value hierarchy. Fair value hierarchy Total fair value December 31, 2019 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 3,462 (b) $ 269 (c) $ 3,731 Other assets (a) — 14 1,029 1,043 Total assets measured at fair value on a nonrecurring basis $ — $ 3,476 $ 1,298 $ 4,774 Fair value hierarchy Total fair value December 31, 2018 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 273 $ 264 $ 537 Other assets — 8 815 823 Total assets measured at fair value on a nonrecurring basis $ — $ 281 $ 1,079 $ 1,360 (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 $1.0 billion in level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2019, $787 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 $269 million in level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2019, $248 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 28% . The following table presents the total change in value of assets and liabilities for which a fair value adjustment has been recognized for the years ended December 31, 2019, 2018 and 2017, related to assets and liabilities held at those dates. December 31, (in millions) 2019 2018 2017 Loans $ (274 ) (a) $ (68 ) $ (159 ) Other assets 168 (b) 132 (b) (148 ) Accounts payable and other liabilities — — (1 ) Total nonrecurring fair value gains/(losses) $ (106 ) $ 64 $ (308 ) (a)Primarily includes the impact of certain mortgage loans that were reclassified to held-for-sale. (b)Included $187 million and $149 million for the years ended December 31, 2019 and 2018, respectively, of net gains as a result of the measurement alternative. |
Carrying value of equity securities without readily determinable fair values | The following table presents the carrying value of equity securities without readily determinable fair values held as of December 31, 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. As of or for the year ended December 31, (in millions) 2019 2018 Other assets Carrying value $ 2,441 $ 1,510 Upward carrying value changes (a) 229 309 Downward carrying value changes/impairment (b) (42 ) (160 ) (a) The cumulative upward carrying value changes between January 1, 2018 and December 31, 2019 were $528 million . (b) The cumulative downward carrying value changes/impairment between January 1, 2018 and December 31, 2019 were $(200) 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 December 31, 2019 and 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. December 31, 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 $ 21.7 $ 21.7 $ — $ — $ 21.7 $ 22.3 $ 22.3 $ — $ — $ 22.3 Deposits with banks 241.9 241.9 — — 241.9 256.5 256.5 — — 256.5 Accrued interest and accounts receivable 71.3 — 71.2 0.1 71.3 72.0 — 71.9 0.1 72.0 Federal funds sold and securities purchased under resale agreements 234.6 — 234.6 — 234.6 308.4 — 308.4 — 308.4 Securities borrowed 133.5 — 133.5 — 133.5 106.9 — 106.9 — 106.9 Investment securities, held-to-maturity 47.5 0.1 48.8 — 48.9 31.4 — 31.5 — 31.5 Loans, net of allowance for loan losses (a) 939.5 — 214.1 734.9 949.0 968.0 — 241.5 728.5 970.0 Other 61.3 — 60.6 0.8 61.4 60.5 — 59.6 1.0 60.6 Financial liabilities Deposits $ 1,533.8 $ — $ 1,534.1 $ — $ 1,534.1 $ 1,447.4 $ — $ 1,447.5 $ — $ 1,447.5 Federal funds purchased and securities loaned or sold under repurchase agreements 183.1 — 183.1 — 183.1 181.4 — 181.4 — 181.4 Short-term borrowings 35.0 — 35.0 — 35.0 62.1 — 62.1 — 62.1 Accounts payable and other liabilities 164.0 0.1 160.0 3.5 163.6 160.6 0.2 157.0 3.0 160.2 Beneficial interests issued by consolidated VIEs 17.8 — 17.9 — 17.9 20.2 — 20.2 — 20.2 Long-term debt and junior subordinated deferrable interest debentures 215.5 — 218.3 3.5 221.8 227.1 — 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 losses 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. December 31, 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 $ 1.2 $ — $ — $ 1.9 $ 1.9 $ 1.0 $ — $ — $ 2.2 $ 2.2 (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) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Option [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 years ended December 31, 2019 , 2018 and 2017 , 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. 2019 2018 2017 December 31, (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) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ (36 ) $ — $ (36 ) $ (35 ) $ — $ (35 ) $ (97 ) $ — $ (97 ) Securities borrowed 133 — 133 22 — 22 50 — 50 Trading assets: Debt and equity instruments, excluding loans 2,482 (1 ) (c) 2,481 (1,680 ) 1 (c) (1,679 ) 1,943 2 (c) 1,945 Loans reported as trading assets: Changes in instrument-specific credit risk 763 2 (c) 765 414 1 (c) 415 330 14 (c) 344 Other changes in fair value 254 1,224 (c) 1,478 160 185 (c) 345 217 747 (c) 964 Loans: Changes in instrument-specific credit risk (26 ) — (26 ) (1 ) — (1 ) (1 ) — (1 ) Other changes in fair value 1 — 1 (1 ) — (1 ) (12 ) 3 (c) (9 ) Other assets 5 6 (d) 11 5 (45 ) (d) (40 ) 11 (55 ) (d) (44 ) Deposits (a) (1,730 ) — (1,730 ) 181 — 181 (533 ) — (533 ) Federal funds purchased and securities loaned or sold under repurchase agreements (8 ) — (8 ) 11 — 11 11 — 11 Short-term borrowings (a) (693 ) — (693 ) 862 — 862 (747 ) — (747 ) Trading liabilities 6 — 6 1 — 1 (1 ) — (1 ) Other liabilities (16 ) — (16 ) — — — — — — Long-term debt (a)(b) (6,173 ) 1 (c) (6,172 ) 2,695 — 2,695 (2,022 ) — (2,022 ) (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 years ended December 31, 2019, 2018 and 2017. (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 7 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 December 31, 2019 and 2018 , for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. 2019 2018 December 31, (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 $ 3,717 $ 1,111 $ (2,606 ) $ 4,240 $ 1,350 $ (2,890 ) Loans 178 139 (39 ) 39 — (39 ) Subtotal 3,895 1,250 (2,645 ) 4,279 1,350 (2,929 ) All other performing loans Loans reported as trading assets 48,570 47,318 (1,252 ) 42,215 40,403 (1,812 ) Loans 7,046 6,965 (81 ) 3,186 3,151 (35 ) Total loans $ 59,511 $ 55,533 $ (3,978 ) $ 49,680 $ 44,904 $ (4,776 ) Long-term debt Principal-protected debt $ 40,124 (c) $ 39,246 $ (878 ) $ 32,674 (c) $ 28,718 $ (3,956 ) Nonprincipal-protected debt (b) NA 36,499 NA NA 26,168 NA Total long-term debt NA $ 75,745 NA NA $ 54,886 NA Long-term beneficial interests Nonprincipal-protected debt (b) NA $ 36 NA NA $ 28 NA Total long-term beneficial interests NA $ 36 NA NA $ 28 NA (a) There were no performing loans that were ninety days or more past due as of December 31, 2019 and 2018 . (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. December 31, 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 $ 35,470 $ 34 $ 16,692 $ 52,196 $ 24,137 $ 62 $ 12,372 $ 36,571 Credit 5,715 875 — 6,590 4,009 995 — 5,004 Foreign exchange 3,862 48 5 3,915 3,169 157 38 3,364 Equity 29,294 4,852 8,177 42,323 21,382 5,422 7,368 34,172 Commodity 472 32 1,454 1,958 372 34 1,207 1,613 Total structured notes $ 74,813 $ 5,841 $ 26,328 $ 106,982 $ 53,069 $ 6,670 $ 20,985 $ 80,724 |
Credit Risk Concentrations (Tab
Credit Risk Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations of credit exposure | The table below presents both on–balance sheet and off–balance sheet consumer and wholesale-related credit exposure by the Firm’s three credit portfolio segments as of December 31, 2019 and 2018 . 2019 2018 Credit exposure (g) On-balance sheet Off-balance sheet (h) Credit exposure (g) On-balance sheet Off-balance sheet (h) December 31, (in millions) Loans Derivatives Loans Derivatives Consumer, excluding credit card $ 386,452 $ 335,040 $ — $ 51,412 $ 419,798 $ 373,732 $ — $ 46,066 Receivables from customers — — — — 154 — — — Total Consumer, excluding credit card 386,452 335,040 — 51,412 419,952 373,732 — 46,066 Credit card 819,644 168,924 — 650,720 762,011 156,632 — 605,379 Total consumer-related 1,206,096 503,964 — 702,132 1,181,963 530,364 — 651,445 Wholesale-related (a) Real Estate 149,267 116,244 619 32,404 143,316 115,737 164 27,415 Individuals and Individual Entities (b) 102,292 91,980 694 9,618 97,077 86,586 1,017 9,474 Consumer & Retail 99,331 30,879 1,424 67,028 94,815 36,921 1,093 56,801 Technology, Media & Telecommunications 59,021 14,680 2,766 41,575 72,646 16,980 2,667 52,999 Industrials 58,250 19,096 878 38,276 58,528 19,126 958 38,444 Asset Managers 51,775 23,939 7,160 20,676 42,807 16,806 9,033 16,968 Banks & Finance Cos 50,091 30,639 5,165 14,287 49,920 28,825 5,903 15,192 Healthcare 46,638 13,951 2,078 30,609 48,142 16,347 1,874 29,921 Oil & Gas 41,570 13,064 852 27,654 42,600 13,008 559 29,033 Utilities 34,753 5,085 2,573 27,095 28,172 5,591 1,740 20,841 State & Municipal Govt (c) 26,697 9,924 2,000 14,773 27,351 10,319 2,000 15,032 Automotive 17,317 5,408 368 11,541 17,339 5,170 399 11,770 Chemicals & Plastics 17,276 4,710 459 12,107 16,035 4,902 181 10,952 Metals & Mining 15,337 5,202 402 9,733 15,359 5,370 488 9,501 Central Govt 14,843 2,818 10,477 1,548 18,456 3,867 12,869 1,720 Transportation 13,917 4,804 715 8,398 15,660 6,391 1,102 8,167 Insurance 12,202 1,269 2,282 8,651 12,639 1,356 2,569 8,714 Securities Firms 7,335 752 4,507 2,076 4,558 645 2,029 1,884 Financial Markets Infrastructure 4,116 9 2,482 1,625 7,484 18 5,941 1,525 All other (d) 76,492 50,186 1,865 24,441 68,284 45,197 1,627 21,460 Subtotal 898,520 444,639 49,766 404,115 881,188 439,162 54,213 387,813 Loans held-for-sale and loans at fair value 11,166 11,166 — — 15,028 15,028 — — Receivables from customers and other (e) 33,706 — — — 30,063 — — — Total wholesale-related 943,392 455,805 49,766 404,115 926,279 454,190 54,213 387,813 Total exposure (f)(g) $ 2,149,488 $ 959,769 $ 49,766 $ 1,106,247 $ 2,108,242 $ 984,554 $ 54,213 $ 1,039,258 (a) The industry rankings presented in the table as of December 31, 2018 , are based on the industry rankings of the corresponding exposures at December 31, 2019 , not actual rankings of such exposures at December 31, 2018 . (b) Individuals and Individual Entities predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts. (c) In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at December 31, 2019 and 2018 , noted above, the Firm held: $6.5 billion and $7.8 billion , respectively, of trading assets; $29.8 billion and $37.7 billion , respectively, of AFS securities; and $4.8 billion at both periods of held-to-maturity (“HTM”) securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 10 for further information. (d) All other includes: SPEs and Private education and civic organizations, representing approximately 92% and 8% , respectively, at both December 31, 2019 and 2018 . Refer to Note 14 for more information on exposures to SPEs. (e) Receivables from customers primarily represent held-for-investment margin loans to brokerage clients in CIB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (e.g., cash on deposit, liquid and readily marketable debt or equity securities), as such no allowance is held against these receivables. To manage its credit risk the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets. (f) Excludes cash placed with banks of $254.0 billion and $268.1 billion , at December 31, 2019 and 2018 , respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks. (g) Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables. (h) Represents lending-related financial instruments. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 Page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: • Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 188 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 190 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 188 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 190 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 191 • Commodity Hedge commodity inventory Fair value hedge CIB 188 Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: • Interest rate Manage the risk associated with mortgage commitments, warehouse loans and MSRs Specified risk management CCB 191 • Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB 191 • Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate 191 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 191 • Various Other derivatives Market-making and other CIB, AWM, Corporate 191 |
Notional amount of derivative contracts | The following table summarizes the notional amount of derivative contracts outstanding as of December 31, 2019 and 2018 . Notional amounts (b) December 31, (in billions) 2019 2018 Interest rate contracts Swaps $ 21,228 $ 21,763 Futures and forwards 3,152 3,562 Written options 3,938 3,997 Purchased options 4,361 4,322 Total interest rate contracts 32,679 33,644 Credit derivatives (a) 1,242 1,501 Foreign exchange contracts Cross-currency swaps 3,604 3,548 Spot, futures and forwards 5,577 5,871 Written options 700 835 Purchased options 718 830 Total foreign exchange contracts 10,599 11,084 Equity contracts Swaps 406 346 Futures and forwards 142 101 Written options 646 528 Purchased options 611 490 Total equity contracts 1,805 1,465 Commodity contracts Swaps 147 134 Spot, futures and forwards 211 156 Written options 135 135 Purchased options 124 120 Total commodity contracts 617 545 Total derivative notional amounts $ 46,942 $ 48,239 (a) Refer to the Credit derivatives discussion on pages 191–194 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 December 31, 2019 and 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 December 31, 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 $ 312,451 $ 843 $ 313,294 $ 27,421 $ 279,272 $ 1 $ 279,273 $ 8,603 Credit 14,876 — 14,876 701 15,121 — 15,121 1,652 Foreign exchange 138,179 308 138,487 9,005 144,125 983 145,108 13,158 Equity 45,727 — 45,727 6,477 52,741 — 52,741 12,537 Commodity 16,914 328 17,242 6,162 19,736 149 19,885 7,758 Total fair value of trading assets and liabilities $ 528,147 $ 1,479 $ 529,626 $ 49,766 $ 510,995 $ 1,133 $ 512,128 $ 43,708 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 as hedges 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 December 31, 2019 and 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. 2019 2018 December 31, (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: OTC $ 299,205 $ (276,255 ) $ 22,950 $ 258,227 $ (239,498 ) $ 18,729 OTC–cleared 9,442 (9,360 ) 82 6,404 (5,856 ) 548 Exchange-traded (a) 347 (258 ) 89 322 (136 ) 186 Total interest rate contracts 308,994 (285,873 ) 23,121 264,953 (245,490 ) 19,463 Credit contracts: OTC 10,743 (10,317 ) 426 12,648 (12,261 ) 387 OTC–cleared 3,864 (3,858 ) 6 7,267 (7,222 ) 45 Total credit contracts 14,607 (14,175 ) 432 19,915 (19,483 ) 432 Foreign exchange contracts: OTC 136,252 (129,324 ) 6,928 163,862 (153,988 ) 9,874 OTC–cleared 185 (152 ) 33 235 (226 ) 9 Exchange-traded (a) 10 (6 ) 4 32 (21 ) 11 Total foreign exchange contracts 136,447 (129,482 ) 6,965 164,129 (154,235 ) 9,894 Equity contracts: OTC 23,106 (20,820 ) 2,286 26,178 (23,879 ) 2,299 Exchange-traded (a) 19,654 (18,430 ) 1,224 18,876 (15,460 ) 3,416 Total equity contracts 42,760 (39,250 ) 3,510 45,054 (39,339 ) 5,715 Commodity contracts: OTC 7,093 (5,149 ) 1,944 7,448 (5,261 ) 2,187 OTC–cleared 28 (28 ) — — — — Exchange-traded (a) 6,154 (5,903 ) 251 8,815 (8,218 ) 597 Total commodity contracts 13,275 (11,080 ) 2,195 16,263 (13,479 ) 2,784 Derivative receivables with appropriate legal opinion 516,083 (479,860 ) 36,223 (d) 510,314 (472,026 ) 38,288 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 13,543 13,543 15,925 15,925 Total derivative receivables recognized on the Consolidated balance sheets $ 529,626 $ 49,766 $ 526,239 $ 54,213 Collateral not nettable on the Consolidated balance sheets (b)(c) (14,226 ) (13,046 ) Net amounts $ 35,540 $ 41,167 |
Offsetting liabilities | 2019 2018 December 31, (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 $ 267,311 $ (260,229 ) $ 7,082 $ 233,404 $ (228,369 ) $ 5,035 OTC–cleared 10,217 (10,138 ) 79 7,163 (6,494 ) 669 Exchange-traded (a) 365 (303 ) 62 210 (135 ) 75 Total interest rate contracts 277,893 (270,670 ) 7,223 240,777 (234,998 ) 5,779 Credit contracts: OTC 11,570 (10,080 ) 1,490 13,412 (11,895 ) 1,517 OTC–cleared 3,390 (3,389 ) 1 6,716 (6,714 ) 2 Total credit contracts 14,960 (13,469 ) 1,491 20,128 (18,609 ) 1,519 Foreign exchange contracts: OTC 142,360 (131,792 ) 10,568 160,930 (152,161 ) 8,769 OTC–cleared 186 (152 ) 34 274 (268 ) 6 Exchange-traded (a) 12 (6 ) 6 16 (3 ) 13 Total foreign exchange contracts 142,558 (131,950 ) 10,608 161,220 (152,432 ) 8,788 Equity contracts: OTC 27,594 (21,778 ) 5,816 29,437 (25,544 ) 3,893 Exchange-traded (a) 20,216 (18,426 ) 1,790 16,285 (15,490 ) 795 Total equity contracts 47,810 (40,204 ) 7,606 45,722 (41,034 ) 4,688 Commodity contracts: OTC 8,714 (6,235 ) 2,479 8,930 (4,838 ) 4,092 OTC–cleared 30 (30 ) — — — — Exchange-traded (a) 6,012 (5,862 ) 150 8,259 (8,208 ) 51 Total commodity contracts 14,756 (12,127 ) 2,629 17,189 (13,046 ) 4,143 Derivative payables with appropriate legal opinion 497,977 (468,420 ) 29,557 (d) 485,036 (460,119 ) 24,917 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 14,151 14,151 16,852 16,852 Total derivative payables recognized on the Consolidated balance sheets $ 512,128 $ 43,708 $ 501,888 $ 41,769 Collateral not nettable on the Consolidated balance sheets (b)(c) (7,896 ) (4,449 ) Net amounts $ 35,812 $ 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 $65.9 billion and $55.2 billion at December 31, 2019 and 2018 , respectively. Net derivatives payable included cash collateral netted of $54.4 billion and $43.3 billion at December 31, 2019 and 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 | While derivative receivables expose the Firm to credit risk, derivative payables expose the Firm to liquidity risk, as the derivative contracts typically require the Firm to post cash or securities collateral with counterparties as the fair value of the contracts moves in the counterparties’ favor or upon specified downgrades in the Firm’s and its subsidiaries’ respective credit ratings. Certain derivative contracts also provide for termination of the contract, generally upon a downgrade of either the Firm or the counterparty, at the fair value of the 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 December 31, 2019 and 2018 . OTC and OTC-cleared derivative payables containing downgrade triggers December 31, (in millions) 2019 2018 Aggregate fair value of net derivative payables $ 14,819 $ 9,396 Collateral posted 13,329 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 December 31, 2019 and 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 2019 2018 December 31, (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 189 $ 1,467 $ 76 $ 947 Amount required to settle contracts with termination triggers upon downgrade (b) 104 1,398 172 764 (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 years ended December 31, 2019 , 2018 and 2017 , 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 (f) OCI impact Year ended December 31, 2019 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (g) Contract type Interest rate (a)(b) $ 3,204 $ (2,373 ) $ 831 $ — $ 828 $ — Foreign exchange (c) 154 328 482 (866 ) 482 39 Commodity (d) (77 ) 148 71 — 63 — Total $ 3,281 $ (1,897 ) $ 1,384 $ (866 ) $ 1,373 $ 39 Gains/(losses) recorded in income Income statement impact of excluded components (f) OCI impact Year ended December 31, 2018 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (g) Contract type Interest rate (a)(b) $ (1,145 ) $ 1,782 $ 637 $ — $ 623 $ — Foreign exchange (c) 1,092 (616 ) 476 (566 ) 476 (140 ) Commodity (d) 789 (754 ) 35 — 26 — Total $ 736 $ 412 $ 1,148 $ (566 ) $ 1,125 $ (140 ) Gains/(losses) recorded in income Income statement impact due to: Year ended December 31, 2017 (in millions) Derivatives Hedged items Income statement impact Hedge ineffectiveness (e) Excluded components (f) Contract type Interest rate (a)(b) $ (481 ) $ 1,359 $ 878 $ (18 ) $ 896 Foreign exchange (c) (3,509 ) 3,507 (2 ) — (2 ) Commodity (d) (1,275 ) 1,348 73 29 44 Total $ (5,265 ) $ 6,214 $ 949 $ 11 $ 938 (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) Hedge ineffectiveness is the amount by which the gain or loss on the designated derivative instrument does not exactly offset the gain or loss on the hedged item attributable to the hedged risk. (f) 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. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative or through fair value changes recognized in the current period. (g) 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 December 31, 2019, 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: December 31, 2019 Active hedging relationships Discontinued hedging relationships (d) Total Assets Investment securities - AFS $ 125,860 (c) $ 2,110 $ 278 $ 2,388 Liabilities Long-term debt $ 157,545 $ 6,719 $ 161 $ 6,880 Beneficial interests issued by consolidated VIEs 2,365 — (8 ) (8 ) 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 $6.5 billion and $6.8 billion at December 31, 2019 and 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. Since 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 December 31, 2019 and 2018, the carrying amount excluded for available-for-sale securities is $14.9 billion and $14.6 billion , respectively, and for long-term debt is $2.8 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 years ended December 31, 2019 , 2018 and 2017 , 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) Year ended December 31, 2019 (in millions) Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period Contract type Interest rate (a) $ (28 ) $ (3 ) $ 25 Foreign exchange (b) (75 ) 125 200 Total $ (103 ) $ 122 $ 225 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Year ended December 31, 2018 (in millions) Amounts reclassified from AOCI to income Amounts recorded in OCI Total change Contract type Interest rate (a) $ 44 $ (44 ) $ (88 ) Foreign exchange (b) (26 ) (201 ) (175 ) Total $ 18 $ (245 ) $ (263 ) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Year ended December 31, 2017 (in millions) Amounts reclassified from AOCI to income Amounts recorded in OCI (c) Total change Contract type Interest rate (a) $ (17 ) $ 12 $ 29 Foreign exchange (b) (117 ) 135 252 Total $ (134 ) $ 147 $ 281 (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. (c) Represents the effective portion of changes in value of the related hedging derivative. Hedge ineffectiveness is the amount by which the cumulative gain or loss on the designated derivative instrument exceeds the present value of the cumulative expected change in cash flows on the hedged item attributable to the hedged risk. The Firm did not recognize any ineffectiveness on cash flow hedges during 2017. |
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 years ended December 31, 2019 , 2018 and 2017 . 2019 2018 2017 Year ended December 31, (in millions) Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI (c) Foreign exchange derivatives $72 $64 $11 $1,219 $(152) $(1,244) (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. The Firm reclassified net pre-tax gains/(losses) of $18 million to other income, $(17) million and $50 million to other expense related to the liquidation of certain legal entities during the years ended December 31, 2019, 2018 and 2017, respectively. Refer to Note 24 for further information. (c) Represents the effective portion of changes in value of the related hedging derivative. The Firm did not recognize any ineffectiveness on net investment hedges directly in income during 2017. |
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 mortgage commitments, warehouse loans, MSRs, wholesale lending exposures , and foreign currency denominated assets and liabilities. Derivatives gains/(losses) recorded in income Year ended December 31, 2019 2018 2017 Contract type Interest rate (a) $ 1,491 $ 79 $ 331 Credit (b) (30 ) (21 ) (74 ) Foreign exchange (c) (5 ) 117 (107 ) Total $ 1,456 $ 175 $ 150 (a) Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, 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. |
Credit derivatives and credit-related notes | Total credit derivatives and credit-related notes Maximum payout/Notional amount Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) December 31, 2019 (in millions) Credit derivatives Credit default swaps $ (562,338 ) $ 571,892 $ 9,554 $ 3,936 Other credit derivatives (a) (44,929 ) 52,007 7,078 7,364 Total credit derivatives (607,267 ) 623,899 16,632 11,300 Credit-related notes — — — 9,606 Total $ (607,267 ) $ 623,899 $ 16,632 $ 20,906 Maximum payout/Notional amount Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) December 31, 2018 (in millions) 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 December 31, 2019 and 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 December 31, 2019 (in millions) <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 $ (114,460 ) $ (311,407 ) $ (42,129 ) $ (467,996 ) $ 6,153 $ (911 ) $ 5,242 Noninvestment-grade (41,661 ) (87,769 ) (9,841 ) (139,271 ) 4,281 (2,882 ) 1,399 Total $ (156,121 ) $ (399,176 ) $ (51,970 ) $ (607,267 ) $ 10,434 $ (3,793 ) $ 6,641 December 31, 2018 (in millions) <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) |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 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: Year ended December 31, (in millions) 2019 2018 2017 Interest income Loans (a) $ 50,375 $ 47,620 $ 41,008 Taxable securities 7,962 5,653 5,534 Non-taxable securities (b) 1,329 1,595 1,848 Total investment securities (a) 9,291 7,248 7,382 Trading assets - debt instruments 10,800 8,703 7,610 Federal funds sold and securities purchased under resale agreements 6,146 3,819 2,327 Securities borrowed (c) 1,574 913 94 Deposits with banks 3,887 5,907 4,238 All other interest-earning assets (c)(d) 1,967 1,890 1,312 Total interest income (c) $ 84,040 $ 76,100 $ 63,971 Interest expense Interest bearing deposits $ 8,957 $ 5,973 $ 2,857 Federal funds purchased and securities loaned or sold under repurchase agreements 4,630 3,066 1,611 Short-term borrowings (e) 1,248 1,144 481 Trading liabilities - debt and all other interest-bearing liabilities (c)(f) 2,585 2,387 1,669 Long-term debt 8,807 7,978 6,753 Beneficial interest issued by consolidated VIEs 568 493 503 Total interest expense (c) $ 26,795 $ 21,041 $ 13,874 Net interest income $ 57,245 $ 55,059 $ 50,097 Provision for credit losses 5,585 4,871 5,290 Net interest income after provision for credit losses $ 51,660 $ 50,188 $ 44,807 (a) Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts, net deferred fees/costs, etc.). (b) Represents securities that 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 interest earned on 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 includes interest expense on prime brokerage-related customer payables. |
Noninterest Revenue and Nonin_2
Noninterest Revenue and Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noninterest Income (Expense) [Abstract] | |
Components of investment banking fees | The following table presents the components of investment banking fees. Year ended December 31, 2019 2018 2017 Underwriting Equity $ 1,648 $ 1,684 $ 1,466 Debt 3,513 3,347 3,802 Total underwriting 5,161 5,031 5,268 Advisory 2,340 2,519 2,144 Total investment banking fees $ 7,501 $ 7,550 $ 7,412 |
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 7 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 LOB. Year ended December 31, 2019 2018 2017 Trading revenue by instrument type Interest rate $ 2,552 $ 1,961 $ 2,479 Credit 1,611 1,395 1,329 Foreign exchange 3,171 3,222 2,746 Equity 5,812 4,924 3,873 Commodity 1,122 906 661 Total trading revenue 14,268 12,408 11,088 Private equity gains/(losses) (250 ) (349 ) 259 Principal transactions $ 14,018 $ 12,059 $ 11,347 |
Components of lending and deposit-related fees | The following table presents the components of lending- and deposit-related fees. Year ended December 31, (in millions) 2019 2018 2017 Lending-related fees $ 1,184 $ 1,117 $ 1,110 Deposit-related fees 5,185 4,935 4,823 Total lending- and deposit-related fees $ 6,369 $ 6,052 $ 5,933 |
Components of asset management, administration and commissions | The following table presents the components of Firmwide asset management, administration and commissions. Year ended December 31, (in millions) 2019 2018 2017 Asset management fees Investment management fees (a) $ 10,865 $ 10,768 $ 10,434 All other asset management fees (b) 315 270 296 Total asset management fees 11,180 11,038 10,730 Total administration fees (c) 2,197 2,179 2,029 Commissions and other fees Brokerage commissions (d) 2,439 2,505 2,239 All other commissions and fees 1,349 1,396 1,289 Total commissions and fees 3,788 3,901 3,528 Total asset management, administration and commissions $ 17,165 $ 17,118 $ 16,287 (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. These fees are recorded as revenue at the time the service is rendered or, in the case of certain distribution fees based on the underlying fund’s asset value and/or investor redemption, recorded over time as the investor remains in the fund or upon investor redemption. (c) Predominantly includes fees for custody, securities lending, funds services and securities clearance. These fees are recorded as revenue over the period in which the related service is provided. (d) Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. Brokerage commissions are collected and recognized as revenue upon occurrence of the client transaction. The Firm reports certain costs paid to third-party clearing houses and exchanges net against commission revenue. |
Schedule of components of card income | The following table presents the components of card income: Year ended December 31, 2019 2018 2017 Interchange and merchant processing income $ 20,370 $ 18,808 $ 17,080 Reward costs and partner payments (14,312 ) (13,074 ) (b) (10,820 ) Other card income (a) (754 ) (745 ) (1,827 ) Total card income $ 5,304 $ 4,989 $ 4,433 (a) Predominantly represents account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12 -month period. (b) Includes an adjustment to the credit card rewards liability of approximately $330 million , recorded in the second quarter of 2018. |
Components of noninterest expense | Other expense on the Firm’s Consolidated statements of income included the following: Year ended December 31, 2019 2018 2017 Legal expense/(benefit) $ 239 $ 72 $ (35 ) FDIC-related expense 457 1,239 1,492 |
Pension and Other Postretirem_2
Pension and Other Postretirement Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Changes in benefit obligations and plan assets and funded status amounts | The following table presents the changes in benefit obligations, plan assets, the net funded status, and the pretax pension and OPEB amounts recorded in AOCI on the Consolidated balance sheets for the Firm’s defined benefit pension and OPEB plans , and the weighted-average actuarial annualized assumptions for the projected and accumulated postretirement benefit obligations. As of or for the year ended December 31, Defined benefit OPEB plans (in millions) 2019 2018 2019 2018 Change in benefit obligation Benefit obligation, beginning of year $ (15,512 ) $ (16,700 ) $ (612 ) $ (684 ) Benefits earned during the year (356 ) (354 ) — — Interest cost on benefit obligations (596 ) (556 ) (24 ) (24 ) Plan amendments (5 ) (29 ) — — Plan curtailment — 123 — — Employee contributions (8 ) (7 ) (14 ) (15 ) Net gain/(loss) (1,296 ) (g) 938 (g) (51 ) 40 Benefits paid 820 873 67 69 Plan settlements — 15 — — Foreign exchange impact and other (116 ) 185 (2 ) 2 Benefit obligation, end of year (a) $ (17,069 ) $ (15,512 ) $ (636 ) $ (612 ) Change in plan assets Fair value of plan assets, beginning of year $ 18,052 $ 19,603 $ 2,633 $ 2,757 Actual return on plan assets 2,932 (548 ) 454 (28 ) Firm contributions 80 75 2 2 Employee contributions 8 7 14 15 Benefits paid (820 ) (873 ) (110 ) (113 ) Plan settlements — (15 ) — — Foreign exchange impact and other 121 (197 ) — — Fair value of plan assets, end of year (a)(b) $ 20,373 $ 18,052 $ 2,993 $ 2,633 Net funded status (c)(d) $ 3,304 $ 2,540 $ 2,357 $ 2,021 Accumulated benefit obligation, end of year $ (17,047 ) $ (15,494 ) NA NA Pretax pension and OPEB amounts recorded in AOCI Net gain/(loss) $ (2,260 ) $ (3,134 ) $ 470 $ 184 Prior service credit/(cost) (26 ) (23 ) — — Accumulated other comprehensive income/(loss), pretax, end of year $ (2,286 ) $ (3,157 ) $ 470 $ 184 Weighted-average actuarial assumptions used to determine benefit obligations Discount rate (e) 0.20 - 3.30% 0.60 - 4.30 % 3.20 % 4.20 % Rate of compensation increase (e) 2.25 - 3.00 2.25 – 3.00 NA NA Interest crediting rate (e) 1.78 - 4.65% 1.81 - 4.90% NA NA Health care cost trend rate (f) Assumed for next year NA NA 5.00 5.00 Ultimate NA NA 5.00 5.00 Year when rate will reach ultimate NA NA 2020 2019 (a) At December 31, 2019 and 2018 , included non-U.S. benefit obligations of $(3.8) billion and $(3.3) billion , and plan assets of $4.0 billion and $3.5 billion , respectively, predominantly in the U.K. (b) At December 31, 2019 and 2018 , defined benefit pension plan amounts that were not measured at fair value included $1.3 billion and $340 million , respectively, of accrued receivables, and $1.7 billion and $503 million , respectively, of accrued liabilities. (c) Represents plans with an aggregate overfunded balance of $6.3 billion and $5.1 billion at December 31, 2019 and 2018 , respectively, and plans with an aggregate underfunded balance of $618 million and $547 million at December 31, 2019 and 2018 , respectively. (d) For pension plans with a projected benefit obligation exceeding plan assets, the projected benefit obligation and fair value of plan assets was $1.5 billion and $885 million at December 31, 2019 , respectively and $1.3 billion and $762 million at December 31, 2018 , respectively. For pension plans with an accumulated benefit obligation exceeding plan assets, the accumulated benefit obligation and fair value of plan assets was $1.4 billion and $885 million at December 31, 2019 , respectively, and $1.3 billion and $762 million at December 31, 2018 , respectively. For OPEB plans with a projected benefit obligation exceeding plan assets, the projected benefit obligation was $43 million and $26 million at December 31, 2019 and 2018 , respectively, and they had no plan assets. (e) For the U.S. defined benefit pension plans, the discount rate assumption was 3.30% and 4.30% , and the interest crediting rate was 4.65% and 4.90% , for 2019 and 2018 , respectively. The rate of compensation increase was not applicable to the U.S. plan in 2019 due to the Plan Freeze, and was 2.30% in 2018. The rate of compensation increase presented in the table for 2019 applies to the non-U.S. plans. (f) Excludes participants whose benefits under the plan are capped. (g) At December 31, 2019 and 2018, the gain/(loss) was primarily attributable to the change in the discount rate. |
Components of net periodic benefit costs reported in the Consolidated Statements of Income and other comprehensive 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, and in other comprehensive income for the defined benefit pension and OPEB plans, and the weighted-average annualized actuarial assumptions for the net periodic benefit cost. Pension plans OPEB plans Year ended December 31, (in millions) 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost Benefits earned during the year $ 356 $ 354 $ 330 $ — $ — $ — Interest cost on benefit obligations 596 556 598 24 24 28 Expected return on plan assets (915 ) (981 ) (968 ) (112 ) (103 ) (97 ) Amortization: Net (gain)/loss 167 103 250 — — — Prior service (credit)/cost 3 (23 ) (36 ) — — — Curtailment (gain)/loss — 21 — — — — Settlement (gain)/loss — 2 2 — — — Net periodic defined benefit cost (a) $ 207 $ 32 $ 176 $ (88 ) $ (79 ) $ (69 ) Other defined benefit pension plans (b) 25 20 24 NA NA NA Total defined benefit plans $ 232 $ 52 $ 200 $ (88 ) $ (79 ) $ (69 ) Total defined contribution plans 952 872 814 NA NA NA Total pension and OPEB cost included in noninterest expense $ 1,184 $ 924 $ 1,014 $ (88 ) $ (79 ) $ (69 ) Changes in plan assets and benefit obligations recognized in other comprehensive income Prior service (credit)/cost arising during the year 5 29 — — — — Net (gain)/loss arising during the year (719 ) 467 (669 ) (286 ) 91 (133 ) Amortization of net loss (167 ) (103 ) (250 ) — — — Amortization of prior service (cost)/credit (3 ) 23 36 — — — Curtailment gain/(loss) — (21 ) — — — — Settlement gain/(loss) — (2 ) (2 ) — — — Foreign exchange impact and other 13 (30 ) 54 — (4 ) — Total recognized in other comprehensive income $ (871 ) $ 363 $ (831 ) $ (286 ) $ 87 $ (133 ) Total recognized in net periodic benefit cost and other comprehensive income $ (664 ) $ 395 $ (655 ) $ (374 ) $ 8 $ (202 ) Weighted-average assumptions used to determine net periodic benefit costs Discount rate (c) 0.60 - 4.30% 0.60 - 4.50 % 0.60 - 4.30 % 4.20 % 3.70 % 4.20 % Expected long-term rate of return on plan assets (c) 0.00 - 5.50 0.70 - 5.50 0.70 - 6.00 4.30 4.00 5.00 Rate of compensation increase (c) 2.25 - 3.00 2.25 - 3.00 2.25 - 3.00 NA NA NA Interest crediting rate (c) 1.81 - 4.90% 1.81- 4.90% 1.81- 4.90% NA NA NA Health care cost trend rate (d) Assumed for next year NA NA NA 5.00 5.00 5.00 Ultimate NA NA NA 5.00 5.00 5.00 Year when rate will reach ultimate NA NA NA 2019 2018 2017 (a) Benefits earned during the year are reported in compensation expense; all other components of net periodic defined benefit costs are reported within other expense in the Consolidated statements of income. (b) Includes various defined benefit pension plans which are individually immaterial. (c) The rate assumptions for the U.S. defined benefit pension plans are at the upper end of the range, except for the rate of compensation increase, which was 2.30% for 2019 , 2018 and 2017 , respectively. (d) Excludes participants whose benefits under the plan are capped. |
Schedule of effect of 25-basis point decline on estimated future defined benefit plan expense and postretirement benefit obligations | The following table represents the effect of a 25-basis point decline in the two listed rates below on estimated 2020 defined benefit pension and OPEB plan expense, as well as the effect on the postretirement benefit obligations. (in millions) Defined benefit pension and OPEB plan expense Benefit obligation Expected long-term rate of return $ 57 NA Discount rate $ 6 $ 544 |
Weighted-average asset allocation of the fair values of total plan assets | The following table presents the weighted-average asset allocation of the fair values of total plan assets at December 31 for the years indicated, as well as the respective approved asset allocation ranges by asset class. Defined benefit pension plans (a) OPEB plan (d) Asset % of plan assets Asset % of plan assets December 31, Allocation 2019 2018 Allocation 2019 2018 Asset class Debt securities (b) 42-100% 74 % 48 % 30-70% 60 % 61 % Equity securities 0-40 16 37 30-70 40 39 Real estate 0-6 1 2 — — — Alternatives (c) 0-24 9 13 — — — Total 100 % 100 % 100 % 100 % 100 % 100 % (a) Represents the U.S. defined benefit pension plan only, as that is the most significant plan. (b) Debt securities primarily includes cash and cash equivalents, corporate debt, U.S. federal, state, local and non-U.S. government, asset-backed and mortgage-backed securities. (c) Alternatives primarily include limited partnerships. (d) Represents the U.S. OPEB plan only, as the U.K. OPEB plan is unfunded. |
Pension and OPEB plan assets and liabilities measured at fair value | Pension and OPEB plan assets and liabilities measured at fair value Defined benefit pension plans 2019 2018 December 31 , (in millions) Level 1 Level 2 Level 3 Total fair value Level 1 Level 2 Level 3 Total fair value Cash and cash equivalents $ 157 $ 1 $ — $ 158 $ 343 $ 1 $ — $ 344 Equity securities 3,240 184 2 3,426 5,342 162 2 5,506 Collective investment funds (a) 265 — — 265 161 — — 161 Limited partnerships (b) 187 — — 187 40 — — 40 Corporate debt securities (c) — 7,090 2 7,092 — 3,540 3 3,543 U.S. federal, state, local and non-U.S. government debt securities 1,790 1,054 — 2,844 1,191 743 — 1,934 Mortgage-backed securities 314 701 4 1,019 82 272 3 357 Derivative receivables — 337 — 337 — 143 — 143 Other (d) 785 132 250 1,167 885 80 302 1,267 Total assets measured at fair value (e) $ 6,738 $ 9,499 $ 258 $ 16,495 $ 8,044 $ 4,941 $ 310 $ 13,295 Derivative payables $ — $ (118 ) $ — $ (118 ) $ — $ (96 ) $ — $ (96 ) Total liabilities measured at fair value (e) $ — $ (118 ) $ — $ (118 ) $ — $ (96 ) $ — $ (96 ) (a) At December 31, 2019 and 2018 , collective investment funds primarily included a mix of short-term investment funds, U.S. and non-U.S. equity investments (including index) and real estate funds. (b) Unfunded commitments to purchase limited partnership investments for the plans were $451 million and $521 million for 2019 and 2018 , respectively. (c) Corporate debt securities include debt securities of U.S. and non-U.S. corporations. (d) Other consists primarily of mutual funds, money market funds and participating annuity contracts. Mutual funds and money market funds are primarily classified within level 1 of the fair value hierarchy given they are valued using market observable prices. Participating annuity contracts are classified within level 3 of the fair value hierarchy due to a lack of market mechanisms for transferring each policy and surrender restrictions. (e) At December 31, 2019 and 2018 , excludes $4.4 billion and $5.0 billion of certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient, which are not required to be classified in the fair value hierarchy, $1.3 billion and $340 million of defined benefit pension plan receivables for investments sold and dividends and interest receivables, $1.7 billion and $479 million of defined benefit pension plan payables for investments purchased, and $25 million and $24 million of other liabilities, respectively. |
Changes in level 3 fair value measurements using significant unobservable inputs | Changes in level 3 fair value measurements using significant unobservable inputs (in millions) Fair value, Beginning balance Actual return on plan assets Purchases, sales and settlements, net (b) Transfers in and/or out of level 3 Fair value, Ending balance Realized gains/(losses) Unrealized gains/(losses) (b) Year ended December 31, 2019 U.S. defined benefit pension plan Annuity contracts and other (a) $ 310 $ — $ 31 $ (85 ) $ 2 $ 258 U.S. OPEB plan COLI policies $ 2,072 $ — $ 401 $ (42 ) $ — $ 2,431 Year ended December 31, 2018 U.S. defined benefit pension plan Annuity contracts and other (a) $ 310 $ — $ — $ (1 ) $ 1 $ 310 U.S. OPEB plan COLI policies $ 2,157 $ — $ (42 ) $ (43 ) $ — $ 2,072 (a) Substantially all are participating annuity contracts. (b) The prior period amounts have been revised to conform with the current period presentation. |
Estimated future benefit payments | The following table presents benefit payments expected to be paid, which include the effect of expected future service, for the years indicated. The OPEB medical and life insurance payments are net of expected retiree contributions. Year ended December 31, (in millions) Defined benefit pension plans OPEB before Medicare Part D subsidy Medicare Part D subsidy 2020 $ 1,030 $ 59 $ 1 2021 1,020 57 1 2022 1,020 54 — 2023 980 52 — 2024 970 50 — Years 2025–2029 4,613 211 1 |
Employee Share-Based Incentiv_2
Employee Share-Based Incentives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of RSUs, PSUs, and employee SARs and stock options activity | Generally, compensation expense for RSUs and PSUs is measured based on the number of units granted multiplied by the stock price at the grant date, and for employee SARs and stock options, is measured at the grant date using the Black-Scholes valuation model. Compensation expense for these awards is recognized in net income as described previously. The following table summarizes JPMorgan Chase ’s RSUs, PSUs, employee SARs and stock options activity for 2019 . RSUs/PSUs SARs/Options Year ended December 31, 2019 Number of units Weighted-average grant date fair value Number of awards Weighted-average exercise price Weighted-average remaining contractual life (in years) Aggregate intrinsic value (in thousands, except weighted-average data, and where otherwise stated) Outstanding, January 1 58,809 $ 85.04 12,463 $ 41.46 Granted 23,811 99.79 18 111.01 Exercised or vested (28,754 ) 69.98 (6,923 ) 41.50 Forfeited (1,627 ) 98.58 — — Canceled NA NA (31 ) 89.71 Outstanding, December 31 52,239 $ 99.62 5,527 $ 41.36 1.9 $ 539,071 Exercisable, December 31 NA NA 5,522 41.29 1.9 538,971 |
Noncash compensation expense related to employee share-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. Year ended December 31, (in millions) 2019 2018 2017 Cost of prior grants of RSUs, PSUs, SARs and employee stock options that are amortized over their applicable vesting periods $ 1,141 $ 1,241 $ 1,125 Accrual of estimated costs of share-based awards to be granted in future periods including those to full-career eligible employees 1,115 1,081 945 Total noncash compensation expense related to employee share-based incentive plans $ 2,256 $ 2,322 $ 2,070 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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. 2019 2018 December 31, (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) $ 107,811 $ 2,395 $ 89 $ 110,117 $ 69,026 $ 594 $ 974 $ 68,646 Residential: U.S 10,223 233 6 10,450 5,877 79 31 5,925 Non-U.S. 2,477 64 1 2,540 2,529 72 6 2,595 Commercial 5,137 64 13 5,188 6,758 43 147 6,654 Total mortgage-backed securities 125,648 2,756 109 128,295 84,190 788 1,158 83,820 U.S. Treasury and government agencies 139,162 449 175 139,436 55,771 366 78 56,059 Obligations of U.S. states and municipalities 27,693 2,118 1 29,810 36,221 1,582 80 37,723 Certificates of deposit 77 — — 77 75 — — 75 Non-U.S. government debt securities 21,427 377 17 21,787 23,771 351 20 24,102 Corporate debt securities 823 22 — 845 1,904 23 9 1,918 Asset-backed securities: Collateralized loan obligations 25,038 9 56 24,991 19,612 1 176 19,437 Other 5,438 40 20 5,458 7,225 57 22 7,260 Total available-for-sale securities 345,306 5,771 378 350,699 228,769 3,168 1,543 230,394 Held-to-maturity securities Mortgage-backed securities: U.S. GSEs and government agencies (a) 36,523 1,165 62 37,626 26,610 134 200 26,544 Total mortgage-backed securities 36,523 1,165 62 37,626 26,610 134 200 26,544 U.S. Treasury and government agencies 51 — 1 50 — — — — Obligations of U.S. states and municipalities 4,797 299 — 5,096 4,824 105 15 4,914 Asset-backed securities: Collateralized loan obligations 6,169 — — 6,169 — — — — Total held-to-maturity securities 47,540 1,464 63 48,941 31,434 239 215 31,458 Total investment securities $ 392,846 $ 7,235 $ 441 $ 399,640 $ 260,203 $ 3,407 $ 1,758 $ 261,852 (a) Includes AFS U.S. GSE obligations with fair values of $78.5 billion and $50.7 billion , and HTM U.S. GSE obligations with amortized cost of $31.6 billion and $20.9 billion , at December 31, 2019 and 2018 , respectively. As of December 31, 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 were $69.4 billion and $71.4 billion , and $38.7 billion and $39.6 billion , respectively. |
Securities impairment | The following tables present the fair value and gross unrealized losses for investment securities by aging category at December 31, 2019 and 2018 . Investment securities with gross unrealized losses Less than 12 months 12 months or more December 31, 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 $ 16,966 $ 53 $ 3,058 $ 36 $ 20,024 $ 89 Residential: U.S 1,072 3 423 3 1,495 6 Non-U.S. 13 — 420 1 433 1 Commercial 1,287 12 199 1 1,486 13 Total mortgage-backed securities 19,338 68 4,100 41 23,438 109 U.S. Treasury and government agencies 23,003 145 5,695 30 28,698 175 Obligations of U.S. states and municipalities 186 1 — — 186 1 Certificates of deposit 77 — — — 77 — Non-U.S. government debt securities 3,970 13 1,406 4 5,376 17 Corporate debt securities — — — — — — Asset-backed securities: Collateralized loan obligations 10,364 11 7,756 45 18,120 56 Other 1,639 9 753 11 2,392 20 Total available-for-sale securities 58,577 247 19,710 131 78,287 378 Held-to-maturity securities Mortgage-backed securities: U.S. GSEs and government agencies 5,186 62 81 — 5,267 62 Total mortgage-backed securities 5,186 62 81 — 5,267 62 U.S. Treasury and government agencies 50 1 — — 50 1 Obligations of U.S. states and municipalities — — — — — — Asset-backed securities: Collateralized loan obligations 3,421 — 1,375 — 4,796 — Total held-to-maturity securities 8,657 63 1,456 — 10,113 63 Total investment securities with gross unrealized losses $ 67,234 $ 310 $ 21,166 $ 131 $ 88,400 $ 441 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 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. Year ended December 31, 2019 2018 2017 Realized gains $ 650 $ 211 $ 1,013 Realized losses (392 ) (606 ) (1,072 ) OTTI losses (a) — — (7 ) Net investment securities gains/(losses) 258 (395 ) (66 ) (a) Represents OTTI losses recognized in income on investment securities the Firm intends to sell. Excludes realized losses on securities sold of $22 million and $6 million for the years ended December 31, 2018 and 2017 , respectively, 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 December 31, 2019 , of JPMorgan Chase ’s investment securities portfolio by contractual maturity. By remaining maturity December 31, 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 $ 1 $ 58 $ 11,073 $ 114,516 $ 125,648 Fair value 1 58 11,251 116,985 128,295 Average yield (a) 1.99 % 2.78 % 2.76 % 3.40 % 3.34 % U.S. Treasury and government agencies Amortized cost $ 10,687 $ 92,805 $ 26,353 $ 9,317 $ 139,162 Fair value 10,700 93,039 26,446 9,251 139,436 Average yield (a) 1.82 % 1.84 % 1.90 % 1.98 % 1.86 % Obligations of U.S. states and municipalities Amortized cost $ 123 $ 193 $ 825 $ 26,552 $ 27,693 Fair value 124 202 883 28,601 29,810 Average yield (a) 4.13 % 4.68 % 5.28 % 4.86 % 4.87 % Certificates of deposit Amortized cost $ 77 $ — $ — $ — $ 77 Fair value 77 — — — 77 Average yield (a) 0.50 % — % — % — % 0.50 % Non-U.S. government debt securities Amortized cost $ 6,672 $ 11,544 $ 2,898 $ 313 $ 21,427 Fair value 6,682 11,791 3,001 313 21,787 Average yield (a) 2.17 % 1.84 % 1.29 % 1.67 % 1.87 % Corporate debt securities Amortized cost $ 205 $ 206 $ 412 $ — $ 823 Fair value 207 212 426 — 845 Average yield (a) 4.49 % 4.14 % 3.50 % — % 3.91 % Asset-backed securities Amortized cost $ 17 $ 2,352 $ 7,184 $ 20,923 $ 30,476 Fair value 17 2,353 7,177 20,902 30,449 Average yield (a) 0.62 % 2.78 % 2.86 % 2.77 % 2.79 % Total available-for-sale securities Amortized cost $ 17,782 $ 107,158 $ 48,745 $ 171,621 $ 345,306 Fair value 17,808 107,655 49,184 176,052 350,699 Average yield (a) 1.99 % 1.87 % 2.27 % 3.47 % 2.73 % Held-to-maturity securities Mortgage-backed securities Amortized Cost $ — $ — $ 5,850 $ 30,673 $ 36,523 Fair value — — 6,114 31,512 37,626 Average yield (a) — % — % 3.06 % 3.10 % 3.10 % U.S. Treasury and government agencies Amortized cost $ — $ 51 $ — $ — $ 51 Fair value — 50 — — 50 Average yield (a) — % 1.47 % — % — % 1.47 % Obligations of U.S. states and municipalities Amortized cost $ — $ — $ 99 $ 4,698 $ 4,797 Fair value — — 106 4,990 5,096 Average yield (a) — % — % 3.91 % 4.04 % 4.04 % Asset-backed securities Amortized cost $ — $ — $ 5,296 $ 873 $ 6,169 Fair value — — 5,296 873 6,169 Average yield (a) — % — % 3.19 % 3.11 % 3.18 % Total held-to-maturity securities Amortized cost $ — $ 51 $ 11,245 $ 36,244 $ 47,540 Fair value — 50 11,516 37,375 48,941 Average yield (a) — % 1.47 % 3.13 % 3.23 % 3.20 % (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 6 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 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. 2019 December 31, (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) Assets Securities purchased under resale agreements $ 628,609 $ (379,463 ) $ 249,146 $ (233,818 ) $ 15,328 Securities borrowed 166,718 (26,960 ) 139,758 (104,990 ) 34,768 Liabilities Securities sold under repurchase agreements $ 555,172 $ (379,463 ) $ 175,709 $ (151,566 ) $ 24,143 Securities loaned and other (a) 36,649 (26,960 ) 9,689 (9,654 ) 35 2018 December 31, (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) 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 $3.7 billion and $3.3 billion at December 31, 2019 and 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) 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. (c) 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 December 31, 2019 and 2018 , included $11.0 billion and $7.9 billion , respectively, of securities purchased under resale agreements; $31.9 billion and $30.3 billion , respectively, of securities borrowed; $22.7 billion and $21.5 billion , respectively, of securities sold under repurchase agreements; and $7 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 December 31, 2019 and 2018 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance 2019 2018 December 31, (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 $ 34,119 $ — $ 34,311 (a) $ — Residential - nonagency 1,239 — 2,165 — Commercial - nonagency 1,612 — 1,390 — U.S. Treasury, GSEs and government agencies 334,398 29 317,578 (a) 69 Obligations of U.S. states and municipalities 1,181 — 1,150 — Non-U.S. government debt 145,548 1,528 154,900 4,313 Corporate debt securities 13,826 1,580 13,898 428 Asset-backed securities 1,794 — 3,867 — Equity securities 21,455 33,512 12,328 28,890 Total $ 555,172 $ 36,649 $ 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 2019 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 225,134 $ 199,870 $ 57,305 $ 72,863 $ 555,172 Total securities loaned and other 32,028 1,706 937 1,978 36,649 Remaining contractual maturity of the agreements Overnight and continuous Greater than 90 days 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) | 12 Months Ended |
Dec. 31, 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 scored 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 for which the wholesale methodology is applied 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 scored 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 loans to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. Refer to Note 14 for more information on SPEs. |
Schedule of loans by portfolio segment | The following tables summarize the Firm’s loan balances by portfolio segment. December 31, 2019 Consumer, excluding credit card Credit card (a) Wholesale Total (in millions) Retained $ 332,038 $ 168,924 $ 444,639 $ 945,601 (b) Held-for-sale 3,002 — 4,062 7,064 At fair value — — 7,104 7,104 Total $ 335,040 $ 168,924 $ 455,805 $ 959,769 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 those 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 December 31, 2019 and 2018 . The following table provides information about retained consumer loans, excluding credit card, by class. December 31, (in millions) 2019 2018 Residential real estate – excluding PCI Residential mortgage $ 199,037 $ 231,078 Home equity 23,917 28,340 Other consumer loans Auto 61,522 63,573 Consumer & Business Banking 27,199 26,612 Residential real estate – PCI Home equity 7,377 8,963 Prime mortgage 3,965 4,690 Subprime mortgage 1,740 1,945 Option ARMs 7,281 8,436 Total retained loans $ 332,038 $ 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 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 1,282 (a)(b) $ — $ 1,291 $ 2,573 Sales 30,484 — 23,435 53,919 Retained loans reclassified to held-for-sale 9,188 — 2,371 11,559 2018 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 2,543 (a)(b) $ — $ 2,354 $ 4,897 Sales 9,984 — 16,741 26,725 Retained loans reclassified to held-for-sale 36 — 2,276 2,312 2017 Year ended December 31, Consumer, excluding credit card Credit card Wholesale Total Purchases $ 3,461 (a)(b) $ — $ 1,799 $ 5,260 Sales 3,405 — 11,063 14,468 Retained loans reclassified to held-for-sale 6,340 (c) — 1,229 7,569 (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 $16.6 billion , $18.6 billion and $23.5 billion for the years ended December 31, 2019 , 2018 and 2017 , respectively. (c) Includes the Firm’s student loan portfolio which was sold in 2017. |
Schedule of financing receivable credit quality indicators | 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 as of December 31, 2019 and 2018 . Total loans Total 30+ day delinquency rate December 31, (in millions except ratios) 2019 2018 2019 2018 HELOCs: (a) Within the revolving period (b) $ 5,488 $ 5,608 0.35 % 0.25 % Beyond the revolving period 8,724 11,286 2.48 2.80 HELOANs 754 1,030 2.52 2.82 Total $ 14,966 $ 17,924 1.70 % 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 provides information about the Firm’s consumer, excluding credit card, PCI loans. December 31, (in millions, except ratios) Home equity Prime mortgage Subprime mortgage Option ARMs Total PCI 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Carrying value (a) $ 7,377 $ 8,963 $ 3,965 $ 4,690 $ 1,740 $ 1,945 $ 7,281 $ 8,436 $ 20,363 $ 24,034 Loan delinquency (based on unpaid principal balance) Current $ 7,203 $ 8,624 $ 3,593 $ 4,226 $ 1,864 $ 2,033 $ 6,606 $ 7,592 $ 19,266 $ 22,475 30–149 days past due 217 278 219 259 230 286 356 398 1,022 1,221 150 or more days past due 148 242 172 223 101 123 333 457 754 1,045 Total loans $ 7,568 $ 9,144 $ 3,984 $ 4,708 $ 2,195 $ 2,442 $ 7,295 $ 8,447 $ 21,042 $ 24,741 % of 30+ days past due to total loans 4.82 % 5.69 % 9.81 % 10.24 % 15.08 % 16.75 % 9.44 % 10.12 % 8.44 % 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 $ 12 $ 17 $ 2 $ 1 $ — $ — $ 1 $ 3 $ 15 $ 21 Less than 660 9 13 6 7 7 9 7 7 29 36 101% to 125% and refreshed FICO scores: Equal to or greater than 660 86 135 3 6 6 4 14 17 109 162 Less than 660 39 65 17 22 20 35 18 33 94 155 80% to 100% and refreshed FICO scores: Equal to or greater than 660 588 805 47 75 47 54 85 119 767 1,053 Less than 660 261 388 65 112 100 161 113 190 539 851 Lower than 80% and refreshed FICO scores: Equal to or greater than 660 4,803 5,548 2,429 2,689 784 739 4,710 5,111 12,726 14,087 Less than 660 1,562 1,908 1,250 1,568 1,136 1,327 2,093 2,622 6,041 7,425 No FICO/LTV available 208 265 165 228 95 113 254 345 722 951 Total unpaid principal balance $ 7,568 $ 9,144 $ 3,984 $ 4,708 $ 2,195 $ 2,442 $ 7,295 $ 8,447 $ 21,042 $ 24,741 Geographic region (based on unpaid principal balance) (d) California $ 4,475 $ 5,420 $ 2,166 $ 2,578 $ 531 $ 593 $ 4,189 $ 4,798 $ 11,361 $ 13,389 Florida 833 976 288 332 212 234 604 713 1,937 2,255 New York 451 525 324 365 245 268 441 502 1,461 1,660 Illinois 200 233 134 154 113 123 175 199 622 709 Washington 326 419 80 98 37 44 143 177 586 738 New Jersey 174 210 112 134 78 88 219 258 583 690 Massachusetts 53 65 97 113 67 73 206 240 423 491 Maryland 40 48 86 95 87 96 157 178 370 417 Virginia 44 54 77 91 33 37 180 211 334 393 Arizona 130 165 57 69 37 43 93 112 317 389 All other 842 1,029 563 679 755 843 888 1,059 3,048 3,610 Total unpaid principal balance $ 7,568 $ 9,144 $ 3,984 $ 4,708 $ 2,195 $ 2,442 $ 7,295 $ 8,447 $ 21,042 $ 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 December 31, 2019 . Approximately 27% of the PCI home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following table provides delinquency statistics for PCI junior lien home equity loans and lines of credit based on the unpaid principal balance as of December 31, 2019 and 2018 . December 31, (in millions, except ratios) Total loans Total 30+ day delinquency rate 2019 2018 2019 2018 HELOCs: (a)(b) $ 5,337 $ 6,531 3.52 % 4.00 % HELOANs 220 280 3.64 3.57 Total $ 5,557 $ 6,811 3.53 % 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. December 31, (in millions, except ratios) Auto Consumer & Business Banking Total other consumer 2019 2018 2019 2018 2019 2018 Loan delinquency Current $ 60,944 $ 62,984 $ 26,842 $ 26,249 $ 87,786 $ 89,233 30–119 days past due 578 589 240 252 818 841 120 or more days past due — — 117 111 117 111 Total retained loans $ 61,522 $ 63,573 $ 27,199 $ 26,612 $ 88,721 $ 90,185 % of 30+ days past due to total retained loans 0.94 % 0.93 % 1.31 % 1.36 % 1.05 % 1.06 % Nonaccrual loans (a) 113 128 247 245 360 373 Geographic region (b) California $ 8,081 $ 8,330 $ 5,902 $ 5,520 $ 13,983 $ 13,850 Texas 6,804 6,531 3,110 2,993 9,914 9,524 New York 3,639 3,863 4,432 4,381 8,071 8,244 Illinois 3,360 3,716 1,745 2,046 5,105 5,762 Florida 3,262 3,256 1,609 1,502 4,871 4,758 Arizona 2,024 2,084 1,276 1,491 3,300 3,575 Ohio 1,986 1,973 1,139 1,305 3,125 3,278 New Jersey 1,905 1,981 798 723 2,703 2,704 Michigan 1,215 1,357 1,253 1,329 2,468 2,686 Louisiana 1,617 1,587 741 860 2,358 2,447 All other 27,629 28,895 5,194 4,462 32,823 33,357 Total retained loans $ 61,522 $ 63,573 $ 27,199 $ 26,612 $ 88,721 $ 90,185 Loans by risk ratings (c) Noncriticized $ 14,178 $ 15,749 $ 19,156 $ 18,743 $ 33,334 $ 34,492 Criticized performing 360 273 727 751 1,087 1,024 Criticized nonaccrual — — 198 191 198 191 (a) There were no loans that were 90 or more days past due and still accruing interest at December 31, 2019 and December 31, 2018 . (b) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at December 31, 2019 . (c) For risk-rated business banking and auto loans, the primary credit quality indicator is the internal 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 December 31, (in millions, except ratios) Residential mortgage Home equity Total residential real estate – excluding PCI 2019 2018 2019 2018 2019 2018 Loan delinquency (a) Current $ 198,024 $ 225,899 $ 23,385 $ 27,611 $ 221,409 $ 253,510 30–149 days past due 604 2,763 336 453 940 3,216 150 or more days past due 409 2,416 196 276 605 2,692 Total retained loans $ 199,037 $ 231,078 $ 23,917 $ 28,340 $ 222,954 $ 259,418 % of 30+ days past due to total retained loans (b) 0.49 % 0.48 % 2.22 % 2.57 % 0.67 % 0.71 % 90 or more days past due and government guarantee d (c) $ 38 $ 2,541 — — $ 38 $ 2,541 Nonaccrual loans 1,618 1,765 1,162 1,323 2,780 3,088 Current estimated LTV ratios (d)(e) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 18 $ 25 $ 4 $ 6 $ 22 $ 31 Less than 660 8 13 1 1 9 14 101% to 125% and refreshed FICO scores: Equal to or greater than 660 31 37 56 111 87 148 Less than 660 35 53 19 38 54 91 80% to 100% and refreshed FICO scores: Equal to or greater than 660 5,013 3,977 606 986 5,619 4,963 Less than 660 207 281 191 326 398 607 Less than 80% and refreshed FICO scores: Equal to or greater than 660 186,972 212,505 19,597 22,632 206,569 235,137 Less than 660 6,001 6,457 2,776 3,355 8,777 9,812 No FICO/LTV available 689 813 667 885 1,356 1,698 U.S. government-guaranteed 63 6,917 — — 63 6,917 Total retained loans $ 199,037 $ 231,078 $ 23,917 $ 28,340 $ 222,954 $ 259,418 Geographic region (f) California $ 66,278 $ 74,759 $ 4,831 $ 5,695 $ 71,109 $ 80,454 New York 25,706 28,847 4,885 5,769 30,591 34,616 Illinois 13,204 15,249 1,788 2,131 14,992 17,380 Texas 12,601 13,769 1,599 1,819 14,200 15,588 Florida 10,454 10,704 1,325 1,575 11,779 12,279 Washington 7,708 8,304 720 869 8,428 9,173 Colorado 7,777 8,140 444 521 8,221 8,661 New Jersey 5,792 7,302 1,394 1,642 7,186 8,944 Massachusetts 5,596 6,574 202 236 5,798 6,810 Arizona 3,929 4,434 932 1,158 4,861 5,592 All other (g) 39,992 52,996 5,797 6,925 45,789 59,921 Total retained loans $ 199,037 $ 231,078 $ 23,917 $ 28,340 $ 222,954 $ 259,418 (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $17 million and $2.8 billion ; 30 – 149 days past due included $20 million and $2.1 billion ; and 150 or more days past due included $26 million and $2.0 billion at December 31, 2019 and 2018 , respectively. (b) At December 31, 2019 and 2018 , residential mortgage loans excluded mortgage loans insured by U.S. government agencies of $46 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 are 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 December 31, 2019 and 2018 , these balances included $34 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 December 31, 2019 and 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 December 31, 2019 . (g) At December 31, 2019 and 2018 , included mortgage loans insured by U.S. government agencies of $63 million and $6.9 billion , respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee. The table below provides information about the Firm’s credit card loans. As of or for the year ended December 31, (in millions, except ratios) 2019 2018 Net charge-offs $ 4,848 $ 4,518 Net charge-off rate 3.10 % 3.10 % Loan delinquency Current and less than 30 days past due $ 165,767 $ 153,746 30–89 days past due and still accruing 1,550 1,426 90 or more days past due and still accruing 1,607 1,444 Total retained loans $ 168,924 $ 156,616 Loan delinquency ratios % of 30+ days past due to total retained loans 1.87 % 1.83 % % of 90+ days past due to total retained loans 0.95 0.92 Geographic region (a) California $ 25,783 $ 23,757 Texas 16,728 15,085 New York 14,544 13,601 Florida 10,830 9,770 Illinois 9,579 8,938 New Jersey 7,165 6,739 Ohio 5,406 5,094 Pennsylvania 5,245 4,996 Colorado 4,763 4,309 Michigan 4,164 3,912 All other 64,717 60,415 Total retained loans $ 168,924 $ 156,616 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 84.0 % 84.2 % Less than 660 15.4 15.0 No FICO available 0.6 0.8 (a) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at December 31, 2019 . The table below provides information by class of receivable for the retained loans in the Wholesale portfolio segment. Refer to Note 4 for additional information on industry concentrations. As of or for the year ended December 31, (in millions, except ratios) Commercial and industrial Real estate Financial Governments & Agencies Other (d) Total 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Loans by risk ratings Investment-grade $ 60,700 $ 73,497 $ 101,354 $ 100,107 $ 40,263 $ 32,178 $ 12,616 $ 13,984 $ 129,266 $ 119,963 $ 344,199 $ 339,729 Noninvestment- grade: Noncriticized 51,356 51,720 13,841 14,876 15,768 15,316 126 201 12,411 11,478 93,502 93,591 Criticized performing 4,071 3,738 1,001 620 574 150 — 2 449 182 6,095 4,692 Criticized nonaccrual 752 851 48 134 3 4 — — 40 161 843 1,150 Total noninvestment- grade 56,179 56,309 14,890 15,630 16,345 15,470 126 203 12,900 11,821 100,440 99,433 Total retained loans $ 116,879 $ 129,806 $ 116,244 $ 115,737 $ 56,608 $ 47,648 $ 12,742 $ 14,187 $ 142,166 $ 131,784 $ 444,639 $ 439,162 % of total criticized to total retained loans 4.13 % 3.54 % 0.90 % 0.65 % 1.02 % 0.32 % — 0.01 % 0.34 % 0.26 % 1.56 % 1.33 % % of criticized nonaccrual to total retained loans 0.64 0.66 0.04 0.12 0.01 0.01 — — 0.03 0.12 0.19 0.26 Loans by geographic distribution (a) Total non-U.S. $ 28,253 $ 29,572 $ 4,123 $ 2,967 $ 16,800 $ 18,524 $ 2,232 $ 3,150 $ 49,966 $ 48,433 $ 101,374 $ 102,646 Total U.S. 88,626 100,234 112,121 112,770 39,808 29,124 10,510 11,037 92,200 83,351 343,265 336,516 Total retained loans $ 116,879 $ 129,806 $ 116,244 $ 115,737 $ 56,608 $ 47,648 $ 12,742 $ 14,187 $ 142,166 $ 131,784 $ 444,639 $ 439,162 Net charge-offs/(recoveries) $ 329 $ 165 $ 12 $ (20 ) $ — $ — $ — $ — $ 28 $ 10 $ 369 $ 155 % of net charge-offs/(recoveries) to end-of-period retained loans 0.28 % 0.13 % 0.01 % (0.02 )% — % — — % — % 0.02 % 0.01 % 0.08 % 0.04 % Loan delinquency (b) Current and less than 30 days past due and still accruing $ 115,753 $ 128,678 $ 116,098 $ 115,533 $ 56,583 $ 47,622 $ 12,713 $ 14,165 $ 141,739 $ 130,918 $ 442,886 $ 436,916 30–89 days past due and still accruing 339 109 94 67 20 12 28 18 387 702 868 908 90 or more days past due and still accruing (c) 35 168 4 3 2 10 1 4 — 3 42 188 Criticized nonaccrual 752 851 48 134 3 4 — — 40 161 843 1,150 Total retained loans $ 116,879 $ 129,806 $ 116,244 $ 115,737 $ 56,608 $ 47,648 $ 12,742 $ 14,187 $ 142,166 $ 131,784 $ 444,639 $ 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. (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 loans to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. Refer to Note 14 for more information on SPEs. The following table presents additional information on the real estate class of loans within the Wholesale portfolio for the periods indicated, which consists primarily of secured commercial loans, of which multifamily is the largest segment. Multifamily lending finances acquisition, leasing and construction of apartment buildings, and includes loans to real estate investment trusts (“REITs”). Other commercial lending largely includes financing for acquisition, leasing and construction, largely for office, retail and industrial real estate, and includes loans to REITs. Included in real estate loans is $8.2 billion and $10.5 billion as of December 31, 2019 and 2018 , respectively, of construction and development loans originally purposed for construction and development, general purpose loans for builders, as well as loans for land subdivision and pre-development. December 31, (in millions, except ratios) Multifamily Other Commercial Total real estate loans 2019 2018 2019 2018 2019 2018 Real estate retained loans $ 79,402 $ 79,184 $ 36,842 $ 36,553 $ 116,244 $ 115,737 Criticized 407 388 642 366 1,049 754 % of total criticized to total real estate retained loans 0.51 % 0.49 % 1.74 % 1.00 % 0.90 % 0.65 % Criticized nonaccrual $ 38 $ 57 $ 10 $ 77 $ 48 $ 134 % of criticized nonaccrual loans to total real estate retained loans 0.05 % 0.07 % 0.03 % 0.21 % 0.04 % 0.12 % |
Schedule of impaired financing receivables | The following table provides 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. December 31, (in millions) 2019 2018 Impaired loans With an allowance $ 227 $ 222 Without an allowance (a) 19 29 Total impaired loans (b)(c) $ 246 $ 251 Allowance for loan losses related to impaired loans $ 71 $ 63 Unpaid principal balance of impaired loans (d) 342 355 Impaired loans on nonaccrual status 224 229 (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 $246 million , $275 million and $427 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the years ended December 31, 2019 , 2018 and 2017 . (d) Represents the contractual amount of principal owed at December 31, 2019 and 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 provides 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 . December 31, (in millions) Residential mortgage Home equity Total residential real estate – excluding PCI 2019 2018 2019 2018 2019 2018 Impaired loans With an allowance $ 2,851 $ 3,381 $ 1,042 $ 1,151 $ 3,893 $ 4,532 Without an allowance (a) 1,154 1,184 879 907 2,033 2,091 Total impaired loans (b)(c) $ 4,005 $ 4,565 $ 1,921 $ 2,058 $ 5,926 $ 6,623 Allowance for loan losses related to impaired loans $ 52 $ 88 $ 13 $ 45 $ 65 $ 133 Unpaid principal balance of impaired loans (d) 5,438 6,207 3,301 3,531 8,739 9,738 Impaired loans on nonaccrual status (e) 1,367 1,459 965 963 2,332 2,422 (a) Represents collateral-dependent residential real estate loans that are charged off to the fair value of the underlying collateral less costs 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 December 31, 2019 , Chapter 7 residential real estate loans included approximately 9% of residential mortgages and approximately 7% of home equity that were 30 days or more past due. (b) At December 31, 2019 and 2018 , $14 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 December 31, 2019 and 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) As of December 31, 2019 and 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 on pages 217–219 of this Note for additional information about loans modified in a TDR that are on nonaccrual status. The table below provides 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. December 31, (in millions) 2019 2018 Impaired credit card loans with an allowance (a)(b)(c) $ 1,452 $ 1,319 Allowance for loan losses related to impaired credit card loans 477 440 (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. December 31, (in millions) Commercial and industrial Real estate Financial institutions Other Total retained loans 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Impaired loans With an allowance $ 637 $ 807 $ 49 $ 107 $ 3 $ 4 $ 42 $ 152 $ 731 $ 1,070 Without an allowance (a) 177 140 — 27 — — 4 13 181 180 Total impaired loans $ 814 $ 947 $ 49 $ 134 $ 3 $ 4 $ 46 $ 165 $ 912 (c) $ 1,250 (c) Allowance for loan losses related to impaired loans $ 221 $ 252 $ 9 $ 25 $ 1 $ 1 $ 3 $ 19 $ 234 $ 297 Unpaid principal balance of impaired loans (b) 974 1,043 72 203 4 4 54 473 1,104 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 December 31, 2019 and 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 table presents average impaired loans and the related interest income reported by the Firm. Year ended December 31, (in millions) Average impaired loans Interest income on impaired loans (a) Interest income on impaired loans on a cash basis (a) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Residential mortgage $ 4,307 $ 5,082 $ 5,797 $ 224 $ 257 $ 287 $ 68 $ 75 $ 75 Home equity 2,007 2,123 2,222 132 131 127 83 84 80 Total residential real estate – excluding PCI $ 6,314 $ 7,205 $ 8,019 $ 356 $ 388 $ 414 $ 151 $ 159 $ 155 (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. Year ended December 31, (in millions) 2019 2018 2017 Average impaired credit card loans $ 1,389 $ 1,260 $ 1,214 Interest income on impaired credit card loans 72 65 59 The following table presents the Firm’s average impaired retained loans for the years ended 2019 , 2018 and 2017 . Year ended December 31, (in millions) 2019 2018 2017 Commercial and industrial $ 1,086 $ 1,027 $ 1,256 Real estate 94 133 165 Financial institutions 11 57 48 Other 168 199 241 Total (a) $ 1,359 $ 1,416 $ 1,710 (a) The related interest income on accruing impaired loans and interest income recognized on a cash basis were not material for the years ended December 31, 2019 , 2018 and 2017 . |
Troubled debt restructuring on financing receivables | The following table presents new TDRs reported by the Firm. Year ended December 31, 2019 2018 2017 Residential mortgage $ 234 $ 401 $ 373 Home equity 256 335 383 Total residential real estate – excluding PCI $ 490 $ 736 $ 756 |
Troubled debt restructuring on financing receivables nature and extent of modifications | The following table provides 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. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt. Year ended December 31, Residential mortgage Home equity Total residential real estate – excluding PCI 2019 2018 2017 2019 2018 2017 2019 2018 2017 Number of loans approved for a trial modification 2,105 2,570 1,283 3,767 4,605 (c) 5,765 (c) 5,872 7,175 (c) 7,048 (c) Number of loans permanently modified 1,448 2,907 2,628 3,470 4,946 5,624 4,918 7,853 8,252 Concession granted: (a) Interest rate reduction 66 % 40 % 63 % 81 % 62 % 59 % 77 % 54 % 60 % Term or payment extension 90 55 72 64 66 69 71 62 70 Principal and/or interest deferred 26 44 15 7 20 10 13 29 12 Principal forgiveness 6 8 16 5 7 13 5 7 14 Other (b) 45 38 33 70 58 31 63 51 32 (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 for the years ended December 31, 2019 , 2018 and 2017 . Also includes forbearances that meet the definition of a TDR for the years ended December 31, 2019 and 2018 . Forbearances suspend or reduce monthly payments for a specific period of time to address a temporary hardship. (c) The prior period amounts have been revised to conform with the current period presentation. This revision also impacted home equity impaired loans and new TDRs in this note, as well as loans by impairment methodology in Note 13 . |
Troubled debt restructuring on financing receivables, financial effects of modifications and re-defaults | The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans, excluding PCI, under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and does not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt. Year ended Residential mortgage Home equity Total residential real estate – excluding PCI 2019 2018 2017 2019 2018 2017 2019 2018 2017 Weighted-average interest rate of loans with interest rate reductions – before TDR 5.88 % 5.65 % 5.15 % 5.53 % 5.39 % 4.94 % 5.68 % 5.50 % 5.06 % Weighted-average interest rate of loans with interest rate reductions – after TDR 4.21 3.80 2.99 3.53 3.46 2.64 3.81 3.60 2.83 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 21 24 24 19 19 21 20 21 23 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 39 38 38 40 39 39 39 38 38 Charge-offs recognized upon permanent modification $ 1 $ 1 $ 2 $ — $ 1 $ 1 $ 1 $ 2 $ 3 Principal deferred 15 21 12 4 9 10 19 30 22 Principal forgiven 4 10 20 3 7 13 7 17 33 Balance of loans that redefaulted within one year of permanent modification (a) $ 107 $ 97 $ 124 $ 59 $ 64 $ 56 $ 166 $ 161 $ 180 (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. Year ended December 31, (in millions, except weighted-average data) 2019 2018 2017 Weighted-average interest rate of loans – before TDR 19.07 % 17.98 % 16.58 % Weighted-average interest rate of loans – after TDR 4.70 5.16 4.88 Loans that redefaulted within one year of modification (a) $ 148 $ 116 $ 93 (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 years ended December 31, 2019 , 2018 and 2017 , 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. Year ended December 31, Total PCI 2019 2018 2017 Beginning balance $ 8,422 $ 11,159 $ 11,768 Accretion into interest income (1,093 ) (1,249 ) (1,396 ) Changes in interest rates on variable-rate loans (575 ) (109 ) 503 Other changes in expected cash flows (a) (589 ) (1,379 ) 284 Balance at December 31 $ 6,165 $ 8,422 $ 11,159 Accretable yield percentage 5.28 % 4.92 % 4.53 % (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) | 12 Months Ended |
Dec. 31, 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-relating commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. (Table continued on next page) 2019 Year ended December 31, (in millions) 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 Gross charge-offs 963 5,436 411 6,810 Gross recoveries (551 ) (588 ) (42 ) (1,181 ) Net charge-offs 412 4,848 369 5,629 Write-offs of PCI loans (a) 151 — — 151 Provision for loan losses (383 ) 5,348 484 5,449 Other (1 ) (1 ) 11 9 Ending balance at December 31, $ 3,199 $ 5,683 $ 4,241 $ 13,123 Allowance for loan losses by impairment methodology Asset-specific (b) $ 136 $ 477 (c) $ 234 $ 847 Formula-based 2,076 5,206 4,007 11,289 PCI 987 — — 987 Total allowance for loan losses $ 3,199 $ 5,683 $ 4,241 $ 13,123 Loans by impairment methodology Asset-specific $ 6,172 $ 1,452 $ 912 $ 8,536 Formula-based 305,503 167,472 443,727 916,702 PCI 20,363 — — 20,363 Total retained loans $ 332,038 $ 168,924 $ 444,639 $ 945,601 Impaired collateral-dependent loans Net charge-offs $ 57 $ — $ 25 $ 82 Loans measured at fair value of collateral less cost to sell 2,059 — 81 2,140 Allowance for lending-related commitments Beginning balance at January 1, $ 33 $ — $ 1,022 $ 1,055 Provision for lending-related commitments — — 136 136 Other — — — — Ending balance at December 31, $ 33 $ — $ 1,158 $ 1,191 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 102 $ 102 Formula-based 33 — 1,056 1,089 Total allowance for lending-related commitments $ 33 $ — $ 1,158 $ 1,191 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 474 $ 474 Formula-based 51,412 650,720 403,641 1,105,773 Total lending-related commitments $ 51,412 $ 650,720 $ 404,115 $ 1,106,247 (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. (table continued from previous page) 2018 2017 Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total $ 4,579 $ 4,884 $ 4,141 $ 13,604 $ 5,198 $ 4,034 $ 4,544 $ 13,776 1,025 5,011 313 6,349 1,779 4,521 212 6,512 (842 ) (493 ) (158 ) (1,493 ) (634 ) (398 ) (93 ) (1,125 ) 183 4,518 155 4,856 1,145 4,123 119 5,387 187 — — 187 86 — — 86 (63 ) 4,818 130 4,885 613 4,973 (286 ) 5,300 — — (1 ) (1 ) (1 ) — 2 1 $ 4,146 $ 5,184 $ 4,115 $ 13,445 $ 4,579 $ 4,884 $ 4,141 $ 13,604 $ 196 $ 440 (c) $ 297 $ 933 $ 246 $ 383 (c) $ 461 $ 1,090 2,162 4,744 3,818 10,724 2,108 4,501 3,680 10,289 1,788 — — 1,788 2,225 — — 2,225 $ 4,146 $ 5,184 $ 4,115 $ 13,445 $ 4,579 $ 4,884 $ 4,141 $ 13,604 $ 6,874 $ 1,319 $ 1,250 $ 9,443 $ 8,078 $ 1,215 $ 1,867 $ 11,160 342,729 155,297 437,909 935,935 333,899 148,172 401,028 883,099 24,034 — 3 24,037 30,576 — 3 30,579 $ 373,637 $ 156,616 $ 439,162 $ 969,415 $ 372,553 $ 149,387 $ 402,898 $ 924,838 $ 24 $ — $ 21 $ 45 $ 64 $ — $ 31 $ 95 2,080 — 202 2,282 2,133 — 233 2,366 $ 33 $ — $ 1,035 $ 1,068 $ 26 $ — $ 1,052 $ 1,078 — — (14 ) (14 ) 7 — (17 ) (10 ) — — 1 1 — — — — $ 33 $ — $ 1,022 $ 1,055 $ 33 $ — $ 1,035 $ 1,068 $ — $ — $ 99 $ 99 $ — $ — $ 187 $ 187 33 — 923 956 33 — 848 881 $ 33 $ — $ 1,022 $ 1,055 $ 33 $ — $ 1,035 $ 1,068 $ — $ — $ 469 $ 469 $ — $ — $ 731 $ 731 46,066 605,379 387,344 1,038,789 48,553 572,831 369,367 990,751 $ 46,066 $ 605,379 $ 387,813 $ 1,039,258 $ 48,553 $ 572,831 $ 370,098 $ 991,482 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 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. The Firm considers a “sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase –administered asset-backed commercial paper conduit. Line of Business Transaction Type Activity 2019 Form 10-K page references CCB Credit card securitization trusts Securitization of originated credit card receivables 242–243 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 243–245 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 243–245 Multi-seller conduits Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs 245 Municipal bond vehicles Financing of municipal bond investments 245–246 |
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. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to Securitization activity on page 248 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 248–249 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) December 31, 2019 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 $ 60,348 $ 2,796 $ 48,734 $ 535 $ 625 $ — $ 1,160 Subprime 14,661 — 13,490 7 — — 7 Commercial and other (b) 111,903 — 80,878 785 773 241 1,799 Total $ 186,912 $ 2,796 $ 143,102 $ 1,327 $ 1,398 $ 241 $ 2,966 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2018 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 248–249 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 15 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 5 for further information on derivatives); senior and subordinated securities of $106 million and $94 million , respectively, at December 31, 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 December 31, 2019 and 2018 , 63% 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 $1.1 billion and $1.3 billion of investment-grade, and $72 million and $16 million of noninvestment-grade at December 31, 2019 and 2018 , respectively. The retained interests in commercial and other securitizations trusts consisted of $1.2 billion of investment-grade for both periods, and $575 million and $623 million of noninvestment-grade retained interests at December 31, 2019 and 2018 |
Schedule of re-securitizations | The following table presents the principal amount of securities transferred to re-securitization VIEs. Year ended December 31, 2019 2018 2017 Transfers of securities to VIEs U.S. GSEs and government agencies 25,852 15,532 12,617 The following table presents information on nonconsolidated re-securitization VIEs. Nonconsolidated re-securitization VIEs December 31, (in millions) 2019 2018 U.S. GSEs and government agencies Interest in VIEs 2,928 3,058 |
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 December 31, 2019 and 2018 . Assets Liabilities December 31, 2019 Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total VIE program type Firm-sponsored credit card trusts $ — $ 14,986 $ 266 $ 15,252 $ 6,461 $ 6 $ 6,467 Firm-administered multi-seller conduits 1 25,183 355 25,539 9,223 36 9,259 Municipal bond vehicles 1,903 — 4 1,907 1,881 3 1,884 Mortgage securitization entities (a) 66 2,762 64 2,892 276 130 406 Other 663 — 192 855 — 272 272 Total $ 2,633 $ 42,931 $ 881 $ 46,445 $ 17,841 $ 447 $ 18,288 Assets Liabilities December 31, 2018 Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total 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 . Included in beneficial interests in VIE assets are long-term beneficial interests of $6.7 billion and $13.7 billion at December 31, 2019 and 2018 , respectively. Refer to Note 20 for additional information on interest-bearing long-term beneficial interests. (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 years ended December 31, 2019 , 2018 and 2017 , 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. 2019 2018 2017 Year ended December 31, (in millions) Residential mortgage (e) Commercial and other (f) Residential mortgage (e) Commercial and other (f) Residential mortgage (e) Commercial and other (f) Principal securitized $ 9,957 $ 9,390 $ 6,431 $ 10,159 $ 5,532 $ 10,252 All cash flows during the period: (a) Proceeds received from loan sales as financial instruments (b)(c) $ 10,238 $ 9,544 $ 6,449 $ 10,218 $ 5,661 $ 10,340 Servicing fees collected (d) 287 2 319 2 338 3 Cash flows received on interests 507 237 411 301 463 918 (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. Key assumptions used to value retained interests originated during the year are shown in the table below. Year ended December 31, 2019 2018 2017 Residential mortgage retained interest: Weighted-average life (in years) 4.8 7.6 4.8 Weighted-average discount rate 7.4 % 3.6 % 2.9 % Commercial mortgage retained interest: Weighted-average life (in years) 6.4 5.3 7.1 Weighted-average discount rate 4.1 % 4.0 % 4.4 % |
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. Year ended December 31, 2019 2018 2017 Carrying value of loans sold $ 92,349 $ 44,609 $ 64,542 Proceeds received from loan sales as cash $ 73 $ 9 $ 117 Proceeds from loan sales as securities (a)(b) 91,422 43,671 63,542 Total proceeds received from loan sales (c) $ 91,495 $ 43,680 $ 63,659 Gains/(losses) on loan sales (d)(e) $ 499 $ (93 ) $ 163 (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/(losses) 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 of loans repurchased and 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 December 31, 2019 and 2018 . Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies. December 31, (in millions) 2019 2018 Loans repurchased or option to repurchase (a) $ 2,941 $ 7,021 Real estate owned 41 75 Foreclosed government-guaranteed residential mortgage loans (b) 198 361 (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 December 31, 2019 and 2018 . Securitized assets 90 days past due Net liquidation losses (a) As of or for the year ended December 31, (in millions) 2019 2018 2019 2018 2019 2018 Securitized loans Residential mortgage: Prime/ Alt-A & option ARMs $ 48,734 $ 50,679 $ 2,449 $ 3,354 $ 579 $ 610 Subprime 13,490 15,434 1,813 2,478 532 (169 ) Commercial and other 80,878 79,387 187 225 445 280 Total loans securitized $ 143,102 $ 145,500 $ 4,449 $ 6,057 $ 1,556 $ 721 (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) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill attributed to the business segments | The following table presents goodwill attributed to the business segments. December 31, (in millions) 2019 2018 2017 Consumer & Community Banking $ 31,041 $ 30,984 $ 31,013 Corporate & Investment Bank 6,942 6,770 6,776 Commercial Banking 2,982 2,860 2,860 Asset & Wealth Management 6,858 6,857 6,858 Total goodwill $ 47,823 $ 47,471 $ 47,507 The following table presents changes in the carrying amount of goodwill. Year ended December 31, (in millions) 2019 2018 2017 Balance at beginning of period $ 47,471 $ 47,507 $ 47,288 Changes during the period from: Business combinations (a) 349 — 199 Other (b) 3 (36 ) 20 Balance at December 31, $ 47,823 $ 47,471 $ 47,507 (a) For 2019, represents goodwill associated with the acquisition of InstaMed. This goodwill was allocated to CIB, CB and CCB. For 2017, represents CCB goodwill in connection with an acquisition. (b) Primarily relates to foreign currency adjustments. |
Mortgage servicing rights activity | The following table summarizes MSR activity for the years ended December 31, 2019 , 2018 and 2017 . As of or for the year ended December 31, (in millions, except where otherwise noted) 2019 2018 2017 Fair value at beginning of period $ 6,130 $ 6,030 $ 6,096 MSR activity: Originations of MSRs 1,384 931 1,103 Purchase of MSRs 105 315 — Disposition of MSRs (a) (789 ) (636 ) (140 ) Net additions 700 610 963 Changes due to collection/realization of expected cash flows (951 ) (740 ) (797 ) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (b) (893 ) 300 (202 ) Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) (333 ) (e) 15 (102 ) Discount rates 153 24 (19 ) Prepayment model changes and other (c) (107 ) (109 ) 91 Total changes in valuation due to other inputs and assumptions (287 ) (70 ) (30 ) Total changes in valuation due to inputs and assumptions (1,180 ) 230 (232 ) Fair value at December 31, $ 4,699 $ 6,130 $ 6,030 Change in unrealized gains/(losses) included in income related to MSRs held at December 31, $ (1,180 ) $ 230 $ (232 ) Contractual service fees, late fees and other ancillary fees included in income 1,639 1,778 1,886 Third-party mortgage loans serviced at December 31, (in billions) 522.0 521.0 555.0 Servicer advances, net of an allowance for uncollectible amounts, at December 31, (in billions) (d) 2.0 3.0 4.0 (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 years ended December 31, 2019 , 2018 and 2017 . Year ended December 31, 2019 2018 2017 CCB mortgage fees and related income Net production revenue $ 1,618 $ 268 $ 636 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 1,533 1,835 2,014 Changes in MSR asset fair value due to collection/realization of expected cash flows (951 ) (740 ) (795 ) Total operating revenue 582 1,095 1,219 Risk management: Changes in MSR asset fair value (a) (893 ) 300 (202 ) Other changes in MSR asset fair value due to other inputs and assumptions in model (b) (287 ) (70 ) (30 ) Change in derivative fair value and other 1,015 (341 ) (10 ) Total risk management (165 ) (111 ) (242 ) Total net mortgage servicing revenue 417 984 977 Total CCB mortgage fees and related income 2,035 1,252 1,613 All other 1 2 3 Mortgage fees and related income $ 2,036 $ 1,254 $ 1,616 (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 the fair value of the Firm's Mortgage Servicing Rights (MSRs) | The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at December 31, 2019 and 2018 , and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. December 31, (in millions, except rates) 2019 2018 Weighted-average prepayment speed assumption (constant prepayment rate) 11.67 % 8.78 % Impact on fair value of 10% adverse change $ (200 ) $ (205 ) Impact on fair value of 20% adverse change (384 ) (397 ) Weighted-average option adjusted spread (a)(b) 7.93 % 7.87 % Impact on fair value of 100 basis points adverse change $ (169 ) $ (235 ) Impact on fair value of 200 basis points adverse change (326 ) (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) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Noninterest-bearing and interest-bearing deposits | At December 31, 2019 and 2018 , noninterest-bearing and interest-bearing deposits were as follows. December 31, (in millions) 2019 2018 U.S. offices Noninterest-bearing (included $22,637 and $17,204 at fair value) (a)(b) $ 395,667 $ 386,709 Interest-bearing (included $2,534 and $2,487 at fair value) (a)(b) 876,156 813,881 Total deposits in U.S. offices 1,271,823 1,200,590 Non-U.S. offices Noninterest-bearing (included $1,980 and $2,367 at fair value) (a)(b) 20,087 21,459 Interest-bearing (included $1,438 and $1,159 at fair value) (a)(b) 270,521 248,617 Total deposits in non-U.S. offices 290,608 270,076 Total deposits $ 1,562,431 $ 1,470,666 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for 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. |
Time deposits one hundred thousand or more | At December 31, 2019 and 2018 , time deposits in denominations of $250,000 or more were as follows. December 31, (in millions) 2019 2018 U.S. offices $ 44,127 $ 25,119 Non-U.S. offices 50,840 41,661 Total $ 94,967 $ 66,780 |
Time deposits, by maturity | At December 31, 2019 , the maturities of interest-bearing time deposits were as follows. December 31, 2019 (in millions) U.S. Non-U.S. Total 2020 $ 60,614 $ 49,443 $ 110,057 2021 3,700 123 3,823 2022 709 89 798 2023 175 13 188 2024 534 357 891 After 5 years 301 39 340 Total $ 66,033 $ 50,064 $ 116,097 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of information related to operating leases | The following tables provide information related to the Firm’s operating leases: December 31, (in millions, except where otherwise noted) 2019 Right-of-use assets $ 8,190 Lease liabilities 8,505 Weighted average remaining lease term (in years) 8.8 Weighted average discount rate 3.68 % Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 1,572 Supplemental non-cash information Right-of-use assets obtained in exchange for operating lease obligations $ 1,413 Year ended December 31, (in millions) 2019 Rental expense Gross rental expense $ 2,057 Sublease rental income (184 ) Net rental expense $ 1,873 |
Schedule of future payments under operating leases | The following table presents future payments under operating leases as of December 31, 2019: Year ended December 31, (in millions) 2020 $ 1,604 2021 1,447 2022 1,257 2023 1,081 2024 944 After 2024 3,757 Total future minimum lease payments 10,090 Less: Imputed interest (1,585 ) Total $ 8,505 |
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: December 31, (in millions) 2019 2018 Carrying value of assets subject to operating leases, net of accumulated depreciation $ 23,587 $ 21,428 Accumulated depreciation 6,121 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: Year ended December 31, (in millions) 2019 2018 2017 Operating lease income $ 5,455 $ 4,540 $ 3,611 Depreciation expense 4,157 3,522 2,808 |
Schedule of future receipts under operating leases | The following table presents future receipts under operating leases as of December 31, 2019: Year ended December 31, (in millions) 2020 $ 4,168 2021 2,733 2022 1,025 2023 86 2024 37 After 2024 52 Total future minimum lease receipts $ 8,101 |
Accounts Payable and Other Li_2
Accounts Payable and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Components of accounts payable and other liabilities | The following table details the components of accounts payable and other liabilities. December 31, (in millions) 2019 2018 Brokerage payables $ 118,375 $ 114,794 Other payables and liabilities (a) 92,032 81,916 Total accounts payable and other liabilities $ 210,407 $ 196,710 (a) Includes credit card rewards liability of $6.4 billion and $5.8 billion at December 31, 2019 and 2018 , respectively. |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2019 . By remaining maturity at December 31, (in millions, except rates) 2019 2018 Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 13,580 $ 51,982 $ 95,636 $ 161,198 $ 145,820 Variable rate 2,788 12,708 3,119 18,615 22,978 Interest rates (a) 0.15-4.95% 0.50-4.63% 0.45-6.40% 0.15-6.40% 0.17-6.40% Subordinated debt: Fixed rate $ — $ 5,109 $ 10,046 $ 15,155 $ 14,308 Variable rate — — 9 9 9 Interest rates (a) — % 3.38-3.88% 3.63-8.00% 3.38-8.00% 3.38-8.53% Subtotal $ 16,368 $ 69,799 $ 108,810 $ 194,977 $ 183,115 Subsidiaries Federal Home Loan Banks advances: Fixed rate $ 4 $ 35 $ 96 $ 135 $ 155 Variable rate 9,500 19,000 — 28,500 44,300 Interest rates (a) 1.88-2.18% 1.67-2.24% — % 1.67-2.24% 2.36-2.96% Senior debt: Fixed rate $ 761 $ 6,955 $ 11,881 $ 19,597 $ 16,434 Variable rate 11,650 24,938 9,273 45,861 35,601 Interest rates (a) 7.50 % 2.15-9.43% 1.00-7.50% 1.00-9.43% 1.00-7.50% Subordinated debt: Fixed rate $ — $ 305 $ — $ 305 $ 301 Variable rate — — — — — Interest rates (a) — % 8.25 % — % 8.25 % 8.25 % Subtotal $ 21,915 $ 51,233 $ 21,250 $ 94,398 $ 96,791 Junior subordinated debt: Fixed rate $ — $ — $ 693 $ 693 $ 659 Variable rate — — 1,430 1,430 1,466 Interest rates (a) — % — % 2.41-8.75% 2.41-8.75% 3.04-8.75% Subtotal $ — $ — $ 2,123 $ 2,123 $ 2,125 Total long-term debt (b)(c)(d) $ 38,283 $ 121,032 $ 132,183 $ 291,498 (f)(g) $ 282,031 Long-term beneficial interests: Fixed rate $ 1,621 $ 1,369 $ — $ 2,990 $ 7,611 Variable rate 900 2,572 276 3,748 6,103 Interest rates 1.49-2.19% 0.00-2.77% 0.84-4.06% 0.00-4.06% 0.00-4.62% Total long-term beneficial interests (e) $ 2,521 $ 3,941 $ 276 $ 6,738 $ 13,714 (a) The interest rates shown are the range of contractual rates in effect at December 31, 2019 and 2018 , respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The use of these derivative instruments modifies the Firm’s exposure to the contractual interest rates disclosed in the table above. Including the effects of the hedge accounting derivatives, the range of modified rates in effect at December 31, 2019 , for total long-term debt was (0.02)% to 9.43% , versus the contractual range of 0.15% to 9.43% presented in the table above. The interest rate ranges shown exclude structured notes accounted for at fair value. (b) Included long-term debt of $32.0 billion and $47.7 billion secured by assets totaling $186.1 billion and $207.0 billion at December 31, 2019 and 2018 , respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $75.7 billion and $54.9 billion of long-term debt accounted for at fair value at December 31, 2019 and 2018 , respectively. (d) Included $13.6 billion and $11.2 billion of outstanding zero-coupon notes at December 31, 2019 and 2018 , respectively. The aggregate principal amount of these notes at their respective maturities is $39.3 billion and $37.4 billion , respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included $36 million and $28 million accounted for at fair value at December 31, 2019 and 2018 , respectively. Excluded short-term commercial paper and other short-term beneficial interests of $11.1 billion and $6.5 billion at December 31, 2019 and 2018 , respectively. (f) At December 31, 2019 , long-term debt in the aggregate of $141.3 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (g) The aggregate carrying values of debt that matures in each of the five years subsequent to 2019 is $38.3 billion in 2020 , $45.8 billion in 2021 , $19.6 billion in 2022 , $29.7 billion in 2023 and $25.9 billion in 2024 . |
Schedule of maturities of long-term debt | The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2019 . By remaining maturity at December 31, (in millions, except rates) 2019 2018 Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 13,580 $ 51,982 $ 95,636 $ 161,198 $ 145,820 Variable rate 2,788 12,708 3,119 18,615 22,978 Interest rates (a) 0.15-4.95% 0.50-4.63% 0.45-6.40% 0.15-6.40% 0.17-6.40% Subordinated debt: Fixed rate $ — $ 5,109 $ 10,046 $ 15,155 $ 14,308 Variable rate — — 9 9 9 Interest rates (a) — % 3.38-3.88% 3.63-8.00% 3.38-8.00% 3.38-8.53% Subtotal $ 16,368 $ 69,799 $ 108,810 $ 194,977 $ 183,115 Subsidiaries Federal Home Loan Banks advances: Fixed rate $ 4 $ 35 $ 96 $ 135 $ 155 Variable rate 9,500 19,000 — 28,500 44,300 Interest rates (a) 1.88-2.18% 1.67-2.24% — % 1.67-2.24% 2.36-2.96% Senior debt: Fixed rate $ 761 $ 6,955 $ 11,881 $ 19,597 $ 16,434 Variable rate 11,650 24,938 9,273 45,861 35,601 Interest rates (a) 7.50 % 2.15-9.43% 1.00-7.50% 1.00-9.43% 1.00-7.50% Subordinated debt: Fixed rate $ — $ 305 $ — $ 305 $ 301 Variable rate — — — — — Interest rates (a) — % 8.25 % — % 8.25 % 8.25 % Subtotal $ 21,915 $ 51,233 $ 21,250 $ 94,398 $ 96,791 Junior subordinated debt: Fixed rate $ — $ — $ 693 $ 693 $ 659 Variable rate — — 1,430 1,430 1,466 Interest rates (a) — % — % 2.41-8.75% 2.41-8.75% 3.04-8.75% Subtotal $ — $ — $ 2,123 $ 2,123 $ 2,125 Total long-term debt (b)(c)(d) $ 38,283 $ 121,032 $ 132,183 $ 291,498 (f)(g) $ 282,031 Long-term beneficial interests: Fixed rate $ 1,621 $ 1,369 $ — $ 2,990 $ 7,611 Variable rate 900 2,572 276 3,748 6,103 Interest rates 1.49-2.19% 0.00-2.77% 0.84-4.06% 0.00-4.06% 0.00-4.62% Total long-term beneficial interests (e) $ 2,521 $ 3,941 $ 276 $ 6,738 $ 13,714 (a) The interest rates shown are the range of contractual rates in effect at December 31, 2019 and 2018 , respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The use of these derivative instruments modifies the Firm’s exposure to the contractual interest rates disclosed in the table above. Including the effects of the hedge accounting derivatives, the range of modified rates in effect at December 31, 2019 , for total long-term debt was (0.02)% to 9.43% , versus the contractual range of 0.15% to 9.43% presented in the table above. The interest rate ranges shown exclude structured notes accounted for at fair value. (b) Included long-term debt of $32.0 billion and $47.7 billion secured by assets totaling $186.1 billion and $207.0 billion at December 31, 2019 and 2018 , respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $75.7 billion and $54.9 billion of long-term debt accounted for at fair value at December 31, 2019 and 2018 , respectively. (d) Included $13.6 billion and $11.2 billion of outstanding zero-coupon notes at December 31, 2019 and 2018 , respectively. The aggregate principal amount of these notes at their respective maturities is $39.3 billion and $37.4 billion , respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included $36 million and $28 million accounted for at fair value at December 31, 2019 and 2018 , respectively. Excluded short-term commercial paper and other short-term beneficial interests of $11.1 billion and $6.5 billion at December 31, 2019 and 2018 , respectively. (f) At December 31, 2019 , long-term debt in the aggregate of $141.3 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (g) The aggregate carrying values of debt that matures in each of the five years subsequent to 2019 is $38.3 billion in 2020 , $45.8 billion in 2021 , $19.6 billion in 2022 , $29.7 billion in 2023 and $25.9 billion in 2024 . |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018 . Shares (a) Carrying value (in millions) Issue date Contractual rate Earliest redemption date (b) Floating annualized Dividend declared per share (c) December 31, December 31, Year ended December 31, 2019 2018 2019 2018 2019 2018 2017 Fixed-rate: Series P — 90,000 $ — $ 900 2/5/2013 — % 3/1/2018 NA $545.00 $545.00 $545.00 Series T — 92,500 — 925 1/30/2014 — 3/1/2019 NA 167.50 670.00 670.00 Series W — 88,000 — 880 6/23/2014 — 9/1/2019 NA 472.50 630.00 630.00 Series Y 143,000 143,000 1,430 1,430 2/12/2015 6.125 3/1/2020 NA 612.52 612.52 612.52 Series AA 142,500 142,500 1,425 1,425 6/4/2015 6.100 9/1/2020 NA 610.00 610.00 610.00 Series BB 115,000 115,000 1,150 1,150 7/29/2015 6.150 9/1/2020 NA 615.00 615.00 615.00 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 575.00 111.81 — Series EE 185,000 — 1,850 — 1/24/2019 6.000 3/1/2024 NA 511.67 — — (d) Series GG 90,000 — 900 — 11/7/2019 4.750 12/1/2024 NA — — — (e) Fixed-to-floating-rate: Series I 293,375 430,375 2,934 4,304 4/23/2008 LIBOR + 3.47% 4/30/2018 LIBOR + 3.47% $593.23 $646.38 $790.00 (f) Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 LIBOR + 3.25 515.00 515.00 515.00 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 LIBOR + 3.30 600.00 600.00 600.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 LIBOR + 3.78 675.00 675.00 675.00 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 LIBOR + 3.33 612.50 612.50 612.50 Series V 250,000 250,000 2,500 2,500 6/9/2014 LIBOR + 3.32% 7/1/2019 LIBOR + 3.32 534.09 500.00 500.00 (g) Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 LIBOR + 3.33 610.00 610.00 610.00 Series Z 200,000 200,000 2,000 2,000 4/21/2015 5.300 5/1/2020 LIBOR + 3.80 530.00 530.00 530.00 Series CC 125,750 125,750 1,258 1,258 10/20/2017 4.625 11/1/2022 LIBOR + 2.58 462.50 462.50 129.76 Series FF 225,000 — 2,250 — 7/31/2019 5.000 8/1/2024 SOFR + 3.38 251.39 — — (h) Total preferred stock 2,699,250 2,606,750 $ 26,993 $ 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) Dividends in the amount of $211.67 per share were declared on April 12, 2019 and include dividends from the original issue date of January 24, 2019 through May 31, 2019. Dividends in the amount of $150.00 per share were declared thereafter on July 10, 2019 and October 9, 2019. (e) No dividends were declared for Series GG from the original issue date of November 7, 2019 through December 31, 2019. (f) The dividend rate for Series I preferred stock became floating and payable quarterly starting on April 30, 2018; prior to which the dividend rate was fixed at 7.90% or $395.00 per share payable semi annually. (g) The dividend rate for Series V preferred stock became floating and payable quarterly starting on July 1, 2019; prior to which the dividend rate was fixed at 5% or $250.00 per share payable semi annually. The Firm declared a dividend of $144.11 and $139.98 per share on outstanding Series V preferred stock on August 15, 2019 and November 15, 2019, respectively. (h) 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. Dividends in the amount of $125.00 per share were declared thereafter on December 10, 2019. Common shares issued (newly issued or reissuance from treasury) by JPMorgan Chase during the years ended December 31, 2019 , 2018 and 2017 were as follows. Year ended December 31, (in millions) 2019 2018 2017 Total issued – balance at January 1 4,104.9 4,104.9 4,104.9 Treasury – balance at January 1 (829.1 ) (679.6 ) (543.7 ) Repurchase (213.0 ) (181.5 ) (166.6 ) Reissuance: Employee benefits and compensation plans 20.4 21.7 24.5 Warrant exercise — 9.4 5.4 Employee stock purchase plans 0.8 0.9 0.8 Total reissuance 21.2 32.0 30.7 Total treasury – balance at December 31 (1,020.9 ) (829.1 ) (679.6 ) Outstanding at December 31 3,084.0 3,275.8 3,425.3 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018 . Shares (a) Carrying value (in millions) Issue date Contractual rate Earliest redemption date (b) Floating annualized Dividend declared per share (c) December 31, December 31, Year ended December 31, 2019 2018 2019 2018 2019 2018 2017 Fixed-rate: Series P — 90,000 $ — $ 900 2/5/2013 — % 3/1/2018 NA $545.00 $545.00 $545.00 Series T — 92,500 — 925 1/30/2014 — 3/1/2019 NA 167.50 670.00 670.00 Series W — 88,000 — 880 6/23/2014 — 9/1/2019 NA 472.50 630.00 630.00 Series Y 143,000 143,000 1,430 1,430 2/12/2015 6.125 3/1/2020 NA 612.52 612.52 612.52 Series AA 142,500 142,500 1,425 1,425 6/4/2015 6.100 9/1/2020 NA 610.00 610.00 610.00 Series BB 115,000 115,000 1,150 1,150 7/29/2015 6.150 9/1/2020 NA 615.00 615.00 615.00 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 575.00 111.81 — Series EE 185,000 — 1,850 — 1/24/2019 6.000 3/1/2024 NA 511.67 — — (d) Series GG 90,000 — 900 — 11/7/2019 4.750 12/1/2024 NA — — — (e) Fixed-to-floating-rate: Series I 293,375 430,375 2,934 4,304 4/23/2008 LIBOR + 3.47% 4/30/2018 LIBOR + 3.47% $593.23 $646.38 $790.00 (f) Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 LIBOR + 3.25 515.00 515.00 515.00 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 LIBOR + 3.30 600.00 600.00 600.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 LIBOR + 3.78 675.00 675.00 675.00 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 LIBOR + 3.33 612.50 612.50 612.50 Series V 250,000 250,000 2,500 2,500 6/9/2014 LIBOR + 3.32% 7/1/2019 LIBOR + 3.32 534.09 500.00 500.00 (g) Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 LIBOR + 3.33 610.00 610.00 610.00 Series Z 200,000 200,000 2,000 2,000 4/21/2015 5.300 5/1/2020 LIBOR + 3.80 530.00 530.00 530.00 Series CC 125,750 125,750 1,258 1,258 10/20/2017 4.625 11/1/2022 LIBOR + 2.58 462.50 462.50 129.76 Series FF 225,000 — 2,250 — 7/31/2019 5.000 8/1/2024 SOFR + 3.38 251.39 — — (h) Total preferred stock 2,699,250 2,606,750 $ 26,993 $ 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) Dividends in the amount of $211.67 per share were declared on April 12, 2019 and include dividends from the original issue date of January 24, 2019 through May 31, 2019. Dividends in the amount of $150.00 per share were declared thereafter on July 10, 2019 and October 9, 2019. (e) No dividends were declared for Series GG from the original issue date of November 7, 2019 through December 31, 2019. (f) The dividend rate for Series I preferred stock became floating and payable quarterly starting on April 30, 2018; prior to which the dividend rate was fixed at 7.90% or $395.00 per share payable semi annually. (g) The dividend rate for Series V preferred stock became floating and payable quarterly starting on July 1, 2019; prior to which the dividend rate was fixed at 5% or $250.00 per share payable semi annually. The Firm declared a dividend of $144.11 and $139.98 per share on outstanding Series V preferred stock on August 15, 2019 and November 15, 2019, respectively. (h) 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. Dividends in the amount of $125.00 per share were declared thereafter on December 10, 2019. Common shares issued (newly issued or reissuance from treasury) by JPMorgan Chase during the years ended December 31, 2019 , 2018 and 2017 were as follows. Year ended December 31, (in millions) 2019 2018 2017 Total issued – balance at January 1 4,104.9 4,104.9 4,104.9 Treasury – balance at January 1 (829.1 ) (679.6 ) (543.7 ) Repurchase (213.0 ) (181.5 ) (166.6 ) Reissuance: Employee benefits and compensation plans 20.4 21.7 24.5 Warrant exercise — 9.4 5.4 Employee stock purchase plans 0.8 0.9 0.8 Total reissuance 21.2 32.0 30.7 Total treasury – balance at December 31 (1,020.9 ) (829.1 ) (679.6 ) Outstanding at December 31 3,084.0 3,275.8 3,425.3 |
Schedule of common equity repurchases | The following table sets forth the Firm’s repurchases of common equity for the years ended December 31, 2019 , 2018 and 2017 . There were no Warrants repurchased during any of the years. Year ended December 31, (in millions) 2019 2018 2017 Total number of shares of common stock repurchased 213.0 181.5 166.6 Aggregate purchase price of common stock repurchases $ 24,121 $ 19,983 $ 15,410 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share basic and diluted | The following table presents the calculation of net income applicable to common stockholders and basic and diluted EPS for the years ended December 31, 2019 , 2018 and 2017 . Year ended December 31, (in millions, except per share amounts) 2019 2018 2017 Basic earnings per share Net income $ 36,431 $ 32,474 $ 24,441 Less: Preferred stock dividends 1,587 1,551 1,663 Net income applicable to common equity 34,844 30,923 22,778 Less: Dividends and undistributed earnings allocated to participating securities 202 214 211 Net income applicable to common stockholders $ 34,642 $ 30,709 $ 22,567 Total weighted-average basic shares outstanding 3,221.5 3,396.4 3,551.6 Net income per share $ 10.75 $ 9.04 $ 6.35 Diluted earnings per share Net income applicable to common stockholders $ 34,642 $ 30,709 $ 22,567 Total weighted-average basic shares outstanding 3,221.5 3,396.4 3,551.6 Add: Dilutive impact of SARs and employee stock options, unvested PSUs and non-dividend-earning RSUs, and warrants 8.9 17.6 25.2 Total weighted-average diluted shares outstanding 3,230.4 3,414.0 3,576.8 Net income per share $ 10.72 $ 9.00 $ 6.31 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 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 fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA). Year ended December 31, (in millions) Unrealized gains/(losses) on investment securities Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and OPEB plans DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at December 31, 2016 $ 1,524 $ (164 ) NA $ (100 ) $ (2,259 ) $ (176 ) $ (1,175 ) Net change 640 (306 ) NA 176 738 (192 ) 1,056 Balance at December 31, 2017 $ 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 (1,858 ) 20 (107 ) (201 ) (373 ) 1,043 (1,476 ) Balance at December 31, 2018 $ 1,202 $ (727 ) $ (161 ) $ (109 ) $ (2,308 ) $ 596 $ (1,507 ) Net change 2,855 20 30 172 964 (965 ) 3,076 Balance at December 31, 2019 $ 4,057 $ (707 ) $ (131 ) $ 63 $ (1,344 ) $ (369 ) $ 1,569 (a) Represents the adjustment to AOCI as a result of the accounting standards adopted in the first quarter of 2018. Refer to Note 1 for additional information. |
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 2017 Year ended December 31, (in millions) Pre-tax Tax effect After-tax 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 $ 4,025 $ (974 ) $ 3,051 $ (2,825 ) $ 665 $ (2,160 ) $ 944 $ (346 ) $ 598 Reclassification adjustment for realized (gains)/losses included in net income (a) (258 ) 62 (196 ) 395 (93 ) 302 66 (24 ) 42 Net change 3,767 (912 ) 2,855 (2,430 ) 572 (1,858 ) 1,010 (370 ) 640 Translation adjustments (b) : Translation (49 ) 33 (16 ) (1,078 ) 156 (922 ) 1,313 (801 ) 512 Hedges 46 (10 ) 36 1,236 (294 ) 942 (1,294 ) 476 (818 ) Net change (3 ) 23 20 158 (138 ) 20 19 (325 ) (306 ) Fair value hedges, net change (c) : 39 (9 ) 30 (140 ) 33 (107 ) NA NA NA Cash flow hedges: Net unrealized gains/(losses) arising during the period 122 (28 ) 94 (245 ) 58 (187 ) 147 (55 ) 92 Reclassification adjustment for realized (gains)/losses included in net income (d) 103 (25 ) 78 (18 ) 4 (14 ) 134 (50 ) 84 Net change 225 (53 ) 172 (263 ) 62 (201 ) 281 (105 ) 176 Defined benefit pension and OPEB plans: Prior service credit/(cost) arising during the period (5 ) 1 (4 ) (29 ) 7 (22 ) — — — Net gain/(loss) arising during the period 1,005 (169 ) 836 (558 ) 102 (456 ) 802 (160 ) 642 Reclassification adjustments included in net income (e) : Amortization of net loss 167 (36 ) 131 103 (24 ) 79 250 (90 ) 160 Amortization of prior service cost/(credit) 3 (1 ) 2 (23 ) 6 (17 ) (36 ) 13 (23 ) Curtailment (gain)/loss — — — 21 (5 ) 16 — — — Settlement (gain)/loss — — — 2 — 2 2 (1 ) 1 Foreign exchange and other (13 ) 12 (1 ) 34 (9 ) 25 (54 ) 12 (42 ) Net change 1,157 (193 ) 964 (450 ) 77 (373 ) 964 (226 ) 738 DVA on fair value option elected liabilities, net change: $ (1,264 ) $ 299 $ (965 ) $ 1,364 $ (321 ) $ 1,043 $ (303 ) $ 111 $ (192 ) Total other comprehensive income/(loss) $ 3,921 $ (845 ) $ 3,076 $ (1,761 ) $ 285 $ (1,476 ) $ 1,971 $ (915 ) $ 1,056 (a) The pre-tax amount is reported in investment securities gains/(losses) in the Consolidated statements of income. (b) 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 year ended December 31, 2019 , the Firm reclassified net pre-tax gains of $7 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 $18 million related to net investment hedge gains and $10 million related to cumulative translation adjustments. During the year ended December 31, 2018 , the Firm reclassified a net pre-tax loss of $168 million to other expense related to the liquidation of certain legal entities, $17 million related to net investment hedge losses and $151 million related to cumulative translation adjustments. During the year ended December 31, 2017 , the Firm reclassified a net pre-tax loss of $25 million to other expense related to the liquidation of a legal entity, $50 million related to net investment hedge gains and $75 million related to cumulative translation adjustments. (c) 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. (d) The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income. (e) The pre-tax amount is reported in other expense in the Consolidated statements of income. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of the applicable statutory U.S. income tax rate to the effective tax rate the effective tax rate | The following table presents a reconciliation of the applicable statutory U.S. federal income tax rate to the effective tax rate. Effective tax rate Year ended December 31, 2019 2018 2017 Statutory U.S. federal tax rate 21.0 % 21.0 % 35.0 % Increase/(decrease) in tax rate resulting from: U.S. state and local income taxes, net of U.S. federal income tax benefit 3.5 4.0 2.2 Tax-exempt income (1.4 ) (1.5 ) (3.3 ) Non-U.S. earnings 1.8 0.6 (3.1 ) (a) Business tax credits (4.4 ) (3.5 ) (4.2 ) Tax audit resolutions (2.3 ) (0.1 ) (0.3 ) Impact of the TCJA — (0.7 ) 5.4 Other, net — 0.5 0.2 Effective tax rate 18.2 % 20.3 % 31.9 % (a) Predominantly includes earnings of U.K. subsidiaries that were deemed to be reinvested indefinitely through December 31, 2017 . |
Components of income tax expense/(benefit) included in the Consolidated Statements of Income | The following table reflects the components of income tax expense/(benefit) included in the Consolidated statements of income. Income tax expense/(benefit) Year ended December 31, 2019 2018 2017 Current income tax expense/(benefit) U.S. federal $ 3,284 $ 2,854 $ 5,718 Non-U.S. 2,103 2,077 2,400 U.S. state and local 1,778 1,638 1,029 Total current income tax expense/(benefit) 7,165 6,569 9,147 Deferred income tax expense/(benefit) U.S. federal 709 1,359 2,174 Non-U.S. 20 (93 ) (144 ) U.S. state and local 220 455 282 Total deferred income tax 949 1,721 2,312 Total income tax expense $ 8,114 $ 8,290 $ 11,459 |
U.S. and non-U.S. components of income before income tax expense/(benefit) | The following table presents the U.S. and non-U.S. components of income before income tax expense. Year ended December 31, 2019 2018 2017 U.S. $ 36,670 $ 33,052 $ 27,103 Non-U.S. (a) 7,875 7,712 8,797 Income before income tax expense $ 44,545 $ 40,764 $ 35,900 (a) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. |
Significant components of deferred tax assets and liabilities | The significant components of deferred tax assets and liabilities are reflected in the following table. December 31, (in millions) 2019 2018 Deferred tax assets Allowance for loan losses $ 3,400 $ 3,433 Employee benefits 1,039 1,129 Accrued expenses and other 2,767 2,701 Non-U.S. operations 949 629 Tax attribute carryforwards 605 163 Gross deferred tax assets 8,760 8,055 Valuation allowance (557 ) (89 ) Deferred tax assets, net of valuation allowance $ 8,203 $ 7,966 Deferred tax liabilities Depreciation and amortization $ 2,852 $ 2,533 Mortgage servicing rights, net of hedges 2,354 2,586 Leasing transactions 5,598 4,719 Other, net 4,683 3,713 Gross deferred tax liabilities 15,487 13,551 Net deferred tax (liabilities)/assets $ (7,284 ) $ (5,585 ) |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits. Year ended December 31, 2019 2018 2017 Balance at January 1, $ 4,861 $ 4,747 $ 3,450 Increases based on tax positions related to the current period 871 980 1,355 Increases based on tax positions related to prior periods 10 649 626 Decreases based on tax positions related to prior periods (706 ) (1,249 ) (350 ) Decreases related to cash settlements with taxing authorities (1,012 ) (266 ) (334 ) Balance at December 31, $ 4,024 $ 4,861 $ 4,747 |
Tax examination status | JPMorgan Chase is continually under examination by the Internal Revenue Service, by taxing authorities throughout the world, and by many state and local jurisdictions throughout the U.S. The following table summarizes the status of significant income tax examinations of JPMorgan Chase and its consolidated subsidiaries as of December 31, 2019 . Periods under examination Status JPMorgan Chase – U.S. 2011 – 2013 Field Examination completed; JPMorgan Chase intends to file amended returns JPMorgan Chase – U.S. 2014 - 2016 Field Examination JPMorgan Chase – New York State 2012 - 2014 Field Examination JPMorgan Chase – New York City 2012 - 2014 Field Examination JPMorgan Chase – California 2011 – 2012 Field Examination JPMorgan Chase – U.K. 2006 – 2017 Field examination of certain select entities |
Restricted Cash, Other Restri_2
Restricted Cash, Other Restricted Assets and Intercompany Funds Transfers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Components of restricted cash | The following table presents the components of the Firm’s restricted cash: December 31, (in billions) 2019 2018 Cash reserves – Federal Reserve Banks $ 26.6 $ 22.1 Segregated for the benefit of securities and cleared derivative customers 16.0 14.6 Cash reserves at non-U.S. central banks and held for other general purposes 3.9 4.1 Total restricted cash (a) $ 46.5 $ 40.8 (a) Comprises $45.3 billion and $39.6 billion in deposits with banks as of December 31, 2019 and 2018, respectively, and $1.2 billion in cash and due from banks as of December 31, 2019 and 2018, on the Consolidated balance sheets. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Reconciliation of the Firm's regulatory capital, assets and risk-based capital ratios | The following table presents the minimum and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of December 31, 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 December 31, 2019 and 2018 , JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. December 31, 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 $ 187,753 $ 206,848 $ 187,753 $ 206,848 Tier 1 capital 214,432 206,851 214,432 206,851 Total capital 242,589 224,390 232,112 214,091 Assets Risk-weighted 1,515,869 1,457,689 1,397,878 1,269,991 Adjusted average (a) 2,730,239 2,353,432 2,730,239 2,353,432 Capital ratios (b) CET1 12.4 % 14.2 % 13.4 % 16.3 % Tier 1 14.1 14.2 15.3 16.3 Total 16.0 15.4 16.6 16.9 Tier 1 leverage (c) 7.9 8.8 7.9 8.8 December 31, 2018 Basel III Standardized Transitional Basel III Advanced Transitional JPMorgan JPMorgan (d) JPMorgan JPMorgan (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. December 31, 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 3,423,431 $ 3,044,509 $ 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) | 12 Months Ended |
Dec. 31, 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 Contractual amount Carrying value (g) 2019 2018 2019 2018 By remaining maturity at December 31, Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Home equity $ 680 $ 1,187 $ 2,548 $ 16,704 $ 21,119 $ 20,901 $ 12 $ 12 Residential mortgage (a) 9,086 — — 12 9,098 5,481 — — Auto 8,296 600 197 195 9,288 8,011 2 2 Consumer & Business Banking 9,994 646 105 1,162 11,907 11,673 19 19 Total consumer, excluding credit card 28,056 2,433 2,850 18,073 51,412 46,066 33 33 Credit card 650,720 — — — 650,720 605,379 — — Total consumer (b) 678,776 2,433 2,850 18,073 702,132 651,445 33 33 Wholesale: Other unfunded commitments to extend credit (c) 58,645 129,414 168,400 10,791 367,250 351,490 938 852 Standby letters of credit and other financial guarantees (c) 15,919 11,127 5,117 1,745 33,908 33,498 618 521 Other letters of credit (c) 2,734 183 40 — 2,957 2,825 4 3 Total wholesale (b) 77,298 140,724 173,557 12,536 404,115 387,813 1,560 1,376 Total lending-related $ 756,074 $ 143,157 $ 176,407 $ 30,609 $ 1,106,247 $ 1,039,258 $ 1,593 $ 1,409 Other guarantees and commitments Securities lending indemnification agreements and guarantees (d) $ 204,827 $ — $ — $ — $ 204,827 $ 186,077 $ — $ — Derivatives qualifying as guarantees 1,403 144 11,299 40,243 53,089 55,271 159 367 Unsettled resale and securities borrowed agreements 117,203 748 — — 117,951 102,008 — — Unsettled repurchase and securities loaned agreements 72,790 561 — — 73,351 57,732 — — Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 59 89 Loans sold with recourse NA NA NA NA 944 1,019 27 30 Exchange & clearing house guarantees and commitments (e) 206,432 — — — 206,432 58,960 — — Other guarantees and commitments (f) 2,684 841 293 3,399 7,217 8,183 (73 ) (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 December 31, 2019 and 2018 , reflected the contractual amount net of risk participations totaling $76 million and $282 million , respectively, for other unfunded commitments to extend credit; $9.8 billion and $10.4 billion , respectively, for standby letters of credit and other financial guarantees; and $546 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 December 31, 2019 and 2018 , collateral held by the Firm in support of securities lending indemnification agreements was $216.2 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 December 31, 2019 and 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 December 31, 2019 and 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. |
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 December 31, 2019 and 2018 . Standby letters of credit, other financial guarantees and other letters of credit 2019 2018 December 31, (in millions) Standby letters of credit and other financial guarantees Other letters of credit Standby letters of credit and Other letters Investment-grade (a) $ 26,647 $ 2,136 $ 26,420 $ 2,079 Noninvestment-grade (a) 7,261 821 7,078 746 Total contractual amount $ 33,908 $ 2,957 $ 33,498 $ 2,825 Allowance for lending-related commitments $ 216 $ 4 $ 167 $ 3 Guarantee liability 402 — 354 — Total carrying value $ 618 $ 4 $ 521 $ 3 Commitments with collateral $ 17,582 $ 726 $ 17,400 $ 583 (a) The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 12 for further information on internal risk ratings. |
Schedule of derivatives qualifying as guarantees | The following table summarizes the derivatives qualifying as guarantees as of December 31, 2019 and 2018 . (in millions) December 31, 2019 December 31, 2018 Notional amounts Derivative guarantees $ 53,089 $ 55,271 Stable value contracts with contractually limited exposure 28,877 28,637 Maximum exposure of stable value contracts with contractually limited exposure 2,967 2,963 Fair value Derivative payables 159 367 |
Pledged Assets and Collateral (
Pledged Assets and Collateral (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of pledged assets | The following table presents the Firm’s pledged assets. December 31, (in billions) 2019 2018 Assets that may be sold or repledged or otherwise used by secured parties $ 125.2 $ 104.0 Assets that may not be sold or repledged or otherwise used by secured parties 80.2 83.7 Assets pledged at Federal Reserve banks and FHLBs 478.9 475.3 Total pledged assets $ 684.3 $ 663.0 Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 14 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 11 for additional information on the Firm’s securities financing activities. Refer to Note 20 for additional information on the Firm’s long-term debt. The significant components of the Firm’s pledged assets were as follows. December 31, (in billions) 2019 2018 Investment securities $ 35.9 $ 59.5 Loans 460.4 440.1 Trading assets and other 188.0 163.4 Total pledged assets $ 684.3 $ 663.0 |
Schedule of collateral received | The following table presents the fair value of collateral accepted. December 31, (in billions) 2019 2018 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,282.5 $ 1,245.3 Collateral sold, repledged, delivered or otherwise used 1,000.5 998.3 |
International Operations (Table
International Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segments, Geographical Areas [Abstract] | |
Schedule of revenue from external customers attributed to foreign countries by geographic area | The following table presents income statement and balance sheet-related information for JPMorgan Chase by major international geographic area. The Firm defines international activities for purposes of this footnote presentation as business transactions that involve clients residing outside of the U.S., and the information presented below is based predominantly on the domicile of the client, the location from which the client relationship is managed, booking location or the location of the trading desk. However, many of the Firm’s U.S. operations serve international businesses. As the Firm’s operations are highly integrated, estimates and subjective assumptions have been made to apportion revenue and expense between U.S. and international operations. These estimates and assumptions are consistent with the allocations used for the Firm’s segment reporting as set forth in Note 32 . The Firm’s long-lived assets for the periods presented are not considered by management to be significant in relation to total assets. The majority of the Firm’s long-lived assets are located in the U.S. As of or for the year ended December 31, Revenue (c) Expense (d) Income before income tax Net income Total assets 2019 Europe/Middle East/Africa $ 15,902 $ 9,977 $ 5,925 $ 4,084 $ 388,353 (e) Asia-Pacific 7,270 5,014 2,256 1,511 183,408 Latin America/Caribbean 2,411 1,561 850 613 47,836 Total international 25,583 16,552 9,031 6,208 619,597 North America (a) 90,044 54,530 35,514 30,223 2,067,782 Total $ 115,627 $ 71,082 $ 44,545 $ 36,431 $ 2,687,379 2018 (b) Europe/Middle East/Africa $ 16,468 $ 10,033 $ 6,435 $ 4,583 $ 426,129 (e) Asia-Pacific 6,997 4,877 2,120 1,491 171,637 Latin America/Caribbean 2,365 1,301 1,064 745 43,870 Total international 25,830 16,211 9,619 6,819 641,636 North America (a) 83,199 52,054 31,145 25,655 1,980,896 Total $ 109,029 $ 68,265 $ 40,764 $ 32,474 $ 2,622,532 2017 (b) Europe/Middle East/Africa $ 15,505 $ 9,235 $ 6,270 $ 4,320 $ 409,204 (e) Asia-Pacific 5,835 4,523 1,312 725 163,823 Latin America/Caribbean 1,959 1,527 432 274 42,403 Total international 23,299 15,285 8,014 5,319 615,430 North America (a) 77,406 49,520 27,886 19,122 1,918,170 Total $ 100,705 $ 64,805 $ 35,900 $ 24,441 $ 2,533,600 (a) Substantially reflects the U.S. (b) The prior period amounts have been revised to conform with the current period presentation. (c) Revenue is composed of net interest income and noninterest revenue. (d) Expense is composed of noninterest expense and the provision for credit losses. (e) Total assets for the U.K. were approximately $305 billion , $297 billion , and $310 billion at December 31, 2019 , 2018 and 2017 , respectively. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment results and reconciliation | The following table provides a summary of the Firm’s segment results as of or for the years ended December 31, 2019 , 2018 and 2017 , 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. This allows management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense/(benefit). These adjustments have no impact on net income as reported by the Firm as a whole or by the LOBs. Business segment capital allocation Each business segment is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. ROE is measured and internal targets for expected returns are established as key measures of a business segment’s performance. The Firm’s allocation methodology incorporates Basel III Standardized RWA, Basel III Advanced RWA, leverage, the GSIB surcharge, and a simulation of capital in a severe stress environment. Periodically, the assumptions and methodologies used to allocate capital are assessed and as a result, the capital allocated to the LOBs may change. Segment results and reconciliation (Table continued on next page) As of or for the year ended December 31, (in millions, except ratios) Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Noninterest revenue $ 18,642 $ 16,260 $ 14,710 $ 29,142 $ 26,968 $ 24,539 $ 2,430 $ 2,343 $ 2,522 $ 10,816 $ 10,539 $ 10,456 Net interest income 37,241 35,819 31,775 9,156 9,480 10,118 6,554 6,716 6,083 3,500 3,537 3,379 Total net revenue 55,883 52,079 46,485 38,298 36,448 34,657 8,984 9,059 8,605 14,316 14,076 13,835 Provision for credit losses 4,952 4,753 5,572 277 (60 ) (45 ) 296 129 (276 ) 61 53 39 Noninterest expense 28,896 27,835 26,062 21,519 20,918 19,407 3,500 3,386 3,327 10,515 10,353 10,218 Income/(loss) before income tax expense/(benefit) 22,035 19,491 14,851 16,502 15,590 15,295 5,188 5,544 5,554 3,740 3,670 3,578 Income tax expense/(benefit) 5,394 4,639 5,456 4,580 3,817 4,482 1,264 1,307 2,015 907 817 1,241 Net income/(loss) $ 16,641 $ 14,852 $ 9,395 $ 11,922 $ 11,773 $ 10,813 $ 3,924 $ 4,237 $ 3,539 $ 2,833 $ 2,853 $ 2,337 Average equity $ 52,000 $ 51,000 $ 51,000 $ 80,000 $ 70,000 $ 70,000 $ 22,000 $ 20,000 $ 20,000 $ 10,500 $ 9,000 $ 9,000 Total assets 539,090 557,441 552,601 908,153 903,051 826,384 220,514 220,229 221,228 182,004 170,024 151,909 Return on equity 31 % 28 % 17 % 14 % 16 % 14 % 17 % 20 % 17 % 26 % 31 % 25 % Overhead ratio 52 53 56 56 57 56 39 37 39 73 74 74 (Table continued from previous page) As of or for the year ended December 31, (in millions, except ratios) Corporate Reconciling Items (a) Total 2019 2018 2017 2019 2018 2017 2019 2018 2017 Noninterest revenue $ (114 ) $ (263 ) $ 1,085 $ (2,534 ) $ (1,877 ) $ (2,704 ) (b) $ 58,382 $ 53,970 $ 50,608 Net interest income 1,325 135 55 (531 ) (628 ) (1,313 ) 57,245 55,059 50,097 Total net revenue 1,211 (128 ) 1,140 (3,065 ) (2,505 ) (4,017 ) 115,627 109,029 100,705 Provision for credit losses (1 ) (4 ) — — — — 5,585 4,871 5,290 Noninterest expense 1,067 902 501 — — — 65,497 63,394 59,515 Income/(loss) before income tax expense/(benefit) 145 (1,026 ) 639 (3,065 ) (2,505 ) (4,017 ) 44,545 40,764 35,900 Income tax expense/(benefit) (966 ) 215 2,282 (3,065 ) (2,505 ) (4,017 ) (b) 8,114 8,290 11,459 Net income/(loss) $ 1,111 $ (1,241 ) $ (1,643 ) $ — $ — $ — $ 36,431 $ 32,474 $ 24,441 Average equity $ 68,407 $ 79,222 $ 80,350 $ — $ — $ — $ 232,907 $ 229,222 $ 230,350 Total assets 837,618 771,787 781,478 NA NA NA 2,687,379 2,622,532 2,533,600 Return on equity NM NM NM NM NM NM 15 % 13 % 10 % Overhead ratio NM NM NM NM NM NM 57 58 59 (a) Segment results on a managed basis reflect revenue on a 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. (b) Included $375 million related to tax-oriented investments as a result of the enactment of the TCJA. |
Parent Company (Tables)
Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed financial information of Parent Company-only | The following tables present Parent Company-only financial statements. Statements of income and comprehensive income Year ended December 31, (in millions) 2019 2018 2017 Income Dividends from subsidiaries and affiliates: Bank and bank holding company $ 26,000 $ 32,501 $ 13,000 Non-bank (a) — 2 540 Interest income from subsidiaries 223 216 72 Other interest income — — 41 Other income from subsidiaries: Bank and bank holding company 2,738 515 1,553 Non-bank 197 (444 ) (88 ) Other income (1,731 ) 888 (623 ) Total income 27,427 33,678 14,495 Expense Interest expense to subsidiaries and affiliates (a) (5,303 ) 2,291 400 Other interest expense 13,246 4,581 5,202 Noninterest expense 1,992 1,793 (1,897 ) Total expense 9,935 8,665 3,705 Income before income tax benefit and undistributed net income of subsidiaries 17,492 25,013 10,790 Income tax benefit 2,033 1,838 1,007 Equity in undistributed net income of subsidiaries 16,906 5,623 12,644 Net income $ 36,431 $ 32,474 $ 24,441 Other comprehensive income, net 3,076 (1,476 ) 1,056 Comprehensive income $ 39,507 $ 30,998 $ 25,497 Balance sheets December 31, (in millions) 2019 2018 Assets Cash and due from banks $ 32 $ 55 Deposits with banking subsidiaries 5,309 5,315 Trading assets 3,011 3,304 Advances to, and receivables from, subsidiaries: Bank and bank holding company 2,358 3,334 Non-bank 84 74 Investments (at equity) in subsidiaries and affiliates: Bank and bank holding company 471,207 449,628 Non-bank 1,044 1,077 Other assets 10,699 10,478 Total assets $ 493,744 $ 473,265 Liabilities and stockholders’ equity Borrowings from, and payables to, subsidiaries and affiliates (a) $ 23,410 $ 20,017 Short-term borrowings 2,616 2,672 Other liabilities 9,288 8,821 Long-term debt (b)(c) 197,100 185,240 Total liabilities (c) 232,414 216,750 Total stockholders’ equity 261,330 256,515 Total liabilities and stockholders’ equity $ 493,744 $ 473,265 Statements of cash flows Year ended December 31, (in millions) 2019 2018 2017 Operating activities Net income $ 36,431 $ 32,474 $ 24,441 Less: Net income of subsidiaries and affiliates (a) 42,906 38,125 26,185 Parent company net loss (6,475 ) (5,651 ) (1,744 ) Cash dividends from subsidiaries and affiliates (a) 26,000 32,501 13,540 Other operating adjustments 9,862 (4,400 ) 4,635 Net cash provided by/(used in) operating activities 29,387 22,450 16,431 Investing activities Net change in: Other changes in loans, net — — 78 Advances to and investments in subsidiaries and affiliates, net (6 ) (e) 8,036 (280 ) All other investing activities, net 71 63 49 Net cash provided by/(used in) investing activities 65 8,099 (153 ) Financing activities Net change in: Borrowings from subsidiaries and affiliates (a) 2,941 (2,273 ) 13,862 Short-term borrowings (56 ) (678 ) (481 ) Proceeds from long-term borrowings 25,569 25,845 25,855 Payments of long-term borrowings (21,226 ) (21,956 ) (29,812 ) Proceeds from issuance of preferred stock 5,000 1,696 1,258 Redemption of preferred stock (4,075 ) (1,696 ) (1,258 ) Treasury stock repurchased (24,001 ) (19,983 ) (15,410 ) Dividends paid (12,343 ) (10,109 ) (8,993 ) All other financing activities, net (1,290 ) (1,526 ) (1,361 ) Net cash used in financing activities (29,481 ) (30,680 ) (16,340 ) Net decrease in cash and due from banks and deposits with banking subsidiaries (29 ) (131 ) (62 ) Cash and due from banks and deposits with banking subsidiaries at the beginning of the year 5,370 5,501 5,563 Cash and due from banks and deposits with banking subsidiaries at the end of the year $ 5,341 $ 5,370 $ 5,501 Cash interest paid $ 7,957 $ 6,911 $ 5,426 Cash income taxes paid, net (d) 3,910 1,782 1,775 (a) Affiliates include trusts that issued guaranteed capital debt securities (“issuer trusts”). (b) At December 31, 2019 , long-term debt that contractually matures in 2020 through 2024 totaled $16.4 billion , $20.4 billion , $12.7 billion , $18.6 billion , and $18.2 billion , respectively. (c) Refer to Notes 20 and 28 for information regarding the Parent Company’s guarantees of its subsidiaries’ obligations. (d) Represents payments, net of refunds, made by the Parent Company to various taxing authorities and includes taxes paid on behalf of certain of its subsidiaries that are subsequently reimbursed. The reimbursements were $6.4 billion , $1.2 billion , and $4.1 billion for the years ended December 31, 2019, 2018, and 2017, respectively. (e) As a result of the merger of Chase Bank USA, N.A. with and into JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A. distributed $13.5 billion to the Parent company as a return of capital, which the Parent company contributed to the IHC. |
Basis of Presentation - Financi
Basis of Presentation - Financial Instruments - Credit Losses, Adoption Impacts (Details) - USD ($) $ in Billions | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | $ 14.3 | |
Subsequent Event | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | $ 18.6 | |
CECL adoption impact | Subsequent Event | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | 4.3 | |
Balance sheet reclassification | (0.8) | |
Total pre-tax impact | 3.5 | |
Tax effect | (0.8) | |
Decrease to retained earnings | 2.7 | |
Consumer, excluding credit card | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | 3.2 | |
Consumer, excluding credit card | Subsequent Event | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | 3.4 | |
Consumer, excluding credit card | CECL adoption impact | Subsequent Event | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | 0.2 | |
Credit card | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | 5.7 | |
Credit card | Subsequent Event | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | 11.2 | |
Credit card | CECL adoption impact | Subsequent Event | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | 5.5 | |
Wholesale | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | $ 5.4 | |
Wholesale | Subsequent Event | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | 4 | |
Wholesale | CECL adoption impact | Subsequent Event | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Allowance for credit losses | $ (1.4) |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cumulative effect of change in accounting principles | $ 88 | |||||
Fair value gains as a result of measurement alternative | $ 229 | $ 309 | ||||
Other assets | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value gains as a result of measurement alternative | $ 505 | $ 187 | $ 149 | |||
Retained earnings | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cumulative effect of change in accounting principles | $ 62 | (183) | $ 0 | |||
AOCI | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cumulative effect of change in accounting principles | $ 0 | $ 88 | $ 0 |
Fair Value Measurement - Recurr
Fair Value Measurement - Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | $ 529,626 | $ 526,239 | ||
Derivative netting adjustments | (479,860) | (472,026) | ||
Derivative receivables, net | 49,766 | 54,213 | ||
Trading assets | 411,103 | 413,714 | ||
Available-for-sale securities | 350,699 | 230,394 | ||
Loans | 7,104 | 3,151 | ||
Mortgage servicing rights | 4,699 | 6,130 | $ 6,030 | $ 6,096 |
Derivative payables, gross | 512,128 | 501,888 | ||
Derivative netting adjustments | (468,420) | (460,119) | ||
Derivative payables, net | 43,708 | 41,769 | ||
Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 313,294 | 268,704 | ||
Derivative netting adjustments | (285,873) | (245,490) | ||
Derivative receivables, net | 27,421 | 23,214 | ||
Derivative payables, gross | 279,273 | 242,782 | ||
Derivative netting adjustments | (270,670) | (234,998) | ||
Derivative payables, net | 8,603 | 7,784 | ||
Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 14,876 | 20,095 | ||
Derivative netting adjustments | (14,175) | (19,483) | ||
Derivative receivables, net | 701 | 612 | ||
Derivative payables, gross | 15,121 | 20,276 | ||
Derivative netting adjustments | (13,469) | (18,609) | ||
Derivative payables, net | 1,652 | 1,667 | ||
Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 138,487 | 167,685 | ||
Derivative netting adjustments | (129,482) | (154,235) | ||
Derivative receivables, net | 9,005 | 13,450 | ||
Derivative payables, gross | 145,108 | 165,217 | ||
Derivative netting adjustments | (131,950) | (152,432) | ||
Derivative payables, net | 13,158 | 12,785 | ||
Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 45,727 | 49,285 | ||
Derivative netting adjustments | (39,250) | (39,339) | ||
Derivative receivables, net | 6,477 | 9,946 | ||
Derivative payables, gross | 52,741 | 51,195 | ||
Derivative netting adjustments | (40,204) | (41,034) | ||
Derivative payables, net | 12,537 | 10,161 | ||
Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 17,242 | 20,470 | ||
Derivative netting adjustments | (11,080) | (13,479) | ||
Derivative receivables, net | 6,162 | 6,991 | ||
Derivative payables, gross | 19,885 | 22,418 | ||
Derivative netting adjustments | (12,127) | (13,046) | ||
Derivative payables, net | 7,758 | 9,372 | ||
Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 128,295 | 83,820 | ||
Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 5,188 | 6,654 | ||
U.S. Treasury, GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 139,436 | 56,059 | ||
Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 6,500 | 7,800 | ||
Available-for-sale securities | 29,810 | 37,723 | ||
Certificates of deposit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 77 | 75 | ||
Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 21,787 | 24,102 | ||
Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 845 | 1,918 | ||
Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 30,449 | |||
Asset-backed securities, collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 24,991 | 19,437 | ||
US GSE obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 78,500 | 50,700 | ||
Fair Value Measured at Net Asset Value Per Share | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 54 | 49 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Alternative investments, net asset value, fair value | 684 | 747 | ||
Other assets | 630 | 698 | ||
Recurring | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 14,561 | 13,235 | ||
Securities borrowed | 6,237 | 5,105 | ||
Trading assets, debt and equity instruments | 361,283 | 359,452 | ||
Derivative netting adjustments | (479,860) | (472,026) | ||
Derivative receivables, net | 49,766 | 54,213 | ||
Trading assets | 411,049 | 413,665 | ||
Available-for-sale securities | 350,699 | 230,394 | ||
Loans | 7,104 | 3,151 | ||
Mortgage servicing rights | 4,699 | 6,130 | ||
Total assets measured at fair value on a recurring basis | 802,830 | 680,612 | ||
Deposits | 28,589 | 23,217 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 549 | 935 | ||
Short-term borrowings | 5,920 | 7,130 | ||
Trading liabilities, Debt and equity instruments | 75,569 | 103,004 | ||
Derivative netting adjustments | (468,420) | (460,119) | ||
Derivative payables, net | 43,708 | 41,769 | ||
Trading liabilities | 119,277 | 144,773 | ||
Accounts payable and other liabilities | 3,728 | 3,269 | ||
Beneficial interests issued by consolidated VIEs | 36 | 28 | ||
Long-term debt | 75,745 | 54,886 | ||
Total liabilities measured at fair value on a recurring basis | 233,844 | 234,238 | ||
Recurring | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other assets | 8,481 | 8,932 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Other assets | 9,111 | 9,630 | ||
Recurring | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative netting adjustments | (285,873) | (245,490) | ||
Derivative receivables, net | 27,421 | 23,214 | ||
Derivative netting adjustments | (270,670) | (234,998) | ||
Derivative payables, net | 8,603 | 7,784 | ||
Recurring | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative netting adjustments | (14,175) | (19,483) | ||
Derivative receivables, net | 701 | 612 | ||
Derivative netting adjustments | (13,469) | (18,609) | ||
Derivative payables, net | 1,652 | 1,667 | ||
Recurring | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative netting adjustments | (129,482) | (154,235) | ||
Derivative receivables, net | 9,005 | 13,450 | ||
Derivative netting adjustments | (131,950) | (152,432) | ||
Derivative payables, net | 13,158 | 12,785 | ||
Recurring | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative netting adjustments | (39,250) | (39,339) | ||
Derivative receivables, net | 6,477 | 9,946 | ||
Derivative netting adjustments | (40,204) | (41,034) | ||
Derivative payables, net | 12,537 | 10,161 | ||
Recurring | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative netting adjustments | (11,080) | (13,479) | ||
Derivative receivables, net | 6,162 | 6,991 | ||
Derivative netting adjustments | (12,127) | (13,046) | ||
Derivative payables, net | 7,758 | 9,372 | ||
Recurring | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 267,608 | 267,089 | ||
Recurring | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 48,797 | 80,172 | ||
Available-for-sale securities | 128,295 | 83,820 | ||
Recurring | Mortgage-backed securities, U.S. GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 45,307 | 76,798 | ||
Available-for-sale securities | 110,117 | 68,646 | ||
Recurring | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 2,000 | 1,862 | ||
Available-for-sale securities | 12,990 | 8,520 | ||
Recurring | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 1,490 | 1,512 | ||
Available-for-sale securities | 5,188 | 6,654 | ||
Recurring | U.S. Treasury, GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 88,584 | 59,179 | ||
Available-for-sale securities | 139,436 | 56,059 | ||
Recurring | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 6,478 | 7,810 | ||
Available-for-sale securities | 29,810 | 37,723 | ||
Recurring | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 252 | 1,214 | ||
Recurring | Certificates of deposit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 77 | 75 | ||
Recurring | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 53,924 | 55,089 | ||
Available-for-sale securities | 21,787 | 24,102 | ||
Recurring | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 18,514 | 18,989 | ||
Available-for-sale securities | 845 | 1,918 | ||
Recurring | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 48,429 | 41,753 | ||
Recurring | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 2,630 | 2,883 | ||
Recurring | Asset-backed securities, collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 24,991 | 19,437 | ||
Recurring | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 5,458 | 7,260 | ||
Recurring | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 72,330 | 71,833 | ||
Recurring | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 7,217 | 7,037 | ||
Recurring | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 14,128 | 13,493 | ||
Recurring | US GSE obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 104,500 | 92,300 | ||
Recurring | Residential mortgage | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 19,800 | 13,200 | ||
Recurring | Commercial mortgage | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 3,400 | 2,300 | ||
Recurring | Residential conforming mortgage intended for sale to government agency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 13,600 | 7,600 | ||
Recurring | Level 1 | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||
Securities borrowed | 0 | 0 | ||
Trading assets, debt and equity instruments | 180,417 | 155,656 | ||
Derivative receivables, gross | 838 | 1,453 | ||
Trading assets | 181,255 | 157,109 | ||
Available-for-sale securities | 152,402 | 71,372 | ||
Loans | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Total assets measured at fair value on a recurring basis | 340,962 | 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 | 59,047 | 80,199 | ||
Derivative payables, gross | 904 | 2,221 | ||
Trading liabilities | 59,951 | 82,420 | ||
Accounts payable and other liabilities | 3,231 | 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 | 63,182 | 85,483 | ||
Recurring | Level 1 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other assets | 7,305 | 7,810 | ||
Recurring | Level 1 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 721 | 682 | ||
Derivative payables, gross | 795 | 1,526 | ||
Recurring | Level 1 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 0 | 0 | ||
Derivative payables, gross | 0 | 0 | ||
Recurring | Level 1 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 117 | 771 | ||
Derivative payables, gross | 109 | 695 | ||
Recurring | Level 1 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 0 | 0 | ||
Derivative payables, gross | 0 | 0 | ||
Recurring | Level 1 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 0 | 0 | ||
Derivative payables, gross | 0 | 0 | ||
Recurring | Level 1 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 104,889 | 79,355 | ||
Recurring | Level 1 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
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 [Abstract] | ||||
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 [Abstract] | ||||
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 [Abstract] | ||||
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 [Abstract] | ||||
Trading assets, debt and equity instruments | 78,289 | 51,477 | ||
Available-for-sale securities | 139,436 | 56,059 | ||
Recurring | Level 1 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
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 [Abstract] | ||||
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 [Abstract] | ||||
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 [Abstract] | ||||
Trading assets, debt and equity instruments | 26,600 | 27,878 | ||
Available-for-sale securities | 12,966 | 15,313 | ||
Recurring | Level 1 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
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 [Abstract] | ||||
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 [Abstract] | ||||
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 [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 71,890 | 71,119 | ||
Recurring | Level 1 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 3,638 | 5,182 | ||
Recurring | Level 1 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 2 | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 14,561 | 13,235 | ||
Securities borrowed | 6,237 | 5,105 | ||
Trading assets, debt and equity instruments | 177,472 | 199,628 | ||
Derivative receivables, gross | 524,063 | 518,969 | ||
Trading assets | 701,535 | 718,597 | ||
Available-for-sale securities | 198,296 | 159,021 | ||
Loans | 7,104 | 3,029 | ||
Mortgage servicing rights | 0 | 0 | ||
Total assets measured at fair value on a recurring basis | 928,185 | 899,182 | ||
Deposits | 25,229 | 19,048 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 549 | 935 | ||
Short-term borrowings | 4,246 | 5,607 | ||
Trading liabilities, Debt and equity instruments | 16,481 | 22,755 | ||
Derivative payables, gross | 502,010 | 490,054 | ||
Trading liabilities | 518,491 | 512,809 | ||
Accounts payable and other liabilities | 452 | 196 | ||
Beneficial interests issued by consolidated VIEs | 36 | 27 | ||
Long-term debt | 52,406 | 35,468 | ||
Total liabilities measured at fair value on a recurring basis | 601,409 | 574,090 | ||
Recurring | Level 2 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other assets | 452 | 195 | ||
Recurring | Level 2 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 311,173 | 266,380 | ||
Derivative payables, gross | 276,746 | 239,576 | ||
Recurring | Level 2 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 14,252 | 19,235 | ||
Derivative payables, gross | 14,358 | 19,309 | ||
Recurring | Level 2 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 137,938 | 166,238 | ||
Derivative payables, gross | 143,960 | 163,549 | ||
Recurring | Level 2 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 43,642 | 46,777 | ||
Derivative payables, gross | 47,261 | 46,462 | ||
Recurring | Level 2 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 17,058 | 20,339 | ||
Derivative payables, gross | 19,685 | 21,158 | ||
Recurring | Level 2 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 159,753 | 184,099 | ||
Recurring | Level 2 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 47,973 | 79,548 | ||
Available-for-sale securities | 128,294 | 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 [Abstract] | ||||
Trading assets, debt and equity instruments | 44,510 | 76,249 | ||
Available-for-sale securities | 110,117 | 68,646 | ||
Recurring | Level 2 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 1,977 | 1,798 | ||
Available-for-sale securities | 12,989 | 8,519 | ||
Recurring | Level 2 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 1,486 | 1,501 | ||
Available-for-sale securities | 5,188 | 6,654 | ||
Recurring | Level 2 | U.S. Treasury, GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 10,295 | 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 [Abstract] | ||||
Trading assets, debt and equity instruments | 6,468 | 7,121 | ||
Available-for-sale securities | 29,810 | 37,723 | ||
Recurring | Level 2 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 252 | 1,214 | ||
Recurring | Level 2 | Certificates of deposit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 77 | 75 | ||
Recurring | Level 2 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 27,169 | 27,056 | ||
Available-for-sale securities | 8,821 | 8,789 | ||
Recurring | Level 2 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 17,956 | 18,655 | ||
Available-for-sale securities | 845 | 1,918 | ||
Recurring | Level 2 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 47,047 | 40,047 | ||
Recurring | Level 2 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 2,593 | 2,756 | ||
Recurring | Level 2 | Asset-backed securities, collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 24,991 | 19,437 | ||
Recurring | Level 2 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 5,458 | 7,260 | ||
Recurring | Level 2 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 244 | 482 | ||
Recurring | Level 2 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 3,579 | 1,855 | ||
Recurring | Level 2 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 13,896 | 13,192 | ||
Recurring | Level 3 | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||
Securities borrowed | 0 | 0 | ||
Trading assets, debt and equity instruments | 3,394 | 4,168 | ||
Derivative receivables, gross | 4,725 | 5,817 | ||
Trading assets | 8,119 | 9,985 | ||
Available-for-sale securities | 1 | 1 | ||
Loans | 0 | 122 | ||
Mortgage servicing rights | 4,699 | 6,130 | ||
Total assets measured at fair value on a recurring basis | 13,543 | 17,165 | ||
Deposits | 3,360 | 4,169 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Short-term borrowings | 1,674 | 1,523 | ||
Trading liabilities, Debt and equity instruments | 41 | 50 | ||
Derivative payables, gross | 9,214 | 9,613 | ||
Trading liabilities | 9,255 | 9,663 | ||
Accounts payable and other liabilities | 45 | 10 | ||
Beneficial interests issued by consolidated VIEs | 0 | 1 | ||
Long-term debt | 23,339 | 19,418 | ||
Total liabilities measured at fair value on a recurring basis | 37,673 | 34,784 | ||
Recurring | Level 3 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other assets | 724 | 927 | ||
Recurring | Level 3 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 1,400 | 1,642 | ||
Derivative payables, gross | 1,732 | 1,680 | ||
Recurring | Level 3 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 624 | 860 | ||
Derivative payables, gross | 763 | 967 | ||
Recurring | Level 3 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 432 | 676 | ||
Derivative payables, gross | 1,039 | 973 | ||
Recurring | Level 3 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 2,085 | 2,508 | ||
Derivative payables, gross | 5,480 | 4,733 | ||
Recurring | Level 3 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 184 | 131 | ||
Derivative payables, gross | 200 | 1,260 | ||
Recurring | Level 3 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 2,966 | 3,635 | ||
Recurring | Level 3 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 824 | 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 [Abstract] | ||||
Trading assets, debt and equity instruments | 797 | 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 [Abstract] | ||||
Trading assets, debt and equity instruments | 23 | 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 [Abstract] | ||||
Trading assets, debt and equity instruments | 4 | 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 [Abstract] | ||||
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 [Abstract] | ||||
Trading assets, debt and equity instruments | 10 | 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 [Abstract] | ||||
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 [Abstract] | ||||
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 [Abstract] | ||||
Trading assets, debt and equity instruments | 155 | 155 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 558 | 334 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 1,382 | 1,706 | ||
Recurring | Level 3 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 37 | 127 | ||
Recurring | Level 3 | Asset-backed securities, collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 196 | 232 | ||
Recurring | Level 3 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 3 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | $ 232 | $ 301 |
Fair Value Measurement - Level
Fair Value Measurement - Level 3 Inputs (Details) $ in Millions | Dec. 31, 2019USD ($)$ / shares$ / bbl | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | $ 7,104 | $ 3,151 | ||
MSRs | $ 4,699 | 6,130 | $ 6,030 | $ 6,096 |
Assumed par value for price input (in dollars per share) | $ / shares | $ 100 | |||
Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | $ 7,104 | 3,151 | ||
MSRs | 4,699 | 6,130 | ||
Long-term debt, short-term borrowings, and deposits | 233,844 | 234,238 | ||
Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 0 | 122 | ||
MSRs | 4,699 | 6,130 | ||
Long-term debt, short-term borrowings, and deposits | 37,673 | $ 34,784 | ||
Other level 3 assets and liabilities, net | 265 | |||
Discounted cash flows | Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
MSRs | 4,699 | |||
Other assets | 222 | |||
Discounted cash flows | Recurring | Level 3 | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 976 | |||
Discounted cash flows | Recurring | Level 3 | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 193 | |||
Discounted cash flows | Recurring | Level 3 | Loans | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 155 | |||
Discounted cash flows | Recurring | Level 3 | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 63 | |||
Discounted cash flows | Recurring | Level 3 | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (174) | |||
Discounted cash flows | Recurring | Level 3 | Net foreign exchange derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (138) | |||
Discounted cash flows | Recurring | Level 3 | Mortgage-backed securities, U.S. GSEs and government agencies | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 797 | |||
Discounted cash flows | Recurring | Level 3 | Residential mortgage-backed securities | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 24 | |||
Market comparables | Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Other assets | 734 | |||
Market comparables | Recurring | Level 3 | Commercial mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 99 | |||
Market comparables | Recurring | Level 3 | Obligations of U.S. states and municipalities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading | 10 | |||
Market comparables | Recurring | Level 3 | Corporate debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading | 558 | |||
Market comparables | Recurring | Level 3 | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 939 | |||
Market comparables | Recurring | Level 3 | Loans | Commercial | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 95 | |||
Market comparables | Recurring | Level 3 | Asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading | 37 | |||
Market comparables | Recurring | Level 3 | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 35 | |||
Market comparables | Recurring | Level 3 | Commercial | Commercial | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 4 | |||
Option pricing | Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits | 28,373 | |||
Option pricing | Recurring | Level 3 | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (395) | |||
Option pricing | Recurring | Level 3 | Net foreign exchange derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (469) | |||
Option pricing | Recurring | Level 3 | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (3,395) | |||
Option pricing | Recurring | Level 3 | Net commodity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | $ (16) | |||
Yield | Discounted cash flows | Level 3 | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Other assets, measurement inputs | 0.12 | |||
Yield | Discounted cash flows | Level 3 | Minimum | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.02 | |||
Yield | Discounted cash flows | Level 3 | Minimum | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | 0.05 | |||
Yield | Discounted cash flows | Level 3 | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Other assets, measurement inputs | 0.12 | |||
Yield | Discounted cash flows | Level 3 | Maximum | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.18 | |||
Yield | Discounted cash flows | Level 3 | Maximum | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | 0.28 | |||
Yield | Discounted cash flows | Level 3 | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Other assets, measurement inputs | 0.12 | |||
Yield | Discounted cash flows | Level 3 | Weighted Average | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.06 | |||
Yield | Discounted cash flows | Level 3 | Weighted Average | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | 0.08 | |||
Prepayment speed | Discounted cash flows | Level 3 | Minimum | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Prepayment speed | Discounted cash flows | Level 3 | Minimum | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.04 | |||
Prepayment speed | Discounted cash flows | Level 3 | Minimum | Net foreign exchange derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.09 | |||
Prepayment speed | Discounted cash flows | Level 3 | Maximum | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.26 | |||
Prepayment speed | Discounted cash flows | Level 3 | Maximum | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.30 | |||
Prepayment speed | Discounted cash flows | Level 3 | Maximum | Net foreign exchange derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.09 | |||
Prepayment speed | Discounted cash flows | Level 3 | Weighted Average | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.13 | |||
Conditional default rate | Discounted cash flows | Level 3 | Minimum | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Conditional default rate | Discounted cash flows | Level 3 | Minimum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.02 | |||
Conditional default rate | Discounted cash flows | Level 3 | Maximum | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.05 | |||
Conditional default rate | Discounted cash flows | Level 3 | Maximum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.18 | |||
Conditional default rate | Discounted cash flows | Level 3 | Weighted Average | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Loss severity | Discounted cash flows | Level 3 | Minimum | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Loss severity | Discounted cash flows | Level 3 | Minimum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1 | |||
Loss severity | Discounted cash flows | Level 3 | Maximum | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 1 | |||
Loss severity | Discounted cash flows | Level 3 | Maximum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1 | |||
Loss severity | Discounted cash flows | Level 3 | Weighted Average | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.05 | |||
Price | Market comparables | Level 3 | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Other assets, measurement inputs | $ / shares | 17 | |||
Price | Market comparables | Level 3 | Minimum | Commercial mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | $ / shares | 0 | |||
Price | Market comparables | Level 3 | Minimum | Obligations of U.S. states and municipalities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 71 | |||
Price | Market comparables | Level 3 | Minimum | Corporate debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 4 | |||
Price | Market comparables | Level 3 | Minimum | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | $ / shares | 2 | |||
Price | Market comparables | Level 3 | Minimum | Asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 1 | |||
Price | Market comparables | Level 3 | Minimum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1 | |||
Price | Market comparables | Level 3 | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Other assets, measurement inputs | $ / shares | 117 | |||
Price | Market comparables | Level 3 | Maximum | Commercial mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | $ / shares | 100 | |||
Price | Market comparables | Level 3 | Maximum | Obligations of U.S. states and municipalities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 100 | |||
Price | Market comparables | Level 3 | Maximum | Corporate debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 112 | |||
Price | Market comparables | Level 3 | Maximum | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | $ / shares | 116 | |||
Price | Market comparables | Level 3 | Maximum | Asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 102 | |||
Price | Market comparables | Level 3 | Maximum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 115 | |||
Price | Market comparables | Level 3 | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Other assets, measurement inputs | $ / shares | 37 | |||
Price | Market comparables | Level 3 | Weighted Average | Commercial mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | $ / shares | 79 | |||
Price | Market comparables | Level 3 | Weighted Average | Obligations of U.S. states and municipalities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 95 | |||
Price | Market comparables | Level 3 | Weighted Average | Corporate debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 72 | |||
Price | Market comparables | Level 3 | Weighted Average | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | $ / shares | 70 | |||
Price | Market comparables | Level 3 | Weighted Average | Asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 71 | |||
Interest rate volatility | Option pricing | Level 3 | 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 | 0.06 | |||
Interest rate volatility | Option pricing | Level 3 | Minimum | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.06 | |||
Interest rate volatility | Option pricing | Level 3 | 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 | 0.44 | |||
Interest rate volatility | Option pricing | Level 3 | Maximum | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.44 | |||
Interest rate spread volatility | Option pricing | Level 3 | Minimum | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0020 | |||
Interest rate spread volatility | Option pricing | Level 3 | Maximum | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0030 | |||
Interest rate correlation | Option pricing | Level 3 | 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 | (0.65) | |||
Interest rate correlation | Option pricing | Level 3 | Minimum | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.65) | |||
Interest rate correlation | Option pricing | Level 3 | 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 | 0.94 | |||
Interest rate correlation | Option pricing | Level 3 | Maximum | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.94 | |||
IR-FX correlation | Option pricing | Level 3 | 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) | |||
IR-FX correlation | Option pricing | Level 3 | Minimum | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.58) | |||
IR-FX correlation | Option pricing | Level 3 | Minimum | Net foreign exchange derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.58) | |||
IR-FX correlation | Option pricing | Level 3 | 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 | 0.40 | |||
IR-FX correlation | Option pricing | Level 3 | Maximum | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.40 | |||
IR-FX correlation | Option pricing | Level 3 | Maximum | Net foreign exchange derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.65 | |||
Credit correlation | Discounted cash flows | Level 3 | Minimum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.31 | |||
Credit correlation | Discounted cash flows | Level 3 | Maximum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.59 | |||
Credit spread | Discounted cash flows | Level 3 | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Other assets, measurement inputs | 0.0045 | |||
Credit spread | Discounted cash flows | Level 3 | Minimum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0003 | |||
Credit spread | Discounted cash flows | Level 3 | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Other assets, measurement inputs | 0.0045 | |||
Credit spread | Discounted cash flows | Level 3 | Maximum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.1308 | |||
Credit spread | Discounted cash flows | Level 3 | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Other assets, measurement inputs | 0.0045 | |||
Recovery rate | Discounted cash flows | Level 3 | Minimum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.15 | |||
Recovery rate | Discounted cash flows | Level 3 | Maximum | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.70 | |||
Forward equity price | Option pricing | Level 3 | Minimum | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.92 | |||
Forward equity price | Option pricing | Level 3 | Maximum | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1.05 | |||
Equity volatility | Option pricing | Level 3 | Minimum | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.09 | |||
Equity volatility | Option pricing | Level 3 | Maximum | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.93 | |||
Equity correlation | Option pricing | Level 3 | 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 | |||
Equity correlation | Option pricing | Level 3 | Minimum | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.10 | |||
Equity correlation | Option pricing | Level 3 | 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 | 0.97 | |||
Equity correlation | Option pricing | Level 3 | Maximum | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.97 | |||
Equity-FX correlation | Option pricing | Level 3 | 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) | |||
Equity-FX correlation | Option pricing | Level 3 | Minimum | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.81) | |||
Equity-FX correlation | Option pricing | Level 3 | 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 | |||
Equity-FX correlation | Option pricing | Level 3 | Maximum | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.60 | |||
Equity-IR correlation | Option pricing | Level 3 | 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 | |||
Equity-IR correlation | Option pricing | Level 3 | Minimum | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.25 | |||
Equity-IR correlation | Option pricing | Level 3 | 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 | 0.35 | |||
Equity-IR correlation | Option pricing | Level 3 | Maximum | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.35 | |||
Forward commodity price | Option pricing | Level 3 | Minimum | Net commodity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / bbl | 39 | |||
Forward commodity price | Option pricing | Level 3 | Maximum | Net commodity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / bbl | 76 | |||
Commodity volatility | Option pricing | Level 3 | Minimum | Net commodity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.05 | |||
Commodity volatility | Option pricing | Level 3 | Maximum | Net commodity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1.05 | |||
Commodity correlation | Option pricing | Level 3 | Minimum | Net commodity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.48) | |||
Commodity correlation | Option pricing | Level 3 | Maximum | Net commodity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.95 |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Level 3 Recurring Measurements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net derivative receivables: | |||
Beginning balance | $ (3,796,000,000) | $ (4,250,000,000) | $ (2,360,000,000) |
Total realized/unrealized gains/(losses) | (794,000,000) | 338,000,000 | (615,000,000) |
Purchases | 579,000,000 | 1,841,000,000 | 1,190,000,000 |
Sales | (1,122,000,000) | (2,440,000,000) | (649,000,000) |
Settlements | (89,000,000) | 1,047,000,000 | (864,000,000) |
Transfers into level 3 | (411,000,000) | (729,000,000) | (1,480,000,000) |
Transfers (out of) level 3 | 1,144,000,000 | 397,000,000 | 528,000,000 |
Ending balance | (4,489,000,000) | (3,796,000,000) | (4,250,000,000) |
Change in unrealized gains/(losses) related to financial instruments held | $ (2,584,000,000) | $ 803,000,000 | $ (1,278,000,000) |
Level 3 Rollforward Supplemental Data [Abstract] | |||
Level 3 assets as a percentage of total firm assets at fair value | 2.00% | 3.00% | 3.00% |
Level 3 liabilities as a percentage of total firm liabilities at fair value | 16.00% | 15.00% | 15.00% |
Deposits | |||
Liabilities: | |||
Beginning balance | $ 4,169,000,000 | $ 4,142,000,000 | $ 2,117,000,000 |
Total realized/unrealized (gains)/losses | 278,000,000 | (136,000,000) | 152,000,000 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 916,000,000 | 1,437,000,000 | 3,027,000,000 |
Settlements | (806,000,000) | (736,000,000) | (291,000,000) |
Transfers into level 3 | 12,000,000 | 2,000,000 | 11,000,000 |
Transfers (out of) level 3 | (1,209,000,000) | (540,000,000) | (874,000,000) |
Ending balance | 3,360,000,000 | 4,169,000,000 | 4,142,000,000 |
Change in unrealized gains/(losses) related to financials instruments held | 307,000,000 | (204,000,000) | 198,000,000 |
Short-term borrowings | |||
Liabilities: | |||
Beginning balance | 1,523,000,000 | 1,665,000,000 | 1,134,000,000 |
Total realized/unrealized (gains)/losses | 229,000,000 | (329,000,000) | 42,000,000 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 3,441,000,000 | 3,455,000,000 | 3,289,000,000 |
Settlements | (3,356,000,000) | (3,388,000,000) | (2,748,000,000) |
Transfers into level 3 | 85,000,000 | 272,000,000 | 150,000,000 |
Transfers (out of) level 3 | (248,000,000) | (152,000,000) | (202,000,000) |
Ending balance | 1,674,000,000 | 1,523,000,000 | 1,665,000,000 |
Change in unrealized gains/(losses) related to financials instruments held | 155,000,000 | (131,000,000) | 7,000,000 |
Total debt and equity instruments | |||
Liabilities: | |||
Beginning balance | 50,000,000 | 39,000,000 | 43,000,000 |
Total realized/unrealized (gains)/losses | 2,000,000 | 19,000,000 | (3,000,000) |
Purchases | (22,000,000) | (99,000,000) | (46,000,000) |
Sales | 41,000,000 | 114,000,000 | 48,000,000 |
Issuances | 0 | 0 | 0 |
Settlements | 1,000,000 | (1,000,000) | 3,000,000 |
Transfers into level 3 | 16,000,000 | 14,000,000 | 3,000,000 |
Transfers (out of) level 3 | (47,000,000) | (36,000,000) | (9,000,000) |
Ending balance | 41,000,000 | 50,000,000 | 39,000,000 |
Change in unrealized gains/(losses) related to financials instruments held | 3,000,000 | 16,000,000 | 0 |
Accounts payable and other liabilities | |||
Liabilities: | |||
Beginning balance | 10,000,000 | 13,000,000 | 13,000,000 |
Total realized/unrealized (gains)/losses | (2,000,000) | 0 | (2,000,000) |
Purchases | (84,000,000) | (12,000,000) | (1,000,000) |
Sales | 115,000,000 | 5,000,000 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 3,000,000 |
Transfers into level 3 | 6,000,000 | 4,000,000 | 0 |
Transfers (out of) level 3 | 0 | 0 | 0 |
Ending balance | 45,000,000 | 10,000,000 | 13,000,000 |
Change in unrealized gains/(losses) related to financials instruments held | 29,000,000 | 0 | (2,000,000) |
Beneficial interests issued by consolidated VIEs | |||
Liabilities: | |||
Beginning balance | 1,000,000 | 39,000,000 | 48,000,000 |
Total realized/unrealized (gains)/losses | (1,000,000) | 0 | 2,000,000 |
Purchases | 0 | 0 | (122,000,000) |
Sales | 0 | 1,000,000 | 39,000,000 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | (39,000,000) | (6,000,000) |
Transfers into level 3 | 0 | 0 | 78,000,000 |
Transfers (out of) level 3 | 0 | 0 | 0 |
Ending balance | 0 | 1,000,000 | 39,000,000 |
Change in unrealized gains/(losses) related to financials instruments held | 0 | 0 | 0 |
Long-term debt | |||
Liabilities: | |||
Beginning balance | 19,418,000,000 | 16,125,000,000 | 12,850,000,000 |
Total realized/unrealized (gains)/losses | 2,815,000,000 | (1,169,000,000) | 1,067,000,000 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 10,441,000,000 | 11,919,000,000 | 12,458,000,000 |
Settlements | (8,538,000,000) | (7,769,000,000) | (10,985,000,000) |
Transfers into level 3 | 651,000,000 | 1,143,000,000 | 1,660,000,000 |
Transfers (out of) level 3 | (1,448,000,000) | (831,000,000) | (925,000,000) |
Ending balance | 23,339,000,000 | 19,418,000,000 | 16,125,000,000 |
Change in unrealized gains/(losses) related to financials instruments held | 2,822,000,000 | (1,385,000,000) | 552,000,000 |
DVA for fair value option elected liabilities | |||
Level 3 Rollforward Supplemental Data [Abstract] | |||
Unrealized gains/(losses) on liabilities recorded in OCI | (319,000,000) | 277,000,000 | 48,000,000 |
Interest rate | |||
Net derivative receivables: | |||
Beginning balance | (38,000,000) | 264,000,000 | 1,263,000,000 |
Total realized/unrealized gains/(losses) | (394,000,000) | 150,000,000 | 72,000,000 |
Purchases | 109,000,000 | 107,000,000 | 60,000,000 |
Sales | (125,000,000) | (133,000,000) | (82,000,000) |
Settlements | 5,000,000 | (430,000,000) | (1,040,000,000) |
Transfers into level 3 | (7,000,000) | (15,000,000) | (8,000,000) |
Transfers (out of) level 3 | 118,000,000 | 19,000,000 | (1,000,000) |
Ending balance | (332,000,000) | (38,000,000) | 264,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | (599,000,000) | 187,000,000 | (473,000,000) |
Credit | |||
Net derivative receivables: | |||
Beginning balance | (107,000,000) | (35,000,000) | 98,000,000 |
Total realized/unrealized gains/(losses) | (36,000,000) | (40,000,000) | (164,000,000) |
Purchases | 20,000,000 | 5,000,000 | 1,000,000 |
Sales | (9,000,000) | (7,000,000) | (6,000,000) |
Settlements | 8,000,000 | (57,000,000) | 0 |
Transfers into level 3 | 29,000,000 | 4,000,000 | 77,000,000 |
Transfers (out of) level 3 | (44,000,000) | 23,000,000 | (41,000,000) |
Ending balance | (139,000,000) | (107,000,000) | (35,000,000) |
Change in unrealized gains/(losses) related to financial instruments held | (127,000,000) | (28,000,000) | 32,000,000 |
Foreign exchange | |||
Net derivative receivables: | |||
Beginning balance | (297,000,000) | (396,000,000) | (1,384,000,000) |
Total realized/unrealized gains/(losses) | (551,000,000) | 103,000,000 | 43,000,000 |
Purchases | 17,000,000 | 52,000,000 | 13,000,000 |
Sales | (67,000,000) | (20,000,000) | (10,000,000) |
Settlements | 312,000,000 | 30,000,000 | 854,000,000 |
Transfers into level 3 | (22,000,000) | (108,000,000) | (61,000,000) |
Transfers (out of) level 3 | 1,000,000 | 42,000,000 | 149,000,000 |
Ending balance | (607,000,000) | (297,000,000) | (396,000,000) |
Change in unrealized gains/(losses) related to financial instruments held | (380,000,000) | (63,000,000) | 42,000,000 |
Equity | |||
Net derivative receivables: | |||
Beginning balance | (2,225,000,000) | (3,409,000,000) | (2,252,000,000) |
Total realized/unrealized gains/(losses) | (310,000,000) | 198,000,000 | (417,000,000) |
Purchases | 397,000,000 | 1,676,000,000 | 1,116,000,000 |
Sales | (573,000,000) | (2,208,000,000) | (551,000,000) |
Settlements | (503,000,000) | 1,805,000,000 | (245,000,000) |
Transfers into level 3 | (405,000,000) | (617,000,000) | (1,482,000,000) |
Transfers (out of) level 3 | 224,000,000 | 330,000,000 | 422,000,000 |
Ending balance | (3,395,000,000) | (2,225,000,000) | (3,409,000,000) |
Change in unrealized gains/(losses) related to financial instruments held | (1,608,000,000) | 561,000,000 | (161,000,000) |
Commodity | |||
Net derivative receivables: | |||
Beginning balance | (1,129,000,000) | (674,000,000) | (85,000,000) |
Total realized/unrealized gains/(losses) | 497,000,000 | (73,000,000) | (149,000,000) |
Purchases | 36,000,000 | 1,000,000 | 0 |
Sales | (348,000,000) | (72,000,000) | 0 |
Settlements | 89,000,000 | (301,000,000) | (433,000,000) |
Transfers into level 3 | (6,000,000) | 7,000,000 | (6,000,000) |
Transfers (out of) level 3 | 845,000,000 | (17,000,000) | (1,000,000) |
Ending balance | (16,000,000) | (1,129,000,000) | (674,000,000) |
Change in unrealized gains/(losses) related to financial instruments held | 130,000,000 | 146,000,000 | (718,000,000) |
Mortgage-backed securities | |||
Assets: | |||
Fair value, beginning balance | 624,000,000 | 378,000,000 | 492,000,000 |
Total realized/unrealized gains/(losses) | (35,000,000) | (23,000,000) | 17,000,000 |
Purchases | 876,000,000 | 574,000,000 | 241,000,000 |
Sales | (422,000,000) | (232,000,000) | (245,000,000) |
Settlements | (168,000,000) | (97,000,000) | (147,000,000) |
Transfers into level 3 | 31,000,000 | 189,000,000 | 245,000,000 |
Transfers (out of) level 3 | (82,000,000) | (165,000,000) | (225,000,000) |
Fair value, ending balance | 824,000,000 | 624,000,000 | 378,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | (55,000,000) | (22,000,000) | (8,000,000) |
Mortgage-backed securities, U.S. GSEs and government agencies | |||
Assets: | |||
Fair value, beginning balance | 549,000,000 | 307,000,000 | 392,000,000 |
Total realized/unrealized gains/(losses) | (62,000,000) | (23,000,000) | (11,000,000) |
Purchases | 773,000,000 | 478,000,000 | 161,000,000 |
Sales | (310,000,000) | (164,000,000) | (171,000,000) |
Settlements | (134,000,000) | (73,000,000) | (70,000,000) |
Transfers into level 3 | 1,000,000 | 94,000,000 | 49,000,000 |
Transfers (out of) level 3 | (20,000,000) | (70,000,000) | (43,000,000) |
Fair value, ending balance | 797,000,000 | 549,000,000 | 307,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | (58,000,000) | (21,000,000) | (20,000,000) |
Mortgage-backed securities, Residential - nonagency | |||
Assets: | |||
Fair value, beginning balance | 64,000,000 | 60,000,000 | 83,000,000 |
Total realized/unrealized gains/(losses) | 25,000,000 | (2,000,000) | 19,000,000 |
Purchases | 83,000,000 | 78,000,000 | 53,000,000 |
Sales | (86,000,000) | (50,000,000) | (30,000,000) |
Settlements | (20,000,000) | (7,000,000) | (64,000,000) |
Transfers into level 3 | 15,000,000 | 59,000,000 | 132,000,000 |
Transfers (out of) level 3 | (58,000,000) | (74,000,000) | (133,000,000) |
Fair value, ending balance | 23,000,000 | 64,000,000 | 60,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 2,000,000 | 1,000,000 | 11,000,000 |
Mortgage-backed securities, Commercial - nonagency | |||
Assets: | |||
Fair value, beginning balance | 11,000,000 | 11,000,000 | 17,000,000 |
Total realized/unrealized gains/(losses) | 2,000,000 | 2,000,000 | 9,000,000 |
Purchases | 20,000,000 | 18,000,000 | 27,000,000 |
Sales | (26,000,000) | (18,000,000) | (44,000,000) |
Settlements | (14,000,000) | (17,000,000) | (13,000,000) |
Transfers into level 3 | 15,000,000 | 36,000,000 | 64,000,000 |
Transfers (out of) level 3 | (4,000,000) | (21,000,000) | (49,000,000) |
Fair value, ending balance | 4,000,000 | 11,000,000 | 11,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 1,000,000 | (2,000,000) | 1,000,000 |
Total debt and equity instruments | |||
Assets: | |||
Fair value, beginning balance | 4,168,000,000 | 5,370,000,000 | 7,894,000,000 |
Total realized/unrealized gains/(losses) | 81,000,000 | (351,000,000) | 550,000,000 |
Purchases | 2,560,000,000 | 3,144,000,000 | 4,773,000,000 |
Sales | (2,045,000,000) | (2,882,000,000) | (4,827,000,000) |
Settlements | (906,000,000) | (1,069,000,000) | (2,194,000,000) |
Transfers into level 3 | 993,000,000 | 1,442,000,000 | 1,422,000,000 |
Transfers (out of) level 3 | (1,457,000,000) | (1,486,000,000) | (2,248,000,000) |
Fair value, ending balance | 3,394,000,000 | 4,168,000,000 | 5,370,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 123,000,000 | (320,000,000) | 128,000,000 |
Total debt instruments | |||
Assets: | |||
Fair value, beginning balance | 3,635,000,000 | 4,385,000,000 | 6,902,000,000 |
Total realized/unrealized gains/(losses) | 158,000,000 | (26,000,000) | 411,000,000 |
Purchases | 2,452,000,000 | 2,971,000,000 | 4,567,000,000 |
Sales | (1,916,000,000) | (2,722,000,000) | (4,633,000,000) |
Settlements | (830,000,000) | (950,000,000) | (2,028,000,000) |
Transfers into level 3 | 810,000,000 | 1,332,000,000 | 1,346,000,000 |
Transfers (out of) level 3 | (1,343,000,000) | (1,355,000,000) | (2,180,000,000) |
Fair value, ending balance | 2,966,000,000 | 3,635,000,000 | 4,385,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 50,000,000 | (28,000,000) | 68,000,000 |
U.S. Treasury, GSEs and government agencies | |||
Assets: | |||
Fair value, beginning balance | 0 | 1,000,000 | 0 |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into level 3 | 0 | 0 | 1,000,000 |
Transfers (out of) level 3 | 0 | (1,000,000) | 0 |
Fair value, ending balance | 0 | 0 | 1,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 |
Obligations of U.S. states and municipalities | |||
Assets: | |||
Fair value, beginning balance | 689,000,000 | 744,000,000 | 649,000,000 |
Total realized/unrealized gains/(losses) | 13,000,000 | (17,000,000) | 18,000,000 |
Purchases | 85,000,000 | 112,000,000 | 152,000,000 |
Sales | (159,000,000) | (70,000,000) | (70,000,000) |
Settlements | (8,000,000) | (80,000,000) | (5,000,000) |
Transfers into level 3 | 0 | 0 | 0 |
Transfers (out of) level 3 | (610,000,000) | 0 | 0 |
Fair value, ending balance | 10,000,000 | 689,000,000 | 744,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 13,000,000 | (17,000,000) | 15,000,000 |
Non-U.S. government debt securities | |||
Assets: | |||
Fair value, beginning balance | 155,000,000 | 78,000,000 | 46,000,000 |
Total realized/unrealized gains/(losses) | 1,000,000 | (22,000,000) | 0 |
Purchases | 290,000,000 | 459,000,000 | 559,000,000 |
Sales | (287,000,000) | (277,000,000) | (518,000,000) |
Settlements | 0 | (12,000,000) | 0 |
Transfers into level 3 | 14,000,000 | 23,000,000 | 62,000,000 |
Transfers (out of) level 3 | (18,000,000) | (94,000,000) | (71,000,000) |
Fair value, ending balance | 155,000,000 | 155,000,000 | 78,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 4,000,000 | (9,000,000) | 0 |
Corporate debt securities | |||
Assets: | |||
Fair value, beginning balance | 334,000,000 | 312,000,000 | 576,000,000 |
Total realized/unrealized gains/(losses) | 47,000,000 | (18,000,000) | 11,000,000 |
Purchases | 437,000,000 | 364,000,000 | 872,000,000 |
Sales | (247,000,000) | (309,000,000) | (612,000,000) |
Settlements | (52,000,000) | (48,000,000) | (497,000,000) |
Transfers into level 3 | 112,000,000 | 262,000,000 | 157,000,000 |
Transfers (out of) level 3 | (73,000,000) | (229,000,000) | (195,000,000) |
Fair value, ending balance | 558,000,000 | 334,000,000 | 312,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 40,000,000 | (1,000,000) | 18,000,000 |
Loans | |||
Assets: | |||
Fair value, beginning balance | 1,706,000,000 | 2,719,000,000 | 4,837,000,000 |
Total realized/unrealized gains/(losses) | 132,000,000 | 26,000,000 | 333,000,000 |
Purchases | 727,000,000 | 1,364,000,000 | 2,389,000,000 |
Sales | (708,000,000) | (1,793,000,000) | (2,832,000,000) |
Settlements | (562,000,000) | (658,000,000) | (1,323,000,000) |
Transfers into level 3 | 625,000,000 | 813,000,000 | 806,000,000 |
Transfers (out of) level 3 | (538,000,000) | (765,000,000) | (1,491,000,000) |
Fair value, ending balance | 1,382,000,000 | 1,706,000,000 | 2,719,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 51,000,000 | (1,000,000) | 43,000,000 |
Asset-backed securities | |||
Assets: | |||
Fair value, beginning balance | 127,000,000 | 153,000,000 | 302,000,000 |
Total realized/unrealized gains/(losses) | 0 | 28,000,000 | 32,000,000 |
Purchases | 37,000,000 | 98,000,000 | 354,000,000 |
Sales | (93,000,000) | (41,000,000) | (356,000,000) |
Settlements | (40,000,000) | (55,000,000) | (56,000,000) |
Transfers into level 3 | 28,000,000 | 45,000,000 | 75,000,000 |
Transfers (out of) level 3 | (22,000,000) | (101,000,000) | (198,000,000) |
Fair value, ending balance | 37,000,000 | 127,000,000 | 153,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | (3,000,000) | 22,000,000 | 0 |
Equity securities | |||
Assets: | |||
Fair value, beginning balance | 232,000,000 | 295,000,000 | 231,000,000 |
Total realized/unrealized gains/(losses) | (41,000,000) | (40,000,000) | 39,000,000 |
Purchases | 58,000,000 | 118,000,000 | 176,000,000 |
Sales | (103,000,000) | (120,000,000) | (148,000,000) |
Settlements | (22,000,000) | (1,000,000) | (4,000,000) |
Transfers into level 3 | 181,000,000 | 107,000,000 | 59,000,000 |
Transfers (out of) level 3 | (109,000,000) | (127,000,000) | (58,000,000) |
Fair value, ending balance | 196,000,000 | 232,000,000 | 295,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | (18,000,000) | 9,000,000 | 21,000,000 |
Other | |||
Assets: | |||
Fair value, beginning balance | 301,000,000 | 690,000,000 | 761,000,000 |
Total realized/unrealized gains/(losses) | (36,000,000) | (285,000,000) | 100,000,000 |
Purchases | 50,000,000 | 55,000,000 | 30,000,000 |
Sales | (26,000,000) | (40,000,000) | (46,000,000) |
Settlements | (54,000,000) | (118,000,000) | (162,000,000) |
Transfers into level 3 | 2,000,000 | 3,000,000 | 17,000,000 |
Transfers (out of) level 3 | (5,000,000) | (4,000,000) | (10,000,000) |
Fair value, ending balance | 232,000,000 | 301,000,000 | 690,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 91,000,000 | (301,000,000) | 39,000,000 |
Total available-for-sale securities | |||
Assets: | |||
Fair value, beginning balance | 1,000,000 | 277,000,000 | 664,000,000 |
Total realized/unrealized gains/(losses) | 0 | 1,000,000 | 15,000,000 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | (50,000,000) |
Settlements | 0 | (277,000,000) | (352,000,000) |
Transfers into level 3 | 0 | 0 | 0 |
Transfers (out of) level 3 | 0 | 0 | 0 |
Fair value, ending balance | 1,000,000 | 1,000,000 | 277,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 14,000,000 |
Level 3 Rollforward Supplemental Data [Abstract] | |||
Realized gains/(losses) on assets recorded in income | 0 | 1,000,000 | 0 |
Unrealized gains/(losses) on assets recorded in OCI | 0 | 0 | 15,000,000 |
Available-for-sale securities, Mortgage-backed securities | |||
Assets: | |||
Fair value, beginning balance | 1,000,000 | 1,000,000 | 1,000,000 |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Transfers (out of) level 3 | 0 | 0 | 0 |
Fair value, ending balance | 1,000,000 | 1,000,000 | 1,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 |
Available-for-sale securities, Asset-backed securities | |||
Assets: | |||
Fair value, beginning balance | 0 | 276,000,000 | 663,000,000 |
Total realized/unrealized gains/(losses) | 0 | 1,000,000 | 15,000,000 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | (50,000,000) |
Settlements | 0 | (277,000,000) | (352,000,000) |
Transfers into level 3 | 0 | 0 | 0 |
Transfers (out of) level 3 | 0 | 0 | 0 |
Fair value, ending balance | 0 | 0 | 276,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 14,000,000 |
Loans | |||
Assets: | |||
Fair value, beginning balance | 122,000,000 | 276,000,000 | 570,000,000 |
Total realized/unrealized gains/(losses) | 4,000,000 | (7,000,000) | 35,000,000 |
Purchases | 0 | 123,000,000 | 0 |
Sales | 0 | 0 | (26,000,000) |
Settlements | (125,000,000) | (196,000,000) | (303,000,000) |
Transfers into level 3 | 0 | 0 | 0 |
Transfers (out of) level 3 | (1,000,000) | (74,000,000) | 0 |
Fair value, ending balance | 0 | 122,000,000 | 276,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | (7,000,000) | 3,000,000 |
Mortgage servicing rights | |||
Assets: | |||
Fair value, beginning balance | 6,130,000,000 | 6,030,000,000 | 6,096,000,000 |
Total realized/unrealized gains/(losses) | (1,180,000,000) | 230,000,000 | (232,000,000) |
Purchases | 1,489,000,000 | 1,246,000,000 | 1,103,000,000 |
Sales | (789,000,000) | (636,000,000) | (140,000,000) |
Settlements | (951,000,000) | (740,000,000) | (797,000,000) |
Transfers into level 3 | 0 | 0 | 0 |
Transfers (out of) level 3 | 0 | 0 | 0 |
Fair value, ending balance | 4,699,000,000 | 6,130,000,000 | 6,030,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | (1,180,000,000) | 230,000,000 | (232,000,000) |
Other assets | |||
Assets: | |||
Fair value, beginning balance | 927,000,000 | 1,265,000,000 | 2,223,000,000 |
Total realized/unrealized gains/(losses) | (198,000,000) | (328,000,000) | 244,000,000 |
Purchases | 194,000,000 | 61,000,000 | 66,000,000 |
Sales | (165,000,000) | (37,000,000) | (177,000,000) |
Settlements | (33,000,000) | (37,000,000) | (870,000,000) |
Transfers into level 3 | 6,000,000 | 4,000,000 | 0 |
Transfers (out of) level 3 | (7,000,000) | (1,000,000) | (221,000,000) |
Fair value, ending balance | 724,000,000 | 927,000,000 | 1,265,000,000 |
Change in unrealized gains/(losses) related to financial instruments held | $ (180,000,000) | $ (340,000,000) | $ 74,000,000 |
Fair Value Measurement - Leve_2
Fair Value Measurement - Level 3 Analysis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Level 3 Analysis - Supplemental Data [Abstract] | ||
Percentage of level 3 assets in total Firm assets | 0.60% | |
Recurring | ||
Level 3 Analysis - Supplemental Data [Abstract] | ||
Assets fair value | $ 802,830 | $ 680,612 |
Recurring | Level 3 | ||
Level 3 Analysis - Supplemental Data [Abstract] | ||
Assets fair value | 13,543 | $ 17,165 |
Decrease in level 3 assets | 3,600 | |
Recurring | Level 3 | MSRs | ||
Level 3 Analysis - Supplemental Data [Abstract] | ||
Decrease in level 3 assets | $ 1,400 |
Fair Value Measurement - Transf
Fair Value Measurement - Transfers (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total realized/unrealized gains/(losses) | $ (794) | $ 338 | $ (615) | |
Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total realized/unrealized gains/(losses) | (310) | 198 | (417) | |
Commodity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total realized/unrealized gains/(losses) | 497 | (73) | (149) | |
Trading loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from level 2 into level 3, assets | 625 | 813 | 806 | |
Transfers from Level 3 into level 2, assets | 538 | 765 | 1,491 | |
Total debt and equity instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from level 2 into level 3, liabilities | 16 | 14 | 3 | |
Transfers from level 3 into level 2, liabilities | 47 | 36 | 9 | |
Deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from level 2 into level 3, liabilities | 12 | 2 | 11 | |
Transfers from level 3 into level 2, liabilities | 1,209 | 540 | 874 | |
Long-term debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from level 2 into level 3, liabilities | 651 | 1,143 | 1,660 | |
Transfers from level 3 into level 2, liabilities | 1,448 | 831 | 925 | |
Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from Level 3 into level 2, assets | 3,600 | |||
Recurring | Derivative receivables | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from level 2 into level 3, assets | 1,000 | 1,000 | ||
Transfers from Level 3 into level 2, assets | 1,100 | 1,200 | ||
Recurring | Trading loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from Level 3 into level 2, assets | 1,500 | |||
Recurring | MSRs | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from Level 3 into level 2, assets | 1,400 | |||
Total realized/unrealized gains/(losses) | $ (2,100) | |||
Recurring | Total debt and equity instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from level 2 into level 3, liabilities | 993 | 1,400 | ||
Transfers from level 3 into level 2, liabilities | 1,500 | 1,500 | ||
Recurring | Derivative payables | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from level 2 into level 3, liabilities | 904 | 1,600 | 2,500 | |
Transfers from level 3 into level 2, liabilities | 1,300 | 1,500 | 1,200 | |
Recurring | Derivative payables | Commodity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from level 3 into level 2, liabilities | 962 | |||
Recurring | Deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from level 3 into level 2, liabilities | 1,200 | |||
Recurring | Long-term debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers from level 2 into level 3, liabilities | 1,100 | 1,700 | ||
Transfers from level 3 into level 2, liabilities | 1,400 | |||
Recurring | Liability | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total realized/unrealized gains/(losses) | $ (3,300) | $ 1,600 | $ (1,300) |
Fair Value Measurement - Impact
Fair Value Measurement - Impact of Credit Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||
Derivatives CVA | $ 241 | $ 193 | $ 802 |
Derivatives FVA | $ 199 | $ (74) | $ (295) |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring Basis (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities without readily determinable fair values | $ 2,441,000,000 | $ 1,510,000,000 | ||
Net gains as a result of measurement alternative | $ 229,000,000 | 309,000,000 | ||
Residential mortgage | Broker price opinion | 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 opinion | 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 opinion | Weighted average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value inputs, liquidation value discount | 28.00% | |||
Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets measured at fair value on a nonrecurring basis | $ 4,774,000,000 | 1,360,000,000 | ||
Liabilities measured at fair value on a nonrecurring basis | 0 | 0 | ||
Total nonrecurring fair value gains/(losses) | (106,000,000) | 64,000,000 | $ (308,000,000) | |
Nonrecurring | Accounts payable and other liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | (1,000,000) | |
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 | 3,731,000,000 | 537,000,000 | ||
Total nonrecurring fair value gains/(losses) | (274,000,000) | (68,000,000) | (159,000,000) | |
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 | 1,043,000,000 | 823,000,000 | ||
Total nonrecurring fair value gains/(losses) | 168,000,000 | 132,000,000 | $ (148,000,000) | |
Net gains as a result of measurement alternative | $ 505,000,000 | 187,000,000 | 149,000,000 | |
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 | ||
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 | ||
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 | ||
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 | 3,476,000,000 | 281,000,000 | ||
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 | 3,462,000,000 | 273,000,000 | ||
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 | 14,000,000 | 8,000,000 | ||
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 | 1,298,000,000 | 1,079,000,000 | ||
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 | 269,000,000 | 264,000,000 | ||
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 | 1,029,000,000 | $ 815,000,000 | ||
Equity securities without readily determinable fair values | 787,000,000 | |||
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 | $ 248,000,000 |
Fair Value Measurement - Equity
Fair Value Measurement - Equity Securities Without Readily Determinable Fair Values (Details) shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | |
Fair Value Disclosures [Abstract] | ||
Carrying value | $ 2,441 | $ 1,510 |
Upward carrying value changes | 229 | 309 |
Downward carrying value changes/impairment | (42) | $ (160) |
Cumulative upward carrying value changes | 528 | |
Cumulative downward carrying value changes/impairment | $ 200 | |
VISA | Common stock | Class B | ||
Investment Holdings [Line Items] | ||
Interest owned, included in other assets (in shares) | shares | 40 | |
Conversion rate | 1.6228 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets | ||
Cash and due from banks | $ 21,704 | $ 22,324 |
Deposits with banks | 241,927 | 256,469 |
Federal funds sold and securities purchased under resale agreements | 249,157 | 321,588 |
Investment securities, held-to-maturity | 48,941 | 31,458 |
Loans, net of allowance for loan losses | 7,104 | 3,151 |
Financial liabilities | ||
Beneficial interests issued by consolidated VIEs | 17,841 | 20,241 |
Carrying value | ||
Financial assets | ||
Cash and due from banks | 21,700 | 22,300 |
Deposits with banks | 241,900 | 256,500 |
Accrued interest and accounts receivable | 71,300 | 72,000 |
Federal funds sold and securities purchased under resale agreements | 234,600 | 308,400 |
Securities borrowed | 133,500 | 106,900 |
Investment securities, held-to-maturity | 47,500 | 31,400 |
Loans, net of allowance for loan losses | 939,500 | 968,000 |
Other | 61,300 | 60,500 |
Financial liabilities | ||
Deposits | 1,533,800 | 1,447,400 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 183,100 | 181,400 |
Short-term borrowings | 35,000 | 62,100 |
Accounts payable and other liabilities | 164,000 | 160,600 |
Beneficial interests issued by consolidated VIEs | 17,800 | 20,200 |
Long-term debt and junior subordinated deferrable interest debentures | 215,500 | 227,100 |
Wholesale lending-related commitments | 1,200 | 1,000 |
Fair value | ||
Financial assets | ||
Cash and due from banks | 21,700 | 22,300 |
Deposits with banks | 241,900 | 256,500 |
Accrued interest and accounts receivable | 71,300 | 72,000 |
Federal funds sold and securities purchased under resale agreements | 234,600 | 308,400 |
Securities borrowed | 133,500 | 106,900 |
Investment securities, held-to-maturity | 48,900 | 31,500 |
Loans, net of allowance for loan losses | 949,000 | 970,000 |
Other | 61,400 | 60,600 |
Financial liabilities | ||
Deposits | 1,534,100 | 1,447,500 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 183,100 | 181,400 |
Short-term borrowings | 35,000 | 62,100 |
Accounts payable and other liabilities | 163,600 | 160,200 |
Beneficial interests issued by consolidated VIEs | 17,900 | 20,200 |
Long-term debt and junior subordinated deferrable interest debentures | 221,800 | 227,900 |
Wholesale lending-related commitments | 1,900 | 2,200 |
Fair value | Level 1 | ||
Financial assets | ||
Cash and due from banks | 21,700 | 22,300 |
Deposits with banks | 241,900 | 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 | 100 | 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 | 100 | 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 |
Fair value | Level 2 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 0 | 0 |
Accrued interest and accounts receivable | 71,200 | 71,900 |
Federal funds sold and securities purchased under resale agreements | 234,600 | 308,400 |
Securities borrowed | 133,500 | 106,900 |
Investment securities, held-to-maturity | 48,800 | 31,500 |
Loans, net of allowance for loan losses | 214,100 | 241,500 |
Other | 60,600 | 59,600 |
Financial liabilities | ||
Deposits | 1,534,100 | 1,447,500 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 183,100 | 181,400 |
Short-term borrowings | 35,000 | 62,100 |
Accounts payable and other liabilities | 160,000 | 157,000 |
Beneficial interests issued by consolidated VIEs | 17,900 | 20,200 |
Long-term debt and junior subordinated deferrable interest debentures | 218,300 | 224,600 |
Wholesale lending-related commitments | 0 | 0 |
Fair value | Level 3 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 0 | 0 |
Accrued interest and accounts receivable | 100 | 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 | 734,900 | 728,500 |
Other | 800 | 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 | 3,500 | 3,000 |
Beneficial interests issued by consolidated VIEs | 0 | 0 |
Long-term debt and junior subordinated deferrable interest debentures | 3,500 | 3,300 |
Wholesale lending-related commitments | $ 1,900 | $ 2,200 |
Fair Value Option - Changes in
Fair Value Option - Changes in fair value under the fair value option (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal funds sold and securities purchased under resale agreements | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | $ (36) | $ (35) | $ (97) |
Federal funds sold and securities purchased under resale agreements | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (36) | (35) | (97) |
Federal funds sold and securities purchased under resale agreements | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Securities borrowed | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 133 | 22 | 50 |
Securities borrowed | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 133 | 22 | 50 |
Securities borrowed | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Debt and equity instruments, excluding loans | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 2,481 | (1,679) | 1,945 |
Debt and equity instruments, excluding loans | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 2,482 | (1,680) | 1,943 |
Debt and equity instruments, excluding loans | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (1) | 1 | 2 |
Loans reported as trading assets: Changes in instrument-specific credit risk | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 765 | 415 | 344 |
Loans reported as trading assets: Changes in instrument-specific credit risk | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 763 | 414 | 330 |
Loans reported as trading assets: Changes in instrument-specific credit risk | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 2 | 1 | 14 |
Loans reported as trading assets: Other changes in fair value | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 1,478 | 345 | 964 |
Loans reported as trading assets: Other changes in fair value | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 254 | 160 | 217 |
Loans reported as trading assets: Other changes in fair value | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 1,224 | 185 | 747 |
Loans: Changes in instrument-specific credit risk | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (26) | (1) | (1) |
Loans: Changes in instrument-specific credit risk | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (26) | (1) | (1) |
Loans: Changes in instrument-specific credit risk | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Loans: Other changes in fair value | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 1 | (1) | (9) |
Loans: Other changes in fair value | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 1 | (1) | (12) |
Loans: Other changes in fair value | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 3 |
Other assets | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 11 | (40) | (44) |
Other assets | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 5 | 5 | 11 |
Other assets | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 6 | (45) | (55) |
Deposits | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (1,730) | 181 | (533) |
Deposits | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (1,730) | 181 | (533) |
Deposits | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (8) | 11 | 11 |
Federal funds purchased and securities loaned or sold under repurchase agreements | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (8) | 11 | 11 |
Federal funds purchased and securities loaned or sold under repurchase agreements | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Short-term borrowings | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (693) | 862 | (747) |
Short-term borrowings | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (693) | 862 | (747) |
Short-term borrowings | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Trading liabilities | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 6 | 1 | (1) |
Trading liabilities | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 6 | 1 | (1) |
Trading liabilities | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Other liabilities | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (16) | 0 | 0 |
Other liabilities | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (16) | 0 | 0 |
Other liabilities | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Long-term debt | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (6,172) | 2,695 | (2,022) |
Long-term debt | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (6,173) | 2,695 | (2,022) |
Long-term debt | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | $ 1 | $ 0 | $ 0 |
Fair Value Option - Aggregate d
Fair Value Option - Aggregate differences (Details) - USD ($) | Dec. 31, 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 | 4,600,000,000 | 6,900,000,000 |
Lending-related commitments, fair value | (94,000,000) | (92,000,000) |
Contractual principal outstanding | ||
Loans | ||
Nonaccrual loans | 3,895,000,000 | 4,279,000,000 |
Total loans | 59,511,000,000 | 49,680,000,000 |
Contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Long-term debt | 40,124,000,000 | 32,674,000,000 |
Contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 3,717,000,000 | 4,240,000,000 |
All other performing loans | 48,570,000,000 | 42,215,000,000 |
Contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans | 178,000,000 | 39,000,000 |
All other performing loans | 7,046,000,000 | 3,186,000,000 |
Fair value | ||
Loans | ||
Nonaccrual loans | 1,250,000,000 | 1,350,000,000 |
Total loans | 55,533,000,000 | 44,904,000,000 |
Long-term debt | ||
Long-term debt | 75,745,000,000 | 54,886,000,000 |
Long-term beneficial interests | ||
Long-term beneficial interests | 36,000,000 | 28,000,000 |
Fair value | Principal-protected debt | ||
Long-term debt | ||
Long-term debt | 39,246,000,000 | 28,718,000,000 |
Fair value | Nonprincipal-protected debt | ||
Long-term debt | ||
Long-term debt | 36,499,000,000 | 26,168,000,000 |
Long-term beneficial interests | ||
Long-term beneficial interests | 36,000,000 | 28,000,000 |
Fair value | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 1,111,000,000 | 1,350,000,000 |
All other performing loans | 47,318,000,000 | 40,403,000,000 |
Fair value | Loans | ||
Loans | ||
Nonaccrual loans | 139,000,000 | 0 |
All other performing loans | 6,965,000,000 | 3,151,000,000 |
Fair value over/(under) contractual principal outstanding | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,645,000,000) | (2,929,000,000) |
Total loans | (3,978,000,000) | (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 | (878,000,000) | (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 | (2,606,000,000) | (2,890,000,000) |
All other performing loans | (1,252,000,000) | (1,812,000,000) |
Fair value over/(under) contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (39,000,000) | (39,000,000) |
All other performing loans | $ (81,000,000) | $ (35,000,000) |
Fair Value Option - Structured
Fair Value Option - Structured note products by balance sheet classification and risk component (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | $ 106,982 | $ 80,724 |
Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 52,196 | 36,571 |
Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 6,590 | 5,004 |
Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,915 | 3,364 |
Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 42,323 | 34,172 |
Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 1,958 | 1,613 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 74,813 | 53,069 |
Long-term debt | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 35,470 | 24,137 |
Long-term debt | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 5,715 | 4,009 |
Long-term debt | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,862 | 3,169 |
Long-term debt | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 29,294 | 21,382 |
Long-term debt | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 472 | 372 |
Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 5,841 | 6,670 |
Short-term borrowings | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 34 | 62 |
Short-term borrowings | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 875 | 995 |
Short-term borrowings | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 48 | 157 |
Short-term borrowings | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 4,852 | 5,422 |
Short-term borrowings | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 32 | 34 |
Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 26,328 | 20,985 |
Deposits | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 16,692 | 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 | 5 | 38 |
Deposits | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 8,177 | 7,368 |
Deposits | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | $ 1,454 | $ 1,207 |
Credit Risk Concentrations (Det
Credit Risk Concentrations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||
Credit exposure | $ 2,149,488 | $ 2,108,242 |
On-balance sheet, Loans | 959,769 | 984,554 |
On-balance sheet, Derivatives | 49,766 | 54,213 |
Off-balance sheet | 1,106,247 | 1,039,258 |
Available-for-sale securities | 350,699 | 230,394 |
Held-to-maturity securities | 47,540 | 31,434 |
Cash placed with banks | 254,000 | 268,100 |
Obligations of U.S. states and municipalities | ||
Concentration Risk [Line Items] | ||
Trading assets | 6,500 | 7,800 |
Available-for-sale securities | 29,810 | 37,723 |
Held-to-maturity securities | 4,797 | 4,824 |
Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 49,766 | 54,213 |
Consumer | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 1,206,096 | 1,181,963 |
On-balance sheet, Loans | 503,964 | 530,364 |
Off-balance sheet | 702,132 | 651,445 |
Consumer, excluding credit card | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 335,040 | 373,732 |
Consumer, excluding credit card | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 386,452 | 419,798 |
On-balance sheet, Loans | 335,040 | 373,732 |
Off-balance sheet | 51,412 | 46,066 |
Consumer, excluding credit card | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 386,452 | 419,952 |
On-balance sheet, Loans | 335,040 | 373,732 |
Off-balance sheet | 51,412 | 46,066 |
Credit card | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 168,924 | 156,632 |
Credit card | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 819,644 | 762,011 |
On-balance sheet, Loans | 168,924 | 156,632 |
Off-balance sheet | 650,720 | 605,379 |
Wholesale | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 455,805 | 454,190 |
Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 943,392 | 926,279 |
On-balance sheet, Loans | 455,805 | 454,190 |
Off-balance sheet | 404,115 | 387,813 |
Receivables from customers | Consumer, excluding credit card | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 0 | 154 |
Receivables from customers | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 33,706 | 30,063 |
Wholesale-related | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 49,766 | 54,213 |
Wholesale-related | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 898,520 | 881,188 |
On-balance sheet, Loans | 444,639 | 439,162 |
Off-balance sheet | 404,115 | 387,813 |
Real Estate | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 619 | 164 |
Real Estate | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 149,267 | 143,316 |
On-balance sheet, Loans | 116,244 | 115,737 |
Off-balance sheet | 32,404 | 27,415 |
Individuals and Individual Entities | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 694 | 1,017 |
Individuals and Individual Entities | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 102,292 | 97,077 |
On-balance sheet, Loans | 91,980 | 86,586 |
Off-balance sheet | 9,618 | 9,474 |
Consumer & Retail | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 1,424 | 1,093 |
Consumer & Retail | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 99,331 | 94,815 |
On-balance sheet, Loans | 30,879 | 36,921 |
Off-balance sheet | 67,028 | 56,801 |
Technology, Media & Telecommunications | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,766 | 2,667 |
Technology, Media & Telecommunications | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 59,021 | 72,646 |
On-balance sheet, Loans | 14,680 | 16,980 |
Off-balance sheet | 41,575 | 52,999 |
Industrials | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 878 | 958 |
Industrials | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 58,250 | 58,528 |
On-balance sheet, Loans | 19,096 | 19,126 |
Off-balance sheet | 38,276 | 38,444 |
Asset Managers | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 7,160 | 9,033 |
Asset Managers | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 51,775 | 42,807 |
On-balance sheet, Loans | 23,939 | 16,806 |
Off-balance sheet | 20,676 | 16,968 |
Banks & Finance Cos | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 5,165 | 5,903 |
Banks & Finance Cos | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 50,091 | 49,920 |
On-balance sheet, Loans | 30,639 | 28,825 |
Off-balance sheet | 14,287 | 15,192 |
Healthcare | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,078 | 1,874 |
Healthcare | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 46,638 | 48,142 |
On-balance sheet, Loans | 13,951 | 16,347 |
Off-balance sheet | 30,609 | 29,921 |
Oil & Gas | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 852 | 559 |
Oil & Gas | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 41,570 | 42,600 |
On-balance sheet, Loans | 13,064 | 13,008 |
Off-balance sheet | 27,654 | 29,033 |
Utilities | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,573 | 1,740 |
Utilities | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 34,753 | 28,172 |
On-balance sheet, Loans | 5,085 | 5,591 |
Off-balance sheet | 27,095 | 20,841 |
State & Municipal Govt | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,000 | 2,000 |
State & Municipal Govt | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 26,697 | 27,351 |
On-balance sheet, Loans | 9,924 | 10,319 |
Off-balance sheet | 14,773 | 15,032 |
Automotive | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 368 | 399 |
Automotive | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 17,317 | 17,339 |
On-balance sheet, Loans | 5,408 | 5,170 |
Off-balance sheet | 11,541 | 11,770 |
Chemicals & Plastics | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 459 | 181 |
Chemicals & Plastics | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 17,276 | 16,035 |
On-balance sheet, Loans | 4,710 | 4,902 |
Off-balance sheet | 12,107 | 10,952 |
Metals & Mining | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 402 | 488 |
Metals & Mining | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 15,337 | 15,359 |
On-balance sheet, Loans | 5,202 | 5,370 |
Off-balance sheet | 9,733 | 9,501 |
Central Govt | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 10,477 | 12,869 |
Central Govt | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 14,843 | 18,456 |
On-balance sheet, Loans | 2,818 | 3,867 |
Off-balance sheet | 1,548 | 1,720 |
Transportation | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 715 | 1,102 |
Transportation | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 13,917 | 15,660 |
On-balance sheet, Loans | 4,804 | 6,391 |
Off-balance sheet | 8,398 | 8,167 |
Insurance | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,282 | 2,569 |
Insurance | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 12,202 | 12,639 |
On-balance sheet, Loans | 1,269 | 1,356 |
Off-balance sheet | 8,651 | 8,714 |
Securities Firms | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 4,507 | 2,029 |
Securities Firms | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 7,335 | 4,558 |
On-balance sheet, Loans | 752 | 645 |
Off-balance sheet | 2,076 | 1,884 |
Financial Markets Infrastructure | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,482 | 5,941 |
Financial Markets Infrastructure | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 4,116 | 7,484 |
On-balance sheet, Loans | 9 | 18 |
Off-balance sheet | 1,625 | 1,525 |
All other | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 1,865 | 1,627 |
All other | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 76,492 | 68,284 |
On-balance sheet, Loans | 50,186 | 45,197 |
Off-balance sheet | $ 24,441 | $ 21,460 |
All other | Wholesale | Credit Concentration Risk | Credit Exposure, Secured by Highly Liquid Forms of Collateral | ||
Concentration Risk [Line Items] | ||
Percentage of exposure secured | 92.00% | 92.00% |
All other | Wholesale | Credit Concentration Risk | Credit Exposure, Secured by Less Liquid Forms of Collateral | ||
Concentration Risk [Line Items] | ||
Percentage of exposure secured | 8.00% | 8.00% |
Loans held-for-sale and loans at fair value | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | $ 11,166 | $ 15,028 |
On-balance sheet, Loans | $ 11,166 | $ 15,028 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amount of Derivative Contracts (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 46,942 | $ 48,239 |
Interest rate contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 32,679 | 33,644 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 21,228 | 21,763 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,152 | 3,562 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,938 | 3,997 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 4,361 | 4,322 |
Net credit derivatives | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 1,242 | 1,501 |
Foreign exchange contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 10,599 | 11,084 |
Cross-currency swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,604 | 3,548 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 5,577 | 5,871 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 700 | 835 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 718 | 830 |
Equity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 1,805 | 1,465 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 406 | 346 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 142 | 101 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 646 | 528 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 611 | 490 |
Commodity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 617 | 545 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 147 | 134 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 211 | 156 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 135 | 135 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 124 | $ 120 |
Derivative Instruments - Impact
Derivative Instruments - Impact on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | $ 529,626 | $ 526,239 |
Net derivative receivables | 49,766 | 54,213 |
Gross derivative payables | 512,128 | 501,888 |
Net derivative payables | 43,708 | 41,769 |
Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 313,294 | 268,704 |
Net derivative receivables | 27,421 | 23,214 |
Gross derivative payables | 279,273 | 242,782 |
Net derivative payables | 8,603 | 7,784 |
Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 14,876 | 20,095 |
Net derivative receivables | 701 | 612 |
Gross derivative payables | 15,121 | 20,276 |
Net derivative payables | 1,652 | 1,667 |
Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 138,487 | 167,685 |
Net derivative receivables | 9,005 | 13,450 |
Gross derivative payables | 145,108 | 165,217 |
Net derivative payables | 13,158 | 12,785 |
Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 45,727 | 49,285 |
Net derivative receivables | 6,477 | 9,946 |
Gross derivative payables | 52,741 | 51,195 |
Net derivative payables | 12,537 | 10,161 |
Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 17,242 | 20,470 |
Net derivative receivables | 6,162 | 6,991 |
Gross derivative payables | 19,885 | 22,418 |
Net derivative payables | 7,758 | 9,372 |
Not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 528,147 | 524,531 |
Gross derivative payables | 510,995 | 500,942 |
Not designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 312,451 | 267,871 |
Gross derivative payables | 279,272 | 242,782 |
Not designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 14,876 | 20,095 |
Gross derivative payables | 15,121 | 20,276 |
Not designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 138,179 | 167,057 |
Gross derivative payables | 144,125 | 164,392 |
Not designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 45,727 | 49,285 |
Gross derivative payables | 52,741 | 51,195 |
Not designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 16,914 | 20,223 |
Gross derivative payables | 19,736 | 22,297 |
Designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 1,479 | 1,708 |
Gross derivative payables | 1,133 | 946 |
Designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 843 | 833 |
Gross derivative payables | 1 | 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 | 308 | 628 |
Gross derivative payables | 983 | 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 | 328 | 247 |
Gross derivative payables | $ 149 | $ 121 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Netting (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | $ 516,083 | $ 510,314 |
Amounts netted on the Consolidated balance sheets | (479,860) | (472,026) |
Net derivative receivables | 36,223 | 38,288 |
Derivative receivables where an appropriate legal opinion has not been either sought or obtained | 13,543 | 15,925 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 529,626 | 526,239 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 49,766 | 54,213 |
Collateral not nettable on the Consolidated balance sheets, Net derivative receivables | (14,226) | (13,046) |
Net amounts, Net derivative receivables | 35,540 | 41,167 |
Net cash collateral payables | 65,900 | 55,200 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 497,977 | 485,036 |
Amounts netted on the Consolidated balance sheets | (468,420) | (460,119) |
Net derivative payables | 29,557 | 24,917 |
Derivative payables where an appropriate legal opinion has not been either sought or obtained | 14,151 | 16,852 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 512,128 | 501,888 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 43,708 | 41,769 |
Collateral not nettable on the Consolidated balance sheets, Net derivative payables | (7,896) | (4,449) |
Net amounts, Net derivative payables | 35,812 | 37,320 |
Netted cash collateral receivables | 54,400 | 43,300 |
Interest rate contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 308,994 | 264,953 |
Amounts netted on the Consolidated balance sheets | (285,873) | (245,490) |
Net derivative receivables | 23,121 | 19,463 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 313,294 | 268,704 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 27,421 | 23,214 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 277,893 | 240,777 |
Amounts netted on the Consolidated balance sheets | (270,670) | (234,998) |
Net derivative payables | 7,223 | 5,779 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 279,273 | 242,782 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 8,603 | 7,784 |
Interest rate contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 299,205 | 258,227 |
Amounts netted on the Consolidated balance sheets | (276,255) | (239,498) |
Net derivative receivables | 22,950 | 18,729 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 267,311 | 233,404 |
Amounts netted on the Consolidated balance sheets | (260,229) | (228,369) |
Net derivative payables | 7,082 | 5,035 |
Interest rate contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 9,442 | 6,404 |
Amounts netted on the Consolidated balance sheets | (9,360) | (5,856) |
Net derivative receivables | 82 | 548 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 10,217 | 7,163 |
Amounts netted on the Consolidated balance sheets | (10,138) | (6,494) |
Net derivative payables | 79 | 669 |
Interest rate contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 347 | 322 |
Amounts netted on the Consolidated balance sheets | (258) | (136) |
Net derivative receivables | 89 | 186 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 365 | 210 |
Amounts netted on the Consolidated balance sheets | (303) | (135) |
Net derivative payables | 62 | 75 |
Credit contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 14,607 | 19,915 |
Amounts netted on the Consolidated balance sheets | (14,175) | (19,483) |
Net derivative receivables | 432 | 432 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 14,876 | 20,095 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 701 | 612 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 14,960 | 20,128 |
Amounts netted on the Consolidated balance sheets | (13,469) | (18,609) |
Net derivative payables | 1,491 | 1,519 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 15,121 | 20,276 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 1,652 | 1,667 |
Credit contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 10,743 | 12,648 |
Amounts netted on the Consolidated balance sheets | (10,317) | (12,261) |
Net derivative receivables | 426 | 387 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 11,570 | 13,412 |
Amounts netted on the Consolidated balance sheets | (10,080) | (11,895) |
Net derivative payables | 1,490 | 1,517 |
Credit contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 3,864 | 7,267 |
Amounts netted on the Consolidated balance sheets | (3,858) | (7,222) |
Net derivative receivables | 6 | 45 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 3,390 | 6,716 |
Amounts netted on the Consolidated balance sheets | (3,389) | (6,714) |
Net derivative payables | 1 | 2 |
Foreign exchange contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 136,447 | 164,129 |
Amounts netted on the Consolidated balance sheets | (129,482) | (154,235) |
Net derivative receivables | 6,965 | 9,894 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 138,487 | 167,685 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 9,005 | 13,450 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 142,558 | 161,220 |
Amounts netted on the Consolidated balance sheets | (131,950) | (152,432) |
Net derivative payables | 10,608 | 8,788 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 145,108 | 165,217 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 13,158 | 12,785 |
Foreign exchange contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 136,252 | 163,862 |
Amounts netted on the Consolidated balance sheets | (129,324) | (153,988) |
Net derivative receivables | 6,928 | 9,874 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 142,360 | 160,930 |
Amounts netted on the Consolidated balance sheets | (131,792) | (152,161) |
Net derivative payables | 10,568 | 8,769 |
Foreign exchange contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 185 | 235 |
Amounts netted on the Consolidated balance sheets | (152) | (226) |
Net derivative receivables | 33 | 9 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 186 | 274 |
Amounts netted on the Consolidated balance sheets | (152) | (268) |
Net derivative payables | 34 | 6 |
Foreign exchange contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 10 | 32 |
Amounts netted on the Consolidated balance sheets | (6) | (21) |
Net derivative receivables | 4 | 11 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 12 | 16 |
Amounts netted on the Consolidated balance sheets | (6) | (3) |
Net derivative payables | 6 | 13 |
Equity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 42,760 | 45,054 |
Amounts netted on the Consolidated balance sheets | (39,250) | (39,339) |
Net derivative receivables | 3,510 | 5,715 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 45,727 | 49,285 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 6,477 | 9,946 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 47,810 | 45,722 |
Amounts netted on the Consolidated balance sheets | (40,204) | (41,034) |
Net derivative payables | 7,606 | 4,688 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 52,741 | 51,195 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 12,537 | 10,161 |
Equity contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 23,106 | 26,178 |
Amounts netted on the Consolidated balance sheets | (20,820) | (23,879) |
Net derivative receivables | 2,286 | 2,299 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 27,594 | 29,437 |
Amounts netted on the Consolidated balance sheets | (21,778) | (25,544) |
Net derivative payables | 5,816 | 3,893 |
Equity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 19,654 | 18,876 |
Amounts netted on the Consolidated balance sheets | (18,430) | (15,460) |
Net derivative receivables | 1,224 | 3,416 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 20,216 | 16,285 |
Amounts netted on the Consolidated balance sheets | (18,426) | (15,490) |
Net derivative payables | 1,790 | 795 |
Commodity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 13,275 | 16,263 |
Amounts netted on the Consolidated balance sheets | (11,080) | (13,479) |
Net derivative receivables | 2,195 | 2,784 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 17,242 | 20,470 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 6,162 | 6,991 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 14,756 | 17,189 |
Amounts netted on the Consolidated balance sheets | (12,127) | (13,046) |
Net derivative payables | 2,629 | 4,143 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 19,885 | 22,418 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 7,758 | 9,372 |
Commodity contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 7,093 | 7,448 |
Amounts netted on the Consolidated balance sheets | (5,149) | (5,261) |
Net derivative receivables | 1,944 | 2,187 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 8,714 | 8,930 |
Amounts netted on the Consolidated balance sheets | (6,235) | (4,838) |
Net derivative payables | 2,479 | 4,092 |
Commodity contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 28 | 0 |
Amounts netted on the Consolidated balance sheets | (28) | 0 |
Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 30 | 0 |
Amounts netted on the Consolidated balance sheets | (30) | 0 |
Net derivative payables | 0 | 0 |
Commodity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 6,154 | 8,815 |
Amounts netted on the Consolidated balance sheets | (5,903) | (8,218) |
Net derivative receivables | 251 | 597 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 6,012 | 8,259 |
Amounts netted on the Consolidated balance sheets | (5,862) | (8,208) |
Net derivative payables | $ 150 | $ 51 |
Derivative Instruments - Liquid
Derivative Instruments - Liquidity Risk and Credit-Related Contingent Features (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
OTC and OTC-cleared derivative payables containing downgrade triggers | ||
Aggregate fair value of net derivative payables | $ 14,819 | $ 9,396 |
Collateral posted | 13,329 | 8,907 |
Single-notch downgrade | ||
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives | ||
Amount of additional collateral to be posted upon downgrade | 189 | 76 |
Amount required to settle contracts with termination triggers upon downgrade | 104 | 172 |
Two-notch downgrade | ||
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives | ||
Amount of additional collateral to be posted upon downgrade | 1,467 | 947 |
Amount required to settle contracts with termination triggers upon downgrade | $ 1,398 | $ 764 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments - Designated as Hedges (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Amount of transfers accounted for as sale where associated derivative was outstanding | $ 0 | $ 0 |
Derivative Instruments - Impa_2
Derivative Instruments - Impact on Statements of Income, Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gains/(losses) recorded in income | |||
Derivatives | $ 3,281 | $ 736 | $ (5,265) |
Hedged items | (1,897) | 412 | 6,214 |
Income statement impact | 1,384 | 1,148 | 949 |
Income statement impact of excluded components | |||
Amortization approach | (866) | (566) | |
Changes in fair value | 1,373 | 1,125 | |
Income statement impact due to: | |||
Hedge ineffectiveness | 11 | ||
Excluded components | 938 | ||
OCI impact | |||
Derivatives - Gains/(losses) recorded in OCI | 39 | (140) | |
Interest rate | |||
Gains/(losses) recorded in income | |||
Derivatives | 3,204 | (1,145) | (481) |
Hedged items | (2,373) | 1,782 | 1,359 |
Income statement impact | 831 | 637 | 878 |
Income statement impact of excluded components | |||
Amortization approach | 0 | 0 | |
Changes in fair value | 828 | 623 | |
Income statement impact due to: | |||
Hedge ineffectiveness | (18) | ||
Excluded components | 896 | ||
OCI impact | |||
Derivatives - Gains/(losses) recorded in OCI | 0 | 0 | |
Foreign exchange | |||
Gains/(losses) recorded in income | |||
Derivatives | 154 | 1,092 | (3,509) |
Hedged items | 328 | (616) | 3,507 |
Income statement impact | 482 | 476 | (2) |
Income statement impact of excluded components | |||
Amortization approach | (866) | (566) | |
Changes in fair value | 482 | 476 | |
Income statement impact due to: | |||
Hedge ineffectiveness | 0 | ||
Excluded components | (2) | ||
OCI impact | |||
Derivatives - Gains/(losses) recorded in OCI | 39 | (140) | |
Commodity | |||
Gains/(losses) recorded in income | |||
Derivatives | (77) | 789 | (1,275) |
Hedged items | 148 | (754) | 1,348 |
Income statement impact | 71 | 35 | 73 |
Income statement impact of excluded components | |||
Amortization approach | 0 | 0 | |
Changes in fair value | 63 | 26 | |
Income statement impact due to: | |||
Hedge ineffectiveness | 29 | ||
Excluded components | $ 44 | ||
OCI impact | |||
Derivatives - Gains/(losses) recorded in OCI | $ 0 | $ 0 |
Derivative Instruments - Cumula
Derivative Instruments - Cumulative Fair Value Hedging Adjustments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commodity | ||
Assets | ||
Carrying amount of the hedged items | $ 6,500 | $ 6,800 |
Long-term debt | ||
Liabilities | ||
Carrying amount of the hedged items | 157,545 | 139,915 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | 6,719 | 141 |
Discontinued hedging relationships | 161 | 8 |
Total | 6,880 | 149 |
Long-term debt | Not designated as hedges | ||
Liabilities | ||
Carrying amount of the hedged items | 2,800 | 7,300 |
Beneficial interests issued by consolidated VIEs | ||
Liabilities | ||
Carrying amount of the hedged items | 2,365 | 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 | (8) | (33) |
Total | (8) | (33) |
Investment securities - AFS | ||
Assets | ||
Carrying amount of the hedged items | 125,860 | 55,313 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | 2,110 | (1,105) |
Discontinued hedging relationships | 278 | 381 |
Total | 2,388 | (724) |
Investment securities - AFS | Not designated as hedges | ||
Assets | ||
Carrying amount of the hedged items | $ 14,900 | $ 14,600 |
Derivative Instruments - Impa_3
Derivative Instruments - Impact on Statements of Income, Cash Flow Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Recognition of net losses related to cash flow hedges in Income | $ (8) | ||
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 | $ (103) | $ 18 | |
Amounts recorded in OCI | 122 | (245) | |
Total change in OCI for period | 225 | (263) | |
Amounts reclassified from AOCI to income | $ (134) | ||
Amounts recorded in OCI | 147 | ||
Total change in OCI for period | 281 | ||
Cash Flow Hedging | Interest rate | |||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Amounts reclassified from AOCI to income | (28) | 44 | |
Amounts recorded in OCI | (3) | (44) | |
Total change in OCI for period | 25 | (88) | |
Amounts reclassified from AOCI to income | (17) | ||
Amounts recorded in OCI | 12 | ||
Total change in OCI for period | 29 | ||
Cash Flow Hedging | Foreign exchange | |||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Amounts reclassified from AOCI to income | (75) | (26) | |
Amounts recorded in OCI | 125 | (201) | |
Total change in OCI for period | $ 200 | $ (175) | |
Amounts reclassified from AOCI to income | (117) | ||
Amounts recorded in OCI | 135 | ||
Total change in OCI for period | $ 252 |
Derivative Instruments - Impa_4
Derivative Instruments - Impact on Statements of Income, Net Investment Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Amounts recorded in income | $ 1,373 | $ 1,125 | |
Unrealized gains/(losses) on investment securities | Other Income | |||
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | 18 | ||
Unrealized gains/(losses) on investment securities | Other Expense | |||
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | (17) | $ 50 | |
Foreign exchange contracts | |||
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Amounts recorded in income | 482 | 476 | |
Net Investment Hedging | Foreign exchange contracts | |||
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Amounts recorded in income | 72 | 11 | (152) |
Amounts recorded in OCI | $ 64 | $ 1,219 | |
Amounts recorded in OCI | $ (1,244) |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | $ 1,456 | $ 175 | $ 150 |
Interest rate | |||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | 1,491 | 79 | 331 |
Credit | |||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | (30) | (21) | (74) |
Foreign exchange | |||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | $ (5) | $ 117 | $ (107) |
Derivative Instruments - Credit
Derivative Instruments - Credit Derivatives (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Credit Derivatives - supplemental information | ||
Tranche credit default swap realized credit loss protection | $ 1,000,000 | |
Tranche credit default swap portfolio of exposure | 10,000,000 | |
Total credit derivatives and credit-related notes | ||
Protection sold | (607,267,000,000) | $ (738,464,000,000) |
Protection purchased with identical underlyings | 623,899,000,000 | 749,766,000,000 |
Net protection (sold)/purchased | 16,632,000,000 | 11,302,000,000 |
Other protection purchased | 20,906,000,000 | 20,966,000,000 |
Total credit derivatives | ||
Total credit derivatives and credit-related notes | ||
Protection sold | (607,267,000,000) | (738,464,000,000) |
Protection purchased with identical underlyings | 623,899,000,000 | 749,766,000,000 |
Net protection (sold)/purchased | 16,632,000,000 | 11,302,000,000 |
Other protection purchased | 11,300,000,000 | 12,541,000,000 |
Credit default swaps | ||
Total credit derivatives and credit-related notes | ||
Protection sold | (562,338,000,000) | (697,220,000,000) |
Protection purchased with identical underlyings | 571,892,000,000 | 707,282,000,000 |
Net protection (sold)/purchased | 9,554,000,000 | 10,062,000,000 |
Other protection purchased | 3,936,000,000 | 4,053,000,000 |
Other credit derivatives | ||
Total credit derivatives and credit-related notes | ||
Protection sold | (44,929,000,000) | (41,244,000,000) |
Protection purchased with identical underlyings | 52,007,000,000 | 42,484,000,000 |
Net protection (sold)/purchased | 7,078,000,000 | 1,240,000,000 |
Other protection purchased | 7,364,000,000 | 8,488,000,000 |
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 | $ 9,606,000,000 | $ 8,425,000,000 |
Derivative Instruments - Cred_2
Derivative Instruments - Credit Derivatives, Protection Sold, Notional and Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Less than 1 year | $ (156,121) | $ (161,340) |
From 1-5 years | (399,176) | (521,673) |
More than 5 years | (51,970) | (55,451) |
Total notional amount | (607,267) | (738,464) |
Fair value of receivables | 10,434 | 10,439 |
Fair value of payables | (3,793) | (8,451) |
Net fair value | 6,641 | 1,988 |
Investment-grade | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Less than 1 year | (114,460) | (115,443) |
From 1-5 years | (311,407) | (402,325) |
More than 5 years | (42,129) | (43,611) |
Total notional amount | (467,996) | (561,379) |
Fair value of receivables | 6,153 | 5,720 |
Fair value of payables | (911) | (2,791) |
Net fair value | 5,242 | 2,929 |
Noninvestment-grade | ||
Protection sold credit derivatives and credit related notes ratings/maturity profile | ||
Less than 1 year | (41,661) | (45,897) |
From 1-5 years | (87,769) | (119,348) |
More than 5 years | (9,841) | (11,840) |
Total notional amount | (139,271) | (177,085) |
Fair value of receivables | 4,281 | 4,719 |
Fair value of payables | (2,882) | (5,660) |
Net fair value | $ 1,399 | $ (941) |
Interest Income and Interest _3
Interest Income and Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Interest income | ||||
Loans | $ 50,375 | $ 47,620 | $ 41,008 | |
Taxable securities | 7,962 | 5,653 | 5,534 | |
Non-taxable securities | 1,329 | 1,595 | 1,848 | |
Total investment securities | 9,291 | 7,248 | 7,382 | |
Trading assets - debt instruments | 10,800 | 8,703 | 7,610 | |
Federal funds sold and securities purchased under resale agreements | 6,146 | 3,819 | 2,327 | |
Securities borrowed | 1,574 | 913 | 94 | |
Deposits with banks | 3,887 | 5,907 | 4,238 | |
All other interest-earning assets | 1,967 | 1,890 | 1,312 | |
Total interest income | [1] | 84,040 | 76,100 | 63,971 |
Interest expense | ||||
Interest bearing deposits | 8,957 | 5,973 | 2,857 | |
Federal funds purchased and securities loaned or sold under repurchase agreements | 4,630 | 3,066 | 1,611 | |
Short-term borrowings | 1,248 | 1,144 | 481 | |
Trading liabilities – debt and all other interest-bearing liabilities | 2,585 | 2,387 | 1,669 | |
Long-term debt | 8,807 | 7,978 | 6,753 | |
Beneficial interest issued by consolidated VIEs | 568 | 493 | 503 | |
Total interest expense | [1] | 26,795 | 21,041 | 13,874 |
Net interest income | 57,245 | 55,059 | 50,097 | |
Provision for credit losses | 5,585 | 4,871 | 5,290 | |
Net interest income after provision for credit losses | $ 51,660 | $ 50,188 | $ 44,807 | |
[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 7 for additional information. |
Noninterest Revenue and Nonin_3
Noninterest Revenue and Noninterest Expense - Investment Banking Fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Non interest Revenue [Line Items] | |||
Underwriting | $ 5,161 | $ 5,031 | $ 5,268 |
Advisory | 2,340 | 2,519 | 2,144 |
Total investment banking fees | 7,501 | 7,550 | 7,412 |
Equity | |||
Schedule of Non interest Revenue [Line Items] | |||
Underwriting | 1,648 | 1,684 | 1,466 |
Debt | |||
Schedule of Non interest Revenue [Line Items] | |||
Underwriting | $ 3,513 | $ 3,347 | $ 3,802 |
Noninterest Revenue and Nonin_4
Noninterest Revenue and Noninterest Expense - Principal Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Non interest Revenue [Line Items] | |||
Total trading revenue | $ 14,268 | $ 12,408 | $ 11,088 |
Private equity gains/(losses) | (250) | (349) | 259 |
Principal transactions | 14,018 | 12,059 | 11,347 |
Interest rate | |||
Schedule of Non interest Revenue [Line Items] | |||
Total trading revenue | 2,552 | 1,961 | 2,479 |
Credit | |||
Schedule of Non interest Revenue [Line Items] | |||
Total trading revenue | 1,611 | 1,395 | 1,329 |
Foreign exchange | |||
Schedule of Non interest Revenue [Line Items] | |||
Total trading revenue | 3,171 | 3,222 | 2,746 |
Equity | |||
Schedule of Non interest Revenue [Line Items] | |||
Total trading revenue | 5,812 | 4,924 | 3,873 |
Commodity | |||
Schedule of Non interest Revenue [Line Items] | |||
Total trading revenue | $ 1,122 | $ 906 | $ 661 |
Noninterest Revenue and Nonin_5
Noninterest Revenue and Noninterest Expense - Lending and Deposit-Related Fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noninterest Income (Expense) [Abstract] | |||
Lending-related fees | $ 1,184 | $ 1,117 | $ 1,110 |
Deposit-related fees | 5,185 | 4,935 | 4,823 |
Total lending- and deposit-related fees | $ 6,369 | $ 6,052 | $ 5,933 |
Noninterest Revenue and Nonin_6
Noninterest Revenue and Noninterest Expense - Asset Management, Administration and Commissions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset management fees | |||
Investment management fees | $ 10,865 | $ 10,768 | $ 10,434 |
All other asset management fees | 315 | 270 | 296 |
Total asset management fees | 11,180 | 11,038 | 10,730 |
Total administration fees | 2,197 | 2,179 | 2,029 |
Commissions and other fees | |||
Brokerage commissions | 2,439 | 2,505 | 2,239 |
All other commissions and fees | 1,349 | 1,396 | 1,289 |
Total commissions and fees | 3,788 | 3,901 | 3,528 |
Total asset management, administration and commissions | $ 17,165 | $ 17,118 | $ 16,287 |
Noninterest Revenue and Nonin_7
Noninterest Revenue and Noninterest Expense - Card Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Non interest Revenue [Line Items] | ||||
Credit cost amortization period | 12 months | |||
Direct loan origination costs amortization period | 12 months | |||
Total card income | $ 5,304 | $ 4,989 | $ 4,433 | |
Interchange and merchant processing income | ||||
Schedule of Non interest Revenue [Line Items] | ||||
Total card income | 20,370 | 18,808 | 17,080 | |
Reward costs and partner payments | ||||
Schedule of Non interest Revenue [Line Items] | ||||
Total card income | (14,312) | (13,074) | (10,820) | |
Adjustment to credit card rewards liability | $ 330 | |||
Other card income | ||||
Schedule of Non interest Revenue [Line Items] | ||||
Total card income | $ (754) | $ (745) | $ (1,827) | |
Deferred revenues, recognition period | 12 months | |||
Minimum | ||||
Schedule of Non interest Revenue [Line Items] | ||||
Credit card revenue sharing agreement terms | 5 years | |||
Maximum | ||||
Schedule of Non interest Revenue [Line Items] | ||||
Credit card revenue sharing agreement terms | 10 years |
Noninterest Revenue and Nonin_8
Noninterest Revenue and Noninterest Expense - Components of Noninterest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noninterest Income (Expense) [Abstract] | |||
Legal expense/(benefit) | $ 239 | $ 72 | $ (35) |
FDIC-related expense | $ 457 | $ 1,239 | $ 1,492 |
Pension and Other Postretirem_3
Pension and Other Postretirement Employee Benefit Plans - Defined Benefit Pension Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Health care cost trend rate: | |||
Assumed for next year | 5.00% | 5.00% | |
Ultimate | 5.00% | 5.00% | |
Year when rate will reach ultimate | 2020 | 2019 | |
Overfunded Plan | |||
Change in plan assets | |||
Net funded status | $ 6,300,000,000 | $ 5,100,000,000 | |
Underfunded Plan | |||
Change in plan assets | |||
Net funded status | 618,000,000 | 547,000,000 | |
Non-U.S. | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 3,500,000,000 | ||
Fair value of plan assets, end of year | 4,000,000,000 | 3,500,000,000 | |
Accumulated benefit obligation, end of year | (3,800,000,000) | (3,300,000,000) | |
Defined benefit pension plans | |||
Change in benefit obligation | |||
Benefit obligation, beginning of year | (15,512,000,000) | (16,700,000,000) | |
Benefits earned during the year | (356,000,000) | (354,000,000) | $ (330,000,000) |
Interest cost on benefit obligations | (596,000,000) | (556,000,000) | (598,000,000) |
Plan amendments | (5,000,000) | (29,000,000) | |
Plan curtailment | 0 | 123,000,000 | |
Employee contributions | (8,000,000) | (7,000,000) | |
Net gain/(loss) | (1,296,000,000) | 938,000,000 | |
Benefits paid | 820,000,000 | 873,000,000 | |
Plan settlements | 0 | 15,000,000 | |
Foreign exchange impact and other | (116,000,000) | 185,000,000 | |
Benefit obligation, end of year | (17,069,000,000) | (15,512,000,000) | (16,700,000,000) |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 18,052,000,000 | 19,603,000,000 | |
Actual return on plan assets | 2,932,000,000 | (548,000,000) | |
Firm contributions | 80,000,000 | 75,000,000 | |
Employee contributions | 8,000,000 | 7,000,000 | |
Benefits paid | (820,000,000) | (873,000,000) | |
Plan settlements | 0 | (15,000,000) | |
Foreign exchange impact and other | 121,000,000 | (197,000,000) | |
Fair value of plan assets, end of year | 20,373,000,000 | 18,052,000,000 | 19,603,000,000 |
Net funded status | 3,304,000,000 | 2,540,000,000 | |
Accumulated benefit obligation, end of year | (17,047,000,000) | (15,494,000,000) | |
Pretax pension and OPEB amounts recorded in AOCI | |||
Net gain/(loss) | (2,260,000,000) | (3,134,000,000) | |
Prior service credit/(cost) | (26,000,000) | (23,000,000) | |
Accumulated other comprehensive income/(loss), pretax, end of year | (2,286,000,000) | (3,157,000,000) | |
Funded status of plan - supplemental information | |||
Plans with projected benefit obligation exceeding plan assets, projected benefit obligation | 1,500,000,000 | 885,000,000 | |
Plans with projected benefit obligation exceeding plan assets, fair value of plan assets | 1,300,000,000 | 762,000,000 | |
Plans with accumulated benefit obligation exceeding plan assets, accumulated benefit obligation | 1,400,000,000 | 1,300,000,000 | |
Plans with accumulated benefit obligation exceeding plan assets, fair value of plan assets | 885,000,000 | 762,000,000 | |
Defined benefit pension plans | Accrued receivables | |||
Funded status of plan - supplemental information | |||
Defined benefit plans, amounts not measured at fair value | 1,300,000,000 | 340,000,000 | |
Defined benefit pension plans | Accrued liabilities | |||
Funded status of plan - supplemental information | |||
Defined benefit plans, amounts not measured at fair value | $ 1,700,000,000 | $ 503,000,000 | |
Defined benefit pension plans | Minimum | |||
Weighted-average actuarial assumptions used to determine benefit obligations | |||
Discount rate | 0.20% | 0.60% | |
Rate of compensation increase | 2.25% | 2.25% | |
Interest crediting rate | 1.78% | 1.81% | |
Defined benefit pension plans | Maximum | |||
Weighted-average actuarial assumptions used to determine benefit obligations | |||
Discount rate | 3.30% | 4.30% | |
Rate of compensation increase | 3.00% | 3.00% | |
Interest crediting rate | 4.65% | 4.90% | |
Defined benefit pension plans | Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan, estimated future employer contributions in next fiscal year | $ 49,000,000 | ||
Defined benefit plan, contractually required future employer contributions in next fiscal year | 34,000,000 | ||
Defined benefit pension plans | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plan, estimated future employer contributions in next fiscal year | $ 0 | ||
Weighted-average actuarial assumptions used to determine benefit obligations | |||
Discount rate | 3.30% | 4.30% | |
Rate of compensation increase | 2.30% | ||
Interest crediting rate | 4.65% | 4.90% | |
OPEB plans | |||
Change in benefit obligation | |||
Benefit obligation, beginning of year | $ (612,000,000) | $ (684,000,000) | |
Benefits earned during the year | 0 | 0 | 0 |
Interest cost on benefit obligations | (24,000,000) | (24,000,000) | (28,000,000) |
Plan amendments | 0 | 0 | |
Plan curtailment | 0 | 0 | |
Employee contributions | (14,000,000) | (15,000,000) | |
Net gain/(loss) | (51,000,000) | 40,000,000 | |
Benefits paid | 67,000,000 | 69,000,000 | |
Plan settlements | 0 | 0 | |
Foreign exchange impact and other | (2,000,000) | 2,000,000 | |
Benefit obligation, end of year | (636,000,000) | (612,000,000) | (684,000,000) |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 2,633,000,000 | 2,757,000,000 | |
Actual return on plan assets | 454,000,000 | (28,000,000) | |
Firm contributions | 2,000,000 | 2,000,000 | |
Employee contributions | 14,000,000 | 15,000,000 | |
Benefits paid | (110,000,000) | (113,000,000) | |
Plan settlements | 0 | 0 | |
Foreign exchange impact and other | 0 | 0 | |
Fair value of plan assets, end of year | 2,993,000,000 | 2,633,000,000 | $ 2,757,000,000 |
Net funded status | 2,357,000,000 | 2,021,000,000 | |
Pretax pension and OPEB amounts recorded in AOCI | |||
Net gain/(loss) | 470,000,000 | 184,000,000 | |
Prior service credit/(cost) | 0 | 0 | |
Accumulated other comprehensive income/(loss), pretax, end of year | $ 470,000,000 | $ 184,000,000 | |
Weighted-average actuarial assumptions used to determine benefit obligations | |||
Discount rate | 3.20% | 4.20% | |
Health care cost trend rate: | |||
Ultimate | 5.00% | 5.00% | 5.00% |
Funded status of plan - supplemental information | |||
Plans with projected benefit obligation exceeding plan assets, projected benefit obligation | $ 43,000,000 | $ 26,000,000 | |
Plans with projected benefit obligation exceeding plan assets, fair value of plan assets | $ 0 | $ 0 |
Pension and Other Postretirem_4
Pension and Other Postretirement Employee Benefit Plans - Gains and Losses (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Defined benefit pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent above which amortization of net gains and losses is included in annual net periodic benefit cost | 10.00% |
OPEB plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent above which amortization of net gains and losses is included in annual net periodic benefit cost | 10.00% |
Average future service period | 11 years |
Period over which the firm uses a calculated value that recognizes changes in fair value to determine expected return on plan assets | 5 years |
U.S. | Defined benefit pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Average future service period | 8 years |
Average expected lifetime of plan participants | 38 years |
Pension and Other Postretirem_5
Pension and Other Postretirement Employee Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Health care cost trend rate | |||
Ultimate | 5.00% | 5.00% | |
Pension plans | |||
Components of net periodic benefit cost | |||
Benefits earned during the year | $ 356 | $ 354 | $ 330 |
Interest cost on benefit obligations | 596 | 556 | 598 |
Expected return on plan assets | (915) | (981) | (968) |
Amortization: | |||
Net (gain)/loss | 167 | 103 | 250 |
Prior service (credit)/cost | 3 | (23) | (36) |
Curtailment (gain)/loss | 0 | 21 | 0 |
Settlement (gain)/loss | 0 | 2 | 2 |
Net periodic defined benefit cost(a) | 207 | 32 | 176 |
Other defined benefit pension plans | 25 | 20 | 24 |
Total defined benefit plans | 232 | 52 | 200 |
Total defined contribution plans | 952 | 872 | 814 |
Total pension and OPEB cost included in noninterest expense | 1,184 | 924 | 1,014 |
Changes in plan assets and benefit obligations recognized in other comprehensive income | |||
Prior service (credit)/cost arising during the year | 5 | 29 | 0 |
Net (gain)/loss arising during the year | (719) | 467 | (669) |
Amortization of net loss | (167) | (103) | (250) |
Amortization of prior service (cost)/credit | (3) | 23 | 36 |
Curtailment gain/(loss) | 0 | (21) | 0 |
Settlement gain/(loss) | 0 | (2) | (2) |
Foreign exchange impact and other | 13 | (30) | 54 |
Total recognized in other comprehensive income | (871) | 363 | (831) |
Total recognized in net periodic benefit cost and other comprehensive income | $ (664) | $ 395 | $ (655) |
Pension plans | U.S. | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Rate of compensation increase | 2.30% | 2.30% | 2.30% |
Pension plans | Minimum | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 0.60% | 0.60% | 0.60% |
Expected long-term rate of return on plan assets | 0.00% | 0.70% | 0.70% |
Rate of compensation increase | 2.25% | 2.25% | 2.25% |
Interest crediting rate | 1.81% | 1.81% | 1.81% |
Pension plans | Maximum | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 4.30% | 4.50% | 4.30% |
Expected long-term rate of return on plan assets | 5.50% | 5.50% | 6.00% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Interest crediting rate | 4.90% | 4.90% | 4.90% |
OPEB plans | |||
Components of net periodic benefit cost | |||
Benefits earned during the year | $ 0 | $ 0 | $ 0 |
Interest cost on benefit obligations | 24 | 24 | 28 |
Expected return on plan assets | (112) | (103) | (97) |
Amortization: | |||
Net (gain)/loss | 0 | 0 | 0 |
Prior service (credit)/cost | 0 | 0 | 0 |
Curtailment (gain)/loss | 0 | 0 | 0 |
Settlement (gain)/loss | 0 | 0 | 0 |
Net periodic defined benefit cost(a) | (88) | (79) | (69) |
Total defined benefit plans | (88) | (79) | (69) |
Total pension and OPEB cost included in noninterest expense | (88) | (79) | (69) |
Changes in plan assets and benefit obligations recognized in other comprehensive income | |||
Prior service (credit)/cost arising during the year | 0 | 0 | 0 |
Net (gain)/loss arising during the year | (286) | 91 | (133) |
Amortization of net loss | 0 | 0 | 0 |
Amortization of prior service (cost)/credit | 0 | 0 | 0 |
Curtailment gain/(loss) | 0 | 0 | 0 |
Settlement gain/(loss) | 0 | 0 | 0 |
Foreign exchange impact and other | 0 | (4) | 0 |
Total recognized in other comprehensive income | (286) | 87 | (133) |
Total recognized in net periodic benefit cost and other comprehensive income | $ (374) | $ 8 | $ (202) |
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 4.20% | 3.70% | 4.20% |
Expected long-term rate of return on plan assets | 4.30% | 4.00% | 5.00% |
Health care cost trend rate | |||
Assumed for next year | 5.00% | 5.00% | 5.00% |
Ultimate | 5.00% | 5.00% | 5.00% |
Year when rate will reach ultimate | 2019 | 2018 | 2017 |
Pension and Other Postretirem_6
Pension and Other Postretirement Employee Benefit Plans - Plan Assumptions (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected decrease in expense due to increased discount rates | $ 69 |
U.S. | Defined benefit pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected long-term rate of return on plan assets | 4.00% |
U.S. | OPEB plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected long-term rate of return on plan assets | 4.11% |
Pension and Other Postretirem_7
Pension and Other Postretirement Employee Benefit Plans - Twenty-Five Basis Point Decrease Effects (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined benefit pension and OPEB plan expense | |
Expected long-term rate of return | $ 57 |
Discount rate | 6 |
Benefit obligation | |
Discount rate | $ 544 |
Pension and Other Postretirem_8
Pension and Other Postretirement Employee Benefit Plans - Investment Strategy and Weighted Average Asset Allocation (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Investments sponsored or managed by affiliates | $ 3.1 | $ 3.7 |
Defined benefit pension plans | ||
Asset class | ||
Asset Allocation | 100.00% | |
% of plan assets | 100.00% | 100.00% |
Defined benefit pension plans | Debt securities | ||
Asset class | ||
% of plan assets | 74.00% | 48.00% |
Defined benefit pension plans | Debt securities | Minimum | ||
Asset class | ||
Asset Allocation | 42.00% | |
Defined benefit pension plans | Debt securities | Maximum | ||
Asset class | ||
Asset Allocation | 100.00% | |
Defined benefit pension plans | Equity securities | ||
Asset class | ||
% of plan assets | 16.00% | 37.00% |
Defined benefit pension plans | Equity securities | Minimum | ||
Asset class | ||
Asset Allocation | 0.00% | |
Defined benefit pension plans | Equity securities | Maximum | ||
Asset class | ||
Asset Allocation | 40.00% | |
Defined benefit pension plans | Real estate | ||
Asset class | ||
% of plan assets | 1.00% | 2.00% |
Defined benefit pension plans | Real estate | Minimum | ||
Asset class | ||
Asset Allocation | 0.00% | |
Defined benefit pension plans | Real estate | Maximum | ||
Asset class | ||
Asset Allocation | 6.00% | |
Defined benefit pension plans | Alternatives | ||
Asset class | ||
% of plan assets | 9.00% | 13.00% |
Defined benefit pension plans | Alternatives | Minimum | ||
Asset class | ||
Asset Allocation | 0.00% | |
Defined benefit pension plans | Alternatives | Maximum | ||
Asset class | ||
Asset Allocation | 24.00% | |
OPEB plans | ||
Asset class | ||
Asset Allocation | 100.00% | |
% of plan assets | 100.00% | 100.00% |
OPEB plans | Debt securities | ||
Asset class | ||
% of plan assets | 60.00% | 61.00% |
OPEB plans | Debt securities | Minimum | ||
Asset class | ||
Asset Allocation | 30.00% | |
OPEB plans | Debt securities | Maximum | ||
Asset class | ||
Asset Allocation | 70.00% | |
OPEB plans | Equity securities | ||
Asset class | ||
% of plan assets | 40.00% | 39.00% |
OPEB plans | Equity securities | Minimum | ||
Asset class | ||
Asset Allocation | 30.00% | |
OPEB plans | Equity securities | Maximum | ||
Asset class | ||
Asset Allocation | 70.00% | |
OPEB plans | Real estate | ||
Asset class | ||
Asset Allocation | 0.00% | |
% of plan assets | 0.00% | 0.00% |
OPEB plans | Alternatives | ||
Asset class | ||
Asset Allocation | 0.00% | |
% of plan assets | 0.00% | 0.00% |
Pension and Other Postretirem_9
Pension and Other Postretirement Employee Benefit Plans - Plan Assets and Liabilities Measured At Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined benefit pension plans | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | $ 20,373 | $ 18,052 | $ 19,603 |
Pension and OPEB plan assets and liabilities - supplemental information | |||
Unfunded commitments to purchase limited partnership investments for the plan | 451 | 521 | |
Excluded amount of receivables for investments sold and dividends and interest receivables | 1,300 | 340 | |
Excluded amount of payables for investments purchased | 1,700 | 479 | |
Excluded amount of other liabilities | 25 | 24 | |
Defined benefit pension plans | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 16,495 | 13,295 | |
Total liabilities measured at fair value | (118) | (96) | |
Defined benefit pension plans | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 6,738 | 8,044 | |
Total liabilities measured at fair value | 0 | 0 | |
Defined benefit pension plans | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 9,499 | 4,941 | |
Total liabilities measured at fair value | (118) | (96) | |
Defined benefit pension plans | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 258 | 310 | |
Total liabilities measured at fair value | 0 | 0 | |
Defined benefit pension plans | Level 3 | U.S. | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 258 | 310 | 310 |
Defined benefit pension plans | Certain investments measured at fair value using net asset value per share as practical expedient | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 4,400 | 5,000 | |
Defined benefit pension plans | Derivative payables | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total liabilities measured at fair value | (118) | (96) | |
Defined benefit pension plans | Derivative payables | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total liabilities measured at fair value | 0 | 0 | |
Defined benefit pension plans | Derivative payables | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total liabilities measured at fair value | (118) | (96) | |
Defined benefit pension plans | Derivative payables | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total liabilities measured at fair value | 0 | 0 | |
Defined benefit pension plans | Cash and cash equivalents | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 158 | 344 | |
Defined benefit pension plans | Cash and cash equivalents | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 157 | 343 | |
Defined benefit pension plans | Cash and cash equivalents | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 1 | 1 | |
Defined benefit pension plans | Cash and cash equivalents | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 0 | 0 | |
Defined benefit pension plans | Equity securities | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 3,426 | 5,506 | |
Defined benefit pension plans | Equity securities | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 3,240 | 5,342 | |
Defined benefit pension plans | Equity securities | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 184 | 162 | |
Defined benefit pension plans | Equity securities | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 2 | 2 | |
Defined benefit pension plans | Collective investment funds | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 265 | 161 | |
Defined benefit pension plans | Collective investment funds | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 265 | 161 | |
Defined benefit pension plans | Collective investment funds | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 0 | 0 | |
Defined benefit pension plans | Collective investment funds | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 0 | 0 | |
Defined benefit pension plans | Limited partnerships | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 187 | 40 | |
Defined benefit pension plans | Limited partnerships | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 187 | 40 | |
Defined benefit pension plans | Limited partnerships | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 0 | 0 | |
Defined benefit pension plans | Limited partnerships | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 0 | 0 | |
Defined benefit pension plans | Corporate debt securities | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 7,092 | 3,543 | |
Defined benefit pension plans | Corporate debt securities | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 0 | 0 | |
Defined benefit pension plans | Corporate debt securities | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 7,090 | 3,540 | |
Defined benefit pension plans | Corporate debt securities | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 2 | 3 | |
Defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 2,844 | 1,934 | |
Defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 1,790 | 1,191 | |
Defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 1,054 | 743 | |
Defined benefit pension plans | U.S. federal, state, local and non-U.S. government debt securities | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 0 | 0 | |
Defined benefit pension plans | Mortgage-backed securities | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 1,019 | 357 | |
Defined benefit pension plans | Mortgage-backed securities | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 314 | 82 | |
Defined benefit pension plans | Mortgage-backed securities | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 701 | 272 | |
Defined benefit pension plans | Mortgage-backed securities | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 4 | 3 | |
Defined benefit pension plans | Derivative receivables | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 337 | 143 | |
Defined benefit pension plans | Derivative receivables | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 0 | 0 | |
Defined benefit pension plans | Derivative receivables | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 337 | 143 | |
Defined benefit pension plans | Derivative receivables | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 0 | 0 | |
Defined benefit pension plans | Other | Total fair value | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 1,167 | 1,267 | |
Defined benefit pension plans | Other | Level 1 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 785 | 885 | |
Defined benefit pension plans | Other | Level 2 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 132 | 80 | |
Defined benefit pension plans | Other | Level 3 | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 250 | 302 | |
OPEB plans | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 2,993 | 2,633 | 2,757 |
OPEB plans | Level 3 | U.S. | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 2,431 | 2,072 | $ 2,157 |
OPEB plans | Cash and Cash Equivalents, Corporate Debt Securities, U.S. Federal, State, Local and Non-U.S. Government Debt Securities and Other Assets | U.S. | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | 562 | 561 | |
OPEB plans | COLI Policies | U.S. | |||
Pension and OPEB plan assets and liabilities measured at fair value | |||
Total assets measured at fair value | $ 2,400 | $ 2,100 |
Pension and Other Postretire_10
Pension and Other Postretirement Employee Benefit Plans - Changes In Level 3 Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined benefit pension plans | ||
Changes in level 3 fair value measurements using significant unobservable inputs | ||
Fair value of plan assets, beginning of year | $ 18,052 | $ 19,603 |
Fair value of plan assets, end of year | 20,373 | 18,052 |
OPEB plans | ||
Changes in level 3 fair value measurements using significant unobservable inputs | ||
Fair value of plan assets, beginning of year | 2,633 | 2,757 |
Fair value of plan assets, end of year | 2,993 | 2,633 |
Level 3 | Defined benefit pension plans | ||
Changes in level 3 fair value measurements using significant unobservable inputs | ||
Fair value of plan assets, beginning of year | 310 | |
Fair value of plan assets, end of year | 258 | 310 |
Level 3 | Defined benefit pension plans | U.S. | ||
Changes in level 3 fair value measurements using significant unobservable inputs | ||
Fair value of plan assets, beginning of year | 310 | 310 |
Actual return on plan assets, Realized gains/(losses) | 0 | 0 |
Actual return on plan assets, Unrealized gains/(losses) | 31 | 0 |
Purchases, sales and settlements, net | (85) | (1) |
Transfers in and/or out of level 3 | 2 | 1 |
Fair value of plan assets, end of year | 258 | 310 |
Level 3 | OPEB plans | U.S. | ||
Changes in level 3 fair value measurements using significant unobservable inputs | ||
Fair value of plan assets, beginning of year | 2,072 | 2,157 |
Actual return on plan assets, Realized gains/(losses) | 0 | 0 |
Actual return on plan assets, Unrealized gains/(losses) | 401 | (42) |
Purchases, sales and settlements, net | (42) | (43) |
Transfers in and/or out of level 3 | 0 | 0 |
Fair value of plan assets, end of year | $ 2,431 | $ 2,072 |
Pension and Other Postretire_11
Pension and Other Postretirement Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Defined benefit pension plans | |
Defined benefit pension and OPEB before Medicare | |
2020 | $ 1,030 |
2021 | 1,020 |
2022 | 1,020 |
2023 | 980 |
2024 | 970 |
Years 2025–2029 | 4,613 |
OPEB plans | |
Defined benefit pension and OPEB before Medicare | |
2020 | 59 |
2021 | 57 |
2022 | 54 |
2023 | 52 |
2024 | 50 |
Years 2025–2029 | 211 |
Medicare Part D subsidy | |
2020 | 1 |
2021 | 1 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Years 2025–2029 | $ 1 |
Employee Share-Based Incentiv_3
Employee Share-Based Incentives - Employee Share-Based Awards (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2019shares | |
Long-Term Incentive Plan | |
Employee stock-based awards general disclosures | |
Shares of common stock available for issuance (in shares) | 75 |
PSUs | |
Employee stock-based awards general disclosures | |
Award vesting period | 3 years |
Holding period | 2 years |
PSUs | Minimum | |
Employee stock-based awards general disclosures | |
Award vesting percentage | 0.00% |
Combined vesting and holding period | 5 years |
PSUs | Maximum | |
Employee stock-based awards general disclosures | |
Award vesting percentage | 150.00% |
Combined vesting and holding period | 8 years |
Stock Appreciation Rights (SARs) | |
Employee stock-based awards general disclosures | |
Award expiration period | 10 years |
1st 50% | RSUs | |
Employee stock-based awards general disclosures | |
Award vesting period | 2 years |
Award vesting percentage | 50.00% |
2nd 50% | RSUs | |
Employee stock-based awards general disclosures | |
Award vesting period | 3 years |
Award vesting percentage | 50.00% |
Employee Share-Based Incentiv_4
Employee Share-Based Incentives - RSUs, PSUs, Employee SARS and Stock Options Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RSUs/PSUs | |||
RSUs/PSUs Number of Units: | |||
Outstanding, January 1 (in shares) | 58,809 | ||
Granted (in shares) | 23,811 | ||
Exercised or vested (in shares) | (28,754) | ||
Forfeited (in shares) | (1,627) | ||
Outstanding, December 31 (in shares) | 52,239 | 58,809 | |
RSUs/PSUs Weighted-Average Grant Date Fair Value: | |||
Outstanding, January 1 (in dollars per share) | $ 85.04 | ||
Granted (in dollars per share) | 99.79 | ||
Exercised or vested (in dollars per share) | 69.98 | ||
Forfeited (in dollars per share) | 98.58 | ||
Outstanding, December 31 (in dollars per share) | $ 99.62 | $ 85.04 | |
SARs/Options | |||
Options/SARs Number of Awards: | |||
Outstanding, January 1 (in shares) | 12,463 | ||
Granted (in shares) | 18 | ||
Exercised or vested (in shares) | (6,923) | ||
Forfeited (in shares) | 0 | ||
Canceled (in shares) | (31) | ||
Outstanding, December 31 (in shares) | 5,527 | 12,463 | |
Exercisable, December 31 (in shares) | 5,522 | ||
Options/SARs Weighted-Average Exercise Price: | |||
Outstanding, January 1 (in dollars per share) | $ 41.46 | ||
Granted (in dollars per share) | 111.01 | ||
Exercised or vested (in dollars per share) | 41.50 | ||
Forfeited (in dollars per share) | 0 | ||
Canceled (in dollars per share) | 89.71 | ||
Outstanding, December 31 (in dollars per share) | 41.36 | $ 41.46 | |
Exercisable, December 31 (in dollars per share) | $ 41.29 | ||
Weighted-average remaining contractual life, Outstanding | 1 year 10 months 24 days | ||
Weighted-average remaining contractual life, Exercisable | 1 year 10 months 24 days | ||
Aggregate intrinsic value, Outstanding | $ 539,071 | ||
Aggregate intrinsic value, Exercisable | 538,971 | ||
RSUs | |||
Options/SARs Weighted-Average Exercise Price: | |||
Total fair value of RSUs that vested | 2,900,000 | $ 3,600,000 | $ 2,900,000 |
Stock options | |||
Options/SARs Weighted-Average Exercise Price: | |||
Total intrinsic value of options exercised | $ 503,000 | $ 370,000 | $ 651,000 |
Employee Share-Based Incentiv_5
Employee Share-Based Incentives - Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noncash compensation expense related to employee stock-based incentive plans | |||
Cost of prior grants of RSUs, PSUs, SARs and employee stock options that are amortized over their applicable vesting periods | $ 1,141 | $ 1,241 | $ 1,125 |
Accrual of estimated costs of share-based awards to be granted in future periods including those to full-career eligible employees | 1,115 | 1,081 | 945 |
Total noncash compensation expense related to employee share-based incentive plans | 2,256 | $ 2,322 | $ 2,070 |
Compensation cost related to unvested awards not charged to net income | $ 693 | ||
Weighted-average period for cost expected to be amortized into compensation expense | 1 year 7 months 6 days |
Employee Share-Based Incentiv_6
Employee Share-Based Incentives - Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Tax benefit from compensation expense | $ 895 | $ 1,100 | $ 1,000 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Billions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Amount of collateralized loan obligations transferred from AFS to HTM for capital management purposes | $ 6.2 |
Investment Securities - Amortiz
Investment Securities - Amortized Costs, Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale securities | ||
Amortized cost | $ 345,306 | $ 228,769 |
Gross unrealized gains | 5,771 | 3,168 |
Gross unrealized losses | 378 | 1,543 |
Fair value | 350,699 | 230,394 |
Held-to-maturity securities | ||
Amortized cost | 47,540 | 31,434 |
Gross unrealized gains | 1,464 | 239 |
Gross unrealized losses | 63 | 215 |
Fair value | 48,941 | 31,458 |
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Amortized cost | 392,846 | 260,203 |
Gross unrealized gains | 7,235 | 3,407 |
Gross unrealized losses | 441 | 1,758 |
Fair value | 399,640 | 261,852 |
Total mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost | 125,648 | 84,190 |
Gross unrealized gains | 2,756 | 788 |
Gross unrealized losses | 109 | 1,158 |
Fair value | 128,295 | 83,820 |
Held-to-maturity securities | ||
Amortized cost | 36,523 | 26,610 |
Gross unrealized gains | 1,165 | 134 |
Gross unrealized losses | 62 | 200 |
Fair value | 37,626 | 26,544 |
Total mortgage-backed securities | Fannie Mae | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities exceeding 10% of total stockholders' equity, Amortized cost | 69,400 | |
Securities exceeding 10% of total stockholders' equity, Fair value | 71,400 | |
Total mortgage-backed securities | Freddie Mac | ||
Debt Securities, Available-for-sale and Held-to-maturity [Abstract] | ||
Securities exceeding 10% of total stockholders' equity, Amortized cost | 38,700 | |
Securities exceeding 10% of total stockholders' equity, Fair value | 39,600 | |
U.S. GSEs and government agencies | ||
Available-for-sale securities | ||
Amortized cost | 107,811 | 69,026 |
Gross unrealized gains | 2,395 | 594 |
Gross unrealized losses | 89 | 974 |
Fair value | 110,117 | 68,646 |
Held-to-maturity securities | ||
Amortized cost | 36,523 | 26,610 |
Gross unrealized gains | 1,165 | 134 |
Gross unrealized losses | 62 | 200 |
Fair value | 37,626 | 26,544 |
Residential: U.S. | ||
Available-for-sale securities | ||
Amortized cost | 10,223 | 5,877 |
Gross unrealized gains | 233 | 79 |
Gross unrealized losses | 6 | 31 |
Fair value | 10,450 | 5,925 |
Residential: Non-U.S. | ||
Available-for-sale securities | ||
Amortized cost | 2,477 | 2,529 |
Gross unrealized gains | 64 | 72 |
Gross unrealized losses | 1 | 6 |
Fair value | 2,540 | 2,595 |
Commercial | ||
Available-for-sale securities | ||
Amortized cost | 5,137 | 6,758 |
Gross unrealized gains | 64 | 43 |
Gross unrealized losses | 13 | 147 |
Fair value | 5,188 | 6,654 |
U.S. Treasury and government agencies | ||
Available-for-sale securities | ||
Amortized cost | 139,162 | 55,771 |
Gross unrealized gains | 449 | 366 |
Gross unrealized losses | 175 | 78 |
Fair value | 139,436 | 56,059 |
Held-to-maturity securities | ||
Amortized cost | 51 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 1 | 0 |
Fair value | 50 | 0 |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities | ||
Amortized cost | 27,693 | 36,221 |
Gross unrealized gains | 2,118 | 1,582 |
Gross unrealized losses | 1 | 80 |
Fair value | 29,810 | 37,723 |
Held-to-maturity securities | ||
Amortized cost | 4,797 | 4,824 |
Gross unrealized gains | 299 | 105 |
Gross unrealized losses | 0 | 15 |
Fair value | 5,096 | 4,914 |
Certificates of deposit | ||
Available-for-sale securities | ||
Amortized cost | 77 | 75 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 77 | 75 |
Non-U.S. government debt securities | ||
Available-for-sale securities | ||
Amortized cost | 21,427 | 23,771 |
Gross unrealized gains | 377 | 351 |
Gross unrealized losses | 17 | 20 |
Fair value | 21,787 | 24,102 |
Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost | 823 | 1,904 |
Gross unrealized gains | 22 | 23 |
Gross unrealized losses | 0 | 9 |
Fair value | 845 | 1,918 |
Asset-backed securities: Collateralized loan obligations | ||
Available-for-sale securities | ||
Amortized cost | 25,038 | 19,612 |
Gross unrealized gains | 9 | 1 |
Gross unrealized losses | 56 | 176 |
Fair value | 24,991 | 19,437 |
Held-to-maturity securities | ||
Amortized cost | 6,169 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 6,169 | 0 |
Asset-backed securities: Other | ||
Available-for-sale securities | ||
Amortized cost | 5,438 | 7,225 |
Gross unrealized gains | 40 | 57 |
Gross unrealized losses | 20 | 22 |
Fair value | 5,458 | 7,260 |
US GSE obligations | ||
Available-for-sale securities | ||
Fair value | 78,500 | 50,700 |
Held-to-maturity securities | ||
Amortized cost | $ 31,600 | $ 20,900 |
Investment Securities - Continu
Investment Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale securities | ||
Less than 12 months, Fair value | $ 58,577 | $ 50,325 |
Less than 12 months, Gross unrealized losses | 247 | 550 |
12 months or more, Fair value | 19,710 | 36,706 |
12 months or more, Gross unrealized losses | 131 | 993 |
Total fair value | 78,287 | 87,031 |
Total gross unrealized losses | 378 | 1,543 |
Held-to-maturity securities | ||
Less than 12 months, Fair value | 8,657 | 4,397 |
Less than 12 months, Gross unrealized losses | 63 | 23 |
12 months or more, Fair value | 1,456 | 8,196 |
12 months or more, Gross unrealized losses | 0 | 192 |
Total fair value | 10,113 | 12,593 |
Total gross unrealized losses | 63 | 215 |
Total investment securities with gross unrealized losses | ||
Less than 12 months, Fair value | 67,234 | 54,722 |
Less than 12 months, Gross unrealized losses | 310 | 573 |
12 months or more, Fair value | 21,166 | 44,902 |
12 months or more, Gross unrealized losses | 131 | 1,185 |
Total fair value | 88,400 | 99,624 |
Total gross unrealized losses | 441 | 1,758 |
Total mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 19,338 | 20,160 |
Less than 12 months, Gross unrealized losses | 68 | 333 |
12 months or more, Fair value | 4,100 | 27,510 |
12 months or more, Gross unrealized losses | 41 | 825 |
Total fair value | 23,438 | 47,670 |
Total gross unrealized losses | 109 | 1,158 |
Held-to-maturity securities | ||
Less than 12 months, Fair value | 5,186 | 4,385 |
Less than 12 months, Gross unrealized losses | 62 | 23 |
12 months or more, Fair value | 81 | 7,082 |
12 months or more, Gross unrealized losses | 0 | 177 |
Total fair value | 5,267 | 11,467 |
Total gross unrealized losses | 62 | 200 |
U.S. GSEs and government agencies | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 16,966 | 17,656 |
Less than 12 months, Gross unrealized losses | 53 | 318 |
12 months or more, Fair value | 3,058 | 22,728 |
12 months or more, Gross unrealized losses | 36 | 656 |
Total fair value | 20,024 | 40,384 |
Total gross unrealized losses | 89 | 974 |
Held-to-maturity securities | ||
Less than 12 months, Fair value | 5,186 | 4,385 |
Less than 12 months, Gross unrealized losses | 62 | 23 |
12 months or more, Fair value | 81 | 7,082 |
12 months or more, Gross unrealized losses | 0 | 177 |
Total fair value | 5,267 | 11,467 |
Total gross unrealized losses | 62 | 200 |
Residential: U.S. | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 1,072 | 623 |
Less than 12 months, Gross unrealized losses | 3 | 4 |
12 months or more, Fair value | 423 | 1,445 |
12 months or more, Gross unrealized losses | 3 | 27 |
Total fair value | 1,495 | 2,068 |
Total gross unrealized losses | 6 | 31 |
Residential: Non-U.S. | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 13 | 907 |
Less than 12 months, Gross unrealized losses | 0 | 5 |
12 months or more, Fair value | 420 | 165 |
12 months or more, Gross unrealized losses | 1 | 1 |
Total fair value | 433 | 1,072 |
Total gross unrealized losses | 1 | 6 |
Commercial | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 1,287 | 974 |
Less than 12 months, Gross unrealized losses | 12 | 6 |
12 months or more, Fair value | 199 | 3,172 |
12 months or more, Gross unrealized losses | 1 | 141 |
Total fair value | 1,486 | 4,146 |
Total gross unrealized losses | 13 | 147 |
U.S. Treasury and government agencies | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 23,003 | 4,792 |
Less than 12 months, Gross unrealized losses | 145 | 7 |
12 months or more, Fair value | 5,695 | 2,391 |
12 months or more, Gross unrealized losses | 30 | 71 |
Total fair value | 28,698 | 7,183 |
Total gross unrealized losses | 175 | 78 |
Held-to-maturity securities | ||
Less than 12 months, Fair value | 50 | |
Less than 12 months, Gross unrealized losses | 1 | |
12 months or more, Fair value | 0 | |
12 months or more, Gross unrealized losses | 0 | |
Total fair value | 50 | |
Total gross unrealized losses | 1 | |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 186 | 1,808 |
Less than 12 months, Gross unrealized losses | 1 | 15 |
12 months or more, Fair value | 0 | 2,477 |
12 months or more, Gross unrealized losses | 0 | 65 |
Total fair value | 186 | 4,285 |
Total gross unrealized losses | 1 | 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 | 77 | 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 | 77 | 75 |
Total gross unrealized losses | 0 | 0 |
Non-U.S. government debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 3,970 | 3,123 |
Less than 12 months, Gross unrealized losses | 13 | 5 |
12 months or more, Fair value | 1,406 | 1,937 |
12 months or more, Gross unrealized losses | 4 | 15 |
Total fair value | 5,376 | 5,060 |
Total gross unrealized losses | 17 | 20 |
Corporate debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 0 | 478 |
Less than 12 months, Gross unrealized losses | 0 | 8 |
12 months or more, Fair value | 0 | 37 |
12 months or more, Gross unrealized losses | 0 | 1 |
Total fair value | 0 | 515 |
Total gross unrealized losses | 0 | 9 |
Asset-backed securities: Collateralized loan obligations | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 10,364 | 18,681 |
Less than 12 months, Gross unrealized losses | 11 | 176 |
12 months or more, Fair value | 7,756 | 0 |
12 months or more, Gross unrealized losses | 45 | 0 |
Total fair value | 18,120 | 18,681 |
Total gross unrealized losses | 56 | 176 |
Held-to-maturity securities | ||
Less than 12 months, Fair value | 3,421 | |
Less than 12 months, Gross unrealized losses | 0 | |
12 months or more, Fair value | 1,375 | |
12 months or more, Gross unrealized losses | 0 | |
Total fair value | 4,796 | |
Total gross unrealized losses | 0 | |
Asset-backed securities: Other | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 1,639 | 1,208 |
Less than 12 months, Gross unrealized losses | 9 | 6 |
12 months or more, Fair value | 753 | 2,354 |
12 months or more, Gross unrealized losses | 11 | 16 |
Total fair value | 2,392 | 3,562 |
Total gross unrealized losses | $ 20 | $ 22 |
Investment Securities - Realize
Investment Securities - Realized Gain (Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Securities gains and losses | |||
Realized gains | $ 650,000,000 | $ 211,000,000 | $ 1,013,000,000 |
Realized losses | (392,000,000) | (606,000,000) | (1,072,000,000) |
OTTI losses | 0 | 0 | (7,000,000) |
Net investment securities gains/(losses) | 258,000,000 | (395,000,000) | (66,000,000) |
Other than temporary impairment losses investments portion previously recognized in earnings intends to sell net | $ 22,000,000 | $ 6,000,000 | |
Credit-related losses recognized in income | |||
Securities gains and losses | |||
OTTI losses | $ 0 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost, Fair Value, by Contract Maturity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 17,782 | |
Due after one year through five years | 107,158 | |
Due after five years through 10 years | 48,745 | |
Due after 10 years | 171,621 | |
Amortized cost | 345,306 | $ 228,769 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 17,808 | |
Due after one year through five years | 107,655 | |
Due after five years through 10 years | 49,184 | |
Due after 10 years | 176,052 | |
Fair value | $ 350,699 | 230,394 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 1.99% | |
Due after one year through five years | 1.87% | |
Due after five years through 10 years | 2.27% | |
Due after 10 years | 3.47% | |
Average yield | 2.73% | |
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 | 11,245 | |
Due after 10 years | 36,244 | |
Amortized cost | 47,540 | 31,434 |
Held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 50 | |
Due after five years through 10 years | 11,516 | |
Due after 10 years | 37,375 | |
Fair value | $ 48,941 | 31,458 |
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 | 3.13% | |
Due after 10 years | 3.23% | |
Average yield | 3.20% | |
Supplemental information | ||
US government agencies and US government sponsored enterprises residential mortgage-backed securities estimated duration | 6 years | |
US government agencies and US government sponsored enterprises residential collateralized mortgage obligations estimated duration | 3 years | |
Non-agency 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 | $ 1 | |
Due after one year through five years | 58 | |
Due after five years through 10 years | 11,073 | |
Due after 10 years | 114,516 | |
Amortized cost | 125,648 | 84,190 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 1 | |
Due after one year through five years | 58 | |
Due after five years through 10 years | 11,251 | |
Due after 10 years | 116,985 | |
Fair value | $ 128,295 | 83,820 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 1.99% | |
Due after one year through five years | 2.78% | |
Due after five years through 10 years | 2.76% | |
Due after 10 years | 3.40% | |
Average yield | 3.34% | |
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 | 5,850 | |
Due after 10 years | 30,673 | |
Amortized cost | 36,523 | 26,610 |
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 | 6,114 | |
Due after 10 years | 31,512 | |
Fair value | $ 37,626 | 26,544 |
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 | 3.06% | |
Due after 10 years | 3.10% | |
Average yield | 3.10% | |
U.S. Treasury and government agencies | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 10,687 | |
Due after one year through five years | 92,805 | |
Due after five years through 10 years | 26,353 | |
Due after 10 years | 9,317 | |
Amortized cost | 139,162 | 55,771 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 10,700 | |
Due after one year through five years | 93,039 | |
Due after five years through 10 years | 26,446 | |
Due after 10 years | 9,251 | |
Fair value | $ 139,436 | 56,059 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 1.82% | |
Due after one year through five years | 1.84% | |
Due after five years through 10 years | 1.90% | |
Due after 10 years | 1.98% | |
Average yield | 1.86% | |
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 |
Held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 50 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Fair value | $ 50 | 0 |
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 | $ 123 | |
Due after one year through five years | 193 | |
Due after five years through 10 years | 825 | |
Due after 10 years | 26,552 | |
Amortized cost | 27,693 | 36,221 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 124 | |
Due after one year through five years | 202 | |
Due after five years through 10 years | 883 | |
Due after 10 years | 28,601 | |
Fair value | $ 29,810 | 37,723 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 4.13% | |
Due after one year through five years | 4.68% | |
Due after five years through 10 years | 5.28% | |
Due after 10 years | 4.86% | |
Average yield | 4.87% | |
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 | 99 | |
Due after 10 years | 4,698 | |
Amortized cost | 4,797 | 4,824 |
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 | 106 | |
Due after 10 years | 4,990 | |
Fair value | $ 5,096 | 4,914 |
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 | 3.91% | |
Due after 10 years | 4.04% | |
Average yield | 4.04% | |
Certificates of deposit | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 77 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Amortized cost | 77 | 75 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 77 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 0 | |
Due after 10 years | 0 | |
Fair value | $ 77 | 75 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0.50% | |
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 | 0.50% | |
Non-U.S. government debt securities | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 6,672 | |
Due after one year through five years | 11,544 | |
Due after five years through 10 years | 2,898 | |
Due after 10 years | 313 | |
Amortized cost | 21,427 | 23,771 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 6,682 | |
Due after one year through five years | 11,791 | |
Due after five years through 10 years | 3,001 | |
Due after 10 years | 313 | |
Fair value | $ 21,787 | 24,102 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 2.17% | |
Due after one year through five years | 1.84% | |
Due after five years through 10 years | 1.29% | |
Due after 10 years | 1.67% | |
Average yield | 1.87% | |
Corporate debt securities | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 205 | |
Due after one year through five years | 206 | |
Due after five years through 10 years | 412 | |
Due after 10 years | 0 | |
Amortized cost | 823 | 1,904 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 207 | |
Due after one year through five years | 212 | |
Due after five years through 10 years | 426 | |
Due after 10 years | 0 | |
Fair value | $ 845 | $ 1,918 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 4.49% | |
Due after one year through five years | 4.14% | |
Due after five years through 10 years | 3.50% | |
Due after 10 years | 0.00% | |
Average yield | 3.91% | |
Asset-backed securities | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 17 | |
Due after one year through five years | 2,352 | |
Due after five years through 10 years | 7,184 | |
Due after 10 years | 20,923 | |
Amortized cost | 30,476 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 17 | |
Due after one year through five years | 2,353 | |
Due after five years through 10 years | 7,177 | |
Due after 10 years | 20,902 | |
Fair value | $ 30,449 | |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0.62% | |
Due after one year through five years | 2.78% | |
Due after five years through 10 years | 2.86% | |
Due after 10 years | 2.77% | |
Average yield | 2.79% | |
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 | 5,296 | |
Due after 10 years | 873 | |
Amortized cost | 6,169 | |
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 | 5,296 | |
Due after 10 years | 873 | |
Fair value | $ 6,169 | |
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 | 3.19% | |
Due after 10 years | 3.11% | |
Average yield | 3.18% |
Securities Financing Activiti_3
Securities Financing Activities - Schedule of securities purchased under resale agreements, netting & securities borrowed (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Securities purchased under resale agreements, Gross amounts | $ 628,609 | $ 691,116 |
Securities purchased under resale agreements, Amounts netted on the Consolidated balance sheets | (379,463) | (369,612) |
Securities purchased under resale agreements, Amounts presented on the Consolidated balance sheets | 249,146 | 321,504 |
Securities purchased under resale agreements, Amounts not nettable on the Consolidated balance sheets | (233,818) | (308,854) |
Securities purchased under resale agreements, Net amounts | 15,328 | 12,650 |
Securities borrowed, Gross amounts | 166,718 | 132,955 |
Securities borrowed, Amounts netted on the Consolidated balance sheets | (26,960) | (20,960) |
Securities borrowed, Amounts presented on the Consolidated balance sheets | 139,758 | 111,995 |
Securities borrowed, Amounts not nettable on the Consolidated balance sheets | (104,990) | (79,747) |
Securities borrowed, Net amounts | 34,768 | 32,248 |
Liabilities | ||
Securities sold under repurchase agreements, Gross amounts | 555,172 | 541,587 |
Securities sold under repurchase agreements, Amounts netted on the Consolidated balance sheets | (379,463) | (369,612) |
Securities sold under repurchase agreements, Amounts presented on the Consolidated balance sheets | 175,709 | 171,975 |
Securities sold under repurchase agreements, Amounts not nettable on the Consolidated balance sheets | (151,566) | (149,125) |
Securities sold under repurchase agreements, Net amounts | 24,143 | 22,850 |
Securities loaned and other, Gross amounts | 36,649 | 33,700 |
Securities loaned and other, Amounts netted on the Consolidated balance sheets | (26,960) | (20,960) |
Securities loaned and other, Amounts presented in the Consolidated balance sheets | 9,689 | 12,740 |
Securities loaned and other, Amounts not nettable on the Consolidated balance sheets | (9,654) | (12,358) |
Securities loaned and other, Net amounts | 35 | 382 |
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained, Gross asset balance | 11,000 | 7,900 |
Securities borrowed where an appropriate legal opinion has not been either sought or obtained | 31,900 | 30,300 |
Securities sold under agreements to repurchase | 22,700 | 21,500 |
Securities loaned and other | 7 | 25 |
Securities-For-Securities | ||
Liabilities | ||
Securities loaned and other, Amounts presented in the Consolidated balance sheets | $ 3,700 | $ 3,300 |
Securities Financing Activiti_4
Securities Financing Activities - Schedule of secured financing transactions by assets pledged & remaining maturity (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | $ 555,172 | $ 541,587 |
Securities loaned and other | 36,649 | 33,700 |
Overnight and continuous | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 225,134 | 247,579 |
Securities loaned and other | 32,028 | 28,402 |
Up to 30 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 199,870 | 174,971 |
Securities loaned and other | 1,706 | 997 |
30 – 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 57,305 | 71,637 |
Securities loaned and other | 937 | 2,132 |
Greater than 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 72,863 | 47,400 |
Securities loaned and other | 1,978 | 2,169 |
Mortgage-backed securities, U.S. GSEs and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 34,119 | 34,311 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Residential - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,239 | 2,165 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Commercial - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,612 | 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 | 334,398 | 317,578 |
Securities loaned and other | 29 | 69 |
Obligations of U.S. states and municipalities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,181 | 1,150 |
Securities loaned and other | 0 | 0 |
Non-U.S. government debt | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 145,548 | 154,900 |
Securities loaned and other | 1,528 | 4,313 |
Corporate debt securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 13,826 | 13,898 |
Securities loaned and other | 1,580 | 428 |
Asset-backed securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,794 | 3,867 |
Securities loaned and other | 0 | 0 |
Equity securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 21,455 | 12,328 |
Securities loaned and other | $ 33,512 | $ 28,890 |
Securities Financing Activiti_5
Securities Financing Activities - Schedule of transfers not qualifying for sale accounting (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities Financing Transactions Disclosures [Abstract] | ||
Transfers not qualifying for sale accounting | $ 743 | $ 2,100 |
Loans - Narrative and Balances
Loans - Narrative and Balances By Portfolio Segment (Details) | 12 Months Ended |
Dec. 31, 2019loan_paymentloan_segment | |
Loans and Leases Receivable Disclosure [Line Items] | |
Number of portfolio segments | loan_segment | 3 |
Consumer, excluding credit card | Minimum | |
Loans and Leases Receivable Disclosure [Line Items] | |
Number of payments under modified terms to recognize interest on cash basis | loan_payment | 6 |
Consumer, excluding credit card | 90 or more days past due | |
Loans and Leases Receivable Disclosure [Line Items] | |
Period past due, credit analysis factors, charge off criteria | 90 days |
Consumer, excluding credit card | 30 or more days past due | |
Loans and Leases Receivable Disclosure [Line Items] | |
Period past due, credit analysis factors, charge off criteria | 30 days |
Residential real estate loans and non-modified credit card loans | 180 or more days past due | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans, charge-off criteria, period past due | 180 days |
Auto and modified credit card loans | 120 or more, days past due | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans, charge-off criteria, period past due | 120 days |
Residential real estate and auto loans | Less than 60 days until charge-off | |
Loans and Leases Receivable Disclosure [Line Items] | |
Period past due, credit analysis factors, charge off criteria | 60 days |
Residential mortgage | |
Loans and Leases Receivable Disclosure [Line Items] | |
Number of months the borrower has performed under modified terms | 6 months |
Residential mortgage | Maximum | |
Loans and Leases Receivable Disclosure [Line Items] | |
Number of months before updating exterior opinion on home valuation | 12 months |
Real estate | Minimum | |
Loans and Leases Receivable Disclosure [Line Items] | |
Number of months before updating collateral values on commercial real estate loans | 6 months |
Real estate | Maximum | |
Loans and Leases Receivable Disclosure [Line Items] | |
Number of months before updating collateral values on commercial real estate loans | 12 months |
Loans - By Portfolio Segment (D
Loans - By Portfolio Segment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 945,601 | $ 969,415 | $ 924,838 |
Held-for-sale | 7,064 | 11,988 | |
At fair value | 7,104 | 3,151 | |
Total | 959,769 | 984,554 | |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 332,038 | 373,637 | 372,553 |
Held-for-sale | 3,002 | 95 | |
At fair value | 0 | 0 | |
Total | 335,040 | 373,732 | |
Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 168,924 | 156,616 | |
Held-for-sale | 0 | 16 | |
At fair value | 0 | 0 | |
Total | 168,924 | 156,632 | |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 444,639 | 439,162 | $ 402,898 |
Held-for-sale | 4,062 | 11,877 | |
At fair value | 7,104 | 3,151 | |
Total | $ 455,805 | $ 454,190 |
Loans - Purchased, Sold and Rec
Loans - Purchased, Sold and Reclassified to Held-for-Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | |||
Purchases | $ 2,573 | $ 4,897 | $ 5,260 |
Sales | 53,919 | 26,725 | 14,468 |
Retained loans reclassified to held-for-sale | 11,559 | 2,312 | 7,569 |
Consumer, excluding credit card | |||
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | |||
Purchases | 1,282 | 2,543 | 3,461 |
Sales | 30,484 | 9,984 | 3,405 |
Retained loans reclassified to held-for-sale | 9,188 | 36 | 6,340 |
Excluded retained loans purchased from correspondents that were originated in accordance with the Firm's underwriting standards | 16,600 | 18,600 | 23,500 |
Credit card | |||
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | |||
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Retained loans reclassified to held-for-sale | 0 | 0 | 0 |
Wholesale | |||
Retained Loans Purchases Sales and Transfer Into Held For Sale By Portfolio Segment [Line Items] | |||
Purchases | 1,291 | 2,354 | 1,799 |
Sales | 23,435 | 16,741 | 11,063 |
Retained loans reclassified to held-for-sale | $ 2,371 | $ 2,276 | $ 1,229 |
Loans - Gains and Losses on Sal
Loans - Gains and Losses on Sales of Loans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Gains (losses) on sales of loans | $ 394 | $ 0 | $ 0 |
Loans - Consumer, Excluding Cre
Loans - Consumer, Excluding Credit Card Loan Portfolio (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 945,601 | $ 969,415 | $ 924,838 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 332,038 | 373,637 | $ 372,553 |
Consumer, excluding credit card | Residential mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 199,037 | 231,078 | |
Consumer, excluding credit card | Residential mortgage | Residential real estate – PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 20,363 | 24,034 | |
Consumer, excluding credit card | Home equity | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 23,917 | 28,340 | |
Consumer, excluding credit card | Home equity | Residential real estate – PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 7,377 | 8,963 | |
Consumer, excluding credit card | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 61,522 | 63,573 | |
Consumer, excluding credit card | Consumer & Business Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 27,199 | 26,612 | |
Consumer, excluding credit card | Mortgages | Prime mortgage | Residential real estate – PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 3,965 | 4,690 | |
Consumer, excluding credit card | Mortgages | Subprime mortgage | Residential real estate – PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,740 | 1,945 | |
Consumer, excluding credit card | Option ARMs | Residential real estate – PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 7,281 | $ 8,436 |
Loans - Consumer, Excluding C_2
Loans - Consumer, Excluding Credit Card Loans, Residential Real Estate, Excluding PCI Loans (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 945,601,000,000 | $ 969,415,000,000 | $ 924,838,000,000 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 332,038,000,000 | 373,637,000,000 | $ 372,553,000,000 |
90 or more days past due and government guaranteed | 0 | 0 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 222,954,000,000 | $ 259,418,000,000 | |
% of 30 plus days past due to total retained loans | 0.67% | 0.71% | |
Nonaccrual loans | $ 2,780,000,000 | $ 3,088,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 71,109,000,000 | 80,454,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 30,591,000,000 | 34,616,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 14,992,000,000 | 17,380,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 14,200,000,000 | 15,588,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 11,779,000,000 | 12,279,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 8,428,000,000 | 9,173,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Colorado | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 8,221,000,000 | 8,661,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 7,186,000,000 | 8,944,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,798,000,000 | 6,810,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4,861,000,000 | 5,592,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 45,789,000,000 | 59,921,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,356,000,000 | 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 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 22,000,000 | 31,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 9,000,000 | 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 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 87,000,000 | 148,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 54,000,000 | 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 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,619,000,000 | 4,963,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 398,000,000 | 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 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 206,569,000,000 | 235,137,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Less than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 8,777,000,000 | 9,812,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 63,000,000 | 6,917,000,000 | |
90 or more days past due and government guaranteed | 38,000,000 | 2,541,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | U.S. government-guaranteed | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 63,000,000 | 6,900,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 221,409,000,000 | 253,510,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | Current | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 17,000,000 | 2,800,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 940,000,000 | 3,216,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 30–149 days past due | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 20,000,000 | 2,100,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 605,000,000 | 2,692,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 150 or more days past due | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 26,000,000 | 2,000,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 30 or more days past due | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 46,000,000 | 4,100,000,000 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 90 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 0 | 0 | |
Consumer, excluding credit card | Total residential real estate – excluding PCI | 90 or more days past due | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Nonaccrual loans | 34,000,000 | 999,000,000 | |
Consumer, excluding credit card | Residential mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 199,037,000,000 | $ 231,078,000,000 | |
% of 30 plus days past due to total retained loans | 0.49% | 0.48% | |
Nonaccrual loans | $ 1,618,000,000 | $ 1,765,000,000 | |
Consumer, excluding credit card | Residential mortgage | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 66,278,000,000 | 74,759,000,000 | |
Consumer, excluding credit card | Residential mortgage | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 25,706,000,000 | 28,847,000,000 | |
Consumer, excluding credit card | Residential mortgage | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 13,204,000,000 | 15,249,000,000 | |
Consumer, excluding credit card | Residential mortgage | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 12,601,000,000 | 13,769,000,000 | |
Consumer, excluding credit card | Residential mortgage | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 10,454,000,000 | 10,704,000,000 | |
Consumer, excluding credit card | Residential mortgage | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 7,708,000,000 | 8,304,000,000 | |
Consumer, excluding credit card | Residential mortgage | Colorado | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 7,777,000,000 | 8,140,000,000 | |
Consumer, excluding credit card | Residential mortgage | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,792,000,000 | 7,302,000,000 | |
Consumer, excluding credit card | Residential mortgage | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,596,000,000 | 6,574,000,000 | |
Consumer, excluding credit card | Residential mortgage | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 3,929,000,000 | 4,434,000,000 | |
Consumer, excluding credit card | Residential mortgage | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 39,992,000,000 | 52,996,000,000 | |
Consumer, excluding credit card | Residential mortgage | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 689,000,000 | 813,000,000 | |
Consumer, excluding credit card | Residential mortgage | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 18,000,000 | 25,000,000 | |
Consumer, excluding credit card | Residential mortgage | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 8,000,000 | 13,000,000 | |
Consumer, excluding credit card | Residential mortgage | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 31,000,000 | 37,000,000 | |
Consumer, excluding credit card | Residential mortgage | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 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 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,013,000,000 | 3,977,000,000 | |
Consumer, excluding credit card | Residential mortgage | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 207,000,000 | 281,000,000 | |
Consumer, excluding credit card | Residential mortgage | Less than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 186,972,000,000 | 212,505,000,000 | |
Consumer, excluding credit card | Residential mortgage | Less than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 6,001,000,000 | 6,457,000,000 | |
Consumer, excluding credit card | Residential mortgage | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 63,000,000 | 6,917,000,000 | |
90 or more days past due and government guaranteed | 38,000,000 | 2,541,000,000 | |
Consumer, excluding credit card | Residential mortgage | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 198,024,000,000 | 225,899,000,000 | |
Consumer, excluding credit card | Residential mortgage | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 604,000,000 | 2,763,000,000 | |
Consumer, excluding credit card | Residential mortgage | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 409,000,000 | 2,416,000,000 | |
Consumer, excluding credit card | Home equity | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 23,917,000,000 | $ 28,340,000,000 | |
% of 30 plus days past due to total retained loans | 2.22% | 2.57% | |
Nonaccrual loans | $ 1,162,000,000 | $ 1,323,000,000 | |
Consumer, excluding credit card | Home equity | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4,831,000,000 | 5,695,000,000 | |
Consumer, excluding credit card | Home equity | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4,885,000,000 | 5,769,000,000 | |
Consumer, excluding credit card | Home equity | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,788,000,000 | 2,131,000,000 | |
Consumer, excluding credit card | Home equity | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,599,000,000 | 1,819,000,000 | |
Consumer, excluding credit card | Home equity | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,325,000,000 | 1,575,000,000 | |
Consumer, excluding credit card | Home equity | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 720,000,000 | 869,000,000 | |
Consumer, excluding credit card | Home equity | Colorado | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 444,000,000 | 521,000,000 | |
Consumer, excluding credit card | Home equity | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,394,000,000 | 1,642,000,000 | |
Consumer, excluding credit card | Home equity | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 202,000,000 | 236,000,000 | |
Consumer, excluding credit card | Home equity | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 932,000,000 | 1,158,000,000 | |
Consumer, excluding credit card | Home equity | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,797,000,000 | 6,925,000,000 | |
Consumer, excluding credit card | Home equity | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 667,000,000 | 885,000,000 | |
Consumer, excluding credit card | Home equity | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4,000,000 | 6,000,000 | |
Consumer, excluding credit card | Home equity | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,000,000 | 1,000,000 | |
Consumer, excluding credit card | Home equity | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 56,000,000 | 111,000,000 | |
Consumer, excluding credit card | Home equity | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 19,000,000 | 38,000,000 | |
Consumer, excluding credit card | Home equity | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 606,000,000 | 986,000,000 | |
Consumer, excluding credit card | Home equity | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 191,000,000 | 326,000,000 | |
Consumer, excluding credit card | Home equity | Less than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 19,597,000,000 | 22,632,000,000 | |
Consumer, excluding credit card | Home equity | Less than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 2,776,000,000 | 3,355,000,000 | |
Consumer, excluding credit card | Home equity | U.S. government-guaranteed | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 0 | 0 | |
90 or more days past due and government guaranteed | 0 | 0 | |
Consumer, excluding credit card | Home equity | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 23,385,000,000 | 27,611,000,000 | |
Consumer, excluding credit card | Home equity | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 336,000,000 | 453,000,000 | |
Consumer, excluding credit card | Home equity | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 196,000,000 | $ 276,000,000 |
Loans - Consumer, Excluding C_3
Loans - Consumer, Excluding Credit Card Loans, Delinquency Statistics Junior Lien Home Equity Loans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 945,601 | $ 969,415 | $ 924,838 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 332,038 | 373,637 | $ 372,553 |
Consumer, excluding credit card | Total | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 23,917 | $ 28,340 | |
Total 30 plus day delinquency rate | 2.22% | 2.57% | |
Consumer, excluding credit card | Senior lien | Total | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Percentage of senior liens to total financing receivables | 37.00% | ||
Consumer, excluding credit card | Junior lien | Total | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 14,966 | $ 17,924 | |
Total 30 plus day delinquency rate | 1.70% | 2.00% | |
Consumer, excluding credit card | Junior lien | HELOCs | Within the revolving period | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 5,488 | $ 5,608 | |
Total 30 plus day delinquency rate | 0.35% | 0.25% | |
Open-ended revolving period | 10 years | ||
Consumer, excluding credit card | Junior lien | HELOCs | Beyond the revolving period | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 8,724 | $ 11,286 | |
Total 30 plus day delinquency rate | 2.48% | 2.80% | |
Amortization period | 20 years | ||
Consumer, excluding credit card | Junior lien | HELOANs | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 754 | $ 1,030 | |
Total 30 plus day delinquency rate | 2.52% | 2.82% |
Loans - Consumer, Excluding C_4
Loans - Consumer, Excluding Credit Card Loans, Impaired Loans (Details) - Consumer, excluding credit card $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)payment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Impaired loans | |||
Loans modified subsequent to repurchase from Ginnie Mae | $ 14 | $ 4,100 | |
TDRs not having yet made six payments | 1,900 | 2,000 | |
Total residential real estate – excluding PCI | |||
Impaired loans | |||
With an allowance | 3,893 | 4,532 | |
Without an allowance | 2,033 | 2,091 | |
Total impaired loans | 5,926 | 6,623 | |
Allowance for loan losses related to impaired loans | 65 | 133 | |
Unpaid principal balance of impaired loans | 8,739 | 9,738 | |
Impaired loans on nonaccrual status | 2,332 | 2,422 | |
Average impaired loans | 6,314 | 7,205 | $ 8,019 |
Interest income on impaired loans | 356 | 388 | 414 |
Interest income on impaired loans on a cash basis | $ 151 | 159 | 155 |
Number of payments under modified terms to recognize interest on cash basis | payment | 6 | ||
Residential mortgage | |||
Impaired loans | |||
With an allowance | $ 2,851 | 3,381 | |
Without an allowance | 1,154 | 1,184 | |
Total impaired loans | 4,005 | 4,565 | |
Allowance for loan losses related to impaired loans | 52 | 88 | |
Unpaid principal balance of impaired loans | 5,438 | 6,207 | |
Impaired loans on nonaccrual status | 1,367 | 1,459 | |
Average impaired loans | 4,307 | 5,082 | 5,797 |
Interest income on impaired loans | 224 | 257 | 287 |
Interest income on impaired loans on a cash basis | $ 68 | 75 | 75 |
Residential mortgage | Permanent Modification | |||
Impaired loans | |||
Rate of default for modified loans, estimated weighted-average | 9.00% | ||
Home equity | |||
Impaired loans | |||
With an allowance | $ 1,042 | 1,151 | |
Without an allowance | 879 | 907 | |
Total impaired loans | 1,921 | 2,058 | |
Allowance for loan losses related to impaired loans | 13 | 45 | |
Unpaid principal balance of impaired loans | 3,301 | 3,531 | |
Impaired loans on nonaccrual status | 965 | 963 | |
Average impaired loans | 2,007 | 2,123 | 2,222 |
Interest income on impaired loans | 132 | 131 | 127 |
Interest income on impaired loans on a cash basis | $ 83 | $ 84 | $ 80 |
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 Loans, Loan Modifications, New TDRs (Details) - Consumer, excluding credit card - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total residential real estate – excluding PCI | |||
Financing Receivable, Impaired [Line Items] | |||
New TDRs | $ 490 | $ 736 | $ 756 |
Residential mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
New TDRs | 234 | 401 | 373 |
Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
New TDRs | $ 256 | $ 335 | $ 383 |
Loans - Consumer, Excluding C_6
Loans - Consumer, Excluding Credit Card Loans, Loan Modifications, Nature and Extent of Modifications (Details) - Consumer, excluding credit card - loan | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | 5,872 | 7,175 | 7,048 |
Total residential real estate – excluding PCI | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of loans modified | 4,918 | 7,853 | 8,252 |
Total residential real estate – excluding PCI | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 77.00% | 54.00% | 60.00% |
Total residential real estate – excluding PCI | Term or payment extension | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 71.00% | 62.00% | 70.00% |
Total residential real estate – excluding PCI | Principal and/or interest deferred | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 13.00% | 29.00% | 12.00% |
Total residential real estate – excluding PCI | Principal forgiveness | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 5.00% | 7.00% | 14.00% |
Total residential real estate – excluding PCI | Other | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 63.00% | 51.00% | 32.00% |
Residential mortgage | Trial Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of loans modified | 2,105 | 2,570 | 1,283 |
Residential mortgage | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of loans modified | 1,448 | 2,907 | 2,628 |
Residential mortgage | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 66.00% | 40.00% | 63.00% |
Residential mortgage | Term or payment extension | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 90.00% | 55.00% | 72.00% |
Residential mortgage | Principal and/or interest deferred | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 26.00% | 44.00% | 15.00% |
Residential mortgage | Principal forgiveness | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 6.00% | 8.00% | 16.00% |
Residential mortgage | Other | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 45.00% | 38.00% | 33.00% |
Home equity | Trial Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of loans modified | 3,767 | 4,605 | 5,765 |
Home equity | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Number of loans modified | 3,470 | 4,946 | 5,624 |
Home equity | Interest rate reduction | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 81.00% | 62.00% | 59.00% |
Home equity | Term or payment extension | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 64.00% | 66.00% | 69.00% |
Home equity | Principal and/or interest deferred | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 7.00% | 20.00% | 10.00% |
Home equity | Principal forgiveness | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 5.00% | 7.00% | 13.00% |
Home equity | Other | |||
Financing Receivable, Impaired [Line Items] | |||
Concession granted | 70.00% | 58.00% | 31.00% |
Loans - Consumer, Excluding C_7
Loans - Consumer, Excluding Credit Card Loans, Financial Effects of Modifications and Redefaults (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)loan_payment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Carrying value | $ 945,601 | $ 969,415 | $ 924,838 |
Consumer, excluding credit card | |||
Financing Receivable, Impaired [Line Items] | |||
Carrying value | 332,038 | 373,637 | $ 372,553 |
Consumer, excluding credit card | In the process of active or suspended foreclosure | |||
Financing Receivable, Impaired [Line Items] | |||
Carrying value | $ 529 | 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 | $ 222,954 | $ 259,418 | |
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 | 5.68% | 5.50% | 5.06% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 3.81% | 3.60% | 2.83% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 20 years | 21 years | 23 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 39 years | 38 years | 38 years |
Charge-offs recognized upon permanent modification | $ 1 | $ 2 | $ 3 |
Principal deferred | 19 | 30 | 22 |
Principal forgiven | 7 | 17 | 33 |
Balance of loans that redefaulted within one year of permanent modification | $ 166 | 161 | $ 180 |
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 | Residential mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Carrying value | $ 199,037 | $ 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 | 5.88% | 5.65% | 5.15% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 4.21% | 3.80% | 2.99% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 21 years | 24 years | 24 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 39 years | 38 years | 38 years |
Charge-offs recognized upon permanent modification | $ 1 | $ 1 | $ 2 |
Principal deferred | 15 | 21 | 12 |
Principal forgiven | 4 | 10 | 20 |
Balance of loans that redefaulted within one year of permanent modification | $ 107 | 97 | $ 124 |
Modifications, weighted-average remaining life | 9 years | ||
Consumer, excluding credit card | Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Carrying value | $ 23,917 | $ 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 | 5.53% | 5.39% | 4.94% |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 3.53% | 3.46% | 2.64% |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 19 years | 19 years | 21 years |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 40 years | 39 years | 39 years |
Charge-offs recognized upon permanent modification | $ 0 | $ 1 | $ 1 |
Principal deferred | 4 | 9 | 10 |
Principal forgiven | 3 | 7 | 13 |
Balance of loans that redefaulted within one year of permanent modification | $ 59 | $ 64 | $ 56 |
Modifications, weighted-average remaining life | 8 years |
Loans - Consumer, Excluding C_8
Loans - Consumer, Excluding Credit Card Loans, Other Consumer Loans (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 945,601,000,000 | $ 969,415,000,000 | $ 924,838,000,000 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 332,038,000,000 | 373,637,000,000 | $ 372,553,000,000 |
90 or more days past due and still accruing | 0 | 0 | |
Consumer, excluding credit card | Total other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 88,721,000,000 | $ 90,185,000,000 | |
% of 30 plus days past due to total retained loans | 1.05% | 1.06% | |
Nonaccrual loans | $ 360,000,000 | $ 373,000,000 | |
Consumer, excluding credit card | Total other consumer | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 33,334,000,000 | 34,492,000,000 | |
Consumer, excluding credit card | Total other consumer | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,087,000,000 | 1,024,000,000 | |
Consumer, excluding credit card | Total other consumer | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 198,000,000 | 191,000,000 | |
Consumer, excluding credit card | Total other consumer | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 13,983,000,000 | 13,850,000,000 | |
Consumer, excluding credit card | Total other consumer | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 9,914,000,000 | 9,524,000,000 | |
Consumer, excluding credit card | Total other consumer | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 8,071,000,000 | 8,244,000,000 | |
Consumer, excluding credit card | Total other consumer | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,105,000,000 | 5,762,000,000 | |
Consumer, excluding credit card | Total other consumer | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4,871,000,000 | 4,758,000,000 | |
Consumer, excluding credit card | Total other consumer | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 3,300,000,000 | 3,575,000,000 | |
Consumer, excluding credit card | Total other consumer | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 3,125,000,000 | 3,278,000,000 | |
Consumer, excluding credit card | Total other consumer | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 2,703,000,000 | 2,704,000,000 | |
Consumer, excluding credit card | Total other consumer | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 2,468,000,000 | 2,686,000,000 | |
Consumer, excluding credit card | Total other consumer | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 2,358,000,000 | 2,447,000,000 | |
Consumer, excluding credit card | Total other consumer | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 32,823,000,000 | 33,357,000,000 | |
Consumer, excluding credit card | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 61,522,000,000 | $ 63,573,000,000 | |
% of 30 plus days past due to total retained loans | 0.94% | 0.93% | |
Nonaccrual loans | $ 113,000,000 | $ 128,000,000 | |
Consumer, excluding credit card | Auto | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 14,178,000,000 | 15,749,000,000 | |
Consumer, excluding credit card | Auto | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 360,000,000 | 273,000,000 | |
Consumer, excluding credit card | Auto | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 0 | 0 | |
Consumer, excluding credit card | Auto | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 8,081,000,000 | 8,330,000,000 | |
Consumer, excluding credit card | Auto | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 6,804,000,000 | 6,531,000,000 | |
Consumer, excluding credit card | Auto | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 3,639,000,000 | 3,863,000,000 | |
Consumer, excluding credit card | Auto | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 3,360,000,000 | 3,716,000,000 | |
Consumer, excluding credit card | Auto | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 3,262,000,000 | 3,256,000,000 | |
Consumer, excluding credit card | Auto | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 2,024,000,000 | 2,084,000,000 | |
Consumer, excluding credit card | Auto | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,986,000,000 | 1,973,000,000 | |
Consumer, excluding credit card | Auto | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,905,000,000 | 1,981,000,000 | |
Consumer, excluding credit card | Auto | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,215,000,000 | 1,357,000,000 | |
Consumer, excluding credit card | Auto | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,617,000,000 | 1,587,000,000 | |
Consumer, excluding credit card | Auto | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 27,629,000,000 | 28,895,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 27,199,000,000 | $ 26,612,000,000 | |
% of 30 plus days past due to total retained loans | 1.31% | 1.36% | |
Nonaccrual loans | $ 247,000,000 | $ 245,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 19,156,000,000 | 18,743,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 727,000,000 | 751,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 198,000,000 | 191,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,902,000,000 | 5,520,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 3,110,000,000 | 2,993,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4,432,000,000 | 4,381,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,745,000,000 | 2,046,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,609,000,000 | 1,502,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,276,000,000 | 1,491,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,139,000,000 | 1,305,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 798,000,000 | 723,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,253,000,000 | 1,329,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 741,000,000 | 860,000,000 | |
Consumer, excluding credit card | Consumer & Business Banking | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,194,000,000 | 4,462,000,000 | |
Consumer, excluding credit card | Current | Total other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 87,786,000,000 | 89,233,000,000 | |
Consumer, excluding credit card | Current | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 60,944,000,000 | 62,984,000,000 | |
Consumer, excluding credit card | Current | Consumer & Business Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 26,842,000,000 | 26,249,000,000 | |
Consumer, excluding credit card | 30–119 days past due | Total other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 818,000,000 | 841,000,000 | |
Consumer, excluding credit card | 30–119 days past due | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 578,000,000 | 589,000,000 | |
Consumer, excluding credit card | 30–119 days past due | Consumer & Business Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 240,000,000 | 252,000,000 | |
Consumer, excluding credit card | 120 or more days past due | Total other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 117,000,000 | 111,000,000 | |
Consumer, excluding credit card | 120 or more days past due | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 0 | 0 | |
Consumer, excluding credit card | 120 or more days past due | Consumer & Business Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 117,000,000 | $ 111,000,000 |
Loans - Consumer, Excluding C_9
Loans - Consumer, Excluding Credit Card Loans, Other Consumer Impaired Loans and Loan Modifications (Details) - Consumer, excluding credit card - Total other consumer - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired loans | |||
With an allowance | $ 227 | $ 222 | |
Without an allowance | 19 | 29 | |
Total impaired loans | 246 | 251 | |
Allowance for loan losses related to impaired loans | 71 | 63 | |
Unpaid principal balance of impaired loans | 342 | 355 | |
Impaired loans on nonaccrual status | 224 | 229 | |
Average impaired loans | 246 | 275 | $ 427 |
Loans modified in TDRs | 76 | 79 | |
TDRs on nonaccrual status | $ 54 | $ 57 |
Loans - Consumer, Excluding _10
Loans - Consumer, Excluding Credit Card Loans, PCI Loans (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | $ 945,601 | $ 969,415 | $ 924,838 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 332,038 | 373,637 | $ 372,553 |
Consumer, excluding credit card | Total PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 199,037 | 231,078 | |
Total unpaid principal balance | 5,438 | 6,207 | |
Consumer, excluding credit card | Total PCI | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 66,278 | 74,759 | |
Consumer, excluding credit card | Total PCI | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 10,454 | 10,704 | |
Consumer, excluding credit card | Total PCI | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 25,706 | 28,847 | |
Consumer, excluding credit card | Total PCI | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 13,204 | 15,249 | |
Consumer, excluding credit card | Total PCI | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 7,708 | 8,304 | |
Consumer, excluding credit card | Total PCI | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 5,792 | 7,302 | |
Consumer, excluding credit card | Total PCI | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 5,596 | 6,574 | |
Consumer, excluding credit card | Total PCI | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 3,929 | 4,434 | |
Consumer, excluding credit card | Total PCI | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 39,992 | 52,996 | |
Consumer, excluding credit card | Total PCI | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 689 | 813 | |
Consumer, excluding credit card | Total PCI | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 18 | 25 | |
Consumer, excluding credit card | Total PCI | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 8 | 13 | |
Consumer, excluding credit card | Total PCI | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 31 | 37 | |
Consumer, excluding credit card | Total PCI | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [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 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 5,013 | 3,977 | |
Consumer, excluding credit card | Total PCI | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 207 | 281 | |
Consumer, excluding credit card | Total PCI | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 186,972 | 212,505 | |
Consumer, excluding credit card | Total PCI | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 6,001 | 6,457 | |
Consumer, excluding credit card | Total PCI | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 198,024 | 225,899 | |
Consumer, excluding credit card | Total PCI | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 604 | 2,763 | |
Consumer, excluding credit card | Total PCI | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 409 | 2,416 | |
Consumer, excluding credit card | Home equity | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 23,917 | 28,340 | |
Total unpaid principal balance | 3,301 | 3,531 | |
Consumer, excluding credit card | Home equity | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 4,831 | 5,695 | |
Consumer, excluding credit card | Home equity | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 1,325 | 1,575 | |
Consumer, excluding credit card | Home equity | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 4,885 | 5,769 | |
Consumer, excluding credit card | Home equity | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 1,788 | 2,131 | |
Consumer, excluding credit card | Home equity | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 720 | 869 | |
Consumer, excluding credit card | Home equity | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 1,394 | 1,642 | |
Consumer, excluding credit card | Home equity | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 202 | 236 | |
Consumer, excluding credit card | Home equity | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 932 | 1,158 | |
Consumer, excluding credit card | Home equity | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 5,797 | 6,925 | |
Consumer, excluding credit card | Home equity | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 667 | 885 | |
Consumer, excluding credit card | Home equity | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 4 | 6 | |
Consumer, excluding credit card | Home equity | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 1 | 1 | |
Consumer, excluding credit card | Home equity | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 56 | 111 | |
Consumer, excluding credit card | Home equity | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 19 | 38 | |
Consumer, excluding credit card | Home equity | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 606 | 986 | |
Consumer, excluding credit card | Home equity | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 191 | 326 | |
Consumer, excluding credit card | Home equity | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 19,597 | 22,632 | |
Consumer, excluding credit card | Home equity | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 2,776 | 3,355 | |
Consumer, excluding credit card | Home equity | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 23,385 | 27,611 | |
Consumer, excluding credit card | Home equity | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 336 | 453 | |
Consumer, excluding credit card | Home equity | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 196 | 276 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 20,363 | 24,034 | |
Total unpaid principal balance | $ 21,042 | $ 24,741 | |
% of 30 plus days past due to total loans | 8.44% | 9.16% | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | $ 11,361 | $ 13,389 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 1,937 | 2,255 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 1,461 | 1,660 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 622 | 709 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 586 | 738 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 583 | 690 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 423 | 491 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 370 | 417 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 334 | 393 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 317 | 389 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 3,048 | 3,610 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 722 | 951 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 15 | 21 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 29 | 36 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 109 | 162 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 94 | 155 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 767 | 1,053 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 539 | 851 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 12,726 | 14,087 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 6,041 | 7,425 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 19,266 | 22,475 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 1,022 | 1,221 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 754 | 1,045 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 7,377 | 8,963 | |
Total unpaid principal balance | $ 7,568 | $ 9,144 | |
% of 30 plus days past due to total loans | 4.82% | 5.69% | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | $ 4,475 | $ 5,420 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 833 | 976 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 451 | 525 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 200 | 233 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 326 | 419 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 174 | 210 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 53 | 65 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 40 | 48 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 44 | 54 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 130 | 165 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 842 | 1,029 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 208 | 265 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 12 | 17 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 9 | 13 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 86 | 135 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 39 | 65 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 588 | 805 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 261 | 388 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 4,803 | 5,548 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 1,562 | 1,908 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 7,203 | 8,624 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 217 | 278 | |
Consumer, excluding credit card | Residential real estate – PCI | Home equity | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 148 | 242 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 3,965 | 4,690 | |
Total unpaid principal balance | $ 3,984 | $ 4,708 | |
% of 30 plus days past due to total loans | 9.81% | 10.24% | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | $ 2,166 | $ 2,578 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 288 | 332 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 324 | 365 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 134 | 154 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 80 | 98 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 112 | 134 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 97 | 113 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 86 | 95 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 77 | 91 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 57 | 69 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 563 | 679 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 165 | 228 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 2 | 1 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 6 | 7 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 3 | 6 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 17 | 22 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 47 | 75 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 65 | 112 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 2,429 | 2,689 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 1,250 | 1,568 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 3,593 | 4,226 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 219 | 259 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Prime mortgage | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 172 | 223 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 1,740 | 1,945 | |
Total unpaid principal balance | $ 2,195 | $ 2,442 | |
% of 30 plus days past due to total loans | 15.08% | 16.75% | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | $ 531 | $ 593 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 212 | 234 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 245 | 268 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 113 | 123 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 37 | 44 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 78 | 88 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 67 | 73 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 87 | 96 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 33 | 37 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 37 | 43 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 755 | 843 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 95 | 113 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 0 | 0 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 7 | 9 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 6 | 4 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 20 | 35 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 47 | 54 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 100 | 161 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 784 | 739 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 1,136 | 1,327 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 1,864 | 2,033 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 230 | 286 | |
Consumer, excluding credit card | Residential real estate – PCI | Mortgages | Subprime mortgage | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 101 | 123 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Carrying value | 7,281 | 8,436 | |
Total unpaid principal balance | $ 7,295 | $ 8,447 | |
% of 30 plus days past due to total loans | 9.44% | 10.12% | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | $ 4,189 | $ 4,798 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 604 | 713 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 441 | 502 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 175 | 199 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 143 | 177 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 219 | 258 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 206 | 240 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 157 | 178 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 180 | 211 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 93 | 112 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 888 | 1,059 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 254 | 345 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 1 | 3 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 7 | 7 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 14 | 17 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 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 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 85 | 119 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 113 | 190 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 4,710 | 5,111 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 2,093 | 2,622 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | Current | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 6,606 | 7,592 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 30–149 days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | 356 | 398 | |
Consumer, excluding credit card | Residential real estate – PCI | Option ARMs | 150 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total unpaid principal balance | $ 333 | $ 457 |
Loans - Consumer, Excluding _11
Loans - Consumer, Excluding Credit Card Loans, PCI Delinquency Statistics (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 945,601 | $ 969,415 | $ 924,838 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 332,038 | 373,637 | $ 372,553 |
Consumer, excluding credit card | Total | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 23,917 | $ 28,340 | |
Total 30 plus day delinquency rate | 2.22% | 2.57% | |
Consumer, excluding credit card | Total | Senior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Percentage of senior liens to total financing receivables | 37.00% | ||
Consumer, excluding credit card | Total | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 14,966 | $ 17,924 | |
Total 30 plus day delinquency rate | 1.70% | 2.00% | |
Consumer, excluding credit card | HELOANs | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 754 | $ 1,030 | |
Total 30 plus day delinquency rate | 2.52% | 2.82% | |
Consumer, excluding credit card | Residential real estate – PCI | Total | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 7,377 | $ 8,963 | |
Consumer, excluding credit card | Residential real estate – PCI | Total | Senior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Percentage of senior liens to total financing receivables | 27.00% | ||
Consumer, excluding credit card | Residential real estate – PCI | Total | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 5,557 | $ 6,811 | |
Total 30 plus day delinquency rate | 3.53% | 3.98% | |
Consumer, excluding credit card | Residential real estate – PCI | HELOCs | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 5,337 | $ 6,531 | |
Total 30 plus day delinquency rate | 3.52% | 4.00% | |
Open-ended revolving period | 10 years | ||
Consumer, excluding credit card | Residential real estate – PCI | HELOANs | Junior lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 220 | $ 280 | |
Total 30 plus day delinquency rate | 3.64% | 3.57% |
Loans - Consumer, Excluding _12
Loans - Consumer, Excluding Credit Card Loans, PCI Accretable Yield Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Loans | $ 945,601 | $ 969,415 | $ 924,838 |
Consumer, excluding credit card | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Loans | 332,038 | 373,637 | 372,553 |
Consumer, excluding credit card | In the process of active or suspended foreclosure | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Loans | 529 | 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 | 199,037 | 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 | 8,422 | 11,159 | 11,768 |
Accretion into interest income | (1,093) | (1,249) | (1,396) |
Changes in interest rates on variable-rate loans | (575) | (109) | 503 |
Other changes in expected cash flows | (589) | (1,379) | 284 |
Balance at December 31 | $ 6,165 | $ 8,422 | $ 11,159 |
Accretable yield percentage | 5.28% | 4.92% | 4.53% |
Loans | $ 20,363 | $ 24,034 | |
Consumer, excluding credit card | Residential real estate – PCI | Total PCI | In the process of active or suspended foreclosure | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Loans | $ 721 | $ 964 |
Loans - Credit Card Loan Portfo
Loans - Credit Card Loan Portfolio (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 945,601 | $ 969,415 | $ 924,838 |
Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Net charge-offs | $ 4,848 | $ 4,518 | |
Net charge-off rate | 3.10% | 3.10% | |
Retained | $ 168,924 | $ 156,616 | |
% of 30 plus days past due to total retained loans | 1.87% | 1.83% | |
% of 90 plus days past due to total retained loans | 0.95% | 0.92% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Equal to or greater than 660 | 84.00% | 84.20% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Less than 660 | 15.40% | 15.00% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, No FICO available | 0.60% | 0.80% | |
Credit card | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 25,783 | $ 23,757 | |
Credit card | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 16,728 | 15,085 | |
Credit card | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 14,544 | 13,601 | |
Credit card | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 10,830 | 9,770 | |
Credit card | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 9,579 | 8,938 | |
Credit card | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 7,165 | 6,739 | |
Credit card | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,406 | 5,094 | |
Credit card | Pennsylvania | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 5,245 | 4,996 | |
Credit card | Colorado | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4,763 | 4,309 | |
Credit card | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4,164 | 3,912 | |
Credit card | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 64,717 | 60,415 | |
Credit card | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 165,767 | 153,746 | |
Credit card | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,550 | 1,426 | |
Credit card | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 1,607 | $ 1,444 |
Loans - Credit Card Portfolio -
Loans - Credit Card Portfolio - Impaired Loans (Details) - Credit card - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired credit card loans with an allowance | $ 1,452 | $ 1,319 | |
Allowance for loan losses related to impaired credit card loans | 477 | 440 | |
Average impaired credit card loans | 1,389 | 1,260 | $ 1,214 |
Interest income on impaired credit card loans | $ 72 | $ 65 | $ 59 |
Loans - Credit Card Portfolio_2
Loans - Credit Card Portfolio - Loan Modifications (Details) - Credit card $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)payment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Fixed payment plan period | 60 months | ||
New TDRs | $ 961 | $ 866 | $ 756 |
New enrollments, percent of total retained credit card loans (less than) | 1.00% | 1.00% | 1.00% |
Weighted-average interest rate of loans – before TDR | 19.07% | 17.98% | 16.58% |
Weighted-average interest rate of loans – after TDR | 4.70% | 5.16% | 4.88% |
Loans that redefaulted within one year of modification | $ 148 | $ 116 | $ 93 |
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 | 32.89% | 33.38% | 31.54% |
Loans - Wholesale Loan Portfoli
Loans - Wholesale Loan Portfolio - By Class of Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 945,601 | $ 969,415 | $ 924,838 |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 444,639 | $ 439,162 | $ 402,898 |
% of total criticized to total retained loans | 1.56% | 1.33% | |
% of criticized nonaccrual to total retained loans | 0.19% | 0.26% | |
Net charge-offs/(recoveries) | $ 369 | $ 155 | |
% of net charge-offs/(recoveries) to end-of-period retained loans | 0.08% | 0.04% | |
Wholesale | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 442,886 | $ 436,916 | |
Wholesale | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 868 | 908 | |
Wholesale | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 42 | 188 | |
Wholesale | Investment-grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 344,199 | 339,729 | |
Wholesale | Total noninvestment- grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 100,440 | 99,433 | |
Wholesale | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 93,502 | 93,591 | |
Wholesale | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 6,095 | 4,692 | |
Wholesale | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 843 | 1,150 | |
Wholesale | Commercial and industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 116,879 | $ 129,806 | |
% of total criticized to total retained loans | 4.13% | 3.54% | |
% of criticized nonaccrual to total retained loans | 0.64% | 0.66% | |
Net charge-offs/(recoveries) | $ 329 | $ 165 | |
% of net charge-offs/(recoveries) to end-of-period retained loans | 0.28% | 0.13% | |
Wholesale | Commercial and industrial | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 115,753 | $ 128,678 | |
Wholesale | Commercial and industrial | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 339 | 109 | |
Wholesale | Commercial and industrial | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 35 | 168 | |
Wholesale | Commercial and industrial | Investment-grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 60,700 | 73,497 | |
Wholesale | Commercial and industrial | Total noninvestment- grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 56,179 | 56,309 | |
Wholesale | Commercial and industrial | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 51,356 | 51,720 | |
Wholesale | Commercial and industrial | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4,071 | 3,738 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 752 | 851 | |
Wholesale | Real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 116,244 | $ 115,737 | |
% of total criticized to total retained loans | 0.90% | 0.65% | |
% of criticized nonaccrual to total retained loans | 0.04% | 0.12% | |
Net charge-offs/(recoveries) | $ 12 | $ (20) | |
% of net charge-offs/(recoveries) to end-of-period retained loans | 0.01% | (0.02%) | |
Wholesale | Real estate | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 116,098 | $ 115,533 | |
Wholesale | Real estate | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 94 | 67 | |
Wholesale | Real estate | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4 | 3 | |
Wholesale | Real estate | Investment-grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 101,354 | 100,107 | |
Wholesale | Real estate | Total noninvestment- grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 14,890 | 15,630 | |
Wholesale | Real estate | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 13,841 | 14,876 | |
Wholesale | Real estate | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1,001 | 620 | |
Wholesale | Real estate | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 48 | 134 | |
Wholesale | Financial institutions | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 56,608 | $ 47,648 | |
% of total criticized to total retained loans | 1.02% | 0.32% | |
% of criticized nonaccrual to total retained loans | 0.01% | 0.01% | |
Net charge-offs/(recoveries) | $ 0 | $ 0 | |
% of net charge-offs/(recoveries) to end-of-period retained loans | 0.00% | 0.00% | |
Wholesale | Financial institutions | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 56,583 | $ 47,622 | |
Wholesale | Financial institutions | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 20 | 12 | |
Wholesale | Financial institutions | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 2 | 10 | |
Wholesale | Financial institutions | Investment-grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 40,263 | 32,178 | |
Wholesale | Financial institutions | Total noninvestment- grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 16,345 | 15,470 | |
Wholesale | Financial institutions | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 15,768 | 15,316 | |
Wholesale | Financial institutions | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 574 | 150 | |
Wholesale | Financial institutions | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 3 | 4 | |
Wholesale | Governments & Agencies | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 12,742 | $ 14,187 | |
% of total criticized to total retained loans | 0.00% | 0.01% | |
% of criticized nonaccrual to total retained loans | 0.00% | 0.00% | |
Net charge-offs/(recoveries) | $ 0 | $ 0 | |
% of net charge-offs/(recoveries) to end-of-period retained loans | 0.00% | 0.00% | |
Wholesale | Governments & Agencies | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 12,713 | $ 14,165 | |
Wholesale | Governments & Agencies | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 28 | 18 | |
Wholesale | Governments & Agencies | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 1 | 4 | |
Wholesale | Governments & Agencies | Investment-grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 12,616 | 13,984 | |
Wholesale | Governments & Agencies | Total noninvestment- grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 126 | 203 | |
Wholesale | Governments & Agencies | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 126 | 201 | |
Wholesale | Governments & Agencies | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 0 | 2 | |
Wholesale | Governments & Agencies | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 0 | 0 | |
Wholesale | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 142,166 | $ 131,784 | |
% of total criticized to total retained loans | 0.34% | 0.26% | |
% of criticized nonaccrual to total retained loans | 0.03% | 0.12% | |
Net charge-offs/(recoveries) | $ 28 | $ 10 | |
% of net charge-offs/(recoveries) to end-of-period retained loans | 0.02% | 0.01% | |
Wholesale | Other | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 141,739 | $ 130,918 | |
Wholesale | Other | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 387 | 702 | |
Wholesale | Other | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 0 | 3 | |
Wholesale | Other | Investment-grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 129,266 | 119,963 | |
Wholesale | Other | Total noninvestment- grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 12,900 | 11,821 | |
Wholesale | Other | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 12,411 | 11,478 | |
Wholesale | Other | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 449 | 182 | |
Wholesale | Other | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 40 | 161 | |
Wholesale | Non-U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 101,374 | 102,646 | |
Wholesale | Non-U.S. | Commercial and industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 28,253 | 29,572 | |
Wholesale | Non-U.S. | Real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 4,123 | 2,967 | |
Wholesale | Non-U.S. | Financial institutions | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 16,800 | 18,524 | |
Wholesale | Non-U.S. | Governments & Agencies | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 2,232 | 3,150 | |
Wholesale | Non-U.S. | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 49,966 | 48,433 | |
Wholesale | U.S. | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 343,265 | 336,516 | |
Wholesale | U.S. | Commercial and industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 88,626 | 100,234 | |
Wholesale | U.S. | Real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 112,121 | 112,770 | |
Wholesale | U.S. | Financial institutions | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 39,808 | 29,124 | |
Wholesale | U.S. | Governments & Agencies | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 10,510 | 11,037 | |
Wholesale | U.S. | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 92,200 | $ 83,351 |
Loans - Wholesale Loan Portfo_2
Loans - Wholesale Loan Portfolio - Real Estate Class of Loans (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 945,601 | $ 969,415 | $ 924,838 |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 444,639 | $ 439,162 | $ 402,898 |
% of total criticized to total real estate retained loans | 1.56% | 1.33% | |
% of criticized nonaccrual loans to total real estate retained loans | 0.19% | 0.26% | |
Wholesale | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 843 | $ 1,150 | |
Wholesale | Real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 116,244 | $ 115,737 | |
% of total criticized to total real estate retained loans | 0.90% | 0.65% | |
% of criticized nonaccrual loans to total real estate retained loans | 0.04% | 0.12% | |
Wholesale | Real estate | Commercial construction and development | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 8,200 | $ 10,500 | |
Wholesale | Real estate | Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 79,402 | $ 79,184 | |
% of total criticized to total real estate retained loans | 0.51% | 0.49% | |
% of criticized nonaccrual loans to total real estate retained loans | 0.05% | 0.07% | |
Wholesale | Real estate | Other Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 36,842 | $ 36,553 | |
% of total criticized to total real estate retained loans | 1.74% | 1.00% | |
% of criticized nonaccrual loans to total real estate retained loans | 0.03% | 0.21% | |
Wholesale | Real estate | Criticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 1,049 | $ 754 | |
Wholesale | Real estate | Criticized | Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 407 | 388 | |
Wholesale | Real estate | Criticized | Other Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 642 | 366 | |
Wholesale | Real estate | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 48 | 134 | |
Wholesale | Real estate | Criticized nonaccrual | Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | 38 | 57 | |
Wholesale | Real estate | Criticized nonaccrual | Other Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained | $ 10 | $ 77 |
Loans - Wholesale Loan Portfo_3
Loans - Wholesale Loan Portfolio - Impaired Loans (Details) - Wholesale - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired loans | |||
With an allowance | $ 731 | $ 1,070 | |
Without an allowance | 181 | 180 | |
Total impaired loans | 912 | 1,250 | |
Allowance for loan losses related to impaired loans | 234 | 297 | |
Unpaid principal balance of impaired loans | 1,104 | 1,723 | |
Average impaired loans | 1,359 | 1,416 | $ 1,710 |
Troubled debt restructurings | 460 | 576 | |
Commercial and industrial | |||
Impaired loans | |||
With an allowance | 637 | 807 | |
Without an allowance | 177 | 140 | |
Total impaired loans | 814 | 947 | |
Allowance for loan losses related to impaired loans | 221 | 252 | |
Unpaid principal balance of impaired loans | 974 | 1,043 | |
Average impaired loans | 1,086 | 1,027 | 1,256 |
Real estate | |||
Impaired loans | |||
With an allowance | 49 | 107 | |
Without an allowance | 0 | 27 | |
Total impaired loans | 49 | 134 | |
Allowance for loan losses related to impaired loans | 9 | 25 | |
Unpaid principal balance of impaired loans | 72 | 203 | |
Average impaired loans | 94 | 133 | 165 |
Financial institutions | |||
Impaired loans | |||
With an allowance | 3 | 4 | |
Without an allowance | 0 | 0 | |
Total impaired loans | 3 | 4 | |
Allowance for loan losses related to impaired loans | 1 | 1 | |
Unpaid principal balance of impaired loans | 4 | 4 | |
Average impaired loans | 11 | 57 | 48 |
Other | |||
Impaired loans | |||
With an allowance | 42 | 152 | |
Without an allowance | 4 | 13 | |
Total impaired loans | 46 | 165 | |
Allowance for loan losses related to impaired loans | 3 | 19 | |
Unpaid principal balance of impaired loans | 54 | 473 | |
Average impaired loans | $ 168 | $ 199 | $ 241 |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Gross charge-offs/Write-offs of PCI loans | $ 151 | $ 187 | $ 86 | |||
Provision for loan losses/lending-related commitments | 5,585 | 4,871 | 5,290 | |||
Ending balance | 14,300 | |||||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Total allowance for loan losses/lending-related commitments | 14,300 | $ 14,300 | ||||
Loans by impairment methodology | ||||||
Asset-specific | 8,536 | $ 9,443 | $ 11,160 | |||
Formula-based | 916,702 | 935,935 | 883,099 | |||
PCI | 20,363 | 24,037 | 30,579 | |||
Total retained loans | 945,601 | 969,415 | 924,838 | |||
Lending-related commitments by impairment methodology | ||||||
Asset-specific | 474 | 469 | 731 | |||
Formula-based | 1,105,773 | 1,038,789 | 990,751 | |||
Total lending-related commitments | 1,106,247 | 1,039,258 | 991,482 | |||
Impaired collateral-dependent loans | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Net charge-offs | 82 | 45 | 95 | |||
Impaired collateral-dependent loans | ||||||
Loans measured at fair value of collateral less cost to sell | 2,140 | 2,282 | 2,366 | |||
Allowance for loan losses | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 13,445 | 13,604 | 13,776 | |||
Gross charge-offs/Write-offs of PCI loans | 6,810 | 6,349 | 6,512 | |||
Gross recoveries | (1,181) | (1,493) | (1,125) | |||
Net charge-offs | 5,629 | 4,856 | 5,387 | |||
Provision for loan losses/lending-related commitments | 5,449 | 4,885 | 5,300 | |||
Other | 9 | (1) | 1 | |||
Ending balance | 13,123 | 13,445 | 13,604 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Asset-specific | 847 | 933 | 1,090 | |||
Formula-based | 11,289 | 10,724 | 10,289 | |||
PCI | 987 | 1,788 | 2,225 | |||
Total allowance for loan losses/lending-related commitments | 13,445 | 13,604 | 13,604 | 13,123 | 13,445 | 13,604 |
Allowance for lending-related commitments | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 1,055 | 1,068 | 1,078 | |||
Provision for loan losses/lending-related commitments | 136 | (14) | (10) | |||
Other | 0 | 1 | 0 | |||
Ending balance | 1,191 | 1,055 | 1,068 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 102 | 99 | 187 | |||
Allowance for lending-related commitments by impairment methodology, Formula-based | 1,089 | 956 | 881 | |||
Total allowance for loan losses/lending-related commitments | 1,191 | 1,068 | 1,078 | 1,191 | 1,055 | 1,068 |
Consumer, excluding credit card | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Gross charge-offs/Write-offs of PCI loans | 151 | 187 | 86 | |||
Ending balance | 3,200 | |||||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Total allowance for loan losses/lending-related commitments | 3,200 | 3,200 | ||||
Loans by impairment methodology | ||||||
Asset-specific | 6,172 | 6,874 | 8,078 | |||
Formula-based | 305,503 | 342,729 | 333,899 | |||
PCI | 20,363 | 24,034 | 30,576 | |||
Total retained loans | 332,038 | 373,637 | 372,553 | |||
Lending-related commitments by impairment methodology | ||||||
Asset-specific | 0 | 0 | 0 | |||
Formula-based | 51,412 | 46,066 | 48,553 | |||
Total lending-related commitments | 51,412 | 46,066 | 48,553 | |||
Consumer, excluding credit card | Impaired collateral-dependent loans | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Net charge-offs | 57 | 24 | 64 | |||
Impaired collateral-dependent loans | ||||||
Loans measured at fair value of collateral less cost to sell | 2,059 | 2,080 | 2,133 | |||
Consumer, excluding credit card | Allowance for loan losses | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 4,146 | 4,579 | 5,198 | |||
Gross charge-offs/Write-offs of PCI loans | 963 | 1,025 | 1,779 | |||
Gross recoveries | (551) | (842) | (634) | |||
Net charge-offs | 412 | 183 | 1,145 | |||
Provision for loan losses/lending-related commitments | (383) | (63) | 613 | |||
Other | (1) | 0 | (1) | |||
Ending balance | 3,199 | 4,146 | 4,579 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Asset-specific | 136 | 196 | 246 | |||
Formula-based | 2,076 | 2,162 | 2,108 | |||
PCI | 987 | 1,788 | 2,225 | |||
Total allowance for loan losses/lending-related commitments | 3,199 | 4,579 | 4,579 | 3,199 | 4,146 | 4,579 |
Consumer, excluding credit card | Allowance for lending-related commitments | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 33 | 33 | 26 | |||
Provision for loan losses/lending-related commitments | 0 | 0 | 7 | |||
Other | 0 | 0 | 0 | |||
Ending balance | 33 | 33 | 33 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 0 | 0 | 0 | |||
Allowance for lending-related commitments by impairment methodology, Formula-based | 33 | 33 | 33 | |||
Total allowance for loan losses/lending-related commitments | 33 | 33 | 26 | 33 | 33 | 33 |
Credit card | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Gross charge-offs/Write-offs of PCI loans | 0 | 0 | 0 | |||
Loans by impairment methodology | ||||||
Asset-specific | 1,452 | 1,319 | 1,215 | |||
Formula-based | 167,472 | 155,297 | 148,172 | |||
PCI | 0 | 0 | 0 | |||
Total retained loans | 168,924 | 156,616 | 149,387 | |||
Lending-related commitments by impairment methodology | ||||||
Asset-specific | 0 | 0 | 0 | |||
Formula-based | 650,720 | 605,379 | 572,831 | |||
Total lending-related commitments | 650,720 | 605,379 | 572,831 | |||
Credit card | Impaired collateral-dependent loans | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Net charge-offs | 0 | 0 | 0 | |||
Impaired collateral-dependent loans | ||||||
Loans measured at fair value of collateral less cost to sell | 0 | 0 | 0 | |||
Credit card | Allowance for loan losses | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 5,184 | 4,884 | 4,034 | |||
Gross charge-offs/Write-offs of PCI loans | 5,436 | 5,011 | 4,521 | |||
Gross recoveries | (588) | (493) | (398) | |||
Net charge-offs | 4,848 | 4,518 | 4,123 | |||
Provision for loan losses/lending-related commitments | 5,348 | 4,818 | 4,973 | |||
Other | (1) | 0 | 0 | |||
Ending balance | 5,683 | 5,184 | 4,884 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Asset-specific | 477 | 440 | 383 | |||
Formula-based | 5,206 | 4,744 | 4,501 | |||
PCI | 0 | 0 | 0 | |||
Total allowance for loan losses/lending-related commitments | 5,184 | 4,884 | 4,884 | 5,683 | 5,184 | 4,884 |
Credit card | Allowance for lending-related commitments | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 0 | 0 | 0 | |||
Provision for loan losses/lending-related commitments | 0 | 0 | 0 | |||
Other | 0 | 0 | 0 | |||
Ending balance | 0 | 0 | 0 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 0 | 0 | 0 | |||
Allowance for lending-related commitments by impairment methodology, Formula-based | 0 | 0 | 0 | |||
Total allowance for loan losses/lending-related commitments | 0 | 0 | 0 | 0 | 0 | 0 |
Wholesale | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Gross charge-offs/Write-offs of PCI loans | 0 | 0 | 0 | |||
Ending balance | 5,400 | |||||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Total allowance for loan losses/lending-related commitments | 5,400 | 5,400 | ||||
Loans by impairment methodology | ||||||
Asset-specific | 912 | 1,250 | 1,867 | |||
Formula-based | 443,727 | 437,909 | 401,028 | |||
PCI | 0 | 3 | 3 | |||
Total retained loans | 444,639 | 439,162 | 402,898 | |||
Lending-related commitments by impairment methodology | ||||||
Asset-specific | 474 | 469 | 731 | |||
Formula-based | 403,641 | 387,344 | 369,367 | |||
Total lending-related commitments | 404,115 | 387,813 | 370,098 | |||
Wholesale | Impaired collateral-dependent loans | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Net charge-offs | 25 | 21 | 31 | |||
Impaired collateral-dependent loans | ||||||
Loans measured at fair value of collateral less cost to sell | 81 | 202 | 233 | |||
Wholesale | Allowance for loan losses | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 4,115 | 4,141 | 4,544 | |||
Gross charge-offs/Write-offs of PCI loans | 411 | 313 | 212 | |||
Gross recoveries | (42) | (158) | (93) | |||
Net charge-offs | 369 | 155 | 119 | |||
Provision for loan losses/lending-related commitments | 484 | 130 | (286) | |||
Other | 11 | (1) | 2 | |||
Ending balance | 4,241 | 4,115 | 4,141 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Asset-specific | 234 | 297 | 461 | |||
Formula-based | 4,007 | 3,818 | 3,680 | |||
PCI | 0 | 0 | 0 | |||
Total allowance for loan losses/lending-related commitments | 4,115 | 4,115 | 4,544 | 4,241 | 4,115 | 4,141 |
Wholesale | Allowance for lending-related commitments | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 1,022 | 1,035 | 1,052 | |||
Provision for loan losses/lending-related commitments | 136 | (14) | (17) | |||
Other | 0 | 1 | 0 | |||
Ending balance | 1,158 | 1,022 | 1,035 | |||
Allowance For Lending Related Commitments, by Impairment Methodology [Abstract] | ||||||
Allowance for lending-related commitments by impairment methodology, Asset-specific | 102 | 99 | 187 | |||
Allowance for lending-related commitments by impairment methodology, Formula-based | 1,056 | 923 | 848 | |||
Total allowance for loan losses/lending-related commitments | $ 1,158 | $ 1,035 | $ 1,052 | $ 1,158 | $ 1,022 | $ 1,035 |
Variable Interest Entities - Cr
Variable Interest Entities - Credit Card Securitizations (Details) - Firm-sponsored credit card trusts - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | ||
Minimum undivided interest in credit card trusts | 50.00% | 37.00% |
Undivided interests in Firm-sponsored credit card securitization trusts | $ 5,300,000,000 | $ 15,100,000,000 |
Senior securities | ||
Variable Interest Entity [Line Items] | ||
Undivided interests in Firm-sponsored credit card securitization trusts | 0 | 0 |
Subordinated securities | ||
Variable Interest Entity [Line Items] | ||
Undivided interests in Firm-sponsored credit card securitization trusts | $ 3,000,000,000 | $ 3,000,000,000 |
Minimum | ||
Variable Interest Entity [Line Items] | ||
Minimum undivided interest in credit card trusts | 5.00% |
Variable Interest Entities - Fi
Variable Interest Entities - Firm Sponsored Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | $ 186,912 | $ 183,040 |
Retained securitization interests, risk-rated 'A' or better, at fair value | 63.00% | 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 | $ 106 | $ 87 |
Subordinated securities purchased in connection with CIB's secondary market-making activities | 94 | 28 |
Residential mortgage | Investment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 1,100 | 1,300 |
Residential mortgage | Noninvestment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 72 | 16 |
Residential mortgage | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 60,348 | 63,350 |
Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 14,661 | 16,729 |
Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 111,903 | 102,961 |
Commercial and other | Investment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 1,200 | 1,200 |
Commercial and other | Noninvestment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 575 | 623 |
VIEs consolidated by the Firm | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 2,796 | 3,269 |
VIEs consolidated by the Firm | Residential mortgage | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 2,796 | 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 entities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 143,102 | 145,500 |
Interest in securitized assets in nonconsolidated VIEs | 2,966 | 3,117 |
Nonconsolidated entities | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 1,327 | 1,459 |
Nonconsolidated entities | Investment securities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 1,398 | 1,448 |
Nonconsolidated entities | Other financial assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 241 | 210 |
Nonconsolidated entities | Residential mortgage | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 48,734 | 50,679 |
Interest in securitized assets in nonconsolidated VIEs | 1,160 | 1,270 |
Nonconsolidated entities | Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 13,490 | 15,434 |
Interest in securitized assets in nonconsolidated VIEs | 7 | 53 |
Nonconsolidated entities | Residential mortgage | Trading assets | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 535 | 623 |
Nonconsolidated entities | Residential mortgage | Trading assets | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 7 | 53 |
Nonconsolidated entities | Residential mortgage | Investment securities | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 625 | 647 |
Nonconsolidated entities | Residential mortgage | Investment securities | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated entities | Residential mortgage | Other financial assets | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated entities | Residential mortgage | Other financial assets | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated entities | Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 80,878 | 79,387 |
Interest in securitized assets in nonconsolidated VIEs | 1,799 | 1,794 |
Nonconsolidated entities | Commercial and other | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 785 | 783 |
Nonconsolidated entities | Commercial and other | Investment securities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 773 | 801 |
Nonconsolidated entities | Commercial and other | Other financial assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | $ 241 | $ 210 |
Variable Interest Entities - Re
Variable Interest Entities - Re-securitizations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Transfers of securities to VIEs | |||
U.S. GSEs and government agencies | $ 25,852,000,000 | $ 15,532,000,000 | $ 12,617,000,000 |
Private label securities transfered to re-securitization VIEs | 0 | 0 | $ 0 |
U.S. GSEs and government agencies | Nonconsolidated entities | |||
Variable Interest Entity [Line Items] | |||
Interest in VIEs | $ 2,928,000,000 | $ 3,058,000,000 |
Variable Interest Entities - Mu
Variable Interest Entities - Multi-seller Conduits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | $ 1,106,247 | $ 1,039,258 | $ 991,482 |
Firm-administered multi-seller conduits | |||
Variable Interest Entity [Line Items] | |||
Commercial paper issued by consolidated Variable Interest Entities eliminated in Consolidation | 16,300 | 20,100 | |
Firm-administered multi-seller conduits | Commercial and other | |||
Variable Interest Entity [Line Items] | |||
Off-balance sheet lending-related financial commitments, contractual amount | $ 8,900 | $ 8,000 | |
Maximum | |||
Variable Interest Entity [Line Items] | |||
Program-wide credit enhancement required amount | 10.00% |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | $ 411,103 | $ 413,714 | ||||
Loans | 945,601 | 969,415 | $ 924,838 | |||
Other | 126,830 | 121,022 | ||||
Total assets | 2,687,379 | [1] | 2,622,532 | [1] | $ 2,533,600 | |
Beneficial interests in VIE assets | 17,841 | 20,241 | ||||
Total liabilities | [1] | 2,426,049 | 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 | 2,633 | 1,966 | ||||
Loans | 42,931 | 59,456 | ||||
Other | 881 | 1,013 | ||||
Total assets | 46,445 | 62,435 | ||||
Beneficial interests in VIE assets | 17,841 | 20,241 | ||||
Other | 447 | 312 | ||||
Total liabilities | 18,288 | 20,553 | ||||
Beneficial interests in VIE assets, long term | 6,700 | 13,700 | ||||
VIEs consolidated by the Firm | Trading assets | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 2,633 | 1,966 | ||||
Firm-sponsored credit card trusts | VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 14,986 | 31,760 | ||||
Other | 266 | 491 | ||||
Total assets | 15,252 | 32,251 | ||||
Beneficial interests in VIE assets | 6,461 | 13,404 | ||||
Other | 6 | 12 | ||||
Total liabilities | 6,467 | 13,416 | ||||
Firm-sponsored credit card trusts | VIEs consolidated by the Firm | Trading assets | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 0 | 0 | ||||
Firm-administered multi-seller conduits | VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 25,183 | 24,411 | ||||
Other | 355 | 300 | ||||
Total assets | 25,539 | 24,711 | ||||
Beneficial interests in VIE assets | 9,223 | 4,842 | ||||
Other | 36 | 33 | ||||
Total liabilities | 9,259 | 4,875 | ||||
Firm-administered multi-seller conduits | VIEs consolidated by the Firm | Trading assets | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 1 | 0 | ||||
Municipal bond vehicles | VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 0 | 0 | ||||
Other | 4 | 4 | ||||
Total assets | 1,907 | 1,783 | ||||
Beneficial interests in VIE assets | 1,881 | 1,685 | ||||
Other | 3 | 3 | ||||
Total liabilities | 1,884 | 1,688 | ||||
Municipal bond vehicles | VIEs consolidated by the Firm | Trading assets | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 1,903 | 1,779 | ||||
Mortgage securitization entities | VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 2,762 | 3,285 | ||||
Other | 64 | 40 | ||||
Total assets | 2,892 | 3,378 | ||||
Beneficial interests in VIE assets | 276 | 308 | ||||
Other | 130 | 161 | ||||
Total liabilities | 406 | 469 | ||||
Mortgage securitization entities | VIEs consolidated by the Firm | Trading assets | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 66 | 53 | ||||
Other | VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Loans | 0 | 0 | ||||
Other | 192 | 178 | ||||
Total assets | 855 | 312 | ||||
Beneficial interests in VIE assets | 0 | 2 | ||||
Other | 272 | 103 | ||||
Total liabilities | 272 | 105 | ||||
Other | VIEs consolidated by the Firm | Trading assets | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | $ 663 | $ 134 | ||||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2019 and 2018 . The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests 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 14 for a further discussion. December 31, (in millions) 2019 2018 Assets Trading assets $ 2,633 $ 1,966 Loans 42,931 59,456 All other assets 881 1,013 Total assets $ 46,445 $ 62,435 Liabilities Beneficial interests issued by consolidated VIEs $ 17,841 $ 20,241 All other liabilities 447 312 Total liabilities $ 18,288 $ 20,553 |
Variable Interest Entities - VI
Variable Interest Entities - VIEs Sponsored by Third Parties (Details) - Nonconsolidated entities - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Tax credit vehicles | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure | $ 19.1 | $ 16.5 |
Unfunded commitments | 5.5 | 4 |
Municipal bond vehicles | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure | 5.5 | 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Residential mortgage | |||
Securitization activity [Abstract] | |||
Principal securitized | $ 9,957 | $ 6,431 | $ 5,532 |
All cash flows during the period: | |||
Proceeds received from loan sales as financial instruments | 10,238 | 6,449 | 5,661 |
Servicing fees collected | 287 | 319 | 338 |
Cash flows received on interests | $ 507 | $ 411 | $ 463 |
Weighted-average life (in years) | 4 years 9 months 18 days | 7 years 7 months 6 days | 4 years 9 months 18 days |
Weighted-average discount rate | 7.40% | 3.60% | 2.90% |
Commercial and other | |||
Securitization activity [Abstract] | |||
Principal securitized | $ 9,390 | $ 10,159 | $ 10,252 |
All cash flows during the period: | |||
Proceeds received from loan sales as financial instruments | 9,544 | 10,218 | 10,340 |
Servicing fees collected | 2 | 2 | 3 |
Cash flows received on interests | $ 237 | $ 301 | $ 918 |
Weighted-average life (in years) | 6 years 4 months 24 days | 5 years 3 months 18 days | 7 years 1 month 6 days |
Weighted-average discount rate | 4.10% | 4.00% | 4.40% |
Variable Interest Entities - Lo
Variable Interest Entities - Loans Sold to Third-Party Sponsored Securitization Entities (Details) - Nonconsolidated entities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of loan sale activities [Abstract] | |||
Carrying value of loans sold | $ 92,349 | $ 44,609 | $ 64,542 |
Proceeds received from loan sales as cash | 73 | 9 | 117 |
Proceeds from loan sales as securities | 91,422 | 43,671 | 63,542 |
Total proceeds received from loan sales | 91,495 | 43,680 | 63,659 |
Gains/(losses) on loan sales | $ 499 | $ (93) | $ 163 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Loans Repurchased and Option to Repurchase Delinquent Loans (Details) - Nonconsolidated entities - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Loans repurchased or option to repurchase | $ 2,941 | $ 7,021 |
Real estate acquired through foreclosure | 41 | 75 |
Residential mortgage | ||
Variable Interest Entity [Line Items] | ||
Real estate acquired through foreclosure | $ 198 | $ 361 |
Variable Interest Entities - _2
Variable Interest Entities - Loan Delinquencies and Net Charge-offs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | 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 | $ 4,449 | $ 6,057 |
Net liquidation losses | 1,556 | 721 |
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 | 187 | 225 |
Net liquidation losses | 445 | 280 |
Nonconsolidated entities | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | 143,102 | 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 | 80,878 | 79,387 |
Prime/Alt-A and 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 | 2,449 | 3,354 |
Net liquidation losses | 579 | 610 |
Prime/Alt-A and option ARMs | Nonconsolidated entities | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | 48,734 | 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 | 1,813 | 2,478 |
Net liquidation losses | 532 | (169) |
Subprime | Nonconsolidated entities | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | $ 13,490 | $ 15,434 |
Goodwill and Mortgage Servici_3
Goodwill and Mortgage Servicing Rights - by Business Segment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||||
Total goodwill | $ 47,823 | $ 47,471 | $ 47,507 | $ 47,288 |
Consumer & Community Banking | ||||
Goodwill [Line Items] | ||||
Total goodwill | 31,041 | 30,984 | 31,013 | |
Corporate & Investment Bank | ||||
Goodwill [Line Items] | ||||
Total goodwill | 6,942 | 6,770 | 6,776 | |
Commercial Banking | ||||
Goodwill [Line Items] | ||||
Total goodwill | 2,982 | 2,860 | 2,860 | |
Asset & Wealth Management | ||||
Goodwill [Line Items] | ||||
Total goodwill | $ 6,858 | $ 6,857 | $ 6,858 |
Goodwill and Mortgage Servici_4
Goodwill and Mortgage Servicing Rights - Changes During Period (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in the carrying amount of goodwill [Abstract] | |||
Balance at beginning of period | $ 47,471 | $ 47,507 | $ 47,288 |
Changes during the period from: | |||
Business combinations | 349 | 0 | 199 |
Other | 3 | (36) | 20 |
Balance at end of period | $ 47,823 | $ 47,471 | $ 47,507 |
Goodwill and Mortgage Servici_5
Goodwill and Mortgage Servicing Rights - Impairment Testing Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Goodwill and Mortgage Servici_6
Goodwill and Mortgage Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgage servicing rights activity [Abstract] | |||
Fair value at beginning of period | $ 6,130 | $ 6,030 | $ 6,096 |
MSR activity: | |||
Originations of MSRs | 1,384 | 931 | 1,103 |
Purchase of MSRs | 105 | 315 | 0 |
Disposition of MSRs | (789) | (636) | (140) |
Net additions | 700 | 610 | 963 |
Changes due to collection/realization of expected cash flows | (951) | (740) | (797) |
Changes in valuation due to inputs and assumptions: | |||
Changes due to market interest rates and other | (893) | 300 | (202) |
Changes in valuation due to other inputs and assumptions: | |||
Projected cash flows (e.g., cost to service) | (333) | 15 | (102) |
Discount rates | 153 | 24 | (19) |
Prepayment model changes and other | (107) | (109) | 91 |
Total changes in valuation due to other inputs and assumptions | (287) | (70) | (30) |
Total changes in valuation due to inputs and assumptions | (1,180) | 230 | (232) |
Fair value at December 31, | 4,699 | 6,130 | 6,030 |
Change in unrealized gains/(losses) included in income related to MSRs held | (1,180) | 230 | (232) |
Contractual service fees, late fees and other ancillary fees included in income | 1,639 | 1,778 | 1,886 |
Third-party mortgage loans serviced | 522,000 | 521,000 | 555,000 |
Servicer advances, net of an allowance for uncollectible amounts | $ 2,000 | $ 3,000 | $ 4,000 |
Goodwill and Mortgage Servici_7
Goodwill and Mortgage Servicing Rights - Mortgage Fees and Related Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Risk management: | |||
All other | $ 1 | $ 2 | $ 3 |
Mortgage fees and related income | 2,036 | 1,254 | 1,616 |
Consumer & Community Banking | |||
CCB mortgage fees and related income | |||
Net production revenue | 1,618 | 268 | 636 |
Operating revenue: | |||
Loan servicing revenue | 1,533 | 1,835 | 2,014 |
Changes in MSR asset fair value due to collection/realization of expected cash flows | (951) | (740) | (795) |
Total operating revenue | 582 | 1,095 | 1,219 |
Risk management: | |||
Changes in MSR asset fair value due to market interest rates and other | (893) | 300 | (202) |
Other changes in MSR asset fair value due to other inputs and assumptions in model | (287) | (70) | (30) |
Change in derivative fair value and other | 1,015 | (341) | (10) |
Total risk management | (165) | (111) | (242) |
Total net mortgage servicing revenue | 417 | 984 | 977 |
Mortgage fees and related income | $ 2,035 | $ 1,252 | $ 1,613 |
Goodwill and Mortgage Servici_8
Goodwill and Mortgage Servicing Rights - Key Economic Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted-average prepayment speed assumption (constant prepayment rate) | 11.67% | 8.78% |
Impact on fair value of 10% adverse change | $ (200) | $ (205) |
Impact on fair value of 20% adverse change | $ (384) | $ (397) |
Weighted-average option adjusted spread | 7.93% | 7.87% |
Impact on fair value of 100 basis points adverse change | $ (169) | $ (235) |
Impact on fair value of 200 basis points adverse change | $ (326) | $ (452) |
Deposits - Noninterest and Inte
Deposits - Noninterest and Interest-bearing (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. offices | ||
Noninterest-bearing (included $22,637 and $17,204 at fair value) | $ 395,667 | $ 386,709 |
Interest-bearing (included $2,534 and $2,487 at fair value) | 876,156 | 813,881 |
Total deposits in U.S. offices | 1,271,823 | 1,200,590 |
Non-U.S. offices | ||
Noninterest-bearing (included $1,980 and $2,367 at fair value) | 20,087 | 21,459 |
Interest-bearing (included $1,438 and $1,159 at fair value) | 270,521 | 248,617 |
Total deposits in non-U.S. offices | 290,608 | 270,076 |
Total deposits | 1,562,431 | 1,470,666 |
Fair value | ||
U.S. offices | ||
Noninterest-bearing (included $22,637 and $17,204 at fair value) | 22,637 | 17,204 |
Interest-bearing, fair value | 2,534 | 2,487 |
Non-U.S. offices | ||
Noninterest-bearing (included $1,980 and $2,367 at fair value) | 1,980 | 2,367 |
Interest-bearing, fair value | $ 1,438 | $ 1,159 |
Deposits - Time Deposits (Detai
Deposits - Time Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Time Deposits [Line Items] | ||
Total | $ 94,967 | $ 66,780 |
U.S. offices | ||
Time Deposits [Line Items] | ||
Total | 44,127 | 25,119 |
Non-U.S. offices | ||
Time Deposits [Line Items] | ||
Total | $ 50,840 | $ 41,661 |
Deposits - Maturities of Intere
Deposits - Maturities of Interest-Bearing Time Deposits (Details) $ in Millions | Dec. 31, 2019USD ($) |
Maturities of interest bearing time deposits | |
2020 | $ 110,057 |
2021 | 3,823 |
2022 | 798 |
2023 | 188 |
2024 | 891 |
After 5 years | 340 |
Total | 116,097 |
U.S. | |
Maturities of interest bearing time deposits | |
2020 | 60,614 |
2021 | 3,700 |
2022 | 709 |
2023 | 175 |
2024 | 534 |
After 5 years | 301 |
Total | 66,033 |
Non-U.S. | |
Maturities of interest bearing time deposits | |
2020 | 49,443 |
2021 | 123 |
2022 | 89 |
2023 | 13 |
2024 | 357 |
After 5 years | 39 |
Total | $ 50,064 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities | $ 8,505 | |
Operating lease ROU assets | $ 8,190 | |
Operating lease, general lease terms (or less) | 20 years | |
Additional future operating lease commitments not yet commenced | $ 1,200 | |
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 | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Right-of-use assets | $ 8,190 |
Lease liabilities | $ 8,505 |
Weighted average remaining lease term (in years) | 8 years 9 months 18 days |
Weighted average discount rate | 3.68% |
Supplemental cash flow information | |
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows | $ 1,572 |
Supplemental non-cash information | |
Right-of-use assets obtained in exchange for operating lease obligations | 1,413 |
Rental expense | |
Gross rental expense | 2,057 |
Sublease rental income | (184) |
Net rental expense | $ 1,873 |
Leases - Future Payments Under
Leases - Future Payments Under Operating Leases (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 1,604 |
2021 | 1,447 |
2022 | 1,257 |
2023 | 1,081 |
2024 | 944 |
After 2024 | 3,757 |
Total future minimum lease payments | 10,090 |
Less: Imputed interest | (1,585) |
Total | $ 8,505 |
Leases - Carrying Value of Asse
Leases - Carrying Value of Assets Subject to Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||
Carrying value of assets subject to operating leases, net of accumulated depreciation | $ 25,813 | $ 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 | 23,587 | |
Accumulated depreciation | $ 6,121 |
Leases - Operating Lease Income
Leases - Operating Lease Income and Related Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Operating lease income | $ 5,455 | ||
Operating lease income | $ 4,540 | $ 3,611 | |
Lessee, Lease, Description [Line Items] | |||
Depreciation expense | $ 3,522 | $ 2,808 | |
Assets subject to operating leases | |||
Lessee, Lease, Description [Line Items] | |||
Depreciation expense | $ 4,157 |
Leases - Future Receipts Under
Leases - Future Receipts Under Operating Leases (Details) $ in Millions | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 4,168 |
2021 | 2,733 |
2022 | 1,025 |
2023 | 86 |
2024 | 37 |
After 2024 | 52 |
Total future minimum lease receipts | $ 8,101 |
Accounts Payable and Other Li_3
Accounts Payable and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Brokerage payables | $ 118,375 | $ 114,794 |
Other payables and liabilities | 92,032 | 81,916 |
Total accounts payable and other liabilities | 210,407 | 196,710 |
Credit card rewards liability | $ 6,400 | $ 5,800 |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 38,283 | |
1-5 years | 121,032 | |
After 5 years | 132,183 | |
Long-term debt | $ 291,498 | $ 282,031 |
Long Term Debt - Supplemental Information | ||
Interest rate modified for the effects of hedge accounting, Minimum | (0.02%) | |
Interest rate modified for the effects of hedge accounting, Maximum | 9.43% | |
Collateral used to secure Long-term debt | $ 186,100 | 207,000 |
Zero-coupon notes | 13,600 | 11,200 |
Zero-coupon notes - aggregate principal amount at maturity | 39,300 | $ 37,400 |
Redeemable long-term debt | 141,300 | |
Long term debt maturing in 2021 | 45,800 | |
Long term debt maturing in 2022 | 19,600 | |
Long term debt maturing in 2023 | 29,700 | |
Long term debt maturing in 2024 | $ 25,900 | |
Weighted-average contractual interest rates for long term debt | 3.13% | 3.28% |
Modified weighted-average interest rates total long-term debt | 3.19% | 3.64% |
Guarantee of Indebtedness of Others | ||
Long Term Debt - Supplemental Information | ||
Guarantee liability | $ 14,400 | $ 10,900 |
Recurring | ||
Long Term Debt - Supplemental Information | ||
Long-term debt accounted for at fair value | 75,745 | 54,886 |
Beneficial interest, fair value disclosures | 36 | 28 |
Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 2,521 | |
1-5 years | 3,941 | |
After 5 years | 276 | |
Long-term debt | $ 6,738 | 13,714 |
Under 1 year, Minimum | 1.49% | |
Under 1 year, Maximum | 2.19% | |
1-5 years, Minimum | 0.00% | |
1-5 years, Maximum | 2.77% | |
After 5 years, Minimum | 0.84% | |
After 5 years, maximum | 4.06% | |
Long Term Debt - Supplemental Information | ||
Commercial paper and other short-term beneficial interests | $ 11,100 | 6,500 |
Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 2,123 | |
Long-term debt | $ 2,123 | 2,125 |
Under 1 year, Minimum | 0.00% | |
Under 1 year, Maximum | 0.00% | |
1-5 years, Minimum | 0.00% | |
1-5 years, Maximum | 0.00% | |
After 5 years, Minimum | 2.41% | |
After 5 years, maximum | 8.75% | |
Secured debt | ||
Long Term Debt - Supplemental Information | ||
Long-term debt | $ 32,000 | $ 47,700 |
Minimum | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 0.15% | |
Minimum | Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 0.00% | 0.00% |
Minimum | Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 2.41% | 3.04% |
Maximum | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 9.43% | |
Maximum | Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 4.06% | 4.62% |
Maximum | Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 8.75% | 8.75% |
Fixed rate | Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 1,621 | |
1-5 years | 1,369 | |
After 5 years | 0 | |
Long-term debt | 2,990 | $ 7,611 |
Fixed rate | Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 693 | |
Long-term debt | 693 | 659 |
Variable rate | Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 900 | |
1-5 years | 2,572 | |
After 5 years | 276 | |
Long-term debt | 3,748 | 6,103 |
Variable rate | Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 1,430 | |
Long-term debt | 1,430 | 1,466 |
Parent company | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 16,368 | |
1-5 years | 69,799 | |
After 5 years | 108,810 | |
Long-term debt | 194,977 | 183,115 |
Long Term Debt - Supplemental Information | ||
Long-term debt | 197,100 | $ 185,240 |
Long term debt maturing in 2021 | 20,400 | |
Long term debt maturing in 2022 | 12,700 | |
Long term debt maturing in 2023 | 18,600 | |
Long term debt maturing in 2024 | $ 18,200 | |
Parent company | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0.15% | |
Under 1 year, Maximum | 4.95% | |
1-5 years, Minimum | 0.50% | |
1-5 years, Maximum | 4.63% | |
After 5 years, Minimum | 0.45% | |
After 5 years, maximum | 6.40% | |
Parent company | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0.00% | |
Under 1 year, Maximum | 0.00% | |
1-5 years, Minimum | 3.38% | |
1-5 years, Maximum | 3.88% | |
After 5 years, Minimum | 3.63% | |
After 5 years, maximum | 8.00% | |
Parent company | Minimum | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 0.15% | 0.17% |
Parent company | Minimum | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 3.38% | 3.38% |
Parent company | Maximum | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 6.40% | 6.40% |
Parent company | Maximum | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 8.00% | 8.53% |
Parent company | Fixed rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 13,580 | |
1-5 years | 51,982 | |
After 5 years | 95,636 | |
Long-term debt | 161,198 | $ 145,820 |
Parent company | Fixed rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 5,109 | |
After 5 years | 10,046 | |
Long-term debt | 15,155 | 14,308 |
Parent company | Variable rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 2,788 | |
1-5 years | 12,708 | |
After 5 years | 3,119 | |
Long-term debt | 18,615 | 22,978 |
Parent company | Variable rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 9 | |
Long-term debt | 9 | 9 |
Subsidiaries | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 21,915 | |
1-5 years | 51,233 | |
After 5 years | 21,250 | |
Long-term debt | $ 94,398 | $ 96,791 |
Subsidiaries | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 1.88% | |
Under 1 year, Maximum | 2.18% | |
1-5 years, Minimum | 1.67% | |
1-5 years, Maximum | 2.24% | |
After 5 years, Minimum | 0.00% | |
After 5 years, maximum | 0.00% | |
Subsidiaries | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 7.50% | |
Under 1 year, Maximum | 7.50% | |
1-5 years, Minimum | 2.15% | |
1-5 years, Maximum | 9.43% | |
After 5 years, Minimum | 1.00% | |
After 5 years, maximum | 7.50% | |
Subsidiaries | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0.00% | |
Under 1 year, Maximum | 0.00% | |
1-5 years, Minimum | 8.25% | |
1-5 years, Maximum | 8.25% | |
After 5 years, Minimum | 0.00% | |
After 5 years, maximum | 0.00% | |
Subsidiaries | Minimum | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 1.67% | 2.36% |
Subsidiaries | Minimum | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 1.00% | 1.00% |
Subsidiaries | Minimum | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 8.25% | 8.25% |
Subsidiaries | Maximum | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 2.24% | 2.96% |
Subsidiaries | Maximum | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 9.43% | 7.50% |
Subsidiaries | Maximum | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 8.25% | 8.25% |
Subsidiaries | Fixed rate | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 4 | |
1-5 years | 35 | |
After 5 years | 96 | |
Long-term debt | 135 | $ 155 |
Subsidiaries | Fixed rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 761 | |
1-5 years | 6,955 | |
After 5 years | 11,881 | |
Long-term debt | 19,597 | 16,434 |
Subsidiaries | Fixed rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 305 | |
After 5 years | 0 | |
Long-term debt | 305 | 301 |
Subsidiaries | Variable rate | Federal Home Loan Banks (“FHLB”) advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 9,500 | |
1-5 years | 19,000 | |
After 5 years | 0 | |
Long-term debt | 28,500 | 44,300 |
Subsidiaries | Variable rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 11,650 | |
1-5 years | 24,938 | |
After 5 years | 9,273 | |
Long-term debt | 45,861 | 35,601 |
Subsidiaries | Variable rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 0 | |
Long-term debt | $ 0 | $ 0 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 01, 2020 | Feb. 24, 2020 | Jan. 23, 2020 | Dec. 10, 2019 | Dec. 01, 2019 | Nov. 15, 2019 | Nov. 07, 2019 | Oct. 30, 2019 | Oct. 09, 2019 | Sep. 09, 2019 | Sep. 01, 2019 | Aug. 15, 2019 | Jul. 31, 2019 | Jul. 10, 2019 | Jun. 30, 2019 | Apr. 12, 2019 | Mar. 01, 2019 | Jan. 24, 2019 | Oct. 30, 2018 | Sep. 21, 2018 | Apr. 29, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Shares of preferred stock authorized to issue, in one or more series (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | ||||||||||||||||||||||
Shares (in shares) | 2,699,250 | 2,699,250 | 2,606,750 | ||||||||||||||||||||||
Carrying value | $ 26,993 | $ 26,993 | $ 26,068 | ||||||||||||||||||||||
Liquidation value and redemption price per share (in dollars per share) | $ 10,000 | $ 10,000 | |||||||||||||||||||||||
Aggregate liquidation value | $ 27,300 | $ 27,300 | |||||||||||||||||||||||
Series P | |||||||||||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Shares (in shares) | 0 | 0 | 90,000 | ||||||||||||||||||||||
Carrying value | $ 0 | $ 0 | $ 900 | ||||||||||||||||||||||
Issue date | Feb. 5, 2013 | ||||||||||||||||||||||||
Contractual rate in effect | 5.45% | 0.00% | |||||||||||||||||||||||
Dividend declared per share (in dollars per share) | $ 545 | $ 545 | $ 545 | ||||||||||||||||||||||
Preferred stock, shares redeemed | $ 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 | $ 670 | 670 | ||||||||||||||||||||||
Preferred stock, shares redeemed | $ 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) | $ 472.50 | $ 630 | 630 | ||||||||||||||||||||||
Preferred stock, shares redeemed | $ 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) | $ 612.52 | $ 612.52 | 612.52 | ||||||||||||||||||||||
Series Y | Subsequent Event | Forecast | |||||||||||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Contractual rate in effect | 6.125% | ||||||||||||||||||||||||
Preferred stock, shares redeemed | $ 1,430 | ||||||||||||||||||||||||
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) | $ 610 | $ 610 | 610 | ||||||||||||||||||||||
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) | $ 615 | $ 615 | 615 | ||||||||||||||||||||||
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% | 5.75% | |||||||||||||||||||||||
Dividend declared per share (in dollars per share) | $ 575 | $ 111.81 | 0 | ||||||||||||||||||||||
Preferred stock, shares issued | $ 1,700 | ||||||||||||||||||||||||
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 | $ 150 | $ 211.67 | $ 511.67 | $ 0 | 0 | |||||||||||||||||||
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 GG | |||||||||||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Shares (in shares) | 90,000 | 90,000 | 0 | ||||||||||||||||||||||
Carrying value | $ 900 | $ 900 | $ 0 | ||||||||||||||||||||||
Issue date | Nov. 7, 2019 | ||||||||||||||||||||||||
Contractual rate in effect | 4.75% | 4.75% | |||||||||||||||||||||||
Dividend declared per share (in dollars per share) | $ 0 | $ 0 | $ 0 | 0 | |||||||||||||||||||||
Preferred stock, shares issued | $ 900 | ||||||||||||||||||||||||
Series GG | Minimum | |||||||||||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Earliest redemption date | Dec. 1, 2024 | ||||||||||||||||||||||||
Series I | |||||||||||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Shares (in shares) | 293,375 | 293,375 | 430,375 | ||||||||||||||||||||||
Carrying value | $ 2,934 | $ 2,934 | $ 4,304 | ||||||||||||||||||||||
Issue date | Apr. 23, 2008 | ||||||||||||||||||||||||
Contractual rate in effect | 7.90% | ||||||||||||||||||||||||
Dividend declared per share (in dollars per share) | $ 395 | $ 593.23 | $ 646.38 | 790 | |||||||||||||||||||||
Preferred stock, shares redeemed | $ 1,370 | $ 1,700 | |||||||||||||||||||||||
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) | $ 515 | $ 515 | 515 | ||||||||||||||||||||||
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) | $ 600 | $ 600 | 600 | ||||||||||||||||||||||
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) | $ 675 | $ 675 | 675 | ||||||||||||||||||||||
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) | $ 612.50 | $ 612.50 | 612.50 | ||||||||||||||||||||||
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) | $ 139.98 | $ 144.11 | $ 250 | $ 534.09 | $ 500 | 500 | |||||||||||||||||||
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) | $ 610 | $ 610 | 610 | ||||||||||||||||||||||
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) | $ 530 | $ 530 | 530 | ||||||||||||||||||||||
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) | $ 462.50 | $ 462.50 | 129.76 | ||||||||||||||||||||||
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) | $ 125 | $ 126.39 | $ 251.39 | $ 0 | 0 | ||||||||||||||||||||
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 II | Subsequent Event | |||||||||||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Preferred stock, shares issued | $ 1,500 | ||||||||||||||||||||||||
Series HH | Subsequent Event | |||||||||||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Preferred stock, shares issued | $ 3,000 | ||||||||||||||||||||||||
Series O | |||||||||||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Dividend declared per share (in dollars per share) | $ 550 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 27, 2019 | |
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 9,000,000,000 | 9,000,000,000 | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | ||
Stock repurchase program, shares authorized (in shares) | $ 29,400,000,000 | |||
Remaining authorized repurchase amount | $ 15,600,000,000 | |||
Warrant | ||||
Class of Stock [Line Items] | ||||
Total warrants repurchased (in shares) | 0 | 0 | 0 | |
Warrant | JPMorgan Chase & Co. | ||||
Class of Stock [Line Items] | ||||
Warrants outstanding (in shares) | 0 | 15,000,000 | ||
Common stock | ||||
Class of Stock [Line Items] | ||||
Common stock capital shares reserved for future issuance (shares) | 70,500,000 |
Common Stock - Shares Issued (D
Common Stock - Shares Issued (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Common Stock Shares | |||
Total issued - balance at January 1 (in shares) | 4,104,933,895 | 4,104,900,000 | 4,104,900,000 |
Outstanding (in shares) | 3,084,000,000 | 3,275,800,000 | 3,425,300,000 |
Increase (Decrease) in Treasury Stock Shares | |||
Treasury - balance at January 1 (in shares) | (829,167,674) | ||
Total treasury - balance at December 31 (in shares) | (1,020,912,567) | (829,167,674) | |
Treasury stock | |||
Increase (Decrease) in Treasury Stock Shares | |||
Treasury - balance at January 1 (in shares) | (829,100,000) | (679,600,000) | (543,700,000) |
Repurchase (in shares) | (213,000,000) | (181,500,000) | (166,600,000) |
Reissuance: Employee benefit and compensation plans (in shares) | 21,200,000 | 32,000,000 | 30,700,000 |
Reissuance: Warrant exercise (in shares) | 0 | 9,400,000 | 5,400,000 |
Reissuance: Employee stock purchase plans (in shares) | 800,000 | 900,000 | 800,000 |
Total treasury - balance at December 31 (in shares) | (1,020,900,000) | (829,100,000) | (679,600,000) |
Treasury stock | Employee benefits and compensation plans | |||
Increase (Decrease) in Treasury Stock Shares | |||
Reissuance: Employee benefit and compensation plans (in shares) | 20,400,000 | 21,700,000 | 24,500,000 |
Common Stock - Repurchases (Det
Common Stock - Repurchases (Details) - Common stock - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Total number of shares of common stock repurchased (in shares) | 213 | 181.5 | 166.6 |
Aggregate purchase price of common stock repurchases | $ 24,121 | $ 19,983 | $ 15,410 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic earnings per share | |||
Net income | $ 36,431 | $ 32,474 | $ 24,441 |
Less: Preferred stock dividends | 1,587 | 1,551 | 1,663 |
Net income applicable to common equity | 34,844 | 30,923 | 22,778 |
Less: Dividends and undistributed earnings allocated to participating securities | 202 | 214 | 211 |
Net income applicable to common stockholders | $ 34,642 | $ 30,709 | $ 22,567 |
Total weighted-average basic shares outstanding (in shares) | 3,221.5 | 3,396.4 | 3,551.6 |
Net income per share (in dollars per share) | $ 10.75 | $ 9.04 | $ 6.35 |
Diluted earnings per share | |||
Net income applicable to common stockholders | $ 34,642 | $ 30,709 | $ 22,567 |
Total weighted-average basic shares outstanding (in shares) | 3,221.5 | 3,396.4 | 3,551.6 |
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and non-dividend-earning RSUs, and warrants (in shares) | 8.9 | 17.6 | 25.2 |
Total weighted-average diluted shares outstanding (in shares) | 3,230.4 | 3,414 | 3,576.8 |
Net income per share (in dollars per share) | $ 10.72 | $ 9 | $ 6.31 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) - Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | $ 256,515 | $ 255,693 | ||||
Cumulative effect of change in accounting principles | $ 88 | |||||
Net change | 3,076 | (1,476) | $ 1,056 | |||
Ending balance | 261,330 | 256,515 | 255,693 | |||
Accumulated other comprehensive income/(loss) | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (1,507) | (119) | (1,175) | |||
Cumulative effect of change in accounting principles | $ 0 | 88 | $ 0 | |||
Net change | 3,076 | (1,476) | 1,056 | |||
Ending balance | 1,569 | (1,507) | (119) | |||
Unrealized gains/(losses) on investment securities | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | 1,202 | 2,164 | 1,524 | |||
Cumulative effect of change in accounting principles | 896 | |||||
Net change | 2,855 | (1,858) | 640 | |||
Ending balance | 4,057 | 1,202 | 2,164 | |||
Translation adjustments, net of hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (727) | (470) | (164) | |||
Cumulative effect of change in accounting principles | (277) | |||||
Net change | 20 | 20 | (306) | |||
Ending balance | (707) | (727) | (470) | |||
Fair value hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (161) | 0 | ||||
Cumulative effect of change in accounting principles | (54) | |||||
Net change | 30 | (107) | ||||
Ending balance | (131) | (161) | 0 | |||
Cash flow hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | 76 | (100) | ||||
Net change | 176 | |||||
Ending balance | 76 | |||||
Cash flow hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (109) | |||||
Cumulative effect of change in accounting principles | 16 | |||||
Net change | 172 | (201) | ||||
Ending balance | 63 | (109) | ||||
Defined benefit pension and OPEB plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | (2,308) | (1,521) | (2,259) | |||
Cumulative effect of change in accounting principles | (414) | |||||
Net change | 964 | (373) | 738 | |||
Ending balance | (1,344) | (2,308) | (1,521) | |||
DVA on fair value option elected liabilities | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | 596 | (368) | (176) | |||
Cumulative effect of change in accounting principles | $ (79) | |||||
Net change | (965) | 1,043 | (192) | |||
Ending balance | $ (369) | $ 596 | $ (368) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income/(Loss) - Components of Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrealized gains/(losses) on AFS securities: | |||
Net change, Pre-tax | $ 3,921 | $ (1,761) | $ 1,971 |
Net change, Tax effect | (845) | 285 | (915) |
Total other comprehensive income/(loss), after–tax | 3,076 | (1,476) | 1,056 |
Accumulated other comprehensive income/(loss) | |||
Unrealized gains/(losses) on AFS securities: | |||
Total other comprehensive income/(loss), after–tax | 3,076 | (1,476) | 1,056 |
Accumulated other comprehensive income/(loss) | Other Income | |||
Unrealized gains/(losses) on AFS securities: | |||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | 7 | ||
Accumulated other comprehensive income/(loss) | Other Expense | |||
Unrealized gains/(losses) on AFS securities: | |||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | 1 | (168) | (25) |
Unrealized gains/(losses) on investment securities | |||
Unrealized gains/(losses) on AFS securities: | |||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 4,025 | (2,825) | 944 |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (974) | 665 | (346) |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 3,051 | (2,160) | 598 |
Reclassification, Pre-tax | (258) | 395 | 66 |
Reclassification, Tax effect | 62 | (93) | (24) |
Reclassification, After-tax | (196) | 302 | 42 |
Net change, Pre-tax | 3,767 | (2,430) | 1,010 |
Net change, Tax effect | (912) | 572 | (370) |
Total other comprehensive income/(loss), after–tax | 2,855 | (1,858) | 640 |
Unrealized gains/(losses) on investment securities | Other Income | |||
Unrealized gains/(losses) on AFS securities: | |||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | 18 | ||
Unrealized gains/(losses) on investment securities | Other Expense | |||
Unrealized gains/(losses) on AFS securities: | |||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | (17) | 50 | |
Translation adjustments | |||
Unrealized gains/(losses) on AFS securities: | |||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | (49) | (1,078) | 1,313 |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | 33 | 156 | (801) |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | (16) | (922) | 512 |
Reclassification, Pre-tax | 46 | 1,236 | (1,294) |
Reclassification, Tax effect | (10) | (294) | 476 |
Reclassification, After-tax | 36 | 942 | (818) |
Net change, Pre-tax | (3) | 158 | 19 |
Net change, Tax effect | 23 | (138) | (325) |
Total other comprehensive income/(loss), after–tax | 20 | 20 | (306) |
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | (10) | ||
Translation adjustments | Other Expense | |||
Unrealized gains/(losses) on AFS securities: | |||
Net pre-tax gain (loss) reclassified related to liquidation of legal entity | (151) | (75) | |
Fair value hedges, net of change | |||
Unrealized gains/(losses) on AFS securities: | |||
Net change, Pre-tax | 39 | (140) | |
Net change, Tax effect | (9) | 33 | |
Total other comprehensive income/(loss), after–tax | 30 | (107) | |
Cash flow hedges | |||
Unrealized gains/(losses) on AFS securities: | |||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 122 | (245) | |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (28) | 58 | |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 94 | (187) | |
Reclassification, Pre-tax | 103 | (18) | |
Reclassification, Tax effect | (25) | 4 | |
Reclassification, After-tax | 78 | (14) | |
Net change, Pre-tax | 225 | (263) | |
Net change, Tax effect | (53) | 62 | |
Total other comprehensive income/(loss), after–tax | 172 | (201) | |
Cash flow hedges | |||
Unrealized gains/(losses) on AFS securities: | |||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 147 | ||
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (55) | ||
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 92 | ||
Reclassification, Pre-tax | 134 | ||
Reclassification, Tax effect | (50) | ||
Reclassification, After-tax | 84 | ||
Net change, Pre-tax | 281 | ||
Net change, Tax effect | (105) | ||
Total other comprehensive income/(loss), after–tax | 176 | ||
Defined benefit pension and OPEB plans | |||
Unrealized gains/(losses) on AFS securities: | |||
Net change, Pre-tax | 1,157 | (450) | 964 |
Net change, Tax effect | (193) | 77 | (226) |
Total other comprehensive income/(loss), after–tax | 964 | (373) | 738 |
Prior service credit/(cost)/Amortization of prior services cost/(credit) | |||
Unrealized gains/(losses) on AFS securities: | |||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | (5) | (29) | 0 |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | 1 | 7 | 0 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | (4) | (22) | 0 |
Reclassification, Pre-tax | 3 | (23) | (36) |
Reclassification, Tax effect | (1) | 6 | 13 |
Reclassification, After-tax | 2 | (17) | (23) |
Net gain/(loss)/Amortization of net loss | |||
Unrealized gains/(losses) on AFS securities: | |||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 1,005 | (558) | 802 |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (169) | 102 | (160) |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 836 | (456) | 642 |
Reclassification, Pre-tax | 167 | 103 | 250 |
Reclassification, Tax effect | (36) | (24) | (90) |
Reclassification, After-tax | 131 | 79 | 160 |
Curtailment (gain)/loss | |||
Unrealized gains/(losses) on AFS securities: | |||
Reclassification, Pre-tax | 0 | 21 | 0 |
Reclassification, Tax effect | 0 | (5) | 0 |
Reclassification, After-tax | 0 | 16 | 0 |
Settlement (gain)/loss | |||
Unrealized gains/(losses) on AFS securities: | |||
Reclassification, Pre-tax | 0 | 2 | 2 |
Reclassification, Tax effect | 0 | 0 | (1) |
Reclassification, After-tax | 0 | 2 | 1 |
Foreign exchange and other | |||
Unrealized gains/(losses) on AFS securities: | |||
Reclassification, Pre-tax | (13) | 34 | (54) |
Reclassification, Tax effect | 12 | (9) | 12 |
Reclassification, After-tax | (1) | 25 | (42) |
DVA on fair value option elected liabilities, net change | |||
Unrealized gains/(losses) on AFS securities: | |||
Net change, Pre-tax | (1,264) | 1,364 | (303) |
Net change, Tax effect | 299 | (321) | 111 |
Total other comprehensive income/(loss), after–tax | $ (965) | $ 1,043 | $ (192) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of the applicable statutory U.S. income tax rate to the effective tax rate | |||
Statutory U.S. federal tax rate | 21.00% | 21.00% | 35.00% |
Increase/(decrease) in tax rate resulting from: | |||
U.S. state and local income taxes, net of U.S. federal income tax benefit | 3.50% | 4.00% | 2.20% |
Tax-exempt income | (1.40%) | (1.50%) | (3.30%) |
Non-U.S. earnings | 1.80% | 0.60% | (3.10%) |
Business tax credits | (4.40%) | (3.50%) | (4.20%) |
Tax audit resolutions | (2.30%) | (0.10%) | (0.30%) |
Impact of the TCJA | 0 | (0.007) | 0.054 |
Other, net | 0.00% | 0.50% | 0.20% |
Effective tax rate | 18.20% | 20.30% | 31.90% |
Reconciliation of effective income tax rate, supplemental information [Abstract] | |||
Net tax benefit recorded | $ 302 | ||
Income tax expense, estimated impact of TCJA enactment | $ 1,900 | ||
Estimated income tax expense from transition tax on accumulated earnings of controlled foreign corporations | 3,700 | ||
Estimated income tax benefit as a result of TCJA remeasurement | $ 2,100 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current income tax expense/(benefit) | |||
U.S. federal | $ 3,284 | $ 2,854 | $ 5,718 |
Non-U.S. | 2,103 | 2,077 | 2,400 |
U.S. state and local | 1,778 | 1,638 | 1,029 |
Total current income tax expense/(benefit) | 7,165 | 6,569 | 9,147 |
Deferred income tax expense/(benefit) | |||
U.S. federal | 709 | 1,359 | 2,174 |
Non-U.S. | 20 | (93) | (144) |
U.S. state and local | 220 | 455 | 282 |
Total deferred income tax expense/(benefit) | 949 | 1,721 | 2,312 |
Total income tax expense | 8,114 | 8,290 | 11,459 |
Components of income tax expense/(benefit), supplemental information | |||
Tax benefits recorded as a result of tax audit resolutions | 1,100 | 54 | 252 |
Increase (decrease) to income tax allocated directly to equity | $ (862) | $ 172 | $ (915) |
Income Taxes - Results from Non
Income Taxes - Results from Non-U.S. Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 36,670 | $ 33,052 | $ 27,103 |
Non-U.S. | 7,875 | 7,712 | 8,797 |
Income before income tax expense | $ 44,545 | $ 40,764 | $ 35,900 |
Income Taxes - Affordable Housi
Income Taxes - Affordable Housing Tax Credits (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax credit and other tax benefits | $ 1.5 | $ 1.5 | $ 1.7 |
Amount of amortization reported in income tax expense | 1.1 | 1.2 | $ 1.7 |
Carrying value of investments, reported in other assets | 8.6 | 7.9 | |
Amount of commitments, reported in account payable and other liabilities | $ 2.8 | $ 2.3 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Allowance for loan losses | $ 3,400 | $ 3,433 |
Employee benefits | 1,039 | 1,129 |
Accrued expenses and other | 2,767 | 2,701 |
Non-U.S. operations | 949 | 629 |
Tax attribute carryforwards | 605 | 163 |
Gross deferred tax assets | 8,760 | 8,055 |
Valuation allowance | (557) | (89) |
Deferred tax assets, net of valuation allowance | 8,203 | 7,966 |
Deferred tax liabilities | ||
Depreciation and amortization | 2,852 | 2,533 |
Mortgage servicing rights, net of hedges | 2,354 | 2,586 |
Leasing transactions | 5,598 | 4,719 |
Other, net | 4,683 | 3,713 |
Gross deferred tax liabilities | 15,487 | 13,551 |
Net deferred tax (liabilities)/assets | (7,284) | $ (5,585) |
FTC carryforwards | 329 | |
U.S. federal | ||
Deferred tax liabilities | ||
NOL carryforwards | 1,000 | |
Non-U.S. | ||
Deferred tax liabilities | ||
NOL carryforwards | 80 | |
State and local | ||
Deferred tax liabilities | ||
NOL carryforwards | $ 1,100 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate | $ 2,800 | $ 3,800 | $ 3,500 |
Amount of potential increase or decrease in gross balance of unrecognized tax benefits | 500 | ||
Reconciliation of the beginning and ending amount of unrecognized tax benefits | |||
Balance at January 1, | 4,861 | 4,747 | 3,450 |
Increases based on tax positions related to the current period | 871 | 980 | 1,355 |
Increases based on tax positions related to prior periods | 10 | 649 | 626 |
Decreases based on tax positions related to prior periods | (706) | (1,249) | (350) |
Decreases related to cash settlements with taxing authorities | (1,012) | (266) | (334) |
Balance at December 31, | 4,024 | 4,861 | 4,747 |
Income tax expense, penalties and interest expense | |||
Penalties and interest expense/(benefit) | (52) | 192 | $ 102 |
Penalties and interest accrued | $ 817 | $ 887 |
Restricted Cash, Other Restri_3
Restricted Cash, Other Restricted Assets and Intercompany Funds Transfers (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2018 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Total restricted cash | $ 46.5 | $ 40.8 | |
Cash and securities pledged with clearing organizations for benefit of customers | 24.7 | 20.6 | |
Fair value of securities restricted in relation to customer activity | $ 8.8 | 9.7 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |||
Percentage of total capital loans limited to | 10.00% | ||
Percentage of total capital (limited to) for aggregate covered transactions | 20.00% | ||
Deposits with banks | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Total restricted cash | $ 45.3 | 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 | 26.6 | 22.1 | |
Segregated for the benefit of securities and cleared derivative customers | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Total restricted cash | 16 | 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 | $ 3.9 | $ 4.1 | |
Bank and Bank Holding Company Subsidiaries | Subsequent Event | |||
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |||
Aggregate dividends payable | $ 9 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Basel III Standardized Fully Phased-In | JPMorgan Chase & Co. | ||
Regulatory capital | ||
CET1 capital | $ 187,753 | |
Tier 1 capital | 214,432 | |
Total capital | 242,589 | |
Assets | ||
Risk-weighted | 1,515,869 | |
Adjusted average | $ 2,730,239 | |
Capital ratios | ||
CET1 | 12.40% | |
Tier 1 | 14.10% | |
Total | 16.00% | |
Tier 1 leverage | 7.90% | |
Basel III Advanced Fully Phased-In | JPMorgan Chase & Co. | ||
Regulatory capital | ||
CET1 capital | $ 187,753 | |
Tier 1 capital | 214,432 | |
Total capital | 232,112 | |
Assets | ||
Risk-weighted | 1,397,878 | |
Adjusted average | $ 2,730,239 | |
Capital ratios | ||
CET1 | 13.40% | |
Tier 1 | 15.30% | |
Total | 16.60% | |
Tier 1 leverage | 7.90% | |
Total leverage exposure | $ 3,423,431 | $ 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% | |
BHC | 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% | |
IDI | 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 | $ 206,848 | |
Tier 1 capital | 206,851 | |
Total capital | 224,390 | |
Assets | ||
Risk-weighted | 1,457,689 | |
Adjusted average | $ 2,353,432 | |
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 | $ 206,848 | |
Tier 1 capital | 206,851 | |
Total capital | 214,091 | |
Assets | ||
Risk-weighted | 1,269,991 | |
Adjusted average | $ 2,353,432 | |
Capital ratios | ||
CET1 | 16.30% | |
Tier 1 | 16.30% | |
Total | 16.90% | |
Tier 1 leverage | 8.80% | |
Total leverage exposure | $ 3,044,509 | $ 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | $ 1,106,247 | $ 1,039,258 | $ 991,482 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 756,074 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 143,157 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 176,407 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 30,609 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 1,593 | 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 | 59 | 89 | |
Total consumer | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 702,132 | 651,445 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 678,776 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 2,433 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 2,850 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 18,073 | ||
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 | 51,412 | 46,066 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 28,056 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 2,433 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 2,850 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 18,073 | ||
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 | 21,119 | 20,901 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 680 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 1,187 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 2,548 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 16,704 | ||
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 | 9,098 | 5,481 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 9,086 | ||
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 | 9,288 | 8,011 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 8,296 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 600 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 197 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 195 | ||
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 | 11,907 | 11,673 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 9,994 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 646 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 105 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 1,162 | ||
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 | 650,720 | 605,379 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 650,720 | ||
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 | 404,115 | 387,813 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 77,298 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 140,724 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 173,557 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 12,536 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 1,560 | 1,376 | |
Other unfunded commitments to extend credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 367,250 | 351,490 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 58,645 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 129,414 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 168,400 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 10,791 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 938 | 852 | |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Risk participations for other unfunded commitments to extend credit | 76 | 282 | |
Standby letters of credit and other financial guarantees | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 33,908 | 33,498 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 15,919 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 11,127 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 5,117 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 1,745 | ||
Off-balance sheet lending-related financial commitments, Carrying value | 618 | 521 | |
Other guarantees and commitments, Carrying value | 402 | 354 | |
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 216 | 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 | 9,800 | 10,400 | |
Other letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total lending-related commitments | 2,957 | 2,825 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 2,734 | ||
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 183 | ||
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 | 4 | 3 | |
Other guarantees and commitments, Carrying value | 0 | 0 | |
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 4 | 3 | |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | |||
Risk participations for other letters of credit | 546 | 385 | |
Securities lending indemnification agreements and guarantees | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, Contractual amount | 204,827 | 186,077 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 204,827 | ||
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 | 216,200 | 195,600 | |
Derivatives qualifying as guarantees | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, Contractual amount | 53,089 | 55,271 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 1,403 | ||
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 144 | ||
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 11,299 | ||
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 40,243 | ||
Other guarantees and commitments, Carrying value | 159 | 367 | |
Unsettled resale and securities borrowed agreements | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, Contractual amount | 117,951 | 102,008 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 117,203 | ||
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 748 | ||
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 | |
Unsettled repurchase and securities loaned agreements | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Other guarantees and commitments, Contractual amount | 73,351 | 57,732 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 72,790 | ||
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 561 | ||
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 | 944 | 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 | 206,432 | 58,960 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 206,432 | ||
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 | 7,217 | 8,183 | |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 2,684 | ||
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 841 | ||
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 293 | ||
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 3,399 | ||
Other guarantees and commitments, Carrying value | $ (73) | $ (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, Other Financial Guarantees and Other Letters of Credit (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | |||
Total lending-related commitments | $ 1,106,247 | $ 1,039,258 | $ 991,482 |
Total carrying value | 1,593 | 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 | 26,647 | 26,420 | |
Noninvestment-grade | 7,261 | 7,078 | |
Total lending-related commitments | 33,908 | 33,498 | |
Allowance for lending-related commitments | 216 | 167 | |
Guarantee liability | 402 | 354 | |
Total carrying value | 618 | 521 | |
Commitments with collateral | 17,582 | 17,400 | |
Other letters of credit | |||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | |||
Investment-grade | 2,136 | 2,079 | |
Noninvestment-grade | 821 | 746 | |
Total lending-related commitments | 2,957 | 2,825 | |
Allowance for lending-related commitments | 4 | 3 | |
Guarantee liability | 0 | 0 | |
Total carrying value | 4 | 3 | |
Commitments with collateral | $ 726 | $ 583 |
Off-balance Sheet Lending-rel_5
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Securities Lending Indemnifications (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |
Percentage exceeding value of securities for obtaining cash or other highly liquid collateral | 100.00% |
Percentage exceeding value of resale agreements for obtaining collateral | 100.00% |
Off-balance Sheet Lending-rel_6
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Derivatives Qualifying as Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Notional amounts | ||
Stable value contracts with contractually limited exposure | $ 46,942,000 | $ 48,239,000 |
Derivatives qualifying as guarantees | ||
Notional amounts | ||
Derivative guarantees | 53,089 | 55,271 |
Stable value contracts with contractually limited exposure | 28,877 | 28,637 |
Maximum exposure of stable value contracts with contractually limited exposure | 2,967 | 2,963 |
Fair value | ||
Derivative payables | $ 159 | $ 367 |
Maximum | Put option | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Term of written put option | 5 years |
Off-balance Sheet Lending-rel_7
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Loan Sales- and Securitization-Related Indemnifications (Details) - Loans sold with recourse - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Loans sold with recourse | ||
Unpaid principal balance of loans sold with recourse | $ 944 | $ 1,019 |
Carrying value of related liability for recourse obligations | $ 27 | $ 30 |
Off-balance Sheet Lending-rel_8
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Other Off-Balance Sheet Arrangements (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
JPMorgan Chase Financial Company LLC | |||
Other off-balance sheet arrangements - supplemental information [Abstract] | |||
Direct-owned finance subsidiary ownership | 100.00% | ||
Merchant Services | |||
Other off-balance sheet arrangements - supplemental information [Abstract] | |||
Aggregate volume processed by electronic payment services business | $ 1,511.5 | $ 1,366.1 | $ 1,191.7 |
Pledged Assets and Collateral -
Pledged Assets and Collateral - Pledged Assets and Collateral (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Significant components of assets pledged | ||
Assets that may be sold or repledged or otherwise used by secured parties | $ 125.2 | $ 104 |
Assets that may not be sold or repledged or otherwise used by secured parties | 80.2 | 83.7 |
Total pledged assets | 684.3 | 663 |
Collateral Received that Can be Resold or Repledged | ||
Collateral permitted to be sold or repledged, delivered, or otherwise used | 1,282.5 | 1,245.3 |
Collateral sold, repledged, delivered or otherwise used | 1,000.5 | 998.3 |
Investment securities | ||
Significant components of assets pledged | ||
Total pledged assets | 35.9 | 59.5 |
Loans | ||
Significant components of assets pledged | ||
Total pledged assets | 460.4 | 440.1 |
Trading assets and other | ||
Significant components of assets pledged | ||
Total pledged assets | 188 | 163.4 |
Assets pledged at Federal Reserve banks and FHLBs | ||
Significant components of assets pledged | ||
Total pledged assets | $ 478.9 | $ 475.3 |
Litigation (Details)
Litigation (Details) | 1 Months Ended | 8 Months Ended | 12 Months Ended | 36 Months Ended | ||||||
Dec. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Jan. 31, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2012USD ($)action | Dec. 31, 2013USD ($) | |
Loss Contingencies [Line Items] | ||||||||||
Legal expense/(benefit) | $ 239,000,000 | $ 72,000,000 | $ (35,000,000) | |||||||
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] | ||||||||||
Loss contingency, exemption of disqualification period | 5 years | |||||||||
Loss contingency disqualification period | 10 years | |||||||||
Payments for fines in connection with legal settlement | $ 265,000,000 | |||||||||
Interchange Litigation | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of separate actions | action | 2 | |||||||||
Interchange Litigation | The Defendants | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Payments for fines in connection with legal settlement | $ 700,000,000 | |||||||||
Settlement amount | $ 900,000,000 | $ 5,300,000,000 |
International Operations (Detai
International Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Entity-Wide Information by Geographic Areas | |||||
Revenue | $ 115,627 | $ 109,029 | $ 100,705 | ||
Expense | 71,082 | 68,265 | 64,805 | ||
Income before income tax expense | 44,545 | 40,764 | 35,900 | ||
Net income | 36,431 | 32,474 | 24,441 | ||
Total assets | 2,687,379 | [1] | 2,622,532 | [1] | 2,533,600 |
Total international | |||||
Entity-Wide Information by Geographic Areas | |||||
Revenue | 25,583 | 25,830 | 23,299 | ||
Expense | 16,552 | 16,211 | 15,285 | ||
Income before income tax expense | 9,031 | 9,619 | 8,014 | ||
Net income | 6,208 | 6,819 | 5,319 | ||
Total assets | 619,597 | 641,636 | 615,430 | ||
Europe/Middle East/Africa | |||||
Entity-Wide Information by Geographic Areas | |||||
Revenue | 15,902 | 16,468 | 15,505 | ||
Expense | 9,977 | 10,033 | 9,235 | ||
Income before income tax expense | 5,925 | 6,435 | 6,270 | ||
Net income | 4,084 | 4,583 | 4,320 | ||
Total assets | 388,353 | 426,129 | 409,204 | ||
Asia-Pacific | |||||
Entity-Wide Information by Geographic Areas | |||||
Revenue | 7,270 | 6,997 | 5,835 | ||
Expense | 5,014 | 4,877 | 4,523 | ||
Income before income tax expense | 2,256 | 2,120 | 1,312 | ||
Net income | 1,511 | 1,491 | 725 | ||
Total assets | 183,408 | 171,637 | 163,823 | ||
Latin America/Caribbean | |||||
Entity-Wide Information by Geographic Areas | |||||
Revenue | 2,411 | 2,365 | 1,959 | ||
Expense | 1,561 | 1,301 | 1,527 | ||
Income before income tax expense | 850 | 1,064 | 432 | ||
Net income | 613 | 745 | 274 | ||
Total assets | 47,836 | 43,870 | 42,403 | ||
North America | |||||
Entity-Wide Information by Geographic Areas | |||||
Revenue | 90,044 | 83,199 | 77,406 | ||
Expense | 54,530 | 52,054 | 49,520 | ||
Income before income tax expense | 35,514 | 31,145 | 27,886 | ||
Net income | 30,223 | 25,655 | 19,122 | ||
Total assets | 2,067,782 | 1,980,896 | 1,918,170 | ||
U.K. | |||||
Entity-Wide Information by Geographic Areas | |||||
Total assets | $ 305,000 | $ 297,000 | $ 310,000 | ||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2019 and 2018 . The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests 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 14 for a further discussion. December 31, (in millions) 2019 2018 Assets Trading assets $ 2,633 $ 1,966 Loans 42,931 59,456 All other assets 881 1,013 Total assets $ 46,445 $ 62,435 Liabilities Beneficial interests issued by consolidated VIEs $ 17,841 $ 20,241 All other liabilities 447 312 Total liabilities $ 18,288 $ 20,553 |
Business Segments - Narrative (
Business Segments - Narrative (Details) $ in Trillions | 12 Months Ended |
Dec. 31, 2019USD ($)segment | |
Segment Reporting Information [Line Items] | |
Number of major reportable business segments | 4 |
Commercial Banking | |
Segment Reporting Information [Line Items] | |
Number of primary client segments | 3 |
Asset & Wealth Management | |
Segment Reporting Information [Line Items] | |
AWM client assets | $ | $ 3.2 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Segment results and reconciliation | |||||
Noninterest revenue | $ 58,382 | $ 53,970 | $ 50,608 | ||
Net interest income | 57,245 | 55,059 | 50,097 | ||
Total net revenue | 115,627 | 109,029 | 100,705 | ||
Provision for credit losses | 5,585 | 4,871 | 5,290 | ||
Noninterest expense | 65,497 | 63,394 | 59,515 | ||
Income before income tax expense | 44,545 | 40,764 | 35,900 | ||
Income tax expense/(benefit) | 8,114 | 8,290 | 11,459 | ||
Net income | 36,431 | 32,474 | 24,441 | ||
Average equity | 232,907 | 229,222 | 230,350 | ||
Total assets | $ 2,687,379 | [1] | $ 2,622,532 | [1] | $ 2,533,600 |
Return on equity | 15.00% | 13.00% | 10.00% | ||
Overhead ratio | 57.00% | 58.00% | 59.00% | ||
Operating Segments | Consumer & Community Banking | |||||
Segment results and reconciliation | |||||
Noninterest revenue | $ 18,642 | $ 16,260 | $ 14,710 | ||
Net interest income | 37,241 | 35,819 | 31,775 | ||
Total net revenue | 55,883 | 52,079 | 46,485 | ||
Provision for credit losses | 4,952 | 4,753 | 5,572 | ||
Noninterest expense | 28,896 | 27,835 | 26,062 | ||
Income before income tax expense | 22,035 | 19,491 | 14,851 | ||
Income tax expense/(benefit) | 5,394 | 4,639 | 5,456 | ||
Net income | 16,641 | 14,852 | 9,395 | ||
Average equity | 52,000 | 51,000 | 51,000 | ||
Total assets | $ 539,090 | $ 557,441 | $ 552,601 | ||
Return on equity | 31.00% | 28.00% | 17.00% | ||
Overhead ratio | 52.00% | 53.00% | 56.00% | ||
Operating Segments | Corporate & Investment Bank | |||||
Segment results and reconciliation | |||||
Noninterest revenue | $ 29,142 | $ 26,968 | $ 24,539 | ||
Net interest income | 9,156 | 9,480 | 10,118 | ||
Total net revenue | 38,298 | 36,448 | 34,657 | ||
Provision for credit losses | 277 | (60) | (45) | ||
Noninterest expense | 21,519 | 20,918 | 19,407 | ||
Income before income tax expense | 16,502 | 15,590 | 15,295 | ||
Income tax expense/(benefit) | 4,580 | 3,817 | 4,482 | ||
Net income | 11,922 | 11,773 | 10,813 | ||
Average equity | 80,000 | 70,000 | 70,000 | ||
Total assets | $ 908,153 | $ 903,051 | $ 826,384 | ||
Return on equity | 14.00% | 16.00% | 14.00% | ||
Overhead ratio | 56.00% | 57.00% | 56.00% | ||
Operating Segments | Commercial Banking | |||||
Segment results and reconciliation | |||||
Noninterest revenue | $ 2,430 | $ 2,343 | $ 2,522 | ||
Net interest income | 6,554 | 6,716 | 6,083 | ||
Total net revenue | 8,984 | 9,059 | 8,605 | ||
Provision for credit losses | 296 | 129 | (276) | ||
Noninterest expense | 3,500 | 3,386 | 3,327 | ||
Income before income tax expense | 5,188 | 5,544 | 5,554 | ||
Income tax expense/(benefit) | 1,264 | 1,307 | 2,015 | ||
Net income | 3,924 | 4,237 | 3,539 | ||
Average equity | 22,000 | 20,000 | 20,000 | ||
Total assets | $ 220,514 | $ 220,229 | $ 221,228 | ||
Return on equity | 17.00% | 20.00% | 17.00% | ||
Overhead ratio | 39.00% | 37.00% | 39.00% | ||
Operating Segments | Asset & Wealth Management | |||||
Segment results and reconciliation | |||||
Noninterest revenue | $ 10,816 | $ 10,539 | $ 10,456 | ||
Net interest income | 3,500 | 3,537 | 3,379 | ||
Total net revenue | 14,316 | 14,076 | 13,835 | ||
Provision for credit losses | 61 | 53 | 39 | ||
Noninterest expense | 10,515 | 10,353 | 10,218 | ||
Income before income tax expense | 3,740 | 3,670 | 3,578 | ||
Income tax expense/(benefit) | 907 | 817 | 1,241 | ||
Net income | 2,833 | 2,853 | 2,337 | ||
Average equity | 10,500 | 9,000 | 9,000 | ||
Total assets | $ 182,004 | $ 170,024 | $ 151,909 | ||
Return on equity | 26.00% | 31.00% | 25.00% | ||
Overhead ratio | 73.00% | 74.00% | 74.00% | ||
Operating Segments | Corporate | |||||
Segment results and reconciliation | |||||
Noninterest revenue | $ (114) | $ (263) | $ 1,085 | ||
Net interest income | 1,325 | 135 | 55 | ||
Total net revenue | 1,211 | (128) | 1,140 | ||
Provision for credit losses | (1) | (4) | 0 | ||
Noninterest expense | 1,067 | 902 | 501 | ||
Income before income tax expense | 145 | (1,026) | 639 | ||
Income tax expense/(benefit) | (966) | 215 | 2,282 | ||
Net income | 1,111 | (1,241) | (1,643) | ||
Average equity | 68,407 | 79,222 | 80,350 | ||
Total assets | 837,618 | 771,787 | 781,478 | ||
Reconciling Items | |||||
Segment results and reconciliation | |||||
Noninterest revenue | (2,534) | (1,877) | (2,704) | ||
Net interest income | (531) | (628) | (1,313) | ||
Total net revenue | (3,065) | (2,505) | (4,017) | ||
Provision for credit losses | 0 | 0 | 0 | ||
Noninterest expense | 0 | 0 | 0 | ||
Income before income tax expense | (3,065) | (2,505) | (4,017) | ||
Income tax expense/(benefit) | (3,065) | (2,505) | (4,017) | ||
Net income | 0 | 0 | 0 | ||
Average equity | $ 0 | 0 | $ 0 | ||
Tax benefit related to tax-oriented investments as a result of the TCJA | $ 375 | ||||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2019 and 2018 . The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests 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 14 for a further discussion. December 31, (in millions) 2019 2018 Assets Trading assets $ 2,633 $ 1,966 Loans 42,931 59,456 All other assets 881 1,013 Total assets $ 46,445 $ 62,435 Liabilities Beneficial interests issued by consolidated VIEs $ 17,841 $ 20,241 All other liabilities 447 312 Total liabilities $ 18,288 $ 20,553 |
Parent Company - Statements of
Parent Company - Statements of Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income | ||||
Other income | $ 58,382 | $ 53,970 | $ 50,608 | |
Total income | 115,627 | 109,029 | 100,705 | |
Expense | ||||
Other interest expense | [1] | 26,795 | 21,041 | 13,874 |
Noninterest expense | 5,087 | 5,731 | 6,079 | |
Income tax benefit | (8,114) | (8,290) | (11,459) | |
Net income | 36,431 | 32,474 | 24,441 | |
Comprehensive income | 39,507 | 30,998 | 25,497 | |
JPMorgan Chase & Co. | ||||
Income | ||||
Interest income from subsidiaries | 223 | 216 | 72 | |
Other interest income | 0 | 0 | 41 | |
Other income | (1,731) | 888 | (623) | |
Total income | 27,427 | 33,678 | 14,495 | |
Expense | ||||
Interest expense to subsidiaries and affiliates | (5,303) | 2,291 | 400 | |
Other interest expense | 13,246 | 4,581 | 5,202 | |
Noninterest expense | 1,992 | 1,793 | (1,897) | |
Total expense | 9,935 | 8,665 | 3,705 | |
Income before income tax benefit and undistributed net income of subsidiaries | 17,492 | 25,013 | 10,790 | |
Income tax benefit | 2,033 | 1,838 | 1,007 | |
Equity in undistributed net income of subsidiaries | 16,906 | 5,623 | 12,644 | |
Net income | 36,431 | 32,474 | 24,441 | |
Other comprehensive income, net | 3,076 | (1,476) | 1,056 | |
Comprehensive income | 39,507 | 30,998 | 25,497 | |
Bank and bank holding company | JPMorgan Chase & Co. | ||||
Income | ||||
Dividends from subsidiaries and affiliates | 26,000 | 32,501 | 13,000 | |
Other income from subsidiaries | 2,738 | 515 | 1,553 | |
Non-bank | JPMorgan Chase & Co. | ||||
Income | ||||
Dividends from subsidiaries and affiliates | 0 | 2 | 540 | |
Other income from subsidiaries | $ 197 | $ (444) | $ (88) | |
[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 7 for additional information. |
Parent Company - Balance Sheets
Parent Company - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Assets | ||||||
Cash and due from banks | $ 21,704 | $ 22,324 | ||||
Trading assets | 411,103 | 413,714 | ||||
Other assets | 126,830 | 121,022 | ||||
Total assets | 2,687,379 | [1] | 2,622,532 | [1] | $ 2,533,600 | |
Liabilities and stockholders’ equity | ||||||
Total liabilities | [1] | 2,426,049 | 2,366,017 | |||
Total stockholders’ equity | 261,330 | 256,515 | $ 255,693 | |||
Total liabilities and stockholders’ equity | 2,687,379 | 2,622,532 | ||||
JPMorgan Chase & Co. | ||||||
Assets | ||||||
Cash and due from banks | 32 | 55 | ||||
Deposits with banking subsidiaries | 5,309 | 5,315 | ||||
Trading assets | 3,011 | 3,304 | ||||
Other assets | 10,699 | 10,478 | ||||
Total assets | 493,744 | 473,265 | ||||
Liabilities and stockholders’ equity | ||||||
Borrowings from, and payables to, subsidiaries and affiliates | 23,410 | 20,017 | ||||
Short-term borrowings | 2,616 | 2,672 | ||||
Other liabilities | 9,288 | 8,821 | ||||
Long-term debt | 197,100 | 185,240 | ||||
Total liabilities | 232,414 | 216,750 | ||||
Total stockholders’ equity | 261,330 | 256,515 | ||||
Total liabilities and stockholders’ equity | 493,744 | 473,265 | ||||
Bank and bank holding company | JPMorgan Chase & Co. | ||||||
Assets | ||||||
Advances to, and receivables from, subsidiaries | 2,358 | 3,334 | ||||
Investments (at equity) in subsidiaries and affiliates | 471,207 | 449,628 | ||||
Non-bank | JPMorgan Chase & Co. | ||||||
Assets | ||||||
Advances to, and receivables from, subsidiaries | 84 | 74 | ||||
Investments (at equity) in subsidiaries and affiliates | $ 1,044 | $ 1,077 | ||||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2019 and 2018 . The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests 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 14 for a further discussion. December 31, (in millions) 2019 2018 Assets Trading assets $ 2,633 $ 1,966 Loans 42,931 59,456 All other assets 881 1,013 Total assets $ 46,445 $ 62,435 Liabilities Beneficial interests issued by consolidated VIEs $ 17,841 $ 20,241 All other liabilities 447 312 Total liabilities $ 18,288 $ 20,553 |
Parent Company - Statements o_2
Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net income | $ 36,431 | $ 32,474 | $ 24,441 |
Other operating adjustments | 5,693 | 295 | 7,803 |
Net cash provided by/(used in) operating activities | 6,046 | 14,187 | (10,827) |
Investing activities | |||
All other investing activities, net | (5,035) | (4,986) | (563) |
Net cash provided by/(used in) investing activities | (54,013) | (197,993) | 28,249 |
Financing activities | |||
Net change in: Short-term borrowings | (28,561) | ||
Proceeds from long-term borrowings | 61,085 | 71,662 | 56,271 |
Payments of long-term borrowings | (69,610) | (76,313) | (83,079) |
Proceeds from issuance of preferred stock | 5,000 | 1,696 | 1,258 |
Redemption of preferred stock | (4,075) | (1,696) | (1,258) |
Treasury stock repurchased | (24,001) | (19,983) | (15,410) |
Dividends paid | (12,343) | (10,109) | (8,993) |
All other financing activities, net | (1,146) | (1,430) | 407 |
Net cash provided by financing activities | 32,987 | 34,158 | 14,642 |
Net increase/(decrease) in cash and due from banks and deposits with banks | (15,162) | (152,511) | 40,150 |
Cash and due from banks and deposits with banks at the beginning of the period | 278,793 | 431,304 | 391,154 |
Cash and due from banks and deposits with banks at the end of the period | 263,631 | 278,793 | 431,304 |
Cash interest paid | 29,918 | 21,152 | 14,153 |
Cash income taxes paid, net | 5,624 | 3,542 | 4,325 |
JPMorgan Chase & Co. | |||
Operating activities | |||
Net income | 36,431 | 32,474 | 24,441 |
Less: Net income of subsidiaries and affiliates | 42,906 | 38,125 | 26,185 |
Parent company net loss | (6,475) | (5,651) | (1,744) |
Cash dividends from subsidiaries and affiliates | 26,000 | 32,501 | 13,540 |
Other operating adjustments | 9,862 | (4,400) | 4,635 |
Net cash provided by/(used in) operating activities | 29,387 | 22,450 | 16,431 |
Investing activities | |||
Other changes in loans, net | 0 | 0 | 78 |
Advances to and investments in subsidiaries and affiliates, net | (6) | 8,036 | (280) |
All other investing activities, net | 71 | 63 | 49 |
Net cash provided by/(used in) investing activities | 65 | 8,099 | (153) |
Financing activities | |||
Net change in: Borrowings from subsidiaries and affiliates | 2,941 | (2,273) | 13,862 |
Net change in: Short-term borrowings | (56) | (678) | (481) |
Proceeds from long-term borrowings | 25,569 | 25,845 | 25,855 |
Payments of long-term borrowings | (21,226) | (21,956) | (29,812) |
Proceeds from issuance of preferred stock | 5,000 | 1,696 | 1,258 |
Redemption of preferred stock | (4,075) | (1,696) | (1,258) |
Treasury stock repurchased | (24,001) | (19,983) | (15,410) |
Dividends paid | (12,343) | (10,109) | (8,993) |
All other financing activities, net | (1,290) | (1,526) | (1,361) |
Net cash provided by financing activities | (29,481) | (30,680) | (16,340) |
Net increase/(decrease) in cash and due from banks and deposits with banks | (29) | (131) | (62) |
Cash and due from banks and deposits with banks at the beginning of the period | 5,370 | 5,501 | 5,563 |
Cash and due from banks and deposits with banks at the end of the period | 5,341 | 5,370 | 5,501 |
Cash interest paid | 7,957 | 6,911 | 5,426 |
Cash income taxes paid, net | $ 3,910 | $ 1,782 | $ 1,775 |
Parent Company - Footnote Infor
Parent Company - Footnote Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2020 | $ 38,283 | ||
2021 | 45,800 | ||
2022 | 19,600 | ||
2023 | 29,700 | ||
2024 | 25,900 | ||
Reimbursements from income taxes paid on behalf of certain subsidiaries | 6,400 | $ 1,200 | $ 4,100 |
JPMorgan Chase & Co. | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2020 | 16,368 | ||
2021 | 20,400 | ||
2022 | 12,700 | ||
2023 | 18,600 | ||
2024 | 18,200 | ||
JPMorgan Chase & Co. | JPMorgan Chase Bank, N.A. | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Distributions received as return of capital | $ 13,500 |