Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Jun. 30, 2021 |
Entity File Number | 1-5805 |
Entity Registrant Name | JPMorgan Chase & Co |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 13-2624428 |
Entity Address, Address Line One | 383 Madison Avenue, |
Entity Address, City or Town | New York, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10179 |
City Area Code | 212 |
Local Phone Number | 270-6000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 2,988,155,355 |
Entity Central Index Key | 0000019617 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Common stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common stock |
Trading Symbol | JPM |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% 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 |
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ |
Trading Symbol | JPM PR K |
Security Exchange Name | NYSE |
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL |
Trading Symbol | JPM PR L |
Security Exchange Name | NYSE |
Alerian MLP Index ETNs due May 24, 2024 | |
Entity Information [Line Items] | |
Title of 12(b) Security | Alerian MLP Index ETNs due May 24, 2024 |
Trading Symbol | AMJ |
Security Exchange Name | NYSEArca |
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC | |
Entity Information [Line Items] | |
Title of 12(b) Security | Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC |
Trading Symbol | JPM/28 |
Security Exchange Name | NYSE |
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC | |
Entity Information [Line Items] | |
Title of 12(b) Security | Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC |
Trading Symbol | JPM/32 |
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Revenue | |||||
Investment banking fees | $ 3,470 | $ 2,850 | $ 6,440 | $ 4,716 | |
Principal transactions | 4,076 | 7,621 | 10,576 | 10,558 | |
Lending- and deposit-related fees | 1,760 | 1,431 | 3,447 | 3,137 | |
Asset management, administration and commissions | 5,194 | 4,266 | 10,223 | 8,806 | |
Investment securities gains/(losses) | (155) | 26 | (141) | 259 | |
Mortgage fees and related income | 551 | 917 | 1,255 | 1,237 | |
Card income | 1,647 | 974 | 2,997 | 1,969 | |
Other income | [1] | 1,195 | 1,137 | 2,318 | 2,387 |
Noninterest revenue | 17,738 | 19,222 | 37,115 | 33,069 | |
Interest income | 14,094 | 16,112 | 28,365 | 35,273 | |
Interest expense | 1,353 | 2,259 | 2,735 | 6,981 | |
Net interest income | 12,741 | 13,853 | 25,630 | 28,292 | |
Total net revenue | 30,479 | 33,075 | 62,745 | 61,361 | |
Provision for credit losses | (2,285) | 10,473 | (6,441) | 18,758 | |
Noninterest expense | |||||
Compensation expense | 9,814 | 9,509 | 20,415 | 18,404 | |
Occupancy expense | 1,090 | 1,080 | 2,205 | 2,146 | |
Technology, communications and equipment expense | 2,488 | 2,590 | 5,007 | 5,168 | |
Professional and outside services | 2,385 | 1,999 | 4,588 | 4,027 | |
Marketing | 626 | 481 | 1,377 | 1,281 | |
Other expense | 1,264 | 1,283 | 2,800 | 2,707 | |
Total noninterest expense | 17,667 | 16,942 | 36,392 | 33,733 | |
Income before income tax expense | 15,097 | 5,660 | 32,794 | 8,870 | |
Income tax expense | [1] | 3,149 | 973 | 6,546 | 1,318 |
Net income | 11,948 | 4,687 | 26,248 | 7,552 | |
Net income applicable to common stockholders | $ 11,496 | $ 4,265 | $ 25,346 | $ 6,698 | |
Net income per common share data | |||||
Basic earnings per share (in dollars per share) | $ 3.79 | $ 1.39 | $ 8.30 | $ 2.17 | |
Diluted earnings per share (in dollars per share) | $ 3.78 | $ 1.38 | $ 8.28 | $ 2.17 | |
Weighted-average basic shares (in shares) | 3,036.6 | 3,076.3 | 3,054.9 | 3,086.1 | |
Weighted-average diluted shares (in shares) | 3,041.9 | 3,081 | 3,060.3 | 3,090.8 | |
[1] | Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 11,948 | $ 4,687 | $ 26,248 | $ 7,552 |
Other comprehensive income/(loss), after–tax | ||||
Unrealized gains/(losses) on investment securities | 674 | 2,744 | (3,665) | 3,863 |
Translation adjustments, net of hedges | 64 | 142 | (186) | (188) |
Fair value hedges | (23) | 16 | (51) | 104 |
Cash flow hedges | 591 | 234 | (1,658) | 2,699 |
Defined benefit pension and OPEB plans | 9 | (7) | 77 | 26 |
DVA on fair value option elected liabilities | 214 | (1,758) | 67 | 716 |
Total other comprehensive income/(loss), after–tax | 1,529 | 1,371 | (5,416) | 7,220 |
Comprehensive income | $ 13,477 | $ 6,058 | $ 20,832 | $ 14,772 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and due from banks | $ 26,592 | $ 24,874 | |
Deposits with banks | 678,829 | 502,735 | |
Federal funds sold and securities purchased under resale agreements (included $254,574 and $238,015 at fair value) | 260,987 | 296,284 | |
Securities borrowed (included $69,988 and $52,983 at fair value) | 186,376 | 160,635 | |
Trading assets (included assets pledged of $133,547 and $130,645) | 520,588 | 503,126 | |
Available-for-sale securities (amortized cost of $230,110 and $381,729, net of allowance for credit losses; included assets pledged of $12,199 and $32,227) | 232,161 | 388,178 | |
Held-to-maturity securities (net of allowance for credit losses) | 341,476 | 201,821 | |
Investment securities, net of allowance for credit losses | 573,637 | 589,999 | |
Loans (included $61,776 and $44,474 at fair value) | 1,040,954 | 1,012,853 | |
Allowance for loan losses | (19,500) | (28,328) | |
Loans, net of allowance for loan losses | 1,021,454 | 984,525 | |
Accrued interest and accounts receivable | 125,253 | 90,503 | |
Premises and equipment | 26,631 | 27,109 | |
Goodwill, MSRs and other intangible assets | 54,655 | 53,428 | |
Other assets (included $52,234 and $13,827 at fair value and assets pledged of $40,319 and $3,739) | [1] | 209,254 | 151,539 |
Total assets | [2] | 3,684,256 | 3,384,757 |
Liabilities | |||
Deposits (included $14,023 and $14,484 at fair value) | 2,305,217 | 2,144,257 | |
Federal funds purchased and securities loaned or sold under repurchase agreements (included $175,817 and $155,735 at fair value) | 245,437 | 215,209 | |
Short-term borrowings (included $20,002 and $16,893 at fair value) | 51,938 | 45,208 | |
Trading liabilities | 183,867 | 170,181 | |
Accounts payable and other liabilities (included $45,571 and $3,476 at fair value) | [1] | 297,082 | 231,285 |
Beneficial interests issued by consolidated VIEs (included $84 and $41 at fair value) | 14,403 | 17,578 | |
Long-term debt (included $75,733 and $76,817 at fair value) | 299,926 | 281,685 | |
Total liabilities | [2] | 3,397,870 | 3,105,403 |
Commitments and contingencies (refer to Notes 22, 23 and 24) | |||
Stockholders’ equity | |||
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 3,283,750 and 3,006,250 shares) | 32,838 | 30,063 | |
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 | 88,194 | 88,394 | |
Retained earnings | 256,983 | 236,990 | |
Accumulated other comprehensive income | 2,570 | 7,986 | |
Treasury stock, at cost (1,116,778,540 and 1,055,499,435 shares) | (98,304) | (88,184) | |
Total stockholders’ equity | 286,386 | 279,354 | |
Total liabilities and stockholders’ equity | 3,684,256 | 3,384,757 | |
VIEs consolidated by the Firm | |||
Assets | |||
Trading assets (included assets pledged of $133,547 and $130,645) | 1,995 | 1,934 | |
Loans, net of allowance for loan losses | 35,284 | 37,619 | |
Other assets (included $52,234 and $13,827 at fair value and assets pledged of $40,319 and $3,739) | 609 | 681 | |
Total assets | 37,888 | 40,234 | |
Liabilities | |||
Beneficial interests issued by consolidated VIEs (included $84 and $41 at fair value) | 14,403 | 17,578 | |
All other liabilities | 233 | 233 | |
Total liabilities | $ 14,636 | $ 17,811 | |
[1] | Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information. | ||
[2] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2021, and December 31, 2020. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion. (in millions) June 30, 2021 December 31, 2020 Assets Trading assets $ 1,995 $ 1,934 Loans 35,284 37,619 All other assets 609 681 Total assets $ 37,888 $ 40,234 Liabilities Beneficial interests issued by consolidated VIEs $ 14,403 $ 17,578 All other liabilities 233 233 Total liabilities $ 14,636 $ 17,811 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Assets pledged | $ 186,100 | $ 166,600 |
Available-for-sale securities, amortized cost, net of allowance for credit losses | 230,110 | 381,729 |
Loans | $ 61,776 | $ 44,474 |
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) | 3,283,750 | 3,006,250 |
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 |
Treasury stock, at cost (in shares) | 1,116,778,540 | 1,055,499,435 |
Trading assets | ||
Assets | ||
Assets pledged | $ 133,547 | $ 130,645 |
Investment securities - AFS | ||
Assets | ||
Assets pledged | 12,199 | 32,227 |
Other assets | ||
Assets | ||
Assets pledged | 40,319 | 3,739 |
Recurring | ||
Assets | ||
Federal funds sold and securities purchased under resale agreements | 254,574 | 238,015 |
Securities borrowed | 69,988 | 52,983 |
Loans | 61,776 | 44,474 |
Liabilities | ||
Deposits | 14,023 | 14,484 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 175,817 | 155,735 |
Short-term borrowings | 20,002 | 16,893 |
Accounts payable and other liabilities | 45,571 | 3,476 |
Beneficial interests issued by consolidated VIEs | 84 | 41 |
Long-term debt | 75,733 | 76,817 |
Recurring | Other assets | ||
Assets | ||
Other assets | $ 52,234 | $ 13,827 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Retained earningsCumulative effect of a change in accounting principle | Accumulated other comprehensive income/(loss) | Shares held in RSU Trust, at cost | Treasury stock, at cost |
Beginning balance at Dec. 31, 2019 | $ 26,993 | $ 4,105 | $ 88,522 | $ 223,211 | $ (2,650) | $ 1,569 | $ (21) | $ (83,049) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance | 4,500 | ||||||||
Redemption | (1,430) | ||||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | (392) | ||||||||
Other | (5) | ||||||||
Net income | $ 7,552 | 7,552 | |||||||
Dividends declared: | |||||||||
Preferred stock | (822) | ||||||||
Common stock ($0.90 and $0.90 per share and $1.80 and $1.80 per share, respectively) | (5,559) | ||||||||
Other comprehensive income/(loss), after-tax | 7,220 | 7,220 | |||||||
Liquidation of RSU Trust | 10 | ||||||||
Repurchase | (6,397) | ||||||||
Reissuance | 1,109 | ||||||||
Ending balance at Jun. 30, 2020 | 264,466 | 30,063 | 4,105 | 88,125 | 221,732 | 8,789 | (11) | (88,337) | |
Beginning balance at Mar. 31, 2020 | 30,063 | 4,105 | 87,857 | 220,226 | 7,418 | (21) | (88,386) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance | 0 | ||||||||
Redemption | 0 | ||||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | 268 | ||||||||
Other | 0 | ||||||||
Net income | 4,687 | 4,687 | |||||||
Dividends declared: | |||||||||
Preferred stock | (401) | ||||||||
Common stock ($0.90 and $0.90 per share and $1.80 and $1.80 per share, respectively) | (2,780) | ||||||||
Other comprehensive income/(loss), after-tax | 1,371 | 1,371 | |||||||
Liquidation of RSU Trust | 10 | ||||||||
Repurchase | 0 | ||||||||
Reissuance | 49 | ||||||||
Ending balance at Jun. 30, 2020 | 264,466 | 30,063 | 4,105 | 88,125 | 221,732 | 8,789 | (11) | (88,337) | |
Beginning balance at Dec. 31, 2020 | 279,354 | 30,063 | 4,105 | 88,394 | 236,990 | 7,986 | 0 | (88,184) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance | 5,350 | ||||||||
Redemption | (2,575) | ||||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | (134) | ||||||||
Other | (66) | ||||||||
Net income | 26,248 | 26,248 | |||||||
Dividends declared: | |||||||||
Preferred stock | (772) | ||||||||
Common stock ($0.90 and $0.90 per share and $1.80 and $1.80 per share, respectively) | (5,483) | ||||||||
Other comprehensive income/(loss), after-tax | (5,416) | (5,416) | |||||||
Liquidation of RSU Trust | 0 | ||||||||
Repurchase | (11,200) | ||||||||
Reissuance | 1,080 | ||||||||
Ending balance at Jun. 30, 2021 | 286,386 | 32,838 | 4,105 | 88,194 | 256,983 | 2,570 | 0 | (98,304) | |
Beginning balance at Mar. 31, 2021 | 31,563 | 4,105 | 88,005 | 248,151 | 1,041 | 0 | (92,151) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance | 3,850 | ||||||||
Redemption | (2,575) | ||||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | 229 | ||||||||
Other | (40) | ||||||||
Net income | 11,948 | 11,948 | |||||||
Dividends declared: | |||||||||
Preferred stock | (393) | ||||||||
Common stock ($0.90 and $0.90 per share and $1.80 and $1.80 per share, respectively) | (2,723) | ||||||||
Other comprehensive income/(loss), after-tax | 1,529 | 1,529 | |||||||
Liquidation of RSU Trust | 0 | ||||||||
Repurchase | (6,201) | ||||||||
Reissuance | 48 | ||||||||
Ending balance at Jun. 30, 2021 | $ 286,386 | $ 32,838 | $ 4,105 | $ 88,194 | $ 256,983 | $ 2,570 | $ 0 | $ (98,304) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Dividends declared: | ||||
Dividends declared, Common stock (in dollars per share) | $ 0.90 | $ 0.90 | $ 1.80 | $ 1.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Operating activities | |||
Net income | $ 26,248 | $ 7,552 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Provision for credit losses | (6,441) | 18,758 | |
Depreciation and amortization | 4,073 | 4,346 | |
Deferred tax (benefit)/expense | [1] | 1,027 | (4,657) |
Other | 1,788 | 1,197 | |
Originations and purchases of loans held-for-sale | (184,866) | (76,335) | |
Proceeds from sales, securitizations and paydowns of loans held-for-sale | 161,030 | 83,745 | |
Net change in: | |||
Trading assets | (2,004) | (133,131) | |
Securities borrowed | (25,838) | (2,777) | |
Accrued interest and accounts receivable | (34,929) | 374 | |
Other assets | [1] | 2,709 | (24,204) |
Trading liabilities | (3,521) | 69,341 | |
Accounts payable and other liabilities | [1] | 30,772 | 18,869 |
Other operating adjustments | (390) | (248) | |
Net cash (used in) operating activities | (30,342) | (37,170) | |
Net change in: | |||
Federal funds sold and securities purchased under resale agreements | 35,283 | (7,580) | |
Held-to-maturity securities: | |||
Proceeds from paydowns and maturities | 26,224 | 5,632 | |
Purchases | (63,072) | (5,014) | |
Available-for-sale securities: | |||
Proceeds from paydowns and maturities | 28,727 | 27,070 | |
Proceeds from sales | 125,192 | 65,975 | |
Purchases | (109,944) | (242,608) | |
Proceeds from sales and securitizations of loans held-for-investment | 16,165 | 12,185 | |
Other changes in loans, net | (21,980) | (33,234) | |
Net purchases of assets pursuant to nonrecourse advances provided by the FRBB under the MMLF | 0 | (3,787) | |
All other investing activities, net | (3,506) | (2,118) | |
Net cash provided by/(used in) investing activities | 33,089 | (183,479) | |
Net change in: | |||
Deposits | 138,578 | 382,784 | |
Federal funds purchased and securities loaned or sold under repurchase agreements | 30,260 | 51,894 | |
Short-term borrowings | 5,862 | 7,992 | |
Beneficial interests issued by consolidated VIEs | (674) | 3,619 | |
Proceeds from long-term borrowings | 55,767 | 57,744 | |
Payments of long-term borrowings | (33,464) | (42,944) | |
Proceeds from issuance of preferred stock | 5,350 | 4,500 | |
Redemption of preferred stock | (2,575) | (1,430) | |
Treasury stock repurchased | (11,000) | (6,517) | |
Dividends paid | (6,314) | (6,342) | |
All other financing activities, net | (822) | 136 | |
Net cash provided by financing activities | 180,968 | 451,436 | |
Effect of exchange rate changes on cash and due from banks and deposits with banks | (5,903) | (689) | |
Net increase in cash and due from banks and deposits with banks | 177,812 | 230,098 | |
Cash and due from banks and deposits with banks at the beginning of the period | 527,609 | 263,631 | |
Cash and due from banks and deposits with banks at the end of the period | 705,421 | 493,729 | |
Cash interest paid | 2,461 | 9,239 | |
Cash income taxes paid, net | [1] | $ 13,716 | $ 4,142 |
[1] | Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information on the revisions to the operating activities. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
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 in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for a further discussion of the Firm’s business segments. The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities. The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s 2020 Form 10-K. Certain amounts reported in prior periods have been reclassified to conform with the current presentation, including certain deferred investment tax credits. In the first quarter of 2021 the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of the associated tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm’s effective income tax rate. The reclassification did not change the Firm’s results of operations on a managed basis. Consolidation The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated. Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets. The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Refer to Notes 1 and 14 of JPMorgan Chase’s 2020 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation. Offsetting assets and liabilities U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2020 Form 10-K for further information on offsetting assets and liabilities. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair value measurement Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy. The following table presents the assets and liabilities reported at fair value as of June 30, 2021, and December 31, 2020, by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy Derivative (f) June 30, 2021 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 254,574 $ — $ — $ 254,574 Securities borrowed — 69,988 — — 69,988 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 34,381 329 — 34,710 Residential – nonagency — 2,178 16 — 2,194 Commercial – nonagency — 1,654 10 — 1,664 Total mortgage-backed securities — 38,213 355 — 38,568 U.S. Treasury, GSEs and government agencies (a) 76,124 8,807 — — 84,931 Obligations of U.S. states and municipalities — 6,871 8 — 6,879 Certificates of deposit, bankers’ acceptances and commercial paper — 2,394 — — 2,394 Non-U.S. government debt securities 38,206 52,502 183 — 90,891 Corporate debt securities — 30,653 487 — 31,140 Loans — 7,540 795 — 8,335 Asset-backed securities — 2,630 35 — 2,665 Total debt instruments 114,330 149,610 1,863 — 265,803 Equity securities 139,456 1,911 690 — 142,057 Physical commodities (b) 9,953 10,611 — — 20,564 Other — 21,350 47 — 21,397 Total debt and equity instruments (c) 263,739 183,482 2,600 — 449,821 Derivative receivables: Interest rate 953 301,447 1,849 (278,203) 26,046 Credit — 9,561 543 (9,156) 948 Foreign exchange 130 156,594 693 (142,910) 14,507 Equity — 70,075 3,029 (56,243) 16,861 Commodity — 28,761 369 (16,781) 12,349 Total derivative receivables 1,083 566,438 6,483 (503,293) 70,711 Total trading assets (d) 264,822 749,920 9,083 (503,293) 520,532 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 72,682 — — 72,682 Residential – nonagency — 6,970 — — 6,970 Commercial – nonagency — 2,471 — — 2,471 Total mortgage-backed securities — 82,123 — — 82,123 U.S. Treasury and government agencies 99,847 — — — 99,847 Obligations of U.S. states and municipalities — 18,455 — — 18,455 Certificates of deposit — — — — — Non-U.S. government debt securities 8,898 8,842 — — 17,740 Corporate debt securities — 216 — — 216 Asset-backed securities: Collateralized loan obligations — 8,816 — — 8,816 Other — 4,964 — — 4,964 Total available-for-sale securities 108,745 123,416 — — 232,161 Loans (e) — 60,042 1,734 — 61,776 Mortgage servicing rights — — 4,549 — 4,549 Other assets (d) 45,594 5,490 518 — 51,602 Total assets measured at fair value on a recurring basis $ 419,161 $ 1,263,430 $ 15,884 $ (503,293) $ 1,195,182 Deposits $ — $ 11,339 $ 2,684 $ — $ 14,023 Federal funds purchased and securities loaned or sold under repurchase agreements — 175,817 — — 175,817 Short-term borrowings — 16,927 3,075 — 20,002 Trading liabilities: Debt and equity instruments (c) 98,290 29,496 36 — 127,822 Derivative payables: Interest rate 996 267,308 1,871 (260,985) 9,190 Credit — 10,955 560 (10,331) 1,184 Foreign exchange 147 155,328 1,276 (143,036) 13,715 Equity — 76,592 7,965 (63,457) 21,100 Commodity — 28,347 1,536 (19,027) 10,856 Total derivative payables 1,143 538,530 13,208 (496,836) 56,045 Total trading liabilities 99,433 568,026 13,244 (496,836) 183,867 Accounts payable and other liabilities 43,774 1,746 51 — 45,571 Beneficial interests issued by consolidated VIEs — 84 — — 84 Long-term debt — 52,206 23,527 — 75,733 Total liabilities measured at fair value on a recurring basis $ 143,207 $ 826,145 $ 42,581 $ (496,836) $ 515,097 Fair value hierarchy Derivative (f) December 31, 2020 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 238,015 $ — $ — $ 238,015 Securities borrowed — 52,983 — — 52,983 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 68,395 449 — 68,844 Residential – nonagency — 2,138 28 — 2,166 Commercial – nonagency — 1,327 3 — 1,330 Total mortgage-backed securities — 71,860 480 — 72,340 U.S. Treasury, GSEs and government agencies (a) 104,263 10,996 — — 115,259 Obligations of U.S. states and municipalities — 7,184 8 — 7,192 Certificates of deposit, bankers’ acceptances and commercial paper — 1,230 — — 1,230 Non-U.S. government debt securities 26,772 40,671 182 — 67,625 Corporate debt securities — 21,017 507 — 21,524 Loans — 6,101 893 — 6,994 Asset-backed securities — 2,304 28 — 2,332 Total debt instruments 131,035 161,363 2,098 — 294,496 Equity securities 97,035 2,652 476 (g) — 100,163 Physical commodities (b) 6,382 5,189 — — 11,571 Other — 17,165 49 (g) — 17,214 Total debt and equity instruments (c) 234,452 186,369 2,623 — 423,444 Derivative receivables: Interest rate (g) 2,318 387,023 2,307 (355,923) 35,725 Credit (g) — 12,721 624 (12,665) 680 Foreign exchange 146 205,127 987 (190,479) 15,781 Equity — 71,279 3,519 (54,125) 20,673 Commodity — 21,272 231 (14,732) 6,771 Total derivative receivables 2,464 697,422 7,668 (627,924) 79,630 Total trading assets (d) 236,916 883,791 10,291 (627,924) 503,074 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a)(g) 7 113,294 — — 113,301 Residential – nonagency — 10,233 — — 10,233 Commercial – nonagency — 2,856 — — 2,856 Total mortgage-backed securities 7 126,383 — — 126,390 U.S. Treasury and government agencies 201,951 — — — 201,951 Obligations of U.S. states and municipalities — 20,396 — — 20,396 Certificates of deposit — — — — — Non-U.S. government debt securities 13,135 9,793 — — 22,928 Corporate debt securities — 216 — — 216 Asset-backed securities: Collateralized loan obligations — 10,048 — — 10,048 Other — 6,249 — — 6,249 Total available-for-sale securities 215,093 173,085 — — 388,178 Loans (e) — 42,169 2,305 — 44,474 Mortgage servicing rights — — 3,276 — 3,276 Other assets (d) 8,110 4,561 538 — 13,209 Total assets measured at fair value on a recurring basis $ 460,119 $ 1,394,604 $ 16,410 $ (627,924) $ 1,243,209 Deposits $ — $ 11,571 $ 2,913 $ — $ 14,484 Federal funds purchased and securities loaned or sold under repurchase agreements — 155,735 — — 155,735 Short-term borrowings — 14,473 2,420 — 16,893 Trading liabilities: Debt and equity instruments (c) 82,669 16,838 51 — 99,558 Derivative payables: Interest rate (g) 2,496 349,442 2,049 (340,975) 13,012 Credit (g) — 13,984 848 (12,837) 1,995 Foreign exchange 132 214,373 1,421 (194,493) 21,433 Equity — 74,032 7,381 (55,515) 25,898 Commodity — 21,767 962 (14,444) 8,285 Total derivative payables 2,628 673,598 12,661 (618,264) 70,623 Total trading liabilities 85,297 690,436 12,712 (618,264) 170,181 Accounts payable and other liabilities 2,895 513 68 — 3,476 Beneficial interests issued by consolidated VIEs — 41 — — 41 Long-term debt — 53,420 23,397 — 76,817 Total liabilities measured at fair value on a recurring basis $ 88,192 $ 926,189 $ 41,510 $ (618,264) $ 437,627 (a) At June 30, 2021, and December 31, 2020, included total U.S. GSE obligations of $68.5 billion and $117.6 billion, respectively, which were mortgage-related. (b) Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented. (c) Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). (d) 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 June 30, 2021, and December 31, 2020, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $688 million and $670 million, respectively. Included in these balances at June 30, 2021, and December 31, 2020, were trading assets of $56 million and $52 million, respectively, and other assets of $632 million and $618 million, respectively. (e) At June 30, 2021, and December 31, 2020, included $29.8 billion and $15.1 billion, respectively, of residential first-lien mortgages, and $7.9 billion and $6.3 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 $15.4 billion and $8.4 billion, 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. (g) The prior-period amounts have been revised to conform with the current period presentation. Level 3 valuations Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments. The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic 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, weighted and arithmetic average values 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. Level 3 inputs (a) June 30, 2021 Product/Instrument Fair value (in millions) Principal valuation technique Unobservable inputs (g) Range of input values Average (i) Residential mortgage-backed securities and loans (b) $ 1,044 Discounted cash flows Yield (3)% – 18% 5% Prepayment speed 0% – 100% 11% Conditional default rate 0% – 30% 8% Loss severity (11)% – 108% 5% Commercial mortgage-backed securities and loans (c) 270 Market comparables Price $0 – $102 $86 Corporate debt securities 487 Market comparables Price $2 – $114 $92 Loans (d) 1,570 Market comparables Price $5 – $104 $80 Asset-backed securities 35 Market comparables Price $0 – $99 $51 Net interest rate derivatives (33) Option pricing Interest rate volatility 8 bps – 654 bps 125 bps Interest rate spread volatility 11 bps – 23 bps 15 bps Interest rate correlation (65)% – 99% 36% IR-FX correlation (35)% – 50% (1)% 11 Discounted cash flows Prepayment speed 0% – 30% 8% Net credit derivatives (52) Discounted cash flows Credit correlation 35% – 62% 47% Credit spread 1bps – 1,876 bps 405bps Recovery rate 40% – 70% 54% Conditional default rate 89% – 100% 94% Loss severity 100% 100% 35 Market comparables Price $0 – $115 $81 Net foreign exchange derivatives (469) Option pricing IR-FX correlation (40)% – 65% 19% (114) Discounted cash flows Prepayment speed 9% 30% 11% Net equity derivatives (4,936) Option pricing Forward equity price (h) 62% – 109% 99% Equity volatility 3% – 146% 29% Equity correlation 12% – 100% 55% Equity-FX correlation (79)% – 60% (27)% Equity-IR correlation 15% – 50% 27% Net commodity derivatives (1,167) Option pricing Oil Commodity Forward $616 / MT – $670 / MT $643 / MT Forward power price $15 / MWH – $76 / MWH $46 / MWH Commodity volatility 2% – 70% 36% Commodity correlation (50)% – 98% 24% MSRs 4,549 Discounted cash flows Refer to Note 14 Long-term debt, short-term borrowings, and deposits (e) 28,306 Option pricing Interest rate volatility 8 bps – 654 bps 125 bps Interest rate correlation (65)% – 99% 36% IR-FX correlation (35)% – 50% (1)% Equity correlation 12% – 100% 55% Equity-FX correlation (79)% – 60% (27)% Equity-IR correlation 15% – 50% 27% 980 Discounted cash flows Credit correlation 35% – 62% 47% Other level 3 assets and liabilities, net (f) 1,359 (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. GSE and government agency securities of $329 million, nonagency securities of $16 million and non-trading loans of $699 million. (c) Comprises nonagency securities of $10 million, trading loans of $41 million and non-trading loans of $219 million. (d) Comprises trading loans of $754 million and non-trading loans of $816 million. (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 equity securities of $1.3 billion including $564 million in Other Assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities 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. (i) Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used. Changes in and ranges of unobservable inputs Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions. Changes in level 3 recurring fair value measurements The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and six months ended June 30, 2021 and 2020. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments. Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 397 $ (33) $ 1 $ (8) $ (28) $ 1 $ (1) $ 329 $ (34) Residential – nonagency 32 — 6 (21) (1) — — 16 — Commercial – nonagency 2 — 11 — (3) — — 10 1 Total mortgage-backed securities 431 (33) 18 (29) (32) 1 (1) 355 (33) Obligations of U.S. states and municipalities 8 — — — — — — 8 — Non-U.S. government debt securities 177 1 84 (79) — — — 183 (1) Corporate debt securities 370 30 228 (154) — 28 (15) 487 30 Loans 832 (1) 294 (85) (125) 85 (205) 795 1 Asset-backed securities 54 8 10 (36) (1) — — 35 1 Total debt instruments 1,872 5 634 (383) (158) 114 (221) 1,863 (2) Equity securities 688 8 23 (27) — 24 (26) 690 15 Other 122 7 36 — (26) 3 (95) 47 19 Total trading assets – debt and equity instruments 2,682 20 (c) 693 (410) (184) 141 (342) 2,600 32 (c) Net derivative receivables: (b) Interest rate 149 524 18 (9) (657) (2) (45) (22) 198 Credit (4) (34) 1 (2) 17 (6) 11 (17) (13) Foreign exchange (539) 2 37 (48) (12) 1 (24) (583) (104) Equity (3,834) (941) 281 (407) 600 (91) (544) (4,936) (942) Commodity (911) (347) 6 (81) 165 — 1 (1,167) (198) Total net derivative receivables (5,139) (796) (c) 343 (547) 113 (98) (601) (6,725) (1,059) (c) Loans 1,823 7 (c) 240 (135) (318) 445 (328) 1,734 (11) (c) Mortgage servicing rights 4,470 (528) (d) 814 (25) (182) — — 4,549 (528) (d) Other assets 511 31 (c) 4 — (27) — (1) 518 35 (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 2,652 $ 47 (c)(e) $ — $ — $ 150 $ (93) $ 1 $ (73) $ 2,684 $ 47 (c)(e) Short-term borrowings 3,664 (283) (c)(e) — — 1,395 (1,706) 9 (4) 3,075 35 (c)(e) Trading liabilities – debt and equity instruments 60 (1) (c) (27) 13 — — — (9) 36 — Accounts payable and other liabilities 61 (9) (c) — — — — — (1) 51 (8) (c) Long-term debt 22,575 714 (c)(e) — — 3,469 (3,089) 7 (149) 23,527 708 (c)(e) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 519 $ (10) $ 5 $ (5) $ (40) $ — $ — $ 469 $ (8) Residential – nonagency 24 — 2 (2) (1) — — 23 — Commercial – nonagency 3 — — — — — (1) 2 — Total mortgage-backed securities 546 (10) 7 (7) (41) — (1) 494 (8) Obligations of U.S. states and municipalities 9 — — — (1) — — 8 — Non-U.S. government debt securities 175 16 49 (68) (5) — — 167 14 Corporate debt securities 953 — 69 (56) (9) 65 (76) 946 3 Loans 1,386 4 92 (97) (93) 39 (426) 905 5 Asset-backed securities 52 (5) 1 — (2) — (7) 39 1 Total debt instruments 3,121 5 218 (228) (151) 104 (510) 2,559 15 Equity securities 213 (65) 14 (1) — 73 (43) 191 (44) Other 221 165 1 — (9) 2 (1) 379 184 Total trading assets – debt and equity instruments 3,555 105 (c) 233 (229) (160) 179 (554) 3,129 155 (c) Net derivative receivables: (b) Interest rate (136) 753 21 (17) (622) (180) 77 (104) 447 Credit (111) (46) 30 (6) 16 11 (31) (137) (41) Foreign exchange (927) 182 1 (5) 123 8 23 (595) (249) Equity (826) (1,036) 530 (541) (54) 99 (208) (2,036) (1,215) Commodity (425) 140 7 (13) 9 2 (17) (297) 179 Total net derivative receivables (2,425) (7) (c) 589 (582) (528) (60) (156) (3,169) (879) (c) Available-for-sale securities: Mortgage-backed securities — — — — — — — — — Total available-for-sale securities — — — — — — — — — Loans 2,085 (87) (c) 62 (1) (345) 482 (322) 1,874 (86) (c) Mortgage servicing rights 3,267 (111) (d) 169 2 (247) — — 3,080 (111) (d) Other assets 582 57 (c) 48 — (26) 40 — 701 57 (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 3,179 $ 194 (c)(e) $ — $ — $ 80 $ (256) $ 261 $ (241) $ 3,217 $ 160 (c)(e) Short-term borrowings 2,039 98 (c)(e) — — 925 (747) 12 (22) 2,305 85 (c)(e) Trading liabilities – debt and equity instruments 61 — (1) — — (5) 7 (3) 59 — Accounts payable and other liabilities 15 4 (c) — 32 — — 40 — 91 3 (c) Beneficial interests issued by consolidated VIEs — — — — — — — — — — Long-term debt 20,141 2,705 (c)(e) — — 1,600 (1,809) 608 (517) 22,728 2,194 (c)(e) Fair value measurements using significant unobservable inputs Six months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 449 $ (10) $ 7 $ (56) $ (61) $ 1 $ (1) $ 329 $ (12) Residential – nonagency 28 1 15 (24) (3) — (1) 16 — Commercial – nonagency 3 — 11 (1) (3) — — 10 — Total mortgage-backed securities 480 (9) 33 (81) (67) 1 (2) 355 (12) Obligations of U.S. states and municipalities 8 — — — — — — 8 — Non-U.S. government debt securities 182 (8) 202 (186) (7) — — 183 (7) Corporate debt securities 507 15 319 (300) — 113 (167) 487 14 Loans 893 6 566 (237) (126) 175 (482) 795 3 Asset-backed securities 28 7 38 (39) (1) 2 — 35 7 Total debt instruments 2,098 11 1,158 (843) (201) 291 (651) 1,863 5 Equity securities 476 3 253 (70) — 78 (50) 690 13 Other 49 48 101 — (55) 3 (99) 47 28 Total trading assets – debt and equity instruments 2,623 62 (c) 1,512 (913) (256) 372 (800) 2,600 46 (c) Net derivative receivables: (b) Interest rate 258 969 71 (102) (1,191) 55 (82) (22) 233 Credit (224) 149 2 (4) 44 (9) 25 (17) 134 Foreign exchange (434) (198) 39 (54) 99 11 (46) (583) 32 Equity (3,862) (918) 475 (1,245) 726 19 (131) (4,936) (1,258) Commodity (731) (593) 10 (294) 444 (1) (2) (1,167) (554) Total net derivative receivables (4,993) (591) (c) 597 (1,699) 122 75 (236) (6,725) (1,413) (c) Loans 2,305 (66) (c) 307 (325) (519) 600 (568) 1,734 (72) (c) Mortgage servicing rights 3,276 269 (d) 1,397 (24) (369) — — 4,549 269 (d) Other assets 538 44 (c) 7 (18) (52) — (1) 518 63 (c) Fair value measurements using significant unobservable inputs Six months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 2,913 $ (56) (c)(e) $ — $ — $ 219 $ (188) $ 2 $ (206) $ 2,684 $ (56) (c)(e) Short-term borrowings 2,420 (396) (c)(e) — — 4,313 (3,212) 9 (59) 3,075 18 (c)(e) Trading liabilities – debt and equity instruments 51 (4) (c) (92) 34 — — 59 (12) 36 10 (c) Accounts payable and other liabilities 68 (10) (c) — 1 — — — (8) 51 (10) (c) Long-term debt 23,397 406 (c)(e) — — 6,934 (6,738) 18 (490) 23,527 305 (c)(e) Fair value measurements using significant unobservable inputs Six months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 797 $ (149) $ 24 $ (121) $ (82) $ — $ — $ 469 $ (139) Residential – nonagency 23 (1) 4 (2) (1) — — 23 2 Commercial – nonagency 4 — 1 — (1) 1 (3) 2 4 Total mortgage-backed securities 824 (150) 29 (123) (84) 1 (3) 494 (133) Obligations of U.S. states and municipalities 10 — — (1) (1) — — 8 — Non-U.S. government debt securities 155 4 139 (125) (5) — (1) 167 (6) Corporate debt securities 558 (55) 361 (98) (9) 292 (103) 946 (11) Loans 673 (94) 589 (227) (109) 607 (534) 905 (67) Asset-backed securities 37 (7) 37 (15) (3) — (10) 39 — Total debt instruments 2,257 (302) 1,155 (589) (211) 900 (651) 2,559 (217) Equity securities 196 (103) 24 (5) — 155 (76) 191 (79) Other 232 164 10 (5) (21) 2 (3) 379 184 Total trading assets – debt and equity instruments 2,685 (241) (c) 1,189 (599) (232) 1,057 (730) 3,129 (112) (c) Net derivative receivables: (b) Interest rate (332) 1,395 87 (67) (863) (352) 28 (104) 286 Credit (139) 62 48 (134) (17) 71 (28) (137) 28 Foreign exchange (607) (157) 39 (9) 109 8 22 (595) (118) Equity (3,395) 2,001 589 (1,089) 529 (557) (114) (2,036) 2,619 Commodity (16) (263) 11 (28) 18 (4) (15) (297) (276) Total net derivative receivables (4,489) 3,038 (c) 774 (1,327) (224) (834) (107) (3,169) 2,539 (c) Available-for-sale securities: Mortgage-backed securities 1 — — — (1) — — — — Total available-for-sale securities 1 — — — (1) — — — — Loans 516 (151) (c) 253 (33) (354) 1,996 (353) 1,874 (141) (c) Mortgage servicing rights 4,699 (1,493) (d) 442 (73) (495) — — 3,080 (1,493) (d) Other assets 917 (35) (c) 61 (28) (254) 40 — 701 (37) (c) Fair value measurements using significant unobservable inputs Six months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 3,360 $ 45 (c)(e) $ — $ — $ 466 $ (428) $ 265 $ (491) $ 3,217 $ 58 (c)(e) Short-term borrowings 1,674 (247) (c)(e) — — 2,540 (1,676) 52 (38) 2,305 (37) (c)(e) Trading liabilities – debt and equity instruments 41 3 (c) (76) 7 — (5) 93 (4) 59 2 (c) Accounts payable and other liabilities 45 (4) (c) (23) 33 — — 40 — 91 (4) (c) Long-term debt 23,339 (1,405) (c)(e) — — 6,207 (5,358) 978 (1,033) 22,728 (476) (c)(e) (a) Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% at both June 30, 2021 and December 31, 2020, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 8% and 9% at June 30, 2021 and December 31, 2020, respectively. (b) All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty. (c) Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income. (d) Changes in fair value for MSRs are reported in mortgage fees and related income. (e) Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three and six months ended June 30, 2021 and 2020. Unrealized (gains)/losses are reported in OCI, and were $5 million and $940 million for the three months ended June 30, 2021 and 2020, respectively, and $(17) million and $(199) million for the six months ended June 30, 2021 and 2020, 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, deconsolidations associated with beneficial interests in VIEs and other items. Level 3 analysis Consolidated balance sheets changes The following describes significant changes to level 3 assets since December 31, 2020, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 107 for further information on changes impacting items measured at fair value on a nonrecurring basis. Three and six months ended June 30, 2021 Level 3 assets were $15.9 billion at June 30, 2021, reflecting a decrease of $1.5 billion from March 31, 2021 and a decrease of $526 million from December 31, 2020. The decrease for the three months ended June 30, 2021 was largely driven by a $979 million decrease in gross equity derivative receivables due to settlements and transfers net of gains. The decrease for the six months ended June 30, 2021 was driven by: • $458 million decrease in gross interest rate derivative receivables and $490 million decrease in gross equity derivative receivables due to settlements and transfers net of gains, and • $571 million decrease in non-trading loans predominantly due to settlements, predominantly offset by • $1.3 billion increase in MSRs. Refer to Note 14 for information on MSRs. Refer to the sections below for additional information. Transfers between levels for instruments carried at fair value on a recurring basis For the three and six months ended June 30, 2021, there were no significant transfers from level 2 into level 3. For the three months ended June 30, 2021, significant transfers from level 3 into level 2 included the following: • $1.0 billion of gross equity derivative receivables as a result of an increase in observability and a decrease in the significance of unobservable inputs. For the six months ended June 30, 2021, significant transfers from level 3 into level 2 included the following: • $800 million of total debt and equity instruments, largely trading loans, driven by an increase in observability. • $1.3 billion and $1.1 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs. For the three months ended June 30, 2020, significant transfers from level 2 into level 3 included the following: • $657 million of total debt and equity instruments, predominantly trading loans, driven by a decrease in observability. • $802 million of gross equity derivative receivables and $703 million of gross equity derivative payables as a result of a decrease in observability and an increase in the significance of unobservable inputs. • $608 million of long-term debt driven by a decrease in observability and an increase in the significance of unobservable inputs for certain structured notes. For the six |
Fair Value Option
Fair Value Option | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [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 • 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 three and six months ended June 30, 2021 and 2020, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table. Three months ended June 30, 2021 2020 (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ (2) $ — $ (2) $ (299) $ — $ (299) Securities borrowed (27) — (27) (58) — (58) Trading assets: Debt and equity instruments, excluding loans 367 (1) (c) 366 1,209 — 1,209 Loans reported as trading assets: Changes in instrument-specific credit risk 72 — 72 401 — 401 Other changes in fair value (7) — (7) — — — Loans: Changes in instrument-specific credit risk 184 (3) (c) 181 (33) 38 (c) 5 Other changes in fair value (a) 143 784 (c) 927 (4) 754 (c) 750 Other assets 9 (4) (d) 5 17 25 (d) 42 Deposits (a) (258) — (258) (362) — (362) Federal funds purchased and securities loaned or sold under repurchase agreements (3) — (3) 181 — 181 Short-term borrowings (a) (489) — (489) (631) — (631) Trading liabilities (1) — (1) — — — Other liabilities 1 — 1 (11) — (11) Long-term debt (a)(b) (2,152) — (2,152) (3,581) (2) (c) (3,583) Six months ended June 30, 2021 2020 (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ (14) $ — $ (14) $ 244 $ — $ 244 Securities borrowed (97) — (97) 168 — 168 Trading assets: Debt and equity instruments, excluding loans 988 (1) (c) 987 (1,229) (1) (c) (1,230) Loans reported as trading assets: Changes in instrument-specific credit risk 276 — 276 (255) — (255) Other changes in fair value (8) — (8) 1 — 1 Loans: Changes in instrument-specific credit risk 421 (2) (c) 419 31 15 (c) 46 Other changes in fair value (a) (107) 1,124 (c) 1,017 264 1,495 (c) 1,759 Other assets 28 (23) (d) 5 102 8 (d) 110 Deposits (a) (91) — (91) (465) — (465) Federal funds purchased and securities loaned or sold under repurchase agreements 31 — 31 (78) — (78) Short-term borrowings (a) (611) — (611) 1,089 — 1,089 Trading liabilities (1) — (1) — — — Other liabilities 2 — 2 (46) — (46) Long-term debt (a)(b) (905) (5) (c)(d) (910) 600 3 (c) 603 (a) Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are 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 and $21 million for the three months ended June 30, 2021 and 2020, respectively and $(2) million and $19 million for the six months ended June 30, 2021 and 2020, respectively. (b) Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk. (c) Reported in mortgage fees and related income. (d) Reported in other income. (e) Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments recorded in CIB. Refer to Note 6 for further information regarding interest income and interest expense. Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of June 30, 2021, and December 31, 2020, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. June 30, 2021 December 31, 2020 (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 Nonaccrual loans Loans reported as trading assets $ 3,104 $ 503 $ (2,601) $ 3,386 $ 555 $ (2,831) Loans 1,246 1,105 (141) 1,867 1,507 (360) Subtotal 4,350 1,608 (2,742) 5,253 2,062 (3,191) 90 or more days past due and government guaranteed Loans (a) 329 315 (14) 328 317 (11) All other performing loans (b) Loans reported as trading assets 9,218 7,832 (1,386) 7,917 6,439 (1,478) Loans 59,581 60,356 775 42,022 42,650 628 Subtotal 68,799 68,188 (611) 49,939 49,089 (850) Total loans $ 73,478 $ 70,111 $ (3,367) $ 55,520 $ 51,468 $ (4,052) Long-term debt Principal-protected debt $ 38,013 (d) $ 36,318 $ (1,695) $ 40,560 (d) $ 40,526 $ (34) Nonprincipal-protected debt (c) NA 39,415 NA NA 36,291 NA Total long-term debt NA $ 75,733 NA NA $ 76,817 NA Long-term beneficial interests Nonprincipal-protected debt (c) NA $ 84 NA NA $ 41 NA Total long-term beneficial interests NA $ 84 NA NA $ 41 NA (a) These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies. (b) There were no performing loans that were ninety days or more past due as of June 30, 2021, and December 31, 2020, respectively. (c) 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. (d) 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 June 30, 2021, and December 31, 2020, the contractual amount of lending-related commitments for which the fair value option was elected was $17.1 billion and $18.1 billion, respectively, with a corresponding fair value of $(29) million and $(39) million, respectively. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments. Structured note products by balance sheet classification and risk component The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type. June 30, 2021 December 31, 2020 (in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total Risk exposure Interest rate $ 34,655 $ 64 $ 5,656 $ 40,375 $ 38,129 $ 65 $ 5,057 $ 43,251 Credit 6,786 1,662 — 8,448 6,409 1,022 — 7,431 Foreign exchange 3,563 132 25 3,720 3,613 92 — 3,705 Equity 29,182 7,082 6,026 42,290 26,943 5,021 6,893 38,857 Commodity 369 1 14 (a) 384 250 13 232 (a) 495 Total structured notes $ 74,555 $ 8,941 $ 11,721 $ 95,217 $ 75,344 $ 6,213 $ 12,182 $ 93,739 (a) Excludes deposits linked to precious metals for which the fair value option has not been elected of $694 million and $739 million for the periods ended June 30, 2021 and December 31, 2020, respectively. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative instruments JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments. The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes. The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category. Type of Derivative Use of Derivative Designation and disclosure Affected 10-Q page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: • Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 120-121 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 122 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 120-121 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 122 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 123 • Commodity Hedge commodity inventory Fair value hedge CIB, AWM 120-121 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 123 • Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB 123 • Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate 123 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 123 • Various Other derivatives Market-making and other CIB, AWM, Corporate 123 Notional amount of derivative contracts The following table summarizes the notional amount of free-standing derivative contracts outstanding as of June 30, 2021, and December 31, 2020. Notional amounts (b) (in billions) June 30, 2021 December 31, 2020 Interest rate contracts Swaps $ 24,414 $ 20,990 (c) Futures and forwards 5,170 3,057 Written options 3,354 3,375 Purchased options 3,604 3,675 Total interest rate contracts 36,542 31,097 Credit derivatives (a) 1,143 1,197 (c) Foreign exchange contracts Cross-currency swaps 4,088 3,924 Spot, futures and forwards 7,465 6,871 Written options 805 830 Purchased options 782 825 Total foreign exchange contracts 13,140 12,450 Equity contracts Swaps 549 448 Futures and forwards 158 140 Written options 735 676 Purchased options 680 621 Total equity contracts 2,122 1,885 Commodity contracts Swaps 175 138 Spot, futures and forwards 196 198 Written options 152 124 Purchased options 119 105 Total commodity contracts 642 565 Total derivative notional amounts $ 53,589 $ 47,194 (a) Refer to the Credit derivatives discussion on page 124 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. (c) Prior-period amounts have been revised to conform with the current presentation. 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 June 30, 2021, and December 31, 2020, 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 June 30, 2021 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 303,469 $ 780 $ 304,249 $ 26,046 $ 270,175 $ — $ 270,175 $ 9,190 Credit 10,104 — 10,104 948 11,515 — 11,515 1,184 Foreign exchange 156,349 1,068 157,417 14,507 155,369 1,382 156,751 13,715 Equity 73,104 — 73,104 16,861 84,557 — 84,557 21,100 Commodity 26,017 3,113 29,130 12,349 25,467 4,416 29,883 10,856 Total fair value of trading assets and liabilities $ 569,043 $ 4,961 $ 574,004 $ 70,711 $ 547,083 $ 5,798 $ 552,881 $ 56,045 Gross derivative receivables Gross derivative payables December 31, 2020 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 390,817 (c) $ 831 $ 391,648 $ 35,725 $ 353,987 (c) $ — $ 353,987 $ 13,012 Credit 13,345 (c) — 13,345 680 14,832 (c) — 14,832 1,995 Foreign exchange 205,359 901 206,260 15,781 214,229 1,697 215,926 21,433 Equity 74,798 — 74,798 20,673 81,413 — 81,413 25,898 Commodity 20,579 924 21,503 6,771 20,834 1,895 22,729 8,285 Total fair value of trading assets and liabilities $ 704,898 $ 2,656 $ 707,554 $ 79,630 $ 685,295 $ 3,592 $ 688,887 $ 70,623 (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. (c) Prior-period amounts have been revised to conform with the current presentation. Derivatives netting The following tables present, as of June 30, 2021, and December 31, 2020, 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 liquid securities and other 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. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule; • 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. June 30, 2021 December 31, 2020 (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 U.S. GAAP nettable derivative receivables Interest rate contracts: Over-the-counter (“OTC”) $ 281,104 $ (259,955) $ 21,149 $ 367,214 (e) $ (337,609) (e) $ 29,605 OTC–cleared 18,220 (17,997) 223 18,340 (17,919) 421 Exchange-traded (a) 275 (251) 24 554 (395) 159 Total interest rate contracts 299,599 (278,203) 21,396 386,108 (355,923) 30,185 Credit contracts: OTC 7,860 (7,134) 726 8,894 (e) (8,356) (e) 538 OTC–cleared 2,033 (2,022) 11 4,326 (4,309) 17 Total credit contracts 9,893 (9,156) 737 13,220 (12,665) 555 Foreign exchange contracts: OTC 153,517 (142,403) 11,114 201,349 (189,655) 11,694 OTC–cleared 574 (507) 67 834 (819) 15 Exchange-traded (a) 23 — 23 35 (5) 30 Total foreign exchange contracts 154,114 (142,910) 11,204 202,218 (190,479) 11,739 Equity contracts: OTC 29,092 (22,796) 6,296 34,030 (27,374) 6,656 Exchange-traded (a) 33,993 (33,447) 546 28,294 (26,751) 1,543 Total equity contracts 63,085 (56,243) 6,842 62,324 (54,125) 8,199 Commodity contracts: OTC 15,720 (6,911) 8,809 10,924 (7,901) 3,023 OTC–cleared 65 (65) — 20 (20) — Exchange-traded (a) 9,970 (9,805) 165 6,833 (6,811) 22 Total commodity contracts 25,755 (16,781) 8,974 17,777 (14,732) 3,045 Derivative receivables with appropriate legal opinion 552,446 (503,293) 49,153 (d) 681,647 (627,924) 53,723 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 21,558 21,558 25,907 25,907 Total derivative receivables recognized on the Consolidated balance sheets $ 574,004 $ 70,711 $ 707,554 $ 79,630 Collateral not nettable on the Consolidated balance sheets (b)(c) (11,324) (14,806) Net amounts $ 59,387 $ 64,824 June 30, 2021 December 31, 2020 (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 U.S. GAAP nettable derivative payables Interest rate contracts: OTC $ 248,575 $ (241,070) $ 7,505 $ 332,214 (e) $ (321,140) (e) $ 11,074 OTC–cleared 20,066 (19,739) 327 19,710 (19,494) 216 Exchange-traded (a) 202 (176) 26 358 (341) 17 Total interest rate contracts 268,843 (260,985) 7,858 352,282 (340,975) 11,307 Credit contracts: OTC 9,117 (8,516) 601 10,311 (e) (8,781) (e) 1,530 OTC–cleared 1,834 (1,815) 19 4,075 (4,056) 19 Total credit contracts 10,951 (10,331) 620 14,386 (12,837) 1,549 Foreign exchange contracts: OTC 152,578 (142,529) 10,049 210,803 (193,672) 17,131 OTC–cleared 533 (507) 26 836 (819) 17 Exchange-traded (a) 22 — 22 34 (2) 32 Total foreign exchange contracts 153,133 (143,036) 10,097 211,673 (194,493) 17,180 Equity contracts: OTC 34,459 (30,011) 4,448 35,330 (28,763) 6,567 Exchange-traded (a) 40,777 (33,446) 7,331 34,491 (26,752) 7,739 Total equity contracts 75,236 (63,457) 11,779 69,821 (55,515) 14,306 Commodity contracts: OTC 14,621 (9,066) 5,555 10,365 (7,544) 2,821 OTC–cleared 80 (80) — 32 (32) — Exchange-traded (a) 10,521 (9,881) 640 7,391 (6,868) 523 Total commodity contracts 25,222 (19,027) 6,195 17,788 (14,444) 3,344 Derivative payables with appropriate legal opinion 533,385 (496,836) 36,549 (d) 665,950 (618,264) 47,686 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 19,496 19,496 22,937 22,937 Total derivative payables recognized on the Consolidated balance sheets $ 552,881 $ 56,045 $ 688,887 $ 70,623 Collateral not nettable on the Consolidated balance sheets (b)(c) (7,873) (11,964) Net amounts $ 48,172 $ 58,659 (a) Exchange-traded derivative balances that relate to futures contracts are settled daily. (b) Includes liquid securities and other 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 $70.0 billion and $88.0 billion at June 30, 2021, and December 31, 2020, respectively. Net derivatives payable included cash collateral netted of $63.5 billion and $78.4 billion at June 30, 2021, and December 31, 2020, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments. (e) Prior-period amounts have been revised to conform with the current presentation. Liquidity risk and credit-related contingent features Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts. The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at June 30, 2021, and December 31, 2020. OTC and OTC-cleared derivative payables containing downgrade triggers (in millions) June 30, 2021 December 31, 2020 Aggregate fair value of net derivative payables $ 20,607 $ 26,945 (a) Collateral posted 19,146 26,289 (a) Prior-period amount has been revised to conform with the current presentation. 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 June 30, 2021, and December 31, 2020, 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 June 30, 2021 December 31, 2020 (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 149 $ 1,427 $ 119 $ 1,243 Amount required to settle contracts with termination triggers upon downgrade (b) 117 967 153 1,682 (c) (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. (c) Prior-period amount has been revised to conform with the current presentation. Derivatives executed in contemplation of a sale of the underlying financial asset In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 10, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at June 30, 2021 and December 31, 2020. Impact of derivatives on the Consolidated statements of income The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose. Fair value hedge gains and losses The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three and six months ended June 30, 2021 and 2020, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item. Gains/(losses) recorded in income Income statement impact of (e) OCI impact Three months ended June 30, 2021 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 2,184 $ (1,630) $ 554 $ — $ 544 $ — Foreign exchange (c) 230 (221) 9 (72) 9 (31) Commodity (d) (3,126) 3,155 29 — 20 — Total $ (712) $ 1,304 $ 592 $ (72) $ 573 $ (31) Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Three months ended June 30, 2020 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 464 $ (288) $ 176 $ — $ 205 $ — Foreign exchange (c) (304) 338 34 (121) 34 21 Commodity (d) (1,730) 1,771 41 — 44 — Total $ (1,570) $ 1,821 $ 251 $ (121) $ 283 $ 21 Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Six months ended June 30, 2021 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (2,937) $ 3,816 $ 879 $ — $ 980 $ — Foreign exchange (c) (499) 526 27 (150) 27 (68) Commodity (d) (4,387) 4,443 56 — 32 — Total $ (7,823) $ 8,785 $ 962 $ (150) $ 1,039 $ (68) Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Six months ended June 30, 2020 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 4,551 $ (4,076) $ 475 $ — $ 419 $ — Foreign exchange (c) 272 (150) 122 (300) 122 136 Commodity (d) (202) 289 87 — 93 — Total $ 4,621 $ (3,937) $ 684 $ (300) $ 634 $ 136 (a) Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income. (b) Excludes the amortization expense associated with the inception hedge accounting adjustment applied to the hedged item. This expense is recorded in net interest income and substantially offsets the income statement impact of the excluded components. Also excludes the accrual of interest on interest rate swaps and the related hedged items. (c) Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income. (d) Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue. (e) The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. 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. (f) Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative. As of June 30, 2021 and December 31, 2020, 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: June 30, 2021 Active hedging relationships Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 81,335 (c) $ 1,420 $ 579 $ 1,999 Liabilities Long-term debt $ 193,441 $ 434 $ 8,916 $ 9,350 Beneficial interests issued by consolidated VIEs 747 — (2) (2) 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, 2020 Active hedging relationships Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 139,684 (c) $ 3,572 $ 847 $ 4,419 Liabilities Long-term debt $ 177,611 $ 3,194 $ 11,473 $ 14,667 Beneficial interests issued by consolidated VIEs 746 — (3) (3) (a) Excludes physical commodities with a carrying value of $20.1 billion and $11.5 billion at June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, the carrying amount excluded for AFS securities is $12.6 billion and $14.5 billion, respectively, and for long-term debt is $6.4 billion and $6.6 billion, respectively. (c) Carrying amount represents the amortized cost, net of allowance if applicable. Refer to Note 9 for additional information. (d) Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships. (e) Positive amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods. Cash flow hedge gains and losses The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three and six months ended June 30, 2021 and 2020, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item. Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended June 30, 2021 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 262 $ 1,122 $ 860 Foreign exchange (b) 78 (4) (82) Total $ 340 $ 1,118 $ 778 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended June 30, 2020 Amounts reclassified Amounts recorded Total change in OCI for period Contract type Interest rate (a) $ 127 $ 412 $ 285 Foreign exchange (b) (34) (10) 24 Total $ 93 $ 402 $ 309 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Six months ended June 30, 2021 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 499 $ (1,639) $ (2,138) Foreign exchange (b) 105 62 (43) Total $ 604 $ (1,577) $ (2,181) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Six months ended June 30, 2020 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 118 $ 3,873 $ 3,755 Foreign exchange (b) (17) (220) (203) Total $ 101 $ 3,653 $ 3,552 (a) Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income. (b) Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense. The Firm did not experience any forecasted transactions that failed to occur for the three and six months ended June 30, 2021 and 2020. Over the next 12 months, the Firm expects that approximately $885 million (after-tax) of net gains recorded in AOCI at June 30, 2021, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately nine years, corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities. Net investment hedge gains and losses The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three and six months ended June 30, 2021 and 2020. Gains/(losses) recorded in income and other comprehensive income/(loss) 2021 2020 Three months ended June 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Foreign exchange derivatives $ (79) $ (270) $ (81) $ (413) Gains/(losses) recorded in income and other comprehensive income/(loss) 2021 2020 Six months ended June 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Foreign exchange derivatives $ (107) $ 930 $ (71) $ 1,176 (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 amount reclassified for the three and six months ended June 30, 2021 was not material. The Firm reclassified pre-tax losses of $8 million to other income related to the liquidation of certain legal entities during the three and six months ended June 30, 2020. Refer to Note 19 for further information. Gains and losses on derivatives used for specified risk management purposes The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities. Derivatives gains/(losses) Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Contract type Interest rate (a) $ 644 $ 644 $ 502 $ 1,936 Credit (b) (27) (100) (67) (39) Foreign exchange (c) (30) (28) 68 78 Total $ 587 $ 516 $ 503 $ 1,975 (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 Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of June 30, 2021 and December 31, 2020. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives. Total credit derivatives and credit-related notes Maximum payout/Notional amount June 30, 2021 (in millions) Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) Credit derivatives Credit default swaps $ (495,229) $ 512,123 $ 16,894 $ 3,151 Other credit derivatives (a) (44,418) 77,035 32,617 11,410 Total credit derivatives (539,647) 589,158 49,511 14,561 Credit-related notes — — — 11,703 Total $ (539,647) $ 589,158 $ 49,511 $ 26,264 Maximum payout/Notional amount December 31, 2020 (in millions) Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) Credit derivatives Credit default swaps $ (533,900) (e) $ 552,021 (e) $ 18,121 $ 2,786 (e) Other credit derivatives (a) (40,084) 57,344 17,260 10,630 (e) Total credit derivatives (573,984) 609,365 35,381 13,416 Credit-related notes — — — 10,248 Total $ (573,984) $ 609,365 $ 35,381 $ 23,664 (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. (e) Prior-period amounts have been revised to conform with the current presentation. The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of June 30, 2021, and December 31, 2020, 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 de |
Noninterest Revenue and Noninte
Noninterest Revenue and Noninterest Expense | 6 Months Ended |
Jun. 30, 2021 | |
Noninterest Income (Expense) [Abstract] | |
Noninterest Revenue and Noninterest Expense | Noninterest revenue and noninterest expense Noninterest revenue Refer to Note 6 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue. Investment banking fees The following table presents the components of investment banking fees. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Underwriting Equity $ 1,073 $ 974 $ 2,135 $ 1,301 Debt 1,473 1,279 2,694 2,323 Total underwriting 2,546 2,253 4,829 3,624 Advisory 924 597 1,611 1,092 Total investment banking fees $ 3,470 $ 2,850 $ 6,440 $ 4,716 Principal transactions The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Trading revenue by instrument type Interest rate (a) $ 464 $ 1,519 $ 1,387 $ 1,971 Credit (b) 759 1,953 (c) 2,029 1,251 (c) Foreign exchange 641 1,425 1,639 2,892 Equity 1,929 2,058 4,586 3,406 Commodity 301 591 850 1,028 Total trading revenue 4,094 7,546 10,491 10,548 Private equity gains/(losses) (18) 75 85 10 Principal transactions $ 4,076 $ 7,621 $ 10,576 $ 10,558 (a) Includes the impact of changes in funding valuation adjustments on derivatives. (b) Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities. (c) Includes marks on held-for-sale positions, including unfunded commitments, in the bridge financing portfolio. Lending- and deposit-related fees The following table presents the components of lending- and deposit-related fees. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Lending-related fees $ 370 $ 288 $ 728 $ 579 Deposit-related fees 1,390 1,143 2,719 2,558 Total lending- and deposit-related fees $ 1,760 $ 1,431 $ 3,447 $ 3,137 Asset management, administration and commissions The following table presents the components of asset management, administration and commissions. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Asset management fees Investment management fees (a) $ 3,421 $ 2,717 $ 6,678 $ 5,502 All other asset management fees (b) 95 75 189 168 Total asset management fees 3,516 2,792 6,867 5,670 Total administration fees (c) 650 546 1,283 1,100 Commissions and other fees Brokerage commissions (d) 761 715 1,561 1,579 All other commissions and fees 267 213 512 457 Total commissions and fees 1,028 928 2,073 2,036 Total asset management, administration and commissions $ 5,194 $ 4,266 $ 10,223 $ 8,806 (a) Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. (b) Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients. (c) Predominantly includes fees for custody, securities lending, funds services and securities clearance. (d) Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. Card income The following table presents the components of card income: Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Interchange and merchant processing income $ 5,974 $ 3,940 $ 10,842 $ 8,722 Rewards costs and partner payments (4,282) (2,816) (7,816) (6,398) Other card income (a) (45) (150) (29) (355) Total card income $ 1,647 $ 974 $ 2,997 $ 1,969 (a) Predominantly represents the amortization of account origination costs and annual fees. Refer to Note 14 for further information on mortgage servicing rights, including risk management activities. Refer to Note 16 for information on operating lease income included within other income. Noninterest expense Other expense Other expense on the Firm’s Consolidated statements of income included the following: Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Legal expense $ 185 $ 118 $ 213 $ 315 FDIC-related expense 177 218 378 317 |
Interest Income and Interest Ex
Interest Income and Interest Expense | 6 Months Ended |
Jun. 30, 2021 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest income and Interest expense Refer to Note 7 of JPMorgan Chase’s 2020 Form 10-K for a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense. The following table presents the components of interest income and interest expense. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Interest income Loans (a) $ 10,145 $ 10,889 $ 20,332 $ 23,194 Taxable securities 1,577 2,154 3,182 4,387 Non-taxable securities (b) 270 307 547 607 Total investment securities (a) 1,847 2,461 3,729 4,994 Trading assets - debt instruments 1,711 2,066 3,493 4,130 Federal funds sold and securities purchased under resale agreements 175 601 408 1,696 Securities borrowed (c) (90) (175) (167) (23) Deposits with banks 103 70 168 639 All other interest-earning assets (d) 203 200 402 643 Total interest income $ 14,094 $ 16,112 $ 28,365 $ 35,273 Interest expense Interest-bearing deposits $ 132 $ 349 $ 278 $ 1,924 Federal funds purchased and securities loaned or sold under repurchase agreements 60 131 75 918 Short-term borrowings (e) 33 124 66 275 Trading liabilities – debt and all other interest-bearing liabilities (c)(f) 51 (43) 78 329 Long-term debt 1,056 1,639 2,190 3,386 Beneficial interest issued by consolidated VIEs 21 59 48 149 Total interest expense $ 1,353 $ 2,259 $ 2,735 $ 6,981 Net interest income $ 12,741 $ 13,853 $ 25,630 $ 28,292 Provision for credit losses (2,285) 10,473 (6,441) 18,758 Net interest income after provision for credit losses $ 15,026 $ 3,380 $ 32,071 $ 9,534 (a) Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs). (b) Represents securities which are tax-exempt for U.S. federal income tax purposes. (c) Negative interest income is related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities. (d) Includes interest earned on 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) All other interest-bearing liabilities includes interest expense on brokerage-related customer payables. |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | Pension and other postretirement employee benefit plansRefer to Note 8 of JPMorgan Chase’s 2020 Form 10-K for a discussion of JPMorgan Chase’s pension and OPEB plans. The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans. (in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Pension and OPEB plans Pension and OPEB plans Components of net periodic benefit cost, U.S. defined benefit pension plans Benefits earned during the period $ 1 $ 1 $ 1 $ 1 Interest cost on benefit obligations 86 106 171 211 Expected return on plan assets (129) (159) (258) (317) Amortization: Net (gain)/loss 2 1 5 3 Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans (40) (51) (81) (102) Other defined benefit pension and OPEB plans (20) (21) (38) (42) Total net periodic defined benefit plan cost/(credit) (60) (72) (119) (144) Total defined contribution plans 350 321 671 620 Total pension and OPEB cost included in noninterest expense $ 290 $ 249 $ 552 $ 476 The following table presents the fair values of plan assets for the Firm's defined benefit pension and OPEB plans. (in billions) June 30, December 31, 2020 Fair value of plan assets U.S. defined benefit pension plans $ 17.6 $ 17.6 Other defined benefit pension and OPEB plans 7.9 7.8 |
Employee Share-based Incentives
Employee Share-based Incentives | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Employee Share-based Incentives | Employee share-based incentives Refer to Note 9 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives. The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Cost of prior grants of RSUs, performance share units (“PSUs”) and stock options that are amortized over their applicable vesting periods $ 280 $ 276 $ 636 $ 610 Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees 463 526 1,011 836 Total noncash compensation expense related to employee share-based incentive plans $ 743 $ 802 $ 1,647 $ 1,446 In the first quarter of 2021, in connection with its annual incentive grant for the 2020 performance year, the Firm granted 17 million RSUs and 678 thousand PSUs with weighted-average grant date fair values of $137.38 per RSU and $136.94 per PSU. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, 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 risk ratings). During the second quarter of 2021, the Firm transferred $104.5 billion of investment securities from AFS to HTM for capital management purposes. AOCI included pretax unrealized gains of $425 million on the securities at the date of transfer. Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for additional information regarding the investment securities portfolio. The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. June 30, 2021 December 31, 2020 (in millions) Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies (a) $ 72,088 $ 1,168 $ 574 $ 72,682 $ 110,979 $ 2,372 $ 50 $ 113,301 Residential: U.S. 2,526 73 — 2,599 6,246 224 3 6,467 Non-U.S. 4,335 36 — 4,371 3,751 20 5 3,766 Commercial 2,437 44 10 2,471 2,819 71 34 2,856 Total mortgage-backed securities 81,386 1,321 584 82,123 123,795 2,687 92 126,390 U.S. Treasury and government agencies 99,905 713 771 99,847 199,910 2,141 100 201,951 Obligations of U.S. states and municipalities 17,249 1,208 2 18,455 18,993 1,404 1 20,396 Non-U.S. government debt securities 17,649 128 37 17,740 22,587 354 13 22,928 Corporate debt securities 214 9 7 216 215 4 3 216 Asset-backed securities: Collateralized loan obligations 8,808 12 4 8,816 10,055 24 31 10,048 Other 4,899 67 2 4,964 6,174 91 16 6,249 Total available-for-sale securities 230,110 3,458 1,407 232,161 381,729 6,705 256 388,178 Held-to-maturity securities (b) Mortgage-backed securities: U.S. GSEs and government agencies (a) 105,539 1,855 396 106,998 107,889 2,968 29 110,828 U.S. Residential 6,805 5 35 6,775 4,345 8 30 4,323 Commercial 3,582 28 5 3,605 2,602 77 — 2,679 Total mortgage-backed securities 115,926 1,888 436 117,378 114,836 3,053 59 117,830 U.S. Treasury and government agencies 182,529 338 1,012 181,855 53,184 50 — 53,234 Obligations of U.S. states and municipalities 13,515 493 — 14,008 12,751 519 — 13,270 Asset-backed securities: Collateralized loan obligations 27,324 110 4 27,430 21,050 90 2 21,138 Other 2,182 — — 2,182 — — — — Total held-to-maturity securities 341,476 2,829 1,452 342,853 201,821 3,712 61 205,472 Total investment securities, net of allowance for credit losses $ 571,586 $ 6,287 $ 2,859 $ 575,014 $ 583,550 $ 10,417 $ 317 $ 593,650 (a) Includes AFS U.S. GSE obligations with fair values of $46.4 billion and $65.8 billion, and HTM U.S. GSE obligations with amortized cost of $72.2 billion and $86.3 billion, at June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, 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 $73.8 billion and $75.5 billion, and $44.3 billion and $44.5 billion, respectively. (b) The Firm purchased $31.8 billion and $63.1 billion of HTM securities for the three and six months ended June 30, 2021, respectively, and $4.8 billion and $5.0 billion for the three and six months ended June 30, 2020, respectively. (c) The amortized cost of investment securities is reported net of allowance for credit losses of $87 million and $78 million at June 30, 2021 and December 31, 2020, respectively. (d) Excludes $1.8 billion and $2.1 billion of accrued interest receivables at June 30, 2021 and December 31, 2020, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three and six months ended June 30, 2021 and 2020. AFS securities impairment The following tables present the fair value and gross unrealized losses by aging category for AFS securities at June 30, 2021 and December 31, 2020. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $1.3 billion and $150 million, at June 30, 2021 and December 31, 2020, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government. Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more June 30, 2021 (in millions) Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 81 $ — $ 22 $ — $ 103 $ — Non-U.S. 30 — — — 30 — Commercial 186 4 367 6 553 10 Total mortgage-backed securities 297 4 389 6 686 10 Obligations of U.S. states and municipalities 102 2 — — 102 2 Non-U.S. government debt securities 6,084 32 388 5 6,472 37 Corporate debt securities 57 7 42 — 99 7 Asset-backed securities: Collateralized loan obligations 3,227 4 354 — 3,581 4 Other 23 — 347 2 370 2 Total available-for-sale securities with gross unrealized losses $ 9,790 $ 49 $ 1,520 $ 13 $ 11,310 $ 62 Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more December 31, 2020 (in millions) Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 562 $ 3 $ 32 $ — $ 594 $ 3 Non-U.S. 2,507 4 235 1 2,742 5 Commercial 699 18 124 16 823 34 Total mortgage-backed securities 3,768 25 391 17 4,159 42 Obligations of U.S. states and municipalities 49 1 — — 49 1 Non-U.S. government debt securities 2,709 9 968 4 3,677 13 Corporate debt securities 91 3 5 — 96 3 Asset-backed securities: Collateralized loan obligations 5,248 18 2,645 13 7,893 31 Other 268 1 685 15 953 16 Total available-for-sale securities with gross unrealized losses $ 12,133 $ 57 $ 4,694 $ 49 $ 16,827 $ 106 HTM securities – credit risk Credit quality indicator The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At June 30, 2021 and December 31, 2020, all HTM securities were rated investment grade and were current and accruing, with approximately 97% and 98% rated at least AA+, respectively. Allowance for credit losses The allowance for credit losses on investment securities was $87 million and $23 million as of June 30, 2021 and 2020, respectively. Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for further discussion of accounting policies for AFS and HTM securities. Selected impacts of investment securities on the Consolidated statements of income Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Realized gains $ 184 $ 624 $ 421 $ 1,719 Realized losses (339) (598) (562) (1,460) Investment securities gains/(losses) $ (155) $ 26 $ (141) $ 259 Provision for credit losses $ (7) $ 4 $ 9 $ 13 Contractual maturities and yields The following table presents the amortized cost and estimated fair value at June 30, 2021, of JPMorgan Chase’s investment securities portfolio by contractual maturity. By remaining maturity June 30, 2021 (in millions) Due in one 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 $ 2,285 $ 5,712 $ 73,391 $ 81,389 Fair value 1 2,315 6,050 73,757 82,123 Average yield (a) — % 1.43 % 1.77 % 2.36 % 2.29 % U.S. Treasury and government agencies Amortized cost $ 2,168 $ 60,911 $ 28,155 $ 8,671 $ 99,905 Fair value 2,187 61,190 27,776 8,694 99,847 Average yield (a) 1.47 % 0.49 % 0.67 % 0.46 % 0.56 % Obligations of U.S. states and municipalities Amortized cost $ 35 $ 167 $ 1,217 $ 15,830 $ 17,249 Fair value 35 173 1,283 16,964 18,455 Average yield (a) 3.72 % 4.40 % 4.88 % 5.01 % 4.99 % Non-U.S. government debt securities Amortized cost $ 5,894 $ 4,589 $ 3,506 $ 3,660 $ 17,649 Fair value 5,905 4,668 3,509 3,658 17,740 Average yield (a) 1.75 % 2.15 % 0.81 % 0.19 % 1.34 % Corporate debt securities Amortized cost $ — $ 141 $ 73 $ — $ 214 Fair value — 140 76 — 216 Average yield (a) — % 1.16 % 2.29 % — % 1.54 % Asset-backed securities Amortized cost $ 1,010 $ 1,419 $ 3,813 $ 7,465 $ 13,707 Fair value 1,010 1,430 3,820 7,520 13,780 Average yield (a) 1.20 % 1.94 % 1.33 % 1.24 % 1.34 % Total available-for-sale securities Amortized cost $ 9,108 $ 69,512 $ 42,476 $ 109,017 $ 230,113 Fair value 9,138 69,916 42,514 110,593 232,161 Average yield (a) 1.63 % 0.67 % 1.01 % 2.44 % 1.61 % Held-to-maturity securities Mortgage-backed securities Amortized cost $ — $ 422 $ 12,046 $ 103,470 $ 115,938 Fair value — 423 12,595 104,360 117,378 Average yield (a) — % 1.13 % 2.39 % 2.90 % 2.84 % U.S. Treasury and government agencies Amortized cost $ 6,486 $ 104,920 $ 71,123 $ — $ 182,529 Fair value 6,489 104,732 70,634 — 181,855 Average yield (a) 0.24 % 0.62 % 1.30 % — % 0.87 % Obligations of U.S. states and municipalities Amortized cost $ 35 $ 30 $ 766 $ 12,756 $ 13,587 Fair value 36 30 808 13,134 14,008 Average yield (a) 4.28 % 2.65 % 3.81 % 3.78 % 3.78 % Asset-backed securities Amortized cost $ — $ — $ 14,425 $ 15,081 $ 29,506 Fair value — — 14,483 15,129 29,612 Average yield (a) — % — % 1.27 % 1.30 % 1.29 % Total held-to-maturity securities Amortized cost $ 6,521 $ 105,372 $ 98,360 $ 131,307 $ 341,560 Fair value 6,525 105,185 98,520 132,623 342,853 Average yield (a) 0.26 % 0.63 % 1.45 % 2.80 % 1.69 % (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. However, for certain callable debt securities, the average yield is calculated to the earliest call date. (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, 4 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations. |
Securities Financing Activities
Securities Financing Activities | 6 Months Ended |
Jun. 30, 2021 | |
Securities Financing Transactions Disclosures [Abstract] | |
Securities Financing Activities | Securities financing activities Refer to Note 11 of JPMorgan Chase’s 2020 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements. The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of June 30, 2021 and December 31, 2020. 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. June 30, 2021 (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 $ 567,378 $ (306,391) $ 260,987 $ (248,366) $ 12,621 Securities borrowed 189,212 (2,836) 186,376 (132,533) 53,843 Liabilities Securities sold under repurchase agreements $ 543,834 $ (306,391) $ 237,443 $ (214,872) $ 22,571 Securities loaned and other (a) 54,042 (2,836) 51,206 (50,960) 246 December 31, 2020 (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 $ 666,467 $ (370,183) $ 296,284 $ (273,206) $ 23,078 Securities borrowed 193,700 (33,065) 160,635 (115,219) 45,416 Liabilities Securities sold under repurchase agreements $ 578,060 $ (370,183) $ 207,877 $ (191,980) $ 15,897 Securities loaned and other (a) 41,366 (33,065) 8,301 (8,257) 44 (a) Includes securities-for-securities lending agreements of $45.5 billion and $3.4 billion at June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, included $9.5 billion and $17.0 billion, respectively, of securities purchased under resale agreements; $49.7 billion and $42.1 billion, respectively, of securities borrowed; $21.2 billion and $14.5 billion, respectively, of securities sold under repurchase agreements; and $56 million and $8 million, respectively, of securities loaned and other. The tables below present as of June 30, 2021, and December 31, 2020 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance June 30, 2021 December 31, 2020 (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 $ 21,735 $ — $ 56,744 $ — Residential - nonagency 397 — 1,016 — Commercial - nonagency 1,058 — 855 — U.S. Treasury, GSEs and government agencies 267,937 79 315,834 143 Obligations of U.S. states and municipalities 1,739 1 1,525 2 Non-U.S. government debt 174,777 2,984 157,563 1,730 Corporate debt securities 36,166 1,951 22,849 1,864 Asset-backed securities 550 230 694 — Equity securities 39,475 48,797 20,980 37,627 Total $ 543,834 $ 54,042 $ 578,060 $ 41,366 Remaining contractual maturity of the agreements Overnight and continuous Greater than June 30, 2021 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 233,090 $ 214,617 $ 38,442 $ 57,685 $ 543,834 Total securities loaned and other 52,547 117 1,001 377 54,042 Remaining contractual maturity of the agreements Overnight and continuous Greater than December 31, 2020 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 238,667 $ 230,980 $ 70,777 $ 37,636 $ 578,060 Total securities loaned and other 37,887 1,647 500 1,332 41,366 Transfers not qualifying for sale accounting At June 30, 2021, and December 31, 2020, the Firm held $442 million and $598 million, 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. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans | Loans Loan accounting framework The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories: • Originated or purchased loans held-for-investment (i.e., “retained”) • Loans held-for-sale • Loans at fair value Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets. Loan portfolio The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class. Consumer, excluding Credit card Wholesale (c)(d) • Residential real estate (a) • Auto and other (b) • Credit card loans • Secured by real estate • Commercial and industrial • Other (e) (a) Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB and Corporate. (b) Includes scored auto and business banking loans and overdrafts. (c) Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses. (d) The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower. (e) Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs. The following tables summarize the Firm’s loan balances by portfolio segment. June 30, 2021 Consumer, excluding credit card Credit card Wholesale Total (a)(b) (in millions) Retained $ 297,731 $ 141,079 $ 524,855 $ 963,665 Held-for-sale 1,075 723 13,715 15,513 At fair value 30,879 — 30,897 61,776 Total $ 329,685 $ 141,802 $ 569,467 $ 1,040,954 December 31, 2020 Consumer, excluding credit card Credit card Wholesale Total (a)(b) (in millions) Retained $ 302,127 $ 143,432 $ 514,947 $ 960,506 Held-for-sale 1,305 784 5,784 7,873 At fair value 15,147 — 29,327 44,474 Total $ 318,579 $ 144,216 $ 550,058 $ 1,012,853 (a) Excludes $2.8 billion and $2.9 billion of accrued interest receivables at June 30, 2021, and December 31, 2020, respectively. The Firm wrote off accrued interest receivables of $19 million and $34 million for the three months ended June 30, 2021 and 2020, respectively, and $32 million and $48 million for the six months ended June 30, 2021 and 2020, respectively. (b) Loans (other than 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 June 30, 2021, and December 31, 2020. The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table. 2021 2020 Three months ended June 30, Consumer, excluding Credit card Wholesale Total Consumer, excluding Credit card Wholesale Total Purchases $ 111 (b)(c) $ — $ 301 $ 412 $ 228 (b)(c) $ — $ 242 $ 470 Sales — — 8,751 8,751 24 — 3,549 3,573 Retained loans reclassified to held-for-sale (a) 87 — 892 979 679 — 282 961 2021 2020 Six months ended June 30, Consumer, excluding Credit card Wholesale Total Consumer, excluding Credit card Wholesale Total Purchases $ 302 (b)(c) $ — $ 527 $ 829 $ 1,400 (b)(c) $ — $ 628 $ 2,028 Sales 181 — 14,481 14,662 348 — 9,001 9,349 Retained loans reclassified to held-for-sale (a) 249 — 1,664 1,913 827 — 751 1,578 (a) Reclassifications of loans to held-for-sale are non-cash transactions. (b) Predominantly includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three and six months ended June 30, 2021 and 2020. 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. (c) Excludes purchases of retained loans of $5.0 billion and $3.8 billion for the three months ended June 30, 2021 and 2020, respectively, and $12.0 billion and $7.4 billion for the six months ended June 30, 2021 and 2020, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. Gains and losses on sales of loans Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three and six months ended June 30, 2021 was $62 million and $194 million, respectively, of which $47 million and $182 million, respectively, related to loans. Net gains/(losses) on sales of loans and lending-related commitments for the three and six months ended June 30, 2020 was $725 million and $(188) million, respectively, of which $42 million and $(100) million, respectively, related to loans. 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. Loan modifications The Firm has granted various forms of assistance to customers and clients impacted by the COVID-19 pandemic, including payment deferrals and covenant modifications. The majority of the Firm’s COVID-19 related loan modifications have not been considered TDRs because: • they represent short-term or other insignificant modifications, whether under the Firm’s regular loan modification assessments or as permitted by regulatory guidance, or • the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. To the extent that certain modifications do not meet any of the above criteria, the Firm accounts for them as TDRs. As permitted by regulatory guidance, the Firm does not place loans with deferrals granted due to COVID-19 on nonaccrual status where such loans are not otherwise reportable as nonaccrual. The Firm considers expected losses of principal and accrued interest associated with all COVID-19 related loan modifications in its allowance for credit losses. Assistance provided in response to the COVID-19 pandemic could delay the recognition of delinquencies, nonaccrual status, and net charge-offs for those customers who would have otherwise moved into past due or nonaccrual status. Consumer, excluding credit card loan portfolio Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period and certain payment-option loans that may result in negative amortization. The following table provides information about retained consumer loans, excluding credit card, by class. (in millions) June 30, December 31, Residential real estate $ 218,031 $ 225,302 Auto and other (a) 79,700 76,825 Total retained loans $ 297,731 $ 302,127 (a) At June 30, 2021 and December 31, 2020, included $16.7 billion and $19.2 billion of loans, respectively, in Business Banking under the PPP. Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on consumer credit quality indicators. Residential real estate The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans. (in millions, except ratios) June 30, 2021 Term loans by origination year (d) Revolving loans Total 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 31,258 $ 54,745 $ 23,873 $ 10,122 $ 14,996 $ 60,605 $ 5,723 $ 14,726 $ 216,048 30–149 days past due 11 4 16 13 13 539 9 185 790 150 or more days past due — 2 4 5 18 891 3 270 1,193 Total retained loans $ 31,269 $ 54,751 $ 23,893 $ 10,140 $ 15,027 $ 62,035 $ 5,735 $ 15,181 $ 218,031 % of 30+ days past due to total retained loans (c) 0.04 % 0.01 % 0.08 % 0.18 % 0.21 % 2.25 % 0.21 % 3.00 % 0.89 % (in millions, except ratios) December 31, 2020 Term loans by origination year (d) Revolving loans Total 2020 2019 2018 2017 2016 Prior to 2016 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 56,576 (e) $ 31,820 $ 13,900 $ 20,410 $ 27,978 $ 49,218 (e) $ 7,370 $ 15,792 $ 223,064 30–149 days past due 9 25 20 22 29 674 21 245 1,045 150 or more days past due 3 14 10 18 18 844 22 264 1,193 Total retained loans $ 56,588 $ 31,859 $ 13,930 $ 20,450 $ 28,025 $ 50,736 $ 7,413 $ 16,301 $ 225,302 % of 30+ days past due to total retained loans (c) 0.02 % 0.12 % 0.22 % 0.20 % 0.17 % 2.91 % (e) 0.58 % 3.12 % 0.98 % (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $40 million and $36 million; 30–149 days past due included $11 million and $16 million; and 150 or more days past due included $21 million and $24 million at June 30, 2021 and December 31, 2020, respectively. (b) At June 30, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. (c) At June 30, 2021 and December 31, 2020, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $32 million and $40 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee. (d) Includes loans purchased based on the year in which they were originated. (e) Prior-period amounts have been revised to conform with the current presentation. Approximately 36% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still 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 revolving loans within the revolving period. Nonaccrual loans and other credit quality indicators The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans. (in millions, except weighted-average data) June 30, 2021 December 31, 2020 Nonaccrual loans (a)(b)(c)(d) $ 5,060 $ 5,313 90 or more days past due and government guaranteed (e) 49 33 Current estimated LTV ratios (f)(g)(h) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 4 $ 6 Less than 660 7 12 101% to 125% and refreshed FICO scores: Equal to or greater than 660 24 38 Less than 660 26 44 80% to 100% and refreshed FICO scores: Equal to or greater than 660 1,793 2,177 Less than 660 132 239 Less than 80% and refreshed FICO scores: Equal to or greater than 660 200,924 208,238 Less than 660 10,416 11,980 No FICO/LTV available 4,633 2,492 U.S. government-guaranteed 72 76 Total retained loans $ 218,031 $ 225,302 Weighted average LTV ratio (f)(i) 53 % 54 % Weighted average FICO (g)(i) 764 763 Geographic region (j) California $ 69,856 $ 73,444 New York 31,921 32,287 Florida 14,655 13,981 Texas 13,284 13,773 Illinois 12,036 13,130 Colorado 8,113 8,235 Washington 7,788 7,917 New Jersey 6,864 7,227 Massachusetts 5,829 5,784 Connecticut 5,010 5,024 All other (k) 42,675 44,500 Total retained loans $ 218,031 $ 225,302 (a) Includes collateral-dependent residential real estate loans that are charged down 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 June 30, 2021, approximately 7% of Chapter 7 residential real estate loans were 30 days or more past due. (b) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative. (c) Interest income on nonaccrual loans recognized on a cash basis was $41 million and $37 million and $86 million and $80 million for the three and six months ended June 30, 2021 and 2020, respectively. (d) Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit from COVID-19 payment deferral programs and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell. (e) 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 June 30, 2021 and December 31, 2020, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. 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 June 30, 2021 and December 31, 2020. (f) 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. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. (g) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. (h) Prior-period amounts have been revised to conform with the current presentation. (i) Excludes loans with no FICO and/or LTV data available. (j) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2021. (k) At June 30, 2021 and December 31, 2020, included mortgage loans insured by U.S. government agencies of $72 million and $76 million, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee. Loan modifications Modifications of residential real estate loans where the Firm grants concessions to borrowers who are experiencing financial difficulty are generally accounted for and reported as TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs nor are loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. The carrying value of new TDRs was $307 million and $196 million for the three months ended June 30, 2021 and 2020, respectively, and $558 million and $338 million for the six months ended June 30, 2021 and 2020, respectively. There were no additional commitments to lend to borrowers whose residential real estate loans have been modified in TDRs. Nature and extent of modifications The Firm’s proprietary modification programs as well as government programs, including U.S. GSE programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and delays of principal and/or interest payments that would otherwise have been required under the terms of the original agreement. The following table provides information about how residential real estate loans were modified in TDRs 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, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Number of loans approved for a trial modification 1,165 849 2,566 2,845 Number of loans permanently modified 1,186 2,104 2,900 3,585 Concession granted: (a) Interest rate reduction 78 % 41 % 74 % 56 % Term or payment extension 51 45 45 60 Principal and/or interest deferred 18 6 26 8 Principal forgiveness — 2 2 3 Other (b) 34 72 44 65 (a) Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications. (b) Includes variable interest rate to fixed interest rate modifications and payment delays that meet the definition of a TDR. Financial effects of modifications and redefaults The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans 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 do 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, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. (in millions, except weighted-average data) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Weighted-average interest rate of loans with interest rate reductions – before TDR 4.39 % 5.00 % 4.51 % 5.13 % Weighted-average interest rate of loans with interest rate reductions – after TDR 2.85 3.36 2.90 3.42 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 22 21 24 21 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 36 39 38 39 Charge-offs recognized upon permanent modification $ — $ 2 $ — $ 2 Principal deferred 6 4 18 9 Principal forgiven — 1 1 3 Balance of loans that redefaulted within one year of permanent modification (a) $ 21 $ 38 $ 45 $ 108 (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 will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels. At June 30, 2021, the weighted-average estimated remaining lives of residential real estate loans permanently modified in TDRs were 5 years. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations). Active and suspended foreclosure At June 30, 2021 and December 31, 2020, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $743 million and $846 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure. In response to the COVID-19 pandemic, the Firm has temporarily suspended certain foreclosure activities. This could delay recognition of foreclosed properties until the foreclosure moratoriums are lifted. Auto and other The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans. June 30, 2021 (in millions, except ratios) Term Loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loan delinquency (a) Current $ 28,153 (b) $ 29,038 (b) $ 9,968 $ 5,361 $ 2,972 $ 1,444 $ 2,300 $ 134 $ 79,370 30–119 days past due 56 59 69 44 29 29 14 12 312 120 or more days past due — — — 1 1 1 6 9 18 Total retained loans $ 28,209 $ 29,097 $ 10,037 $ 5,406 $ 3,002 $ 1,474 $ 2,320 $ 155 $ 79,700 % of 30+ days past due to total retained loans 0.20% 0.20% 0.69 % 0.83 % 1.00 % 2.04 % 0.86 % 13.55 % 0.41 % December 31, 2020 (in millions, except ratios) Term Loans by origination year Revolving loans 2020 2019 2018 2017 2016 Prior to 2016 Within the revolving period Converted to term loans Total Loan delinquency (a) Current $ 46,169 (c) $ 12,829 $ 7,367 $ 4,521 $ 2,058 $ 742 $ 2,517 $ 158 $ 76,361 30–119 days past due 97 107 77 53 42 23 30 17 446 120 or more days past due — — — 1 — 1 8 8 18 Total retained loans $ 46,266 $ 12,936 $ 7,444 $ 4,575 $ 2,100 $ 766 $ 2,555 $ 183 $ 76,825 % of 30+ days past due to total retained loans 0.21% 0.83 % 1.03 % 1.18 % 2.00 % 3.13 % 1.49 % 13.66 % 0.60 % (a) At June 30, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. (b) At June 30, 2021, included $9.9 billion of loans originated in 2021 and $6.8 billion of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans. (c) At December 31, 2020, included $19.2 billion of loans in Business Banking under the PPP. Nonaccrual and other credit quality indicators The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans. (in millions, except ratios) Total Auto and other June 30, 2021 December 31, 2020 Nonaccrual loans (a)(b)(c) 123 151 Geographic region (d) California $ 12,728 $ 12,302 New York 9,027 8,824 Texas 8,491 8,235 Florida 5,064 4,668 Illinois 3,611 3,768 New Jersey 2,735 2,646 Arizona 2,332 2,465 Ohio 2,118 2,163 Pennsylvania 2,073 1,924 Colorado 1,935 1,910 All other 29,586 27,920 Total retained loans $ 79,700 $ 76,825 (a) There were no loans that were 90 or more days past due and still accruing interest at June 30, 2021 and December 31, 2020. (b) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative. (c) Interest income on nonaccrual loans recognized on a cash basis was not material for the three and six months ended months ended June 30, 2021 and 2020 . (d) The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at June 30, 2021. Loan modifications Certain auto and other loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. Credit card loan portfolio The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans. Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators. The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans. (in millions, except ratios) June 30, 2021 Within the revolving period Converted to term loans (b) Total Loan delinquency (a) Current and less than 30 days past due $ 138,551 $ 1,100 $ 139,651 30–89 days past due and still accruing 615 53 668 90 or more days past due and still accruing 733 27 760 Total retained loans $ 139,899 $ 1,180 $ 141,079 Loan delinquency ratios % of 30+ days past due to total retained loans 0.96 % 6.78 % 1.01 % % of 90+ days past due to total retained loans 0.52 2.29 0.54 (in millions, except ratios) December 31, 2020 Within the revolving period Converted to term loans (b) Total Loan delinquency (a) Current and less than 30 days past due $ 139,783 $ 1,239 $ 141,022 30–89 days past due and still accruing 997 94 1,091 90 or more days past due and still accruing 1,277 42 1,319 Total retained loans $ 142,057 $ 1,375 $ 143,432 Loan delinquency ratios % of 30+ days past due to total retained loans 1.60 % 9.89 % 1.68 % % of 90+ days past due to total retained loans 0.90 3.05 0.92 (a) At June 30, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. (b) Represents TDRs. Other credit quality indicators The following table provides information on other credit quality indicators for retained credit card loans. (in millions, except ratios) June 30, 2021 December 31, 2020 Geographic region (a) California $ 20,857 $ 20,921 Texas 14,535 14,544 New York 11,692 11,919 Florida 9,299 9,562 Illinois 7,910 8,006 New Jersey 5,860 5,927 Ohio 4,541 4,673 Pennsylvania 4,306 4,476 Colorado 4,272 4,092 Michigan 3,426 3,553 All other 54,381 55,759 Total retained loans $ 141,079 $ 143,432 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 88.4 % 85.9 % Less than 660 11.4 13.9 No FICO available 0.2 0.2 (a) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2021. Loan modifications The Firm may offer one of a number of loan modification programs granting concessions to credit card borrowers who are experiencing financial difficulty. The Firm grants concessions for most of the credit card loans under long-term programs. These modifications involve placing the customer on a fixed payment plan, generally for 60 months, and typically include reducing the interest rate on the credit card. Substantially all modifications under the Firm’s long-term programs are considered to be TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs. If the cardholder does not comply with the modified payment terms, then the credit card loan continues to age and will ultimately be charged-off in accordance with the Firm’s standard charge-off policy. In most cases, the Firm does not reinstate the borrower’s line of credit. Financial effects of modifications and redefaults 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. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans. (in millions, except Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Balance of new TDRs (a) $ 90 $ 151 $ 233 $ 428 Weighted-average interest rate of loans – before TDR 17.92 % 17.93 % 17.81 % 18.50 % Weighted-average interest rate of loans – after TDR 5.15 5.16 5.20 4.42 Balance of loans that redefaulted within one year of modification (b) $ 13 $ 25 $ 32 $ 61 (a) Represents the outstanding balance prior to modification. (b) 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. Wholesale loan portfolio Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2020 Form 10-K for further information on these risk ratings. The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans. Secured by real estate Commercial and industrial Other (a) Total retained loans (in millions, except ratios) Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Loans by risk ratings Investment-grade $ 88,617 $ 90,147 $ 71,509 $ 71,917 $ 226,874 $ 217,209 $ 387,000 $ 379,273 Noninvestment-grade: Noncriticized 24,840 26,129 53,017 57,870 43,896 33,053 121,753 117,052 Criticized performing 4,077 3,234 8,273 10,991 1,054 1,079 13,404 15,304 Criticized nonaccrual 489 483 1,413 1,931 796 904 2,698 3,318 Total noninvestment- grade 29,406 29,846 62,703 70,792 45,746 35,036 137,855 135,674 Total retained loans $ 118,023 $ 119,993 $ 134,212 $ 142,709 $ 272,620 $ 252,245 $ 524,855 $ 514,947 % of investment-grade to total retained loans 75.08 % 75.13 % 53.28 % 50.39 % 83.22 % 86.11 % 73.73 % 73.65 % % of total criticized to total retained loans 3.87 3.10 7.22 9.05 0.68 0.79 3.07 3.62 % of criticized nonaccrual to total retained loans 0.41 0.40 1.05 1.35 0.29 0.36 0.51 0.64 Secured by real estate (in millions) June 30, 2021 Term loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 9,394 $ 15,951 $ 18,482 $ 10,350 $ 8,962 $ 24,226 $ 1,244 $ 8 $ 88,617 Noninvestment-grade 1,222 3,342 4,142 3,655 2,559 14,047 438 1 29,406 Total retained loans $ 10,616 $ 19,293 $ 22,624 $ 14,005 $ 11,521 $ 38,273 $ 1,682 $ 9 $ 118,023 Secured by real estate (in millions) Dec |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2021 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | Allowance for credit losses The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. Refer to Note 13 of JPMorgan Chase's 2020 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies. Allowance for credit losses and related information The table below summarizes information about the allowances for loan losses and lending-related commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for further information on the allowance for credit losses on investment securities. 2021 2020 Six months ended June 30, Consumer, excluding Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Allowance for loan losses Beginning balance at January 1, $ 3,636 $ 17,800 $ 6,892 $ 28,328 $ 2,538 $ 5,683 $ 4,902 $ 13,123 Cumulative effect of a change in accounting principle NA NA NA NA 297 5,517 (1,642) 4,172 Gross charge-offs 308 2,213 135 2,656 425 2,863 491 3,779 Gross recoveries collected (318) (475) (72) (865) (348) (372) (30) (750) Net charge-offs/(recoveries) (10) 1,738 63 1,791 77 2,491 461 3,029 Provision for loan losses (1,746) (3,562) (1,730) (7,038) 2,115 9,091 6,118 (e) 17,324 Other (2) — 3 1 (1) — 2 1 Ending balance at June 30, $ 1,898 $ 12,500 $ 5,102 $ 19,500 $ 4,872 $ 17,800 $ 8,919 $ 31,591 Allowance for lending-related commitments Beginning balance at January 1, $ 187 $ — $ 2,222 $ 2,409 $ 12 $ — $ 1,179 $ 1,191 Cumulative effect of a change in accounting principle NA NA NA NA 133 — (35) 98 Provision for lending-related commitments (46) — 634 588 95 — 1,326 (e) 1,421 Other 1 — — 1 1 — (1) — Ending balance at June 30, $ 142 $ — $ 2,856 $ 2,998 $ 241 $ — $ 2,469 $ 2,710 Total allowance for credit losses (a) $ 2,040 $ 12,500 $ 7,958 $ 22,498 $ 5,113 $ 17,800 $ 11,388 $ 34,301 Allowance for loan losses by impairment methodology Asset-specific (b) $ (557) $ 443 $ 488 $ 374 $ 263 $ 642 $ 757 $ 1,662 Portfolio-based 2,455 12,057 4,614 19,126 4,609 17,158 8,162 (e) 29,929 Total allowance for loan losses $ 1,898 $ 12,500 $ 5,102 $ 19,500 $ 4,872 $ 17,800 $ 8,919 $ 31,591 Loans by impairment methodology Asset-specific (b) $ 15,187 $ 1,180 $ 3,010 $ 19,377 $ 16,749 $ 1,422 $ 3,849 $ 22,020 Portfolio-based 282,544 139,899 521,845 944,288 290,256 140,234 512,938 943,428 Total retained loans $ 297,731 $ 141,079 $ 524,855 $ 963,665 $ 307,005 $ 141,656 $ 516,787 $ 965,448 Collateral-dependent loans Net charge-offs $ 23 $ — $ 6 $ 29 $ 56 $ — $ 22 $ 78 Loans measured at fair value of collateral less cost to sell 4,689 — 341 5,030 3,505 — 166 3,671 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 150 $ 150 $ — $ — $ 115 $ 115 Portfolio-based 142 — 2,706 2,848 241 — 2,354 (e) 2,595 Total allowance for lending-related commitments (c) $ 142 $ — $ 2,856 $ 2,998 $ 241 $ — $ 2,469 $ 2,710 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 851 $ 851 $ — $ — $ 762 $ 762 Portfolio-based (d) 36,092 — 459,078 495,170 35,417 — 391,121 426,538 Total lending-related commitments $ 36,092 $ — $ 459,929 $ 496,021 $ 35,417 $ — $ 391,883 $ 427,300 (a) Excludes the allowance for credit losses on investment securities of $87 million and $23 million as of June 30, 2021 and 2020, respectively. (b) Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific credit card allowance for loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates. (c) The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets. (d) At June 30, 2021 and 2020, lending-related commitments excluded $20.8 billion and $9.9 billion, respectively, for the consumer, excluding credit card portfolio segment; $682.5 billion and $673.8 billion, respectively, for the credit card portfolio segment; and $42.7 billion and $21.5 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments. (e) Prior-period amounts have been revised to conform with the current presentation. Discussion of changes in the allowance The allowance for credit losses as of June 30, 2021 decreased when compared to December 31, 2020, consisting of: • a $7.1 billion reduction in consumer, predominantly in the credit card portfolio, reflecting improvements in the Firm's economic outlook; and in the residential real estate portfolio, primarily due to continued improvements in HPI expectations, and • a $1.1 billion net reduction in wholesale, across the LOBs, reflecting improvements in the Firm's economic outlook. The COVID-19 pandemic has stressed many MEVs used in the Firm's allowance estimate which has created challenges in the use of modeled credit loss estimates, increased the reliance on management judgment, and resulted in adjustments to appropriately address the economic circumstances. These adjustments continued through the second quarter of 2021, although to a lesser extent than experienced during 2020. The U.S. economy has continued to improve with the benefits of vaccination and as more businesses have reopened, thereby reducing certain pandemic-related macroeconomic uncertainties. However, uncertainties remain, including the pace of vaccination progress, the impact of additional waves and new virus strains, the health of underlying labor markets, and the potential for changes in consumer behavior that could have longer term impacts on certain sectors. As a result of these uncertainties, the Firm retained meaningful weighting on its adverse scenarios, albeit to a lesser extent than the first quarter of 2021 and fourth quarter of 2020. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions outlined below, resulting in weighted average U.S. unemployment rates rising above seven percent in 2021 and falling just below six percent throughout the second quarter of 2022 with U.S. GDP returning to pre-pandemic levels in 4Q21. The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows : Assumptions at June 30, 2021 4Q21 2Q22 4Q22 U.S. unemployment rate (a) 4.7 % 4.0 % 3.8 % Cumulative change in U.S. real GDP from 12/31/2019 4.3 % 6.0 % 7.3 % Assumptions at December 31, 2020 2Q21 4Q21 2Q22 U.S. unemployment rate (a) 6.8 % 5.7 % 5.1 % Cumulative change in U.S. real GDP from 12/31/2019 (1.9) % 0.6 % 2.0 % (a) Reflects quarterly average of forecasted U.S. unemployment rate. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable interest entities Refer to Note 1 of JPMorgan Chase’s 2020 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation of VIEs. Refer to Note 14 of JPMorgan Chase's 2020 Form 10-K for a detailed discussion of VIEs, including Firm’s accounting policies regarding securitizations. The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-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 Form 10-Q page references CCB Credit card securitization trusts Securitization of originated credit card receivables 152 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 152-154 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 152-154 Multi-seller conduits Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs 154 Municipal bond vehicles Financing of municipal bond investments 154 The Firm also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to pages 155–156 of this Note for more information on consolidated VIE assets and liabilities as well as the VIEs sponsored by third parties. Significant Firm-sponsored VIEs Credit card securitizations As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust. 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 tables present 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. Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) June 30, 2021 (in millions) Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 48,866 $ 1,356 $ 40,906 $ 511 $ 449 $ 19 $ 979 Subprime 11,923 30 10,982 1 — — 1 Commercial and other (b) 128,614 — 91,039 867 1,901 294 3,062 Total $ 189,403 $ 1,386 $ 142,927 $ 1,379 $ 2,350 $ 313 $ 4,042 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2020 (in millions) Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 49,644 $ 1,693 $ 41,265 $ 574 $ 724 $ — $ 1,298 Subprime 12,896 46 12,154 9 — — 9 Commercial and other (b) 119,732 — 92,351 955 1,549 262 2,766 Total $ 182,272 $ 1,739 $ 145,770 $ 1,538 $ 2,273 $ 262 $ 4,073 (a) Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. (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; 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; senior and subordinated securities of $149 million and $81 million, respectively, at June 30, 2021, and $105 million and $40 million, respectively, at December 31, 2020, which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of June 30, 2021, and December 31, 2020, 71% and 73%, 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 $933 million and $1.3 billion of investment-grade retained interests, and $46 million and $41 million of noninvestment-grade retained interests at June 30, 2021, and December 31, 2020, respectively. The retained interests in commercial and other securitization trusts consisted of $2.2 billion and $2.0 billion of investment-grade retained interests, and $824 million and $753 million of noninvestment-grade retained interests at June 30, 2021 and December 31, 2020, 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. 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. Re-securitizations The following table presents the principal amount of securities transferred to re-securitization VIEs. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Transfers of securities to VIEs U.S. GSEs and government agencies $ 18,794 $ 12,505 $ 31,899 $ 15,222 The Firm did not transfer any private label securities to re-securitization VIEs during the three and six months ended June 30, 2021 and 2020, respectively, and retained interests in any such Firm-sponsored VIEs as of June 30, 2021 and December 31, 2020 were immaterial. The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs. Nonconsolidated (in millions) June 30, 2021 December 31, 2020 U.S. GSEs and government agencies Interest in VIEs $ 3,068 $ 2,631 As of June 30, 2021, and December 31, 2020, 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 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 $10.5 billion and $13.5 billion of the commercial paper issued by the Firm-administered multi-seller conduits at June 30, 2021, and December 31, 2020, 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 $13.6 billion and $12.2 billion at June 30, 2021, and December 31, 2020, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments. Municipal bond vehicles Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party. The Firm serves as sponsor for all non-customer TOB transactions. Consolidated VIE assets and liabilities The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of June 30, 2021, and December 31, 2020. Assets Liabilities June 30, 2021 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 11,094 $ 100 $ 11,194 $ 2,395 $ 1 $ 2,396 Firm-administered multi-seller conduits 4 20,005 181 20,190 9,794 41 9,835 Municipal bond vehicles 1,989 — 2 1,991 1,957 — 1,957 Mortgage securitization entities (a) — 1,219 55 1,274 199 96 295 Other 2 2,966 (b) 271 3,239 58 95 153 Total $ 1,995 $ 35,284 $ 609 $ 37,888 $ 14,403 $ 233 $ 14,636 Assets Liabilities December 31, 2020 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 11,962 $ 148 $ 12,110 $ 4,943 $ 3 $ 4,946 Firm-administered multi-seller conduits 2 23,787 188 23,977 10,523 33 10,556 Municipal bond vehicles 1,930 — 2 1,932 1,902 — 1,902 Mortgage securitization entities (a) — 1,694 94 1,788 210 108 318 Other 2 176 249 427 — 89 89 Total $ 1,934 $ 37,619 $ 681 $ 40,234 $ 17,578 $ 233 $ 17,811 (a) Includes residential and commercial mortgage securitizations. (b) Predominantly includes purchased supply chain finance receivables and purchased auto loan securitizations in CIB. (c) Includes assets classified as cash and other assets on the Consolidated balance sheets. (d) 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. (e) 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 $2.7 billion and $5.2 billion at June 30, 2021, and December 31, 2020, respectively. (f) 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 $23.2 billion and $23.6 billion, of which $7.5 billion and $8.7 billion was unfunded at June 30, 2021 and December 31, 2020, respectively. The prior-period maximum loss exposure amount has been revised to conform with the current presentation. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 25 of JPMorgan Chase’s 2020 Form 10-K for further information on affordable housing tax credits and Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments. Customer municipal bond vehicles (TOB trusts) The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder. In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle. The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at both June 30, 2021 and December 31, 2020 was $6.7 billion. The fair value of assets held by such VIEs at both June 30, 2021 and December 31, 2020 was $10.5 billion. Loan securitizations The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, and commercial mortgages. Securitization activity The following table provides information related to the Firm’s securitization activities for the three and six months ended June 30, 2021 and 2020, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization. Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in millions) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Principal securitized $ 4,115 $ 2,876 $ 534 $ 861 $ 8,192 $ 4,788 $ 3,598 $ 4,049 All cash flows during the period: (a) Proceeds received from loan sales as financial instruments (b)(c) $ 4,218 $ 2,909 $ 554 $ 912 $ 8,452 $ 4,879 $ 3,690 $ 4,185 Servicing fees collected 41 — 49 — 82 — 111 — Cash flows received on interests 173 71 214 31 356 123 331 60 (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) Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies. (e) Includes commercial mortgage and other consumer loans. Loans and excess MSRs sold to U.S. government-sponsored enterprises and loans in securitization transactions pursuant to Ginnie Mae guidelines In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs. The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Carrying value of loans sold $ 24,459 $ 17,447 $ 47,606 $ 42,382 Proceeds received from loan sales as cash 24 13 40 22 Proceeds from loan sales as securities (a)(b) 24,033 17,274 46,782 41,937 Total proceeds received from loan sales (c) $ 24,057 $ 17,287 $ 46,822 $ 41,959 Gains/(losses) on loan sales (d)(e) $ — $ 2 $ 4 $ 6 (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. Options to repurchase delinquent loans In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information. The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of June 30, 2021 and December 31, 2020. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies. (in millions) Jun 30, Dec 31, Loans repurchased or option to repurchase (a) $ 1,209 $ 1,413 Real estate owned 7 9 Foreclosed government-guaranteed residential mortgage loans (b) 52 64 (a) Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools. (b) Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable. Loan delinquencies and liquidation losses The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of June 30, 2021, and December 31, 2020. Net liquidation losses Securitized assets 90 days past due Three months ended June 30, Six months ended June 30, (in millions) Jun 30, Dec 31, Jun 30, Dec 31, 2021 2020 2021 2020 Securitized loans Residential mortgage: Prime / Alt-A & option ARMs $ 40,906 $ 41,265 $ 3,748 $ 4,988 $ 2 $ 76 $ 14 $ 175 Subprime 10,982 12,154 1,994 2,406 — 49 18 135 Commercial and other 91,039 92,351 3,596 5,958 — 1 21 11 Total loans securitized $ 142,927 $ 145,770 $ 9,338 $ 13,352 $ 2 $ 126 $ 53 $ 321 |
Goodwill and Mortgage Servicing
Goodwill and Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Mortgage Servicing Rights | Goodwill and Mortgage servicing rights Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the accounting policies related to goodwill and mortgage servicing rights. Goodwill The following table presents goodwill attributed to the business segments. (in millions) June 30, December 31, Consumer & Community Banking $ 31,335 $ 31,311 Corporate & Investment Bank 7,915 7,913 Commercial Banking 2,985 2,985 Asset & Wealth Management 7,021 7,039 Total goodwill $ 49,256 $ 49,248 The following table presents changes in the carrying amount of goodwill. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Balance at beginning of period $ 49,243 $ 47,800 $ 49,248 $ 47,823 Changes during the period from: Other (a) 13 11 8 (12) Balance at June 30, $ 49,256 $ 47,811 $ 49,256 $ 47,811 (a) Primarily foreign currency adjustments and adjustments to goodwill related to prior period acquisitions. Goodwill impairment testing Goodwill 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 that there may be an impairment. Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s goodwill impairment testing, including the primary method used to estimate the fair value of the reporting units and the assumptions used in the goodwill impairment test. Unanticipated 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 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. As of June 30, 2021, the Firm reviewed current economic conditions, including the potential impacts of the COVID-19 pandemic on business performance, estimated market cost of equity, as well as actual business results and projections of business performance for all its reporting units. The Firm has concluded that the goodwill allocated to its reporting units was not impaired as of June 30, 2021, or December 31, 2020, nor was goodwill written off due to impairment during the six months ended June 30, 2021 or 2020. Mortgage servicing rights MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorgan Chase’s 2020 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs. The following table summarizes MSR activity for the three and six months ended June 30, 2021 and 2020. As of or for the three months As of or for the six months (in millions, except where otherwise noted) 2021 2020 2021 2020 Fair value at beginning of period $ 4,470 $ 3,267 $ 3,276 $ 4,699 MSR activity: Originations of MSRs 419 164 823 435 Purchase of MSRs 395 5 574 7 Disposition of MSRs (a) (25) 2 (24) (73) Net additions/(dispositions) 789 171 1,373 369 Changes due to collection/realization of expected cash flows (182) (247) (369) (495) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (b) (500) (144) 336 (1,514) Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) 1 3 (23) 2 Discount rates — — — — Prepayment model changes and other (c) (29) 30 (44) 19 Total changes in valuation due to other inputs and assumptions (28) 33 (67) 21 Total changes in valuation due to inputs and assumptions (528) (111) 269 (1,493) Fair value at June 30, $ 4,549 $ 3,080 $ 4,549 $ 3,080 Changes in unrealized gains/(losses) included in income related to MSRs held at June 30, $ (528) $ (111) $ 269 $ (1,493) Contractual service fees, late fees and other ancillary fees included in income 307 329 598 693 Third-party mortgage loans serviced at June 30, (in billions) 465 483 465 483 Servicer advances, net of an allowance for uncollectible amounts, at June 30, (in billions) (d) 1.7 1.7 1.7 1.7 (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. The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and six months ended June 30, 2021 and 2020. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 CCB mortgage fees and related income Production revenue $ 517 $ 742 $ 1,274 $ 1,061 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 316 343 564 682 Changes in MSR asset fair value due to collection/realization of expected cash flows (182) (247) (369) (495) Total operating revenue 134 96 195 187 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) (500) (144) 336 (1,514) Other changes in MSR asset fair value due to other inputs and assumptions in model (b) (28) 33 (67) 21 Changes in derivative fair value and other 425 190 (487) 1,482 Total risk management (103) 79 (218) (11) Total net mortgage servicing revenue 31 175 (23) 176 Total CCB mortgage fees and related income 548 917 1,251 1,237 All other 3 — 4 — Mortgage fees and related income $ 551 $ 917 $ 1,255 $ 1,237 (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 June 30, 2021, and December 31, 2020, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. (in millions, except rates) Jun 30, Dec 31, Weighted-average prepayment speed assumption (constant prepayment rate) 10.72 % 14.90 % Impact on fair value of 10% adverse change $ (195) $ (206) Impact on fair value of 20% adverse change (376) (392) Weighted-average option adjusted spread (a) 6.70 % 7.19 % Impact on fair value of a 100 basis point adverse change $ (191) $ (134) Impact on fair value of a 200 basis point adverse change (368) (258) (a) Includes the impact of operational risk and regulatory capital. Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In this table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits Refer to Note 17 of JPMorgan Chase’s 2020 Form 10-K for further information on deposits. At June 30, 2021, and December 31, 2020, noninterest-bearing and interest-bearing deposits were as follows. (in millions) June 30, December 31, 2020 U.S. offices Noninterest-bearing (included $9,565 and $9,873 at fair value) (a) $ 639,114 $ 572,711 Interest-bearing (included $2,627 and $2,567 at fair value) (a) 1,281,432 1,197,032 Total deposits in U.S. offices 1,920,546 1,769,743 Non-U.S. offices Noninterest-bearing (included $1,467 and $1,486 at fair value) (a) 24,723 23,435 Interest-bearing (included $364 and $558 at fair value) (a) 359,948 351,079 Total deposits in non-U.S. offices 384,671 374,514 Total deposits $ 2,305,217 $ 2,144,257 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further information. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases Refer to Note 18 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on leases. Firm as lessee At June 30, 2021, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes. Operating lease liabilities and right-of-use ("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 following table provides information related to the Firm’s operating leases: (in millions) June 30, 2021 December 31, 2020 Right-of-use assets $ 7,825 $ 8,006 Lease liabilities 8,286 8,508 The Firm’s net rental expense was $483 million and $475 million for the three months ended June 30, 2021 and 2020, and $974 million and $949 million for the six months ended June 30, 2021 and 2020. Firm as lessor The Firm’s lease financings are generally operating leases and are included in other assets on the Firm’s Consolidated balance sheets. The following table presents the Firm’s operating lease income, included within other income Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Operating lease income $ 1,277 $ 1,413 $ 2,602 $ 2,810 Depreciation expense 876 1,084 1,809 2,224 |
Leases | Leases Refer to Note 18 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on leases. Firm as lessee At June 30, 2021, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes. Operating lease liabilities and right-of-use ("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 following table provides information related to the Firm’s operating leases: (in millions) June 30, 2021 December 31, 2020 Right-of-use assets $ 7,825 $ 8,006 Lease liabilities 8,286 8,508 The Firm’s net rental expense was $483 million and $475 million for the three months ended June 30, 2021 and 2020, and $974 million and $949 million for the six months ended June 30, 2021 and 2020. Firm as lessor The Firm’s lease financings are generally operating leases and are included in other assets on the Firm’s Consolidated balance sheets. The following table presents the Firm’s operating lease income, included within other income Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Operating lease income $ 1,277 $ 1,413 $ 2,602 $ 2,810 Depreciation expense 876 1,084 1,809 2,224 |
Preferred Stock
Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock | Preferred stock Refer to Note 21 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on preferred stock. The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of June 30, 2021 and December 31, 2020, and the quarterly dividend declarations for the three and six months ended June 30, 2021 and 2020. Shares Carrying value (in millions) Contractual rate in effect at June 30, 2021 Earliest redemption date Floating annualized rate (a) Dividend declared June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Issue date Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed-rate: Series Y — — $ — $ — 2/12/2015 — % 3/1/2020 NA $— $— $— $153.13 Series AA — 142,500 — 1,425 6/4/2015 6.100 9/1/2020 NA 152.50 152.50 305.00 305.00 Series BB — 115,000 — 1,150 7/29/2015 6.150 9/1/2020 NA 153.75 153.75 307.50 307.50 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 143.75 143.75 287.50 287.50 Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 150.00 150.00 300.00 300.00 Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 118.75 118.75 237.50 269.17 (b) Series JJ 150,000 — 1,500 — 3/17/2021 4.550 6/1/2026 NA 93.53 NA 93.53 NA (c) Series LL 185,000 — 1,850 — 5/20/2021 4.625 6/1/2026 NA — NA — NA (d) Fixed-to-floating-rate: Series I 293,375 293,375 $ 2,934 $ 2,934 4/23/2008 LIBOR + 3.47% 4/30/2018 LIBOR + 3.47% $92.40 $106.93 $185.46 $239.37 Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 LIBOR + 3.25 128.75 128.75 257.50 257.50 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 LIBOR + 3.30 150.00 150.00 300.00 300.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 LIBOR + 3.78 168.75 168.75 337.50 337.50 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 LIBOR + 3.33 153.13 153.13 306.25 306.25 Series V 250,000 250,000 2,500 2,500 6/9/2014 LIBOR + 3.32% 7/1/2019 LIBOR + 3.32 89.02 120.16 174.99 250.89 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 LIBOR + 3.33 152.50 152.50 305.00 305.00 Series Z 200,000 200,000 2,000 2,000 4/21/2015 LIBOR + 3.80% 5/1/2020 LIBOR + 3.80 100.50 117.15 201.74 249.65 (e) Series CC 125,750 125,750 1,258 1,258 10/20/2017 4.625 11/1/2022 LIBOR + 2.58 115.63 115.63 231.25 231.25 Series FF 225,000 225,000 2,250 2,250 7/31/2019 5.000 8/1/2024 SOFR + 3.38 125.00 125.00 250.00 250.00 Series HH 300,000 300,000 3,000 3,000 1/23/2020 4.600 2/1/2025 SOFR + 3.125 115.00 115.00 230.00 240.22 (f) Series II 150,000 150,000 1,500 1,500 2/24/2020 4.000 4/1/2025 SOFR + 2.745 100.00 $141.11 200.00 141.11 (g) Series KK 200,000 — 2,000 — 5/12/2021 3.650 6/1/2026 CMT + 2.85 — NA — NA (h) Total preferred stock 3,283,750 3,006,250 $ 32,838 $ 30,063 (a) Floating annualized rate includes three-month LIBOR, three-month term SOFR or five-year Constant Maturity Treasury ("CMT") rate, as applicable, plus the spreads noted above. (b) Dividends in the amount of $150.42 per share were declared on January 8, 2020 and include dividends from the original issue date of November 7, 2019 through February 29, 2020. Dividends in the amount of $118.75 per share were declared thereafter on April 13, 2020. (c) Dividends in the amount of $93.53 per share were declared on April 9, 2021 and include dividends from the original issue date of March 17, 2021 though May 31, 2021. (d) No dividends were declared for Series LL from the original issue date of May 20, 2021 though June 30, 2021. (e) The dividend rate for Series Z preferred stock became floating and payable quarterly starting on May 1, 2020; prior to which the dividend rate was fixed at 5.3% or $265.00 per share payable semi annually. (f) Dividends in the amount of $125.22 per share were declared on March 13, 2020 and include dividends from the original issue date of January 23, 2020 through April 30, 2020. Dividends in the amount of $115.00 per share were declared thereafter on June 9, 2020. (g) Dividends in the amount of $141.11 per share were declared on May 15, 2020 and include dividends from the original issue date of February 24, 2020 through June 30, 2020. (h) No dividends were declared for Series KK from the original issue date of May 12, 2021 through June 30, 2021. 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 $33.2 billion at June 30, 2021. On July 29, 2021, the Firm issued $2.0 billion of 4.20% non-cumulative preferred stock, Series MM. Redemptions On June 1, 2021, the Firm redeemed all $1.4 billion of its 6.10% non-cumulative preferred stock, Series AA and all $1.2 billion of its 6.15% non-cumulative preferred stock, Series BB. On March 1, 2020, the Firm redeemed all $1.43 billion of its 6.125% non-cumulative preferred stock, Series Y. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per share Refer to Note 23 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2021 and 2020. (in millions, except per share amounts) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Basic earnings per share Net income $ 11,948 $ 4,687 $ 26,248 $ 7,552 Less: Preferred stock dividends 393 401 772 822 Net income applicable to common equity 11,555 4,286 25,476 6,730 Less: Dividends and undistributed earnings allocated to participating securities 59 21 130 32 Net income applicable to common stockholders $ 11,496 $ 4,265 $ 25,346 $ 6,698 Total weighted-average basic shares outstanding 3,036.6 3,076.3 3,054.9 3,086.1 Net income per share $ 3.79 $ 1.39 $ 8.30 $ 2.17 Diluted earnings per share Net income applicable to common stockholders $ 11,496 $ 4,265 $ 25,346 $ 6,698 Total weighted-average basic shares outstanding 3,036.6 3,076.3 3,054.9 3,086.1 Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs 5.3 4.7 5.4 4.7 Total weighted-average diluted shares outstanding 3,041.9 3,081.0 3,060.3 3,090.8 Net income per share $ 3.78 $ 1.38 $ 8.28 $ 2.17 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 6 Months Ended |
Jun. 30, 2021 | |
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). As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at April 1, 2021 $ 3,841 $ (723) $ (140) $ 134 $ (1,064) $ (1,007) $ 1,041 Net change 674 64 (23) 591 9 214 1,529 Balance at June 30, 2021 $ 4,515 (a) $ (659) $ (163) $ 725 $ (1,055) $ (793) $ 2,570 As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at April 1, 2020 $ 5,176 $ (1,037) $ (43) $ 2,528 $ (1,311) $ 2,105 $ 7,418 Net change 2,744 142 16 234 (7) (1,758) 1,371 Balance at June 30, 2020 $ 7,920 (a) $ (895) $ (27) $ 2,762 $ (1,318) $ 347 $ 8,789 As of or for the six months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2021 $ 8,180 $ (473) $ (112) $ 2,383 $ (1,132) $ (860) $ 7,986 Net change (3,665) (186) (51) (1,658) 77 67 (5,416) Balance at June 30, 2021 $ 4,515 (a) $ (659) $ (163) $ 725 $ (1,055) $ (793) $ 2,570 As of or for the six months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2020 $ 4,057 $ (707) $ (131) $ 63 $ (1,344) $ (369) $ 1,569 Net change 3,863 (188) 104 2,699 26 716 7,220 Balance at June 30, 2020 $ 7,920 (a) $ (895) $ (27) $ 2,762 $ (1,318) $ 347 $ 8,789 (a) As of June 30, 2021 and 2020, includes after-tax net unamortized unrealized gains of $3.0 billion and $703 million related to AFS securities that have been transferred to HTM, respectively. Refer to Note 10 of JPMorgan Chase's 2020 Form 10-K for further information. The following table presents the pre-tax and after-tax changes in the components of OCI. 2021 2020 Three months ended June 30, Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ 727 $ (171) $ 556 $ 3,642 $ (878) $ 2,764 Reclassification adjustment for realized (gains)/losses included in net income (a) 155 (37) 118 (26) 6 (20) Net change 882 (208) 674 3,616 (872) 2,744 Translation adjustments (b) : Translation 280 (10) 270 405 46 451 Hedges (270) 64 (206) (405) 96 (309) Net change 10 54 64 — 142 142 Fair value hedges, net change (c) : (31) 8 (23) 21 (5) 16 Cash flow hedges: Net unrealized gains/(losses) arising during the period 1,118 (269) 849 402 (97) 305 Reclassification adjustment for realized (gains)/losses included in net income (d) (340) 82 (258) (93) 22 (71) Net change 778 (187) 591 309 (75) 234 Defined benefit pension and OPEB plans, net change: 2 7 9 (4) (3) (7) DVA on fair value option elected liabilities, net change: 276 (62) 214 (2,314) 556 (1,758) Total other comprehensive income/(loss) $ 1,917 $ (388) $ 1,529 $ 1,628 $ (257) $ 1,371 2021 2020 Six months ended June 30, Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ (4,966) $ 1,194 $ (3,772) $ 5,351 $ (1,291) $ 4,060 Reclassification adjustment for realized (gains)/losses included in net income (a) 141 (34) 107 (259) 62 (197) Net change (4,825) 1,160 (3,665) 5,092 (1,229) 3,863 Translation adjustments (b) : Translation (920) 29 (891) (1,187) 101 (1,086) Hedges 930 (225) 705 1,184 (286) 898 Net change 10 (196) (186) (3) (185) (188) Fair value hedges, net change (c) : (68) 17 (51) 136 (32) 104 Cash flow hedges: Net unrealized gains/(losses) arising during the period (1,577) 378 (1,199) 3,653 (877) 2,776 Reclassification adjustment for realized (gains)/losses included in net income (d) (604) 145 (459) (101) 24 (77) Net change (2,181) 523 (1,658) 3,552 (853) 2,699 Defined benefit pension and OPEB plans, net change: 93 (16) 77 41 (15) 26 DVA on fair value option elected liabilities, net change: 87 (20) 67 941 (225) 716 Total other comprehensive income/(loss) $ (6,884) $ 1,468 $ (5,416) $ 9,759 $ (2,539) $ 7,220 (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. The amounts were not material for the three and six months ended June 30, 2021 and 2020. (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 swaps. (d) The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income. |
Restricted Cash and Other Restr
Restricted Cash and Other Restricted Assets | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash and Other Restricted Assets | Restricted cash and other restricted assets Refer to Note 26 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets. Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries. The Firm is also subject to rules and regulations established by other U.S. and non U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets. The following table presents the components of the Firm’s restricted cash: (in billions) June 30, December 31, 2020 Segregated for the benefit of securities and cleared derivative customers 13.6 19.3 Cash reserves at non-U.S. central banks and held for other general purposes 5.4 5.1 Total restricted cash (a) $ 19.0 $ 24.4 (a) Comprises $17.4 billion and $22.7 billion in deposits with banks, and $1.6 billion and $1.7 billion in cash and due from banks on the Consolidated balance sheet as of June 30, 2021 and December 31, 2020, respectively. Also, as of June 30, 2021 and December 31, 2020, the Firm had the following other restricted assets: • Cash and securities pledged with clearing organizations for the benefit of customers of $42.9 billion and $37.2 billion, respectively. • Securities with a fair value of $19.9 billion and $1.3 billion, respectively, were also restricted in relation to customer activity. |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2021 | |
Banking Regulation [Abstract] | |
Regulatory Capital | Regulatory capital Refer to Note 27 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion on regulatory capital. The Federal Reserve establishes capital requirements, including well-capitalized requirements, for the consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A. Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, 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 established 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 June 30, 2021 and December 31, 2020. Standardized Minimum capital ratios Advanced Minimum capital ratios Well-capitalized ratios BHC (a) IDI (c) BHC (a)(b) IDI (b)(c) BHC (d) IDI (e) Capital ratios CET1 capital 11.3 % 7.0 % 10.5 % 7.0 % NA 6.5 % Tier 1 capital 12.8 8.5 12.0 8.5 6.0 % 8.0 Total capital 14.8 10.5 14.0 10.5 10.0 10.0 Tier 1 leverage 4.0 4.0 4.0 4.0 NA 5.0 SLR NA NA 5.0 6.0 NA 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. The CET1, Tier 1 and Total capital minimum capital ratios each include a respective minimum requirement plus a GSIB surcharge of 3.5% as calculated under Method 2; plus a 3.3% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies. (b) Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and IDI subsidiaries, respectively. (c) Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1, Tier 1 and Total capital minimum capital ratios include a fixed capital conservation buffer requirement of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge. (d) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (e) Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act. CECL regulatory capital transition delay As part of their response to the impact of the COVID-19 pandemic, the federal banking agencies issued a final rule that provided the option beginning January 1, 2020 to delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period beginning January 1, 2022. The Firm has elected to apply the CECL capital transition provisions, and accordingly, for the period ended June 30, 2021, the capital metrics of the Firm exclude $3.8 billion, which is the $2.7 billion day 1 impact to retained earnings and 25% of the $4.0 billion increase in the allowance for credit losses from January 1, 2020 (excluding allowances on PCD loans). The impacts of the CECL capital transition provisions have also been incorporated into Tier 2 capital, adjusted average assets, and total leverage exposure. Refer to Note 27 of JPMorgan Chase’s 2020 Form 10-K for further information on CECL capital transition provisions. The following tables present risk-based capital metrics under both the Basel III Standardized and Basel III Advanced Approaches and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. As of June 30, 2021 and December 31, 2020, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. June 30, 2021 Basel III Standardized Basel III Advanced JPMorgan Chase & Co. (a) JPMorgan Chase Bank, N.A. (a) JPMorgan (a) JPMorgan (a) Risk-based capital metrics: CET1 capital $ 209,010 $ 251,948 $ 209,010 $ 251,948 Tier 1 capital 241,356 251,951 241,356 251,951 Total capital 274,443 269,803 262,364 257,331 Risk-weighted assets 1,601,631 1,524,072 1,514,386 1,368,435 CET1 capital ratio 13.0 % 16.5 % 13.8 % 18.4 % Tier 1 capital ratio 15.1 16.5 15.9 18.4 Total capital ratio 17.1 17.7 17.3 18.8 December 31, 2020 Basel III Standardized Basel III Advanced JPMorgan Chase & Co. (a) JPMorgan Chase Bank, N.A. (a) JPMorgan Chase & Co. (a) JPMorgan Chase Bank, N.A. (a) Risk-based capital metrics: CET1 capital $ 205,078 $ 234,235 $ 205,078 $ 234,235 Tier 1 capital 234,844 234,237 234,844 234,237 Total capital 269,923 252,045 257,228 239,673 Risk-weighted assets 1,560,609 1,492,138 1,484,431 1,343,185 CET1 capital ratio 13.1 % 15.7 % 13.8 % 17.4 % Tier 1 capital ratio 15.0 15.7 15.8 17.4 Total capital ratio 17.3 16.9 17.3 17.8 (a) The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight. (in millions, except ratios) June 30, 2021 December 31, 2020 JPMorgan Chase & Co. (b) JPMorgan Chase Bank, N.A. (b) JPMorgan (b)(c) JPMorgan (b)(c) Leverage-based capital metrics: Adjusted average assets (a) $ 3,680,830 $ 3,198,287 $ 3,353,319 $ 2,970,285 Tier 1 leverage ratio 6.6 % 7.9 % 7.0 % 7.9 % Total leverage exposure $ 4,456,557 $ 3,969,718 $ 3,401,542 $ 3,688,797 SLR 5.4 % 6.3 % 6.9 % 6.3 % (a) Adjusted average assets, for purposes of calculating the 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) The capital metrics reflect the CECL capital transition provisions. |
Off-balance Sheet Lending-relat
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments | 6 Months Ended |
Jun. 30, 2021 | |
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 have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies. To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments. The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at June 30, 2021, and December 31, 2020. The amounts in the table below for credit card, home equity and certain scored business banking 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 and certain scored business banking 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 (i) June 30, 2021 Dec 31, Jun 30, Dec 31, By remaining maturity Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Residential real estate (a) $ 26,071 $ 1,900 $ 4,789 $ 11,633 $ 44,393 $ 46,047 $ 103 $ 148 Auto and other 11,660 — — 822 12,482 11,272 — — Total consumer, excluding credit card 37,731 1,900 4,789 12,455 56,875 57,319 103 148 Credit card (b) 682,531 — — — 682,531 658,506 — — Total consumer (b)(c) 720,262 1,900 4,789 12,455 739,406 715,825 103 148 Wholesale: Other unfunded commitments to extend credit (d) 116,310 186,067 138,839 22,357 463,573 415,828 2,796 2,148 Standby letters of credit and other financial guarantees (d) 17,489 7,622 8,471 1,294 34,876 30,982 663 443 Other letters of credit (d) 3,753 164 249 1 4,167 3,053 8 14 Total wholesale (c) 137,552 193,853 147,559 23,652 502,616 449,863 3,467 2,605 Total lending-related $ 857,814 $ 195,753 $ 152,348 $ 36,107 $ 1,242,022 $ 1,165,688 $ 3,570 $ 2,753 Other guarantees and commitments Securities lending indemnification agreements and guarantees (e) $ 303,869 $ — $ — $ — $ 303,869 $ 250,418 $ — $ — Derivatives qualifying as guarantees 5,509 130 11,603 39,859 57,101 54,415 308 322 Unsettled resale and securities borrowed agreements 173,862 2,129 — — 175,991 102,355 (h) — 2 Unsettled repurchase and securities loaned agreements 109,014 596 — — 109,610 104,901 — (1) Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 72 84 Loans sold with recourse NA NA NA NA 822 889 21 23 Exchange & clearing house guarantees and commitments (f) 109,977 — — — 109,977 142,003 — — Other guarantees and commitments (g) 6,506 2,945 328 1,727 11,506 9,639 (h) 51 52 (a) Includes certain commitments to purchase loans from correspondents. (b) Also includes commercial card lending-related commitments primarily in CB and CIB. (c) Predominantly all consumer and wholesale lending-related commitments are in the U.S. (d) At June 30, 2021, and December 31, 2020, reflected the contractual amount net of risk participations totaling $70 million and $72 million, respectively, for other unfunded commitments to extend credit; $8.1 billion and $8.5 billion, respectively, for standby letters of credit and other financial guarantees; and $808 million and $357 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. (e) At June 30, 2021, and December 31, 2020, collateral held by the Firm in support of securities lending indemnification agreements was $320.6 billion and $264.3 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies. (f) At June 30, 2021, and December 31, 2020, 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. (g) At June 30, 2021, and December 31, 2020, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and other equity investment commitments, (h) Prior-period amounts have been revised to conform with the current presentation. (i) For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value. Other unfunded commitments to extend credit Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit. Standby letters of credit and other financial guarantees Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings 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 June 30, 2021, and December 31, 2020. Standby letters of credit, other financial guarantees and other letters of credit June 30, 2021 December 31, 2020 (in millions) Standby letters of Other letters Standby letters of Other letters Investment-grade (a) $ 26,955 $ 3,072 $ 22,850 $ 2,263 Noninvestment-grade (a) 7,921 1,095 8,132 790 Total contractual amount $ 34,876 $ 4,167 $ 30,982 $ 3,053 Allowance for lending-related commitments $ 67 $ 8 $ 80 $ 14 Guarantee liability 596 — 363 — Total carrying value $ 663 $ 8 $ 443 $ 14 Commitments with collateral $ 21,401 $ 886 $ 17,238 $ 498 (a) The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings. Derivatives qualifying as guarantees The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K for further information on these derivatives. The following table summarizes the derivatives qualifying as guarantees as of June 30, 2021, and December 31, 2020. (in millions) June 30, 2021 December 31, 2020 Notional amounts Derivative guarantees $ 57,101 $ 54,415 Stable value contracts with contractually limited exposure 29,410 27,752 Maximum exposure of stable value contracts with contractually limited exposure 2,813 2,803 Fair value Derivative payables 308 322 In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives. 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. Loan sales- and securitization-related indemnifications In connection with the Firm’s mortgage loan sale and securitization activities with GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm. The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorgan Chase’s 2020 Form 10-K for additional information regarding litigation. Sponsored member repo program 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 169. Refer to Note 11 of JPMorgan Chase’s 2020 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements. Guarantees of subsidiaries The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank on a parity with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 169 of this Note. Refer to Note 20 of JPMorgan Chase’s 2020 Form 10-K for additional information. |
Pledged Assets and Collateral
Pledged Assets and Collateral | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Pledged Assets and Collateral | Pledged assets and collateral Refer to Note 29 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s 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. (in billions) June 30, 2021 December 31, 2020 Assets that may be sold or repledged or otherwise used by secured parties $ 186.1 $ 166.6 Assets that may not be sold or repledged or otherwise used by secured parties 121.7 113.9 Assets pledged at Federal Reserve banks and FHLBs 447.5 455.3 Total pledged assets $ 755.3 $ 735.8 Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s long-term debt. Collateral The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. The following table presents the fair value of collateral accepted. (in billions) June 30, 2021 December 31, 2020 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,368.8 $ 1,451.7 Collateral sold, repledged, delivered or otherwise used 1,065.9 1,038.9 |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2021 | |
Litigation [Abstract] | |
Litigation | Litigation Contingencies As of June 30, 2021, the Firm and its subsidiaries and affiliates are defendants or respondents in numerous legal proceedings, including private, civil litigations, government investigations or regulatory enforcement matters. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations and regulatory enforcement matters 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 $1.5 billion at June 30, 2021. 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. Amrapali . India’s Enforcement Directorate (“ED”) is investigating JPMorgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorgan Chase entities into residential housing projects developed by the Amrapali Group (“Amrapali”). In 2017, numerous creditors filed civil claims against Amrapali including petitions brought by home buyers relating to delays in delivering or failure to deliver residential units. The home buyers’ petitions have been overseen by the Supreme Court of India since 2017 pursuant to its jurisdiction over public interest litigation. In July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorgan Chase entities and the offshore funds that had invested in the projects, violated certain currency control and money laundering provisions, and ordering the ED to conduct a further inquiry under India’s Prevention of Money Laundering Act (“PMLA”) and Foreign Exchange Management Act (“FEMA”). Approximately $25 million from JPMorgan India Private Limited was attached by the ED in May 2020 in connection with the criminal PMLA investigation. These funds were subsequently disbursed pursuant to an order by the Supreme Court of India for completing outstanding construction of the projects. A separate civil proceeding relating to alleged FEMA violations is ongoing. The Firm is responding to and cooperating with the investigation. 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 a trial has been scheduled to commence in February 2022. 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. Among those resolutions, 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 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. A South Africa Competition Commission matter is the remaining FX-related governmental inquiry, and is currently pending before the South Africa Competition Tribunal. 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 other foreign exchange dealers in November 2018. A number of these actions remain pending. Further, a putative class action has been filed against the Firm and other foreign exchange dealers on behalf of certain consumers who purchased foreign currencies at allegedly inflated rates. Another putative class action was brought against the Firm and other foreign exchange dealers on behalf of purported indirect purchasers of FX instruments. In 2020, the Court approved a settlement by the Firm and 11 other defendants of that class action for a total of $10 million. 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. Inquiries Concerning Preservation Requirements . The Firm has been responding to requests for information and other material from certain of its regulators concerning its compliance with records preservation requirements in connection with business communications sent over electronic messaging channels that have not been approved by the Firm. The Firm is cooperating with these inquiries and is currently engaged in certain resolution discussions. There is no assurance that the discussions will result in a resolution. Interchange Litigation. Groups 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 United States District Court for the Eastern District of New York 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 appealed the District Court’s approval order, and those appeals are pending. 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 some of those actions remain pending. 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 ("BBA") 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 various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the Firm has obtained dismissal of certain actions and resolved certain other actions, and others are in various stages of litigation. The United States District Court for the Southern District of New York has granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. In a consolidated putative class action related to the period that U.S. dollar LIBOR was administered by ICE Benchmark Administration, the District Court granted the motion by defendants, including the Firm, to dismiss plaintiffs’ complaint, and the plaintiffs have appealed. In addition, in August 2020, a group of individual plaintiffs filed a lawsuit asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards. In November 2020 and May 2021, plaintiffs filed motions for a preliminary injunction each seeking to enjoin defendants from setting U.S. dollar LIBOR and to prohibit defendants from enforcing any financial instruments that rely on U.S. dollar LIBOR. The court has scheduled a hearing to address these motions in September 2021. The Firm’s settlements of putative class actions related to Swiss franc LIBOR, the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate, and the Australian Bank Bill Swap Reference Rate remain subject to court approval. Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries. The Firm previously reported that it and/or certain of its subsidiaries had entered into resolutions with the U.S. Department of Justice (“DOJ”), the U.S. Commodity Futures Trading Commission (“CFTC”) and the U.S. Securities and Exchange Commission (“SEC”), which, collectively, resolved those agencies’ respective investigations relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct from 2008 to 2016. The Firm entered into a Deferred Prosecution Agreement (“DPA”) with the DOJ in which it agreed to the filing of a criminal information charging JPMorgan Chase & Co. with two counts of wire fraud and agreed, along with JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC, to certain terms and obligations as set forth therein. Under the terms of the DPA, the criminal information will be dismissed after three years, provided that JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC fully comply with all of their obligations. Across the three resolutions with the DOJ, CFTC and SEC, JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC agreed to pay a total monetary amount of approximately $920 million. A portion of the total monetary amount includes victim compensation payments. 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, and the consolidated action is stayed through December 2021. In July 2021, the parties informed the Court that they have entered into a settlement to resolve the action. In Canada, plaintiffs have moved to commence putative class action proceedings based on similar alleged underlying conduct for precious metals. In addition, several putative class actions were filed in the United States District Courts for the Northern District of Illinois and Southern District of New York against the Firm, alleging manipulation of U.S. Treasury futures and options, and bringing claims under the Commodity Exchange Act. Some of the complaints also allege unjust enrichment. The actions in the Northern District of Illinois have been transferred to the Southern District of New York. The Court consolidated these putative class actions in October 2020 and plaintiffs filed their consolidated amended complaint in April 2021. In May 2021, the parties informed the Court that they have entered into a settlement to resolve the action. In October 2020, two putative class action complaints were filed under the Securities Exchange Act of 1934 in the United States District Court for the Eastern District of New York against the Firm and certain individual defendants on behalf of shareholders who acquired shares during the putative class period alleging that certain SEC filings of the Firm were materially false or misleading in that they did not disclose certain information relating to the above-referenced investigations. The Court consolidated these putative class actions in January 2021. Plaintiffs filed their second amended complaint in May 2021, which additionally alleged that certain orders in precious metals futures contracts placed by precious metals futures traders during the putative class period were materially false and misleading. Defendants have moved to dismiss. Securities Lending Antitrust Litigation . JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Prime, Inc., and J.P. Morgan Strategic Securities Lending Corp. are named as defendants in a putative class action filed in the United States District Court for the Southern District of New York. The complaint asserts violations of federal antitrust law and New York State common law in connection with an alleged conspiracy to prevent the emergence of anonymous exchange trading for securities lending transactions. Defendants’ motion to dismiss the complaint was denied. Plaintiffs have moved to certify a class in this action, which defendants are opposing. 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 Bank, N.A. 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. 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 . The Court of Appeal found in January 2021 that it had no power to take further action against JPMorgan Chase Bank, N.A. following the Court of Cassation’s ruling. At the opening of a trial of the managers of Wendel in January 2021, the tribunal correctionnel directed the criminal authorities to clarify whether a further investigation should be opened against JPMorgan Chase, pending which the trial was postponed. In April 2021, the Court of Cassation declined to hear JPMorgan Chase Bank, N.A.’s appeal of the January 2021 decision of the tribunal correctionnel at this stage of the proceedings. JPMorgan Chase Bank, N.A. continues to cooperate in this matter and is engaged with the French criminal authorities. 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, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $185 million and $118 million for the three months ended June 30, 2021 and 2020, respectively, and $213 million and $315 million for the six months ended June 30, 2021 and 2020. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future. In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2021 | |
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 below, and Note 32 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of JPMorgan Chase’s business segments. Segment results The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2021 and 2020, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s managed basis. Capital allocation The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are reassessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 98 of JPMorgan Chase’s 2020 Form 10-K for additional information on capital allocation. Segment results and reconciliation (a) As of or for the three months Consumer & Corporate & Commercial Banking Asset & Wealth Management 2021 2020 2021 2020 2021 2020 2021 2020 Noninterest revenue $ 4,726 $ 4,222 $ 9,912 $ 12,304 $ 950 $ 823 $ 3,165 $ 2,575 Net interest income 8,034 8,136 3,302 4,079 1,533 1,577 942 855 Total net revenue 12,760 12,358 13,214 16,383 2,483 2,400 4,107 3,430 Provision for credit losses (1,868) 5,828 (79) 1,987 (377) 2,431 (10) 223 Noninterest expense 7,062 6,767 6,523 6,812 981 893 2,586 2,323 Income/(loss) before income tax expense/(benefit) 7,566 (237) 6,770 7,584 1,879 (924) 1,531 884 Income tax expense/(benefit) 1,932 (61) 1,785 2,133 459 (243) 378 223 Net income/(loss) $ 5,634 $ (176) $ 4,985 $ 5,451 $ 1,420 $ (681) $ 1,153 $ 661 Average equity $ 50,000 $ 52,000 $ 83,000 $ 80,000 $ 24,000 $ 22,000 $ 14,000 $ 10,500 Total assets 494,305 498,658 1,363,992 1,080,189 (b) 226,022 235,034 217,284 176,782 ROE 44 % (2) % 23 % 27 % 23 % (13) % 32 % 24 % Overhead ratio 55 55 49 42 40 37 63 68 As of or for the three months ended June 30, Corporate Reconciling Items (a) Total 2021 2020 2021 2020 2021 2020 Noninterest revenue $ (208) $ (67) $ (807) $ (635) (b) $ 17,738 $ 19,222 (b) Net interest income (961) (687) (109) (107) 12,741 13,853 Total net revenue (1,169) (754) (916) (742) 30,479 33,075 Provision for credit losses 49 4 — — (2,285) 10,473 Noninterest expense 515 147 — — 17,667 16,942 Income/(loss) before income tax expense/(benefit) (1,733) (905) (916) (742) 15,097 5,660 Income tax expense/(benefit) (489) (337) (916) (742) (b) 3,149 973 (b) Net income/(loss) $ (1,244) $ (568) $ — $ — $ 11,948 $ 4,687 Average equity $ 79,849 $ 69,908 $ — $ — $ 250,849 $ 234,408 Total assets 1,382,653 1,221,980 NA NA 3,684,256 3,212,643 (b) ROE NM NM NM NM 18 % 7 % Overhead ratio NM NM NM NM 58 51 (b) (a) Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information. Segment results and reconciliation (a) As of or for the six months ended June 30, Consumer & Corporate & Commercial Banking Asset & Wealth Management 2021 2020 2021 2020 2021 2020 2021 2020 Noninterest revenue $ 9,314 $ 8,319 $ 21,000 $ 19,200 $ 1,867 $ 1,431 $ 6,311 $ 5,104 Net interest income 15,963 17,326 6,819 7,186 3,009 3,134 1,873 1,715 Total net revenue 25,277 25,645 27,819 26,386 4,876 4,565 8,184 6,819 Provision for credit losses (5,470) 11,600 (410) 3,388 (495) 3,441 (131) 317 Noninterest expense 14,264 14,036 13,627 12,767 1,950 1,879 5,160 4,758 Income/(loss) before income tax expense/(benefit) 16,483 9 14,602 10,231 3,421 (755) 3,155 1,744 Income tax expense/(benefit) 4,121 (12) 3,877 2,795 833 (213) 758 414 Net income/(loss) $ 12,362 $ 21 $ 10,725 $ 7,436 $ 2,588 $ (542) $ 2,397 $ 1,330 Average equity $ 50,000 $ 52,000 $ 83,000 $ 80,000 $ 24,000 $ 22,000 $ 14,000 $ 10,500 Total assets 494,305 498,658 1,363,992 1,080,189 (b) 226,022 235,034 217,284 176,782 ROE 49 % (1) % 25 % 18 % 21 % (6) % 34 % 25 % Overhead ratio 56 55 49 48 40 41 63 70 As of or for the six months ended June 30, Corporate Reconciling Items (a) Total 2021 2020 2021 2020 2021 2020 Noninterest revenue $ 174 $ 264 $ (1,551) $ (1,249) (b) $ 37,115 $ 33,069 (b) Net interest income (1,816) (852) (218) (217) 25,630 28,292 Total net revenue (1,642) (588) (1,769) (1,466) 62,745 61,361 Provision for credit losses 65 12 — — (6,441) 18,758 Noninterest expense 1,391 293 — — 36,392 33,733 Income/(loss) before income tax expense/(benefit) (3,098) (893) (1,769) (1,466) 32,794 8,870 Income tax expense/(benefit) (1,274) (200) (1,769) (1,466) (b) 6,546 1,318 (b) Net income/(loss) $ (1,824) $ (693) $ — $ — $ 26,248 $ 7,552 Average equity $ 77,209 $ 69,969 $ — $ — $ 248,209 $ 234,469 Total assets 1,382,653 1,221,980 NA NA 3,684,256 3,212,643 (b) ROE NM NM NM NM 21 % 6 % Overhead ratio NM NM NM NM 58 55 (b) (a) Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation policy | The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities. |
Use of estimates in the preparation of consolidated financial statements policy | The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated. |
Reclassifications policy | Certain amounts reported in prior periods have been reclassified to conform with the current presentation, including certain deferred investment tax credits. In the first quarter of 2021 the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of the associated tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm’s effective income tax rate. The reclassification did not change the Firm’s results of operations on a managed basis. |
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. |
Offsetting assets and liabilities policy | U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2020 Form 10-K for further information on offsetting assets and liabilities. |
Allowance for credit losses policy | The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. |
Loan securitizations policy | The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, and commercial mortgages. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table presents the assets and liabilities reported at fair value as of June 30, 2021, and December 31, 2020, by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy Derivative (f) June 30, 2021 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 254,574 $ — $ — $ 254,574 Securities borrowed — 69,988 — — 69,988 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 34,381 329 — 34,710 Residential – nonagency — 2,178 16 — 2,194 Commercial – nonagency — 1,654 10 — 1,664 Total mortgage-backed securities — 38,213 355 — 38,568 U.S. Treasury, GSEs and government agencies (a) 76,124 8,807 — — 84,931 Obligations of U.S. states and municipalities — 6,871 8 — 6,879 Certificates of deposit, bankers’ acceptances and commercial paper — 2,394 — — 2,394 Non-U.S. government debt securities 38,206 52,502 183 — 90,891 Corporate debt securities — 30,653 487 — 31,140 Loans — 7,540 795 — 8,335 Asset-backed securities — 2,630 35 — 2,665 Total debt instruments 114,330 149,610 1,863 — 265,803 Equity securities 139,456 1,911 690 — 142,057 Physical commodities (b) 9,953 10,611 — — 20,564 Other — 21,350 47 — 21,397 Total debt and equity instruments (c) 263,739 183,482 2,600 — 449,821 Derivative receivables: Interest rate 953 301,447 1,849 (278,203) 26,046 Credit — 9,561 543 (9,156) 948 Foreign exchange 130 156,594 693 (142,910) 14,507 Equity — 70,075 3,029 (56,243) 16,861 Commodity — 28,761 369 (16,781) 12,349 Total derivative receivables 1,083 566,438 6,483 (503,293) 70,711 Total trading assets (d) 264,822 749,920 9,083 (503,293) 520,532 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 72,682 — — 72,682 Residential – nonagency — 6,970 — — 6,970 Commercial – nonagency — 2,471 — — 2,471 Total mortgage-backed securities — 82,123 — — 82,123 U.S. Treasury and government agencies 99,847 — — — 99,847 Obligations of U.S. states and municipalities — 18,455 — — 18,455 Certificates of deposit — — — — — Non-U.S. government debt securities 8,898 8,842 — — 17,740 Corporate debt securities — 216 — — 216 Asset-backed securities: Collateralized loan obligations — 8,816 — — 8,816 Other — 4,964 — — 4,964 Total available-for-sale securities 108,745 123,416 — — 232,161 Loans (e) — 60,042 1,734 — 61,776 Mortgage servicing rights — — 4,549 — 4,549 Other assets (d) 45,594 5,490 518 — 51,602 Total assets measured at fair value on a recurring basis $ 419,161 $ 1,263,430 $ 15,884 $ (503,293) $ 1,195,182 Deposits $ — $ 11,339 $ 2,684 $ — $ 14,023 Federal funds purchased and securities loaned or sold under repurchase agreements — 175,817 — — 175,817 Short-term borrowings — 16,927 3,075 — 20,002 Trading liabilities: Debt and equity instruments (c) 98,290 29,496 36 — 127,822 Derivative payables: Interest rate 996 267,308 1,871 (260,985) 9,190 Credit — 10,955 560 (10,331) 1,184 Foreign exchange 147 155,328 1,276 (143,036) 13,715 Equity — 76,592 7,965 (63,457) 21,100 Commodity — 28,347 1,536 (19,027) 10,856 Total derivative payables 1,143 538,530 13,208 (496,836) 56,045 Total trading liabilities 99,433 568,026 13,244 (496,836) 183,867 Accounts payable and other liabilities 43,774 1,746 51 — 45,571 Beneficial interests issued by consolidated VIEs — 84 — — 84 Long-term debt — 52,206 23,527 — 75,733 Total liabilities measured at fair value on a recurring basis $ 143,207 $ 826,145 $ 42,581 $ (496,836) $ 515,097 Fair value hierarchy Derivative (f) December 31, 2020 (in millions) Level 1 Level 2 Level 3 Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 238,015 $ — $ — $ 238,015 Securities borrowed — 52,983 — — 52,983 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 68,395 449 — 68,844 Residential – nonagency — 2,138 28 — 2,166 Commercial – nonagency — 1,327 3 — 1,330 Total mortgage-backed securities — 71,860 480 — 72,340 U.S. Treasury, GSEs and government agencies (a) 104,263 10,996 — — 115,259 Obligations of U.S. states and municipalities — 7,184 8 — 7,192 Certificates of deposit, bankers’ acceptances and commercial paper — 1,230 — — 1,230 Non-U.S. government debt securities 26,772 40,671 182 — 67,625 Corporate debt securities — 21,017 507 — 21,524 Loans — 6,101 893 — 6,994 Asset-backed securities — 2,304 28 — 2,332 Total debt instruments 131,035 161,363 2,098 — 294,496 Equity securities 97,035 2,652 476 (g) — 100,163 Physical commodities (b) 6,382 5,189 — — 11,571 Other — 17,165 49 (g) — 17,214 Total debt and equity instruments (c) 234,452 186,369 2,623 — 423,444 Derivative receivables: Interest rate (g) 2,318 387,023 2,307 (355,923) 35,725 Credit (g) — 12,721 624 (12,665) 680 Foreign exchange 146 205,127 987 (190,479) 15,781 Equity — 71,279 3,519 (54,125) 20,673 Commodity — 21,272 231 (14,732) 6,771 Total derivative receivables 2,464 697,422 7,668 (627,924) 79,630 Total trading assets (d) 236,916 883,791 10,291 (627,924) 503,074 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a)(g) 7 113,294 — — 113,301 Residential – nonagency — 10,233 — — 10,233 Commercial – nonagency — 2,856 — — 2,856 Total mortgage-backed securities 7 126,383 — — 126,390 U.S. Treasury and government agencies 201,951 — — — 201,951 Obligations of U.S. states and municipalities — 20,396 — — 20,396 Certificates of deposit — — — — — Non-U.S. government debt securities 13,135 9,793 — — 22,928 Corporate debt securities — 216 — — 216 Asset-backed securities: Collateralized loan obligations — 10,048 — — 10,048 Other — 6,249 — — 6,249 Total available-for-sale securities 215,093 173,085 — — 388,178 Loans (e) — 42,169 2,305 — 44,474 Mortgage servicing rights — — 3,276 — 3,276 Other assets (d) 8,110 4,561 538 — 13,209 Total assets measured at fair value on a recurring basis $ 460,119 $ 1,394,604 $ 16,410 $ (627,924) $ 1,243,209 Deposits $ — $ 11,571 $ 2,913 $ — $ 14,484 Federal funds purchased and securities loaned or sold under repurchase agreements — 155,735 — — 155,735 Short-term borrowings — 14,473 2,420 — 16,893 Trading liabilities: Debt and equity instruments (c) 82,669 16,838 51 — 99,558 Derivative payables: Interest rate (g) 2,496 349,442 2,049 (340,975) 13,012 Credit (g) — 13,984 848 (12,837) 1,995 Foreign exchange 132 214,373 1,421 (194,493) 21,433 Equity — 74,032 7,381 (55,515) 25,898 Commodity — 21,767 962 (14,444) 8,285 Total derivative payables 2,628 673,598 12,661 (618,264) 70,623 Total trading liabilities 85,297 690,436 12,712 (618,264) 170,181 Accounts payable and other liabilities 2,895 513 68 — 3,476 Beneficial interests issued by consolidated VIEs — 41 — — 41 Long-term debt — 53,420 23,397 — 76,817 Total liabilities measured at fair value on a recurring basis $ 88,192 $ 926,189 $ 41,510 $ (618,264) $ 437,627 (a) At June 30, 2021, and December 31, 2020, included total U.S. GSE obligations of $68.5 billion and $117.6 billion, respectively, which were mortgage-related. (b) Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented. (c) Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). (d) 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 June 30, 2021, and December 31, 2020, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $688 million and $670 million, respectively. Included in these balances at June 30, 2021, and December 31, 2020, were trading assets of $56 million and $52 million, respectively, and other assets of $632 million and $618 million, respectively. (e) At June 30, 2021, and December 31, 2020, included $29.8 billion and $15.1 billion, respectively, of residential first-lien mortgages, and $7.9 billion and $6.3 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 $15.4 billion and $8.4 billion, 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. (g) The prior-period amounts have been revised to conform with the current period presentation. |
Fair value inputs, assets and liabilities, quantitative information | Level 3 inputs (a) June 30, 2021 Product/Instrument Fair value (in millions) Principal valuation technique Unobservable inputs (g) Range of input values Average (i) Residential mortgage-backed securities and loans (b) $ 1,044 Discounted cash flows Yield (3)% – 18% 5% Prepayment speed 0% – 100% 11% Conditional default rate 0% – 30% 8% Loss severity (11)% – 108% 5% Commercial mortgage-backed securities and loans (c) 270 Market comparables Price $0 – $102 $86 Corporate debt securities 487 Market comparables Price $2 – $114 $92 Loans (d) 1,570 Market comparables Price $5 – $104 $80 Asset-backed securities 35 Market comparables Price $0 – $99 $51 Net interest rate derivatives (33) Option pricing Interest rate volatility 8 bps – 654 bps 125 bps Interest rate spread volatility 11 bps – 23 bps 15 bps Interest rate correlation (65)% – 99% 36% IR-FX correlation (35)% – 50% (1)% 11 Discounted cash flows Prepayment speed 0% – 30% 8% Net credit derivatives (52) Discounted cash flows Credit correlation 35% – 62% 47% Credit spread 1bps – 1,876 bps 405bps Recovery rate 40% – 70% 54% Conditional default rate 89% – 100% 94% Loss severity 100% 100% 35 Market comparables Price $0 – $115 $81 Net foreign exchange derivatives (469) Option pricing IR-FX correlation (40)% – 65% 19% (114) Discounted cash flows Prepayment speed 9% 30% 11% Net equity derivatives (4,936) Option pricing Forward equity price (h) 62% – 109% 99% Equity volatility 3% – 146% 29% Equity correlation 12% – 100% 55% Equity-FX correlation (79)% – 60% (27)% Equity-IR correlation 15% – 50% 27% Net commodity derivatives (1,167) Option pricing Oil Commodity Forward $616 / MT – $670 / MT $643 / MT Forward power price $15 / MWH – $76 / MWH $46 / MWH Commodity volatility 2% – 70% 36% Commodity correlation (50)% – 98% 24% MSRs 4,549 Discounted cash flows Refer to Note 14 Long-term debt, short-term borrowings, and deposits (e) 28,306 Option pricing Interest rate volatility 8 bps – 654 bps 125 bps Interest rate correlation (65)% – 99% 36% IR-FX correlation (35)% – 50% (1)% Equity correlation 12% – 100% 55% Equity-FX correlation (79)% – 60% (27)% Equity-IR correlation 15% – 50% 27% 980 Discounted cash flows Credit correlation 35% – 62% 47% Other level 3 assets and liabilities, net (f) 1,359 (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. GSE and government agency securities of $329 million, nonagency securities of $16 million and non-trading loans of $699 million. (c) Comprises nonagency securities of $10 million, trading loans of $41 million and non-trading loans of $219 million. (d) Comprises trading loans of $754 million and non-trading loans of $816 million. (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 equity securities of $1.3 billion including $564 million in Other Assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities 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. (i) Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used. |
Changes in level 3 recurring fair value measurements | The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and six months ended June 30, 2021 and 2020. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments. Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 397 $ (33) $ 1 $ (8) $ (28) $ 1 $ (1) $ 329 $ (34) Residential – nonagency 32 — 6 (21) (1) — — 16 — Commercial – nonagency 2 — 11 — (3) — — 10 1 Total mortgage-backed securities 431 (33) 18 (29) (32) 1 (1) 355 (33) Obligations of U.S. states and municipalities 8 — — — — — — 8 — Non-U.S. government debt securities 177 1 84 (79) — — — 183 (1) Corporate debt securities 370 30 228 (154) — 28 (15) 487 30 Loans 832 (1) 294 (85) (125) 85 (205) 795 1 Asset-backed securities 54 8 10 (36) (1) — — 35 1 Total debt instruments 1,872 5 634 (383) (158) 114 (221) 1,863 (2) Equity securities 688 8 23 (27) — 24 (26) 690 15 Other 122 7 36 — (26) 3 (95) 47 19 Total trading assets – debt and equity instruments 2,682 20 (c) 693 (410) (184) 141 (342) 2,600 32 (c) Net derivative receivables: (b) Interest rate 149 524 18 (9) (657) (2) (45) (22) 198 Credit (4) (34) 1 (2) 17 (6) 11 (17) (13) Foreign exchange (539) 2 37 (48) (12) 1 (24) (583) (104) Equity (3,834) (941) 281 (407) 600 (91) (544) (4,936) (942) Commodity (911) (347) 6 (81) 165 — 1 (1,167) (198) Total net derivative receivables (5,139) (796) (c) 343 (547) 113 (98) (601) (6,725) (1,059) (c) Loans 1,823 7 (c) 240 (135) (318) 445 (328) 1,734 (11) (c) Mortgage servicing rights 4,470 (528) (d) 814 (25) (182) — — 4,549 (528) (d) Other assets 511 31 (c) 4 — (27) — (1) 518 35 (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 2,652 $ 47 (c)(e) $ — $ — $ 150 $ (93) $ 1 $ (73) $ 2,684 $ 47 (c)(e) Short-term borrowings 3,664 (283) (c)(e) — — 1,395 (1,706) 9 (4) 3,075 35 (c)(e) Trading liabilities – debt and equity instruments 60 (1) (c) (27) 13 — — — (9) 36 — Accounts payable and other liabilities 61 (9) (c) — — — — — (1) 51 (8) (c) Long-term debt 22,575 714 (c)(e) — — 3,469 (3,089) 7 (149) 23,527 708 (c)(e) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 519 $ (10) $ 5 $ (5) $ (40) $ — $ — $ 469 $ (8) Residential – nonagency 24 — 2 (2) (1) — — 23 — Commercial – nonagency 3 — — — — — (1) 2 — Total mortgage-backed securities 546 (10) 7 (7) (41) — (1) 494 (8) Obligations of U.S. states and municipalities 9 — — — (1) — — 8 — Non-U.S. government debt securities 175 16 49 (68) (5) — — 167 14 Corporate debt securities 953 — 69 (56) (9) 65 (76) 946 3 Loans 1,386 4 92 (97) (93) 39 (426) 905 5 Asset-backed securities 52 (5) 1 — (2) — (7) 39 1 Total debt instruments 3,121 5 218 (228) (151) 104 (510) 2,559 15 Equity securities 213 (65) 14 (1) — 73 (43) 191 (44) Other 221 165 1 — (9) 2 (1) 379 184 Total trading assets – debt and equity instruments 3,555 105 (c) 233 (229) (160) 179 (554) 3,129 155 (c) Net derivative receivables: (b) Interest rate (136) 753 21 (17) (622) (180) 77 (104) 447 Credit (111) (46) 30 (6) 16 11 (31) (137) (41) Foreign exchange (927) 182 1 (5) 123 8 23 (595) (249) Equity (826) (1,036) 530 (541) (54) 99 (208) (2,036) (1,215) Commodity (425) 140 7 (13) 9 2 (17) (297) 179 Total net derivative receivables (2,425) (7) (c) 589 (582) (528) (60) (156) (3,169) (879) (c) Available-for-sale securities: Mortgage-backed securities — — — — — — — — — Total available-for-sale securities — — — — — — — — — Loans 2,085 (87) (c) 62 (1) (345) 482 (322) 1,874 (86) (c) Mortgage servicing rights 3,267 (111) (d) 169 2 (247) — — 3,080 (111) (d) Other assets 582 57 (c) 48 — (26) 40 — 701 57 (c) Fair value measurements using significant unobservable inputs Three months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 3,179 $ 194 (c)(e) $ — $ — $ 80 $ (256) $ 261 $ (241) $ 3,217 $ 160 (c)(e) Short-term borrowings 2,039 98 (c)(e) — — 925 (747) 12 (22) 2,305 85 (c)(e) Trading liabilities – debt and equity instruments 61 — (1) — — (5) 7 (3) 59 — Accounts payable and other liabilities 15 4 (c) — 32 — — 40 — 91 3 (c) Beneficial interests issued by consolidated VIEs — — — — — — — — — — Long-term debt 20,141 2,705 (c)(e) — — 1,600 (1,809) 608 (517) 22,728 2,194 (c)(e) Fair value measurements using significant unobservable inputs Six months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 449 $ (10) $ 7 $ (56) $ (61) $ 1 $ (1) $ 329 $ (12) Residential – nonagency 28 1 15 (24) (3) — (1) 16 — Commercial – nonagency 3 — 11 (1) (3) — — 10 — Total mortgage-backed securities 480 (9) 33 (81) (67) 1 (2) 355 (12) Obligations of U.S. states and municipalities 8 — — — — — — 8 — Non-U.S. government debt securities 182 (8) 202 (186) (7) — — 183 (7) Corporate debt securities 507 15 319 (300) — 113 (167) 487 14 Loans 893 6 566 (237) (126) 175 (482) 795 3 Asset-backed securities 28 7 38 (39) (1) 2 — 35 7 Total debt instruments 2,098 11 1,158 (843) (201) 291 (651) 1,863 5 Equity securities 476 3 253 (70) — 78 (50) 690 13 Other 49 48 101 — (55) 3 (99) 47 28 Total trading assets – debt and equity instruments 2,623 62 (c) 1,512 (913) (256) 372 (800) 2,600 46 (c) Net derivative receivables: (b) Interest rate 258 969 71 (102) (1,191) 55 (82) (22) 233 Credit (224) 149 2 (4) 44 (9) 25 (17) 134 Foreign exchange (434) (198) 39 (54) 99 11 (46) (583) 32 Equity (3,862) (918) 475 (1,245) 726 19 (131) (4,936) (1,258) Commodity (731) (593) 10 (294) 444 (1) (2) (1,167) (554) Total net derivative receivables (4,993) (591) (c) 597 (1,699) 122 75 (236) (6,725) (1,413) (c) Loans 2,305 (66) (c) 307 (325) (519) 600 (568) 1,734 (72) (c) Mortgage servicing rights 3,276 269 (d) 1,397 (24) (369) — — 4,549 269 (d) Other assets 538 44 (c) 7 (18) (52) — (1) 518 63 (c) Fair value measurements using significant unobservable inputs Six months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 2,913 $ (56) (c)(e) $ — $ — $ 219 $ (188) $ 2 $ (206) $ 2,684 $ (56) (c)(e) Short-term borrowings 2,420 (396) (c)(e) — — 4,313 (3,212) 9 (59) 3,075 18 (c)(e) Trading liabilities – debt and equity instruments 51 (4) (c) (92) 34 — — 59 (12) 36 10 (c) Accounts payable and other liabilities 68 (10) (c) — 1 — — — (8) 51 (10) (c) Long-term debt 23,397 406 (c)(e) — — 6,934 (6,738) 18 (490) 23,527 305 (c)(e) Fair value measurements using significant unobservable inputs Six months ended Fair value at Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies $ 797 $ (149) $ 24 $ (121) $ (82) $ — $ — $ 469 $ (139) Residential – nonagency 23 (1) 4 (2) (1) — — 23 2 Commercial – nonagency 4 — 1 — (1) 1 (3) 2 4 Total mortgage-backed securities 824 (150) 29 (123) (84) 1 (3) 494 (133) Obligations of U.S. states and municipalities 10 — — (1) (1) — — 8 — Non-U.S. government debt securities 155 4 139 (125) (5) — (1) 167 (6) Corporate debt securities 558 (55) 361 (98) (9) 292 (103) 946 (11) Loans 673 (94) 589 (227) (109) 607 (534) 905 (67) Asset-backed securities 37 (7) 37 (15) (3) — (10) 39 — Total debt instruments 2,257 (302) 1,155 (589) (211) 900 (651) 2,559 (217) Equity securities 196 (103) 24 (5) — 155 (76) 191 (79) Other 232 164 10 (5) (21) 2 (3) 379 184 Total trading assets – debt and equity instruments 2,685 (241) (c) 1,189 (599) (232) 1,057 (730) 3,129 (112) (c) Net derivative receivables: (b) Interest rate (332) 1,395 87 (67) (863) (352) 28 (104) 286 Credit (139) 62 48 (134) (17) 71 (28) (137) 28 Foreign exchange (607) (157) 39 (9) 109 8 22 (595) (118) Equity (3,395) 2,001 589 (1,089) 529 (557) (114) (2,036) 2,619 Commodity (16) (263) 11 (28) 18 (4) (15) (297) (276) Total net derivative receivables (4,489) 3,038 (c) 774 (1,327) (224) (834) (107) (3,169) 2,539 (c) Available-for-sale securities: Mortgage-backed securities 1 — — — (1) — — — — Total available-for-sale securities 1 — — — (1) — — — — Loans 516 (151) (c) 253 (33) (354) 1,996 (353) 1,874 (141) (c) Mortgage servicing rights 4,699 (1,493) (d) 442 (73) (495) — — 3,080 (1,493) (d) Other assets 917 (35) (c) 61 (28) (254) 40 — 701 (37) (c) Fair value measurements using significant unobservable inputs Six months ended Fair value at Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related Purchases Sales Issuances Settlements (g) Liabilities: (a) Deposits $ 3,360 $ 45 (c)(e) $ — $ — $ 466 $ (428) $ 265 $ (491) $ 3,217 $ 58 (c)(e) Short-term borrowings 1,674 (247) (c)(e) — — 2,540 (1,676) 52 (38) 2,305 (37) (c)(e) Trading liabilities – debt and equity instruments 41 3 (c) (76) 7 — (5) 93 (4) 59 2 (c) Accounts payable and other liabilities 45 (4) (c) (23) 33 — — 40 — 91 (4) (c) Long-term debt 23,339 (1,405) (c)(e) — — 6,207 (5,358) 978 (1,033) 22,728 (476) (c)(e) (a) Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% at both June 30, 2021 and December 31, 2020, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 8% and 9% at June 30, 2021 and December 31, 2020, respectively. (b) All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty. (c) Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income. (d) Changes in fair value for MSRs are reported in mortgage fees and related income. (e) Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three and six months ended June 30, 2021 and 2020. Unrealized (gains)/losses are reported in OCI, and were $5 million and $940 million for the three months ended June 30, 2021 and 2020, respectively, and $(17) million and $(199) million for the six months ended June 30, 2021 and 2020, 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, deconsolidations associated with beneficial interests in VIEs and other items. |
Impact of credit adjustments on earnings | The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Credit and funding adjustments: Derivatives CVA $ 43 $ 207 $ 283 $ (718) Derivatives FVA (45) 676 61 (345) |
Assets and liabilities measured at fair value on a nonrecurring basis | The following tables present the assets and liabilities held as of June 30, 2021 and 2020 , for which nonrecurring fair value adjustments were recorded during the six months ended June 30, 2021 and 2020 , by major product category and fair value hierarchy. Fair value hierarchy Total fair value June 30, 2021 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 2,048 $ 329 (b) $ 2,377 Other assets (a) — 11 831 842 Total assets measured at fair value on a nonrecurring basis $ — $ 2,059 $ 1,160 $ 3,219 Accounts payable and other liabilities — — 5 5 Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 5 $ 5 Fair value hierarchy Total fair value June 30, 2020 (in millions) Level 1 Level 2 Level 3 Loans $ — $ 1,793 $ 823 $ 2,616 Other assets — 4 392 396 Total assets measured at fair value on a nonrecurring basis $ — $ 1,797 $ 1,215 $ 3,012 Accounts payable and other liabilities — — 95 95 Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 95 $ 95 (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 $831 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2021, $754 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. (b) Of the $329 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2021, $179 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans). 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 12% to 45% with a weighted average of 26%. The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and six months ended June 30, 2021 and 2020 , related to assets and liabilities held at those dates. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Loans $ (11) $ (39) $ (32) $ (303) Other assets (a) 92 (39) 93 (206) Accounts payable and other liabilities 7 465 6 (95) Total nonrecurring fair value gains/(losses) $ 88 $ 387 $ 67 $ (604) |
Schedule of equity securities without readily determinable fair values measured under the measurement alternative and related adjustments | The following table presents the carrying value of equity securities without readily determinable fair values held as of June 30, 2021 and 2020 , that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Three months ended Six months ended June 30 June 30 As of or for the period ended, (in millions) 2021 2020 2021 2020 Other assets Carrying value (a) $ 2,798 $ 2,620 $ 2,798 $ 2,620 Upward carrying value changes (b) 109 4 116 13 Downward carrying value changes/impairment (c) (7) (9) (9) (171) (a) The carrying value as of December 31, 2020 was $2.4 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. (b) The cumulative upward carrying value changes between January 1, 2018 and June 30, 2021 were $727 million. (c) The cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2021 were $(327) 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 June 30, 2021, and December 31, 2020, 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. June 30, 2021 December 31, 2020 Estimated fair value hierarchy Estimated fair value hierarchy (in billions) Carrying Level 1 Level 2 Level 3 Total estimated Carrying Level 1 Level 2 Level 3 Total estimated Financial assets Cash and due from banks $ 26.6 $ 26.6 $ — $ — $ 26.6 $ 24.9 $ 24.9 $ — $ — $ 24.9 Deposits with banks 678.8 678.8 — — 678.8 502.7 502.7 — — 502.7 Accrued interest and accounts receivable 124.3 — 124.2 0.1 124.3 89.4 — 89.3 0.1 89.4 Federal funds sold and securities purchased under resale agreements 6.4 — 6.4 — 6.4 58.3 — 58.3 — 58.3 Securities borrowed 116.4 — 116.4 — 116.4 107.7 — 107.7 — 107.7 Investment securities, held-to-maturity 341.5 181.9 161.0 — 342.9 201.8 53.2 152.3 — 205.5 Loans, net of allowance for loan losses (a) 959.7 — 208.9 772.8 981.7 940.1 — 210.9 755.6 966.5 Other 94.6 — 93.1 1.6 94.7 81.8 — 80.0 1.9 81.9 Financial liabilities Deposits $ 2,291.2 $ — $ 2,291.2 $ — $ 2,291.2 $ 2,129.8 $ — $ 2,128.9 $ — $ 2,128.9 Federal funds purchased and securities loaned or sold under repurchase agreements 69.6 — 69.6 — 69.6 59.5 — 59.5 — 59.5 Short-term borrowings 31.9 — 31.9 — 31.9 28.3 — 28.3 — 28.3 Accounts payable and other liabilities 214.5 — 210.3 3.9 214.2 186.6 — 181.9 4.3 186.2 Beneficial interests issued by consolidated VIEs 14.3 — 14.4 — 14.4 17.5 — 17.6 — 17.6 Long-term debt 224.1 — 228.1 3.3 231.4 204.8 — 209.2 3.2 212.4 |
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 and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated. June 30, 2021 December 31, 2020 Estimated fair value hierarchy Estimated fair value hierarchy (in billions) Carrying value (a) (b) Level 1 Level 2 Level 3 Total estimated fair value Carrying value (a) (b) Level 1 Level 2 Level 3 Total estimated fair value Wholesale lending-related commitments $ 2.8 $ — $ — $ 3.1 $ 3.1 $ 2.2 $ — $ — $ 2.1 $ 2.1 (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) Includes the wholesale allowance for lending-related commitments. |
Fair Value Option (Tables)
Fair Value Option (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Changes in fair value under the fair value option election | The following table presents the changes in fair value included in the Consolidated statements of income for the three and six months ended June 30, 2021 and 2020, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table. Three months ended June 30, 2021 2020 (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ (2) $ — $ (2) $ (299) $ — $ (299) Securities borrowed (27) — (27) (58) — (58) Trading assets: Debt and equity instruments, excluding loans 367 (1) (c) 366 1,209 — 1,209 Loans reported as trading assets: Changes in instrument-specific credit risk 72 — 72 401 — 401 Other changes in fair value (7) — (7) — — — Loans: Changes in instrument-specific credit risk 184 (3) (c) 181 (33) 38 (c) 5 Other changes in fair value (a) 143 784 (c) 927 (4) 754 (c) 750 Other assets 9 (4) (d) 5 17 25 (d) 42 Deposits (a) (258) — (258) (362) — (362) Federal funds purchased and securities loaned or sold under repurchase agreements (3) — (3) 181 — 181 Short-term borrowings (a) (489) — (489) (631) — (631) Trading liabilities (1) — (1) — — — Other liabilities 1 — 1 (11) — (11) Long-term debt (a)(b) (2,152) — (2,152) (3,581) (2) (c) (3,583) Six months ended June 30, 2021 2020 (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ (14) $ — $ (14) $ 244 $ — $ 244 Securities borrowed (97) — (97) 168 — 168 Trading assets: Debt and equity instruments, excluding loans 988 (1) (c) 987 (1,229) (1) (c) (1,230) Loans reported as trading assets: Changes in instrument-specific credit risk 276 — 276 (255) — (255) Other changes in fair value (8) — (8) 1 — 1 Loans: Changes in instrument-specific credit risk 421 (2) (c) 419 31 15 (c) 46 Other changes in fair value (a) (107) 1,124 (c) 1,017 264 1,495 (c) 1,759 Other assets 28 (23) (d) 5 102 8 (d) 110 Deposits (a) (91) — (91) (465) — (465) Federal funds purchased and securities loaned or sold under repurchase agreements 31 — 31 (78) — (78) Short-term borrowings (a) (611) — (611) 1,089 — 1,089 Trading liabilities (1) — (1) — — — Other liabilities 2 — 2 (46) — (46) Long-term debt (a)(b) (905) (5) (c)(d) (910) 600 3 (c) 603 (a) Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are 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 and $21 million for the three months ended June 30, 2021 and 2020, respectively and $(2) million and $19 million for the six months ended June 30, 2021 and 2020, respectively. (b) Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk. (c) Reported in mortgage fees and related income. (d) Reported in other income. (e) Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments recorded in CIB. Refer to Note 6 for further information regarding interest income and interest expense. |
Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding | The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of June 30, 2021, and December 31, 2020, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. June 30, 2021 December 31, 2020 (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 Nonaccrual loans Loans reported as trading assets $ 3,104 $ 503 $ (2,601) $ 3,386 $ 555 $ (2,831) Loans 1,246 1,105 (141) 1,867 1,507 (360) Subtotal 4,350 1,608 (2,742) 5,253 2,062 (3,191) 90 or more days past due and government guaranteed Loans (a) 329 315 (14) 328 317 (11) All other performing loans (b) Loans reported as trading assets 9,218 7,832 (1,386) 7,917 6,439 (1,478) Loans 59,581 60,356 775 42,022 42,650 628 Subtotal 68,799 68,188 (611) 49,939 49,089 (850) Total loans $ 73,478 $ 70,111 $ (3,367) $ 55,520 $ 51,468 $ (4,052) Long-term debt Principal-protected debt $ 38,013 (d) $ 36,318 $ (1,695) $ 40,560 (d) $ 40,526 $ (34) Nonprincipal-protected debt (c) NA 39,415 NA NA 36,291 NA Total long-term debt NA $ 75,733 NA NA $ 76,817 NA Long-term beneficial interests Nonprincipal-protected debt (c) NA $ 84 NA NA $ 41 NA Total long-term beneficial interests NA $ 84 NA NA $ 41 NA (a) These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies. (b) There were no performing loans that were ninety days or more past due as of June 30, 2021, and December 31, 2020, respectively. (c) 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. (d) 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. June 30, 2021 December 31, 2020 (in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total Risk exposure Interest rate $ 34,655 $ 64 $ 5,656 $ 40,375 $ 38,129 $ 65 $ 5,057 $ 43,251 Credit 6,786 1,662 — 8,448 6,409 1,022 — 7,431 Foreign exchange 3,563 132 25 3,720 3,613 92 — 3,705 Equity 29,182 7,082 6,026 42,290 26,943 5,021 6,893 38,857 Commodity 369 1 14 (a) 384 250 13 232 (a) 495 Total structured notes $ 74,555 $ 8,941 $ 11,721 $ 95,217 $ 75,344 $ 6,213 $ 12,182 $ 93,739 (a) Excludes deposits linked to precious metals for which the fair value option has not been elected of $694 million and $739 million for the periods ended June 30, 2021 and December 31, 2020, respectively. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 10-Q page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: • Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 120-121 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 122 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 120-121 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 122 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 123 • Commodity Hedge commodity inventory Fair value hedge CIB, AWM 120-121 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 123 • Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB 123 • Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate 123 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 123 • Various Other derivatives Market-making and other CIB, AWM, Corporate 123 |
Notional amount of derivative contracts | The following table summarizes the notional amount of free-standing derivative contracts outstanding as of June 30, 2021, and December 31, 2020. Notional amounts (b) (in billions) June 30, 2021 December 31, 2020 Interest rate contracts Swaps $ 24,414 $ 20,990 (c) Futures and forwards 5,170 3,057 Written options 3,354 3,375 Purchased options 3,604 3,675 Total interest rate contracts 36,542 31,097 Credit derivatives (a) 1,143 1,197 (c) Foreign exchange contracts Cross-currency swaps 4,088 3,924 Spot, futures and forwards 7,465 6,871 Written options 805 830 Purchased options 782 825 Total foreign exchange contracts 13,140 12,450 Equity contracts Swaps 549 448 Futures and forwards 158 140 Written options 735 676 Purchased options 680 621 Total equity contracts 2,122 1,885 Commodity contracts Swaps 175 138 Spot, futures and forwards 196 198 Written options 152 124 Purchased options 119 105 Total commodity contracts 642 565 Total derivative notional amounts $ 53,589 $ 47,194 (a) Refer to the Credit derivatives discussion on page 124 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. (c) Prior-period amounts have been revised to conform with the current presentation. |
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 June 30, 2021, and December 31, 2020, 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 June 30, 2021 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 303,469 $ 780 $ 304,249 $ 26,046 $ 270,175 $ — $ 270,175 $ 9,190 Credit 10,104 — 10,104 948 11,515 — 11,515 1,184 Foreign exchange 156,349 1,068 157,417 14,507 155,369 1,382 156,751 13,715 Equity 73,104 — 73,104 16,861 84,557 — 84,557 21,100 Commodity 26,017 3,113 29,130 12,349 25,467 4,416 29,883 10,856 Total fair value of trading assets and liabilities $ 569,043 $ 4,961 $ 574,004 $ 70,711 $ 547,083 $ 5,798 $ 552,881 $ 56,045 Gross derivative receivables Gross derivative payables December 31, 2020 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 390,817 (c) $ 831 $ 391,648 $ 35,725 $ 353,987 (c) $ — $ 353,987 $ 13,012 Credit 13,345 (c) — 13,345 680 14,832 (c) — 14,832 1,995 Foreign exchange 205,359 901 206,260 15,781 214,229 1,697 215,926 21,433 Equity 74,798 — 74,798 20,673 81,413 — 81,413 25,898 Commodity 20,579 924 21,503 6,771 20,834 1,895 22,729 8,285 Total fair value of trading assets and liabilities $ 704,898 $ 2,656 $ 707,554 $ 79,630 $ 685,295 $ 3,592 $ 688,887 $ 70,623 (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. (c) Prior-period amounts have been revised to conform with the current presentation. |
Offsetting assets | The following tables present, as of June 30, 2021, and December 31, 2020, 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 liquid securities and other 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. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule; • 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. June 30, 2021 December 31, 2020 (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 U.S. GAAP nettable derivative receivables Interest rate contracts: Over-the-counter (“OTC”) $ 281,104 $ (259,955) $ 21,149 $ 367,214 (e) $ (337,609) (e) $ 29,605 OTC–cleared 18,220 (17,997) 223 18,340 (17,919) 421 Exchange-traded (a) 275 (251) 24 554 (395) 159 Total interest rate contracts 299,599 (278,203) 21,396 386,108 (355,923) 30,185 Credit contracts: OTC 7,860 (7,134) 726 8,894 (e) (8,356) (e) 538 OTC–cleared 2,033 (2,022) 11 4,326 (4,309) 17 Total credit contracts 9,893 (9,156) 737 13,220 (12,665) 555 Foreign exchange contracts: OTC 153,517 (142,403) 11,114 201,349 (189,655) 11,694 OTC–cleared 574 (507) 67 834 (819) 15 Exchange-traded (a) 23 — 23 35 (5) 30 Total foreign exchange contracts 154,114 (142,910) 11,204 202,218 (190,479) 11,739 Equity contracts: OTC 29,092 (22,796) 6,296 34,030 (27,374) 6,656 Exchange-traded (a) 33,993 (33,447) 546 28,294 (26,751) 1,543 Total equity contracts 63,085 (56,243) 6,842 62,324 (54,125) 8,199 Commodity contracts: OTC 15,720 (6,911) 8,809 10,924 (7,901) 3,023 OTC–cleared 65 (65) — 20 (20) — Exchange-traded (a) 9,970 (9,805) 165 6,833 (6,811) 22 Total commodity contracts 25,755 (16,781) 8,974 17,777 (14,732) 3,045 Derivative receivables with appropriate legal opinion 552,446 (503,293) 49,153 (d) 681,647 (627,924) 53,723 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 21,558 21,558 25,907 25,907 Total derivative receivables recognized on the Consolidated balance sheets $ 574,004 $ 70,711 $ 707,554 $ 79,630 Collateral not nettable on the Consolidated balance sheets (b)(c) (11,324) (14,806) Net amounts $ 59,387 $ 64,824 |
Offsetting liabilities | June 30, 2021 December 31, 2020 (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 U.S. GAAP nettable derivative payables Interest rate contracts: OTC $ 248,575 $ (241,070) $ 7,505 $ 332,214 (e) $ (321,140) (e) $ 11,074 OTC–cleared 20,066 (19,739) 327 19,710 (19,494) 216 Exchange-traded (a) 202 (176) 26 358 (341) 17 Total interest rate contracts 268,843 (260,985) 7,858 352,282 (340,975) 11,307 Credit contracts: OTC 9,117 (8,516) 601 10,311 (e) (8,781) (e) 1,530 OTC–cleared 1,834 (1,815) 19 4,075 (4,056) 19 Total credit contracts 10,951 (10,331) 620 14,386 (12,837) 1,549 Foreign exchange contracts: OTC 152,578 (142,529) 10,049 210,803 (193,672) 17,131 OTC–cleared 533 (507) 26 836 (819) 17 Exchange-traded (a) 22 — 22 34 (2) 32 Total foreign exchange contracts 153,133 (143,036) 10,097 211,673 (194,493) 17,180 Equity contracts: OTC 34,459 (30,011) 4,448 35,330 (28,763) 6,567 Exchange-traded (a) 40,777 (33,446) 7,331 34,491 (26,752) 7,739 Total equity contracts 75,236 (63,457) 11,779 69,821 (55,515) 14,306 Commodity contracts: OTC 14,621 (9,066) 5,555 10,365 (7,544) 2,821 OTC–cleared 80 (80) — 32 (32) — Exchange-traded (a) 10,521 (9,881) 640 7,391 (6,868) 523 Total commodity contracts 25,222 (19,027) 6,195 17,788 (14,444) 3,344 Derivative payables with appropriate legal opinion 533,385 (496,836) 36,549 (d) 665,950 (618,264) 47,686 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 19,496 19,496 22,937 22,937 Total derivative payables recognized on the Consolidated balance sheets $ 552,881 $ 56,045 $ 688,887 $ 70,623 Collateral not nettable on the Consolidated balance sheets (b)(c) (7,873) (11,964) Net amounts $ 48,172 $ 58,659 (a) Exchange-traded derivative balances that relate to futures contracts are settled daily. (b) Includes liquid securities and other 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 $70.0 billion and $88.0 billion at June 30, 2021, and December 31, 2020, respectively. Net derivatives payable included cash collateral netted of $63.5 billion and $78.4 billion at June 30, 2021, and December 31, 2020, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments. (e) Prior-period amounts have been revised to conform with the current presentation. |
Current credit risk of derivative receivables and liquidity risk of derivative payables | The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at June 30, 2021, and December 31, 2020. OTC and OTC-cleared derivative payables containing downgrade triggers (in millions) June 30, 2021 December 31, 2020 Aggregate fair value of net derivative payables $ 20,607 $ 26,945 (a) Collateral posted 19,146 26,289 (a) Prior-period amount has been revised to conform with the current presentation. 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 June 30, 2021, and December 31, 2020, 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 June 30, 2021 December 31, 2020 (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 149 $ 1,427 $ 119 $ 1,243 Amount required to settle contracts with termination triggers upon downgrade (b) 117 967 153 1,682 (c) (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. (c) Prior-period amount has been revised to conform with the current presentation. |
Fair value hedge gains and losses | The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three and six months ended June 30, 2021 and 2020, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item. Gains/(losses) recorded in income Income statement impact of (e) OCI impact Three months ended June 30, 2021 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 2,184 $ (1,630) $ 554 $ — $ 544 $ — Foreign exchange (c) 230 (221) 9 (72) 9 (31) Commodity (d) (3,126) 3,155 29 — 20 — Total $ (712) $ 1,304 $ 592 $ (72) $ 573 $ (31) Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Three months ended June 30, 2020 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 464 $ (288) $ 176 $ — $ 205 $ — Foreign exchange (c) (304) 338 34 (121) 34 21 Commodity (d) (1,730) 1,771 41 — 44 — Total $ (1,570) $ 1,821 $ 251 $ (121) $ 283 $ 21 Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Six months ended June 30, 2021 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (2,937) $ 3,816 $ 879 $ — $ 980 $ — Foreign exchange (c) (499) 526 27 (150) 27 (68) Commodity (d) (4,387) 4,443 56 — 32 — Total $ (7,823) $ 8,785 $ 962 $ (150) $ 1,039 $ (68) Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Six months ended June 30, 2020 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 4,551 $ (4,076) $ 475 $ — $ 419 $ — Foreign exchange (c) 272 (150) 122 (300) 122 136 Commodity (d) (202) 289 87 — 93 — Total $ 4,621 $ (3,937) $ 684 $ (300) $ 634 $ 136 (a) Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income. (b) Excludes the amortization expense associated with the inception hedge accounting adjustment applied to the hedged item. This expense is recorded in net interest income and substantially offsets the income statement impact of the excluded components. Also excludes the accrual of interest on interest rate swaps and the related hedged items. (c) Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income. (d) Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue. (e) The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. 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. (f) Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative. |
Schedule of amounts recorded on Consolidated Balance Sheets related to certain cumulative fair value hedge basis adjustments | As of June 30, 2021 and December 31, 2020, 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: June 30, 2021 Active hedging relationships Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 81,335 (c) $ 1,420 $ 579 $ 1,999 Liabilities Long-term debt $ 193,441 $ 434 $ 8,916 $ 9,350 Beneficial interests issued by consolidated VIEs 747 — (2) (2) 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, 2020 Active hedging relationships Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 139,684 (c) $ 3,572 $ 847 $ 4,419 Liabilities Long-term debt $ 177,611 $ 3,194 $ 11,473 $ 14,667 Beneficial interests issued by consolidated VIEs 746 — (3) (3) (a) Excludes physical commodities with a carrying value of $20.1 billion and $11.5 billion at June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, the carrying amount excluded for AFS securities is $12.6 billion and $14.5 billion, respectively, and for long-term debt is $6.4 billion and $6.6 billion, respectively. (c) Carrying amount represents the amortized cost, net of allowance if applicable. Refer to Note 9 for additional information. (d) Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships. (e) Positive amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods. |
Cash flow hedge gains and losses | The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three and six months ended June 30, 2021 and 2020, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item. Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended June 30, 2021 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 262 $ 1,122 $ 860 Foreign exchange (b) 78 (4) (82) Total $ 340 $ 1,118 $ 778 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Three months ended June 30, 2020 Amounts reclassified Amounts recorded Total change in OCI for period Contract type Interest rate (a) $ 127 $ 412 $ 285 Foreign exchange (b) (34) (10) 24 Total $ 93 $ 402 $ 309 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Six months ended June 30, 2021 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 499 $ (1,639) $ (2,138) Foreign exchange (b) 105 62 (43) Total $ 604 $ (1,577) $ (2,181) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Six months ended June 30, 2020 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 118 $ 3,873 $ 3,755 Foreign exchange (b) (17) (220) (203) Total $ 101 $ 3,653 $ 3,552 (a) Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income. |
Net investment hedge gains and losses | The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three and six months ended June 30, 2021 and 2020. Gains/(losses) recorded in income and other comprehensive income/(loss) 2021 2020 Three months ended June 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Foreign exchange derivatives $ (79) $ (270) $ (81) $ (413) Gains/(losses) recorded in income and other comprehensive income/(loss) 2021 2020 Six months ended June 30, Amounts recorded in income (a)(b) Amounts recorded in OCI Amounts recorded in income (a)(b) Amounts recorded in OCI Foreign exchange derivatives $ (107) $ 930 $ (71) $ 1,176 (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 amount reclassified for the three and six months ended June 30, 2021 was not material. The Firm reclassified pre-tax losses of $8 million to other income related to the liquidation of certain legal entities during the three and six months ended June 30, 2020. Refer to Note 19 for further information. |
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) Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Contract type Interest rate (a) $ 644 $ 644 $ 502 $ 1,936 Credit (b) (27) (100) (67) (39) Foreign exchange (c) (30) (28) 68 78 Total $ 587 $ 516 $ 503 $ 1,975 (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 table | Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of June 30, 2021 and December 31, 2020. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives. Total credit derivatives and credit-related notes Maximum payout/Notional amount June 30, 2021 (in millions) Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) Credit derivatives Credit default swaps $ (495,229) $ 512,123 $ 16,894 $ 3,151 Other credit derivatives (a) (44,418) 77,035 32,617 11,410 Total credit derivatives (539,647) 589,158 49,511 14,561 Credit-related notes — — — 11,703 Total $ (539,647) $ 589,158 $ 49,511 $ 26,264 Maximum payout/Notional amount December 31, 2020 (in millions) Protection sold Protection purchased with identical underlyings (b) Net protection (sold)/purchased (c) Other protection purchased (d) Credit derivatives Credit default swaps $ (533,900) (e) $ 552,021 (e) $ 18,121 $ 2,786 (e) Other credit derivatives (a) (40,084) 57,344 17,260 10,630 (e) Total credit derivatives (573,984) 609,365 35,381 13,416 Credit-related notes — — — 10,248 Total $ (573,984) $ 609,365 $ 35,381 $ 23,664 (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. (e) Prior-period amounts have been revised to conform with the current presentation. |
Protection sold - credit derivatives ratings/maturity profile | The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of June 30, 2021, and December 31, 2020, 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 where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below. Protection sold — credit derivatives ratings (a) /maturity profile June 30, 2021 <1 year 1–5 years >5 years Total Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (95,655) $ (284,168) $ (33,230) $ (413,053) $ 3,842 $ (552) $ 3,290 Noninvestment-grade (27,656) (90,646) (8,292) (126,594) 2,930 (1,978) 952 Total $ (123,311) $ (374,814) $ (41,522) $ (539,647) $ 6,772 $ (2,530) $ 4,242 December 31, 2020 <1 year 1–5 years >5 years Total Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (93,529) (c) $ (306,830) (c) $ (35,326) $ (435,685) $ 5,372 (c) $ (834) (c) $ 4,538 Noninvestment-grade (31,809) (97,337) (9,153) (138,299) 3,953 (2,542) 1,411 Total $ (125,338) $ (404,167) $ (44,479) $ (573,984) $ 9,325 $ (3,376) $ 5,949 (a) The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s. (b) Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting. (c) Prior-period amounts have been revised to conform with the current presentation. |
Noninterest Revenue and Nonin_2
Noninterest Revenue and Noninterest Expense (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Noninterest Income (Expense) [Abstract] | |
Components of investment banking fees | The following table presents the components of investment banking fees. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Underwriting Equity $ 1,073 $ 974 $ 2,135 $ 1,301 Debt 1,473 1,279 2,694 2,323 Total underwriting 2,546 2,253 4,829 3,624 Advisory 924 597 1,611 1,092 Total investment banking fees $ 3,470 $ 2,850 $ 6,440 $ 4,716 |
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 fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Trading revenue by instrument type Interest rate (a) $ 464 $ 1,519 $ 1,387 $ 1,971 Credit (b) 759 1,953 (c) 2,029 1,251 (c) Foreign exchange 641 1,425 1,639 2,892 Equity 1,929 2,058 4,586 3,406 Commodity 301 591 850 1,028 Total trading revenue 4,094 7,546 10,491 10,548 Private equity gains/(losses) (18) 75 85 10 Principal transactions $ 4,076 $ 7,621 $ 10,576 $ 10,558 (a) Includes the impact of changes in funding valuation adjustments on derivatives. (b) Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities. (c) Includes marks on held-for-sale positions, including unfunded commitments, in the bridge financing portfolio. |
Components of lending and deposit-related fees | The following table presents the components of lending- and deposit-related fees. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Lending-related fees $ 370 $ 288 $ 728 $ 579 Deposit-related fees 1,390 1,143 2,719 2,558 Total lending- and deposit-related fees $ 1,760 $ 1,431 $ 3,447 $ 3,137 |
Components of asset management, administration and commissions | The following table presents the components of asset management, administration and commissions. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Asset management fees Investment management fees (a) $ 3,421 $ 2,717 $ 6,678 $ 5,502 All other asset management fees (b) 95 75 189 168 Total asset management fees 3,516 2,792 6,867 5,670 Total administration fees (c) 650 546 1,283 1,100 Commissions and other fees Brokerage commissions (d) 761 715 1,561 1,579 All other commissions and fees 267 213 512 457 Total commissions and fees 1,028 928 2,073 2,036 Total asset management, administration and commissions $ 5,194 $ 4,266 $ 10,223 $ 8,806 (a) Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. (b) Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients. (c) Predominantly includes fees for custody, securities lending, funds services and securities clearance. (d) Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. |
Schedule of components of card income | The following table presents the components of card income: Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Interchange and merchant processing income $ 5,974 $ 3,940 $ 10,842 $ 8,722 Rewards costs and partner payments (4,282) (2,816) (7,816) (6,398) Other card income (a) (45) (150) (29) (355) Total card income $ 1,647 $ 974 $ 2,997 $ 1,969 (a) Predominantly represents the amortization of account origination costs and annual fees. |
Components of noninterest expense | Other expense on the Firm’s Consolidated statements of income included the following: Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Legal expense $ 185 $ 118 $ 213 $ 315 FDIC-related expense 177 218 378 317 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Interest Income (Expense), Net [Abstract] | |
Details of interest income and interest expense | The following table presents the components of interest income and interest expense. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Interest income Loans (a) $ 10,145 $ 10,889 $ 20,332 $ 23,194 Taxable securities 1,577 2,154 3,182 4,387 Non-taxable securities (b) 270 307 547 607 Total investment securities (a) 1,847 2,461 3,729 4,994 Trading assets - debt instruments 1,711 2,066 3,493 4,130 Federal funds sold and securities purchased under resale agreements 175 601 408 1,696 Securities borrowed (c) (90) (175) (167) (23) Deposits with banks 103 70 168 639 All other interest-earning assets (d) 203 200 402 643 Total interest income $ 14,094 $ 16,112 $ 28,365 $ 35,273 Interest expense Interest-bearing deposits $ 132 $ 349 $ 278 $ 1,924 Federal funds purchased and securities loaned or sold under repurchase agreements 60 131 75 918 Short-term borrowings (e) 33 124 66 275 Trading liabilities – debt and all other interest-bearing liabilities (c)(f) 51 (43) 78 329 Long-term debt 1,056 1,639 2,190 3,386 Beneficial interest issued by consolidated VIEs 21 59 48 149 Total interest expense $ 1,353 $ 2,259 $ 2,735 $ 6,981 Net interest income $ 12,741 $ 13,853 $ 25,630 $ 28,292 Provision for credit losses (2,285) 10,473 (6,441) 18,758 Net interest income after provision for credit losses $ 15,026 $ 3,380 $ 32,071 $ 9,534 (a) Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs). (b) Represents securities which are tax-exempt for U.S. federal income tax purposes. (c) Negative interest income is related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities. (d) Includes interest earned on 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) All other interest-bearing liabilities includes interest expense on brokerage-related customer payables. |
Pension and Other Postretirem_2
Pension and Other Postretirement Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit costs reported in the Consolidated Statements of Income | The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans. (in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Pension and OPEB plans Pension and OPEB plans Components of net periodic benefit cost, U.S. defined benefit pension plans Benefits earned during the period $ 1 $ 1 $ 1 $ 1 Interest cost on benefit obligations 86 106 171 211 Expected return on plan assets (129) (159) (258) (317) Amortization: Net (gain)/loss 2 1 5 3 Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans (40) (51) (81) (102) Other defined benefit pension and OPEB plans (20) (21) (38) (42) Total net periodic defined benefit plan cost/(credit) (60) (72) (119) (144) Total defined contribution plans 350 321 671 620 Total pension and OPEB cost included in noninterest expense $ 290 $ 249 $ 552 $ 476 |
Schedule of fair values of plan assets | The following table presents the fair values of plan assets for the Firm's defined benefit pension and OPEB plans. (in billions) June 30, December 31, 2020 Fair value of plan assets U.S. defined benefit pension plans $ 17.6 $ 17.6 Other defined benefit pension and OPEB plans 7.9 7.8 |
Employee Share-based Incentiv_2
Employee Share-based Incentives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Noncash compensation expense related to employee stock-based incentive plans | The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Cost of prior grants of RSUs, performance share units (“PSUs”) and stock options that are amortized over their applicable vesting periods $ 280 $ 276 $ 636 $ 610 Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees 463 526 1,011 836 Total noncash compensation expense related to employee share-based incentive plans $ 743 $ 802 $ 1,647 $ 1,446 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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. June 30, 2021 December 31, 2020 (in millions) Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies (a) $ 72,088 $ 1,168 $ 574 $ 72,682 $ 110,979 $ 2,372 $ 50 $ 113,301 Residential: U.S. 2,526 73 — 2,599 6,246 224 3 6,467 Non-U.S. 4,335 36 — 4,371 3,751 20 5 3,766 Commercial 2,437 44 10 2,471 2,819 71 34 2,856 Total mortgage-backed securities 81,386 1,321 584 82,123 123,795 2,687 92 126,390 U.S. Treasury and government agencies 99,905 713 771 99,847 199,910 2,141 100 201,951 Obligations of U.S. states and municipalities 17,249 1,208 2 18,455 18,993 1,404 1 20,396 Non-U.S. government debt securities 17,649 128 37 17,740 22,587 354 13 22,928 Corporate debt securities 214 9 7 216 215 4 3 216 Asset-backed securities: Collateralized loan obligations 8,808 12 4 8,816 10,055 24 31 10,048 Other 4,899 67 2 4,964 6,174 91 16 6,249 Total available-for-sale securities 230,110 3,458 1,407 232,161 381,729 6,705 256 388,178 Held-to-maturity securities (b) Mortgage-backed securities: U.S. GSEs and government agencies (a) 105,539 1,855 396 106,998 107,889 2,968 29 110,828 U.S. Residential 6,805 5 35 6,775 4,345 8 30 4,323 Commercial 3,582 28 5 3,605 2,602 77 — 2,679 Total mortgage-backed securities 115,926 1,888 436 117,378 114,836 3,053 59 117,830 U.S. Treasury and government agencies 182,529 338 1,012 181,855 53,184 50 — 53,234 Obligations of U.S. states and municipalities 13,515 493 — 14,008 12,751 519 — 13,270 Asset-backed securities: Collateralized loan obligations 27,324 110 4 27,430 21,050 90 2 21,138 Other 2,182 — — 2,182 — — — — Total held-to-maturity securities 341,476 2,829 1,452 342,853 201,821 3,712 61 205,472 Total investment securities, net of allowance for credit losses $ 571,586 $ 6,287 $ 2,859 $ 575,014 $ 583,550 $ 10,417 $ 317 $ 593,650 (a) Includes AFS U.S. GSE obligations with fair values of $46.4 billion and $65.8 billion, and HTM U.S. GSE obligations with amortized cost of $72.2 billion and $86.3 billion, at June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, 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 $73.8 billion and $75.5 billion, and $44.3 billion and $44.5 billion, respectively. (b) The Firm purchased $31.8 billion and $63.1 billion of HTM securities for the three and six months ended June 30, 2021, respectively, and $4.8 billion and $5.0 billion for the three and six months ended June 30, 2020, respectively. (c) The amortized cost of investment securities is reported net of allowance for credit losses of $87 million and $78 million at June 30, 2021 and December 31, 2020, respectively. (d) Excludes $1.8 billion and $2.1 billion of accrued interest receivables at June 30, 2021 and December 31, 2020, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three and six months ended June 30, 2021 and 2020. |
Securities impairment | The following tables present the fair value and gross unrealized losses by aging category for AFS securities at June 30, 2021 and December 31, 2020. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $1.3 billion and $150 million, at June 30, 2021 and December 31, 2020, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government. Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more June 30, 2021 (in millions) Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 81 $ — $ 22 $ — $ 103 $ — Non-U.S. 30 — — — 30 — Commercial 186 4 367 6 553 10 Total mortgage-backed securities 297 4 389 6 686 10 Obligations of U.S. states and municipalities 102 2 — — 102 2 Non-U.S. government debt securities 6,084 32 388 5 6,472 37 Corporate debt securities 57 7 42 — 99 7 Asset-backed securities: Collateralized loan obligations 3,227 4 354 — 3,581 4 Other 23 — 347 2 370 2 Total available-for-sale securities with gross unrealized losses $ 9,790 $ 49 $ 1,520 $ 13 $ 11,310 $ 62 Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more December 31, 2020 (in millions) Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 562 $ 3 $ 32 $ — $ 594 $ 3 Non-U.S. 2,507 4 235 1 2,742 5 Commercial 699 18 124 16 823 34 Total mortgage-backed securities 3,768 25 391 17 4,159 42 Obligations of U.S. states and municipalities 49 1 — — 49 1 Non-U.S. government debt securities 2,709 9 968 4 3,677 13 Corporate debt securities 91 3 5 — 96 3 Asset-backed securities: Collateralized loan obligations 5,248 18 2,645 13 7,893 31 Other 268 1 685 15 953 16 Total available-for-sale securities with gross unrealized losses $ 12,133 $ 57 $ 4,694 $ 49 $ 16,827 $ 106 |
Securities gains and losses and provision for credit loss | Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Realized gains $ 184 $ 624 $ 421 $ 1,719 Realized losses (339) (598) (562) (1,460) Investment securities gains/(losses) $ (155) $ 26 $ (141) $ 259 Provision for credit losses $ (7) $ 4 $ 9 $ 13 |
Amortized cost and estimated fair value by contractual maturity | The following table presents the amortized cost and estimated fair value at June 30, 2021, of JPMorgan Chase’s investment securities portfolio by contractual maturity. By remaining maturity June 30, 2021 (in millions) Due in one 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 $ 2,285 $ 5,712 $ 73,391 $ 81,389 Fair value 1 2,315 6,050 73,757 82,123 Average yield (a) — % 1.43 % 1.77 % 2.36 % 2.29 % U.S. Treasury and government agencies Amortized cost $ 2,168 $ 60,911 $ 28,155 $ 8,671 $ 99,905 Fair value 2,187 61,190 27,776 8,694 99,847 Average yield (a) 1.47 % 0.49 % 0.67 % 0.46 % 0.56 % Obligations of U.S. states and municipalities Amortized cost $ 35 $ 167 $ 1,217 $ 15,830 $ 17,249 Fair value 35 173 1,283 16,964 18,455 Average yield (a) 3.72 % 4.40 % 4.88 % 5.01 % 4.99 % Non-U.S. government debt securities Amortized cost $ 5,894 $ 4,589 $ 3,506 $ 3,660 $ 17,649 Fair value 5,905 4,668 3,509 3,658 17,740 Average yield (a) 1.75 % 2.15 % 0.81 % 0.19 % 1.34 % Corporate debt securities Amortized cost $ — $ 141 $ 73 $ — $ 214 Fair value — 140 76 — 216 Average yield (a) — % 1.16 % 2.29 % — % 1.54 % Asset-backed securities Amortized cost $ 1,010 $ 1,419 $ 3,813 $ 7,465 $ 13,707 Fair value 1,010 1,430 3,820 7,520 13,780 Average yield (a) 1.20 % 1.94 % 1.33 % 1.24 % 1.34 % Total available-for-sale securities Amortized cost $ 9,108 $ 69,512 $ 42,476 $ 109,017 $ 230,113 Fair value 9,138 69,916 42,514 110,593 232,161 Average yield (a) 1.63 % 0.67 % 1.01 % 2.44 % 1.61 % Held-to-maturity securities Mortgage-backed securities Amortized cost $ — $ 422 $ 12,046 $ 103,470 $ 115,938 Fair value — 423 12,595 104,360 117,378 Average yield (a) — % 1.13 % 2.39 % 2.90 % 2.84 % U.S. Treasury and government agencies Amortized cost $ 6,486 $ 104,920 $ 71,123 $ — $ 182,529 Fair value 6,489 104,732 70,634 — 181,855 Average yield (a) 0.24 % 0.62 % 1.30 % — % 0.87 % Obligations of U.S. states and municipalities Amortized cost $ 35 $ 30 $ 766 $ 12,756 $ 13,587 Fair value 36 30 808 13,134 14,008 Average yield (a) 4.28 % 2.65 % 3.81 % 3.78 % 3.78 % Asset-backed securities Amortized cost $ — $ — $ 14,425 $ 15,081 $ 29,506 Fair value — — 14,483 15,129 29,612 Average yield (a) — % — % 1.27 % 1.30 % 1.29 % Total held-to-maturity securities Amortized cost $ 6,521 $ 105,372 $ 98,360 $ 131,307 $ 341,560 Fair value 6,525 105,185 98,520 132,623 342,853 Average yield (a) 0.26 % 0.63 % 1.45 % 2.80 % 1.69 % (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. However, for certain callable debt securities, the average yield is calculated to the earliest call date. (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, 4 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations. |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020. 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. June 30, 2021 (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 $ 567,378 $ (306,391) $ 260,987 $ (248,366) $ 12,621 Securities borrowed 189,212 (2,836) 186,376 (132,533) 53,843 Liabilities Securities sold under repurchase agreements $ 543,834 $ (306,391) $ 237,443 $ (214,872) $ 22,571 Securities loaned and other (a) 54,042 (2,836) 51,206 (50,960) 246 December 31, 2020 (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 $ 666,467 $ (370,183) $ 296,284 $ (273,206) $ 23,078 Securities borrowed 193,700 (33,065) 160,635 (115,219) 45,416 Liabilities Securities sold under repurchase agreements $ 578,060 $ (370,183) $ 207,877 $ (191,980) $ 15,897 Securities loaned and other (a) 41,366 (33,065) 8,301 (8,257) 44 (a) Includes securities-for-securities lending agreements of $45.5 billion and $3.4 billion at June 30, 2021 and December 31, 2020, 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. |
Schedule of types of assets pledged in secured financing transactions | The tables below present as of June 30, 2021, and December 31, 2020 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance June 30, 2021 December 31, 2020 (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 $ 21,735 $ — $ 56,744 $ — Residential - nonagency 397 — 1,016 — Commercial - nonagency 1,058 — 855 — U.S. Treasury, GSEs and government agencies 267,937 79 315,834 143 Obligations of U.S. states and municipalities 1,739 1 1,525 2 Non-U.S. government debt 174,777 2,984 157,563 1,730 Corporate debt securities 36,166 1,951 22,849 1,864 Asset-backed securities 550 230 694 — Equity securities 39,475 48,797 20,980 37,627 Total $ 543,834 $ 54,042 $ 578,060 $ 41,366 Remaining contractual maturity of the agreements Overnight and continuous Greater than June 30, 2021 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 233,090 $ 214,617 $ 38,442 $ 57,685 $ 543,834 Total securities loaned and other 52,547 117 1,001 377 54,042 Remaining contractual maturity of the agreements Overnight and continuous Greater than December 31, 2020 (in millions) Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 238,667 $ 230,980 $ 70,777 $ 37,636 $ 578,060 Total securities loaned and other 37,887 1,647 500 1,332 41,366 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Wholesale (c)(d) • Residential real estate (a) • Auto and other (b) • Credit card loans • Secured by real estate • Commercial and industrial • Other (e) (a) Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB and Corporate. (b) Includes scored auto and business banking loans and overdrafts. (c) Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses. (d) The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower. (e) Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs. |
Schedule of loans by portfolio segment | The following tables summarize the Firm’s loan balances by portfolio segment. June 30, 2021 Consumer, excluding credit card Credit card Wholesale Total (a)(b) (in millions) Retained $ 297,731 $ 141,079 $ 524,855 $ 963,665 Held-for-sale 1,075 723 13,715 15,513 At fair value 30,879 — 30,897 61,776 Total $ 329,685 $ 141,802 $ 569,467 $ 1,040,954 December 31, 2020 Consumer, excluding credit card Credit card Wholesale Total (a)(b) (in millions) Retained $ 302,127 $ 143,432 $ 514,947 $ 960,506 Held-for-sale 1,305 784 5,784 7,873 At fair value 15,147 — 29,327 44,474 Total $ 318,579 $ 144,216 $ 550,058 $ 1,012,853 (a) Excludes $2.8 billion and $2.9 billion of accrued interest receivables at June 30, 2021, and December 31, 2020, respectively. The Firm wrote off accrued interest receivables of $19 million and $34 million for the three months ended June 30, 2021 and 2020, respectively, and $32 million and $48 million for the six months ended June 30, 2021 and 2020, respectively. (b) Loans (other than 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 June 30, 2021, and December 31, 2020. The following table provides information about retained consumer loans, excluding credit card, by class. (in millions) June 30, December 31, Residential real estate $ 218,031 $ 225,302 Auto and other (a) 79,700 76,825 Total retained loans $ 297,731 $ 302,127 (a) At June 30, 2021 and December 31, 2020, included $16.7 billion and $19.2 billion of loans, respectively, in Business Banking under the PPP. |
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. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table. 2021 2020 Three months ended June 30, Consumer, excluding Credit card Wholesale Total Consumer, excluding Credit card Wholesale Total Purchases $ 111 (b)(c) $ — $ 301 $ 412 $ 228 (b)(c) $ — $ 242 $ 470 Sales — — 8,751 8,751 24 — 3,549 3,573 Retained loans reclassified to held-for-sale (a) 87 — 892 979 679 — 282 961 2021 2020 Six months ended June 30, Consumer, excluding Credit card Wholesale Total Consumer, excluding Credit card Wholesale Total Purchases $ 302 (b)(c) $ — $ 527 $ 829 $ 1,400 (b)(c) $ — $ 628 $ 2,028 Sales 181 — 14,481 14,662 348 — 9,001 9,349 Retained loans reclassified to held-for-sale (a) 249 — 1,664 1,913 827 — 751 1,578 (a) Reclassifications of loans to held-for-sale are non-cash transactions. (b) Predominantly includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three and six months ended June 30, 2021 and 2020. 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. (c) Excludes purchases of retained loans of $5.0 billion and $3.8 billion for the three months ended June 30, 2021 and 2020, respectively, and $12.0 billion and $7.4 billion for the six months ended June 30, 2021 and 2020, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. |
Schedule of financing receivable credit quality indicators | The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans. (in millions, except ratios) June 30, 2021 Term loans by origination year (d) Revolving loans Total 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 31,258 $ 54,745 $ 23,873 $ 10,122 $ 14,996 $ 60,605 $ 5,723 $ 14,726 $ 216,048 30–149 days past due 11 4 16 13 13 539 9 185 790 150 or more days past due — 2 4 5 18 891 3 270 1,193 Total retained loans $ 31,269 $ 54,751 $ 23,893 $ 10,140 $ 15,027 $ 62,035 $ 5,735 $ 15,181 $ 218,031 % of 30+ days past due to total retained loans (c) 0.04 % 0.01 % 0.08 % 0.18 % 0.21 % 2.25 % 0.21 % 3.00 % 0.89 % (in millions, except ratios) December 31, 2020 Term loans by origination year (d) Revolving loans Total 2020 2019 2018 2017 2016 Prior to 2016 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 56,576 (e) $ 31,820 $ 13,900 $ 20,410 $ 27,978 $ 49,218 (e) $ 7,370 $ 15,792 $ 223,064 30–149 days past due 9 25 20 22 29 674 21 245 1,045 150 or more days past due 3 14 10 18 18 844 22 264 1,193 Total retained loans $ 56,588 $ 31,859 $ 13,930 $ 20,450 $ 28,025 $ 50,736 $ 7,413 $ 16,301 $ 225,302 % of 30+ days past due to total retained loans (c) 0.02 % 0.12 % 0.22 % 0.20 % 0.17 % 2.91 % (e) 0.58 % 3.12 % 0.98 % (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $40 million and $36 million; 30–149 days past due included $11 million and $16 million; and 150 or more days past due included $21 million and $24 million at June 30, 2021 and December 31, 2020, respectively. (b) At June 30, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. (c) At June 30, 2021 and December 31, 2020, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $32 million and $40 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee. (d) Includes loans purchased based on the year in which they were originated. (e) Prior-period amounts have been revised to conform with the current presentation. The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans. (in millions, except weighted-average data) June 30, 2021 December 31, 2020 Nonaccrual loans (a)(b)(c)(d) $ 5,060 $ 5,313 90 or more days past due and government guaranteed (e) 49 33 Current estimated LTV ratios (f)(g)(h) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 4 $ 6 Less than 660 7 12 101% to 125% and refreshed FICO scores: Equal to or greater than 660 24 38 Less than 660 26 44 80% to 100% and refreshed FICO scores: Equal to or greater than 660 1,793 2,177 Less than 660 132 239 Less than 80% and refreshed FICO scores: Equal to or greater than 660 200,924 208,238 Less than 660 10,416 11,980 No FICO/LTV available 4,633 2,492 U.S. government-guaranteed 72 76 Total retained loans $ 218,031 $ 225,302 Weighted average LTV ratio (f)(i) 53 % 54 % Weighted average FICO (g)(i) 764 763 Geographic region (j) California $ 69,856 $ 73,444 New York 31,921 32,287 Florida 14,655 13,981 Texas 13,284 13,773 Illinois 12,036 13,130 Colorado 8,113 8,235 Washington 7,788 7,917 New Jersey 6,864 7,227 Massachusetts 5,829 5,784 Connecticut 5,010 5,024 All other (k) 42,675 44,500 Total retained loans $ 218,031 $ 225,302 (a) Includes collateral-dependent residential real estate loans that are charged down 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 June 30, 2021, approximately 7% of Chapter 7 residential real estate loans were 30 days or more past due. (b) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative. (c) Interest income on nonaccrual loans recognized on a cash basis was $41 million and $37 million and $86 million and $80 million for the three and six months ended June 30, 2021 and 2020, respectively. (d) Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit from COVID-19 payment deferral programs and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell. (e) 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 June 30, 2021 and December 31, 2020, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. 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 June 30, 2021 and December 31, 2020. (f) 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. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. (g) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. (h) Prior-period amounts have been revised to conform with the current presentation. (i) Excludes loans with no FICO and/or LTV data available. (j) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2021. (k) At June 30, 2021 and December 31, 2020, included mortgage loans insured by U.S. government agencies of $72 million and $76 million, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee. The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans. June 30, 2021 (in millions, except ratios) Term Loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loan delinquency (a) Current $ 28,153 (b) $ 29,038 (b) $ 9,968 $ 5,361 $ 2,972 $ 1,444 $ 2,300 $ 134 $ 79,370 30–119 days past due 56 59 69 44 29 29 14 12 312 120 or more days past due — — — 1 1 1 6 9 18 Total retained loans $ 28,209 $ 29,097 $ 10,037 $ 5,406 $ 3,002 $ 1,474 $ 2,320 $ 155 $ 79,700 % of 30+ days past due to total retained loans 0.20% 0.20% 0.69 % 0.83 % 1.00 % 2.04 % 0.86 % 13.55 % 0.41 % December 31, 2020 (in millions, except ratios) Term Loans by origination year Revolving loans 2020 2019 2018 2017 2016 Prior to 2016 Within the revolving period Converted to term loans Total Loan delinquency (a) Current $ 46,169 (c) $ 12,829 $ 7,367 $ 4,521 $ 2,058 $ 742 $ 2,517 $ 158 $ 76,361 30–119 days past due 97 107 77 53 42 23 30 17 446 120 or more days past due — — — 1 — 1 8 8 18 Total retained loans $ 46,266 $ 12,936 $ 7,444 $ 4,575 $ 2,100 $ 766 $ 2,555 $ 183 $ 76,825 % of 30+ days past due to total retained loans 0.21% 0.83 % 1.03 % 1.18 % 2.00 % 3.13 % 1.49 % 13.66 % 0.60 % (a) At June 30, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. (b) At June 30, 2021, included $9.9 billion of loans originated in 2021 and $6.8 billion of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans. (c) At December 31, 2020, included $19.2 billion of loans in Business Banking under the PPP. The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans. (in millions, except ratios) Total Auto and other June 30, 2021 December 31, 2020 Nonaccrual loans (a)(b)(c) 123 151 Geographic region (d) California $ 12,728 $ 12,302 New York 9,027 8,824 Texas 8,491 8,235 Florida 5,064 4,668 Illinois 3,611 3,768 New Jersey 2,735 2,646 Arizona 2,332 2,465 Ohio 2,118 2,163 Pennsylvania 2,073 1,924 Colorado 1,935 1,910 All other 29,586 27,920 Total retained loans $ 79,700 $ 76,825 (a) There were no loans that were 90 or more days past due and still accruing interest at June 30, 2021 and December 31, 2020. (b) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative. (c) Interest income on nonaccrual loans recognized on a cash basis was not material for the three and six months ended months ended June 30, 2021 and 2020 . (d) The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at June 30, 2021. The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans. (in millions, except ratios) June 30, 2021 Within the revolving period Converted to term loans (b) Total Loan delinquency (a) Current and less than 30 days past due $ 138,551 $ 1,100 $ 139,651 30–89 days past due and still accruing 615 53 668 90 or more days past due and still accruing 733 27 760 Total retained loans $ 139,899 $ 1,180 $ 141,079 Loan delinquency ratios % of 30+ days past due to total retained loans 0.96 % 6.78 % 1.01 % % of 90+ days past due to total retained loans 0.52 2.29 0.54 (in millions, except ratios) December 31, 2020 Within the revolving period Converted to term loans (b) Total Loan delinquency (a) Current and less than 30 days past due $ 139,783 $ 1,239 $ 141,022 30–89 days past due and still accruing 997 94 1,091 90 or more days past due and still accruing 1,277 42 1,319 Total retained loans $ 142,057 $ 1,375 $ 143,432 Loan delinquency ratios % of 30+ days past due to total retained loans 1.60 % 9.89 % 1.68 % % of 90+ days past due to total retained loans 0.90 3.05 0.92 (a) At June 30, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. (b) Represents TDRs. The following table provides information on other credit quality indicators for retained credit card loans. (in millions, except ratios) June 30, 2021 December 31, 2020 Geographic region (a) California $ 20,857 $ 20,921 Texas 14,535 14,544 New York 11,692 11,919 Florida 9,299 9,562 Illinois 7,910 8,006 New Jersey 5,860 5,927 Ohio 4,541 4,673 Pennsylvania 4,306 4,476 Colorado 4,272 4,092 Michigan 3,426 3,553 All other 54,381 55,759 Total retained loans $ 141,079 $ 143,432 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 88.4 % 85.9 % Less than 660 11.4 13.9 No FICO available 0.2 0.2 (a) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2021. The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans. Secured by real estate Commercial and industrial Other (a) Total retained loans (in millions, except ratios) Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Loans by risk ratings Investment-grade $ 88,617 $ 90,147 $ 71,509 $ 71,917 $ 226,874 $ 217,209 $ 387,000 $ 379,273 Noninvestment-grade: Noncriticized 24,840 26,129 53,017 57,870 43,896 33,053 121,753 117,052 Criticized performing 4,077 3,234 8,273 10,991 1,054 1,079 13,404 15,304 Criticized nonaccrual 489 483 1,413 1,931 796 904 2,698 3,318 Total noninvestment- grade 29,406 29,846 62,703 70,792 45,746 35,036 137,855 135,674 Total retained loans $ 118,023 $ 119,993 $ 134,212 $ 142,709 $ 272,620 $ 252,245 $ 524,855 $ 514,947 % of investment-grade to total retained loans 75.08 % 75.13 % 53.28 % 50.39 % 83.22 % 86.11 % 73.73 % 73.65 % % of total criticized to total retained loans 3.87 3.10 7.22 9.05 0.68 0.79 3.07 3.62 % of criticized nonaccrual to total retained loans 0.41 0.40 1.05 1.35 0.29 0.36 0.51 0.64 Secured by real estate (in millions) June 30, 2021 Term loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 9,394 $ 15,951 $ 18,482 $ 10,350 $ 8,962 $ 24,226 $ 1,244 $ 8 $ 88,617 Noninvestment-grade 1,222 3,342 4,142 3,655 2,559 14,047 438 1 29,406 Total retained loans $ 10,616 $ 19,293 $ 22,624 $ 14,005 $ 11,521 $ 38,273 $ 1,682 $ 9 $ 118,023 Secured by real estate (in millions) December 31, 2020 Term loans by origination year Revolving loans 2020 2019 2018 2017 2016 Prior to 2016 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 16,560 $ 19,575 $ 12,192 $ 11,017 $ 13,439 $ 16,266 $ 1,098 $ — $ 90,147 Noninvestment-grade 3,327 4,339 4,205 2,916 2,575 11,994 489 1 29,846 Total retained loans $ 19,887 $ 23,914 $ 16,397 $ 13,933 $ 16,014 $ 28,260 $ 1,587 $ 1 $ 119,993 Commercial and industrial (in millions) June 30, 2021 Term loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 15,656 $ 10,269 $ 4,965 $ 2,266 $ 1,669 $ 1,413 $ 35,270 $ 1 $ 71,509 (b) Noninvestment-grade 7,170 9,503 6,126 3,537 1,440 2,355 32,493 79 62,703 Total retained loans $ 22,826 $ 19,772 $ 11,091 $ 5,803 $ 3,109 $ 3,768 $ 67,763 $ 80 $ 134,212 Commercial and industrial (in millions) December 31, 2020 Term loans by origination year Revolving loans 2020 2019 2018 2017 2016 Prior to 2016 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 21,211 $ 7,304 $ 2,934 $ 1,748 $ 1,032 $ 1,263 $ 36,424 $ 1 $ 71,917 (c) Noninvestment-grade 15,060 8,636 5,131 2,104 497 2,439 36,852 73 70,792 Total retained loans $ 36,271 $ 15,940 $ 8,065 $ 3,852 $ 1,529 $ 3,702 $ 73,276 $ 74 $ 142,709 Other (a) (in millions) June 30, 2021 Term loans by origination year Revolving loans 2021 2020 2019 2018 2017 Prior to 2017 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 16,199 $ 20,538 $ 7,530 $ 3,913 $ 5,159 $ 13,750 $ 159,224 $ 561 $ 226,874 Noninvestment-grade 9,844 3,369 1,991 1,340 441 891 27,845 25 45,746 Total retained loans $ 26,043 $ 23,907 $ 9,521 $ 5,253 $ 5,600 $ 14,641 $ 187,069 $ 586 $ 272,620 Other (a) (in millions) December 31, 2020 Term loans by origination year Revolving loans 2020 2019 2018 2017 2016 Prior to 2016 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 31,389 $ 10,169 $ 6,994 $ 6,206 $ 3,553 $ 12,595 $ 145,524 $ 779 $ 217,209 Noninvestment-grade 5,009 2,220 1,641 550 146 636 24,710 124 35,036 Total retained loans $ 36,398 $ 12,389 $ 8,635 $ 6,756 $ 3,699 $ 13,231 $ 170,234 $ 903 $ 252,245 (a) Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs. (b) At June 30, 2021, $5.3 billion of the $5.8 billion total PPP loans in the wholesale portfolio were commercial and industrial. Of the $5.3 billion, $1.4 billion were originated in 2021 and $3.9 billion were originated in 2020. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans. (c) At December 31, 2020, $7.4 billion of the $8.0 billion total PPP loans in the wholesale portfolio were commercial and industrial. The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination. (in millions, except ratios) Multifamily Other commercial Total retained loans secured by real estate Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Retained loans secured by real estate $ 72,341 $ 73,078 $ 45,682 $ 46,915 $ 118,023 $ 119,993 Criticized 1,594 1,144 2,972 2,573 4,566 3,717 % of total criticized to total retained loans secured by real estate 2.20 % 1.57 % 6.51 % 5.48 % 3.87 % 3.10 % Criticized nonaccrual $ 84 $ 56 $ 405 $ 427 $ 489 $ 483 % of criticized nonaccrual loans to total retained loans secured by real estate 0.12 % 0.08 % 0.89 % 0.91 % 0.41 % 0.40 % Geographic distribution and delinquency The following table provides information on the geographic distribution and delinquency for retained wholesale loans. Secured by real estate Commercial Other Total (in millions, Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Loans by geographic distribution (a) Total U.S. $ 115,043 $ 116,990 $ 98,570 $ 109,273 $ 192,922 $ 180,583 $ 406,535 $ 406,846 Total non-U.S. 2,980 3,003 35,642 33,436 79,698 71,662 118,320 108,101 Total retained loans $ 118,023 $ 119,993 $ 134,212 $ 142,709 $ 272,620 $ 252,245 $ 524,855 $ 514,947 Loan delinquency (b) Current and less than 30 days past due and still accruing $ 117,315 $ 118,894 $ 131,948 $ 140,100 $ 270,458 $ 249,713 $ 519,721 $ 508,707 30–89 days past due and still accruing 200 601 822 658 1,308 1,606 2,330 2,865 90 or more days past due and still accruing (c) 19 15 29 20 58 22 106 57 Criticized nonaccrual 489 483 1,413 1,931 796 904 2,698 3,318 Total retained loans $ 118,023 $ 119,993 $ 134,212 $ 142,709 $ 272,620 $ 252,245 $ 524,855 $ 514,947 (a) The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower. (b) At June 30, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. 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. The following tables provide information about net charge-offs on retained wholesale loans. Wholesale net charge-offs/(recoveries) Secured by real estate Commercial Other Total Three months ended June 30, 2021 2020 2021 2020 2021 2020 2021 2020 Net charge-offs/(recoveries) $ 1 $ 12 $ 2 $ 268 $ 7 $ 19 $ 10 $ 299 Secured by real estate Commercial Other Total Six months ended June 30, 2021 2020 2021 2020 2021 2020 2021 2020 Net charge-offs/(recoveries) $ 1 $ 12 $ 52 $ 436 $ 10 $ 13 $ 63 $ 461 |
Troubled debt restructuring on financing receivables nature and extent of modifications | The following table provides information about how residential real estate loans were modified in TDRs 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, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Number of loans approved for a trial modification 1,165 849 2,566 2,845 Number of loans permanently modified 1,186 2,104 2,900 3,585 Concession granted: (a) Interest rate reduction 78 % 41 % 74 % 56 % Term or payment extension 51 45 45 60 Principal and/or interest deferred 18 6 26 8 Principal forgiveness — 2 2 3 Other (b) 34 72 44 65 (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. |
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 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 do 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, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. (in millions, except weighted-average data) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Weighted-average interest rate of loans with interest rate reductions – before TDR 4.39 % 5.00 % 4.51 % 5.13 % Weighted-average interest rate of loans with interest rate reductions – after TDR 2.85 3.36 2.90 3.42 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 22 21 24 21 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 36 39 38 39 Charge-offs recognized upon permanent modification $ — $ 2 $ — $ 2 Principal deferred 6 4 18 9 Principal forgiven — 1 1 3 Balance of loans that redefaulted within one year of permanent modification (a) $ 21 $ 38 $ 45 $ 108 (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 will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve 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. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans. (in millions, except Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Balance of new TDRs (a) $ 90 $ 151 $ 233 $ 428 Weighted-average interest rate of loans – before TDR 17.92 % 17.93 % 17.81 % 18.50 % Weighted-average interest rate of loans – after TDR 5.15 5.16 5.20 4.42 Balance of loans that redefaulted within one year of modification (b) $ 13 $ 25 $ 32 $ 61 (a) Represents the outstanding balance prior to modification. (b) 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. |
Schedule of nonaccrual loans | The following table provides information on retained wholesale nonaccrual loans. Secured by real estate Commercial Other Total Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Jun 30, Dec 31, Nonaccrual loans (a) With an allowance $ 419 $ 351 $ 986 $ 1,667 $ 586 $ 800 $ 1,991 $ 2,818 Without an allowance ( b) 70 132 427 264 210 104 707 500 Total nonaccrual loans (c) $ 489 $ 483 $ 1,413 $ 1,931 $ 796 $ 904 $ 2,698 $ 3,318 (a) Loans that were modified in response to the COVID-19 pandemic continue to be risk-rated in accordance with the Firm’s overall credit risk management framework. As of June 30, 2021, predominantly all of these loans were considered performing. (b) When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance. (c) Interest income on nonaccrual loans recognized on a cash basis was not material for the three and six months ended June 30, 2021 and 2020. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Credit Loss [Abstract] | |
Allowance for credit losses on financing receivables | The table below summarizes information about the allowances for loan losses and lending-related commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for further information on the allowance for credit losses on investment securities. 2021 2020 Six months ended June 30, Consumer, excluding Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total Allowance for loan losses Beginning balance at January 1, $ 3,636 $ 17,800 $ 6,892 $ 28,328 $ 2,538 $ 5,683 $ 4,902 $ 13,123 Cumulative effect of a change in accounting principle NA NA NA NA 297 5,517 (1,642) 4,172 Gross charge-offs 308 2,213 135 2,656 425 2,863 491 3,779 Gross recoveries collected (318) (475) (72) (865) (348) (372) (30) (750) Net charge-offs/(recoveries) (10) 1,738 63 1,791 77 2,491 461 3,029 Provision for loan losses (1,746) (3,562) (1,730) (7,038) 2,115 9,091 6,118 (e) 17,324 Other (2) — 3 1 (1) — 2 1 Ending balance at June 30, $ 1,898 $ 12,500 $ 5,102 $ 19,500 $ 4,872 $ 17,800 $ 8,919 $ 31,591 Allowance for lending-related commitments Beginning balance at January 1, $ 187 $ — $ 2,222 $ 2,409 $ 12 $ — $ 1,179 $ 1,191 Cumulative effect of a change in accounting principle NA NA NA NA 133 — (35) 98 Provision for lending-related commitments (46) — 634 588 95 — 1,326 (e) 1,421 Other 1 — — 1 1 — (1) — Ending balance at June 30, $ 142 $ — $ 2,856 $ 2,998 $ 241 $ — $ 2,469 $ 2,710 Total allowance for credit losses (a) $ 2,040 $ 12,500 $ 7,958 $ 22,498 $ 5,113 $ 17,800 $ 11,388 $ 34,301 Allowance for loan losses by impairment methodology Asset-specific (b) $ (557) $ 443 $ 488 $ 374 $ 263 $ 642 $ 757 $ 1,662 Portfolio-based 2,455 12,057 4,614 19,126 4,609 17,158 8,162 (e) 29,929 Total allowance for loan losses $ 1,898 $ 12,500 $ 5,102 $ 19,500 $ 4,872 $ 17,800 $ 8,919 $ 31,591 Loans by impairment methodology Asset-specific (b) $ 15,187 $ 1,180 $ 3,010 $ 19,377 $ 16,749 $ 1,422 $ 3,849 $ 22,020 Portfolio-based 282,544 139,899 521,845 944,288 290,256 140,234 512,938 943,428 Total retained loans $ 297,731 $ 141,079 $ 524,855 $ 963,665 $ 307,005 $ 141,656 $ 516,787 $ 965,448 Collateral-dependent loans Net charge-offs $ 23 $ — $ 6 $ 29 $ 56 $ — $ 22 $ 78 Loans measured at fair value of collateral less cost to sell 4,689 — 341 5,030 3,505 — 166 3,671 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 150 $ 150 $ — $ — $ 115 $ 115 Portfolio-based 142 — 2,706 2,848 241 — 2,354 (e) 2,595 Total allowance for lending-related commitments (c) $ 142 $ — $ 2,856 $ 2,998 $ 241 $ — $ 2,469 $ 2,710 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 851 $ 851 $ — $ — $ 762 $ 762 Portfolio-based (d) 36,092 — 459,078 495,170 35,417 — 391,121 426,538 Total lending-related commitments $ 36,092 $ — $ 459,929 $ 496,021 $ 35,417 $ — $ 391,883 $ 427,300 (a) Excludes the allowance for credit losses on investment securities of $87 million and $23 million as of June 30, 2021 and 2020, respectively. (b) Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific credit card allowance for loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates. (c) The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets. (d) At June 30, 2021 and 2020, lending-related commitments excluded $20.8 billion and $9.9 billion, respectively, for the consumer, excluding credit card portfolio segment; $682.5 billion and $673.8 billion, respectively, for the credit card portfolio segment; and $42.7 billion and $21.5 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments. (e) Prior-period amounts have been revised to conform with the current presentation. |
U.S. unemployment rates and cumulative change in U.S. real GDP | The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows : Assumptions at June 30, 2021 4Q21 2Q22 4Q22 U.S. unemployment rate (a) 4.7 % 4.0 % 3.8 % Cumulative change in U.S. real GDP from 12/31/2019 4.3 % 6.0 % 7.3 % Assumptions at December 31, 2020 2Q21 4Q21 2Q22 U.S. unemployment rate (a) 6.8 % 5.7 % 5.1 % Cumulative change in U.S. real GDP from 12/31/2019 (1.9) % 0.6 % 2.0 % (a) Reflects quarterly average of forecasted U.S. unemployment rate. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 “Firm-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 Form 10-Q page references CCB Credit card securitization trusts Securitization of originated credit card receivables 152 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 152-154 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 152-154 Multi-seller conduits Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs 154 Municipal bond vehicles Financing of municipal bond investments 154 |
Firm-sponsored mortgage and other consumer securitization trusts | The following tables present 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. Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) June 30, 2021 (in millions) Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 48,866 $ 1,356 $ 40,906 $ 511 $ 449 $ 19 $ 979 Subprime 11,923 30 10,982 1 — — 1 Commercial and other (b) 128,614 — 91,039 867 1,901 294 3,062 Total $ 189,403 $ 1,386 $ 142,927 $ 1,379 $ 2,350 $ 313 $ 4,042 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2020 (in millions) Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 49,644 $ 1,693 $ 41,265 $ 574 $ 724 $ — $ 1,298 Subprime 12,896 46 12,154 9 — — 9 Commercial and other (b) 119,732 — 92,351 955 1,549 262 2,766 Total $ 182,272 $ 1,739 $ 145,770 $ 1,538 $ 2,273 $ 262 $ 4,073 (a) Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. (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; 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; senior and subordinated securities of $149 million and $81 million, respectively, at June 30, 2021, and $105 million and $40 million, respectively, at December 31, 2020, which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of June 30, 2021, and December 31, 2020, 71% and 73%, 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 $933 million and $1.3 billion of investment-grade retained interests, and $46 million and $41 million of noninvestment-grade retained interests at June 30, 2021, and December 31, 2020, respectively. The retained interests in commercial and other securitization trusts consisted of $2.2 billion and $2.0 billion of investment-grade retained interests, and $824 million and $753 million of noninvestment-grade retained interests at June 30, 2021 and December 31, 2020, respectively. |
Schedule of re-securitizations | The following table presents the principal amount of securities transferred to re-securitization VIEs. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Transfers of securities to VIEs U.S. GSEs and government agencies $ 18,794 $ 12,505 $ 31,899 $ 15,222 The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs. Nonconsolidated (in millions) June 30, 2021 December 31, 2020 U.S. GSEs and government agencies Interest in VIEs $ 3,068 $ 2,631 |
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 June 30, 2021, and December 31, 2020. Assets Liabilities June 30, 2021 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 11,094 $ 100 $ 11,194 $ 2,395 $ 1 $ 2,396 Firm-administered multi-seller conduits 4 20,005 181 20,190 9,794 41 9,835 Municipal bond vehicles 1,989 — 2 1,991 1,957 — 1,957 Mortgage securitization entities (a) — 1,219 55 1,274 199 96 295 Other 2 2,966 (b) 271 3,239 58 95 153 Total $ 1,995 $ 35,284 $ 609 $ 37,888 $ 14,403 $ 233 $ 14,636 Assets Liabilities December 31, 2020 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total VIE program type Firm-sponsored credit card trusts $ — $ 11,962 $ 148 $ 12,110 $ 4,943 $ 3 $ 4,946 Firm-administered multi-seller conduits 2 23,787 188 23,977 10,523 33 10,556 Municipal bond vehicles 1,930 — 2 1,932 1,902 — 1,902 Mortgage securitization entities (a) — 1,694 94 1,788 210 108 318 Other 2 176 249 427 — 89 89 Total $ 1,934 $ 37,619 $ 681 $ 40,234 $ 17,578 $ 233 $ 17,811 (a) Includes residential and commercial mortgage securitizations. (b) Predominantly includes purchased supply chain finance receivables and purchased auto loan securitizations in CIB. (c) Includes assets classified as cash and other assets on the Consolidated balance sheets. (d) 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. (e) 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 $2.7 billion and $5.2 billion at June 30, 2021, and December 31, 2020, respectively. (f) Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets. |
Securitization activities | The following table provides information related to the Firm’s securitization activities for the three and six months ended June 30, 2021 and 2020, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization. Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (in millions) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Principal securitized $ 4,115 $ 2,876 $ 534 $ 861 $ 8,192 $ 4,788 $ 3,598 $ 4,049 All cash flows during the period: (a) Proceeds received from loan sales as financial instruments (b)(c) $ 4,218 $ 2,909 $ 554 $ 912 $ 8,452 $ 4,879 $ 3,690 $ 4,185 Servicing fees collected 41 — 49 — 82 — 111 — Cash flows received on interests 173 71 214 31 356 123 331 60 (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) Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies. (e) Includes commercial mortgage and other consumer loans. |
Summary of loan sale activities | The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Carrying value of loans sold $ 24,459 $ 17,447 $ 47,606 $ 42,382 Proceeds received from loan sales as cash 24 13 40 22 Proceeds from loan sales as securities (a)(b) 24,033 17,274 46,782 41,937 Total proceeds received from loan sales (c) $ 24,057 $ 17,287 $ 46,822 $ 41,959 Gains/(losses) on loan sales (d)(e) $ — $ 2 $ 4 $ 6 (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 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 June 30, 2021 and December 31, 2020. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies. (in millions) Jun 30, Dec 31, Loans repurchased or option to repurchase (a) $ 1,209 $ 1,413 Real estate owned 7 9 Foreclosed government-guaranteed residential mortgage loans (b) 52 64 (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 and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of June 30, 2021, and December 31, 2020. Net liquidation losses Securitized assets 90 days past due Three months ended June 30, Six months ended June 30, (in millions) Jun 30, Dec 31, Jun 30, Dec 31, 2021 2020 2021 2020 Securitized loans Residential mortgage: Prime / Alt-A & option ARMs $ 40,906 $ 41,265 $ 3,748 $ 4,988 $ 2 $ 76 $ 14 $ 175 Subprime 10,982 12,154 1,994 2,406 — 49 18 135 Commercial and other 91,039 92,351 3,596 5,958 — 1 21 11 Total loans securitized $ 142,927 $ 145,770 $ 9,338 $ 13,352 $ 2 $ 126 $ 53 $ 321 |
Goodwill and Mortgage Servici_2
Goodwill and Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill attributed to the business segments | The following table presents goodwill attributed to the business segments. (in millions) June 30, December 31, Consumer & Community Banking $ 31,335 $ 31,311 Corporate & Investment Bank 7,915 7,913 Commercial Banking 2,985 2,985 Asset & Wealth Management 7,021 7,039 Total goodwill $ 49,256 $ 49,248 The following table presents changes in the carrying amount of goodwill. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Balance at beginning of period $ 49,243 $ 47,800 $ 49,248 $ 47,823 Changes during the period from: Other (a) 13 11 8 (12) Balance at June 30, $ 49,256 $ 47,811 $ 49,256 $ 47,811 (a) Primarily foreign currency adjustments and adjustments to goodwill related to prior period acquisitions. |
Mortgage servicing rights activity | The following table summarizes MSR activity for the three and six months ended June 30, 2021 and 2020. As of or for the three months As of or for the six months (in millions, except where otherwise noted) 2021 2020 2021 2020 Fair value at beginning of period $ 4,470 $ 3,267 $ 3,276 $ 4,699 MSR activity: Originations of MSRs 419 164 823 435 Purchase of MSRs 395 5 574 7 Disposition of MSRs (a) (25) 2 (24) (73) Net additions/(dispositions) 789 171 1,373 369 Changes due to collection/realization of expected cash flows (182) (247) (369) (495) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (b) (500) (144) 336 (1,514) Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) 1 3 (23) 2 Discount rates — — — — Prepayment model changes and other (c) (29) 30 (44) 19 Total changes in valuation due to other inputs and assumptions (28) 33 (67) 21 Total changes in valuation due to inputs and assumptions (528) (111) 269 (1,493) Fair value at June 30, $ 4,549 $ 3,080 $ 4,549 $ 3,080 Changes in unrealized gains/(losses) included in income related to MSRs held at June 30, $ (528) $ (111) $ 269 $ (1,493) Contractual service fees, late fees and other ancillary fees included in income 307 329 598 693 Third-party mortgage loans serviced at June 30, (in billions) 465 483 465 483 Servicer advances, net of an allowance for uncollectible amounts, at June 30, (in billions) (d) 1.7 1.7 1.7 1.7 (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. |
Mortgage fees and related income | The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and six months ended June 30, 2021 and 2020. Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 CCB mortgage fees and related income Production revenue $ 517 $ 742 $ 1,274 $ 1,061 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 316 343 564 682 Changes in MSR asset fair value due to collection/realization of expected cash flows (182) (247) (369) (495) Total operating revenue 134 96 195 187 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) (500) (144) 336 (1,514) Other changes in MSR asset fair value due to other inputs and assumptions in model (b) (28) 33 (67) 21 Changes in derivative fair value and other 425 190 (487) 1,482 Total risk management (103) 79 (218) (11) Total net mortgage servicing revenue 31 175 (23) 176 Total CCB mortgage fees and related income 548 917 1,251 1,237 All other 3 — 4 — Mortgage fees and related income $ 551 $ 917 $ 1,255 $ 1,237 (a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (b) Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices). |
Key economic assumptions used to determine FV of MSRs | The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at June 30, 2021, and December 31, 2020, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. (in millions, except rates) Jun 30, Dec 31, Weighted-average prepayment speed assumption (constant prepayment rate) 10.72 % 14.90 % Impact on fair value of 10% adverse change $ (195) $ (206) Impact on fair value of 20% adverse change (376) (392) Weighted-average option adjusted spread (a) 6.70 % 7.19 % Impact on fair value of a 100 basis point adverse change $ (191) $ (134) Impact on fair value of a 200 basis point adverse change (368) (258) (a) Includes the impact of operational risk and regulatory capital. |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deposits [Abstract] | |
Noninterest-bearing and interest-bearing deposits | At June 30, 2021, and December 31, 2020, noninterest-bearing and interest-bearing deposits were as follows. (in millions) June 30, December 31, 2020 U.S. offices Noninterest-bearing (included $9,565 and $9,873 at fair value) (a) $ 639,114 $ 572,711 Interest-bearing (included $2,627 and $2,567 at fair value) (a) 1,281,432 1,197,032 Total deposits in U.S. offices 1,920,546 1,769,743 Non-U.S. offices Noninterest-bearing (included $1,467 and $1,486 at fair value) (a) 24,723 23,435 Interest-bearing (included $364 and $558 at fair value) (a) 359,948 351,079 Total deposits in non-U.S. offices 384,671 374,514 Total deposits $ 2,305,217 $ 2,144,257 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further information. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of information related to operating leases | The following table provides information related to the Firm’s operating leases: (in millions) June 30, 2021 December 31, 2020 Right-of-use assets $ 7,825 $ 8,006 Lease liabilities 8,286 8,508 |
Schedule of operating lease income and related depreciation expense | The following table presents the Firm’s operating lease income, included within other income Three months ended June 30, Six months ended June 30, (in millions) 2021 2020 2021 2020 Operating lease income $ 1,277 $ 1,413 $ 2,602 $ 2,810 Depreciation expense 876 1,084 1,809 2,224 |
Preferred Stock (Tables)
Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020, and the quarterly dividend declarations for the three and six months ended June 30, 2021 and 2020. Shares Carrying value (in millions) Contractual rate in effect at June 30, 2021 Earliest redemption date Floating annualized rate (a) Dividend declared June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Issue date Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed-rate: Series Y — — $ — $ — 2/12/2015 — % 3/1/2020 NA $— $— $— $153.13 Series AA — 142,500 — 1,425 6/4/2015 6.100 9/1/2020 NA 152.50 152.50 305.00 305.00 Series BB — 115,000 — 1,150 7/29/2015 6.150 9/1/2020 NA 153.75 153.75 307.50 307.50 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 143.75 143.75 287.50 287.50 Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 150.00 150.00 300.00 300.00 Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 118.75 118.75 237.50 269.17 (b) Series JJ 150,000 — 1,500 — 3/17/2021 4.550 6/1/2026 NA 93.53 NA 93.53 NA (c) Series LL 185,000 — 1,850 — 5/20/2021 4.625 6/1/2026 NA — NA — NA (d) Fixed-to-floating-rate: Series I 293,375 293,375 $ 2,934 $ 2,934 4/23/2008 LIBOR + 3.47% 4/30/2018 LIBOR + 3.47% $92.40 $106.93 $185.46 $239.37 Series Q 150,000 150,000 1,500 1,500 4/23/2013 5.150 5/1/2023 LIBOR + 3.25 128.75 128.75 257.50 257.50 Series R 150,000 150,000 1,500 1,500 7/29/2013 6.000 8/1/2023 LIBOR + 3.30 150.00 150.00 300.00 300.00 Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 LIBOR + 3.78 168.75 168.75 337.50 337.50 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 LIBOR + 3.33 153.13 153.13 306.25 306.25 Series V 250,000 250,000 2,500 2,500 6/9/2014 LIBOR + 3.32% 7/1/2019 LIBOR + 3.32 89.02 120.16 174.99 250.89 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 LIBOR + 3.33 152.50 152.50 305.00 305.00 Series Z 200,000 200,000 2,000 2,000 4/21/2015 LIBOR + 3.80% 5/1/2020 LIBOR + 3.80 100.50 117.15 201.74 249.65 (e) Series CC 125,750 125,750 1,258 1,258 10/20/2017 4.625 11/1/2022 LIBOR + 2.58 115.63 115.63 231.25 231.25 Series FF 225,000 225,000 2,250 2,250 7/31/2019 5.000 8/1/2024 SOFR + 3.38 125.00 125.00 250.00 250.00 Series HH 300,000 300,000 3,000 3,000 1/23/2020 4.600 2/1/2025 SOFR + 3.125 115.00 115.00 230.00 240.22 (f) Series II 150,000 150,000 1,500 1,500 2/24/2020 4.000 4/1/2025 SOFR + 2.745 100.00 $141.11 200.00 141.11 (g) Series KK 200,000 — 2,000 — 5/12/2021 3.650 6/1/2026 CMT + 2.85 — NA — NA (h) Total preferred stock 3,283,750 3,006,250 $ 32,838 $ 30,063 (a) Floating annualized rate includes three-month LIBOR, three-month term SOFR or five-year Constant Maturity Treasury ("CMT") rate, as applicable, plus the spreads noted above. (b) Dividends in the amount of $150.42 per share were declared on January 8, 2020 and include dividends from the original issue date of November 7, 2019 through February 29, 2020. Dividends in the amount of $118.75 per share were declared thereafter on April 13, 2020. (c) Dividends in the amount of $93.53 per share were declared on April 9, 2021 and include dividends from the original issue date of March 17, 2021 though May 31, 2021. (d) No dividends were declared for Series LL from the original issue date of May 20, 2021 though June 30, 2021. (e) The dividend rate for Series Z preferred stock became floating and payable quarterly starting on May 1, 2020; prior to which the dividend rate was fixed at 5.3% or $265.00 per share payable semi annually. (f) Dividends in the amount of $125.22 per share were declared on March 13, 2020 and include dividends from the original issue date of January 23, 2020 through April 30, 2020. Dividends in the amount of $115.00 per share were declared thereafter on June 9, 2020. (g) Dividends in the amount of $141.11 per share were declared on May 15, 2020 and include dividends from the original issue date of February 24, 2020 through June 30, 2020. (h) No dividends were declared for Series KK from the original issue date of May 12, 2021 through June 30, 2021. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share basic and diluted | The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2021 and 2020. (in millions, except per share amounts) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Basic earnings per share Net income $ 11,948 $ 4,687 $ 26,248 $ 7,552 Less: Preferred stock dividends 393 401 772 822 Net income applicable to common equity 11,555 4,286 25,476 6,730 Less: Dividends and undistributed earnings allocated to participating securities 59 21 130 32 Net income applicable to common stockholders $ 11,496 $ 4,265 $ 25,346 $ 6,698 Total weighted-average basic shares outstanding 3,036.6 3,076.3 3,054.9 3,086.1 Net income per share $ 3.79 $ 1.39 $ 8.30 $ 2.17 Diluted earnings per share Net income applicable to common stockholders $ 11,496 $ 4,265 $ 25,346 $ 6,698 Total weighted-average basic shares outstanding 3,036.6 3,076.3 3,054.9 3,086.1 Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs 5.3 4.7 5.4 4.7 Total weighted-average diluted shares outstanding 3,041.9 3,081.0 3,060.3 3,090.8 Net income per share $ 3.78 $ 1.38 $ 8.28 $ 2.17 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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). As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at April 1, 2021 $ 3,841 $ (723) $ (140) $ 134 $ (1,064) $ (1,007) $ 1,041 Net change 674 64 (23) 591 9 214 1,529 Balance at June 30, 2021 $ 4,515 (a) $ (659) $ (163) $ 725 $ (1,055) $ (793) $ 2,570 As of or for the three months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at April 1, 2020 $ 5,176 $ (1,037) $ (43) $ 2,528 $ (1,311) $ 2,105 $ 7,418 Net change 2,744 142 16 234 (7) (1,758) 1,371 Balance at June 30, 2020 $ 7,920 (a) $ (895) $ (27) $ 2,762 $ (1,318) $ 347 $ 8,789 As of or for the six months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2021 $ 8,180 $ (473) $ (112) $ 2,383 $ (1,132) $ (860) $ 7,986 Net change (3,665) (186) (51) (1,658) 77 67 (5,416) Balance at June 30, 2021 $ 4,515 (a) $ (659) $ (163) $ 725 $ (1,055) $ (793) $ 2,570 As of or for the six months ended Unrealized Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at January 1, 2020 $ 4,057 $ (707) $ (131) $ 63 $ (1,344) $ (369) $ 1,569 Net change 3,863 (188) 104 2,699 26 716 7,220 Balance at June 30, 2020 $ 7,920 (a) $ (895) $ (27) $ 2,762 $ (1,318) $ 347 $ 8,789 |
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. 2021 2020 Three months ended June 30, Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ 727 $ (171) $ 556 $ 3,642 $ (878) $ 2,764 Reclassification adjustment for realized (gains)/losses included in net income (a) 155 (37) 118 (26) 6 (20) Net change 882 (208) 674 3,616 (872) 2,744 Translation adjustments (b) : Translation 280 (10) 270 405 46 451 Hedges (270) 64 (206) (405) 96 (309) Net change 10 54 64 — 142 142 Fair value hedges, net change (c) : (31) 8 (23) 21 (5) 16 Cash flow hedges: Net unrealized gains/(losses) arising during the period 1,118 (269) 849 402 (97) 305 Reclassification adjustment for realized (gains)/losses included in net income (d) (340) 82 (258) (93) 22 (71) Net change 778 (187) 591 309 (75) 234 Defined benefit pension and OPEB plans, net change: 2 7 9 (4) (3) (7) DVA on fair value option elected liabilities, net change: 276 (62) 214 (2,314) 556 (1,758) Total other comprehensive income/(loss) $ 1,917 $ (388) $ 1,529 $ 1,628 $ (257) $ 1,371 2021 2020 Six months ended June 30, Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ (4,966) $ 1,194 $ (3,772) $ 5,351 $ (1,291) $ 4,060 Reclassification adjustment for realized (gains)/losses included in net income (a) 141 (34) 107 (259) 62 (197) Net change (4,825) 1,160 (3,665) 5,092 (1,229) 3,863 Translation adjustments (b) : Translation (920) 29 (891) (1,187) 101 (1,086) Hedges 930 (225) 705 1,184 (286) 898 Net change 10 (196) (186) (3) (185) (188) Fair value hedges, net change (c) : (68) 17 (51) 136 (32) 104 Cash flow hedges: Net unrealized gains/(losses) arising during the period (1,577) 378 (1,199) 3,653 (877) 2,776 Reclassification adjustment for realized (gains)/losses included in net income (d) (604) 145 (459) (101) 24 (77) Net change (2,181) 523 (1,658) 3,552 (853) 2,699 Defined benefit pension and OPEB plans, net change: 93 (16) 77 41 (15) 26 DVA on fair value option elected liabilities, net change: 87 (20) 67 941 (225) 716 Total other comprehensive income/(loss) $ (6,884) $ 1,468 $ (5,416) $ 9,759 $ (2,539) $ 7,220 (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. The amounts were not material for the three and six months ended June 30, 2021 and 2020. (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 swaps. (d) The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income. |
Restricted Cash and Other Res_2
Restricted Cash and Other Restricted Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Components of restricted cash | The following table presents the components of the Firm’s restricted cash: (in billions) June 30, December 31, 2020 Segregated for the benefit of securities and cleared derivative customers 13.6 19.3 Cash reserves at non-U.S. central banks and held for other general purposes 5.4 5.1 Total restricted cash (a) $ 19.0 $ 24.4 (a) Comprises $17.4 billion and $22.7 billion in deposits with banks, and $1.6 billion and $1.7 billion in cash and due from banks on the Consolidated balance sheet as of June 30, 2021 and December 31, 2020, respectively. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Banking Regulation [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 June 30, 2021 and December 31, 2020. Standardized Minimum capital ratios Advanced Minimum capital ratios Well-capitalized ratios BHC (a) IDI (c) BHC (a)(b) IDI (b)(c) BHC (d) IDI (e) Capital ratios CET1 capital 11.3 % 7.0 % 10.5 % 7.0 % NA 6.5 % Tier 1 capital 12.8 8.5 12.0 8.5 6.0 % 8.0 Total capital 14.8 10.5 14.0 10.5 10.0 10.0 Tier 1 leverage 4.0 4.0 4.0 4.0 NA 5.0 SLR NA NA 5.0 6.0 NA 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. The CET1, Tier 1 and Total capital minimum capital ratios each include a respective minimum requirement plus a GSIB surcharge of 3.5% as calculated under Method 2; plus a 3.3% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies. (b) Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and IDI subsidiaries, respectively. (c) Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1, Tier 1 and Total capital minimum capital ratios include a fixed capital conservation buffer requirement of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge. (d) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (e) Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act. The following tables present risk-based capital metrics under both the Basel III Standardized and Basel III Advanced Approaches and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. As of June 30, 2021 and December 31, 2020, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. June 30, 2021 Basel III Standardized Basel III Advanced JPMorgan Chase & Co. (a) JPMorgan Chase Bank, N.A. (a) JPMorgan (a) JPMorgan (a) Risk-based capital metrics: CET1 capital $ 209,010 $ 251,948 $ 209,010 $ 251,948 Tier 1 capital 241,356 251,951 241,356 251,951 Total capital 274,443 269,803 262,364 257,331 Risk-weighted assets 1,601,631 1,524,072 1,514,386 1,368,435 CET1 capital ratio 13.0 % 16.5 % 13.8 % 18.4 % Tier 1 capital ratio 15.1 16.5 15.9 18.4 Total capital ratio 17.1 17.7 17.3 18.8 December 31, 2020 Basel III Standardized Basel III Advanced JPMorgan Chase & Co. (a) JPMorgan Chase Bank, N.A. (a) JPMorgan Chase & Co. (a) JPMorgan Chase Bank, N.A. (a) Risk-based capital metrics: CET1 capital $ 205,078 $ 234,235 $ 205,078 $ 234,235 Tier 1 capital 234,844 234,237 234,844 234,237 Total capital 269,923 252,045 257,228 239,673 Risk-weighted assets 1,560,609 1,492,138 1,484,431 1,343,185 CET1 capital ratio 13.1 % 15.7 % 13.8 % 17.4 % Tier 1 capital ratio 15.0 15.7 15.8 17.4 Total capital ratio 17.3 16.9 17.3 17.8 (a) The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight. (in millions, except ratios) June 30, 2021 December 31, 2020 JPMorgan Chase & Co. (b) JPMorgan Chase Bank, N.A. (b) JPMorgan (b)(c) JPMorgan (b)(c) Leverage-based capital metrics: Adjusted average assets (a) $ 3,680,830 $ 3,198,287 $ 3,353,319 $ 2,970,285 Tier 1 leverage ratio 6.6 % 7.9 % 7.0 % 7.9 % Total leverage exposure $ 4,456,557 $ 3,969,718 $ 3,401,542 $ 3,688,797 SLR 5.4 % 6.3 % 6.9 % 6.3 % (a) Adjusted average assets, for purposes of calculating the 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) The capital metrics reflect the CECL capital transition provisions. |
Off-balance Sheet Lending-rel_2
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |
Off-balance sheet lending related financial instruments, guarantees and other commitments | The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at June 30, 2021, and December 31, 2020. The amounts in the table below for credit card, home equity and certain scored business banking 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 and certain scored business banking 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 (i) June 30, 2021 Dec 31, Jun 30, Dec 31, By remaining maturity Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Residential real estate (a) $ 26,071 $ 1,900 $ 4,789 $ 11,633 $ 44,393 $ 46,047 $ 103 $ 148 Auto and other 11,660 — — 822 12,482 11,272 — — Total consumer, excluding credit card 37,731 1,900 4,789 12,455 56,875 57,319 103 148 Credit card (b) 682,531 — — — 682,531 658,506 — — Total consumer (b)(c) 720,262 1,900 4,789 12,455 739,406 715,825 103 148 Wholesale: Other unfunded commitments to extend credit (d) 116,310 186,067 138,839 22,357 463,573 415,828 2,796 2,148 Standby letters of credit and other financial guarantees (d) 17,489 7,622 8,471 1,294 34,876 30,982 663 443 Other letters of credit (d) 3,753 164 249 1 4,167 3,053 8 14 Total wholesale (c) 137,552 193,853 147,559 23,652 502,616 449,863 3,467 2,605 Total lending-related $ 857,814 $ 195,753 $ 152,348 $ 36,107 $ 1,242,022 $ 1,165,688 $ 3,570 $ 2,753 Other guarantees and commitments Securities lending indemnification agreements and guarantees (e) $ 303,869 $ — $ — $ — $ 303,869 $ 250,418 $ — $ — Derivatives qualifying as guarantees 5,509 130 11,603 39,859 57,101 54,415 308 322 Unsettled resale and securities borrowed agreements 173,862 2,129 — — 175,991 102,355 (h) — 2 Unsettled repurchase and securities loaned agreements 109,014 596 — — 109,610 104,901 — (1) Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 72 84 Loans sold with recourse NA NA NA NA 822 889 21 23 Exchange & clearing house guarantees and commitments (f) 109,977 — — — 109,977 142,003 — — Other guarantees and commitments (g) 6,506 2,945 328 1,727 11,506 9,639 (h) 51 52 (a) Includes certain commitments to purchase loans from correspondents. (b) Also includes commercial card lending-related commitments primarily in CB and CIB. (c) Predominantly all consumer and wholesale lending-related commitments are in the U.S. (d) At June 30, 2021, and December 31, 2020, reflected the contractual amount net of risk participations totaling $70 million and $72 million, respectively, for other unfunded commitments to extend credit; $8.1 billion and $8.5 billion, respectively, for standby letters of credit and other financial guarantees; and $808 million and $357 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. (e) At June 30, 2021, and December 31, 2020, collateral held by the Firm in support of securities lending indemnification agreements was $320.6 billion and $264.3 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies. (f) At June 30, 2021, and December 31, 2020, 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. (g) At June 30, 2021, and December 31, 2020, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and other equity investment commitments, (h) Prior-period amounts have been revised to conform with the current presentation. |
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 June 30, 2021, and December 31, 2020. Standby letters of credit, other financial guarantees and other letters of credit June 30, 2021 December 31, 2020 (in millions) Standby letters of Other letters Standby letters of Other letters Investment-grade (a) $ 26,955 $ 3,072 $ 22,850 $ 2,263 Noninvestment-grade (a) 7,921 1,095 8,132 790 Total contractual amount $ 34,876 $ 4,167 $ 30,982 $ 3,053 Allowance for lending-related commitments $ 67 $ 8 $ 80 $ 14 Guarantee liability 596 — 363 — Total carrying value $ 663 $ 8 $ 443 $ 14 Commitments with collateral $ 21,401 $ 886 $ 17,238 $ 498 (a) The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings. |
Derivatives qualifying as guarantees | The following table summarizes the derivatives qualifying as guarantees as of June 30, 2021, and December 31, 2020. (in millions) June 30, 2021 December 31, 2020 Notional amounts Derivative guarantees $ 57,101 $ 54,415 Stable value contracts with contractually limited exposure 29,410 27,752 Maximum exposure of stable value contracts with contractually limited exposure 2,813 2,803 Fair value Derivative payables 308 322 |
Pledged Assets and Collateral (
Pledged Assets and Collateral (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of pledged assets | The following table presents the Firm’s pledged assets. (in billions) June 30, 2021 December 31, 2020 Assets that may be sold or repledged or otherwise used by secured parties $ 186.1 $ 166.6 Assets that may not be sold or repledged or otherwise used by secured parties 121.7 113.9 Assets pledged at Federal Reserve banks and FHLBs 447.5 455.3 Total pledged assets $ 755.3 $ 735.8 |
Schedule of collateral received | The following table presents the fair value of collateral accepted. (in billions) June 30, 2021 December 31, 2020 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,368.8 $ 1,451.7 Collateral sold, repledged, delivered or otherwise used 1,065.9 1,038.9 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment results and reconciliation | The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2021 and 2020, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s managed basis. Capital allocation The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are reassessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 98 of JPMorgan Chase’s 2020 Form 10-K for additional information on capital allocation. Segment results and reconciliation (a) As of or for the three months Consumer & Corporate & Commercial Banking Asset & Wealth Management 2021 2020 2021 2020 2021 2020 2021 2020 Noninterest revenue $ 4,726 $ 4,222 $ 9,912 $ 12,304 $ 950 $ 823 $ 3,165 $ 2,575 Net interest income 8,034 8,136 3,302 4,079 1,533 1,577 942 855 Total net revenue 12,760 12,358 13,214 16,383 2,483 2,400 4,107 3,430 Provision for credit losses (1,868) 5,828 (79) 1,987 (377) 2,431 (10) 223 Noninterest expense 7,062 6,767 6,523 6,812 981 893 2,586 2,323 Income/(loss) before income tax expense/(benefit) 7,566 (237) 6,770 7,584 1,879 (924) 1,531 884 Income tax expense/(benefit) 1,932 (61) 1,785 2,133 459 (243) 378 223 Net income/(loss) $ 5,634 $ (176) $ 4,985 $ 5,451 $ 1,420 $ (681) $ 1,153 $ 661 Average equity $ 50,000 $ 52,000 $ 83,000 $ 80,000 $ 24,000 $ 22,000 $ 14,000 $ 10,500 Total assets 494,305 498,658 1,363,992 1,080,189 (b) 226,022 235,034 217,284 176,782 ROE 44 % (2) % 23 % 27 % 23 % (13) % 32 % 24 % Overhead ratio 55 55 49 42 40 37 63 68 As of or for the three months ended June 30, Corporate Reconciling Items (a) Total 2021 2020 2021 2020 2021 2020 Noninterest revenue $ (208) $ (67) $ (807) $ (635) (b) $ 17,738 $ 19,222 (b) Net interest income (961) (687) (109) (107) 12,741 13,853 Total net revenue (1,169) (754) (916) (742) 30,479 33,075 Provision for credit losses 49 4 — — (2,285) 10,473 Noninterest expense 515 147 — — 17,667 16,942 Income/(loss) before income tax expense/(benefit) (1,733) (905) (916) (742) 15,097 5,660 Income tax expense/(benefit) (489) (337) (916) (742) (b) 3,149 973 (b) Net income/(loss) $ (1,244) $ (568) $ — $ — $ 11,948 $ 4,687 Average equity $ 79,849 $ 69,908 $ — $ — $ 250,849 $ 234,408 Total assets 1,382,653 1,221,980 NA NA 3,684,256 3,212,643 (b) ROE NM NM NM NM 18 % 7 % Overhead ratio NM NM NM NM 58 51 (b) (a) Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information. Segment results and reconciliation (a) As of or for the six months ended June 30, Consumer & Corporate & Commercial Banking Asset & Wealth Management 2021 2020 2021 2020 2021 2020 2021 2020 Noninterest revenue $ 9,314 $ 8,319 $ 21,000 $ 19,200 $ 1,867 $ 1,431 $ 6,311 $ 5,104 Net interest income 15,963 17,326 6,819 7,186 3,009 3,134 1,873 1,715 Total net revenue 25,277 25,645 27,819 26,386 4,876 4,565 8,184 6,819 Provision for credit losses (5,470) 11,600 (410) 3,388 (495) 3,441 (131) 317 Noninterest expense 14,264 14,036 13,627 12,767 1,950 1,879 5,160 4,758 Income/(loss) before income tax expense/(benefit) 16,483 9 14,602 10,231 3,421 (755) 3,155 1,744 Income tax expense/(benefit) 4,121 (12) 3,877 2,795 833 (213) 758 414 Net income/(loss) $ 12,362 $ 21 $ 10,725 $ 7,436 $ 2,588 $ (542) $ 2,397 $ 1,330 Average equity $ 50,000 $ 52,000 $ 83,000 $ 80,000 $ 24,000 $ 22,000 $ 14,000 $ 10,500 Total assets 494,305 498,658 1,363,992 1,080,189 (b) 226,022 235,034 217,284 176,782 ROE 49 % (1) % 25 % 18 % 21 % (6) % 34 % 25 % Overhead ratio 56 55 49 48 40 41 63 70 As of or for the six months ended June 30, Corporate Reconciling Items (a) Total 2021 2020 2021 2020 2021 2020 Noninterest revenue $ 174 $ 264 $ (1,551) $ (1,249) (b) $ 37,115 $ 33,069 (b) Net interest income (1,816) (852) (218) (217) 25,630 28,292 Total net revenue (1,642) (588) (1,769) (1,466) 62,745 61,361 Provision for credit losses 65 12 — — (6,441) 18,758 Noninterest expense 1,391 293 — — 36,392 33,733 Income/(loss) before income tax expense/(benefit) (3,098) (893) (1,769) (1,466) 32,794 8,870 Income tax expense/(benefit) (1,274) (200) (1,769) (1,466) (b) 6,546 1,318 (b) Net income/(loss) $ (1,824) $ (693) $ — $ — $ 26,248 $ 7,552 Average equity $ 77,209 $ 69,969 $ — $ — $ 248,209 $ 234,469 Total assets 1,382,653 1,221,980 NA NA 3,684,256 3,212,643 (b) ROE NM NM NM NM 21 % 6 % Overhead ratio NM NM NM NM 58 55 (b) (a) Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information. |
Fair Value Measurement - Recurr
Fair Value Measurement - Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | $ 574,004 | $ 707,554 | ||||
Derivative netting adjustments | (503,293) | (627,924) | ||||
Net derivative receivables | 70,711 | 79,630 | ||||
Trading assets | 520,588 | 503,126 | ||||
Available-for-sale securities | 232,161 | 388,178 | ||||
Loans | 61,776 | 44,474 | ||||
Mortgage servicing rights | 4,549 | $ 4,470 | 3,276 | $ 3,080 | $ 3,267 | $ 4,699 |
Gross derivative payables | 552,881 | 688,887 | ||||
Derivative netting adjustments | (496,836) | (618,264) | ||||
Net derivative payables | 56,045 | 70,623 | ||||
Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 304,249 | 391,648 | ||||
Derivative netting adjustments | (278,203) | (355,923) | ||||
Net derivative receivables | 26,046 | 35,725 | ||||
Gross derivative payables | 270,175 | 353,987 | ||||
Derivative netting adjustments | (260,985) | (340,975) | ||||
Net derivative payables | 9,190 | 13,012 | ||||
Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 10,104 | 13,345 | ||||
Derivative netting adjustments | (9,156) | (12,665) | ||||
Net derivative receivables | 948 | 680 | ||||
Gross derivative payables | 11,515 | 14,832 | ||||
Derivative netting adjustments | (10,331) | (12,837) | ||||
Net derivative payables | 1,184 | 1,995 | ||||
Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 157,417 | 206,260 | ||||
Derivative netting adjustments | (142,910) | (190,479) | ||||
Net derivative receivables | 14,507 | 15,781 | ||||
Gross derivative payables | 156,751 | 215,926 | ||||
Derivative netting adjustments | (143,036) | (194,493) | ||||
Net derivative payables | 13,715 | 21,433 | ||||
Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 73,104 | 74,798 | ||||
Derivative netting adjustments | (56,243) | (54,125) | ||||
Net derivative receivables | 16,861 | 20,673 | ||||
Gross derivative payables | 84,557 | 81,413 | ||||
Derivative netting adjustments | (63,457) | (55,515) | ||||
Net derivative payables | 21,100 | 25,898 | ||||
Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 29,130 | 21,503 | ||||
Derivative netting adjustments | (16,781) | (14,732) | ||||
Net derivative receivables | 12,349 | 6,771 | ||||
Gross derivative payables | 29,883 | 22,729 | ||||
Derivative netting adjustments | (19,027) | (14,444) | ||||
Net derivative payables | 10,856 | 8,285 | ||||
Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 82,123 | 126,390 | ||||
Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 2,471 | 2,856 | ||||
U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 99,847 | 201,951 | ||||
Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 18,455 | 20,396 | ||||
Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 17,740 | 22,928 | ||||
Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 216 | 216 | ||||
Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 13,780 | |||||
Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 8,816 | 10,048 | ||||
U.S. GSE obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 46,400 | 65,800 | ||||
Fair Value Measured at Net Asset Value Per Share | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets | 56 | 52 | ||||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||||
Alternative investments, net asset value, fair value | 688 | 670 | ||||
Other assets | 632 | 618 | ||||
Recurring | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Federal funds sold and securities purchased under resale agreements | 254,574 | 238,015 | ||||
Securities borrowed | 69,988 | 52,983 | ||||
Trading assets, debt and equity instruments | 449,821 | 423,444 | ||||
Derivative netting adjustments | (503,293) | (627,924) | ||||
Net derivative receivables | 70,711 | 79,630 | ||||
Trading assets | 520,532 | 503,074 | ||||
Available-for-sale securities | 232,161 | 388,178 | ||||
Loans | 61,776 | 44,474 | ||||
Mortgage servicing rights | 4,549 | 3,276 | ||||
Total assets measured at fair value on a recurring basis | 1,195,182 | 1,243,209 | ||||
Deposits | 14,023 | 14,484 | ||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 175,817 | 155,735 | ||||
Short-term borrowings | 20,002 | 16,893 | ||||
Trading liabilities, Debt and equity instruments | 127,822 | 99,558 | ||||
Derivative netting adjustments | (496,836) | (618,264) | ||||
Net derivative payables | 56,045 | 70,623 | ||||
Trading liabilities | 183,867 | 170,181 | ||||
Accounts payable and other liabilities | 45,571 | 3,476 | ||||
Beneficial interests issued by consolidated VIEs | 84 | 41 | ||||
Long-term debt | 75,733 | 76,817 | ||||
Total liabilities measured at fair value on a recurring basis | 515,097 | 437,627 | ||||
Recurring | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (278,203) | (355,923) | ||||
Net derivative receivables | 26,046 | 35,725 | ||||
Derivative netting adjustments | (260,985) | (340,975) | ||||
Net derivative payables | 9,190 | 13,012 | ||||
Recurring | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (9,156) | (12,665) | ||||
Net derivative receivables | 948 | 680 | ||||
Derivative netting adjustments | (10,331) | (12,837) | ||||
Net derivative payables | 1,184 | 1,995 | ||||
Recurring | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (142,910) | (190,479) | ||||
Net derivative receivables | 14,507 | 15,781 | ||||
Derivative netting adjustments | (143,036) | (194,493) | ||||
Net derivative payables | 13,715 | 21,433 | ||||
Recurring | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (56,243) | (54,125) | ||||
Net derivative receivables | 16,861 | 20,673 | ||||
Derivative netting adjustments | (63,457) | (55,515) | ||||
Net derivative payables | 21,100 | 25,898 | ||||
Recurring | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Derivative netting adjustments | (16,781) | (14,732) | ||||
Net derivative receivables | 12,349 | 6,771 | ||||
Derivative netting adjustments | (19,027) | (14,444) | ||||
Net derivative payables | 10,856 | 8,285 | ||||
Recurring | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 51,602 | 13,209 | ||||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||||
Other assets | 52,234 | 13,827 | ||||
Recurring | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 265,803 | 294,496 | ||||
Recurring | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 38,568 | 72,340 | ||||
Available-for-sale securities | 82,123 | 126,390 | ||||
Recurring | Mortgage-backed securities, U.S. GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 34,710 | 68,844 | ||||
Available-for-sale securities | 72,682 | 113,301 | ||||
Recurring | Mortgage-backed securities, Residential - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,194 | 2,166 | ||||
Available-for-sale securities | 6,970 | 10,233 | ||||
Recurring | Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 1,664 | 1,330 | ||||
Available-for-sale securities | 2,471 | 2,856 | ||||
Recurring | U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 84,931 | 115,259 | ||||
Available-for-sale securities | 99,847 | 201,951 | ||||
Recurring | Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 6,879 | 7,192 | ||||
Available-for-sale securities | 18,455 | 20,396 | ||||
Recurring | Certificates of deposit, bankers’ acceptances and commercial paper | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,394 | 1,230 | ||||
Recurring | Certificates of deposit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 90,891 | 67,625 | ||||
Available-for-sale securities | 17,740 | 22,928 | ||||
Recurring | Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 31,140 | 21,524 | ||||
Available-for-sale securities | 216 | 216 | ||||
Recurring | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 8,335 | 6,994 | ||||
Recurring | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,665 | 2,332 | ||||
Recurring | Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 8,816 | 10,048 | ||||
Recurring | Asset-backed securities, Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 4,964 | 6,249 | ||||
Recurring | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 142,057 | 100,163 | ||||
Recurring | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 20,564 | 11,571 | ||||
Recurring | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 21,397 | 17,214 | ||||
Recurring | U.S. GSE obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 68,500 | 117,600 | ||||
Recurring | Residential mortgage | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 29,800 | 15,100 | ||||
Recurring | Commercial mortgage | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 7,900 | 6,300 | ||||
Recurring | Residential conforming mortgage intended for sale to U.S. GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 15,400 | 8,400 | ||||
Recurring | Level 1 | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||||
Securities borrowed | 0 | 0 | ||||
Trading assets, debt and equity instruments | 263,739 | 234,452 | ||||
Gross derivative receivables | 1,083 | 2,464 | ||||
Trading assets | 264,822 | 236,916 | ||||
Available-for-sale securities | 108,745 | 215,093 | ||||
Loans | 0 | 0 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Total assets measured at fair value on a recurring basis | 419,161 | 460,119 | ||||
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 | 98,290 | 82,669 | ||||
Gross derivative payables | 1,143 | 2,628 | ||||
Trading liabilities | 99,433 | 85,297 | ||||
Accounts payable and other liabilities | 43,774 | 2,895 | ||||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Total liabilities measured at fair value on a recurring basis | 143,207 | 88,192 | ||||
Recurring | Level 1 | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 953 | 2,318 | ||||
Gross derivative payables | 996 | 2,496 | ||||
Recurring | Level 1 | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 0 | 0 | ||||
Gross derivative payables | 0 | 0 | ||||
Recurring | Level 1 | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 130 | 146 | ||||
Gross derivative payables | 147 | 132 | ||||
Recurring | Level 1 | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 0 | 0 | ||||
Gross derivative payables | 0 | 0 | ||||
Recurring | Level 1 | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 0 | 0 | ||||
Gross derivative payables | 0 | 0 | ||||
Recurring | Level 1 | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 45,594 | 8,110 | ||||
Recurring | Level 1 | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 114,330 | 131,035 | ||||
Recurring | Level 1 | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 7 | ||||
Recurring | Level 1 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 7 | ||||
Recurring | Level 1 | Mortgage-backed securities, Residential - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 76,124 | 104,263 | ||||
Available-for-sale securities | 99,847 | 201,951 | ||||
Recurring | Level 1 | Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 1 | Certificates of deposit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 38,206 | 26,772 | ||||
Available-for-sale securities | 8,898 | 13,135 | ||||
Recurring | Level 1 | Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 1 | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 1 | Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Asset-backed securities, Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 1 | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 139,456 | 97,035 | ||||
Recurring | Level 1 | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 9,953 | 6,382 | ||||
Recurring | Level 1 | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 2 | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Federal funds sold and securities purchased under resale agreements | 254,574 | 238,015 | ||||
Securities borrowed | 69,988 | 52,983 | ||||
Trading assets, debt and equity instruments | 183,482 | 186,369 | ||||
Gross derivative receivables | 566,438 | 697,422 | ||||
Trading assets | 749,920 | 883,791 | ||||
Available-for-sale securities | 123,416 | 173,085 | ||||
Loans | 60,042 | 42,169 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Total assets measured at fair value on a recurring basis | 1,263,430 | 1,394,604 | ||||
Deposits | 11,339 | 11,571 | ||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 175,817 | 155,735 | ||||
Short-term borrowings | 16,927 | 14,473 | ||||
Trading liabilities, Debt and equity instruments | 29,496 | 16,838 | ||||
Gross derivative payables | 538,530 | 673,598 | ||||
Trading liabilities | 568,026 | 690,436 | ||||
Accounts payable and other liabilities | 1,746 | 513 | ||||
Beneficial interests issued by consolidated VIEs | 84 | 41 | ||||
Long-term debt | 52,206 | 53,420 | ||||
Total liabilities measured at fair value on a recurring basis | 826,145 | 926,189 | ||||
Recurring | Level 2 | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 301,447 | 387,023 | ||||
Gross derivative payables | 267,308 | 349,442 | ||||
Recurring | Level 2 | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 9,561 | 12,721 | ||||
Gross derivative payables | 10,955 | 13,984 | ||||
Recurring | Level 2 | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 156,594 | 205,127 | ||||
Gross derivative payables | 155,328 | 214,373 | ||||
Recurring | Level 2 | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 70,075 | 71,279 | ||||
Gross derivative payables | 76,592 | 74,032 | ||||
Recurring | Level 2 | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 28,761 | 21,272 | ||||
Gross derivative payables | 28,347 | 21,767 | ||||
Recurring | Level 2 | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 5,490 | 4,561 | ||||
Recurring | Level 2 | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 149,610 | 161,363 | ||||
Recurring | Level 2 | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 38,213 | 71,860 | ||||
Available-for-sale securities | 82,123 | 126,383 | ||||
Recurring | Level 2 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 34,381 | 68,395 | ||||
Available-for-sale securities | 72,682 | 113,294 | ||||
Recurring | Level 2 | Mortgage-backed securities, Residential - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,178 | 2,138 | ||||
Available-for-sale securities | 6,970 | 10,233 | ||||
Recurring | Level 2 | Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 1,654 | 1,327 | ||||
Available-for-sale securities | 2,471 | 2,856 | ||||
Recurring | Level 2 | U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 8,807 | 10,996 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 2 | Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 6,871 | 7,184 | ||||
Available-for-sale securities | 18,455 | 20,396 | ||||
Recurring | Level 2 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,394 | 1,230 | ||||
Recurring | Level 2 | Certificates of deposit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 2 | Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 52,502 | 40,671 | ||||
Available-for-sale securities | 8,842 | 9,793 | ||||
Recurring | Level 2 | Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 30,653 | 21,017 | ||||
Available-for-sale securities | 216 | 216 | ||||
Recurring | Level 2 | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 7,540 | 6,101 | ||||
Recurring | Level 2 | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 2,630 | 2,304 | ||||
Recurring | Level 2 | Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 8,816 | 10,048 | ||||
Recurring | Level 2 | Asset-backed securities, Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 4,964 | 6,249 | ||||
Recurring | Level 2 | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 1,911 | 2,652 | ||||
Recurring | Level 2 | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 10,611 | 5,189 | ||||
Recurring | Level 2 | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 21,350 | 17,165 | ||||
Recurring | Level 3 | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||||
Securities borrowed | 0 | 0 | ||||
Trading assets, debt and equity instruments | 2,600 | 2,623 | ||||
Gross derivative receivables | 6,483 | 7,668 | ||||
Trading assets | 9,083 | 10,291 | ||||
Available-for-sale securities | 0 | 0 | ||||
Loans | 1,734 | 2,305 | ||||
Mortgage servicing rights | 4,549 | 3,276 | ||||
Total assets measured at fair value on a recurring basis | 15,884 | 16,410 | ||||
Deposits | 2,684 | 2,913 | ||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||||
Short-term borrowings | 3,075 | 2,420 | ||||
Trading liabilities, Debt and equity instruments | 36 | 51 | ||||
Gross derivative payables | 13,208 | 12,661 | ||||
Trading liabilities | 13,244 | 12,712 | ||||
Accounts payable and other liabilities | 51 | 68 | ||||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||||
Long-term debt | 23,527 | 23,397 | ||||
Total liabilities measured at fair value on a recurring basis | 42,581 | 41,510 | ||||
Recurring | Level 3 | Interest rate | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 1,849 | 2,307 | ||||
Gross derivative payables | 1,871 | 2,049 | ||||
Recurring | Level 3 | Credit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 543 | 624 | ||||
Gross derivative payables | 560 | 848 | ||||
Recurring | Level 3 | Foreign exchange | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 693 | 987 | ||||
Gross derivative payables | 1,276 | 1,421 | ||||
Recurring | Level 3 | Equity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 3,029 | 3,519 | ||||
Gross derivative payables | 7,965 | 7,381 | ||||
Recurring | Level 3 | Commodity | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Gross derivative receivables | 369 | 231 | ||||
Gross derivative payables | 1,536 | 962 | ||||
Recurring | Level 3 | Other assets | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Other assets | 518 | 538 | ||||
Recurring | Level 3 | Total debt instruments | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 1,863 | 2,098 | ||||
Recurring | Level 3 | Total mortgage-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 355 | 480 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 329 | 449 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Mortgage-backed securities, Residential - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 16 | 28 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Mortgage-backed securities, Commercial - nonagency | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 10 | 3 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | U.S. Treasury, GSEs and government agencies | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Obligations of U.S. states and municipalities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 8 | 8 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 3 | Certificates of deposit | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Non-U.S. government debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 183 | 182 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Corporate debt securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 487 | 507 | ||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Loans | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 795 | 893 | ||||
Recurring | Level 3 | Asset-backed securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 35 | 28 | ||||
Recurring | Level 3 | Asset-backed securities, Collateralized loan obligations | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Asset-backed securities, Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Available-for-sale securities | 0 | 0 | ||||
Recurring | Level 3 | Equity securities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 690 | 476 | ||||
Recurring | Level 3 | Physical commodities | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | 0 | 0 | ||||
Recurring | Level 3 | Other | ||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||
Trading assets, debt and equity instruments | $ 47 | $ 49 |
Fair Value Measurement - Level
Fair Value Measurement - Level 3 Inputs (Details) $ in Millions | Jun. 30, 2021USD ($)$ / shares$ / MT$ / MWh | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | $ 61,776 | $ 44,474 | ||||
MSRs | 4,549 | $ 4,470 | 3,276 | $ 3,080 | $ 3,267 | $ 4,699 |
Equity securities for which quoted prices are not readily available | $ 2,798 | 2,400 | $ 2,620 | |||
Assumed par value for price input (in dollars per share) | $ / shares | $ 100 | |||||
Level 3 | Interest rate volatility | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0008 | |||||
Level 3 | Interest rate volatility | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0654 | |||||
Level 3 | Interest rate volatility | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0125 | |||||
Level 3 | Interest rate correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.65) | |||||
Level 3 | Interest rate correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.99 | |||||
Level 3 | Interest rate correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.36 | |||||
Level 3 | IR-FX correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.35) | |||||
Level 3 | IR-FX correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.50 | |||||
Level 3 | IR-FX correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.01) | |||||
Level 3 | Credit correlation | Discounted cash flows | 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 | 0.35 | |||||
Level 3 | Credit correlation | Discounted cash flows | 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 | 0.62 | |||||
Level 3 | Credit correlation | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.47 | |||||
Level 3 | Equity correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.12 | |||||
Level 3 | Equity correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 1 | |||||
Level 3 | Equity correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.55 | |||||
Level 3 | Equity-FX correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.79) | |||||
Level 3 | Equity-FX correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.60 | |||||
Level 3 | Equity-FX correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.27) | |||||
Level 3 | Equity-IR correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.15 | |||||
Level 3 | Equity-IR correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.50 | |||||
Level 3 | Equity-IR correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.27 | |||||
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | (0.03) | |||||
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.18 | |||||
Level 3 | Residential mortgage-backed securities and loans | Yield | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.05 | |||||
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0 | |||||
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 1 | |||||
Level 3 | Residential mortgage-backed securities and loans | Prepayment speed | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.11 | |||||
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0 | |||||
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.30 | |||||
Level 3 | Residential mortgage-backed securities and loans | Conditional default rate | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.08 | |||||
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | (0.11) | |||||
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 1.08 | |||||
Level 3 | Residential mortgage-backed securities and loans | Loss severity | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | 0.05 | |||||
Level 3 | Commercial mortgage-backed securities and loans | Price | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | $ / shares | 0 | |||||
Level 3 | Commercial mortgage-backed securities and loans | Price | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | $ / shares | 102 | |||||
Level 3 | Commercial mortgage-backed securities and loans | Price | Market comparables | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans, measurement input | $ / shares | 86 | |||||
Level 3 | Corporate debt securities | Price | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 2 | |||||
Level 3 | Corporate debt securities | Price | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 114 | |||||
Level 3 | Corporate debt securities | Price | Market comparables | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 92 | |||||
Level 3 | Loans | Price | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans, measurement input | $ / shares | 5 | |||||
Level 3 | Loans | Price | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans, measurement input | $ / shares | 104 | |||||
Level 3 | Loans | Price | Market comparables | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans, measurement input | $ / shares | 80 | |||||
Level 3 | Asset-backed securities | Price | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 0 | |||||
Level 3 | Asset-backed securities | Price | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 99 | |||||
Level 3 | Asset-backed securities | Price | Market comparables | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading, measurement input | $ / shares | 51 | |||||
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0 | |||||
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.30 | |||||
Level 3 | Net interest rate derivatives | Prepayment speed | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.08 | |||||
Level 3 | Net interest rate derivatives | Interest rate volatility | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0008 | |||||
Level 3 | Net interest rate derivatives | Interest rate volatility | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0654 | |||||
Level 3 | Net interest rate derivatives | Interest rate volatility | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0125 | |||||
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0011 | |||||
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0023 | |||||
Level 3 | Net interest rate derivatives | Interest rate spread volatility | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0015 | |||||
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.65) | |||||
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.99 | |||||
Level 3 | Net interest rate derivatives | Interest rate correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.36 | |||||
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.35) | |||||
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.50 | |||||
Level 3 | Net interest rate derivatives | IR-FX correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.01) | |||||
Level 3 | Net credit derivatives | Conditional default rate | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.89 | |||||
Level 3 | Net credit derivatives | Conditional default rate | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1 | |||||
Level 3 | Net credit derivatives | Conditional default rate | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.94 | |||||
Level 3 | Net credit derivatives | Loss severity | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1 | |||||
Level 3 | Net credit derivatives | Loss severity | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1 | |||||
Level 3 | Net credit derivatives | Loss severity | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1 | |||||
Level 3 | Net credit derivatives | Price | Market comparables | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0 | |||||
Level 3 | Net credit derivatives | Price | Market comparables | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 115 | |||||
Level 3 | Net credit derivatives | Price | Market comparables | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 81 | |||||
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.35 | |||||
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.62 | |||||
Level 3 | Net credit derivatives | Credit correlation | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.47 | |||||
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0001 | |||||
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.1876 | |||||
Level 3 | Net credit derivatives | Credit spread | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.0405 | |||||
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.40 | |||||
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.70 | |||||
Level 3 | Net credit derivatives | Recovery rate | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.54 | |||||
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.09 | |||||
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.30 | |||||
Level 3 | Net foreign exchange derivatives | Prepayment speed | Discounted cash flows | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.11 | |||||
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.40) | |||||
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.65 | |||||
Level 3 | Net foreign exchange derivatives | IR-FX correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.19 | |||||
Level 3 | Net equity derivatives | Forward equity price | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.62 | |||||
Level 3 | Net equity derivatives | Forward equity price | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1.09 | |||||
Level 3 | Net equity derivatives | Forward equity price | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.99 | |||||
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.03 | |||||
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1.46 | |||||
Level 3 | Net equity derivatives | Equity volatility | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.29 | |||||
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.12 | |||||
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 1 | |||||
Level 3 | Net equity derivatives | Equity correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.55 | |||||
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.79) | |||||
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.60 | |||||
Level 3 | Net equity derivatives | Equity-FX correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.27) | |||||
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.15 | |||||
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.50 | |||||
Level 3 | Net equity derivatives | Equity-IR correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.27 | |||||
Level 3 | Net commodity derivatives | Oil Commodity Forward | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | $ / MT | 616 | |||||
Level 3 | Net commodity derivatives | Oil Commodity Forward | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | $ / MT | 670 | |||||
Level 3 | Net commodity derivatives | Oil Commodity Forward | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | $ / MT | 643 | |||||
Level 3 | Net commodity derivatives | Forward power price | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | $ / MWh | 15 | |||||
Level 3 | Net commodity derivatives | Forward power price | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | $ / MWh | 76 | |||||
Level 3 | Net commodity derivatives | Forward power price | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | $ / MWh | 46 | |||||
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.02 | |||||
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.70 | |||||
Level 3 | Net commodity derivatives | Commodity volatility | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.36 | |||||
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | (0.50) | |||||
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.98 | |||||
Level 3 | Net commodity derivatives | Commodity correlation | Option pricing | Average | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability), measurement inputs | 0.24 | |||||
Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | $ 61,776 | 44,474 | ||||
MSRs | 4,549 | 3,276 | ||||
Long-term debt, short-term borrowings, and deposits | 515,097 | 437,627 | ||||
Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | 1,734 | 2,305 | ||||
MSRs | 4,549 | 3,276 | ||||
Long-term debt, short-term borrowings, and deposits | 42,581 | $ 41,510 | ||||
Other level 3 asset and liabilities, net | 1,359 | |||||
Equity securities for which quoted prices are not readily available | 1,300 | |||||
Recurring | Level 3 | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
MSRs | 4,549 | |||||
Long-term debt, short-term borrowings, and deposits | 980 | |||||
Recurring | Level 3 | Option pricing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-term debt, short-term borrowings, and deposits | 28,306 | |||||
Recurring | Level 3 | Residential mortgage-backed securities and loans | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 1,044 | |||||
Recurring | Level 3 | Commercial mortgage-backed securities and loans | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 270 | |||||
Recurring | Level 3 | Corporate debt securities | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading | 487 | |||||
Recurring | Level 3 | Loans | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | 1,570 | |||||
Recurring | Level 3 | Trading loans | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | 754 | |||||
Recurring | Level 3 | Trading loans | Market comparables | Commercial | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 41 | |||||
Recurring | Level 3 | Nontrading loans | Discounted cash flows | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 699 | |||||
Recurring | Level 3 | Nontrading loans | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans | 816 | |||||
Recurring | Level 3 | Nontrading loans | Market comparables | Commercial | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 219 | |||||
Recurring | Level 3 | Asset-backed securities | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities, trading | 35 | |||||
Recurring | Level 3 | Net interest rate derivatives | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | 11 | |||||
Recurring | Level 3 | Net interest rate derivatives | Option pricing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (33) | |||||
Recurring | Level 3 | Net credit derivatives | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (52) | |||||
Recurring | Level 3 | Net credit derivatives | Market comparables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | 35 | |||||
Recurring | Level 3 | Net foreign exchange derivatives | Discounted cash flows | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (114) | |||||
Recurring | Level 3 | Net foreign exchange derivatives | Option pricing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (469) | |||||
Recurring | Level 3 | Net equity derivatives | Option pricing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (4,936) | |||||
Recurring | Level 3 | Net commodity derivatives | Option pricing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net derivative asset (liability) | (1,167) | |||||
Recurring | Level 3 | Mortgage-backed securities, U.S. GSEs and government agencies | Discounted cash flows | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 329 | |||||
Recurring | Level 3 | Residential mortgage-backed securities | Discounted cash flows | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 16 | |||||
Recurring | Level 3 | Commercial | Market comparables | Commercial | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Debt securities and loans | 10 | |||||
Recurring | Level 3 | Other assets | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Equity securities for which quoted prices are not readily available | $ 564 |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Level 3 Recurring Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Net derivative receivables: | |||||
Fair value, beginning balance | $ (5,139) | $ (2,425) | $ (4,993) | $ (4,489) | |
Total realized/unrealized gains/(losses) | (796) | (7) | (591) | 3,038 | |
Purchases | 343 | 589 | 597 | 774 | |
Sales | (547) | (582) | (1,699) | (1,327) | |
Settlements | 113 | (528) | 122 | (224) | |
Transfers into level 3 | (98) | (60) | 75 | (834) | |
Transfers (out of) level 3 | (601) | (156) | (236) | (107) | |
Fair value, ending balance | (6,725) | (3,169) | (6,725) | (3,169) | |
Change in unrealized gains/(losses) related to financial instruments held | $ (1,059) | (879) | $ (1,413) | 2,539 | |
Level 3 Rollforward Supplemental Data [Abstract] | |||||
Level 3 assets as a percentage of total firm assets at fair value | 1.00% | 1.00% | 1.00% | ||
Level 3 liabilities as a percentage of total firm liabilities at fair value | 8.00% | 8.00% | 9.00% | ||
Deposits | |||||
Liabilities: | |||||
Fair value, beginning balance | $ 2,652 | 3,179 | $ 2,913 | 3,360 | |
Total realized/unrealized (gains)/losses | 47 | 194 | (56) | 45 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 150 | 80 | 219 | 466 | |
Settlements | (93) | (256) | (188) | (428) | |
Transfers into level 3 | 1 | 261 | 2 | 265 | |
Transfers (out of) level 3 | (73) | (241) | (206) | (491) | |
Fair value, ending balance | 2,684 | 3,217 | 2,684 | 3,217 | |
Change in unrealized (gains)/losses related to financials instruments held | 47 | 160 | (56) | 58 | |
Short-term borrowings | |||||
Liabilities: | |||||
Fair value, beginning balance | 3,664 | 2,039 | 2,420 | 1,674 | |
Total realized/unrealized (gains)/losses | (283) | 98 | (396) | (247) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 1,395 | 925 | 4,313 | 2,540 | |
Settlements | (1,706) | (747) | (3,212) | (1,676) | |
Transfers into level 3 | 9 | 12 | 9 | 52 | |
Transfers (out of) level 3 | (4) | (22) | (59) | (38) | |
Fair value, ending balance | 3,075 | 2,305 | 3,075 | 2,305 | |
Change in unrealized (gains)/losses related to financials instruments held | 35 | 85 | 18 | (37) | |
Total debt and equity instruments | |||||
Liabilities: | |||||
Fair value, beginning balance | 60 | 61 | 51 | 41 | |
Total realized/unrealized (gains)/losses | (1) | 0 | (4) | 3 | |
Purchases | (27) | (1) | (92) | (76) | |
Sales | 13 | 0 | 34 | 7 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (5) | 0 | (5) | |
Transfers into level 3 | 0 | 7 | 59 | 93 | |
Transfers (out of) level 3 | (9) | (3) | (12) | (4) | |
Fair value, ending balance | 36 | 59 | 36 | 59 | |
Change in unrealized (gains)/losses related to financials instruments held | 0 | 0 | 10 | 2 | |
Accounts payable and other liabilities | |||||
Liabilities: | |||||
Fair value, beginning balance | 61 | 15 | 68 | 45 | |
Total realized/unrealized (gains)/losses | (9) | 4 | (10) | (4) | |
Purchases | 0 | 0 | 0 | (23) | |
Sales | 0 | 32 | 1 | 33 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 40 | 0 | 40 | |
Transfers (out of) level 3 | (1) | 0 | (8) | 0 | |
Fair value, ending balance | 51 | 91 | 51 | 91 | |
Change in unrealized (gains)/losses related to financials instruments held | (8) | 3 | (10) | (4) | |
Beneficial interests issued by consolidated VIEs | |||||
Liabilities: | |||||
Fair value, beginning balance | 0 | ||||
Total realized/unrealized (gains)/losses | 0 | ||||
Purchases | 0 | ||||
Sales | 0 | ||||
Issuances | 0 | ||||
Settlements | 0 | ||||
Transfers into level 3 | 0 | ||||
Transfers (out of) level 3 | 0 | ||||
Fair value, ending balance | 0 | 0 | |||
Change in unrealized (gains)/losses related to financials instruments held | 0 | ||||
Long-term debt | |||||
Liabilities: | |||||
Fair value, beginning balance | 22,575 | 20,141 | 23,397 | 23,339 | |
Total realized/unrealized (gains)/losses | 714 | 2,705 | 406 | (1,405) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 3,469 | 1,600 | 6,934 | 6,207 | |
Settlements | (3,089) | (1,809) | (6,738) | (5,358) | |
Transfers into level 3 | 7 | 608 | 18 | 978 | |
Transfers (out of) level 3 | (149) | (517) | (490) | (1,033) | |
Fair value, ending balance | 23,527 | 22,728 | 23,527 | 22,728 | |
Change in unrealized (gains)/losses related to financials instruments held | 708 | 2,194 | 305 | (476) | |
DVA for fair value option elected liabilities | |||||
Level 3 Rollforward Supplemental Data [Abstract] | |||||
Unrealized (gains)/losses on liabilities recorded in OCI | 5 | 940 | (17) | (199) | |
Interest rate | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | 149 | (136) | 258 | (332) | |
Total realized/unrealized gains/(losses) | 524 | 753 | 969 | 1,395 | |
Purchases | 18 | 21 | 71 | 87 | |
Sales | (9) | (17) | (102) | (67) | |
Settlements | (657) | (622) | (1,191) | (863) | |
Transfers into level 3 | (2) | (180) | 55 | (352) | |
Transfers (out of) level 3 | (45) | 77 | (82) | 28 | |
Fair value, ending balance | (22) | (104) | (22) | (104) | |
Change in unrealized gains/(losses) related to financial instruments held | 198 | 447 | 233 | 286 | |
Credit | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (4) | (111) | (224) | (139) | |
Total realized/unrealized gains/(losses) | (34) | (46) | 149 | 62 | |
Purchases | 1 | 30 | 2 | 48 | |
Sales | (2) | (6) | (4) | (134) | |
Settlements | 17 | 16 | 44 | (17) | |
Transfers into level 3 | (6) | 11 | (9) | 71 | |
Transfers (out of) level 3 | 11 | (31) | 25 | (28) | |
Fair value, ending balance | (17) | (137) | (17) | (137) | |
Change in unrealized gains/(losses) related to financial instruments held | (13) | (41) | 134 | 28 | |
Foreign exchange | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (539) | (927) | (434) | (607) | |
Total realized/unrealized gains/(losses) | 2 | 182 | (198) | (157) | |
Purchases | 37 | 1 | 39 | 39 | |
Sales | (48) | (5) | (54) | (9) | |
Settlements | (12) | 123 | 99 | 109 | |
Transfers into level 3 | 1 | 8 | 11 | 8 | |
Transfers (out of) level 3 | (24) | 23 | (46) | 22 | |
Fair value, ending balance | (583) | (595) | (583) | (595) | |
Change in unrealized gains/(losses) related to financial instruments held | (104) | (249) | 32 | (118) | |
Equity | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (3,834) | (826) | (3,862) | (3,395) | |
Total realized/unrealized gains/(losses) | (941) | (1,036) | (918) | 2,001 | |
Purchases | 281 | 530 | 475 | 589 | |
Sales | (407) | (541) | (1,245) | (1,089) | |
Settlements | 600 | (54) | 726 | 529 | |
Transfers into level 3 | (91) | 99 | 19 | (557) | |
Transfers (out of) level 3 | (544) | (208) | (131) | (114) | |
Fair value, ending balance | (4,936) | (2,036) | (4,936) | (2,036) | |
Change in unrealized gains/(losses) related to financial instruments held | (942) | (1,215) | (1,258) | 2,619 | |
Commodity | |||||
Net derivative receivables: | |||||
Fair value, beginning balance | (911) | (425) | (731) | (16) | |
Total realized/unrealized gains/(losses) | (347) | 140 | (593) | (263) | |
Purchases | 6 | 7 | 10 | 11 | |
Sales | (81) | (13) | (294) | (28) | |
Settlements | 165 | 9 | 444 | 18 | |
Transfers into level 3 | 0 | 2 | (1) | (4) | |
Transfers (out of) level 3 | 1 | (17) | (2) | (15) | |
Fair value, ending balance | (1,167) | (297) | (1,167) | (297) | |
Change in unrealized gains/(losses) related to financial instruments held | (198) | 179 | (554) | (276) | |
Total mortgage-backed securities | |||||
Assets: | |||||
Fair value, beginning balance | 431 | 546 | 480 | 824 | |
Total realized/unrealized gains/(losses) | (33) | (10) | (9) | (150) | |
Purchases | 18 | 7 | 33 | 29 | |
Sales | (29) | (7) | (81) | (123) | |
Settlements | (32) | (41) | (67) | (84) | |
Transfers into level 3 | 1 | 0 | 1 | 1 | |
Transfers (out of) level 3 | (1) | (1) | (2) | (3) | |
Fair value, ending balance | 355 | 494 | 355 | 494 | |
Change in unrealized gains/(losses) related to financial instruments held | (33) | (8) | (12) | (133) | |
Mortgage-backed securities, U.S. GSEs and government agencies | |||||
Assets: | |||||
Fair value, beginning balance | 397 | 519 | 449 | 797 | |
Total realized/unrealized gains/(losses) | (33) | (10) | (10) | (149) | |
Purchases | 1 | 5 | 7 | 24 | |
Sales | (8) | (5) | (56) | (121) | |
Settlements | (28) | (40) | (61) | (82) | |
Transfers into level 3 | 1 | 0 | 1 | 0 | |
Transfers (out of) level 3 | (1) | 0 | (1) | 0 | |
Fair value, ending balance | 329 | 469 | 329 | 469 | |
Change in unrealized gains/(losses) related to financial instruments held | (34) | (8) | (12) | (139) | |
Mortgage-backed securities, Residential - nonagency | |||||
Assets: | |||||
Fair value, beginning balance | 32 | 24 | 28 | 23 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 1 | (1) | |
Purchases | 6 | 2 | 15 | 4 | |
Sales | (21) | (2) | (24) | (2) | |
Settlements | (1) | (1) | (3) | (1) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | (1) | 0 | |
Fair value, ending balance | 16 | 23 | 16 | 23 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 | 2 | |
Mortgage-backed securities, Commercial - nonagency | |||||
Assets: | |||||
Fair value, beginning balance | 2 | 3 | 3 | 4 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 | 0 | |
Purchases | 11 | 0 | 11 | 1 | |
Sales | 0 | 0 | (1) | 0 | |
Settlements | (3) | 0 | (3) | (1) | |
Transfers into level 3 | 0 | 0 | 0 | 1 | |
Transfers (out of) level 3 | 0 | (1) | 0 | (3) | |
Fair value, ending balance | 10 | 2 | 10 | 2 | |
Change in unrealized gains/(losses) related to financial instruments held | 1 | 0 | 0 | 4 | |
Total debt and equity instruments | |||||
Assets: | |||||
Fair value, beginning balance | 2,682 | 3,555 | 2,623 | 2,685 | |
Total realized/unrealized gains/(losses) | 20 | 105 | 62 | (241) | |
Purchases | 693 | 233 | 1,512 | 1,189 | |
Sales | (410) | (229) | (913) | (599) | |
Settlements | (184) | (160) | (256) | (232) | |
Transfers into level 3 | 141 | 179 | 372 | 1,057 | |
Transfers (out of) level 3 | (342) | (554) | (800) | (730) | |
Fair value, ending balance | 2,600 | 3,129 | 2,600 | 3,129 | |
Change in unrealized gains/(losses) related to financial instruments held | 32 | 155 | 46 | (112) | |
Total debt instruments | |||||
Assets: | |||||
Fair value, beginning balance | 1,872 | 3,121 | 2,098 | 2,257 | |
Total realized/unrealized gains/(losses) | 5 | 5 | 11 | (302) | |
Purchases | 634 | 218 | 1,158 | 1,155 | |
Sales | (383) | (228) | (843) | (589) | |
Settlements | (158) | (151) | (201) | (211) | |
Transfers into level 3 | 114 | 104 | 291 | 900 | |
Transfers (out of) level 3 | (221) | (510) | (651) | (651) | |
Fair value, ending balance | 1,863 | 2,559 | 1,863 | 2,559 | |
Change in unrealized gains/(losses) related to financial instruments held | (2) | 15 | 5 | (217) | |
Obligations of U.S. states and municipalities | |||||
Assets: | |||||
Fair value, beginning balance | 8 | 9 | 8 | 10 | |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | (1) | |
Settlements | 0 | (1) | 0 | (1) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 8 | 8 | 8 | 8 | |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 | 0 | |
Non-U.S. government debt securities | |||||
Assets: | |||||
Fair value, beginning balance | 177 | 175 | 182 | 155 | |
Total realized/unrealized gains/(losses) | 1 | 16 | (8) | 4 | |
Purchases | 84 | 49 | 202 | 139 | |
Sales | (79) | (68) | (186) | (125) | |
Settlements | 0 | (5) | (7) | (5) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | (1) | |
Fair value, ending balance | 183 | 167 | 183 | 167 | |
Change in unrealized gains/(losses) related to financial instruments held | (1) | 14 | (7) | (6) | |
Corporate debt securities | |||||
Assets: | |||||
Fair value, beginning balance | 370 | 953 | 507 | 558 | |
Total realized/unrealized gains/(losses) | 30 | 0 | 15 | (55) | |
Purchases | 228 | 69 | 319 | 361 | |
Sales | (154) | (56) | (300) | (98) | |
Settlements | 0 | (9) | 0 | (9) | |
Transfers into level 3 | 28 | 65 | 113 | 292 | |
Transfers (out of) level 3 | (15) | (76) | (167) | (103) | |
Fair value, ending balance | 487 | 946 | 487 | 946 | |
Change in unrealized gains/(losses) related to financial instruments held | 30 | 3 | 14 | (11) | |
Loans | |||||
Assets: | |||||
Fair value, beginning balance | 832 | 1,386 | 893 | 673 | |
Total realized/unrealized gains/(losses) | (1) | 4 | 6 | (94) | |
Purchases | 294 | 92 | 566 | 589 | |
Sales | (85) | (97) | (237) | (227) | |
Settlements | (125) | (93) | (126) | (109) | |
Transfers into level 3 | 85 | 39 | 175 | 607 | |
Transfers (out of) level 3 | (205) | (426) | (482) | (534) | |
Fair value, ending balance | 795 | 905 | 795 | 905 | |
Change in unrealized gains/(losses) related to financial instruments held | 1 | 5 | 3 | (67) | |
Asset-backed securities | |||||
Assets: | |||||
Fair value, beginning balance | 54 | 52 | 28 | 37 | |
Total realized/unrealized gains/(losses) | 8 | (5) | 7 | (7) | |
Purchases | 10 | 1 | 38 | 37 | |
Sales | (36) | 0 | (39) | (15) | |
Settlements | (1) | (2) | (1) | (3) | |
Transfers into level 3 | 0 | 0 | 2 | 0 | |
Transfers (out of) level 3 | 0 | (7) | 0 | (10) | |
Fair value, ending balance | 35 | 39 | 35 | 39 | |
Change in unrealized gains/(losses) related to financial instruments held | 1 | 1 | 7 | 0 | |
Equity securities | |||||
Assets: | |||||
Fair value, beginning balance | 688 | 213 | 476 | 196 | |
Total realized/unrealized gains/(losses) | 8 | (65) | 3 | (103) | |
Purchases | 23 | 14 | 253 | 24 | |
Sales | (27) | (1) | (70) | (5) | |
Settlements | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 24 | 73 | 78 | 155 | |
Transfers (out of) level 3 | (26) | (43) | (50) | (76) | |
Fair value, ending balance | 690 | 191 | 690 | 191 | |
Change in unrealized gains/(losses) related to financial instruments held | 15 | (44) | 13 | (79) | |
Other | |||||
Assets: | |||||
Fair value, beginning balance | 122 | 221 | 49 | 232 | |
Total realized/unrealized gains/(losses) | 7 | 165 | 48 | 164 | |
Purchases | 36 | 1 | 101 | 10 | |
Sales | 0 | 0 | 0 | (5) | |
Settlements | (26) | (9) | (55) | (21) | |
Transfers into level 3 | 3 | 2 | 3 | 2 | |
Transfers (out of) level 3 | (95) | (1) | (99) | (3) | |
Fair value, ending balance | 47 | 379 | 47 | 379 | |
Change in unrealized gains/(losses) related to financial instruments held | 19 | 184 | 28 | 184 | |
Total available-for-sale securities | |||||
Assets: | |||||
Fair value, beginning balance | 0 | 1 | |||
Total realized/unrealized gains/(losses) | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Settlements | 0 | (1) | |||
Transfers into level 3 | 0 | 0 | |||
Transfers (out of) level 3 | 0 | 0 | |||
Fair value, ending balance | 0 | 0 | |||
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | |||
Mortgage-backed securities | |||||
Assets: | |||||
Fair value, beginning balance | 0 | 1 | |||
Total realized/unrealized gains/(losses) | 0 | 0 | |||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Settlements | 0 | (1) | |||
Transfers into level 3 | 0 | 0 | |||
Transfers (out of) level 3 | 0 | 0 | |||
Fair value, ending balance | 0 | 0 | |||
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | |||
Loans | |||||
Assets: | |||||
Fair value, beginning balance | 1,823 | 2,085 | 2,305 | 516 | |
Total realized/unrealized gains/(losses) | 7 | (87) | (66) | (151) | |
Purchases | 240 | 62 | 307 | 253 | |
Sales | (135) | (1) | (325) | (33) | |
Settlements | (318) | (345) | (519) | (354) | |
Transfers into level 3 | 445 | 482 | 600 | 1,996 | |
Transfers (out of) level 3 | (328) | (322) | (568) | (353) | |
Fair value, ending balance | 1,734 | 1,874 | 1,734 | 1,874 | |
Change in unrealized gains/(losses) related to financial instruments held | (11) | (86) | (72) | (141) | |
Mortgage servicing rights | |||||
Assets: | |||||
Fair value, beginning balance | 4,470 | 3,267 | 3,276 | 4,699 | |
Total realized/unrealized gains/(losses) | (528) | (111) | 269 | (1,493) | |
Purchases | 814 | 169 | 1,397 | 442 | |
Sales | (25) | 2 | (24) | (73) | |
Settlements | (182) | (247) | (369) | (495) | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers (out of) level 3 | 0 | 0 | 0 | 0 | |
Fair value, ending balance | 4,549 | 3,080 | 4,549 | 3,080 | |
Change in unrealized gains/(losses) related to financial instruments held | (528) | (111) | 269 | (1,493) | |
Other assets | |||||
Assets: | |||||
Fair value, beginning balance | 511 | 582 | 538 | 917 | |
Total realized/unrealized gains/(losses) | 31 | 57 | 44 | (35) | |
Purchases | 4 | 48 | 7 | 61 | |
Sales | 0 | 0 | (18) | (28) | |
Settlements | (27) | (26) | (52) | (254) | |
Transfers into level 3 | 0 | 40 | 0 | 40 | |
Transfers (out of) level 3 | (1) | 0 | (1) | 0 | |
Fair value, ending balance | 518 | 701 | 518 | 701 | |
Change in unrealized gains/(losses) related to financial instruments held | $ 35 | $ 57 | $ 63 | $ (37) |
Fair Value Measurement - Leve_2
Fair Value Measurement - Level 3 Analysis (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Total debt and equity instruments | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Transfers from level 3 into level 2, liabilities | $ 9 | $ 3 | $ 12 | $ 4 | |
Transfers from level 2 into level 3, liabilities | 0 | 7 | 59 | 93 | |
Long-term debt | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Transfers from level 3 into level 2, liabilities | 149 | 517 | 490 | 1,033 | |
Transfers from level 2 into level 3, liabilities | 7 | 608 | 18 | 978 | |
Nontrading loans | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Increase (decrease) in level 3 assets | (571) | ||||
Transfers from level 3 into level 2, assets | 328 | 322 | 568 | 353 | |
Transfers from level 2 into level 3, assets | 445 | 482 | 600 | 1,996 | |
MSRs | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Increase (decrease) in level 3 assets | 1,300 | ||||
Recurring | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Assets fair value | 1,195,182 | 1,195,182 | $ 1,243,209 | ||
Increase (decrease) in level 3 assets | (1,500) | (526) | |||
Recurring | Total debt and equity instruments | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Transfers from level 3 into level 2, liabilities | 876 | 800 | 1,100 | ||
Transfers from level 2 into level 3, liabilities | 657 | 2,800 | |||
Recurring | Long-term debt | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Transfers from level 3 into level 2, liabilities | 517 | 1,000 | |||
Transfers from level 2 into level 3, liabilities | 608 | 978 | |||
Recurring | Equity | Derivative payables | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Transfers from level 3 into level 2, liabilities | 646 | 1,100 | 965 | ||
Transfers from level 2 into level 3, liabilities | 703 | 2,400 | |||
Recurring | Interest rate | Derivative payables | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Transfers from level 2 into level 3, liabilities | 776 | ||||
Recurring | Derivative receivables | Equity | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Increase (decrease) in level 3 assets | (979) | (490) | |||
Transfers from level 3 into level 2, assets | 1,000 | 854 | 1,300 | 1,100 | |
Transfers from level 2 into level 3, assets | 802 | 1,800 | |||
Recurring | Derivative receivables | Interest rate | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Increase (decrease) in level 3 assets | (458) | ||||
Recurring | Level 3 | |||||
Level 3 Analysis - Supplemental Data [Abstract] | |||||
Assets fair value | 15,884 | 15,884 | $ 16,410 | ||
Realized/unrealized gains (losses), assets | (1,300) | (43) | $ (282) | 1,100 | |
Realized/unrealized gains (losses), liabilities | $ (468) | $ (3,000) | $ 1,600 |
Fair Value Measurement - Impact
Fair Value Measurement - Impact of Credit Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Credit and funding adjustments: | ||||
Derivatives CVA | $ 43 | $ 207 | $ 283 | $ (718) |
Derivatives FVA | $ (45) | $ 676 | $ 61 | $ (345) |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities adjusted based on the measurement alternative | $ 2,798 | $ 2,620 | $ 2,798 | $ 2,620 | $ 2,400 |
Net gains as a result of measurement alternative | 109 | 4 | 116 | 13 | |
Net losses as a result of measurement alternative | (7) | (9) | $ (9) | (171) | |
Residential mortgage | Broker price opinions | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value inputs, liquidation value discount | 12.00% | ||||
Residential mortgage | Broker price opinions | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value inputs, liquidation value discount | 45.00% | ||||
Residential mortgage | Broker price opinions | Weighted average | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value inputs, liquidation value discount | 26.00% | ||||
Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 3,219 | 3,012 | $ 3,219 | 3,012 | |
Total liabilities measured at fair value on a nonrecurring basis | 5 | 95 | 5 | 95 | |
Total nonrecurring fair value gains/(losses) | 88 | 387 | 67 | (604) | |
Nonrecurring | Accounts payable and other liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total liabilities measured at fair value on a nonrecurring basis | 5 | 95 | 5 | 95 | |
Total nonrecurring fair value gains/(losses) | 7 | 465 | 6 | (95) | |
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 | 2,377 | 2,616 | 2,377 | 2,616 | |
Total nonrecurring fair value gains/(losses) | (11) | (39) | (32) | (303) | |
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 | 842 | 396 | 842 | 396 | |
Total nonrecurring fair value gains/(losses) | 92 | (39) | 93 | (206) | |
Net gains as a result of measurement alternative | 102 | 107 | |||
Net losses as a result of measurement alternative | (4) | (158) | |||
Nonrecurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
Nonrecurring | Level 1 | Accounts payable and other liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
Nonrecurring | Level 1 | Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
Nonrecurring | Level 1 | Other assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
Nonrecurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value on a nonrecurring basis | 2,059 | 1,797 | 2,059 | 1,797 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
Nonrecurring | Level 2 | Accounts payable and other liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | 0 | 0 | |
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 | 2,048 | 1,793 | 2,048 | 1,793 | |
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 | 11 | 4 | 11 | 4 | |
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 | 1,160 | 1,215 | 1,160 | 1,215 | |
Total liabilities measured at fair value on a nonrecurring basis | 5 | 95 | 5 | 95 | |
Nonrecurring | Level 3 | Accounts payable and other liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total liabilities measured at fair value on a nonrecurring basis | 5 | 95 | 5 | 95 | |
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 | 329 | 823 | 329 | 823 | |
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 | 179 | 179 | |||
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 | 831 | $ 392 | 831 | $ 392 | |
Equity securities adjusted based on the measurement alternative | $ 754 | $ 754 |
Fair Value Measurement - Equity
Fair Value Measurement - Equity Securities Without Readily Determinable Fair Value (Details) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |||||
Carrying value | $ 2,798 | $ 2,620 | $ 2,798 | $ 2,620 | $ 2,400 |
Upward carrying value changes | 109 | 4 | 116 | 13 | |
Downward carrying value changes/impairment | (7) | $ (9) | (9) | $ (171) | |
Cumulative upward carrying value changes | 727 | 727 | |||
Cumulative downward carrying value changes/impairment | $ (327) | $ (327) | |||
Common stock | Class B | VISA | |||||
Investment Holdings [Line Items] | |||||
Interest owned, included in other assets (in shares) | shares | 40 | 40 | |||
Conversion rate | 1.6228 | 1.6228 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets | ||
Cash and due from banks | $ 26,592 | $ 24,874 |
Deposits with banks | 678,829 | 502,735 |
Federal funds sold and securities purchased under resale agreements | 260,987 | 296,284 |
Investment securities, held-to-maturity | 342,853 | 205,472 |
Loans, net of allowance for loan losses | 61,776 | 44,474 |
Financial liabilities | ||
Beneficial interests issued by consolidated VIEs | 14,403 | 17,578 |
Carrying value | ||
Financial assets | ||
Cash and due from banks | 26,600 | 24,900 |
Deposits with banks | 678,800 | 502,700 |
Accrued interest and accounts receivable | 124,300 | 89,400 |
Federal funds sold and securities purchased under resale agreements | 6,400 | 58,300 |
Securities borrowed | 116,400 | 107,700 |
Investment securities, held-to-maturity | 341,500 | 201,800 |
Loans, net of allowance for loan losses | 959,700 | 940,100 |
Other | 94,600 | 81,800 |
Financial liabilities | ||
Deposits | 2,291,200 | 2,129,800 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 69,600 | 59,500 |
Short-term borrowings | 31,900 | 28,300 |
Accounts payable and other liabilities | 214,500 | 186,600 |
Beneficial interests issued by consolidated VIEs | 14,300 | 17,500 |
Long-term debt | 224,100 | 204,800 |
Wholesale lending-related commitments | 2,800 | 2,200 |
Total estimated fair value | ||
Financial assets | ||
Cash and due from banks | 26,600 | 24,900 |
Deposits with banks | 678,800 | 502,700 |
Accrued interest and accounts receivable | 124,300 | 89,400 |
Federal funds sold and securities purchased under resale agreements | 6,400 | 58,300 |
Securities borrowed | 116,400 | 107,700 |
Investment securities, held-to-maturity | 342,900 | 205,500 |
Loans, net of allowance for loan losses | 981,700 | 966,500 |
Other | 94,700 | 81,900 |
Financial liabilities | ||
Deposits | 2,291,200 | 2,128,900 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 69,600 | 59,500 |
Short-term borrowings | 31,900 | 28,300 |
Accounts payable and other liabilities | 214,200 | 186,200 |
Beneficial interests issued by consolidated VIEs | 14,400 | 17,600 |
Long-term debt | 231,400 | 212,400 |
Wholesale lending-related commitments | 3,100 | 2,100 |
Total estimated fair value | Level 1 | ||
Financial assets | ||
Cash and due from banks | 26,600 | 24,900 |
Deposits with banks | 678,800 | 502,700 |
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 | 181,900 | 53,200 |
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 | 0 | 0 |
Beneficial interests issued by consolidated VIEs | 0 | 0 |
Long-term debt | 0 | 0 |
Wholesale lending-related commitments | 0 | 0 |
Total estimated fair value | Level 2 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 0 | 0 |
Accrued interest and accounts receivable | 124,200 | 89,300 |
Federal funds sold and securities purchased under resale agreements | 6,400 | 58,300 |
Securities borrowed | 116,400 | 107,700 |
Investment securities, held-to-maturity | 161,000 | 152,300 |
Loans, net of allowance for loan losses | 208,900 | 210,900 |
Other | 93,100 | 80,000 |
Financial liabilities | ||
Deposits | 2,291,200 | 2,128,900 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 69,600 | 59,500 |
Short-term borrowings | 31,900 | 28,300 |
Accounts payable and other liabilities | 210,300 | 181,900 |
Beneficial interests issued by consolidated VIEs | 14,400 | 17,600 |
Long-term debt | 228,100 | 209,200 |
Wholesale lending-related commitments | 0 | 0 |
Total estimated fair value | Level 3 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 0 | 0 |
Accrued interest and accounts receivable | 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 | 772,800 | 755,600 |
Other | 1,600 | 1,900 |
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 | 3,900 | 4,300 |
Beneficial interests issued by consolidated VIEs | 0 | 0 |
Long-term debt | 3,300 | 3,200 |
Wholesale lending-related commitments | $ 3,100 | $ 2,100 |
Fair Value Option - Changes in
Fair Value Option - Changes in Fair Value Under the Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Federal funds sold and securities purchased under resale agreements | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | $ (2) | $ (299) | $ (14) | $ 244 |
Federal funds sold and securities purchased under resale agreements | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (2) | (299) | (14) | 244 |
Federal funds sold and securities purchased under resale agreements | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Securities borrowed | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (27) | (58) | (97) | 168 |
Securities borrowed | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (27) | (58) | (97) | 168 |
Securities borrowed | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Debt and equity instruments, excluding loans | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 366 | 1,209 | 987 | (1,230) |
Debt and equity instruments, excluding loans | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 367 | 1,209 | 988 | (1,229) |
Debt and equity instruments, excluding loans | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (1) | 0 | (1) | (1) |
Loans reported as trading assets: Changes in instrument-specific credit risk | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 72 | 401 | 276 | (255) |
Loans reported as trading assets: Changes in instrument-specific credit risk | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 72 | 401 | 276 | (255) |
Loans reported as trading assets: Changes in instrument-specific credit risk | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Loans reported as trading assets: Other changes in fair value | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (7) | 0 | (8) | 1 |
Loans reported as trading assets: Other changes in fair value | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (7) | 0 | (8) | 1 |
Loans reported as trading assets: Other changes in fair value | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Loans: Changes in instrument-specific credit risk | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 181 | 5 | 419 | 46 |
Loans: Changes in instrument-specific credit risk | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 184 | (33) | 421 | 31 |
Loans: Changes in instrument-specific credit risk | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (3) | 38 | (2) | 15 |
Loans: Other changes in fair value | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 927 | 750 | 1,017 | 1,759 |
Loans: Other changes in fair value | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 143 | (4) | (107) | 264 |
Loans: Other changes in fair value | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 784 | 754 | 1,124 | 1,495 |
Other assets | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 5 | 42 | 5 | 110 |
Other assets | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 9 | 17 | 28 | 102 |
Other assets | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (4) | 25 | (23) | 8 |
Deposits | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (258) | (362) | (91) | (465) |
Deposits | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (258) | (362) | (91) | (465) |
Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue | 0 | 21 | (2) | 19 |
Deposits | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (3) | 181 | 31 | (78) |
Federal funds purchased and securities loaned or sold under repurchase agreements | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (3) | 181 | 31 | (78) |
Federal funds purchased and securities loaned or sold under repurchase agreements | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Short-term borrowings | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (489) | (631) | (611) | 1,089 |
Short-term borrowings | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (489) | (631) | (611) | 1,089 |
Short-term borrowings | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Trading liabilities | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (1) | 0 | (1) | 0 |
Trading liabilities | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (1) | 0 | (1) | 0 |
Trading liabilities | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Other liabilities | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 1 | (11) | 2 | (46) |
Other liabilities | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 1 | (11) | 2 | (46) |
Other liabilities | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | 0 | 0 | 0 | 0 |
Long-term debt | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (2,152) | (3,583) | (910) | 603 |
Long-term debt | Principal transactions | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | (2,152) | (3,581) | (905) | 600 |
Long-term debt | All other income | ||||
Changes in fair value under the fair value option election | ||||
Total nonrecurring fair value gains/(losses) | $ 0 | $ (2) | $ (5) | $ 3 |
Fair Value Option - Aggregate D
Fair Value Option - Aggregate Differences (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 17,100,000,000 | 18,100,000,000 |
Contractual lending-related commitments, fair value | (29,000,000) | (39,000,000) |
Contractual principal outstanding | ||
Loans | ||
Nonaccrual loans | 4,350,000,000 | 5,253,000,000 |
All other performing loans | 68,799,000,000 | 49,939,000,000 |
Total loans | 73,478,000,000 | 55,520,000,000 |
Contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Total long-term debt | 38,013,000,000 | 40,560,000,000 |
Contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 3,104,000,000 | 3,386,000,000 |
All other performing loans | 9,218,000,000 | 7,917,000,000 |
Contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans | 1,246,000,000 | 1,867,000,000 |
90 or more days past due and government guaranteed | 329,000,000 | 328,000,000 |
All other performing loans | 59,581,000,000 | 42,022,000,000 |
Fair value | ||
Loans | ||
Nonaccrual loans | 1,608,000,000 | 2,062,000,000 |
All other performing loans | 68,188,000,000 | 49,089,000,000 |
Total loans | 70,111,000,000 | 51,468,000,000 |
Long-term debt | ||
Total long-term debt | 75,733,000,000 | 76,817,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 84,000,000 | 41,000,000 |
Fair value | Principal-protected debt | ||
Long-term debt | ||
Total long-term debt | 36,318,000,000 | 40,526,000,000 |
Fair value | Nonprincipal-protected debt | ||
Long-term debt | ||
Total long-term debt | 39,415,000,000 | 36,291,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 84,000,000 | 41,000,000 |
Fair value | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 503,000,000 | 555,000,000 |
All other performing loans | 7,832,000,000 | 6,439,000,000 |
Fair value | Loans | ||
Loans | ||
Nonaccrual loans | 1,105,000,000 | 1,507,000,000 |
90 or more days past due and government guaranteed | 315,000,000 | 317,000,000 |
All other performing loans | 60,356,000,000 | 42,650,000,000 |
Fair value over/(under) contractual principal outstanding | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,742,000,000) | (3,191,000,000) |
All other performing loans | (611,000,000) | (850,000,000) |
Total loans | (3,367,000,000) | (4,052,000,000) |
Fair value over/(under) contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Long-term debt, Fair value over/(under) contractual principal outstanding | (1,695,000,000) | (34,000,000) |
Fair value over/(under) contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,601,000,000) | (2,831,000,000) |
All other performing loans | (1,386,000,000) | (1,478,000,000) |
Fair value over/(under) contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (141,000,000) | (360,000,000) |
90 or more days past due and government guaranteed, Fair value over/(under) contractual principal outstanding | (14,000,000) | (11,000,000) |
All other performing loans | $ 775,000,000 | $ 628,000,000 |
Fair Value Option - Structured
Fair Value Option - Structured Note Products by Balance Sheet Classification and Risk Component (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | $ 95,217 | $ 93,739 |
Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 40,375 | 43,251 |
Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 8,448 | 7,431 |
Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,720 | 3,705 |
Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 42,290 | 38,857 |
Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 384 | 495 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 74,555 | 75,344 |
Long-term debt | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 34,655 | 38,129 |
Long-term debt | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 6,786 | 6,409 |
Long-term debt | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,563 | 3,613 |
Long-term debt | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 29,182 | 26,943 |
Long-term debt | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 369 | 250 |
Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 8,941 | 6,213 |
Short-term borrowings | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 64 | 65 |
Short-term borrowings | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 1,662 | 1,022 |
Short-term borrowings | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 132 | 92 |
Short-term borrowings | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 7,082 | 5,021 |
Short-term borrowings | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 1 | 13 |
Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 11,721 | 12,182 |
Deposits | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 5,656 | 5,057 |
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 | 25 | 0 |
Deposits | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 6,026 | 6,893 |
Deposits | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 14 | 232 |
Excluded amount of deposits linked to precious metals for which fair value option was not elected | $ 694 | $ 739 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amount of Derivative Contracts (Details) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 53,589 | $ 47,194 |
Interest rate contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 36,542 | 31,097 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 24,414 | 20,990 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 5,170 | 3,057 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,354 | 3,375 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,604 | 3,675 |
Credit derivatives | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 1,143 | 1,197 |
Foreign exchange contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 13,140 | 12,450 |
Cross-currency swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 4,088 | 3,924 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 7,465 | 6,871 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 805 | 830 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 782 | 825 |
Equity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 2,122 | 1,885 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 549 | 448 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 158 | 140 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 735 | 676 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 680 | 621 |
Commodity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 642 | 565 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 175 | 138 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 196 | 198 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 152 | 124 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 119 | $ 105 |
Derivative Instruments - Impact
Derivative Instruments - Impact on Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | $ 574,004 | $ 707,554 |
Net derivative receivables | 70,711 | 79,630 |
Gross derivative payables | 552,881 | 688,887 |
Net derivative payables | 56,045 | 70,623 |
Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 304,249 | 391,648 |
Net derivative receivables | 26,046 | 35,725 |
Gross derivative payables | 270,175 | 353,987 |
Net derivative payables | 9,190 | 13,012 |
Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 10,104 | 13,345 |
Net derivative receivables | 948 | 680 |
Gross derivative payables | 11,515 | 14,832 |
Net derivative payables | 1,184 | 1,995 |
Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 157,417 | 206,260 |
Net derivative receivables | 14,507 | 15,781 |
Gross derivative payables | 156,751 | 215,926 |
Net derivative payables | 13,715 | 21,433 |
Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 73,104 | 74,798 |
Net derivative receivables | 16,861 | 20,673 |
Gross derivative payables | 84,557 | 81,413 |
Net derivative payables | 21,100 | 25,898 |
Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 29,130 | 21,503 |
Net derivative receivables | 12,349 | 6,771 |
Gross derivative payables | 29,883 | 22,729 |
Net derivative payables | 10,856 | 8,285 |
Not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 569,043 | 704,898 |
Gross derivative payables | 547,083 | 685,295 |
Not designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 303,469 | 390,817 |
Gross derivative payables | 270,175 | 353,987 |
Not designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 10,104 | 13,345 |
Gross derivative payables | 11,515 | 14,832 |
Not designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 156,349 | 205,359 |
Gross derivative payables | 155,369 | 214,229 |
Not designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 73,104 | 74,798 |
Gross derivative payables | 84,557 | 81,413 |
Not designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 26,017 | 20,579 |
Gross derivative payables | 25,467 | 20,834 |
Designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 4,961 | 2,656 |
Gross derivative payables | 5,798 | 3,592 |
Designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 780 | 831 |
Gross derivative payables | 0 | 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 | 1,068 | 901 |
Gross derivative payables | 1,382 | 1,697 |
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 | 3,113 | 924 |
Gross derivative payables | $ 4,416 | $ 1,895 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Netting (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | $ 552,446 | $ 681,647 |
Amounts netted on the Consolidated balance sheets | (503,293) | (627,924) |
Net derivative receivables | 49,153 | 53,723 |
Derivative receivables where an appropriate legal opinion has not been either sought or obtained | 21,558 | 25,907 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 574,004 | 707,554 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 70,711 | 79,630 |
Collateral not nettable on the Consolidated balance sheets | (11,324) | (14,806) |
Net amounts | 59,387 | 64,824 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 533,385 | 665,950 |
Amounts netted on the Consolidated balance sheets | (496,836) | (618,264) |
Net derivative payables | 36,549 | 47,686 |
Derivative payables where an appropriate legal opinion has not been either sought or obtained | 19,496 | 22,937 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 552,881 | 688,887 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 56,045 | 70,623 |
Collateral not nettable on the Consolidated balance sheets | (7,873) | (11,964) |
Net amounts | 48,172 | 58,659 |
Net cash collateral receivables | 70,000 | 88,000 |
Net cash collateral payables | 63,500 | 78,400 |
Interest rate contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 299,599 | 386,108 |
Amounts netted on the Consolidated balance sheets | (278,203) | (355,923) |
Net derivative receivables | 21,396 | 30,185 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 304,249 | 391,648 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 26,046 | 35,725 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 268,843 | 352,282 |
Amounts netted on the Consolidated balance sheets | (260,985) | (340,975) |
Net derivative payables | 7,858 | 11,307 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 270,175 | 353,987 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 9,190 | 13,012 |
Interest rate contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 281,104 | 367,214 |
Amounts netted on the Consolidated balance sheets | (259,955) | (337,609) |
Net derivative receivables | 21,149 | 29,605 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 248,575 | 332,214 |
Amounts netted on the Consolidated balance sheets | (241,070) | (321,140) |
Net derivative payables | 7,505 | 11,074 |
Interest rate contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 18,220 | 18,340 |
Amounts netted on the Consolidated balance sheets | (17,997) | (17,919) |
Net derivative receivables | 223 | 421 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 20,066 | 19,710 |
Amounts netted on the Consolidated balance sheets | (19,739) | (19,494) |
Net derivative payables | 327 | 216 |
Interest rate contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 275 | 554 |
Amounts netted on the Consolidated balance sheets | (251) | (395) |
Net derivative receivables | 24 | 159 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 202 | 358 |
Amounts netted on the Consolidated balance sheets | (176) | (341) |
Net derivative payables | 26 | 17 |
Net credit derivatives | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 9,893 | 13,220 |
Amounts netted on the Consolidated balance sheets | (9,156) | (12,665) |
Net derivative receivables | 737 | 555 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 10,104 | 13,345 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 948 | 680 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 10,951 | 14,386 |
Amounts netted on the Consolidated balance sheets | (10,331) | (12,837) |
Net derivative payables | 620 | 1,549 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 11,515 | 14,832 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 1,184 | 1,995 |
Net credit derivatives | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 7,860 | 8,894 |
Amounts netted on the Consolidated balance sheets | (7,134) | (8,356) |
Net derivative receivables | 726 | 538 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 9,117 | 10,311 |
Amounts netted on the Consolidated balance sheets | (8,516) | (8,781) |
Net derivative payables | 601 | 1,530 |
Net credit derivatives | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 2,033 | 4,326 |
Amounts netted on the Consolidated balance sheets | (2,022) | (4,309) |
Net derivative receivables | 11 | 17 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 1,834 | 4,075 |
Amounts netted on the Consolidated balance sheets | (1,815) | (4,056) |
Net derivative payables | 19 | 19 |
Foreign exchange contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 154,114 | 202,218 |
Amounts netted on the Consolidated balance sheets | (142,910) | (190,479) |
Net derivative receivables | 11,204 | 11,739 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 157,417 | 206,260 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 14,507 | 15,781 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 153,133 | 211,673 |
Amounts netted on the Consolidated balance sheets | (143,036) | (194,493) |
Net derivative payables | 10,097 | 17,180 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 156,751 | 215,926 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 13,715 | 21,433 |
Foreign exchange contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 153,517 | 201,349 |
Amounts netted on the Consolidated balance sheets | (142,403) | (189,655) |
Net derivative receivables | 11,114 | 11,694 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 152,578 | 210,803 |
Amounts netted on the Consolidated balance sheets | (142,529) | (193,672) |
Net derivative payables | 10,049 | 17,131 |
Foreign exchange contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 574 | 834 |
Amounts netted on the Consolidated balance sheets | (507) | (819) |
Net derivative receivables | 67 | 15 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 533 | 836 |
Amounts netted on the Consolidated balance sheets | (507) | (819) |
Net derivative payables | 26 | 17 |
Foreign exchange contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 23 | 35 |
Amounts netted on the Consolidated balance sheets | 0 | (5) |
Net derivative receivables | 23 | 30 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 22 | 34 |
Amounts netted on the Consolidated balance sheets | 0 | (2) |
Net derivative payables | 22 | 32 |
Equity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 63,085 | 62,324 |
Amounts netted on the Consolidated balance sheets | (56,243) | (54,125) |
Net derivative receivables | 6,842 | 8,199 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 73,104 | 74,798 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 16,861 | 20,673 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 75,236 | 69,821 |
Amounts netted on the Consolidated balance sheets | (63,457) | (55,515) |
Net derivative payables | 11,779 | 14,306 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 84,557 | 81,413 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 21,100 | 25,898 |
Equity contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 29,092 | 34,030 |
Amounts netted on the Consolidated balance sheets | (22,796) | (27,374) |
Net derivative receivables | 6,296 | 6,656 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 34,459 | 35,330 |
Amounts netted on the Consolidated balance sheets | (30,011) | (28,763) |
Net derivative payables | 4,448 | 6,567 |
Equity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 33,993 | 28,294 |
Amounts netted on the Consolidated balance sheets | (33,447) | (26,751) |
Net derivative receivables | 546 | 1,543 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 40,777 | 34,491 |
Amounts netted on the Consolidated balance sheets | (33,446) | (26,752) |
Net derivative payables | 7,331 | 7,739 |
Commodity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 25,755 | 17,777 |
Amounts netted on the Consolidated balance sheets | (16,781) | (14,732) |
Net derivative receivables | 8,974 | 3,045 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivative receivables | 29,130 | 21,503 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 12,349 | 6,771 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 25,222 | 17,788 |
Amounts netted on the Consolidated balance sheets | (19,027) | (14,444) |
Net derivative payables | 6,195 | 3,344 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 29,883 | 22,729 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 10,856 | 8,285 |
Commodity contracts | Over-the-counter (“OTC”) | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 15,720 | 10,924 |
Amounts netted on the Consolidated balance sheets | (6,911) | (7,901) |
Net derivative receivables | 8,809 | 3,023 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 14,621 | 10,365 |
Amounts netted on the Consolidated balance sheets | (9,066) | (7,544) |
Net derivative payables | 5,555 | 2,821 |
Commodity contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 65 | 20 |
Amounts netted on the Consolidated balance sheets | (65) | (20) |
Net derivative receivables | 0 | 0 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 80 | 32 |
Amounts netted on the Consolidated balance sheets | (80) | (32) |
Net derivative payables | 0 | 0 |
Commodity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 9,970 | 6,833 |
Amounts netted on the Consolidated balance sheets | (9,805) | (6,811) |
Net derivative receivables | 165 | 22 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 10,521 | 7,391 |
Amounts netted on the Consolidated balance sheets | (9,881) | (6,868) |
Net derivative payables | $ 640 | $ 523 |
Derivative Instruments - Liquid
Derivative Instruments - Liquidity Risk and Credit-Related Contingent Features (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregate fair value of net derivative payables | $ 20,607 | $ 26,945 |
Collateral posted | 19,146 | 26,289 |
Single-notch downgrade | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of additional collateral to be posted upon downgrade | 149 | 119 |
Amount required to settle contracts with termination triggers upon downgrade | 117 | 153 |
Two-notch downgrade | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of additional collateral to be posted upon downgrade | 1,427 | 1,243 |
Amount required to settle contracts with termination triggers upon downgrade | $ 967 | $ 1,682 |
Derivative Instruments - Impa_2
Derivative Instruments - Impact on Statements of Income, Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Gains/(losses) recorded in income | ||||
Derivatives | $ (712) | $ (1,570) | $ (7,823) | $ 4,621 |
Hedged items | 1,304 | 1,821 | 8,785 | (3,937) |
Income statement impact | 592 | 251 | 962 | 684 |
Income statement impact of excluded components: | ||||
Amortization approach | (72) | (121) | (150) | (300) |
Changes in fair value | 573 | 283 | 1,039 | 634 |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | (31) | 21 | (68) | 136 |
Interest rate | ||||
Gains/(losses) recorded in income | ||||
Derivatives | 2,184 | 464 | (2,937) | 4,551 |
Hedged items | (1,630) | (288) | 3,816 | (4,076) |
Income statement impact | 554 | 176 | 879 | 475 |
Income statement impact of excluded components: | ||||
Amortization approach | 0 | 0 | 0 | 0 |
Changes in fair value | 544 | 205 | 980 | 419 |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | 0 | 0 | 0 | 0 |
Foreign exchange | ||||
Gains/(losses) recorded in income | ||||
Derivatives | 230 | (304) | (499) | 272 |
Hedged items | (221) | 338 | 526 | (150) |
Income statement impact | 9 | 34 | 27 | 122 |
Income statement impact of excluded components: | ||||
Amortization approach | (72) | (121) | (150) | (300) |
Changes in fair value | 9 | 34 | 27 | 122 |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | (31) | 21 | (68) | 136 |
Commodity | ||||
Gains/(losses) recorded in income | ||||
Derivatives | (3,126) | (1,730) | (4,387) | (202) |
Hedged items | 3,155 | 1,771 | 4,443 | 289 |
Income statement impact | 29 | 41 | 56 | 87 |
Income statement impact of excluded components: | ||||
Amortization approach | 0 | 0 | 0 | 0 |
Changes in fair value | 20 | 44 | 32 | 93 |
OCI impact | ||||
Derivatives - Gains/(losses) recorded in OCI | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Cumula
Derivative Instruments - Cumulative Fair Value Hedging Adjustments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Commodity contracts | ||
Assets | ||
Carrying amount of the hedged items | $ 20,100 | $ 11,500 |
Long-term debt | ||
Liabilities | ||
Carrying amount of the hedged items | 193,441 | 177,611 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | 434 | 3,194 |
Discontinued hedging relationships | 8,916 | 11,473 |
Total | 9,350 | 14,667 |
Long-term debt | Not designated as hedges | ||
Liabilities | ||
Carrying amount of the hedged items | 6,400 | 6,600 |
Beneficial interests issued by consolidated VIEs | ||
Liabilities | ||
Carrying amount of the hedged items | 747 | 746 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | 0 | 0 |
Discontinued hedging relationships | (2) | (3) |
Total | (2) | (3) |
Investment securities - AFS | ||
Assets | ||
Carrying amount of the hedged items | 81,335 | 139,684 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | 1,420 | 3,572 |
Discontinued hedging relationships | 579 | 847 |
Total | 1,999 | 4,419 |
Investment securities - AFS | Not designated as hedges | ||
Assets | ||
Carrying amount of the hedged items | $ 12,600 | $ 14,500 |
Derivative Instruments - Impa_3
Derivative Instruments - Impact on Statements of Income, Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Recognition of (after-tax) net gains related to cash flow hedges in Income | $ 885 | |||
Maximum length of time hedged in forecasted transactions, terminated cash flow hedges | 9 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 | $ 340 | $ 93 | $ 604 | $ 101 |
Amounts recorded in OCI | 1,118 | 402 | (1,577) | 3,653 |
Total change in OCI for period | 778 | 309 | (2,181) | 3,552 |
Cash Flow Hedging | Interest rate | ||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts reclassified from AOCI to income | 262 | 127 | 499 | 118 |
Amounts recorded in OCI | 1,122 | 412 | (1,639) | 3,873 |
Total change in OCI for period | 860 | 285 | (2,138) | 3,755 |
Cash Flow Hedging | Foreign exchange | ||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts reclassified from AOCI to income | 78 | (34) | 105 | (17) |
Amounts recorded in OCI | (4) | (10) | 62 | (220) |
Total change in OCI for period | $ (82) | $ 24 | $ (43) | $ (203) |
Derivative Instruments - Impa_4
Derivative Instruments - Impact on Statements of Income, Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Unrealized gains/(losses) on investment securities | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Pre-tax gains (losses) reclassified related to liquidation of legal entity | $ 0 | $ 0 | ||
Other Income | Unrealized gains/(losses) on investment securities | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Pre-tax gains (losses) reclassified related to liquidation of legal entity | $ (8) | $ (8) | ||
Net Investment Hedging | Foreign exchange | ||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | ||||
Amounts recorded in income | (79) | (81) | (107) | (71) |
Amounts recorded in OCI | $ (270) | $ (413) | $ 930 | $ 1,176 |
Derivative Instruments - Impa_5
Derivative Instruments - Impact on Statements of Income, Risk Management Derivatives (Details) - Risk Management Activities - Not designated as hedges - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | $ 587 | $ 516 | $ 503 | $ 1,975 |
Interest rate | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | 644 | 644 | 502 | 1,936 |
Credit | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | (27) | (100) | (67) | (39) |
Foreign exchange | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | ||||
Derivatives gains/(losses) recorded in income | $ (30) | $ (28) | $ 68 | $ 78 |
Derivative Instruments - Credit
Derivative Instruments - Credit Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Maximum payout/Notional amount | ||
Protection sold | $ (539,647) | $ (573,984) |
Protection purchased with identical underlyings | 589,158 | 609,365 |
Net protection (sold)/purchased | 49,511 | 35,381 |
Other protection purchased | 26,264 | 23,664 |
Total credit derivatives | ||
Maximum payout/Notional amount | ||
Protection sold | (539,647) | (573,984) |
Protection purchased with identical underlyings | 589,158 | 609,365 |
Net protection (sold)/purchased | 49,511 | 35,381 |
Other protection purchased | 14,561 | 13,416 |
Credit default swaps | ||
Maximum payout/Notional amount | ||
Protection sold | (495,229) | (533,900) |
Protection purchased with identical underlyings | 512,123 | 552,021 |
Net protection (sold)/purchased | 16,894 | 18,121 |
Other protection purchased | 3,151 | 2,786 |
Other credit derivatives | ||
Maximum payout/Notional amount | ||
Protection sold | (44,418) | (40,084) |
Protection purchased with identical underlyings | 77,035 | 57,344 |
Net protection (sold)/purchased | 32,617 | 17,260 |
Other protection purchased | 11,410 | 10,630 |
Credit-related notes | ||
Maximum payout/Notional amount | ||
Protection sold | 0 | 0 |
Protection purchased with identical underlyings | 0 | 0 |
Net protection (sold)/purchased | 0 | 0 |
Other protection purchased | $ 11,703 | $ 10,248 |
Derivative Instruments - Cred_2
Derivative Instruments - Credit Derivatives, Protection Sold, Notional and Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Protection sold credit derivatives ratings/maturity profile | ||
Protection sold credit derivatives ratings/maturity profile - less than 1 year | $ (123,311) | $ (125,338) |
Protection sold credit derivatives ratings/maturity profile - from 1-5 years | (374,814) | (404,167) |
Protection sold credit derivatives ratings/maturity profile - more than 5 years | (41,522) | (44,479) |
Total notional amount | (539,647) | (573,984) |
Fair value of receivables | 6,772 | 9,325 |
Fair value of payables | (2,530) | (3,376) |
Net fair value | 4,242 | 5,949 |
Investment-grade | ||
Protection sold credit derivatives ratings/maturity profile | ||
Protection sold credit derivatives ratings/maturity profile - less than 1 year | (95,655) | (93,529) |
Protection sold credit derivatives ratings/maturity profile - from 1-5 years | (284,168) | (306,830) |
Protection sold credit derivatives ratings/maturity profile - more than 5 years | (33,230) | (35,326) |
Total notional amount | (413,053) | (435,685) |
Fair value of receivables | 3,842 | 5,372 |
Fair value of payables | (552) | (834) |
Net fair value | 3,290 | 4,538 |
Noninvestment-grade | ||
Protection sold credit derivatives ratings/maturity profile | ||
Protection sold credit derivatives ratings/maturity profile - less than 1 year | (27,656) | (31,809) |
Protection sold credit derivatives ratings/maturity profile - from 1-5 years | (90,646) | (97,337) |
Protection sold credit derivatives ratings/maturity profile - more than 5 years | (8,292) | (9,153) |
Total notional amount | (126,594) | (138,299) |
Fair value of receivables | 2,930 | 3,953 |
Fair value of payables | (1,978) | (2,542) |
Net fair value | $ 952 | $ 1,411 |
Noninterest Revenue and Nonin_3
Noninterest Revenue and Noninterest Expense - Investment Banking Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Noninterest revenue [Line Items] | ||||
Underwriting | $ 2,546 | $ 2,253 | $ 4,829 | $ 3,624 |
Advisory | 924 | 597 | 1,611 | 1,092 |
Total investment banking fees | 3,470 | 2,850 | 6,440 | 4,716 |
Equity | ||||
Schedule of Noninterest revenue [Line Items] | ||||
Underwriting | 1,073 | 974 | 2,135 | 1,301 |
Debt | ||||
Schedule of Noninterest revenue [Line Items] | ||||
Underwriting | $ 1,473 | $ 1,279 | $ 2,694 | $ 2,323 |
Noninterest Revenue and Nonin_4
Noninterest Revenue and Noninterest Expense - Principal Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Principal transactions revenue | ||||
Total trading revenue | $ 4,094 | $ 7,546 | $ 10,491 | $ 10,548 |
Private equity gains/(losses) | (18) | 75 | 85 | 10 |
Principal transactions | 4,076 | 7,621 | 10,576 | 10,558 |
Interest rate | ||||
Principal transactions revenue | ||||
Total trading revenue | 464 | 1,519 | 1,387 | 1,971 |
Credit | ||||
Principal transactions revenue | ||||
Total trading revenue | 759 | 1,953 | 2,029 | 1,251 |
Foreign exchange | ||||
Principal transactions revenue | ||||
Total trading revenue | 641 | 1,425 | 1,639 | 2,892 |
Equity | ||||
Principal transactions revenue | ||||
Total trading revenue | 1,929 | 2,058 | 4,586 | 3,406 |
Commodity | ||||
Principal transactions revenue | ||||
Total trading revenue | $ 301 | $ 591 | $ 850 | $ 1,028 |
Noninterest Revenue and Nonin_5
Noninterest Revenue and Noninterest Expense - Lending and Deposit-Related Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Noninterest Income (Expense) [Abstract] | ||||
Lending-related fees | $ 370 | $ 288 | $ 728 | $ 579 |
Deposit-related fees | 1,390 | 1,143 | 2,719 | 2,558 |
Total lending- and deposit-related fees | $ 1,760 | $ 1,431 | $ 3,447 | $ 3,137 |
Noninterest Revenue and Nonin_6
Noninterest Revenue and Noninterest Expense - Asset Management, Administration and Commissions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Asset management fees | ||||
Investment management fees | $ 3,421 | $ 2,717 | $ 6,678 | $ 5,502 |
All other asset management fees | 95 | 75 | 189 | 168 |
Total asset management fees | 3,516 | 2,792 | 6,867 | 5,670 |
Total administration fees | 650 | 546 | 1,283 | 1,100 |
Commissions and other fees | ||||
Brokerage commissions | 761 | 715 | 1,561 | 1,579 |
All other commissions and fees | 267 | 213 | 512 | 457 |
Total commissions and fees | 1,028 | 928 | 2,073 | 2,036 |
Total asset management, administration and commissions | $ 5,194 | $ 4,266 | $ 10,223 | $ 8,806 |
Noninterest Revenue and Nonin_7
Noninterest Revenue and Noninterest Expense - Card Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total card income | $ 1,647 | $ 974 | $ 2,997 | $ 1,969 |
Interchange and merchant processing income | ||||
Disaggregation of Revenue [Line Items] | ||||
Total card income | 5,974 | 3,940 | 10,842 | 8,722 |
Rewards costs and partner payments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total card income | (4,282) | (2,816) | (7,816) | (6,398) |
Other card income | ||||
Disaggregation of Revenue [Line Items] | ||||
Total card income | $ (45) | $ (150) | $ (29) | $ (355) |
Noninterest Revenue and Nonin_8
Noninterest Revenue and Noninterest Expense - Components of Noninterest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Noninterest Income (Expense) [Abstract] | ||||
Legal expense | $ 185 | $ 118 | $ 213 | $ 315 |
FDIC-related expense | $ 177 | $ 218 | $ 378 | $ 317 |
Interest Income and Interest _3
Interest Income and Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income | ||||
Loans | $ 10,145 | $ 10,889 | $ 20,332 | $ 23,194 |
Taxable securities | 1,577 | 2,154 | 3,182 | 4,387 |
Non-taxable securities | 270 | 307 | 547 | 607 |
Total investment securities | 1,847 | 2,461 | 3,729 | 4,994 |
Trading assets - debt instruments | 1,711 | 2,066 | 3,493 | 4,130 |
Federal funds sold and securities purchased under resale agreements | 175 | 601 | 408 | 1,696 |
Securities borrowed | (90) | (175) | (167) | (23) |
Deposits with banks | 103 | 70 | 168 | 639 |
All other interest-earning assets | 203 | 200 | 402 | 643 |
Total interest income | 14,094 | 16,112 | 28,365 | 35,273 |
Interest expense | ||||
Interest-bearing deposits | 132 | 349 | 278 | 1,924 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 60 | 131 | 75 | 918 |
Short-term borrowings | 33 | 124 | 66 | 275 |
Trading liabilities – debt and all other interest-bearing liabilities | 51 | (43) | 78 | 329 |
Long-term debt | 1,056 | 1,639 | 2,190 | 3,386 |
Beneficial interest issued by consolidated VIEs | 21 | 59 | 48 | 149 |
Total interest expense | 1,353 | 2,259 | 2,735 | 6,981 |
Net interest income | 12,741 | 13,853 | 25,630 | 28,292 |
Provision for credit losses | (2,285) | 10,473 | (6,441) | 18,758 |
Net interest income after provision for credit losses | $ 15,026 | $ 3,380 | $ 32,071 | $ 9,534 |
Pension and Other Postretirem_3
Pension and Other Postretirement Employee Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Amortization: | ||||
Total net periodic defined benefit plan cost/(credit) | $ (60) | $ (72) | $ (119) | $ (144) |
Total defined contribution plans | 350 | 321 | 671 | 620 |
Total pension and OPEB cost included in noninterest expense | 290 | 249 | 552 | 476 |
Pension plans | U.S. | ||||
Components of net periodic benefit cost, U.S. defined benefit pension plans | ||||
Benefits earned during the period | 1 | 1 | 1 | 1 |
Interest cost on benefit obligations | 86 | 106 | 171 | 211 |
Expected return on plan assets | (129) | (159) | (258) | (317) |
Amortization: | ||||
Net (gain)/loss | 2 | 1 | 5 | 3 |
Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans | (40) | (51) | (81) | (102) |
OPEB plans | ||||
Amortization: | ||||
Other defined benefit pension and OPEB plans | $ (20) | $ (21) | $ (38) | $ (42) |
Pension and Other Postretirem_4
Pension and Other Postretirement Employee Benefit Plans - Schedule of Fair Values of Plan Assets (Details) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Pension plans | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 17.6 | $ 17.6 |
OPEB plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 7.9 | $ 7.8 |
Employee Share-based Incentiv_3
Employee Share-based Incentives - Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Cost of prior grants of RSUs, performance share units (“PSUs”) and stock options that are amortized over their applicable vesting periods | $ 280 | $ 276 | $ 636 | $ 610 |
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees | 463 | 526 | 1,011 | 836 |
Total noncash compensation expense related to employee share-based incentive plans | $ 743 | $ 802 | $ 1,647 | $ 1,446 |
Employee Share-based Incentiv_4
Employee Share-based Incentives - Narrative (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | shares | 17,000 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 137.38 |
PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants in period (in shares) | shares | 678 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 136.94 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amount of investment securities transferred from AFS to HTM for capital management purposes | $ 104,500 | ||
Approximate percentage rated at least AA+ | 97.00% | 98.00% | |
Investment securities, allowance for credit losses | $ 87 | $ 78 | $ 23 |
Unrealized gains/(losses) on investment securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Pretax unrealized gains included in AOCI on the securities at the date of transfer | $ 425 |
Investment Securities - Amortiz
Investment Securities - Amortized Costs and Estimated Fair Values (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Available-for-sale securities | |||||
Amortized cost | $ 230,110,000,000 | $ 230,110,000,000 | $ 381,729,000,000 | ||
Gross unrealized gains | 3,458,000,000 | 3,458,000,000 | 6,705,000,000 | ||
Gross unrealized losses | 1,407,000,000 | 1,407,000,000 | 256,000,000 | ||
Fair value | 232,161,000,000 | 232,161,000,000 | 388,178,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 341,476,000,000 | 341,476,000,000 | 201,821,000,000 | ||
Gross unrealized gains | 2,829,000,000 | 2,829,000,000 | 3,712,000,000 | ||
Gross unrealized losses | 1,452,000,000 | 1,452,000,000 | 61,000,000 | ||
Fair value | 342,853,000,000 | 342,853,000,000 | 205,472,000,000 | ||
Total investment securities, net of allowance for credit losses | |||||
Amortized cost | 571,586,000,000 | 571,586,000,000 | 583,550,000,000 | ||
Gross unrealized gains | 6,287,000,000 | 6,287,000,000 | 10,417,000,000 | ||
Gross unrealized losses | 2,859,000,000 | 2,859,000,000 | 317,000,000 | ||
Fair value | 575,014,000,000 | 575,014,000,000 | 593,650,000,000 | ||
HTM securities purchased | 31,800,000,000 | $ 4,800,000,000 | 63,100,000,000 | $ 5,000,000,000 | |
Investment securities, allowance for credit losses | 87,000,000 | 23,000,000 | 87,000,000 | 23,000,000 | 78,000,000 |
Accrued interest receivables on HTM securities | 1,800,000,000 | 1,800,000,000 | 2,100,000,000 | ||
Accrued interest receivables reversed through interest income | 0 | $ 0 | 0 | $ 0 | |
Total mortgage-backed securities | |||||
Available-for-sale securities | |||||
Amortized cost | 81,386,000,000 | 81,386,000,000 | 123,795,000,000 | ||
Gross unrealized gains | 1,321,000,000 | 1,321,000,000 | 2,687,000,000 | ||
Gross unrealized losses | 584,000,000 | 584,000,000 | 92,000,000 | ||
Fair value | 82,123,000,000 | 82,123,000,000 | 126,390,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 115,926,000,000 | 115,926,000,000 | 114,836,000,000 | ||
Gross unrealized gains | 1,888,000,000 | 1,888,000,000 | 3,053,000,000 | ||
Gross unrealized losses | 436,000,000 | 436,000,000 | 59,000,000 | ||
Fair value | 117,378,000,000 | 117,378,000,000 | 117,830,000,000 | ||
Total mortgage-backed securities | Fannie Mae | |||||
Total investment securities, net of allowance for credit losses | |||||
Securities exceeding 10% of total stockholders' equity, Amortized cost | 73,800,000,000 | 73,800,000,000 | |||
Securities exceeding 10% of total stockholders' equity, Fair value | 75,500,000,000 | 75,500,000,000 | |||
Total mortgage-backed securities | Freddie Mac | |||||
Total investment securities, net of allowance for credit losses | |||||
Securities exceeding 10% of total stockholders' equity, Amortized cost | 44,300,000,000 | 44,300,000,000 | |||
Securities exceeding 10% of total stockholders' equity, Fair value | 44,500,000,000 | 44,500,000,000 | |||
U.S. GSEs and government agencies | |||||
Available-for-sale securities | |||||
Amortized cost | 72,088,000,000 | 72,088,000,000 | 110,979,000,000 | ||
Gross unrealized gains | 1,168,000,000 | 1,168,000,000 | 2,372,000,000 | ||
Gross unrealized losses | 574,000,000 | 574,000,000 | 50,000,000 | ||
Fair value | 72,682,000,000 | 72,682,000,000 | 113,301,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 105,539,000,000 | 105,539,000,000 | 107,889,000,000 | ||
Gross unrealized gains | 1,855,000,000 | 1,855,000,000 | 2,968,000,000 | ||
Gross unrealized losses | 396,000,000 | 396,000,000 | 29,000,000 | ||
Fair value | 106,998,000,000 | 106,998,000,000 | 110,828,000,000 | ||
Residential: U.S. | |||||
Available-for-sale securities | |||||
Amortized cost | 2,526,000,000 | 2,526,000,000 | 6,246,000,000 | ||
Gross unrealized gains | 73,000,000 | 73,000,000 | 224,000,000 | ||
Gross unrealized losses | 0 | 0 | 3,000,000 | ||
Fair value | 2,599,000,000 | 2,599,000,000 | 6,467,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 6,805,000,000 | 6,805,000,000 | 4,345,000,000 | ||
Gross unrealized gains | 5,000,000 | 5,000,000 | 8,000,000 | ||
Gross unrealized losses | 35,000,000 | 35,000,000 | 30,000,000 | ||
Fair value | 6,775,000,000 | 6,775,000,000 | 4,323,000,000 | ||
Residential: Non-U.S. | |||||
Available-for-sale securities | |||||
Amortized cost | 4,335,000,000 | 4,335,000,000 | 3,751,000,000 | ||
Gross unrealized gains | 36,000,000 | 36,000,000 | 20,000,000 | ||
Gross unrealized losses | 0 | 0 | 5,000,000 | ||
Fair value | 4,371,000,000 | 4,371,000,000 | 3,766,000,000 | ||
Commercial | |||||
Available-for-sale securities | |||||
Amortized cost | 2,437,000,000 | 2,437,000,000 | 2,819,000,000 | ||
Gross unrealized gains | 44,000,000 | 44,000,000 | 71,000,000 | ||
Gross unrealized losses | 10,000,000 | 10,000,000 | 34,000,000 | ||
Fair value | 2,471,000,000 | 2,471,000,000 | 2,856,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 3,582,000,000 | 3,582,000,000 | 2,602,000,000 | ||
Gross unrealized gains | 28,000,000 | 28,000,000 | 77,000,000 | ||
Gross unrealized losses | 5,000,000 | 5,000,000 | 0 | ||
Fair value | 3,605,000,000 | 3,605,000,000 | 2,679,000,000 | ||
U.S. Treasury and government agencies | |||||
Available-for-sale securities | |||||
Amortized cost | 99,905,000,000 | 99,905,000,000 | 199,910,000,000 | ||
Gross unrealized gains | 713,000,000 | 713,000,000 | 2,141,000,000 | ||
Gross unrealized losses | 771,000,000 | 771,000,000 | 100,000,000 | ||
Fair value | 99,847,000,000 | 99,847,000,000 | 201,951,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 182,529,000,000 | 182,529,000,000 | 53,184,000,000 | ||
Gross unrealized gains | 338,000,000 | 338,000,000 | 50,000,000 | ||
Gross unrealized losses | 1,012,000,000 | 1,012,000,000 | 0 | ||
Fair value | 181,855,000,000 | 181,855,000,000 | 53,234,000,000 | ||
Obligations of U.S. states and municipalities | |||||
Available-for-sale securities | |||||
Amortized cost | 17,249,000,000 | 17,249,000,000 | 18,993,000,000 | ||
Gross unrealized gains | 1,208,000,000 | 1,208,000,000 | 1,404,000,000 | ||
Gross unrealized losses | 2,000,000 | 2,000,000 | 1,000,000 | ||
Fair value | 18,455,000,000 | 18,455,000,000 | 20,396,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 13,515,000,000 | 13,515,000,000 | 12,751,000,000 | ||
Gross unrealized gains | 493,000,000 | 493,000,000 | 519,000,000 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Fair value | 14,008,000,000 | 14,008,000,000 | 13,270,000,000 | ||
Non-U.S. government debt securities | |||||
Available-for-sale securities | |||||
Amortized cost | 17,649,000,000 | 17,649,000,000 | 22,587,000,000 | ||
Gross unrealized gains | 128,000,000 | 128,000,000 | 354,000,000 | ||
Gross unrealized losses | 37,000,000 | 37,000,000 | 13,000,000 | ||
Fair value | 17,740,000,000 | 17,740,000,000 | 22,928,000,000 | ||
Corporate debt securities | |||||
Available-for-sale securities | |||||
Amortized cost | 214,000,000 | 214,000,000 | 215,000,000 | ||
Gross unrealized gains | 9,000,000 | 9,000,000 | 4,000,000 | ||
Gross unrealized losses | 7,000,000 | 7,000,000 | 3,000,000 | ||
Fair value | 216,000,000 | 216,000,000 | 216,000,000 | ||
Asset-backed securities: Collateralized loan obligations | |||||
Available-for-sale securities | |||||
Amortized cost | 8,808,000,000 | 8,808,000,000 | 10,055,000,000 | ||
Gross unrealized gains | 12,000,000 | 12,000,000 | 24,000,000 | ||
Gross unrealized losses | 4,000,000 | 4,000,000 | 31,000,000 | ||
Fair value | 8,816,000,000 | 8,816,000,000 | 10,048,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 27,324,000,000 | 27,324,000,000 | 21,050,000,000 | ||
Gross unrealized gains | 110,000,000 | 110,000,000 | 90,000,000 | ||
Gross unrealized losses | 4,000,000 | 4,000,000 | 2,000,000 | ||
Fair value | 27,430,000,000 | 27,430,000,000 | 21,138,000,000 | ||
Asset-backed securities: Other | |||||
Available-for-sale securities | |||||
Amortized cost | 4,899,000,000 | 4,899,000,000 | 6,174,000,000 | ||
Gross unrealized gains | 67,000,000 | 67,000,000 | 91,000,000 | ||
Gross unrealized losses | 2,000,000 | 2,000,000 | 16,000,000 | ||
Fair value | 4,964,000,000 | 4,964,000,000 | 6,249,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | 2,182,000,000 | 2,182,000,000 | 0 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Fair value | 2,182,000,000 | 2,182,000,000 | 0 | ||
U.S. GSE obligations | |||||
Available-for-sale securities | |||||
Fair value | 46,400,000,000 | 46,400,000,000 | 65,800,000,000 | ||
Held-to-maturity securities | |||||
Amortized cost | $ 72,200,000,000 | $ 72,200,000,000 | $ 86,300,000,000 |
Investment Securities - Fair Va
Investment Securities - Fair Value and Gross Unrealized Losses by Aging Category (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale securities | ||
Less than 12 months, Fair value | $ 9,790 | $ 12,133 |
Less than 12 months, Gross unrealized losses | 49 | 57 |
12 months or more, Fair Value | 1,520 | 4,694 |
12 months or more, Gross unrealized losses | 13 | 49 |
Total fair value | 11,310 | 16,827 |
Total gross unrealized losses | 62 | 106 |
Total mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 297 | 3,768 |
Less than 12 months, Gross unrealized losses | 4 | 25 |
12 months or more, Fair Value | 389 | 391 |
12 months or more, Gross unrealized losses | 6 | 17 |
Total fair value | 686 | 4,159 |
Total gross unrealized losses | 10 | 42 |
U.S. GSEs and government agencies | ||
Available-for-sale securities | ||
Total fair value | 1,300 | 150 |
Residential: U.S. | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 81 | 562 |
Less than 12 months, Gross unrealized losses | 0 | 3 |
12 months or more, Fair Value | 22 | 32 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 103 | 594 |
Total gross unrealized losses | 0 | 3 |
Residential: Non-U.S. | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 30 | 2,507 |
Less than 12 months, Gross unrealized losses | 0 | 4 |
12 months or more, Fair Value | 0 | 235 |
12 months or more, Gross unrealized losses | 0 | 1 |
Total fair value | 30 | 2,742 |
Total gross unrealized losses | 0 | 5 |
Commercial | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 186 | 699 |
Less than 12 months, Gross unrealized losses | 4 | 18 |
12 months or more, Fair Value | 367 | 124 |
12 months or more, Gross unrealized losses | 6 | 16 |
Total fair value | 553 | 823 |
Total gross unrealized losses | 10 | 34 |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 102 | 49 |
Less than 12 months, Gross unrealized losses | 2 | 1 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 102 | 49 |
Total gross unrealized losses | 2 | 1 |
Non-U.S. government debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 6,084 | 2,709 |
Less than 12 months, Gross unrealized losses | 32 | 9 |
12 months or more, Fair Value | 388 | 968 |
12 months or more, Gross unrealized losses | 5 | 4 |
Total fair value | 6,472 | 3,677 |
Total gross unrealized losses | 37 | 13 |
Corporate debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 57 | 91 |
Less than 12 months, Gross unrealized losses | 7 | 3 |
12 months or more, Fair Value | 42 | 5 |
12 months or more, Gross unrealized losses | 0 | 0 |
Total fair value | 99 | 96 |
Total gross unrealized losses | 7 | 3 |
Asset-backed securities: Collateralized loan obligations | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 3,227 | 5,248 |
Less than 12 months, Gross unrealized losses | 4 | 18 |
12 months or more, Fair Value | 354 | 2,645 |
12 months or more, Gross unrealized losses | 0 | 13 |
Total fair value | 3,581 | 7,893 |
Total gross unrealized losses | 4 | 31 |
Asset-backed securities: Other | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 23 | 268 |
Less than 12 months, Gross unrealized losses | 0 | 1 |
12 months or more, Fair Value | 347 | 685 |
12 months or more, Gross unrealized losses | 2 | 15 |
Total fair value | 370 | 953 |
Total gross unrealized losses | $ 2 | $ 16 |
Investment Securities - Realize
Investment Securities - Realized Gains and Losses and Provision for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Securities gains and losses | ||||
Realized gains | $ 184 | $ 624 | $ 421 | $ 1,719 |
Realized losses | (339) | (598) | (562) | (1,460) |
Investment securities gains/(losses) | (155) | 26 | (141) | 259 |
Provision for credit losses | $ (7) | $ 4 | $ 9 | $ 13 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 9,108 | |
Due after one year through five years | 69,512 | |
Due after five years through 10 years | 42,476 | |
Due after 10 years | 109,017 | |
Amortized cost | 230,113 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 9,138 | |
Due after one year through five years | 69,916 | |
Due after five years through 10 years | 42,514 | |
Due after 10 years | 110,593 | |
Fair value | $ 232,161 | $ 388,178 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 1.63% | |
Due after one year through five years | 0.67% | |
Due after five years through 10 years | 1.01% | |
Due after 10 years | 2.44% | |
Average yield | 1.61% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 6,521 | |
Due after one year through five years | 105,372 | |
Due after five years through 10 years | 98,360 | |
Due after 10 years | 131,307 | |
Amortized cost | 341,560 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 6,525 | |
Due after one year through five years | 105,185 | |
Due after five years through 10 years | 98,520 | |
Due after 10 years | 132,623 | |
Fair value | $ 342,853 | 205,472 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.26% | |
Due after one year through five years | 0.63% | |
Due after five years through 10 years | 1.45% | |
Due after 10 years | 2.80% | |
Average yield | 1.69% | |
Supplemental information | ||
US government agencies and US government sponsored enterprises residential MBS estimated duration | 6 years | |
US government agencies and US government sponsored enterprises residential collateralized mortgage obligations estimated duration | 4 years | |
U.S. nonagency residential collateralized mortgage obligations estimated duration | 3 years | |
Minimum | ||
Supplemental information | ||
Due period of mortgage-backed securities and collateralized mortgage obligations | 10 years | |
Mortgage-backed securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 1 | |
Due after one year through five years | 2,285 | |
Due after five years through 10 years | 5,712 | |
Due after 10 years | 73,391 | |
Amortized cost | 81,389 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 1 | |
Due after one year through five years | 2,315 | |
Due after five years through 10 years | 6,050 | |
Due after 10 years | 73,757 | |
Fair value | $ 82,123 | 126,390 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 1.43% | |
Due after five years through 10 years | 1.77% | |
Due after 10 years | 2.36% | |
Average yield | 2.29% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 422 | |
Due after five years through 10 years | 12,046 | |
Due after 10 years | 103,470 | |
Amortized cost | 115,938 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 423 | |
Due after five years through 10 years | 12,595 | |
Due after 10 years | 104,360 | |
Fair value | $ 117,378 | 117,830 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 1.13% | |
Due after five years through 10 years | 2.39% | |
Due after 10 years | 2.90% | |
Average yield | 2.84% | |
U.S. Treasury and government agencies | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 2,168 | |
Due after one year through five years | 60,911 | |
Due after five years through 10 years | 28,155 | |
Due after 10 years | 8,671 | |
Amortized cost | 99,905 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 2,187 | |
Due after one year through five years | 61,190 | |
Due after five years through 10 years | 27,776 | |
Due after 10 years | 8,694 | |
Fair value | $ 99,847 | 201,951 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 1.47% | |
Due after one year through five years | 0.49% | |
Due after five years through 10 years | 0.67% | |
Due after 10 years | 0.46% | |
Average yield | 0.56% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 6,486 | |
Due after one year through five years | 104,920 | |
Due after five years through 10 years | 71,123 | |
Due after 10 years | 0 | |
Amortized cost | 182,529 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 6,489 | |
Due after one year through five years | 104,732 | |
Due after five years through 10 years | 70,634 | |
Due after 10 years | 0 | |
Fair value | $ 181,855 | 53,234 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.24% | |
Due after one year through five years | 0.62% | |
Due after five years through 10 years | 1.30% | |
Due after 10 years | 0.00% | |
Average yield | 0.87% | |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 35 | |
Due after one year through five years | 167 | |
Due after five years through 10 years | 1,217 | |
Due after 10 years | 15,830 | |
Amortized cost | 17,249 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 35 | |
Due after one year through five years | 173 | |
Due after five years through 10 years | 1,283 | |
Due after 10 years | 16,964 | |
Fair value | $ 18,455 | 20,396 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 3.72% | |
Due after one year through five years | 4.40% | |
Due after five years through 10 years | 4.88% | |
Due after 10 years | 5.01% | |
Average yield | 4.99% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 35 | |
Due after one year through five years | 30 | |
Due after five years through 10 years | 766 | |
Due after 10 years | 12,756 | |
Amortized cost | 13,587 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 36 | |
Due after one year through five years | 30 | |
Due after five years through 10 years | 808 | |
Due after 10 years | 13,134 | |
Fair value | $ 14,008 | 13,270 |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 4.28% | |
Due after one year through five years | 2.65% | |
Due after five years through 10 years | 3.81% | |
Due after 10 years | 3.78% | |
Average yield | 3.78% | |
Non-U.S. government debt securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 5,894 | |
Due after one year through five years | 4,589 | |
Due after five years through 10 years | 3,506 | |
Due after 10 years | 3,660 | |
Amortized cost | 17,649 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 5,905 | |
Due after one year through five years | 4,668 | |
Due after five years through 10 years | 3,509 | |
Due after 10 years | 3,658 | |
Fair value | $ 17,740 | 22,928 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 1.75% | |
Due after one year through five years | 2.15% | |
Due after five years through 10 years | 0.81% | |
Due after 10 years | 0.19% | |
Average yield | 1.34% | |
Corporate debt securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 141 | |
Due after five years through 10 years | 73 | |
Due after 10 years | 0 | |
Amortized cost | 214 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 140 | |
Due after five years through 10 years | 76 | |
Due after 10 years | 0 | |
Fair value | $ 216 | $ 216 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 1.16% | |
Due after five years through 10 years | 2.29% | |
Due after 10 years | 0.00% | |
Average yield | 1.54% | |
Asset-backed securities | ||
Available-for-sale securities, Amortized cost | ||
Due in one year or less | $ 1,010 | |
Due after one year through five years | 1,419 | |
Due after five years through 10 years | 3,813 | |
Due after 10 years | 7,465 | |
Amortized cost | 13,707 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 1,010 | |
Due after one year through five years | 1,430 | |
Due after five years through 10 years | 3,820 | |
Due after 10 years | 7,520 | |
Fair value | $ 13,780 | |
Available-for-sale securities, Average yield | ||
Due in one year or less | 1.20% | |
Due after one year through five years | 1.94% | |
Due after five years through 10 years | 1.33% | |
Due after 10 years | 1.24% | |
Average yield | 1.34% | |
Total held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 14,425 | |
Due after 10 years | 15,081 | |
Amortized cost | 29,506 | |
Total held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 14,483 | |
Due after 10 years | 15,129 | |
Fair value | $ 29,612 | |
Total held-to-maturity securities, Average yield | ||
Due in one year or less | 0.00% | |
Due after one year through five years | 0.00% | |
Due after five years through 10 years | 1.27% | |
Due after 10 years | 1.30% | |
Average yield | 1.29% |
Securities Financing Activiti_3
Securities Financing Activities - Gross and Net Amounts of Securities Financing Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Securities purchased under resale agreements, Gross amounts | $ 567,378 | $ 666,467 |
Securities purchased under resale agreements, Amounts netted on the Consolidated balance sheets | (306,391) | (370,183) |
Securities purchased under resale agreements, Amounts presented on the Consolidated balance sheets | 260,987 | 296,284 |
Securities purchased under resale agreements, Amounts not nettable on the Consolidated balance sheets | (248,366) | (273,206) |
Securities purchased under resale agreements, Net amounts | 12,621 | 23,078 |
Securities borrowed, Gross amounts | 189,212 | 193,700 |
Securities borrowed, Amounts netted on the Consolidated balance sheets | (2,836) | (33,065) |
Securities borrowed, Amounts presented on the Consolidated balance sheets | 186,376 | 160,635 |
Securities borrowed, Amounts not nettable on the Consolidated balance sheets | (132,533) | (115,219) |
Securities borrowed, Net amounts | 53,843 | 45,416 |
Liabilities | ||
Securities sold under repurchase agreements, Gross amounts | 543,834 | 578,060 |
Securities sold under repurchase agreements, Amounts netted on the Consolidated balance sheets | (306,391) | (370,183) |
Securities sold under repurchase agreements, Amounts presented on the Consolidated balance sheets | 237,443 | 207,877 |
Securities sold under repurchase agreements, Amounts not nettable on the Consolidated balance sheets | (214,872) | (191,980) |
Securities sold under repurchase agreements, Net amounts | 22,571 | 15,897 |
Securities loaned and other, Gross amounts | 54,042 | 41,366 |
Securities loaned and other, Amounts netted on the Consolidated balance sheets | (2,836) | (33,065) |
Securities loaned and other, Amounts presented on the Consolidated balance sheets | 51,206 | 8,301 |
Securities loaned and other, Amounts not nettable on the Consolidated balance sheets | (50,960) | (8,257) |
Securities loaned and other, Net amounts | 246 | 44 |
Securities purchased under resale agreements where an appropriate legal opinion has not been either sought or obtained, Gross asset balance | 9,500 | 17,000 |
Securities borrowed where an appropriate legal opinion has not been either sought or obtained | 49,700 | 42,100 |
Securities sold under agreements to repurchase | 21,200 | 14,500 |
Securities loaned and other | 56 | 8 |
Securities-for-securities | ||
Liabilities | ||
Securities loaned and other, Amounts presented on the Consolidated balance sheets | $ 45,500 | $ 3,400 |
Securities Financing Activiti_4
Securities Financing Activities - Types of Financial Assets Pledged and Remaining Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | $ 543,834 | $ 578,060 |
Securities loaned and other | 54,042 | 41,366 |
Overnight and continuous | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 233,090 | 238,667 |
Securities loaned and other | 52,547 | 37,887 |
Up to 30 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 214,617 | 230,980 |
Securities loaned and other | 117 | 1,647 |
30 – 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 38,442 | 70,777 |
Securities loaned and other | 1,001 | 500 |
Greater than 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 57,685 | 37,636 |
Securities loaned and other | 377 | 1,332 |
Mortgage-backed securities, U.S. GSEs and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 21,735 | 56,744 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Residential - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 397 | 1,016 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Commercial - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,058 | 855 |
Securities loaned and other | 0 | 0 |
U.S. Treasury, GSEs and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 267,937 | 315,834 |
Securities loaned and other | 79 | 143 |
Obligations of U.S. states and municipalities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 1,739 | 1,525 |
Securities loaned and other | 1 | 2 |
Non-U.S. government debt | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 174,777 | 157,563 |
Securities loaned and other | 2,984 | 1,730 |
Corporate debt securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 36,166 | 22,849 |
Securities loaned and other | 1,951 | 1,864 |
Asset-backed securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 550 | 694 |
Securities loaned and other | 230 | 0 |
Equity securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 39,475 | 20,980 |
Securities loaned and other | $ 48,797 | $ 37,627 |
Securities Financing Activiti_5
Securities Financing Activities - Transfers Not Qualifying for Sale Accounting (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Securities Financing Transactions Disclosures [Abstract] | ||
Transfers not qualifying for sale accounting | $ 442 | $ 598 |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)loan_segment | Jun. 30, 2020USD ($) | Dec. 31, 2020loan_segment | |
Receivables [Abstract] | |||||
Number of portfolio segments | loan_segment | 3 | 3 | |||
Net gains (losses) on sales of loans and lending-related commitments | $ 62 | $ 725 | $ 194 | $ (188) | |
Net gains (losses) on sales of loans | $ 47 | $ 42 | $ 182 | $ (100) |
Loans - By Portfolio Segment (D
Loans - By Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Loan balances by portfolio segment: | |||||
Retained loans | $ 963,665 | $ 965,448 | $ 963,665 | $ 965,448 | $ 960,506 |
Held-for-sale | 15,513 | 15,513 | 7,873 | ||
At fair value | 61,776 | 61,776 | 44,474 | ||
Total | 1,040,954 | 1,040,954 | 1,012,853 | ||
Accrued interest receivables | 2,800 | 2,800 | 2,900 | ||
Accrued interest receivables written off | 19 | 34 | 32 | 48 | |
Consumer, excluding credit card | |||||
Loan balances by portfolio segment: | |||||
Retained loans | 297,731 | 307,005 | 297,731 | 307,005 | 302,127 |
Held-for-sale | 1,075 | 1,075 | 1,305 | ||
At fair value | 30,879 | 30,879 | 15,147 | ||
Total | 329,685 | 329,685 | 318,579 | ||
Credit card | |||||
Loan balances by portfolio segment: | |||||
Retained loans | 141,079 | 141,079 | 143,432 | ||
Held-for-sale | 723 | 723 | 784 | ||
At fair value | 0 | 0 | 0 | ||
Total | 141,802 | 141,802 | 144,216 | ||
Wholesale | |||||
Loan balances by portfolio segment: | |||||
Retained loans | 524,855 | $ 516,787 | 524,855 | $ 516,787 | 514,947 |
Held-for-sale | 13,715 | 13,715 | 5,784 | ||
At fair value | 30,897 | 30,897 | 29,327 | ||
Total | $ 569,467 | $ 569,467 | $ 550,058 |
Loans - Purchased, Sold and Rec
Loans - Purchased, Sold and Reclassified to Held-for-Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | $ 412 | $ 470 | $ 829 | $ 2,028 |
Sales | 8,751 | 3,573 | 14,662 | 9,349 |
Retained loans reclassified to held-for-sale | 979 | 961 | 1,913 | 1,578 |
Consumer, excluding credit card | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 111 | 228 | 302 | 1,400 |
Sales | 0 | 24 | 181 | 348 |
Retained loans reclassified to held-for-sale | 87 | 679 | 249 | 827 |
Excluded retained loans purchased from correspondents that were originated in accordance with the Firm's underwriting standards | 5,000 | 3,800 | 12,000 | 7,400 |
Credit card | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Retained loans reclassified to held-for-sale | 0 | 0 | 0 | 0 |
Wholesale | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 301 | 242 | 527 | 628 |
Sales | 8,751 | 3,549 | 14,481 | 9,001 |
Retained loans reclassified to held-for-sale | $ 892 | $ 282 | $ 1,664 | $ 751 |
Loans - Consumer, Excluding Cre
Loans - Consumer, Excluding Credit Card Loan Portfolio (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 963,665 | $ 960,506 | $ 965,448 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 297,731 | 302,127 | $ 307,005 |
Consumer, excluding credit card | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 218,031 | 225,302 | |
Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 79,700 | 76,825 | |
Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 16,700 | $ 19,200 |
Loans - Consumer, Excluding C_2
Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 963,665 | $ 960,506 | $ 965,448 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 297,731 | 302,127 | $ 307,005 |
Consumer, excluding credit card | 30 or more days past due | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 32 | 40 | |
Consumer, excluding credit card | Residential real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2021/2020 | 31,269 | 56,588 | |
Term loans originated in 2020/2019 | 54,751 | 31,859 | |
Term loans originated in 2019/2018 | 23,893 | 13,930 | |
Term loans originated in 2018/2017 | 10,140 | 20,450 | |
Term loans originated in 2017/2016 | 15,027 | 28,025 | |
Term loans originated prior to 2017/2016 | 62,035 | 50,736 | |
Revolving loans within the revolving period | 5,735 | 7,413 | |
Revolving loans converted to term loans | 15,181 | 16,301 | |
Total retained loans | $ 218,031 | $ 225,302 | |
% of 30 plus days past due to total retained loans, Term loans originated in 2021/2020 | 0.04% | 0.02% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2020/2019 | 0.01% | 0.12% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2019/2018 | 0.08% | 0.22% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2018/2017 | 0.18% | 0.20% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2017/2016 | 0.21% | 0.17% | |
% of 30 plus days past due to total retained loans, Term loans originated prior to 2017/2016 | 2.25% | 2.91% | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 0.21% | 0.58% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 3.00% | 3.12% | |
% of 30 plus days past due to total retained loans | 0.89% | 0.98% | |
Consumer, excluding credit card | Residential real estate | Senior lien | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total revolving loans that are senior lien loans | 36.00% | ||
Consumer, excluding credit card | Residential real estate | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 72 | $ 76 | |
Consumer, excluding credit card | Residential real estate | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2021/2020 | 31,258 | 56,576 | |
Term loans originated in 2020/2019 | 54,745 | 31,820 | |
Term loans originated in 2019/2018 | 23,873 | 13,900 | |
Term loans originated in 2018/2017 | 10,122 | 20,410 | |
Term loans originated in 2017/2016 | 14,996 | 27,978 | |
Term loans originated prior to 2017/2016 | 60,605 | 49,218 | |
Revolving loans within the revolving period | 5,723 | 7,370 | |
Revolving loans converted to term loans | 14,726 | 15,792 | |
Total retained loans | 216,048 | 223,064 | |
Consumer, excluding credit card | Residential real estate | Current | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 40 | 36 | |
Consumer, excluding credit card | Residential real estate | 30–149 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2021/2020 | 11 | 9 | |
Term loans originated in 2020/2019 | 4 | 25 | |
Term loans originated in 2019/2018 | 16 | 20 | |
Term loans originated in 2018/2017 | 13 | 22 | |
Term loans originated in 2017/2016 | 13 | 29 | |
Term loans originated prior to 2017/2016 | 539 | 674 | |
Revolving loans within the revolving period | 9 | 21 | |
Revolving loans converted to term loans | 185 | 245 | |
Total retained loans | 790 | 1,045 | |
Consumer, excluding credit card | Residential real estate | 30–149 days past due | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 11 | 16 | |
Consumer, excluding credit card | Residential real estate | 150 or more days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2021/2020 | 0 | 3 | |
Term loans originated in 2020/2019 | 2 | 14 | |
Term loans originated in 2019/2018 | 4 | 10 | |
Term loans originated in 2018/2017 | 5 | 18 | |
Term loans originated in 2017/2016 | 18 | 18 | |
Term loans originated prior to 2017/2016 | 891 | 844 | |
Revolving loans within the revolving period | 3 | 22 | |
Revolving loans converted to term loans | 270 | 264 | |
Total retained loans | 1,193 | 1,193 | |
Consumer, excluding credit card | Residential real estate | 150 or more days past due | U.S. government-guaranteed | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 21 | $ 24 |
Loans - Consumer, Excluding C_3
Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate, Nonaccrual Loans and Other Credit Quality Indicators (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 963,665,000,000 | $ 965,448,000,000 | $ 963,665,000,000 | $ 965,448,000,000 | $ 960,506,000,000 |
Consumer, excluding credit card | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 297,731,000,000 | 307,005,000,000 | 297,731,000,000 | 307,005,000,000 | 302,127,000,000 |
Consumer, excluding credit card | Residential real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual loans | 5,060,000,000 | 5,060,000,000 | 5,313,000,000 | ||
Retained loans | $ 218,031,000,000 | $ 218,031,000,000 | $ 225,302,000,000 | ||
Weighted average LTV ratio | 53.00% | 53.00% | 54.00% | ||
Weighted average FICO | $ 764 | $ 764 | $ 763 | ||
Approximate percentage of Chapter 7 loans 30 days or more past due | 7.00% | ||||
Interest income on nonaccrual loans recognized on a cash basis | 41,000,000 | $ 37,000,000 | $ 86,000,000 | $ 80,000,000 | |
Consumer, excluding credit card | Residential real estate | U.S. government-guaranteed | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
90 or more days past due | 49,000,000 | 49,000,000 | 33,000,000 | ||
Retained loans | 72,000,000 | 72,000,000 | 76,000,000 | ||
Consumer, excluding credit card | Residential real estate | California | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 69,856,000,000 | 69,856,000,000 | 73,444,000,000 | ||
Consumer, excluding credit card | Residential real estate | New York | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 31,921,000,000 | 31,921,000,000 | 32,287,000,000 | ||
Consumer, excluding credit card | Residential real estate | Florida | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 14,655,000,000 | 14,655,000,000 | 13,981,000,000 | ||
Consumer, excluding credit card | Residential real estate | Texas | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 13,284,000,000 | 13,284,000,000 | 13,773,000,000 | ||
Consumer, excluding credit card | Residential real estate | Illinois | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 12,036,000,000 | 12,036,000,000 | 13,130,000,000 | ||
Consumer, excluding credit card | Residential real estate | Colorado | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 8,113,000,000 | 8,113,000,000 | 8,235,000,000 | ||
Consumer, excluding credit card | Residential real estate | Washington | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 7,788,000,000 | 7,788,000,000 | 7,917,000,000 | ||
Consumer, excluding credit card | Residential real estate | New Jersey | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 6,864,000,000 | 6,864,000,000 | 7,227,000,000 | ||
Consumer, excluding credit card | Residential real estate | Massachusetts | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 5,829,000,000 | 5,829,000,000 | 5,784,000,000 | ||
Consumer, excluding credit card | Residential real estate | Connecticut | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 5,010,000,000 | 5,010,000,000 | 5,024,000,000 | ||
Consumer, excluding credit card | Residential real estate | All other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 42,675,000,000 | 42,675,000,000 | 44,500,000,000 | ||
Consumer, excluding credit card | Residential real estate | All other | U.S. government-guaranteed | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 72,000,000 | 72,000,000 | 76,000,000 | ||
Consumer, excluding credit card | Residential real estate | 90 or more days past due and still accruing interest | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 0 | 0 | 0 | ||
Consumer, excluding credit card | Residential real estate | No FICO/LTV available | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 4,633,000,000 | 4,633,000,000 | 2,492,000,000 | ||
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 4,000,000 | 4,000,000 | 6,000,000 | ||
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Less than 660 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 7,000,000 | 7,000,000 | 12,000,000 | ||
Consumer, excluding credit card | Residential real estate | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 24,000,000 | 24,000,000 | 38,000,000 | ||
Consumer, excluding credit card | Residential real estate | 101% to 125% and refreshed FICO scores | Less than 660 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 26,000,000 | 26,000,000 | 44,000,000 | ||
Consumer, excluding credit card | Residential real estate | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 1,793,000,000 | 1,793,000,000 | 2,177,000,000 | ||
Consumer, excluding credit card | Residential real estate | 80% to 100% and refreshed FICO scores | Less than 660 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 132,000,000 | 132,000,000 | 239,000,000 | ||
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 200,924,000,000 | 200,924,000,000 | 208,238,000,000 | ||
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Less than 660 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 10,416,000,000 | $ 10,416,000,000 | $ 11,980,000,000 |
Loans - Consumer, Excluding C_4
Loans - Consumer, Excluding Credit Card Loan Portfolio, Loan Modifications, Nature and Extent of Modifications (Details) - Consumer, excluding credit card - Residential real estate $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | |
Financing Receivable, Impaired [Line Items] | ||||
New TDRs | $ | $ 307 | $ 196 | $ 558 | $ 338 |
Percentage, sum of items by type, may exceed | 100.00% | |||
Trial modification | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loans modified | 1,165 | 849 | 2,566 | 2,845 |
Permanent modification | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loans modified | 1,186 | 2,104 | 2,900 | 3,585 |
Interest rate reduction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 78.00% | 41.00% | 74.00% | 56.00% |
Term or payment extension | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 51.00% | 45.00% | 45.00% | 60.00% |
Principal and/or interest deferred | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 18.00% | 6.00% | 26.00% | 8.00% |
Principal forgiveness | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 0.00% | 2.00% | 2.00% | 3.00% |
Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Concession granted | 34.00% | 72.00% | 44.00% | 65.00% |
Loans - Consumer, Excluding C_5
Loans - Consumer, Excluding Credit Card Loan Portfolio, Financial Effects of Modifications and Redefaults (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)loan_payment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Financing Receivable, Impaired [Line Items] | |||||
Carrying value | $ 963,665 | $ 965,448 | $ 963,665 | $ 965,448 | $ 960,506 |
Consumer, excluding credit card | |||||
Financing Receivable, Impaired [Line Items] | |||||
Carrying value | 297,731 | $ 307,005 | $ 297,731 | $ 307,005 | 302,127 |
Consumer, excluding credit card | Residential real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Number of payments past due for deemed payment | loan_payment | 2 | ||||
Carrying value | 218,031 | $ 218,031 | 225,302 | ||
Consumer, excluding credit card | Residential real estate | In process of active or suspended foreclosure | |||||
Financing Receivable, Impaired [Line Items] | |||||
Carrying value | $ 743 | $ 743 | $ 846 | ||
Consumer, excluding credit card | Residential real estate | Maximum | |||||
Financing Receivable, Impaired [Line Items] | |||||
Number of years before payment default under a modified loan | 1 year | ||||
Number of months before a payment redefault under modified loans | 12 months | ||||
Consumer, excluding credit card | Residential real estate | Permanent modification | |||||
Financing Receivable, Impaired [Line Items] | |||||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 4.39% | 5.00% | 4.51% | 5.13% | |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 2.85% | 3.36% | 2.90% | 3.42% | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 22 years | 21 years | 24 years | 21 years | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 36 years | 39 years | 38 years | 39 years | |
Charge-offs recognized upon permanent modification | $ 0 | $ 2 | $ 0 | $ 2 | |
Principal deferred | 6 | 4 | 18 | 9 | |
Principal forgiven | 0 | 1 | 1 | 3 | |
Balance of loans that redefaulted within one year of permanent modification | $ 21 | $ 38 | $ 45 | $ 108 | |
Modifications, weighted-average remaining life | 5 years |
Loans - Consumer, Excluding C_6
Loans - Consumer, Excluding Credit Card Loan Portfolio, Auto and Other (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 963,665 | $ 960,506 | $ 965,448 |
Consumer, excluding credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 297,731 | 302,127 | $ 307,005 |
Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2021/2020 | 28,209 | 46,266 | |
Term loans originated in 2020/2019 | 29,097 | 12,936 | |
Term loans originated in 2019/2018 | 10,037 | 7,444 | |
Term loans originated in 2018/2017 | 5,406 | 4,575 | |
Term loans originated in 2017/2016 | 3,002 | 2,100 | |
Term loans originated prior to 2017/2016 | 1,474 | 766 | |
Revolving loans within the revolving period | 2,320 | 2,555 | |
Revolving loans converted to term loans | 155 | 183 | |
Total retained loans | $ 79,700 | $ 76,825 | |
% of 30 plus days past due to total retained loans, Term loans originated in 2021/2020 | 0.20% | 0.21% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2020/2019 | 0.20% | 0.83% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2019/2018 | 0.69% | 1.03% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2018/2017 | 0.83% | 1.18% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2017/2016 | 1.00% | 2.00% | |
% of 30 plus days past due to total retained loans, Term loans originated prior to 2017/2016 | 2.04% | 3.13% | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 0.86% | 1.49% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 13.55% | 13.66% | |
% of 30 plus days past due to total retained loans | 0.41% | 0.60% | |
Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 16,700 | $ 19,200 | |
Current | Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2021/2020 | 28,153 | 46,169 | |
Term loans originated in 2020/2019 | 29,038 | 12,829 | |
Term loans originated in 2019/2018 | 9,968 | 7,367 | |
Term loans originated in 2018/2017 | 5,361 | 4,521 | |
Term loans originated in 2017/2016 | 2,972 | 2,058 | |
Term loans originated prior to 2017/2016 | 1,444 | 742 | |
Revolving loans within the revolving period | 2,300 | 2,517 | |
Revolving loans converted to term loans | 134 | 158 | |
Total retained loans | 79,370 | 76,361 | |
Current | Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2021/2020 | 9,900 | 19,200 | |
Term loans originated in 2020/2019 | 6,800 | ||
30–119 days past due | Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2021/2020 | 56 | 97 | |
Term loans originated in 2020/2019 | 59 | 107 | |
Term loans originated in 2019/2018 | 69 | 77 | |
Term loans originated in 2018/2017 | 44 | 53 | |
Term loans originated in 2017/2016 | 29 | 42 | |
Term loans originated prior to 2017/2016 | 29 | 23 | |
Revolving loans within the revolving period | 14 | 30 | |
Revolving loans converted to term loans | 12 | 17 | |
Total retained loans | 312 | 446 | |
120 or more days past due | Consumer, excluding credit card | Auto and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term loans originated in 2021/2020 | 0 | 0 | |
Term loans originated in 2020/2019 | 0 | 0 | |
Term loans originated in 2019/2018 | 0 | 0 | |
Term loans originated in 2018/2017 | 1 | 1 | |
Term loans originated in 2017/2016 | 1 | 0 | |
Term loans originated prior to 2017/2016 | 1 | 1 | |
Revolving loans within the revolving period | 6 | 8 | |
Revolving loans converted to term loans | 9 | 8 | |
Total retained loans | $ 18 | $ 18 |
Loans - Consumer, Excluding C_7
Loans - Consumer, Excluding Credit Card Loan Portfolio, Auto and Other, Nonaccrual Loans and Other Credit Quality Indicators (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | $ 963,665,000,000 | $ 960,506,000,000 | $ 965,448,000,000 |
Consumer, excluding credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 297,731,000,000 | 302,127,000,000 | $ 307,005,000,000 |
Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Nonaccrual loans | 123,000,000 | 151,000,000 | |
Retained loans | 79,700,000,000 | 76,825,000,000 | |
90 or more days past due and still accruing | 0 | 0 | |
California | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 12,728,000,000 | 12,302,000,000 | |
New York | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 9,027,000,000 | 8,824,000,000 | |
Texas | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 8,491,000,000 | 8,235,000,000 | |
Florida | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 5,064,000,000 | 4,668,000,000 | |
Illinois | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 3,611,000,000 | 3,768,000,000 | |
New Jersey | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 2,735,000,000 | 2,646,000,000 | |
Arizona | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 2,332,000,000 | 2,465,000,000 | |
Ohio | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 2,118,000,000 | 2,163,000,000 | |
Pennsylvania | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 2,073,000,000 | 1,924,000,000 | |
Colorado | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 1,935,000,000 | 1,910,000,000 | |
All other | Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | $ 29,586,000,000 | $ 27,920,000,000 |
Loans - Credit Card Loan Portfo
Loans - Credit Card Loan Portfolio, Delinquency Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 963,665 | $ 960,506 | $ 965,448 |
Credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving loans within the revolving period | 139,899 | 142,057 | |
Revolving loans converted to term loans | 1,180 | 1,375 | |
Total retained loans | $ 141,079 | $ 143,432 | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 0.96% | 1.60% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 6.78% | 9.89% | |
% of 30 plus days past due to total retained loans | 1.01% | 1.68% | |
% of 90 plus days past due to total retained loans, Revolving loans within the revolving period | 0.52% | 0.90% | |
% of 90 plus days past due to total retained loans, Revolving loans converted to term loans | 2.29% | 3.05% | |
% of 90 plus days past due to total retained loans | 0.54% | 0.92% | |
Current and less than 30 days past due and still accruing | Credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving loans within the revolving period | $ 138,551 | $ 139,783 | |
Revolving loans converted to term loans | 1,100 | 1,239 | |
Total retained loans | 139,651 | 141,022 | |
30–89 days past due and still accruing | Credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving loans within the revolving period | 615 | 997 | |
Revolving loans converted to term loans | 53 | 94 | |
Total retained loans | 668 | 1,091 | |
90 or more days past due and still accruing | Credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Revolving loans within the revolving period | 733 | 1,277 | |
Revolving loans converted to term loans | 27 | 42 | |
Total retained loans | $ 760 | $ 1,319 |
Loans - Credit Card Loan Port_2
Loans - Credit Card Loan Portfolio, Other Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 963,665 | $ 960,506 | $ 965,448 |
Credit card | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 141,079 | $ 143,432 | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Equal to or greater than 660 | 88.40% | 85.90% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Less than 660 | 11.40% | 13.90% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, No FICO available | 0.20% | 0.20% | |
Credit card | California | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 20,857 | $ 20,921 | |
Credit card | Texas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 14,535 | 14,544 | |
Credit card | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 11,692 | 11,919 | |
Credit card | Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 9,299 | 9,562 | |
Credit card | Illinois | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 7,910 | 8,006 | |
Credit card | New Jersey | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 5,860 | 5,927 | |
Credit card | Ohio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,541 | 4,673 | |
Credit card | Pennsylvania | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,306 | 4,476 | |
Credit card | Colorado | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 4,272 | 4,092 | |
Credit card | Michigan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | 3,426 | 3,553 | |
Credit card | All other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Retained loans | $ 54,381 | $ 55,759 |
Loans - Credit Card Portfolio,
Loans - Credit Card Portfolio, Loan Modifications (Details) - Credit card $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)loan_payment | Jun. 30, 2020USD ($) | |
Financing Receivable, Impaired [Line Items] | ||||
Fixed payment plan period | 60 months | |||
New enrollments, percent of total retained credit card loans (less than) | 1.00% | |||
Balance of new TDRs | $ 90 | $ 151 | $ 233 | $ 428 |
Weighted-average interest rate of loans – before TDR | 17.92% | 17.93% | 17.81% | 18.50% |
Weighted-average interest rate of loans – after TDR | 5.15% | 5.16% | 5.20% | 4.42% |
Balance of loans that redefaulted within one year of modification | $ 13 | $ 25 | $ 32 | $ 61 |
Number of years before payment default under a modified loan | 1 year | |||
Modified loans, payment default, number of payments past due | loan_payment | 2 |
Loans - Wholesale Loan Portfoli
Loans - Wholesale Loan Portfolio, Internal Risk Ratings (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 963,665 | $ 960,506 | $ 965,448 |
Wholesale | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 524,855 | $ 514,947 | $ 516,787 |
% of investment-grade to total retained loans | 73.73% | 73.65% | |
% of total criticized to total retained loans | 3.07% | 3.62% | |
% of criticized nonaccrual to total retained loans | 0.51% | 0.64% | |
Wholesale | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 519,721 | $ 508,707 | |
Wholesale | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 2,330 | 2,865 | |
Wholesale | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 106 | 57 | |
Wholesale | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 387,000 | 379,273 | |
Wholesale | Investment-grade | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 5,800 | 8,000 | |
Wholesale | Total noninvestment- grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 137,855 | 135,674 | |
Wholesale | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 121,753 | 117,052 | |
Wholesale | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 13,404 | 15,304 | |
Wholesale | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 2,698 | 3,318 | |
Wholesale | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 406,535 | 406,846 | |
Wholesale | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 118,320 | 108,101 | |
Wholesale | Secured by real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 118,023 | $ 119,993 | |
% of investment-grade to total retained loans | 75.08% | 75.13% | |
% of total criticized to total retained loans | 3.87% | 3.10% | |
% of criticized nonaccrual to total retained loans | 0.41% | 0.40% | |
Term loans originated in 2021/2020 | $ 10,616 | $ 19,887 | |
Term loans originated in 2020/2019 | 19,293 | 23,914 | |
Term loans originated in 2019/2018 | 22,624 | 16,397 | |
Term loans originated in 2018/2017 | 14,005 | 13,933 | |
Term loans originated in 2017/2016 | 11,521 | 16,014 | |
Term loans originated prior to 2017/2016 | 38,273 | 28,260 | |
Revolving loans within the revolving period | 1,682 | 1,587 | |
Revolving loans converted to term loans | 9 | 1 | |
Wholesale | Secured by real estate | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 117,315 | 118,894 | |
Wholesale | Secured by real estate | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 200 | 601 | |
Wholesale | Secured by real estate | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 19 | 15 | |
Wholesale | Secured by real estate | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 88,617 | 90,147 | |
Term loans originated in 2021/2020 | 9,394 | 16,560 | |
Term loans originated in 2020/2019 | 15,951 | 19,575 | |
Term loans originated in 2019/2018 | 18,482 | 12,192 | |
Term loans originated in 2018/2017 | 10,350 | 11,017 | |
Term loans originated in 2017/2016 | 8,962 | 13,439 | |
Term loans originated prior to 2017/2016 | 24,226 | 16,266 | |
Revolving loans within the revolving period | 1,244 | 1,098 | |
Revolving loans converted to term loans | 8 | 0 | |
Wholesale | Secured by real estate | Total noninvestment- grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 29,406 | 29,846 | |
Term loans originated in 2021/2020 | 1,222 | 3,327 | |
Term loans originated in 2020/2019 | 3,342 | 4,339 | |
Term loans originated in 2019/2018 | 4,142 | 4,205 | |
Term loans originated in 2018/2017 | 3,655 | 2,916 | |
Term loans originated in 2017/2016 | 2,559 | 2,575 | |
Term loans originated prior to 2017/2016 | 14,047 | 11,994 | |
Revolving loans within the revolving period | 438 | 489 | |
Revolving loans converted to term loans | 1 | 1 | |
Wholesale | Secured by real estate | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 24,840 | 26,129 | |
Wholesale | Secured by real estate | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 4,077 | 3,234 | |
Wholesale | Secured by real estate | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 489 | $ 483 | |
% of criticized nonaccrual to total retained loans | 0.41% | 0.40% | |
Wholesale | Secured by real estate | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 115,043 | $ 116,990 | |
Wholesale | Secured by real estate | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 2,980 | 3,003 | |
Wholesale | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 134,212 | $ 142,709 | |
% of investment-grade to total retained loans | 53.28% | 50.39% | |
% of total criticized to total retained loans | 7.22% | 9.05% | |
% of criticized nonaccrual to total retained loans | 1.05% | 1.35% | |
Term loans originated in 2021/2020 | $ 22,826 | $ 36,271 | |
Term loans originated in 2020/2019 | 19,772 | 15,940 | |
Term loans originated in 2019/2018 | 11,091 | 8,065 | |
Term loans originated in 2018/2017 | 5,803 | 3,852 | |
Term loans originated in 2017/2016 | 3,109 | 1,529 | |
Term loans originated prior to 2017/2016 | 3,768 | 3,702 | |
Revolving loans within the revolving period | 67,763 | 73,276 | |
Revolving loans converted to term loans | 80 | 74 | |
Wholesale | Commercial and industrial | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 131,948 | 140,100 | |
Wholesale | Commercial and industrial | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 822 | 658 | |
Wholesale | Commercial and industrial | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 29 | 20 | |
Wholesale | Commercial and industrial | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 71,509 | 71,917 | |
Term loans originated in 2021/2020 | 15,656 | 21,211 | |
Term loans originated in 2020/2019 | 10,269 | 7,304 | |
Term loans originated in 2019/2018 | 4,965 | 2,934 | |
Term loans originated in 2018/2017 | 2,266 | 1,748 | |
Term loans originated in 2017/2016 | 1,669 | 1,032 | |
Term loans originated prior to 2017/2016 | 1,413 | 1,263 | |
Revolving loans within the revolving period | 35,270 | 36,424 | |
Revolving loans converted to term loans | 1 | 1 | |
Wholesale | Commercial and industrial | Investment-grade | Paycheck Protection Program (PPP) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 5,300 | 7,400 | |
Term loans originated in 2021/2020 | 1,400 | ||
Term loans originated in 2020/2019 | 3,900 | ||
Wholesale | Commercial and industrial | Total noninvestment- grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 62,703 | 70,792 | |
Term loans originated in 2021/2020 | 7,170 | 15,060 | |
Term loans originated in 2020/2019 | 9,503 | 8,636 | |
Term loans originated in 2019/2018 | 6,126 | 5,131 | |
Term loans originated in 2018/2017 | 3,537 | 2,104 | |
Term loans originated in 2017/2016 | 1,440 | 497 | |
Term loans originated prior to 2017/2016 | 2,355 | 2,439 | |
Revolving loans within the revolving period | 32,493 | 36,852 | |
Revolving loans converted to term loans | 79 | 73 | |
Wholesale | Commercial and industrial | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 53,017 | 57,870 | |
Wholesale | Commercial and industrial | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 8,273 | 10,991 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 1,413 | 1,931 | |
Wholesale | Commercial and industrial | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 98,570 | 109,273 | |
Wholesale | Commercial and industrial | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 35,642 | 33,436 | |
Wholesale | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 272,620 | $ 252,245 | |
% of investment-grade to total retained loans | 83.22% | 86.11% | |
% of total criticized to total retained loans | 0.68% | 0.79% | |
% of criticized nonaccrual to total retained loans | 0.29% | 0.36% | |
Term loans originated in 2021/2020 | $ 26,043 | $ 36,398 | |
Term loans originated in 2020/2019 | 23,907 | 12,389 | |
Term loans originated in 2019/2018 | 9,521 | 8,635 | |
Term loans originated in 2018/2017 | 5,253 | 6,756 | |
Term loans originated in 2017/2016 | 5,600 | 3,699 | |
Term loans originated prior to 2017/2016 | 14,641 | 13,231 | |
Revolving loans within the revolving period | 187,069 | 170,234 | |
Revolving loans converted to term loans | 586 | 903 | |
Wholesale | Other | Current and less than 30 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 270,458 | 249,713 | |
Wholesale | Other | 30–89 days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 1,308 | 1,606 | |
Wholesale | Other | 90 or more days past due and still accruing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 58 | 22 | |
Wholesale | Other | Investment-grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 226,874 | 217,209 | |
Term loans originated in 2021/2020 | 16,199 | 31,389 | |
Term loans originated in 2020/2019 | 20,538 | 10,169 | |
Term loans originated in 2019/2018 | 7,530 | 6,994 | |
Term loans originated in 2018/2017 | 3,913 | 6,206 | |
Term loans originated in 2017/2016 | 5,159 | 3,553 | |
Term loans originated prior to 2017/2016 | 13,750 | 12,595 | |
Revolving loans within the revolving period | 159,224 | 145,524 | |
Revolving loans converted to term loans | 561 | 779 | |
Wholesale | Other | Total noninvestment- grade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 45,746 | 35,036 | |
Term loans originated in 2021/2020 | 9,844 | 5,009 | |
Term loans originated in 2020/2019 | 3,369 | 2,220 | |
Term loans originated in 2019/2018 | 1,991 | 1,641 | |
Term loans originated in 2018/2017 | 1,340 | 550 | |
Term loans originated in 2017/2016 | 441 | 146 | |
Term loans originated prior to 2017/2016 | 891 | 636 | |
Revolving loans within the revolving period | 27,845 | 24,710 | |
Revolving loans converted to term loans | 25 | 124 | |
Wholesale | Other | Noncriticized | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 43,896 | 33,053 | |
Wholesale | Other | Criticized performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 1,054 | 1,079 | |
Wholesale | Other | Criticized nonaccrual | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 796 | 904 | |
Wholesale | Other | Total U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | 192,922 | 180,583 | |
Wholesale | Other | Total non-U.S. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total retained loans | $ 79,698 | $ 71,662 |
Loans - Wholesale Loan Portfo_2
Loans - Wholesale Loan Portfolio, Real Estate Class of Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 963,665 | $ 965,448 | $ 963,665 | $ 965,448 | $ 960,506 |
Net charge-offs/(recoveries) | 1,791 | 3,029 | |||
Wholesale | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 524,855 | 516,787 | $ 524,855 | 516,787 | $ 514,947 |
% of total criticized to total retained loans secured by real estate | 3.07% | 3.07% | 3.62% | ||
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.51% | 0.51% | 0.64% | ||
Net charge-offs/(recoveries) | $ 10 | 299 | $ 63 | 461 | |
Wholesale | Criticized nonaccrual | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 2,698 | 2,698 | $ 3,318 | ||
Wholesale | Secured by real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 118,023 | $ 118,023 | $ 119,993 | ||
% of total criticized to total retained loans secured by real estate | 3.87% | 3.87% | 3.10% | ||
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.41% | 0.41% | 0.40% | ||
Net charge-offs/(recoveries) | $ 1 | 12 | $ 1 | 12 | |
Wholesale | Secured by real estate | Multifamily | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 72,341 | 72,341 | $ 73,078 | ||
Wholesale | Secured by real estate | Other commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 45,682 | 45,682 | 46,915 | ||
Wholesale | Secured by real estate | Criticized | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 4,566 | $ 4,566 | $ 3,717 | ||
% of total criticized to total retained loans secured by real estate | 3.87% | 3.87% | 3.10% | ||
Wholesale | Secured by real estate | Criticized | Multifamily | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 1,594 | $ 1,594 | $ 1,144 | ||
% of total criticized to total retained loans secured by real estate | 2.20% | 2.20% | 1.57% | ||
Wholesale | Secured by real estate | Criticized | Other commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 2,972 | $ 2,972 | $ 2,573 | ||
% of total criticized to total retained loans secured by real estate | 6.51% | 6.51% | 5.48% | ||
Wholesale | Secured by real estate | Criticized nonaccrual | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 489 | $ 489 | $ 483 | ||
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.41% | 0.41% | 0.40% | ||
Wholesale | Secured by real estate | Criticized nonaccrual | Multifamily | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 84 | $ 84 | $ 56 | ||
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.12% | 0.12% | 0.08% | ||
Wholesale | Secured by real estate | Criticized nonaccrual | Other commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 405 | $ 405 | $ 427 | ||
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.89% | 0.89% | 0.91% | ||
Wholesale | Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 134,212 | $ 134,212 | $ 142,709 | ||
% of total criticized to total retained loans secured by real estate | 7.22% | 7.22% | 9.05% | ||
% of criticized nonaccrual loans to total retained loans secured by real estate | 1.05% | 1.05% | 1.35% | ||
Net charge-offs/(recoveries) | $ 2 | 268 | $ 52 | 436 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | 1,413 | 1,413 | $ 1,931 | ||
Wholesale | Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 272,620 | $ 272,620 | $ 252,245 | ||
% of total criticized to total retained loans secured by real estate | 0.68% | 0.68% | 0.79% | ||
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.29% | 0.29% | 0.36% | ||
Net charge-offs/(recoveries) | $ 7 | $ 19 | $ 10 | $ 13 | |
Wholesale | Other | Criticized nonaccrual | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Retained loans | $ 796 | $ 796 | $ 904 |
Loans - Wholesale Loan Portfo_3
Loans - Wholesale Loan Portfolio, Nonaccrual (Details) - Wholesale - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | $ 1,991 | $ 2,818 |
Without an allowance | 707 | 500 |
Total nonaccrual loans | 2,698 | 3,318 |
Secured by real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 419 | 351 |
Without an allowance | 70 | 132 |
Total nonaccrual loans | 489 | 483 |
Commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 986 | 1,667 |
Without an allowance | 427 | 264 |
Total nonaccrual loans | 1,413 | 1,931 |
Other | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 586 | 800 |
Without an allowance | 210 | 104 |
Total nonaccrual loans | $ 796 | $ 904 |
Loans - Wholesale Loan Portfo_4
Loans - Wholesale Loan Portfolio, Loan Modifications (Details) - Wholesale - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | |||||
Loans modified in TDRs | $ 1,100 | $ 1,100 | $ 954 | ||
New TDRs | $ 224 | $ 88 | $ 652 | $ 164 |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Allowance for loan losses | |||||
Beginning balance | $ 28,328 | $ 13,123 | |||
Gross charge-offs | 2,656 | 3,779 | |||
Gross recoveries collected | (865) | (750) | |||
Net charge-offs/(recoveries) | 1,791 | 3,029 | |||
Provision for loan losses | (7,038) | 17,324 | |||
Other | 1 | 1 | |||
Ending balance | $ 19,500 | $ 31,591 | 19,500 | 31,591 | |
Allowance for lending-related commitments | |||||
Beginning balance | 2,409 | 1,191 | |||
Provision for lending-related commitments | 588 | 1,421 | |||
Other | 1 | 0 | |||
Ending balance | 2,998 | 2,710 | 2,998 | 2,710 | |
Total allowance for credit losses | 22,498 | 34,301 | 22,498 | 34,301 | |
Allowance for loan losses by impairment methodology | |||||
Asset-specific | 374 | 1,662 | 374 | 1,662 | |
Portfolio-based | 19,126 | 29,929 | 19,126 | 29,929 | |
Total allowance for loan losses | 19,500 | 31,591 | 19,500 | 31,591 | $ 28,328 |
Loans by impairment methodology | |||||
Asset-specific | 19,377 | 22,020 | 19,377 | 22,020 | |
Portfolio-based | 944,288 | 943,428 | 944,288 | 943,428 | |
Total retained loans | 963,665 | 965,448 | 963,665 | 965,448 | 960,506 |
Allowance for lending-related commitments by impairment methodology | |||||
Asset-specific | 150 | 115 | 150 | 115 | |
Portfolio-based | 2,848 | 2,595 | 2,848 | 2,595 | |
Total allowance for lending-related commitments | 2,998 | 2,710 | 2,998 | 2,710 | 2,409 |
Lending-related commitments by impairment methodology | |||||
Asset-specific | 851 | 762 | 851 | 762 | |
Portfolio-based | 495,170 | 426,538 | 495,170 | 426,538 | |
Total lending-related commitments | 496,021 | 427,300 | 496,021 | 427,300 | |
Investment securities, allowance for credit losses | 87 | 23 | 87 | 23 | 78 |
Collateral-dependent loans | |||||
Allowance for loan losses | |||||
Net charge-offs/(recoveries) | 29 | 78 | |||
Collateral-dependent loans | |||||
Loans measured at fair value of collateral less cost to sell | 5,030 | 3,671 | 5,030 | 3,671 | |
Cumulative effect of a change in accounting principle | |||||
Allowance for loan losses | |||||
Beginning balance | 4,172 | ||||
Allowance for lending-related commitments | |||||
Beginning balance | 98 | ||||
Allowance for loan losses by impairment methodology | |||||
Total allowance for loan losses | |||||
Allowance for lending-related commitments by impairment methodology | |||||
Total allowance for lending-related commitments | |||||
Consumer-related | |||||
Lending-related commitments by impairment methodology | |||||
Decrease in allowance for credit losses | 7,100 | ||||
Consumer, excluding credit card | |||||
Allowance for loan losses | |||||
Beginning balance | 3,636 | 2,538 | |||
Gross charge-offs | 308 | 425 | |||
Gross recoveries collected | (318) | (348) | |||
Net charge-offs/(recoveries) | (10) | 77 | |||
Provision for loan losses | (1,746) | 2,115 | |||
Other | (2) | (1) | |||
Ending balance | 1,898 | 4,872 | 1,898 | 4,872 | |
Allowance for lending-related commitments | |||||
Beginning balance | 187 | 12 | |||
Provision for lending-related commitments | (46) | 95 | |||
Other | 1 | 1 | |||
Ending balance | 142 | 241 | 142 | 241 | |
Total allowance for credit losses | 2,040 | 5,113 | 2,040 | 5,113 | |
Allowance for loan losses by impairment methodology | |||||
Asset-specific | (557) | 263 | (557) | 263 | |
Portfolio-based | 2,455 | 4,609 | 2,455 | 4,609 | |
Total allowance for loan losses | 1,898 | 4,872 | 1,898 | 4,872 | 3,636 |
Loans by impairment methodology | |||||
Asset-specific | 15,187 | 16,749 | 15,187 | 16,749 | |
Portfolio-based | 282,544 | 290,256 | 282,544 | 290,256 | |
Total retained loans | 297,731 | 307,005 | 297,731 | 307,005 | 302,127 |
Allowance for lending-related commitments by impairment methodology | |||||
Asset-specific | 0 | 0 | 0 | 0 | |
Portfolio-based | 142 | 241 | 142 | 241 | |
Total allowance for lending-related commitments | 142 | 241 | 142 | 241 | 187 |
Lending-related commitments by impairment methodology | |||||
Asset-specific | 0 | 0 | 0 | 0 | |
Portfolio-based | 36,092 | 35,417 | 36,092 | 35,417 | |
Total lending-related commitments | 36,092 | 35,417 | 36,092 | 35,417 | |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 20,800 | 9,900 | 20,800 | 9,900 | |
Consumer, excluding credit card | Collateral-dependent loans | |||||
Allowance for loan losses | |||||
Net charge-offs/(recoveries) | 23 | 56 | |||
Collateral-dependent loans | |||||
Loans measured at fair value of collateral less cost to sell | 4,689 | 3,505 | 4,689 | 3,505 | |
Consumer, excluding credit card | Cumulative effect of a change in accounting principle | |||||
Allowance for loan losses | |||||
Beginning balance | 297 | ||||
Allowance for lending-related commitments | |||||
Beginning balance | 133 | ||||
Allowance for loan losses by impairment methodology | |||||
Total allowance for loan losses | |||||
Allowance for lending-related commitments by impairment methodology | |||||
Total allowance for lending-related commitments | |||||
Credit card | |||||
Allowance for loan losses | |||||
Beginning balance | 17,800 | 5,683 | |||
Gross charge-offs | 2,213 | 2,863 | |||
Gross recoveries collected | (475) | (372) | |||
Net charge-offs/(recoveries) | 1,738 | 2,491 | |||
Provision for loan losses | (3,562) | 9,091 | |||
Other | 0 | 0 | |||
Ending balance | 12,500 | 17,800 | 12,500 | 17,800 | |
Allowance for lending-related commitments | |||||
Beginning balance | 0 | 0 | |||
Provision for lending-related commitments | 0 | 0 | |||
Other | 0 | 0 | |||
Ending balance | 0 | 0 | 0 | 0 | |
Total allowance for credit losses | 12,500 | 17,800 | 12,500 | 17,800 | |
Allowance for loan losses by impairment methodology | |||||
Asset-specific | 443 | 642 | 443 | 642 | |
Portfolio-based | 12,057 | 17,158 | 12,057 | 17,158 | |
Total allowance for loan losses | 12,500 | 17,800 | 12,500 | 17,800 | 17,800 |
Loans by impairment methodology | |||||
Asset-specific | 1,180 | 1,422 | 1,180 | 1,422 | |
Portfolio-based | 139,899 | 140,234 | 139,899 | 140,234 | |
Total retained loans | 141,079 | 141,656 | 141,079 | 141,656 | |
Allowance for lending-related commitments by impairment methodology | |||||
Asset-specific | 0 | 0 | 0 | 0 | |
Portfolio-based | 0 | 0 | 0 | 0 | |
Total allowance for lending-related commitments | 0 | 0 | 0 | 0 | 0 |
Lending-related commitments by impairment methodology | |||||
Asset-specific | 0 | 0 | 0 | 0 | |
Portfolio-based | 0 | 0 | 0 | 0 | |
Total lending-related commitments | 0 | 0 | 0 | 0 | |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 682,500 | 673,800 | 682,500 | 673,800 | |
Credit card | Collateral-dependent loans | |||||
Allowance for loan losses | |||||
Net charge-offs/(recoveries) | 0 | 0 | |||
Collateral-dependent loans | |||||
Loans measured at fair value of collateral less cost to sell | 0 | 0 | 0 | 0 | |
Credit card | Cumulative effect of a change in accounting principle | |||||
Allowance for loan losses | |||||
Beginning balance | 5,517 | ||||
Allowance for lending-related commitments | |||||
Beginning balance | 0 | ||||
Allowance for loan losses by impairment methodology | |||||
Total allowance for loan losses | |||||
Allowance for lending-related commitments by impairment methodology | |||||
Total allowance for lending-related commitments | |||||
Wholesale | |||||
Allowance for loan losses | |||||
Beginning balance | 6,892 | 4,902 | |||
Gross charge-offs | 135 | 491 | |||
Gross recoveries collected | (72) | (30) | |||
Net charge-offs/(recoveries) | 10 | 299 | 63 | 461 | |
Provision for loan losses | (1,730) | 6,118 | |||
Other | 3 | 2 | |||
Ending balance | 5,102 | 8,919 | 5,102 | 8,919 | |
Allowance for lending-related commitments | |||||
Beginning balance | 2,222 | 1,179 | |||
Provision for lending-related commitments | 634 | 1,326 | |||
Other | 0 | (1) | |||
Ending balance | 2,856 | 2,469 | 2,856 | 2,469 | |
Total allowance for credit losses | 7,958 | 11,388 | 7,958 | 11,388 | |
Allowance for loan losses by impairment methodology | |||||
Asset-specific | 488 | 757 | 488 | 757 | |
Portfolio-based | 4,614 | 8,162 | 4,614 | 8,162 | |
Total allowance for loan losses | 5,102 | 8,919 | 5,102 | 8,919 | 6,892 |
Loans by impairment methodology | |||||
Asset-specific | 3,010 | 3,849 | 3,010 | 3,849 | |
Portfolio-based | 521,845 | 512,938 | 521,845 | 512,938 | |
Total retained loans | 524,855 | 516,787 | 524,855 | 516,787 | 514,947 |
Allowance for lending-related commitments by impairment methodology | |||||
Asset-specific | 150 | 115 | 150 | 115 | |
Portfolio-based | 2,706 | 2,354 | 2,706 | 2,354 | |
Total allowance for lending-related commitments | 2,856 | 2,469 | 2,856 | 2,469 | $ 2,222 |
Lending-related commitments by impairment methodology | |||||
Asset-specific | 851 | 762 | 851 | 762 | |
Portfolio-based | 459,078 | 391,121 | 459,078 | 391,121 | |
Total lending-related commitments | 459,929 | 391,883 | 459,929 | 391,883 | |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 42,700 | 21,500 | 42,700 | 21,500 | |
Decrease in allowance for credit losses | 1,100 | ||||
Wholesale | Collateral-dependent loans | |||||
Allowance for loan losses | |||||
Net charge-offs/(recoveries) | 6 | 22 | |||
Collateral-dependent loans | |||||
Loans measured at fair value of collateral less cost to sell | $ 341 | $ 166 | $ 341 | 166 | |
Wholesale | Cumulative effect of a change in accounting principle | |||||
Allowance for loan losses | |||||
Beginning balance | (1,642) | ||||
Allowance for lending-related commitments | |||||
Beginning balance | $ (35) | ||||
Allowance for loan losses by impairment methodology | |||||
Total allowance for loan losses | |||||
Allowance for lending-related commitments by impairment methodology | |||||
Total allowance for lending-related commitments |
Variable Interest Entities - Fi
Variable Interest Entities - Firm Sponsored VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | $ 189,403 | $ 182,272 |
Retained securitization interests, risk-rated 'A' or better, at fair value | 71.00% | 73.00% |
Corporate & Investment Bank | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Senior securities purchased in connection with CIB's secondary market-making activities | $ 149 | $ 105 |
Subordinated securities purchased in connection with CIB's secondary market-making activities | 81 | 40 |
Residential mortgage | Investment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 933 | 1,300 |
Residential mortgage | Noninvestment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 46 | 41 |
Residential mortgage | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | 48,866 | 49,644 |
Residential mortgage | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | 11,923 | 12,896 |
Commercial and other | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Total assets held by securitization VIEs | 128,614 | 119,732 |
Commercial and other | Investment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 2,200 | 2,000 |
Commercial and other | Noninvestment-grade | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Fair value of retained interests | 824 | 753 |
VIEs consolidated by the Firm | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in consolidated securitization VIEs | 1,386 | 1,739 |
VIEs consolidated by the Firm | Residential mortgage | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in consolidated securitization VIEs | 1,356 | 1,693 |
VIEs consolidated by the Firm | Residential mortgage | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in consolidated securitization VIEs | 30 | 46 |
VIEs consolidated by the Firm | Commercial and other | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in consolidated securitization VIEs | 0 | 0 |
Nonconsolidated entities | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 142,927 | 145,770 |
Interest in securitized assets in nonconsolidated VIEs | 4,042 | 4,073 |
Nonconsolidated entities | Trading assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 1,379 | 1,538 |
Nonconsolidated entities | Investment securities | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 2,350 | 2,273 |
Nonconsolidated entities | Other financial assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 313 | 262 |
Nonconsolidated entities | Residential mortgage | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 40,906 | 41,265 |
Interest in securitized assets in nonconsolidated VIEs | 979 | 1,298 |
Nonconsolidated entities | Residential mortgage | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 10,982 | 12,154 |
Interest in securitized assets in nonconsolidated VIEs | 1 | 9 |
Nonconsolidated entities | Residential mortgage | Trading assets | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 511 | 574 |
Nonconsolidated entities | Residential mortgage | Trading assets | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 1 | 9 |
Nonconsolidated entities | Residential mortgage | Investment securities | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 449 | 724 |
Nonconsolidated entities | Residential mortgage | Investment securities | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated entities | Residential mortgage | Other financial assets | Prime / Alt-A & option ARMs | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 19 | 0 |
Nonconsolidated entities | Residential mortgage | Other financial assets | Subprime | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated entities | Commercial and other | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 91,039 | 92,351 |
Interest in securitized assets in nonconsolidated VIEs | 3,062 | 2,766 |
Nonconsolidated entities | Commercial and other | Trading assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 867 | 955 |
Nonconsolidated entities | Commercial and other | Investment securities | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | 1,901 | 1,549 |
Nonconsolidated entities | Commercial and other | Other financial assets | ||
Firm sponsored mortgage and other consumer securitization trusts [Abstract] | ||
Interest in securitized assets in nonconsolidated VIEs | $ 294 | $ 262 |
Variable Interest Entities - Re
Variable Interest Entities - Re-securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Transfers of securities to VIEs | |||||
U.S. GSEs and government agencies | $ 18,794 | $ 12,505 | $ 31,899 | $ 15,222 | |
U.S. GSEs and government agencies | Nonconsolidated re-securitization VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Interest in VIEs | $ 3,068 | $ 3,068 | $ 2,631 |
Variable Interest Entities - Mu
Variable Interest Entities - Multi-seller conduits (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Unfunded lending-related commitments | $ 1,242,022 | $ 1,165,688 |
Multi-seller conduits | ||
Variable Interest Entity [Line Items] | ||
Commercial paper eliminated in consolidation | 10,500 | 13,500 |
Multi-seller conduits | Commercial and other | ||
Variable Interest Entity [Line Items] | ||
Unfunded lending-related commitments | $ 13,600 | $ 12,200 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | $ 520,588 | $ 503,126 | ||||
Loans | 963,665 | 960,506 | $ 965,448 | |||
Other | [1] | 209,254 | 151,539 | |||
Total assets | 3,684,256 | [2] | 3,384,757 | [2] | $ 3,212,643 | |
Beneficial interests in VIE assets | 14,403 | 17,578 | ||||
Total liabilities | [2] | 3,397,870 | 3,105,403 | |||
VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 1,995 | 1,934 | ||||
Loans | 35,284 | 37,619 | ||||
Other | 609 | 681 | ||||
Total assets | 37,888 | 40,234 | ||||
Beneficial interests in VIE assets | 14,403 | 17,578 | ||||
Other | 233 | 233 | ||||
Total liabilities | 14,636 | 17,811 | ||||
Beneficial interests in VIE assets, long term | 2,700 | 5,200 | ||||
VIEs consolidated by the Firm | Firm-sponsored credit card trusts | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 0 | 0 | ||||
Loans | 11,094 | 11,962 | ||||
Other | 100 | 148 | ||||
Total assets | 11,194 | 12,110 | ||||
Beneficial interests in VIE assets | 2,395 | 4,943 | ||||
Other | 1 | 3 | ||||
Total liabilities | 2,396 | 4,946 | ||||
VIEs consolidated by the Firm | Firm-administered multi-seller conduits | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 4 | 2 | ||||
Loans | 20,005 | 23,787 | ||||
Other | 181 | 188 | ||||
Total assets | 20,190 | 23,977 | ||||
Beneficial interests in VIE assets | 9,794 | 10,523 | ||||
Other | 41 | 33 | ||||
Total liabilities | 9,835 | 10,556 | ||||
VIEs consolidated by the Firm | Municipal bond vehicles | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 1,989 | 1,930 | ||||
Loans | 0 | 0 | ||||
Other | 2 | 2 | ||||
Total assets | 1,991 | 1,932 | ||||
Beneficial interests in VIE assets | 1,957 | 1,902 | ||||
Other | 0 | 0 | ||||
Total liabilities | 1,957 | 1,902 | ||||
VIEs consolidated by the Firm | Mortgage securitization entities | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 0 | 0 | ||||
Loans | 1,219 | 1,694 | ||||
Other | 55 | 94 | ||||
Total assets | 1,274 | 1,788 | ||||
Beneficial interests in VIE assets | 199 | 210 | ||||
Other | 96 | 108 | ||||
Total liabilities | 295 | 318 | ||||
VIEs consolidated by the Firm | Other | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 2 | 2 | ||||
Loans | 2,966 | 176 | ||||
Other | 271 | 249 | ||||
Total assets | 3,239 | 427 | ||||
Beneficial interests in VIE assets | 58 | 0 | ||||
Other | 95 | 89 | ||||
Total liabilities | $ 153 | $ 89 | ||||
[1] | Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information. | |||||
[2] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2021, and December 31, 2020. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion. (in millions) June 30, 2021 December 31, 2020 Assets Trading assets $ 1,995 $ 1,934 Loans 35,284 37,619 All other assets 609 681 Total assets $ 37,888 $ 40,234 Liabilities Beneficial interests issued by consolidated VIEs $ 14,403 $ 17,578 All other liabilities 233 233 Total liabilities $ 14,636 $ 17,811 |
Variable Interest Entities - VI
Variable Interest Entities - VIEs Sponsored by Third Parties (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | ||
Variable Interest Entity [Line Items] | |||||
Fair value of assets held by VIE | $ 3,684,256 | [1] | $ 3,384,757 | [1] | $ 3,212,643 |
Nonconsolidated entities | Tax credit vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum exposure | 23,200 | 23,600 | |||
Unfunded commitments | 7,500 | 8,700 | |||
Nonconsolidated entities | Municipal bond vehicles | |||||
Variable Interest Entity [Line Items] | |||||
Maximum exposure | 6,700 | 6,700 | |||
Fair value of assets held by VIE | $ 10,500 | $ 10,500 | |||
[1] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2021, and December 31, 2020. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion. (in millions) June 30, 2021 December 31, 2020 Assets Trading assets $ 1,995 $ 1,934 Loans 35,284 37,619 All other assets 609 681 Total assets $ 37,888 $ 40,234 Liabilities Beneficial interests issued by consolidated VIEs $ 14,403 $ 17,578 All other liabilities 233 233 Total liabilities $ 14,636 $ 17,811 |
Variable Interest Entities - Se
Variable Interest Entities - Securitization Activity (Details) - Nonconsolidated entities - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Residential mortgage | ||||
Securitization activity [Abstract] | ||||
Principal securitized | $ 4,115 | $ 534 | $ 8,192 | $ 3,598 |
All cash flows during the period: | ||||
Proceeds received from loan sales as financial instruments | 4,218 | 554 | 8,452 | 3,690 |
Servicing fees collected | 41 | 49 | 82 | 111 |
Cash flows received on interests | 173 | 214 | 356 | 331 |
Commercial and other | ||||
Securitization activity [Abstract] | ||||
Principal securitized | 2,876 | 861 | 4,788 | 4,049 |
All cash flows during the period: | ||||
Proceeds received from loan sales as financial instruments | 2,909 | 912 | 4,879 | 4,185 |
Servicing fees collected | 0 | 0 | 0 | 0 |
Cash flows received on interests | $ 71 | $ 31 | $ 123 | $ 60 |
Variable Interest Entities - Lo
Variable Interest Entities - Loans Sold to Third-Party Sponsored Securitization Entities (Details) - Nonconsolidated entities - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Summary of loan sale activities | ||||
Carrying value of loans sold | $ 24,459 | $ 17,447 | $ 47,606 | $ 42,382 |
Proceeds received from loan sales as cash | 24 | 13 | 40 | 22 |
Proceeds from loans sales as securities | 24,033 | 17,274 | 46,782 | 41,937 |
Total proceeds received from loan sales | 24,057 | 17,287 | 46,822 | 41,959 |
Gains/(losses) on loan sales | $ 0 | $ 2 | $ 4 | $ 6 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Options to Repurchase Delinquent Loans (Details) - Nonconsolidated entities - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Loans repurchased or option to repurchase | $ 1,209 | $ 1,413 |
Real estate acquired through foreclosure | 7 | 9 |
Residential mortgage | ||
Variable Interest Entity [Line Items] | ||
Real estate acquired through foreclosure | $ 52 | $ 64 |
Variable Interest Entities - _2
Variable Interest Entities - Loan Delinquencies and Net Charge-offs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Securitized loans | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
90 days past due | $ 9,338 | $ 9,338 | $ 13,352 | ||
Net liquidation losses | 2 | $ 126 | 53 | $ 321 | |
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 | 3,596 | 3,596 | 5,958 | ||
Net liquidation losses | 0 | 1 | 21 | 11 | |
Nonconsolidated entities | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | 142,927 | 142,927 | 145,770 | ||
Nonconsolidated entities | Commercial and other | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | 91,039 | 91,039 | 92,351 | ||
Prime / Alt-A & option ARMs | Securitized loans | Residential mortgage | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
90 days past due | 3,748 | 3,748 | 4,988 | ||
Net liquidation losses | 2 | 76 | 14 | 175 | |
Prime / Alt-A & option ARMs | Nonconsolidated entities | Residential mortgage | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | 40,906 | 40,906 | 41,265 | ||
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 | 1,994 | 1,994 | 2,406 | ||
Net liquidation losses | 0 | $ 49 | 18 | $ 135 | |
Subprime | Nonconsolidated entities | Residential mortgage | |||||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | |||||
Securitized assets | $ 10,982 | $ 10,982 | $ 12,154 |
Goodwill and Mortgage Servici_3
Goodwill and Mortgage Servicing Rights - by Business Segment (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||||||
Total goodwill | $ 49,256 | $ 49,243 | $ 49,248 | $ 47,811 | $ 47,800 | $ 47,823 |
Consumer & Community Banking | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | 31,335 | 31,311 | ||||
Corporate & Investment Bank | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | 7,915 | 7,913 | ||||
Commercial Banking | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | 2,985 | 2,985 | ||||
Asset & Wealth Management | ||||||
Goodwill [Line Items] | ||||||
Total goodwill | $ 7,021 | $ 7,039 |
Goodwill and Mortgage Servici_4
Goodwill and Mortgage Servicing Rights - Goodwill Changes During Period (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | |||||
Balance at beginning of period | $ 49,243,000,000 | $ 47,800,000,000 | $ 49,248,000,000 | $ 47,823,000,000 | $ 47,823,000,000 |
Changes during the period from: | |||||
Other | 13,000,000 | 11,000,000 | 8,000,000 | (12,000,000) | |
Balance at end of period | $ 49,256,000,000 | $ 47,811,000,000 | 49,256,000,000 | $ 47,811,000,000 | 49,248,000,000 |
Goodwill impairment | $ 0 | $ 0 |
Goodwill and Mortgage Servici_5
Goodwill and Mortgage Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Mortgage servicing rights activity [Abstract] | ||||
Fair value at beginning of period | $ 4,470 | $ 3,267 | $ 3,276 | $ 4,699 |
MSR activity: | ||||
Originations of MSRs | 419 | 164 | 823 | 435 |
Purchase of MSRs | 395 | 5 | 574 | 7 |
Disposition of MSRs | (25) | 2 | (24) | (73) |
Net additions/(dispositions) | 789 | 171 | 1,373 | 369 |
Changes due to collection/realization of expected cash flows | (182) | (247) | (369) | (495) |
Changes in valuation due to inputs and assumptions: | ||||
Changes due to market interest rates and other | (500) | (144) | 336 | (1,514) |
Changes in valuation due to other inputs and assumptions: | ||||
Projected cash flows (e.g., cost to service) | 1 | 3 | (23) | 2 |
Discount rates | 0 | 0 | 0 | 0 |
Prepayment model changes and other | (29) | 30 | (44) | 19 |
Total changes in valuation due to other inputs and assumptions | (28) | 33 | (67) | 21 |
Total changes in valuation due to inputs and assumptions | (528) | (111) | 269 | (1,493) |
Fair value at end of period | 4,549 | 3,080 | 4,549 | 3,080 |
Changes in unrealized gains/(losses) included in income related to MSRs | (528) | (111) | 269 | (1,493) |
Contractual service fees, late fees and other ancillary fees included in income | 307 | 329 | 598 | 693 |
Third-party mortgage loans serviced | 465,000 | 483,000 | 465,000 | 483,000 |
Servicer advances, net of an allowance for uncollectible amounts | $ 1,700 | $ 1,700 | $ 1,700 | $ 1,700 |
Goodwill and Mortgage Servici_6
Goodwill and Mortgage Servicing Rights - Mortgage Fees and Related Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Risk management: | ||||
Mortgage fees and related income | $ 551 | $ 917 | $ 1,255 | $ 1,237 |
All other | 3 | 0 | 4 | 0 |
Consumer & Community Banking | ||||
CCB mortgage fees and related income | ||||
Production revenue | 517 | 742 | 1,274 | 1,061 |
Operating revenue: | ||||
Loan servicing revenue | 316 | 343 | 564 | 682 |
Changes in MSR asset fair value due to collection/realization of expected cash flows | (182) | (247) | (369) | (495) |
Total operating revenue | 134 | 96 | 195 | 187 |
Risk management: | ||||
Changes in MSR asset fair value due to market interest rates and other | (500) | (144) | 336 | (1,514) |
Other changes in MSR asset fair value due to other inputs and assumptions in model | (28) | 33 | (67) | 21 |
Changes in derivative fair value and other | 425 | 190 | (487) | 1,482 |
Total risk management | (103) | 79 | (218) | (11) |
Total net mortgage servicing revenue | 31 | 175 | (23) | 176 |
Mortgage fees and related income | $ 548 | $ 917 | $ 1,251 | $ 1,237 |
Goodwill and Mortgage Servici_7
Goodwill and Mortgage Servicing Rights - Key Economic Assumptions (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted-average prepayment speed assumption (constant prepayment rate) | 10.72% | 14.90% |
Impact on fair value of 10% adverse change | $ (195) | $ (206) |
Impact on fair value of 20% adverse change | $ (376) | $ (392) |
Weighted-average option adjusted spread | 6.70% | 7.19% |
Impact on fair value of a 100 basis point adverse change | $ (191) | $ (134) |
Impact on fair value of a 200 basis point adverse change | $ (368) | $ (258) |
Deposits - Noninterest and Inte
Deposits - Noninterest and Interest-bearing (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
U.S. offices | ||
Noninterest-bearing (included $9,565 and $9,873 at fair value) | $ 639,114 | $ 572,711 |
Interest-bearing (included $2,627 and $2,567 at fair value) | 1,281,432 | 1,197,032 |
Total deposits in U.S. offices | 1,920,546 | 1,769,743 |
Non-U.S. offices | ||
Noninterest-bearing (included $1,467 and $1,486 at fair value) | 24,723 | 23,435 |
Interest-bearing (included $364 and $558 at fair value) | 359,948 | 351,079 |
Total deposits in non-U.S. offices | 384,671 | 374,514 |
Total deposits | 2,305,217 | 2,144,257 |
Fair value | ||
U.S. offices | ||
Noninterest-bearing (included $9,565 and $9,873 at fair value) | 9,565 | 9,873 |
Interest-bearing, fair value | 2,627 | 2,567 |
Non-U.S. offices | ||
Noninterest-bearing (included $1,467 and $1,486 at fair value) | 1,467 | 1,486 |
Interest-bearing, fair value | $ 364 | $ 558 |
Leases - Information Related to
Leases - Information Related to Operating Leases (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Right-of-use assets | $ 7,825 | $ 8,006 |
Lease liabilities | $ 8,286 | $ 8,508 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Net rental expense | $ 483 | $ 475 | $ 974 | $ 949 |
Leases - Operating Lease Income
Leases - Operating Lease Income and Related Depreciation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating Lease, Income, Comprehensive Income [Extensible List] | us-gaap:NoninterestIncomeOther | us-gaap:NoninterestIncomeOther | us-gaap:NoninterestIncomeOther | us-gaap:NoninterestIncomeOther |
Operating lease income | $ 1,277 | $ 1,413 | $ 2,602 | $ 2,810 |
Assets subject to operating leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Depreciation expense | $ 876 | $ 1,084 | $ 1,809 | $ 2,224 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 29, 2021 | Jun. 01, 2021 | Apr. 09, 2021 | Jun. 09, 2020 | May 15, 2020 | Apr. 30, 2020 | Apr. 13, 2020 | Mar. 13, 2020 | Mar. 01, 2020 | Jan. 08, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Shares (in shares) | 3,283,750 | 3,283,750 | 3,283,750 | 3,283,750 | 3,006,250 | ||||||||||||
Carrying value | $ 32,838 | $ 32,838 | $ 32,838 | $ 32,838 | $ 30,063 | ||||||||||||
Liquidation value and redemption price per share (in dollars per share) | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | |||||||||||||
Aggregate liquidation value | $ 33,200 | $ 33,200 | $ 33,200 | $ 33,200 | |||||||||||||
Series Y | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Shares (in shares) | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Carrying value | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||
Issue date | Feb. 12, 2015 | ||||||||||||||||
Contractual rate in effect | 6.125% | 0.00% | |||||||||||||||
Dividend declared per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 153.13 | |||||||||||||
Preferred stock 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) | 0 | 0 | 0 | 0 | 142,500 | ||||||||||||
Carrying value | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,425 | ||||||||||||
Issue date | Jun. 4, 2015 | ||||||||||||||||
Contractual rate in effect | 6.10% | 6.10% | |||||||||||||||
Dividend declared per share (in dollars per share) | $ 152.50 | 152.50 | $ 305 | 305 | |||||||||||||
Preferred stock redeemed | $ 1,400 | ||||||||||||||||
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) | 0 | 0 | 0 | 0 | 115,000 | ||||||||||||
Carrying value | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,150 | ||||||||||||
Issue date | Jul. 29, 2015 | ||||||||||||||||
Contractual rate in effect | 6.15% | 6.15% | |||||||||||||||
Dividend declared per share (in dollars per share) | $ 153.75 | 153.75 | $ 307.50 | 307.50 | |||||||||||||
Preferred stock redeemed | $ 1,200 | ||||||||||||||||
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 | 169,625 | 169,625 | ||||||||||||
Carrying value | $ 1,696 | $ 1,696 | $ 1,696 | $ 1,696 | $ 1,696 | ||||||||||||
Issue date | Sep. 21, 2018 | ||||||||||||||||
Contractual rate in effect | 5.75% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 143.75 | 143.75 | $ 287.50 | 287.50 | |||||||||||||
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 | 185,000 | 185,000 | 185,000 | ||||||||||||
Carrying value | $ 1,850 | $ 1,850 | $ 1,850 | $ 1,850 | $ 1,850 | ||||||||||||
Issue date | Jan. 24, 2019 | ||||||||||||||||
Contractual rate in effect | 6.00% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 150 | 150 | $ 300 | 300 | |||||||||||||
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 | 90,000 | 90,000 | 90,000 | ||||||||||||
Carrying value | $ 900 | $ 900 | $ 900 | $ 900 | $ 900 | ||||||||||||
Issue date | Nov. 7, 2019 | ||||||||||||||||
Contractual rate in effect | 4.75% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 118.75 | $ 150.42 | $ 118.75 | 118.75 | $ 237.50 | 269.17 | |||||||||||
Series GG | Minimum | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Earliest redemption date | Dec. 1, 2024 | ||||||||||||||||
Series JJ | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Shares (in shares) | 150,000 | 150,000 | 150,000 | 150,000 | 0 | ||||||||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | $ 1,500 | $ 0 | ||||||||||||
Issue date | Mar. 17, 2021 | ||||||||||||||||
Contractual rate in effect | 4.55% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 93.53 | $ 93.53 | $ 93.53 | ||||||||||||||
Series JJ | Minimum | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Earliest redemption date | Jun. 1, 2026 | ||||||||||||||||
Series LL | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Shares (in shares) | 185,000 | 185,000 | 185,000 | 185,000 | 0 | ||||||||||||
Carrying value | $ 1,850 | $ 1,850 | $ 1,850 | $ 1,850 | $ 0 | ||||||||||||
Issue date | May 20, 2021 | ||||||||||||||||
Contractual rate in effect | 4.625% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||||||||||||
Series LL | Minimum | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Earliest redemption date | Jun. 1, 2026 | ||||||||||||||||
Series I | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Shares (in shares) | 293,375 | 293,375 | 293,375 | 293,375 | 293,375 | ||||||||||||
Carrying value | $ 2,934 | $ 2,934 | $ 2,934 | $ 2,934 | $ 2,934 | ||||||||||||
Issue date | Apr. 23, 2008 | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 92.40 | 106.93 | $ 185.46 | 239.37 | |||||||||||||
Series I | Three-month LIBOR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
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 | 150,000 | 150,000 | ||||||||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | $ 1,500 | $ 1,500 | ||||||||||||
Issue date | Apr. 23, 2013 | ||||||||||||||||
Contractual rate in effect | 5.15% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 128.75 | 128.75 | $ 257.50 | 257.50 | |||||||||||||
Series Q | Three-month LIBOR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
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 | 150,000 | 150,000 | ||||||||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | $ 1,500 | $ 1,500 | ||||||||||||
Issue date | Jul. 29, 2013 | ||||||||||||||||
Contractual rate in effect | 6.00% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 150 | 150 | $ 300 | 300 | |||||||||||||
Series R | Three-month LIBOR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
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 | 200,000 | 200,000 | ||||||||||||
Carrying value | $ 2,000 | $ 2,000 | $ 2,000 | $ 2,000 | $ 2,000 | ||||||||||||
Issue date | Jan. 22, 2014 | ||||||||||||||||
Contractual rate in effect | 6.75% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 168.75 | 168.75 | $ 337.50 | 337.50 | |||||||||||||
Series S | Three-month LIBOR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
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 | 100,000 | 100,000 | ||||||||||||
Carrying value | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||||||
Issue date | Mar. 10, 2014 | ||||||||||||||||
Contractual rate in effect | 6.125% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 153.13 | 153.13 | $ 306.25 | 306.25 | |||||||||||||
Series U | Three-month LIBOR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
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 | 250,000 | 250,000 | ||||||||||||
Carrying value | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | ||||||||||||
Issue date | Jun. 9, 2014 | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 89.02 | 120.16 | $ 174.99 | 250.89 | |||||||||||||
Series V | Three-month LIBOR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
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 | 160,000 | 160,000 | ||||||||||||
Carrying value | $ 1,600 | $ 1,600 | $ 1,600 | $ 1,600 | $ 1,600 | ||||||||||||
Issue date | Sep. 23, 2014 | ||||||||||||||||
Contractual rate in effect | 6.10% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 152.50 | 152.50 | $ 305 | 305 | |||||||||||||
Series X | Three-month LIBOR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
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 | 200,000 | 200,000 | ||||||||||||
Carrying value | $ 2,000 | $ 2,000 | $ 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) | $ 265 | $ 100.50 | 117.15 | $ 201.74 | 249.65 | ||||||||||||
Series Z | Three-month LIBOR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
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 | 125,750 | 125,750 | ||||||||||||
Carrying value | $ 1,258 | $ 1,258 | $ 1,258 | $ 1,258 | $ 1,258 | ||||||||||||
Issue date | Oct. 20, 2017 | ||||||||||||||||
Contractual rate in effect | 4.625% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 115.63 | 115.63 | $ 231.25 | 231.25 | |||||||||||||
Series CC | Three-month LIBOR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
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 | 225,000 | 225,000 | 225,000 | ||||||||||||
Carrying value | $ 2,250 | $ 2,250 | $ 2,250 | $ 2,250 | $ 2,250 | ||||||||||||
Issue date | Jul. 31, 2019 | ||||||||||||||||
Contractual rate in effect | 5.00% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 125 | 125 | $ 250 | 250 | |||||||||||||
Series FF | Three-month term SOFR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
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 HH | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Shares (in shares) | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | ||||||||||||
Carrying value | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | ||||||||||||
Issue date | Jan. 23, 2020 | ||||||||||||||||
Contractual rate in effect | 4.60% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 115 | $ 125.22 | $ 115 | 115 | $ 230 | 240.22 | |||||||||||
Series HH | Three-month term SOFR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock dividend rate, variable, basis spread | 3.125% | ||||||||||||||||
Series HH | Minimum | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Earliest redemption date | Feb. 1, 2025 | ||||||||||||||||
Series II | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Shares (in shares) | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | ||||||||||||
Carrying value | $ 1,500 | $ 1,500 | $ 1,500 | $ 1,500 | $ 1,500 | ||||||||||||
Issue date | Feb. 24, 2020 | ||||||||||||||||
Contractual rate in effect | 4.00% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 141.11 | $ 100 | $ 141.11 | $ 200 | $ 141.11 | ||||||||||||
Series II | Three-month term SOFR | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock dividend rate, variable, basis spread | 2.745% | ||||||||||||||||
Series II | Five-year CMT | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock dividend rate, variable, basis spread | 2.85% | ||||||||||||||||
Series II | Minimum | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Earliest redemption date | Apr. 1, 2025 | ||||||||||||||||
Series KK | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Shares (in shares) | 200,000 | 200,000 | 200,000 | 200,000 | 0 | ||||||||||||
Carrying value | $ 2,000 | $ 2,000 | $ 2,000 | $ 2,000 | $ 0 | ||||||||||||
Issue date | May 12, 2021 | ||||||||||||||||
Contractual rate in effect | 3.65% | ||||||||||||||||
Dividend declared per share (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||||||||||||
Series KK | Minimum | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Earliest redemption date | Jun. 1, 2026 | ||||||||||||||||
Series MM Preferred Stock | Subsequent Event | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Contractual rate in effect | 4.20% | ||||||||||||||||
Preferred stock issued | $ 2,000 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic earnings per share | ||||
Net income | $ 11,948 | $ 4,687 | $ 26,248 | $ 7,552 |
Less: Preferred stock dividends | 393 | 401 | 772 | 822 |
Net income applicable to common equity | 11,555 | 4,286 | 25,476 | 6,730 |
Less: Dividends and undistributed earnings allocated to participating securities | 59 | 21 | 130 | 32 |
Net income applicable to common stockholders | $ 11,496 | $ 4,265 | $ 25,346 | $ 6,698 |
Total weighted-average basic shares outstanding (in shares) | 3,036.6 | 3,076.3 | 3,054.9 | 3,086.1 |
Net income per share (in dollars per share) | $ 3.79 | $ 1.39 | $ 8.30 | $ 2.17 |
Diluted earnings per share | ||||
Net income applicable to common stockholders | $ 11,496 | $ 4,265 | $ 25,346 | $ 6,698 |
Total weighted-average basic shares outstanding (in shares) | 3,036.6 | 3,076.3 | 3,054.9 | 3,086.1 |
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs (in shares) | 5.3 | 4.7 | 5.4 | 4.7 |
Total weighted-average diluted shares outstanding (in shares) | 3,041.9 | 3,081 | 3,060.3 | 3,090.8 |
Net income per share (in dollars per share) | $ 3.78 | $ 1.38 | $ 8.28 | $ 2.17 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) - Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 279,354 | |||
Net change | $ 1,529 | $ 1,371 | (5,416) | $ 7,220 |
Ending balance | 286,386 | 264,466 | 286,386 | 264,466 |
Accumulated other comprehensive income/(loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 1,041 | 7,418 | 7,986 | 1,569 |
Net change | 1,529 | 1,371 | (5,416) | 7,220 |
Ending balance | 2,570 | 8,789 | 2,570 | 8,789 |
Unrealized gains/(losses) on investment securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 3,841 | 5,176 | 8,180 | 4,057 |
Net change | 674 | 2,744 | (3,665) | 3,863 |
Ending balance | 4,515 | 7,920 | 4,515 | 7,920 |
After-tax unamortized unrealized gains related to transfer of AFS securities to HTM | 3,000 | 703 | ||
Translation adjustments, net of hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (723) | (1,037) | (473) | (707) |
Net change | 64 | 142 | (186) | (188) |
Ending balance | (659) | (895) | (659) | (895) |
Fair value hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (140) | (43) | (112) | (131) |
Net change | (23) | 16 | (51) | 104 |
Ending balance | (163) | (27) | (163) | (27) |
Cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 134 | 2,528 | 2,383 | 63 |
Net change | 591 | 234 | (1,658) | 2,699 |
Ending balance | 725 | 2,762 | 725 | 2,762 |
Defined benefit pension and OPEB plans | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (1,064) | (1,311) | (1,132) | (1,344) |
Net change | 9 | (7) | 77 | 26 |
Ending balance | (1,055) | (1,318) | (1,055) | (1,318) |
DVA on fair value option elected liabilities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (1,007) | 2,105 | (860) | (369) |
Net change | 214 | (1,758) | 67 | 716 |
Ending balance | $ (793) | $ 347 | $ (793) | $ 347 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Unrealized gains/(losses) on investment securities: | ||||
Total other comprehensive income/(loss), after–tax | $ 1,529 | $ 1,371 | $ (5,416) | $ 7,220 |
Accumulated other comprehensive income/(loss) | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | 1,917 | 1,628 | (6,884) | 9,759 |
Net change, Tax effect | (388) | (257) | 1,468 | (2,539) |
Total other comprehensive income/(loss), after–tax | 1,529 | 1,371 | (5,416) | 7,220 |
Unrealized gains/(losses) on investment securities | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 727 | 3,642 | (4,966) | 5,351 |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (171) | (878) | 1,194 | (1,291) |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 556 | 2,764 | (3,772) | 4,060 |
Reclassification, Pre-tax | 155 | (26) | 141 | (259) |
Reclassification, Tax effect | (37) | 6 | (34) | 62 |
Reclassifications, After-tax | 118 | (20) | 107 | (197) |
Net change, Pre-tax | 882 | 3,616 | (4,825) | 5,092 |
Net change, Tax effect | (208) | (872) | 1,160 | (1,229) |
Total other comprehensive income/(loss), after–tax | 674 | 2,744 | (3,665) | 3,863 |
Translation adjustments | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 280 | 405 | (920) | (1,187) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (10) | 46 | 29 | 101 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 270 | 451 | (891) | (1,086) |
Reclassification, Pre-tax | (270) | (405) | 930 | 1,184 |
Reclassification, Tax effect | 64 | 96 | (225) | (286) |
Reclassifications, After-tax | (206) | (309) | 705 | 898 |
Net change, Pre-tax | 10 | 0 | 10 | (3) |
Net change, Tax effect | 54 | 142 | (196) | (185) |
Total other comprehensive income/(loss), after–tax | 64 | 142 | (186) | (188) |
Fair value hedges, net change | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | (31) | 21 | (68) | 136 |
Net change, Tax effect | 8 | (5) | 17 | (32) |
Total other comprehensive income/(loss), after–tax | (23) | 16 | (51) | 104 |
Cash flow hedges | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 1,118 | 402 | (1,577) | 3,653 |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (269) | (97) | 378 | (877) |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 849 | 305 | (1,199) | 2,776 |
Reclassification, Pre-tax | (340) | (93) | (604) | (101) |
Reclassification, Tax effect | 82 | 22 | 145 | 24 |
Reclassifications, After-tax | (258) | (71) | (459) | (77) |
Net change, Pre-tax | 778 | 309 | (2,181) | 3,552 |
Net change, Tax effect | (187) | (75) | 523 | (853) |
Total other comprehensive income/(loss), after–tax | 591 | 234 | (1,658) | 2,699 |
Defined benefit pension and OPEB plans, net change | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | 2 | (4) | 93 | 41 |
Net change, Tax effect | 7 | (3) | (16) | (15) |
Total other comprehensive income/(loss), after–tax | 9 | (7) | 77 | 26 |
DVA on fair value option elected liabilities, net change | ||||
Unrealized gains/(losses) on investment securities: | ||||
Net change, Pre-tax | 276 | (2,314) | 87 | 941 |
Net change, Tax effect | (62) | 556 | (20) | (225) |
Total other comprehensive income/(loss), after–tax | $ 214 | $ (1,758) | $ 67 | $ 716 |
Restricted Cash and Other Res_3
Restricted Cash and Other Restricted Assets (Details) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $ 19 | $ 24.4 |
Cash and securities pledged with clearing organizations for the benefit of customers | 42.9 | 37.2 |
Fair value of securities restricted in relation to customer activity | 19.9 | 1.3 |
Deposits with banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 17.4 | 22.7 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 1.6 | 1.7 |
Segregated for the benefit of securities and cleared derivative customers | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 13.6 | 19.3 |
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 | $ 5.4 | $ 5.1 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Cumulative effect of a change in accounting principle | |||
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
Amount excluded from capital measures of the Firm | $ 3,800 | ||
Decrease to retained earnings | $ 2,700 | ||
Cumulative effect of a change in accounting principle | Excluding PCD Loans | |||
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
Increase in allowance for credit losses, excluding allowances on PCD loans | 4,000 | ||
JPMorgan Chase & Co. | |||
Leverage-based capital metrics: | |||
Adjusted average assets | $ 3,680,830 | $ 3,353,319 | |
Tier 1 leverage ratio | 0.066 | 0.070 | |
Total leverage exposure | $ 4,456,557 | $ 3,401,542 | |
SLR | 0.054 | 0.069 | |
Basel III Standardized | JPMorgan Chase & Co. | |||
Risk-based capital metrics: | |||
CET1 capital | $ 209,010 | $ 205,078 | |
Tier 1 capital | 241,356 | 234,844 | |
Total capital | 274,443 | 269,923 | |
Risk-weighted assets | $ 1,601,631 | $ 1,560,609 | |
CET1 capital ratio | 13.00% | 13.10% | |
Tier 1 capital ratio | 0.151 | 0.150 | |
Total capital ratio | 0.171 | 0.173 | |
Basel III Advanced | JPMorgan Chase & Co. | |||
Risk-based capital metrics: | |||
CET1 capital | $ 209,010 | $ 205,078 | |
Tier 1 capital | 241,356 | 234,844 | |
Total capital | 262,364 | 257,228 | |
Risk-weighted assets | $ 1,514,386 | $ 1,484,431 | |
CET1 capital ratio | 13.80% | 13.80% | |
Tier 1 capital ratio | 0.159 | 0.158 | |
Total capital ratio | 0.173 | 0.173 | |
Bank Holding Companies | Basel III | |||
Well-capitalized ratios | |||
Tier 1 capital | 0.060 | 0.060 | |
Total capital | 0.100 | 0.100 | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
GSIB surcharge | 3.50% | ||
Countercyclical buffer | 0 | ||
SLR, minimum requirement | 3.00% | ||
SLR, supplementary leverage buffer requirements | 2.00% | ||
Bank Holding Companies | Basel III Standardized | |||
Minimum capital ratios | |||
CET1 capital | 11.30% | 11.30% | |
Tier 1 capital | 0.128 | 0.128 | |
Total capital | 0.148 | 0.148 | |
Tier 1 leverage | 0.040 | 0.040 | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
Stress capital buffer | 3.30% | ||
Bank Holding Companies | Basel III Advanced | |||
Minimum capital ratios | |||
CET1 capital | 10.50% | 10.50% | |
Tier 1 capital | 0.120 | 0.120 | |
Total capital | 0.140 | 0.140 | |
Tier 1 leverage | 0.040 | 0.040 | |
SLR | 5.00% | 5.00% | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
Capital conservation buffer requirement | 2.50% | ||
Insured Depository Institutions | Basel III | |||
Well-capitalized ratios | |||
CET1 capital | 6.50% | 6.50% | |
Tier 1 capital | 0.080 | 0.080 | |
Total capital | 0.100 | 0.100 | |
Tier 1 leverage | 0.050 | 0.050 | |
SLR | 6.00% | 6.00% | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
Capital conservation buffer requirement | 2.50% | ||
SLR, minimum requirement | 3.00% | ||
SLR, supplementary leverage buffer requirements | 3.00% | ||
Insured Depository Institutions | Basel III Standardized | |||
Minimum capital ratios | |||
CET1 capital | 7.00% | 7.00% | |
Tier 1 capital | 0.085 | 0.085 | |
Total capital | 0.105 | 0.105 | |
Tier 1 leverage | 0.040 | 0.040 | |
Insured Depository Institutions | Basel III Advanced | |||
Minimum capital ratios | |||
CET1 capital | 7.00% | 7.00% | |
Tier 1 capital | 0.085 | 0.085 | |
Total capital | 0.105 | 0.105 | |
Tier 1 leverage | 0.040 | 0.040 | |
SLR | 6.00% | 6.00% | |
JPMorgan Chase Bank, N.A. | |||
Leverage-based capital metrics: | |||
Adjusted average assets | $ 3,198,287 | $ 2,970,285 | |
Tier 1 leverage ratio | 0.079 | 0.079 | |
Total leverage exposure | $ 3,969,718 | $ 3,688,797 | |
SLR | 0.063 | 0.063 | |
JPMorgan Chase Bank, N.A. | Basel III Standardized | |||
Risk-based capital metrics: | |||
CET1 capital | $ 251,948 | $ 234,235 | |
Tier 1 capital | 251,951 | 234,237 | |
Total capital | 269,803 | 252,045 | |
Risk-weighted assets | $ 1,524,072 | $ 1,492,138 | |
CET1 capital ratio | 16.50% | 15.70% | |
Tier 1 capital ratio | 0.165 | 0.157 | |
Total capital ratio | 0.177 | 0.169 | |
JPMorgan Chase Bank, N.A. | Basel III Advanced | |||
Risk-based capital metrics: | |||
CET1 capital | $ 251,948 | $ 234,235 | |
Tier 1 capital | 251,951 | 234,237 | |
Total capital | 257,331 | 239,673 | |
Risk-weighted assets | $ 1,368,435 | $ 1,343,185 | |
CET1 capital ratio | 18.40% | 17.40% | |
Tier 1 capital ratio | 0.184 | 0.174 | |
Total capital ratio | 0.188 | 0.178 |
Off-balance Sheet Lending-rel_3
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | $ 1,242,022 | $ 1,165,688 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 857,814 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 195,753 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 152,348 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 36,107 | |
Off-balance sheet lending-related financial commitments, Carrying value | 3,570 | 2,753 |
Warranty Reserves | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 72 | 84 |
Total Consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 739,406 | 715,825 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 720,262 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 1,900 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 4,789 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 12,455 | |
Off-balance sheet lending-related financial commitments, Carrying value | 103 | 148 |
Total consumer, excluding credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 56,875 | 57,319 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 37,731 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 1,900 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 4,789 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 12,455 | |
Off-balance sheet lending-related financial commitments, Carrying value | 103 | 148 |
Residential real estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 44,393 | 46,047 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 26,071 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 1,900 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 4,789 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 11,633 | |
Off-balance sheet lending-related financial commitments, Carrying value | 103 | 148 |
Auto and other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 12,482 | 11,272 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 11,660 | |
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 | 822 | |
Off-balance sheet lending-related financial commitments, Carrying value | 0 | 0 |
Credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 682,531 | 658,506 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 682,531 | |
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 | 502,616 | 449,863 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 137,552 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 193,853 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 147,559 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 23,652 | |
Off-balance sheet lending-related financial commitments, Carrying value | 3,467 | 2,605 |
Other unfunded commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 463,573 | 415,828 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 116,310 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 186,067 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 138,839 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 22,357 | |
Off-balance sheet lending-related financial commitments, Carrying value | 2,796 | 2,148 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||
Risk participations for other unfunded commitments to extend credit | 70 | 72 |
Standby letters of credit and other financial guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 34,876 | 30,982 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 17,489 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 7,622 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 8,471 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 1,294 | |
Off-balance sheet lending-related financial commitments, Carrying value | 663 | 443 |
Other guarantees and commitments, Carrying value | 596 | 363 |
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 67 | 80 |
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 | 8,100 | 8,500 |
Other letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments | 4,167 | 3,053 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 3,753 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 164 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 249 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 1 | |
Off-balance sheet lending-related financial commitments, Carrying value | 8 | 14 |
Other guarantees and commitments, Carrying value | 0 | 0 |
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 8 | 14 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||
Risk participations for other letters of credit | 808 | 357 |
Securities lending indemnification agreements and guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 303,869 | 250,418 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 303,869 | |
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 | 320,600 | 264,300 |
Derivatives qualifying as guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 57,101 | 54,415 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 5,509 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 130 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 11,603 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 39,859 | |
Other guarantees and commitments, Carrying value | 308 | 322 |
Unsettled resale and securities borrowed agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 175,991 | 102,355 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 173,862 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 2,129 | |
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 | 2 |
Unsettled repurchase and securities loaned agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 109,610 | 104,901 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 109,014 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 596 | |
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 | (1) |
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 | 822 | 889 |
Loan sale and securitization-related indemnifications, Loans sold with recourse, Carrying value | 21 | 23 |
Exchange & clearing house guarantees and commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 109,977 | 142,003 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 109,977 | |
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 | 11,506 | 9,639 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 6,506 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 2,945 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 328 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 1,727 | |
Other guarantees and commitments, Carrying value | $ 51 | $ 52 |
Days Past Due, 60 or More | Credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Line of credit close criteria, period past due | 60 days |
Off-balance Sheet Lending-rel_4
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Standby Letters of Credit and Other Financial Guarantees (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||
Total lending-related commitments | $ 1,242,022 | $ 1,165,688 |
Total carrying value | 3,570 | 2,753 |
Standby letters of credit and other financial guarantees | ||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||
Investment-grade | 26,955 | 22,850 |
Noninvestment-grade | 7,921 | 8,132 |
Total lending-related commitments | 34,876 | 30,982 |
Allowance for lending-related commitments | 67 | 80 |
Guarantee liability | 596 | 363 |
Total carrying value | 663 | 443 |
Commitments with collateral | 21,401 | 17,238 |
Other letters of credit | ||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||
Investment-grade | 3,072 | 2,263 |
Noninvestment-grade | 1,095 | 790 |
Total lending-related commitments | 4,167 | 3,053 |
Allowance for lending-related commitments | 8 | 14 |
Guarantee liability | 0 | 0 |
Total carrying value | 8 | 14 |
Commitments with collateral | $ 886 | $ 498 |
Off-balance Sheet Lending-rel_5
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Schedule of Derivatives Qualifying as Guarantees (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Notional amounts | ||
Stable value contracts with contractually limited exposure | $ 53,589,000 | $ 47,194,000 |
JPMorgan Chase Financial Company LLC | ||
Fair value | ||
Direct-owned finance subsidiary ownership | 100.00% | |
Derivatives qualifying as guarantees | ||
Notional amounts | ||
Derivative guarantees | $ 57,101 | 54,415 |
Stable value contracts with contractually limited exposure | 29,410 | 27,752 |
Maximum exposure of stable value contracts with contractually limited exposure | 2,813 | 2,803 |
Fair value | ||
Derivative payables | $ 308 | $ 322 |
Pledged Assets and Collateral -
Pledged Assets and Collateral - Schedule of Pledged Assets (Details) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Pledged assets and Collateral | ||
Assets that may be sold or repledged or otherwise used by secured parties | $ 186.1 | $ 166.6 |
Assets that may not be sold or repledged or otherwise used by secured parties | 121.7 | 113.9 |
Total pledged assets | 755.3 | 735.8 |
Assets pledged at Federal Reserve banks and FHLBs | ||
Pledged assets and Collateral | ||
Total pledged assets | $ 447.5 | $ 455.3 |
Pledged Assets and Collateral_2
Pledged Assets and Collateral - Schedule of Collateral Received (Details) - USD ($) $ in Billions | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Collateral permitted to be sold or repledged, delivered, or otherwise used | $ 1,368.8 | $ 1,451.7 |
Collateral sold, repledged, delivered or otherwise used | $ 1,065.9 | $ 1,038.9 |
Litigation (Details)
Litigation (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
Oct. 31, 2020claim | May 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Jan. 31, 2017 | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)claimcount | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)defendant | Dec. 31, 2012USD ($)action | Dec. 31, 2013USD ($) | Dec. 31, 2012fund | |
Loss Contingencies [Line Items] | ||||||||||||||
Legal expense | $ 185,000,000 | $ 118,000,000 | $ 213,000,000 | $ 315,000,000 | ||||||||||
Threatened or Pending Litigation | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingency range of possible loss | 0 | 0 | ||||||||||||
Threatened or Pending Litigation | Maximum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingency range of possible loss | $ 1,500,000,000 | 1,500,000,000 | ||||||||||||
Amrapali Litigation | JPMorgan India Private Limited | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of offshore funds formerly managed by JPMorgan Chase entities | fund | 2 | |||||||||||||
Amount of claim | $ 25,000,000 | |||||||||||||
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 | |||||||||||||
Number of other defendants that agreed in principle to settle class action | defendant | 11 | |||||||||||||
Settlement amount | $ 10,000,000 | |||||||||||||
Interchange Litigation | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of claims settled | action | 2 | |||||||||||||
Interchange Litigation | The Defendants | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Settlement amount | $ 900,000,000 | $ 5,300,000,000 | ||||||||||||
Payments for legal settlement | $ 700,000,000 | |||||||||||||
Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Settlement amount | $ 920,000,000 | |||||||||||||
Number of claims settled | claim | 3 | |||||||||||||
Number of counts of wire fraud charged | count | 2 | |||||||||||||
Period after which criminal information will be dismissed with full compliance with all obligations | 3 years | |||||||||||||
Number of claims filed | claim | 2 |
Business Segments (Details)
Business Segments (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | [2] | ||||
Segment Reporting Information [Line Items] | |||||||||
Number of reportable segments | segment | 4 | ||||||||
Noninterest revenue | $ 17,738 | $ 19,222 | $ 37,115 | $ 33,069 | |||||
Net interest income | 12,741 | 13,853 | 25,630 | 28,292 | |||||
Total net revenue | 30,479 | 33,075 | 62,745 | 61,361 | |||||
Provision for credit losses | (2,285) | 10,473 | (6,441) | 18,758 | |||||
Noninterest expense | 17,667 | 16,942 | 36,392 | 33,733 | |||||
Income before income tax expense | 15,097 | 5,660 | 32,794 | 8,870 | |||||
Income tax expense/(benefit) | [1] | 3,149 | 973 | 6,546 | 1,318 | ||||
Net income | 11,948 | 4,687 | 26,248 | 7,552 | |||||
Average equity | 250,849 | 234,408 | 248,209 | 234,469 | |||||
Total assets | $ 3,684,256 | [2] | $ 3,212,643 | $ 3,684,256 | [2] | $ 3,212,643 | $ 3,384,757 | ||
ROE | 18.00% | 7.00% | 21.00% | 6.00% | |||||
Overhead ratio | 58.00% | 51.00% | 58.00% | 55.00% | |||||
Operating Segments | Consumer & Community Banking | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Noninterest revenue | $ 4,726 | $ 4,222 | $ 9,314 | $ 8,319 | |||||
Net interest income | 8,034 | 8,136 | 15,963 | 17,326 | |||||
Total net revenue | 12,760 | 12,358 | 25,277 | 25,645 | |||||
Provision for credit losses | (1,868) | 5,828 | (5,470) | 11,600 | |||||
Noninterest expense | 7,062 | 6,767 | 14,264 | 14,036 | |||||
Income before income tax expense | 7,566 | (237) | 16,483 | 9 | |||||
Income tax expense/(benefit) | 1,932 | (61) | 4,121 | (12) | |||||
Net income | 5,634 | (176) | 12,362 | 21 | |||||
Average equity | 50,000 | 52,000 | 50,000 | 52,000 | |||||
Total assets | $ 494,305 | $ 498,658 | $ 494,305 | $ 498,658 | |||||
ROE | 44.00% | (2.00%) | 49.00% | (1.00%) | |||||
Overhead ratio | 55.00% | 55.00% | 56.00% | 55.00% | |||||
Operating Segments | Corporate & Investment Bank | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Noninterest revenue | $ 9,912 | $ 12,304 | $ 21,000 | $ 19,200 | |||||
Net interest income | 3,302 | 4,079 | 6,819 | 7,186 | |||||
Total net revenue | 13,214 | 16,383 | 27,819 | 26,386 | |||||
Provision for credit losses | (79) | 1,987 | (410) | 3,388 | |||||
Noninterest expense | 6,523 | 6,812 | 13,627 | 12,767 | |||||
Income before income tax expense | 6,770 | 7,584 | 14,602 | 10,231 | |||||
Income tax expense/(benefit) | 1,785 | 2,133 | 3,877 | 2,795 | |||||
Net income | 4,985 | 5,451 | 10,725 | 7,436 | |||||
Average equity | 83,000 | 80,000 | 83,000 | 80,000 | |||||
Total assets | $ 1,363,992 | $ 1,080,189 | $ 1,363,992 | $ 1,080,189 | |||||
ROE | 23.00% | 27.00% | 25.00% | 18.00% | |||||
Overhead ratio | 49.00% | 42.00% | 49.00% | 48.00% | |||||
Operating Segments | Commercial Banking | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Noninterest revenue | $ 950 | $ 823 | $ 1,867 | $ 1,431 | |||||
Net interest income | 1,533 | 1,577 | 3,009 | 3,134 | |||||
Total net revenue | 2,483 | 2,400 | 4,876 | 4,565 | |||||
Provision for credit losses | (377) | 2,431 | (495) | 3,441 | |||||
Noninterest expense | 981 | 893 | 1,950 | 1,879 | |||||
Income before income tax expense | 1,879 | (924) | 3,421 | (755) | |||||
Income tax expense/(benefit) | 459 | (243) | 833 | (213) | |||||
Net income | 1,420 | (681) | 2,588 | (542) | |||||
Average equity | 24,000 | 22,000 | 24,000 | 22,000 | |||||
Total assets | $ 226,022 | $ 235,034 | $ 226,022 | $ 235,034 | |||||
ROE | 23.00% | (13.00%) | 21.00% | (6.00%) | |||||
Overhead ratio | 40.00% | 37.00% | 40.00% | 41.00% | |||||
Operating Segments | Asset & Wealth Management | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Noninterest revenue | $ 3,165 | $ 2,575 | $ 6,311 | $ 5,104 | |||||
Net interest income | 942 | 855 | 1,873 | 1,715 | |||||
Total net revenue | 4,107 | 3,430 | 8,184 | 6,819 | |||||
Provision for credit losses | (10) | 223 | (131) | 317 | |||||
Noninterest expense | 2,586 | 2,323 | 5,160 | 4,758 | |||||
Income before income tax expense | 1,531 | 884 | 3,155 | 1,744 | |||||
Income tax expense/(benefit) | 378 | 223 | 758 | 414 | |||||
Net income | 1,153 | 661 | 2,397 | 1,330 | |||||
Average equity | 14,000 | 10,500 | 14,000 | 10,500 | |||||
Total assets | $ 217,284 | $ 176,782 | $ 217,284 | $ 176,782 | |||||
ROE | 32.00% | 24.00% | 34.00% | 25.00% | |||||
Overhead ratio | 63.00% | 68.00% | 63.00% | 70.00% | |||||
Corporate | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Noninterest revenue | $ (208) | $ (67) | $ 174 | $ 264 | |||||
Net interest income | (961) | (687) | (1,816) | (852) | |||||
Total net revenue | (1,169) | (754) | (1,642) | (588) | |||||
Provision for credit losses | 49 | 4 | 65 | 12 | |||||
Noninterest expense | 515 | 147 | 1,391 | 293 | |||||
Income before income tax expense | (1,733) | (905) | (3,098) | (893) | |||||
Income tax expense/(benefit) | (489) | (337) | (1,274) | (200) | |||||
Net income | (1,244) | (568) | (1,824) | (693) | |||||
Average equity | 79,849 | 69,908 | 77,209 | 69,969 | |||||
Total assets | 1,382,653 | 1,221,980 | 1,382,653 | 1,221,980 | |||||
Reconciling Items | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Noninterest revenue | (807) | (635) | (1,551) | (1,249) | |||||
Net interest income | (109) | (107) | (218) | (217) | |||||
Total net revenue | (916) | (742) | (1,769) | (1,466) | |||||
Provision for credit losses | 0 | 0 | 0 | 0 | |||||
Noninterest expense | 0 | 0 | 0 | 0 | |||||
Income before income tax expense | (916) | (742) | (1,769) | (1,466) | |||||
Income tax expense/(benefit) | (916) | (742) | (1,769) | (1,466) | |||||
Net income | 0 | 0 | 0 | 0 | |||||
Average equity | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1] | Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information. | ||||||||
[2] | The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2021, and December 31, 2020. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion. (in millions) June 30, 2021 December 31, 2020 Assets Trading assets $ 1,995 $ 1,934 Loans 35,284 37,619 All other assets 609 681 Total assets $ 37,888 $ 40,234 Liabilities Beneficial interests issued by consolidated VIEs $ 14,403 $ 17,578 All other liabilities 233 233 Total liabilities $ 14,636 $ 17,811 |